#Coinbase Announces #Ethereum Classic Listing and Causes Price Surge, #Binance to Allow Fiat-to-Crypto and Wells Fargo Bans Crypto Purchases

Crypto Corner - June 12, 2018

Coinbase Announces Ethereum Classic Listing and Causes Price Surge, Binance to Allow Fiat-to-Crypto and Wells Fargo Bans Crypto Purchases

Coinbase announced that it was in the final stages of adding support for Ethereum Classic (ETC) in a blog post yesterday. The crypto exchange giant expects to announce a launch date for the Ethereum fork in the "next few months". In response, ETC's price has surged 22.5 percent in the last day according to data from CoinMarketCap. This is at odds with most of the rest of the crypto market, which has been relatively stagnant in the last 24 hours after plunging $40 billion USD on Sunday.

Binance, the world's second-largest crypto exchange by trade volume, will allow fiat to crypto trading through a "separate Malta-based exchange" according to a report on Cointelegraph. The piece states that a representative from Binance clarified news from Bloomberg in an interview with Cointelegraph:

While Bloomberg reported today that Binance will "soon allow customers to convert digital tokens into fiat currencies", a Binance representative clarified to Cointelegraph that "Binance.com is a pure crypto-to-crypto exchange." They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative told Cointelegraph.

Fortune reports that U.S. bank Wells Fargo has joined the growing list of banks that will no longer allow customer to buy crypto using its credit cards. The bank, which is the U.S.'s third largest by assets, follows Bank of America, Citi and J.P. Morgan in banning crypto purchases. The piece quotes a Wells Fargo spokesperson on the decision:

"Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We're doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry."

Sam Mowers, Investorideas

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