Top 10 Cryptocurrency Exchanges Experience Substantial Outflows Amid Rising FUD Surrounding Binance and Coinbase In the past week, both Binance and Coinbase faced legal action from the US Securities and Exchange Commission (SEC), resulting in a widespread sell-off across the global cryptocurrency market. However, the current state of affairs indicates a return to stability as…
Monday brought a reason for celebration for investors in major tokens Solana (SOL), Cardano (ADA), and Polygon (MATIC), who experienced a sudden sell-off over the weekend. As prices stabilized, the tokens managed to reverse some of the losses, bringing relief to the investors. Despite minimal changes in the broader market, the tokens saw gains of…
Leaders from the Russian and Iranian crypto and fintech industry groups recently convened at the International Exhibition of Financial Industries in Tehran. The event’s official channel on the Aparat video sharing platform uploaded a panel discussion focusing on crypto adoption. Notably, the panel included key figures from the Iranian government, including the head of the…
With the UK boasting a well-defined regulatory framework, a16z crypto establishes its presence beyond American borders, selecting London as the location for its new office. Just days following the implementation of the harshest measures to date by U.S. regulatory authorities against the digital assets sector, a16z crypto, the cryptocurrency investment division of venture capital firm…
AI revolutionizes crypto analysis as investors turn to tools like Google Bard for reliable insights Bard represents a significant advancement in AI-language models, combining advanced computational techniques with conversational capabilities. In our discussion today, we will utilize Bard’s predictive abilities to inquire about the future prospects of Tether and Tradecurve. Google Bard predicts bullish outlook…
New Rules Make it Easier for People and Businesses to Own and Trade Digital Assets in the US Senator Cynthia Lummis Continues to Advocate for Favorable Crypto Regulations in the US, Citing Urgency due to Cryptocurrency’s Growing Popularity and Advancements. Crypto Twitter Applauds Lummis as She Expresses Dedication to Creating Rules for Easy Digital Asset…
Hong Kong Cultivates Favorable Environment for Industry Growth, Positioned as Digital Hub with Active Regulation Hong Kong’s leaders welcome Coinbase and other crypto exchanges to set up shop, showing support for cryptocurrencies. They want to create a good environment where the industry can grow. Johnny Ng, a member of Hong Kong’s Legislative Council, showed his…
The Organization for Economic Cooperation and Development (OECD) has recently implemented a dedicated tax framework aimed at addressing the unique challenges posed by cryptocurrencies. This new framework is specifically designed to provide clear guidelines and regulations for taxation in the crypto industry. By introducing this framework, the OECD aims to promote transparency, compliance, and a…
To account for the increasing prominence of cryptocurrencies, a new measure has been introduced to impose taxes on them. As a result, profits made from selling digital assets, like cryptocurrencies, will now be subject to a 10% tax On May 28, Nigeria’s outgoing President Muhammadu Buhari signed the Finance Act, 2023 into law on his…
Cumberland, Chicago-based Crypto Trading Firm, Transfers $9.8M Worth of MATIC to Binance and Coinbase Cumberland Transfers 9 Million MATIC Tokens Worth $6.3M to Binance and 5 Million MATIC Tokens Worth $3.5M to Coinbase within 7 Hours, Reveals Lookonchain Data. Over the past 16 hours, #Cumberland has deposited 9M $MATIC ($6.3M) into #Binance and 5M $MATIC…
Binance CEO CZ Addresses Decline in Bitcoin and Altcoins in Twitter Statement Changpeng Zhao, the CEO of Binance, which holds the title of the world’s largest cryptocurrency exchange based on trading volume, released a statement addressing the recent market volatility and addressing certain allegations surrounding his company. According to Changpeng Zhao, the market fluctuations in…
Crypto Coins and Tokens Experience Significant Losses Amid Market Downturn In a notable downturn, the crypto market experienced a substantial decline this morning, impacting a wide range of altcoins. The market saw heavy losses across various cryptocurrencies, indicating a significant shift in investor sentiment. This downward trend reflects the current volatility and uncertainty prevailing in…
