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…
Hong Kong’s decision to permit retail trading in cryptocurrencies such as Bitcoin and Ethereum could be seen as a strategic and significant move, particularly in the current unfavorable crypto market environment in the United States. Given Hong Kong’s geopolitical importance and the regulatory crackdown on crypto businesses in the US, the timing of this decision…
Arthur Hayes, CEO of BitMEX, has provided a prediction for when Bitcoin’s price could potentially experience a significant increase in the future. According to Arthur Hayes, the CEO of BitMEX, smaller regional banks are at risk of collapse compared to larger banks that hold treasuries and mortgage-backed securities. Hayes also mentioned that the cryptocurrency market…
MakerDAO is thinking about a plan to increase the interest rate for holding Dai, known as the Dai savings rate (DSR). In the previous adjustment, the DSR was raised to 1%, which resulted in more than 35 million DAI being deposited within a month. Now, there is a new proposal under consideration to further increase…
Tornado Cash Token Holders Gain Control Back with Overwhelming Support for Proposal In a positive turn of events, the proposal to restore governance control to Tornado Cash token holders has received an impressive 517,000 votes in favor, with no opposing votes. This means that the individuals holding the governance tokens will soon be able to…
The attacker exploited the absence of safeguards in liquidity conversions, allowing them to steal the funds. Adding to the growing list of protocol hacks in the cryptocurrency industry, Jimbos Protocol has become the latest victim of attackers, resulting in a significant loss of funds. Blockchain security firm PeckShield reported that Jimbos Protocol, a liquidity protocol…
Binance to Discontinue Services for Japan Residents, Plans Launch of Binance Japan in Compliance with Regulations. Binance, the largest cryptocurrency exchange, has announced that it will stop providing crypto services to people in Japan starting from November 30, 2023. This move is part of Binance’s efforts to follow regulatory requirements and ensure compliance in the…
South Africa’s Crypto Firms Required to Register or Face Severe Penalties In an effort to regulate the cryptocurrency industry, crypto companies in South Africa must now seek a license from the Financial Sector Conduct Authority (FSCA) within six months starting from June 1, 2023. Failure to register within this timeframe may lead to a penalty…
As users voice concerns on social media, Nigerian crypto company initiates asset recovery and reinforces security measures after BTC and Naira compromise. Nigerian platform Patricia, known for gift card and crypto trading, faces security breach. Steps taken to protect users, including temporary suspension of fund withdrawals. The company reported a security breach that resulted in…
Gemini takes legal action against Digital Currency Group (DCG) over $630 million loan default The U.S. Securities and Exchange Commission (SEC) has taken legal action against cryptocurrency exchange Gemini and insolvent lender Genesis. The complaint, filed on May 26, accuses both entities of selling investments through their earn product without proper registration, which violates securities…
Upon its launch, users will have the opportunity to trade four different cryptocurrencies. Hong Kong’s securities regulator has made the decision to permit retail trading of cryptocurrencies. Huobi Global has shared its plans to open a branch in Hong Kong on June 1st, catering to users in the city-state. This development comes after a turbulent…
Binance and Gulf Innova have obtained licenses in Thailand to launch a new cryptocurrency exchange. Binance, the cryptocurrency exchange, is expanding its presence globally and has recently gained regulatory approvals in Thailand. Gulf Binance, a collaboration between Binance and Gulf Innova (Gulf Energy’s innovation arm), has obtained licenses from Thailand’s Ministry of Finance to operate…
Investment Firms Reminded by ESMA: Crypto to Remain Unregulated in Many Places Despite New Regulations. In a recent announcement, the European Securities and Markets Authority (ESMA) drew attention to crypto assets and emphasized to companies that although regulations are being developed, crypto will continue to lack regulation in many regions. ESMA conveyed the following message:…
Binance Continues to Halt Trading of Cryptocurrencies against Australian Dollar (AUD). Binance, the biggest cryptocurrency exchange globally, announced on Friday that it will be removing additional trading pairs against the Australian Dollar (AUD) from its platform. This decision follows the recent discontinuation of support for numerous cryptocurrencies paired with AUD. The move comes in response…
Dubai’s Financial Services Authority (FSA) has emphasized the need for increased communication and collaboration among global financial regulators. The aim is to create greater obstacles for dishonest individuals seeking to exploit regulatory gaps in the crypto industry across different countries. As bitcoin (BTC) and other cryptocurrencies gradually become more accepted by the general public, with…
In a surprising development, a former top executive at Coinone, a popular cryptocurrency exchange in South Korea, has been found guilty of accepting bribes in exchange for adding certain cryptocurrencies to the platform. The executive under scrutiny, Jeon, is accused of reportedly receiving about 2 billion Korean won (equivalent to approximately $1.5 million) from 2020…
Unbanked, a cryptocurrency fintech firm that offers services for crypto custody and payments, is the latest company to announce its closure this month. It joins other firms such as BottlePay, HotBit, Teressa, and most recently, TradeBlock. Unbanked cites the challenging regulatory landscape for cryptocurrencies in the United States as a significant factor in its decision…
