This Week in Web3: Big October Changes with Binance, Coinbase, and Kraken!

Binance Supports Orion Protocol’s Upgrade

Binance is gearing up to support the Orion Protocol's exciting transition to its new liquid Layer 2 blockchain, Lumia. As part of this upgrade, Binance will stop all deposits and withdrawals of the Orion (ORN) token after the transition. Mark your calendars: on October 15, ORN trading pairs with Bitcoin (BTC) and Tether (USDT) will be removed, and margin trading for ORN will be halted a few days earlier on October 9.

Every ORN token will swap for the new LUMIA token at a 1:1 rate, with the total supply jumping from 92.6 million to 238.8 million. Users can start trading LUMIA/USDT on October 18.

Orion's transition to Lumia is part of its larger objective to become the primary source of deep, reliable and competitively priced liquidity for not only exchanges but also for any application or business, whether in Web3 or Web2.

Jesse Pollak Joins Coinbase's Leadership

In other news, Jesse Pollak, the brain behind Ethereum’s Layer 2 blockchain Base, is stepping up to lead Coinbase Wallet and the Base project. Pollak is coming in to streamline user experiences and bridge the gap to the decentralized economy. Pollak reassured the community that Base will stick to its roots in decentralization while enhancing collaboration within Coinbase’s ecosystem.

Kraken Delists Monero (XMR)

Kraken has announced it will be delisting Monero (XMR) for users in the European Economic Area (EEA) due to mounting regulatory pressures on privacy coins. XMR trading and deposits will end on October 31, 2024, and any open orders will be automatically closed.

While this decision adversely impacts EEA users, Kraken has stated its continued commitment to supporting a diverse range of digital assets, showcasing its adaptability in a changing regulatory environment.

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Catch up on the Cryptoverse for the week!

• Vietnamese Police Crack Down on Crypto Scam Ring, Arrest Five Suspects
  
• Brazil to Integrate DeFi in Its “Drex” CBDC Pilot
  
• FBI Issues Alert on ICHCoin Scam, Says Americans Have Lost Millions Through Fake Crypto Courses
  
• Crypto Phishing Losses Drop in September Despite Rise in Victims — New Scam Sniffer Report
  
• Crypto Investments Soar Among South Korean Youth, New Report Shows Over 200 20-Somethings Hold $750K+ Portfolios
  
• New Study Shows Cash Still Dominates Illicit Finance, Despite Crypto’s Criminal Stigma
  

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Tezoro

Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.