Exchanges Under SEC Scrutiny for Securities Law Violations Experience Substantial User Withdrawals, Maintain Smooth Transaction Processing SEC Lawsuits Trigger $4 Billion Deposit Exodus from Binance, Binance.US, and Coinbase, Blockchain Data Reveals. The three crypto exchange giants collectively experienced a net outflow of $3.1 billion via the Ethereum network and $864 million in bitcoin (BTC) from…
In light of regulatory scrutiny, Binance.US will suspend USD payment channels by June 13 On June 9, Binance.US made an announcement stating that it will temporarily operate as a cryptocurrency-only exchange. This decision follows the suspension of USD channels by its payment and banking partners. The suspension occurred due to the Securities and Exchange Commission…
UK regulators, the Financial Conduct Authority (FCA), have prohibited crypto incentives. The number of people owning cryptocurrencies in the UK has doubled from 2021 to 2022 The UK’s Financial Conduct Authority (FCA) has suggested strict new rules for marketing, including a ban on incentives related to cryptocurrencies. These rules are designed to safeguard individual investors…
Binance Pay has teamed up with Credencial Payments to improve digital cryptocurrency payments in LATAM. CZ, the CEO of Binance, shared this news on Twitter Binance Pay has partnered with Credencial Payments, a payment solution provider in Latin America (LATAM), to enhance the availability of digital currencies in the region. Binance CEO CZ shared the…
James Roberts, General Manager of Group Fraud Management Services at Commonwealth Bank, highlights significant “investment scams” linked to crypto exchanges. Australia’s largest bank, Commonwealth Bank (CBA), has announced its decision to refuse or temporarily delay payments to cryptocurrency exchanges due to concerns about fraudulent activities. In a statement on June 8, CBA stated that it…
Based on the obtained documents, it has been revealed that the Chief Executive Officer (CEO) of Binance, Changpeng Zhao (CZ), has been summoned by a United States court to provide Testimony This development marks a significant legal procedure involving CZ and highlights the growing regulatory scrutiny faced by the cryptocurrency exchange. Following the recent lawsuit…
While the U.S. House of Representatives committee has not revealed all the specific topics, there is anticipation within the community that the upcoming hearing will delve into crucial matters within the cryptocurrency space The United States House of Representatives Financial Services Committee has taken the initiative to schedule a hearing specifically focused on cryptocurrencies. The…
SEC’s Actions Raise Concerns for Hong Kong; Binance’s US Exit May Impact License Applications; Hong Kong’s Cryptocurrency Regulations Remain Clear The United States Securities and Exchange Commission (SEC) has expressed concerns regarding the potential impact on Hong Kong, as highlighted by licensed lawyer Gilbert Ng. Ng provided insights into the implications of the SEC’s actions…
Ex-CFTC Chairman: Crypto Needs New Trading Structure to Survive. Massad: Money Laundering Dominates 50-90% of Crypto Transactions. Massad and Fed Chair Call for Immediate Investor Protection Measures. In an interview with CNBC, Timothy Massad, former chairman of the US Commodities Futures Trading Commission (CFTC), highlighted that the government’s ongoing legal actions against cryptocurrency exchanges Binance…
US SEC Chairman Gary Gensler: “We Have No Need for Additional Digital Currency” The global digital asset market was rocked by consecutive shockwaves from the U.S. Securities and Exchange Commission (SEC) as it filed lawsuits against Binance and Coinbase for allegedly operating unregistered securities exchanges. Furthermore, SEC Chair Gary Gensler further intensified the assault on…
Binance Witnesses Over $1 Billion Outflow in 24 Hours Following SEC Lawsuit, Despite Massive 44M USDT Deposit SEC vs Binance Lawsuit Triggers Cryptocurrency Market Turmoil: $52.7 Billion Lost in One Hour: The impact of the SEC vs Binance lawsuit has reverberated through the cryptocurrency market, leading to significant consequences. In a startling development, the market experienced…
In response to the SEC’s actions, the Cardano chief has dubbed it “Operation Chokepoint 2.0,” highlighting the potential implications on the industry He characterized the situation as a battle between “freedom and authoritarianism,” emphasizing the importance of unity among crypto industry players in the face of regulatory challenges. The recent SEC lawsuit targeting Binance has…
On Monday, the cryptocurrency market witnessed a sharp decline in prices following the legal action taken by the U.S. Securities and Exchange Commission (SEC) against the crypto exchange and its CEO, accusing them of numerous violations of federal securities laws. According to data from CoinGlass, cryptocurrency traders endured losses amounting to approximately $320 million in…
