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June 2023

USDC stablecoin issuer Circle obtains Singapore license for digital payments, others

Circle Singapore said Wednesday it has received a Major Payment Institution license from the Monetary Authority of Singapore.

Bitcoin, Ether most other top crypto bounce back even as Coinbase joins Binance as SEC lawsuit target

Nearly all top 10 tokens rebounded as investors look beyond U.S. regulator’s lawsuits against two of the world’s most influential crypto exchanges.

Apple’s VR/MR Brings the metaverse back into focus

Apple’s Vision Pro VR is the new door to the metaverse. This headset may not be the first, but like CryptoPunks, it’s set to redefine how we see and use NFTs

SEC sues Coinbase for violating securities rules a day after Binance lawsuit

The U.S. SEC sued Coinbase, the largest cryptocurrency exchange in the U.S., for allegedly breaching securities rules, less than 24 hours after the regulator sued Binance on similar charges. 

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.
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SEC targets US$115 billion of crypto following lawsuit against Binance: Bloomberg

The U.S. SEC has extended the list of cryptocurrencies it considers unregistered securities to cover US$115 billion worth of tokens following its Monday lawsuit against crypto exchange Binance, Bloomberg reported on Tuesday.

Ledger is proving the perils of sacrificing security on the altar of user experience

Ledger’s attempt to simplify self-custody and key recovery triggered a community revolt. Was this inevitable or could Ledger have sidestepped this fiasco?

Bitcoin, Ether skid; BNB drops more than 10% after U.S. securities regulator sues Binance

All top 10 non-stablecoin cryptocurrencies took a sharp fall Tuesday morning in Asia, after the SEC sued Binance over alleged securities violations.

Binance, US platform, CEO face SEC lawsuit over alleged securities violations

The U.S. regulator alleges Binance and its leader of unregistered offers, sale of tokens, defrauding investors and manipulating trade volumes.

JPMorgan teams up with Indian banks for blockchain-based settlements: Bloomberg

JPMorgan has reportedly launched a pilot project with top private lenders in India for interbank dollar transaction settlements through its blockchain platform, Onyx. 

Bitcoin dips below US$27,000, Litecoin biggest loser

Bitcoin drops below US$27,000 on Monday amid mixed crypto market. Litecoin, BNB see losses while XRP, Tron, Solana gain.

Montenegro court approves second bail request for Terra-Luna founder Do Kwon

A court in Montenegro approved a second bail request for Terraform Labs co-founder Do Kwon, who faces allegations of using fake passports.

Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive

OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.

What’s next for crypto miners after US debt ceiling deal?

Top blockchain and crypto news: Miners dodge tax bullet. Blur, Binance heat up NFT lending. Chinese cities’ plans reveal nationwide Web3 ambition.

Bitcoin drops below US$27,000 with Cardano leading losses

Bitcoin fell 1.36% to US$26,805 in 24 hours. Ether slipped 0.82% to US$1,854.

What if troubled companies like Twitter can be run by a DAO?

Decentralized autonomous organizations are the future of business, writes Lomesh Dutta. The key is designing them to avoid management and voting pitfalls.

May 2023

Bybit crypto exchange follows Binance in exiting Canada amid tightened rules

Dubai-headquartered Bybit said it will exit the Canadian crypto market and stop accepting new accounts from Wednesday, citing a “recent regulatory development.”

Ethereum NFTs now transferable to Bitcoin

Ordinals’ BRC-721E token standard is set to introduce NFT transfers from Ethereum to Bitcoin through a burn and claim process.

Singapore’s Temasek cuts employee compensation for failed FTX investment decision

Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.

Most top 10 cryptos up, despite looming fears of US default

Bitcoin and Ether rose during afternoon trading in Asia on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, excluding the Solana and Tron tokens.

Binance launches NFT loan service to rival Blend

Binance Marketplace, Binance’s NFT trading platform, is launching a new service Friday where users can loan Ether by using NFTs as collateral.

South Korea: Former Coinone executive pleads guilty to bribery

A former executive at Coinone pleaded guilty on Thursday to accepting bribes in exchange for listing certain cryptocurrencies on the platform.

Nvidia chip boom a boost for AI-related cryptos

The stock price boost for tech giant Nvidia on the back of an AI chip boom has sent AI-related cryptocurrencies on a surge.

