Crypto industry reacts to SEC’s lawsuit against Binance
The SEC sued Binance on Monday, amid mounting regulatory scrutiny of crypto exchanges. Industry experts shared insights on what this could mean for Binance and how it could drive crypto innovation out of the U.S.
Hong Kong Web3 industry forms new associations to push crypto hub ambition
Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.
Binance allegedly commingled customer funds: Reuters
Binance, the world’s largest cryptocurrency exchange, has been accused of blending client funds with its own corporate revenue in violation of U.S. financial regulations, according to three unnamed sources cited by Reuters.
Is Tether unmoored — or just dandy?
Top blockchain and crypto news: Fighting words over USDT erupt on Twitter. Litecoin surges amid memecoin fever. Chinese city bids for blockchain business.
Binance suspends Australian dollar services
World’s largest cryptocurrency exchange halts Australian dollar services after payment provider cuts off service.
Ripple Labs acquires digital asset custody provider Metaco for US$250 mln
San Francisco-based Ripple Labs, a technology and financial services firm built around the XRP cryptocurrency, said it will acquire Metaco, a Swiss-based tokenization and digital asset custody provider, for US$250 million.
Bank of Korea and financial regulator in turf war over who supervises crypto industry
Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.
Bitcoin busts through US$28,000 as U.S. inflation falls to 4.9%
Bitcoin and major cryptocurrencies reacted positively to the latest CPI report that stated annual inflation in the U.S. rose 4.9% in April, beating market expectations.
Goldman Sachs, Microsoft, Moody’s, others to join new financial industry blockchain
Goldman Sachs, Microsoft, Deloitte, Moody’s and other institutions are partnering with Digital Asset for the launch of the Canton blockchain.
Gamers stand to win big with NFTs, they just don’t know it yet
NFTs are changing in-game item ownership and value, yet the gaming industry remains skeptical. With microtransactions set to exceed $76 billion this year, it’s time for gamers to understand the benefits of NFT technology.
What JPMorgan’s First Republic takeover means for the crypto industry
Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.
Crypto leaders need to collaborate with regulators more — for the industry’s own good
A clear and balanced legal framework will encourage more crypto investment, while the industry can promote best practices, writes Mahin Gupta of Liminal.
Why trustless oracles are vital to Web3’s future
What are ‘trustless oracles,’ and how will they shape the development of the metaverse and Web3? Markus Levin of XYO and XY Labs explains.
Crypto firms hardpressed to find U.S. bank partners as industry blames ‘Operation Choke Point 2.0’
NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?
DeFi has a trust gap. What can rebuild its credibility?
Traditional institutions are testing crypto waters, but given last year’s market carnage, it’s not easy to gain their confidence, writes Simon Schaber of Spool.
ASIC cancels Binance Australia’s derivatives license
The Australian securities regulator has canceled Binance Australia’s derivatives license.
Swiss PostFinance bank to offer crypto services to 2.5 mln customers
PostFinance, a Swiss government-owned retail bank, has partnered with Sygnum Bank to provide crypto-related services.
Could decentralization bring back trust in crypto?
Decentralization’s the talk of the town after the collapses of several centralized institutions.
Bitcoin buoyed as bank busts spook investors
Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.
What the crypto industry should do to rebuild public trust
Many crypto users see losses as the cost of doing business. In fact, we can and must improve the sector’s deficiencies, writes Pelle Brændgaard of Notabene.
Circle’s USDC bounces back after Silicon Valley Bank bust
Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.
Voyager-Binance.US’ $1 bln deal should be put on hold, says U.S. Department of Justice
A deal valued at over US$1 billion between Binance.US and Voyager should be put on hold while key legal objections are worked out, says U.S. government.
Binance suspends pound sterling services for U.K. customers as payment provider backs out
Binance, the world’s largest cryptocurrency exchange, announced that it is halting its British pound deposits and withdrawals.
India imposes money laundering regulations on crypto industry
India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.
Bitcoin, Ether extend gains as U.S. regulators take charge of banking industry turmoil
Bitcoin and Ether rose the most in the top 10 non-stablecoin cryptocurrencies by market capitalization on Tuesday afternoon in Asia. Cryptocurrencies have been on a rebound since U.S. regulators took charge of the failures in the banking industry and moved to protect deposits across crypto-linked banks.
The NFT sector is just getting started. Here’s what lies ahead
What began as novel collectibles and rampant speculation is maturing into real-world utility across a multitude of industries, writes Tom Chalmers of Banxa.
