🚥 Binance suspended Bitcoin withdrawals

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Trending in the past 24 hours 👇️ 

• 🇰🇪 Kenya Gets Cryptonized: Digital asset taxes on the Horizon 👀 

• 🚥 Traffic Jam!: Binance forced to pause BTC withdrawals as network activity skyrockets 🚀 

• 🇱🇮 Liechtenstein loves Bitcoin!: Citizens could soon pay for government services in BTC 🙏

Kenya’s coin conundrum 🙈 

Kenya plans to take a "taxing" stance on digital assets with a proposed 3% levy on crypto and NFT transfers and a 15% tax on monetized online content. This latest development signals the country's readiness to take a more assertive role in the crypto industry, with the new regulations set to be included in the 2023 finance bill to be proposed on June 8th 📆 

The move follows a trend of increased global regulatory scrutiny of the cryptocurrency industry as governments and regulators look to clamp down on fraud, money laundering, and market manipulation 👀 

With 8.5% of the population already owning crypto, the country is no newbie to the crypto world - but it seems like they're ready to make their mark with these new regulations.

It seems Kenya is proving that even in the digital age, "Hakuna Matata" doesn't always apply - especially regarding taxes!

Mempool overflow 😮 

Binance hit a speed bump as Bitcoin's mempool turned into a traffic jam, with over 400K transactions stuck in a bumper-to-bumper crawl. BTC withdrawals were put on hold for over an hour, causing over $187 million in outflows from the platform as users feared the worst ❗️ 

The situation was attributed to the surge in BRC-20 transactions, an experimental token standard that allows users to transfer tokens on the Bitcoin blockchain. This, along with the recent trading frenzy on meme coins like Pepe, resulted in Bitcoin transaction fees hitting a two-year high.

The BRC20 token economy is currently valued at $279.07 million, with approximately 13,530 tokens in circulation.

After an hour of halting, the exchange soon confirmed that BTC withdrawals had resumed.

However, all dark clouds have a silver lining! Within 48 hours of this situation, Binance announced its plan to integrate with the Lightning network ⚡ for smoother and more efficient BTC transactions! Here's hoping for smoother blockchain highways in the future 🛣️

Liechtenstein’s Leap into the Future 🔮 

Liechtenstein, the sixth smallest nation worldwide, is planning to embrace Bitcoin payments for government services!

While details are still scarce, it seems the microstate plans to accept Bitcoin payments and immediately exchange them for Swiss francs, similar to what cities like Zug and Lugano are already doing.

Prime Minister Daniel Risch confirmed the plan in a recent interview, stating that a "Bitcoin payment option is coming” ⚡️ 

Off late, Liechtenstein has emerged as one of a handful of European finance hubs catering to the growing market for crypto banking and investment services. For example, the Swiss digital bank Sygnum has emerged as one of the world’s leading crypto-focused banks. It now helps businesses the world over manage their digital assets ❗️ 

Hopefully, with such progressive policies, maybe soon they'll be known as the Crypto Alps, and we'll all be skiing down their blockchain slopes ⛷️ 

Meme of the day

Well, folks, it's time to wrap up another round of crypto chatter. We hope you enjoyed today's serving of news and updates. We'll be back tomorrow with more coverage of the world of digital currencies. Until then, keep your wallets close and your eyes on the market trends! Don’t forget to subscribe to our newsletter for such spam-free updates. See you next time🙏 

Disclaimer: This newsletter is for educational purposes only and does not constitute financial advice or an offer to buy or sell assets. You must exercise caution and conduct your research before making any financial decisions.