Cameron Winklevoss has made a prediction that once regulations are implemented, there will be a significant surge of innovation in Europe, which he refers to as a “Cambrian explosion.” Gemini, a cryptocurrency exchange, has chosen Dublin as the location for its European operations’ headquarters. This decision comes as numerous crypto companies are looking to expand…
According to multiple reports, the co-founder and CEO of Multichain, a cryptocurrency project, has gone missing. The Fantom Foundation, another entity involved in the project, withdrew MULTI tokens valued at $2.4 million. Due to the lack of sufficient responses from the Multichain team, Binance, the largest cryptocurrency exchange globally, announced on Thursday that it will…
Exciting news for Bitcoin’s growing on-chain economy! A new stablecoin called Stably USD has been introduced. It’s backed by the U.S. dollar and designed to support efficient trading within the Bitcoin network. The issuing company, Stably, expects their token to become a popular choice among traders who want to take part in the increasing variety…
The bank suggests that policymakers should utilize current regulations addressing risks and enforcement actions, while emphasizing the necessity for specific regulations tailored to cryptocurrencies. Norway’s central bank, Norges Bank, has recommended that the country should contemplate developing a national plan for regulating cryptocurrencies, according to a report published on Thursday. Countries worldwide have been observing…
Circle introduced EUROC as a regulated stablecoin last year. This means that each token is supported by euro reserves held in financial institutions regulated in the United States. Stablecoin issuer Circle has recently released Euro Coin (EUROC) on the Avalanche blockchain. This launch aims to provide faster and more efficient payment and financial services for…
The introduction of the new rule was driven by concerns about potential conflicts of interest. Lawmakers in South Korea have approved a new law that mandates officials to disclose their cryptocurrency holdings, as reported by local outlet News1. On Thursday, the “Kim Nam-kuk Prevention Act” was successfully passed in the National Assembly’s plenary session. The…
Bitmain is the biggest company globally that produces cryptocurrency mining equipment. According to an insider, Hong Kong’s asset management firm, Metalpha, has received $5 million from Bitmain for its Grayscale-based fund. Metalpha, in collaboration with NextGen Digital Venture Limited, is aiming to raise $100 million for their Next Generation Fund I. So far, they have…
OKX Establishes Local Corporation in Hong Kong for License Application, Focuses on Operational Improvements OKX, the world’s second-largest cryptocurrency exchange, has released an updated version of its app to enable safe trading of virtual assets in Hong Kong. The exchange, known for its Web3 technology, aims to provide a secure platform for users in the…
Crypto Consortium Fahrenheit Acquires Celsius Network Assets, Forms New Company Owned by Celsius Creditors Crypto lender Celsius Network, facing challenges, announced on May 25 that the asset transfer to crypto consortium Fahrenheit LLC has been successfully concluded. Celsius Network, in collaboration with its official committee of unsecured creditors, chose Fahrenheit as the successful bidder in…
ETH Borrowing Platform Offers Flexible Loan Repayment with Minimum 0.1 ETH Payment Option. Blur, a well-known NFT marketplace, has introduced an innovative feature on its ETH borrowing platform that offers borrowers more flexibility in loan repayment. Instead of having to repay the entire loan amount in one go, borrowers now have the option to make…
Florida’s governor and a potential leader of the Republican Party discussed cryptocurrency and digital currencies issued by central banks in a Twitter conversation with Elon Musk. The new candidate vying for the Republican Party leadership expressed support for cryptocurrencies. During a Twitter discussion with Elon Musk and venture capitalist David Sacks, where he officially declared…
Beginning June 1, Japan will introduce stronger measures against money laundering for cryptocurrency transactions. This step is taken to bring Japan’s laws in line with international standards for cryptocurrencies. As part of the new measures, Japan will implement the “travel rule” for financial institutions and crypto exchanges. This rule mandates the sharing of customer information…
Crypto Executives, despite past setbacks, embark on renewed Washington influence campaign. When lawmakers in Washington, D.C., watch their favorite Sunday morning political shows this week, they’ll also hear about cryptocurrency, courtesy of Coinbase’s campaign. This is part of the industry’s ongoing effort to shape U.S. policy. Coinbase CEO Brian Armstrong and Messari CEO Ryan Selkis…
Three big crypto companies have responded to the delays and concerns surrounding the Multichain protocol, which allows for communication and transactions between different blockchain networks. The Fantom Foundation withdrew $2.4 million worth of the protocol’s native MULTI tokens from the decentralized exchange SushiSwap, according to on-chain analysts Lookonchain. This action made the tokens available for…
China Central Television (CCTV), the main national television broadcaster in China, recently aired a segment about cryptocurrency. This news was shared by Changpeng ‘CZ’ Zhao, the CEO of Binance, a popular crypto trading platform, who described it as a significant event. CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking…
Now, investors have the opportunity to protect themselves against changes in interest rates within a decentralized finance (DeFi) setting by trading Secured Overnight Financing Rate (SOFR) swaps. The Voltz decentralized finance protocol on Avalanche now enables users to trade interest rate swaps tied to the Secured Overnight Financing Rate (SOFR). SOFR is a widely recognized…