From Seed to Withdrawal: Ledger and Binance Make Waves in the World of Cryptocurrency
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Ledger's ID-Based Seed Phrase Recovery Feature Sparks Fiery Backlash.
Binance Withdraws from Canadian Market Due to Escalating Regulations in North America
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Ledger Sparks Outrage With ID-Based Seed Phrase Recovery
Ledger is under fire yet again, this time for releasing a firmware upgrade that includes a subscription-based feature called “Recover.” The feature is facing criticism for granting the company access to customers’ seed phrases,
Guess who's stealing the spotlight this week? It's none other than Ledger, the heavyweight champ of hard wallets.
What's the fuss about, you ask? Well, the Ledger team unleashed their latest creation: Ledger Recover. And let me tell you, it's turned their reputation from From safest hardware wallet to Trust Dilemma wallet Oh, the plot thickens!
Here's a breakdown of what you need to know in plain and simple terms:
Ledger Recover is an optional tool that helps you retrieve your private key if you ever lose it. It's like having a backup plan for your digital wallet.
To make sure your key stays safe, the tool splits it into three parts and sends each part to a different company. These companies are Ledger, Coincover, and EscrowTech. It's a bit like splitting a secret code and sending the pieces to different trusted friends.
If you decide to use Ledger Recover, you'll need to go through a process called Know-Your-Customer (KYC) verification. This means providing some form of identification, like your passport or ID, to confirm that you're the rightful owner of the wallet.
Once the three companies receive and verify your KYC data, they can reconstruct your private key for you. It's a bit like having a puzzle that can only be solved with the right pieces.
However, keep in mind that this service comes with a monthly subscription fee of $9. So, if you want the added security of Ledger Recover, you'll need to budget for it.
"What's all the fuss about?"
Hold on to your digital wallets because Ledger just did a full 180! They're accessing customers' private keys (encrypted parts, of course), which goes against everything they swore they wouldn't do.
But wait, there's more! Opted-in users now have to go through KYC verification, adding another layer of complexity. And let's not forget the trust issues from the 2020 data leak incident.
It's a head-scratcher, really. This new feature has left cold wallet enthusiasts scratching their heads, questioning its very purpose. No wonder customers were absolutely furious yesterday!
Trazor, Ledger's competitor, couldn't resist landing a playful punch on them with a tweet that was as well-timed as a Swiss watch.
Binance Waves Goodbye to Canada: Regulatory Woes Continue
Regulatory hurdles have once again hit Binance in North America, with the world’s largest cryptocurrency exchange announcing on Friday that it would cease operations in Canada due to tightened crypto rules.
Hold on tight because Binance is taking a detour and saying goodbye to the Canadian market. In a tweet, they shared their frustration with new regulations on stablecoins and investor limits, making Canada an inhospitable playground.
Although Canada holds sentimental value as the founder's home turf, Binance had to face the harsh reality that staying was no longer tenable. Cue the sad violins.
To soften the blow, Binance is sending heartfelt emails to their Canadian users, outlining the impact and next steps. Farewell, our Canadian comrades!
This exit dance follows the Canadian Securities Administrators' guidelines, demanding crypto firms register and comply with a bunch of custody rules. Compliance or bust!
Meanwhile, across the border, Binance is battling it out with the CFTC over allegations of unregistered crypto derivatives. Zhao, the founder, thinks the regulator's facts are about as complete as a leaky sieve.