Most of NFT industry working on recycled liquidity, says Forkast Labs’ co-founder
NFT sales and market capitalization show rising investor activities, but recycled liquidity and wash trading may tell a different story, Forkast Labs co-CEO says.
Contagion, regulation worries grow after crypto bank’s demise
FTX’s Alameda sues Grayscale over crypto trusts
Alameda Research has filed a law suit against crypto conglomerate Digital Currency Group and its asset management business Grayscale over trust investments.
What Web3 must do if it wants to attract 1 billion users
Web3 is growing more rapidly than the early internet, writes Ken Timsit of Cronos Labs. But to achieve mainstream success, the following issues must be addressed.
Weekly Market Wrap: Bulls fight to keep Bitcoin above US$22,300, as industry experts predict ‘crab walk’
With 69% of Bitcoin supply in profit, BTC is struggling to stay above the US$22,300 support level. A daily close below US$22,300 could see Bitcoin retest the US$21,450 support level. Industry experts share their end-of-March Bitcoin price predictions with Forkast.
Australia’s central bank identifies CBDC use cases as it prepares pilot launch
Australia has outlined potential use cases and providers for a central bank digital currency (CBDC), with a pilot program to be launched in the coming months.
Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry
Officials at Bitcoin mining companies say the rebound in prices so far this year for the world’s biggest cryptocurrency has thrown a lifeline to the industry after some miners sought protection from creditors last year amid the slump in the token’s price.
Taiwan must mandate a central authority to oversee crypto by May 16, says lawmaker
A Taiwanese lawmaker has reiterated that the cabinet will have to mandate an acting central authority to shape regulatory frameworks and development roadmap for the cryptocurrency industry by May 16, a move that would push Taiwan closer to adequate crypto regulation.
Trust in crypto is in shambles. How can we rebuild it?
Greater transparency and confidence in who you are transacting with could go a long way toward alleviating public mistrust, writes Travis Nelson of Quadrata.
Industry reacts: US cracks down on crypto, India calls for regulatory collaboration
The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.
Japan’s Square Enix to launch Web3 game on Polygon blockchain, cites ‘sustainability’ benefits
Square Enix announced Wednesday that it will launch its first Web3 game Symbiogenesis on the Polygon blockchain.
Go ahead and ban staking. Crypto investors will just go elsewhere
The SEC’s latest heavy-handed approach toward crypto will leave investors less protected while benefitting dodgy offshore companies, writes Danny Talwar of Koinly.
Markets: Bitcoin breaches US$24,000 to highest price since August as short sellers liquidated
Bitcoin broke through the US$24,000 price ceiling for the first time in two weeks to reach its highest price since mid-August in Thursday morning trading in Asia, as investors liquidated almost US$70 million of mostly short-position bets.
Web3 isn’t just about money, it’s about equality and transparency, says Mysten Labs co-founder
Investors may view Web3 through the lens of financial opportunities and revenue, but that misses the point of trying to build a fairer and more transparent infrastructure, with content creators at the forefront, says Mysten Labs co-founder Evan Cheng
Digital asset industry comes under fire at hearing by U.S. Senate on ‘Crypto Crash’
The cryptocurrency industry faced criticism during a Senate committee meeting on Tuesday entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”
Truck industry as real-world crypto use case? How blockchain could replace system that leaves U.S. truckers out of pocket
The current payment system relied on by truck drivers runs through third parties and adds costs to supply chains and consumers. Could blockchain tech provide an alternative, and would truckers trust it?
Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown
Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
Blockchain developers have taken a decentralized interest in cloud storage – will it shake up the industry?
Blockchain developers want a piece of the multi-billion dollar cloud computing pie. Do current heavyweights in the industry – Amazon, Google and Microsoft – have cause for concern?
Coinbase CEO Brian Armstrong says SEC has ‘terrible’ idea to ban crypto staking for U.S. retail customers
The U.S. Securities and Exchange Commission is considering a ban on cryptocurrency staking for retail customers in the country, said Brian Armstrong, the chief executive of Coinbase Global Inc.
Robinhood aims to buy-back its shares seized by Department of Justice in FTX failure
Robinhood Markets Inc., the U.S.-based financial services company, aims to purchase the 55 million of its shares that FTX-linked Emergent Fidelity Technologies bought in May 2022, according to its earnings report released Wednesday.
India crypto industry on ‘Stairway to Heaven’ as government ignores requests in Budget
Cryptocurrency exchanges in India had lobbied the government to reduce taxes introduced last year, arguing the levies were backfiring by driving local investment offshore.
