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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs: Feb. 8 -15, 2023

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place for you. So put on some soothing music and let’s go!

Binance Will Suspend USD Bank Transfers

Crypto Exchange Binance announced its temporarily suspending U.S. dollar denominated bank transfers, including deposits or withdrawals, beginning today. 

Binance is the world’s largest cryptocurrency exchange by trading volume, but the move will only affect 0.01% of their active users.

“We are temporarily suspending USD bank transfers as of February 8th,” a Binance spokesperson said, noting just 0.01% of monthly active users use USD bank transfers. “Affected customers are being notified directly.”

“In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace,” added the spokesperson.

According to a tweet from Binance.US, the U.S. division won’t be affected by the suspension. 

eBay Enters Sports-Related NFT Partnership with Notable Live

Already known for its trade in collectables, eBay announced a new partnership with Notable Live to allow sports fans to connect with professional athletes. 

Notable Live’s mobile app gives fans access to experiences with their favorite players. The partnership with eBay will combine a collectable marketplace with an immersive platform for sports fans. 

“Our partnerships [focus] on delivering transformational solutions that provide fans true access. These solutions are built upon authentic offerings that attach memories to memorabilia and experiences directly from the source themselves.” said Mike Antonucci, co-founder and CEO of Notable Live.

Last year, eBay previously acquired NFT marketplace KnownOrigan and released its Genesis NFT collection. The collection features NHL great Wayne Getzky. 

“Our partnership with Notable Live further enhances the market-leading experiences we’ve been building for our community of sports fans, collectors and investors. Said Dawn Block, vice president of collectibles at eBay.

Ordinals Has Added Over 7000 Inscriptions to Bitcoin’s Blockchain

Launched just last month, over the objections of many Bitcoin purists, Ordinals has already added over 7000 NFT inscriptions to the blockchain.

The protocol became possible due to the Taproot update that expanded the size of each Bitcoin’s satoshi to the full size of a block. While the inscriptions can contain various content, most are images. 

Critics argue that the addition of Ordinals could limit Bitcoin’s future financial use. 

“Ordinals are an attack on Bitcoin,” tweeted Derek Ross, adding, “It’s being orchestrated by known bad actors.”

Supporters argue that Ordinals will create additional fees which can be used to promote and secure the blockchain. Already, NFT’s have pushed transaction fees to the highest level in more than a year, due to the massive data size. 

“Bitcoin maximalists aren’t real bitcoiners,” crypto advocate Udi Wertheimer tweeted. “Real bitcoiners are a happy bunch that likes to have fun. Hal Finney, for example, would have loved the Bitcoin NFTs. Let’s make bitcoin fun again.”

Signature Bank Faces Class Action Suit Related to FTX Collapse

Algorithmic trading firm Statistica Capital has filed a class-action lawsuit against the crypto-friendly lender Signature Bank. According to the filing in the U.S. District Court for the Southern District of New York, Statistica claims the Signature, “had actual knowledge of and substantially facilitated the now-infamous FTX fraud.

“In particular, Signature knew of and permitted the commingling of FTX customer funds within its proprietary, blockchain-based payments network, Signet.” Statistica claims it advised Signature the funds were meant for FTX, but the bank nonetheless allowed them to be transferred to accounts controlled by Alameda Research, the trading firm owned by indicted FTX founder Sam Bankman-Fried.

The complaint also alleges Signature “substantially facilitated the FTX fraud” by publicly promoting the crypto exchange, failing to close, suspend, or otherwise limit any Alameda and FTX accounts even though the bank knew the accounts violated FTX’s own terms of service. Signature also accepted additional customer deposits into Alameda accounts after learning of the fraud, according to the complaint. 

Statistica is asking for punitive damages in an amount to be determined at trial.

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