CZ Offers Initial Response to SEC Lawsuit Against Binance and Himself In a report by Bloomberg, it was revealed that the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO CZ, alleging violations of securities laws. CZ, in response to this development, took to his Twitter account and stated: “Our…
During a recent interview with Bankries, Changpeng Zhao, the highly respected CEO of Binance, expressed a positive outlook regarding the future of cryptocurrencies, also known as virtual assets. With confidence, he asserted that the current frenzy surrounding meme coins should be seen as an encouraging sign of the cryptocurrency market’s revival. Zhao attributed the immense…
Despite the firm’s claim, numerous customers have reported financial losses, with no details provided about the recovery method According to Atomic Wallet’s claim, less than one percent of their monthly active customers were impacted by the $35 million theft since June 2. The company has joined forces with independent blockchain investigators to intensify their efforts…
Patrick Njoroge, the outgoing governor of the Central Bank of Kenya (CBK), sheds light on the bank’s position on cryptocurrencies, emphasizing its cautious approach based on extensive institutional knowledge Njoroge’s comments come amid global divisions on digital currencies, reflecting his longstanding opposition and advocacy for prudence in handling volatile digital assets throughout his influential role…
As Atomic Wallet operates as a non-custodial decentralized wallet, users assume full responsibility, while the specific method of attack remains unclear, prompting the team to conduct an ongoing investigation Reports on Twitter indicate that users have suffered complete loss of their cryptocurrency holdings following their utilization of Atomic Wallet, raising concerns of a potential compromise….
Republicans Introduce Crucial Bill Impacting Cryptocurrency Status in the US US Republicans Propose Draft Bill to Reclassify Digital Tokens as Commodities, Challenging SEC’s Classification as Securities Senior Republicans in the US Congress have introduced a new draft bill that seeks to provide a pathway for digital tokens to transition from being categorized as securities to…
With the newly acquired license, Mercado Bitcoin intends to provide a unique blend of crypto-powered financial services alongside traditional financial offerings, capitalizing on the vast potential of both domains. According to a report by Valor Economico newspaper, Brazil’s central bank granted a payment institution license to Mercado Bitcoin, the largest cryptocurrency exchange in the country,…
Nigeria’s journey with cryptocurrencies has been characterized by a mixture of enthusiasm and opposition. While the citizens have shown great interest and acceptance towards digital assets, the government has maintained a strong stance against them. This has led to the implementation of a ban on cryptocurrencies within the country, effectively prohibiting individuals from conducting crypto…
Kazakhstan Police Arrest Alleged Mastermind of Fake Crypto Trading Platform Police in Kazakhstan have announced the shutdown of a suspected fraudulent cryptocurrency trading platform, resulting in the arrest of the alleged mastermind. The Ministry of Internal Affairs revealed that a 23-year-old individual, whose name begins with L and was born in 1999, was apprehended. The…
Coinbase, the largest cryptocurrency exchange in the United States, revealed its plans to launch Bitcoin (BTC) and Ethereum (ETH) futures contracts on June 5 through its regulated derivatives exchange. These futures products are specifically targeted towards institutional investors. Coinbase Introduces Bitcoin (BTC) and Ethereum (ETH) Futures Coinbase has revealed that its institutional-sized contracts for Bitcoin…
Trust Reserve, the company responsible for issuing two stablecoins, had its team arrested by Chinese police on May 29, as reported by PANews. On that day, the team stopped communicating, and their family members were informed. When the news agency visited the project’s office in Shanghai, they discovered a notice indicating “judicial seizure.” The reasons for…
Cardano, a blockchain platform that uses the ADA cryptocurrency, has made notable progress in development activity, as revealed by cryptocurrency analytics provider Santiment. The frequency of GitHub commits is used to measure the level of development activity in different cryptocurrency platforms. According to the data, Kusama and Polkadot are currently leading in this ranking, demonstrating…