Celsius misled investors, spent customer funds, bankruptcy examiner claims
Celsius Network may have misled its investors and spent customer funds, an independent examiner said in a Tuesday court filing.
What we must learn from FTX so that history does not repeat itself
Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.
Binance says it erroneously mixed customer funds with collateral for Binance-issued tokens
Binance Holdings Ltd., the world’s largest cryptocurrency exchange, acknowledged it mistakenly stored customer funds in the same wallet holding collateral for its Binance-pegged tokens, known as B-Tokens
National Australia Bank to launch AUDN stablecoin: report
National Australia Bank, one of the four major banks in the country, has created a stablecoin AUDN for cross-border transactions and carbon credit trading, according to an Australian Financial Review report.
Why crypto crashes are just like Nascar collisions
Small details can make a big difference on performance, and one careless error can lead to calamity. How should those in crypto drivers’ seats navigate their path?
Coinbase asks Japan customers to withdraw holdings as it halts operations
Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.
Thailand’s SEC issues new regulations for crypto custody services
The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.
Crypto’s data problem: Rebuilding trust in a trustless environment
Price is the wrong measure of Web3’s true value, writes Angie Lau, editor-in-chief of Forkast. To recover from Crypto Winter, we need metrics that are less prone to whims and manipulation.
Australian crypto exchange Swyftx to end interest yielding product, cites lack of regulation clarity
Australian crypto exchange Swyftx is ending its crypto-interest earning product Earn on Tuesday due to a “constantly changing regulatory landscape” in the country, according to a company announcement.
Trust and Compliance
Many crypto exchanges are implementing proof of reserves as trust and confidence are becoming two of the biggest watch words in the crypto space, but traditional institutions are also trying to bring the crypto sphere back to health.
Bitcoin mining difficulty drops 3.6% in latest adjustment
The Bitcoin mining difficulty level fell 3.59% on Tuesday morning in Asia, after some U.S. mining firms unplugged due to deadly winter storms over the holiday season on top of continued cash shortages mainly caused by low Bitcoin prices and high energy costs.
Bitcoin ATM rush Down Under: Australia leapfrogs El Salvador, Poland
Australia had a total of 225 Bitcoin ATMs by the end of 2022 after installing around 150 machines in the final four months of the year, overtaking El Salvador and Poland to become home to the fourth-highest number of crypto ATMs in the world, according to data from CoinATMRadar.com.
How crypto custodians can help centralized exchanges win back public trust
In the post-FTX world, crypto exchanges must offer stronger protection for investors’ assets, writes Colin Brooks, chairman of the advisory board of Hex Trust.
Bahamas regulators hold US$3.5 bln of FTX assets, to be delivered to customers, creditors
The Securities Commission of the Bahamas is temporarily holding US$3.5 billion of digital assets seized from FTX Digital Markets
FTX customers file lawsuit for priority repayment
Former customers of FTX have filed a class action lawsuit against the bankrupt cryptocurrency exchange and its top executives, including Sam Bankman-Fried, to seek priority rights to repayment before any non-customer creditors.
Will FTX’s collapse decentralize the industry?
While the collapse of FTX may invite more scrutiny for centralized exchanges, Binance’s Patrick Hillmann believes it could benefit the industry through more decentralization.
Will the crypto industry grow beyond speculation in 2023?
The FTX collapse was a pivotal point the cryptocurrency industry needed to grow beyond just a speculative asset class, Ledger’s Alex Zinder says.
To unwrap Web3’s promises, we must break the barriers to blockchain adoption
Despite blockchain’s potential, barriers to use still stand in the way, writes Andrew Vranjes of Blockdaemon. Solving security issues and reducing risk will be key.
US bill set to demand know-your-customer from crypto companies
Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.
Bitcoin mining difficulty rises 3.27% in latest adjustment
The latest Bitcoin mining difficulty level rose 3.27%, as miners continue to face cash shortages due to low Bitcoin prices and high energy costs.
Web 3.0 firms must ‘keep costs low,’ improve efficiency to navigate downturns, says Rotten Tomatoes cofounder
Patrick Lee, who cofounded Rotten Tomatoes and PKO Investments, says the US$35 million investment company has slowed Web 3.0 investments significantly.
FTX Bahamas Co-CEO warned authorities on Nov. 9 of illegal customer asset transfers, documents show
Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.
US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse
As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.
Sam Bankman-Fried in Bahamas police custody, faces criminal charges in U.S.
Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.
U.S. Justice Department mulls charging Binance over potential money laundering violations: report
Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.