Crypto news recap: Binance exits Canada

Subscribe Subscribe ALBAWABA- In this week's crypto news roundup, we bring you the latest updates on Binance exit from the Canadian market, Ethereum's efforts to address Beacon Chain finality issues, and the state of Florida's new law restricting the use of CBDCs. You know the drill, keep reading to find out more. Also Read How to check your Ethereum transaction on Etherscan Binance Exits Canadian Market as Crypto Regulations Bite Binance has stated on Twitter on May 12 that it will exit the Canadian market. The cryptocurrency exchange described this move as "proactive" due to new guidelines issued by Canadian regulators, which negatively affect the country's cryptocurrency industry. As a result of the rules introduced by the Canadian Securities Administrators on February 22, which required them to submit new pre-registration agreements and follow additional restrictions, Binance is now following some of its smaller competitors in leaving the Canadian market. Ethereum Fixes Beacon Chain Issues with Client Patches Source: Shutterstock In response to two finality issues within 24 hours on the Beacon Chain, Ethereum core developers have issued patches for the Prysm Labs and Teku clients. The Beacon Chain is the Ethereum network's consensus layer. On May 11, the Ethereum team reported that the network was facing challenges in confirming transactions. New blocks were proposed but not finalized due to an unknown issue, leading to a 25-minute outage. The same problem recurred on May 12, resulting in an hour-long block finalization failure. The Ethereum Foundation stated that the finality was unreachable for three and eight epochs, possibly caused by high load on some of the Consensus Layers clients, triggered by an exceptional scenario. Also Read Beginner's guide to buying and staking Ethereum Florida Governor Signs Bill Restricting CBDC Use in State Florida Governor Ron DeSantis has signed a bill that restricts the use of central bank digital currencies (CBDCs) in the state. The new law prohibits the use of United States federal CBDC as money under Florida's Uniform Commercial Code (UCC) and also prohibits the use of CBDCs issued by foreign governments. Additionally, the law encourages other states to implement similar restrictions under their commercial codes. DeSantis cited White House studies on the emerging technology as the reason for the new law. The bill will come into effect on July 1. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Also Read Moroccan Artist Conveys Mixed Emotions Through His Artwork Subscribe Also Read Moroccan Artist Conveys Mixed Emotions Through His Artwork