The CEO of Coinbase, Brian Armstrong, has strongly criticized the lack of clear regulations for the crypto industry in the United States. He has consistently argued that this uncertainty will force companies to move their operations overseas. Armstrong further warns that countries like China, which are seen as adversaries to the United States, could gain…
Bybit, a cryptocurrency exchange, has decided to exit Canada due to recent regulatory developments. In a blog post on Tuesday, Bybit informed its Canadian users that starting from Wednesday, May 31, they would no longer be able to open accounts on the platform. Existing users will lose the ability to deposit funds or trade after…
Hong Kong is actively embracing cryptocurrencies by testing a Central Bank Digital Currency (CBDC) and approving retail trading of crypto. The city has been making significant progress towards being more crypto-friendly throughout the busy month of May. In a recent blog post, Hong Kong’s financial secretary, Paul Chan Mo-po, expressed the region’s intention to regulate…
Binance is creating a separate crypto platform for its users in Japan to comply with local regulations. The new platform will be launched in the summer, and users will be transitioned gradually by discontinuing certain products until November 30. After that, they will lose access to spot trading services but can switch to the local…
Optimism and Sui Brace for Expanded Circulating Token Supplies: As mentioned earlier, the Optimism and Sui cryptographic networks are preparing for a substantial token unlock scheduled to occur this week. This will result in a significant expansion of the circulating supply of tokens for both networks. Optimism’s circulating supply will double as a result of…
The National Police Agency of South Korea has revealed its intention to establish a system that allows for real-time monitoring of wallet addresses and the freezing of funds. In pursuit of this goal, the police agency is scheduled to hold a meeting with Binance and the top five crypto exchanges in South Korea to discuss…
On Binance Australia, purchasing one Bitcoin using Australian dollars allows buyers to acquire it at a price equivalent to $22,000. However, the challenge lies in transferring the funds to the platform in order to make the purchase. Traders are hurrying to convert their cryptocurrency holdings into Australian dollars as the deadline for AUD bank withdrawals…
Binance CEO Changpeng Zhao, also known as CZ, has expressed his reservations about Binance purchasing banking institutions. He cited reasons such as regulatory complexities and stringent capital requirements as factors influencing this decision. Despite the increasing concern over crypto companies being debanked, including Binance’s own operations in Australia, CZ emphasized that the company is unlikely…
Binance Appoints Richard Teng to Lead Regional Markets Outside the US Amid Regulatory Scrutiny Binance, recognized as the largest cryptocurrency exchange globally in terms of trading volume, has selected Richard Teng to take charge of overseeing all regional markets outside of the United States. This decision comes at a time when Binance has been under…
President Joe Biden’s proposed crypto mining tax has been eliminated, marking a significant victory for the Bitcoin mining sector. The removal of the tax proposal safeguards the United States’ position as the leading country for Bitcoin mining, mitigating the risk of losing this status to other nations. This development comes as positive news for the…
Bybit, a cryptocurrency exchange, has received initial approval to operate in Kazakhstan at the Astana International Financial Centre. This approval marks a significant step for Bybit as it expands its operations into Kazakhstan, following the positive response from regulators in the country. On May 29, Bybit, the cryptocurrency exchange, announced that it has received pre-approval…
Binance Publishes Research Report on BRC-20 Tokens with Over 24,000 Minted Bitcoin and BRC-20 tokens have gained significant attention in the crypto space. Binance, a popular cryptocurrency exchange, is actively exploring the integration of BRC-20 tokens to enhance Bitcoin’s NFT era. Leonidas, a well-known member of the Crypto Twitter community, drew attention to Binance’s interest…
Chick-Fil-A, Toyota, Pfizer, and Samsung are among the well-known brands that have shown interest in exploring the cryptocurrency space. It is important to focus on their actions rather than their words, as Winston Churchill once said. Despite negative sentiments echoed in the media, claiming that “Bitcoin is dead” and associating crypto with criminal activities, these…