AI-themed cryptos rise; NFT lenders duke it out; US debt talks continue

Surge of interest in AI chipmaker Nvidia extends to crypto, Binance and Blur vie for top NFT lender spot, while uncertainty abounds over U.S. debt talks.

Hong Kong Solidifies Crypto Regulations even as Malaysia bears down on Huobi

The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.

Terraform CEO Do Kwon’s bail revoked in Montenegro

The high court of Montenegro’s capital city Podgorica has revoked its decision to grant bail to Terraform Labs chief executive officer Do Kwon.

DAO communities – we need to talk about decentralization

Just how decentralized are today’s DAOs? When compared to the world’s largest transnational corporations, not so much, says Pat Rawson, co-founder of Web3 innovation network Curve Labs.

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.

Governments could access Ledger wallet private keys, says CEO

Cryptocurrency wallet Ledger’s new update allows governments to access users’ seed phrases via subpoena, said Pascal Gauthier, the chief executive officer of Ledger. 

Philippines regulator warns against Gemini Derivatives for unregistered securities

The Philippines Securities and Exchange Commission warned the public last week not to use crypto exchange Gemini’s derivatives platform.

Malaysian regulator orders Huobi crypto exchange to cease local operations

The Securities Commission Malaysia (SC), the capital markets regulator, has charged cryptocurrency exchange Huobi Global and its chief executive officer Leon Li for operating a digital asset exchange (DAX) without registration.

Are deposit tokens the new stablecoins — or a wolf in sheep’s clothing?

Stablecoins are a key part of the crypto ecosystem, but banks like JPMorgan are now exploring deposit tokens as an alternative. Which is better, and why?

Circle: US regulation can help create the ‘most stable stablecoin’

Circle Vice President of Global Policy Corey Then says he is optimistic that U.S. regulatory developments can eventually benefit local players despite ongoing scrutiny.

Big buys fail to lift NFT markets as regulatory uncertainty weighs heavy on crypto

Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.

Ripple joins Hong Kong CBDC pilot, partners with Fubon Bank

Ripple Labs has launched a new payment platform for a central bank digital currency in Hong Kong.

XRP gains; Lift-off for Space Pepe NFTs; US investor sentiment up on positive debt talks

Bitcoin and Ether prices fell on Friday morning in Asia. XRP gained after Hong Kong CBDC announcement by issuer Ripple.

Binance suspends Australian dollar services

World’s largest cryptocurrency exchange halts Australian dollar services after payment provider cuts off service.

Montenegro prosecutors appeal court ruling to allow bail for Terraform Labs CEO Do Kwon

Montenegro prosecutors have filed an appeal against a local court decision to approve bail for the detained Terraform Labs CEO Do Kwon.

Conflux Network, China Telecom unveil blockchain-based SIM card

Conflux Network and China Telecom on Tuesday unveiled their first blockchain-based SIM card, which will be piloted in Hong Kong.

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. 

Crypto and NFT Market Update – May 17th

Welcome to The Daily Forkast, May 17, 2023, presented by Jeff Cheung for the latest in the crypto markets. Ripple’s victory over the SEC in court has jumped XRP prices as Litecoin continues its bullish run overnight. The NFT markets are also looking good as the Forkast 500 index and the ETH composite are both […]

XRP lawsuit: Judge denies SEC motion to seal documents in win for Ripple

A U.S. federal judge has denied a motion by the SEC to seal internal documents related to a speech given by the SEC’s former director on whether cryptocurrencies are securities.

XRP gains as SEC motion denied; NFT index down; US investors anticipate debt ceiling deal

Bitcoin prices fell on Wednesday morning in Asia but remained above the US$27,000 line. Ether gained but still posted a weekly drop. XRP led gainers among other top 10 non-stablecoin cryptocurrencies.

SEC in no rush to respond to Coinbase calls for regulatory clarity

As part of the ongoing legal dispute between the two, the U.S. Securities and Exchange Commission said it would not be hurried into a response to Coinbase demands.

South Korea raids firms Upbit, Bithumb, Kakao over local lawmaker’s crypto scandal

South Korean prosecutors have raided Upbit, Bithumb and the crypto wallet unit of Kakao, as part of their investigation into lawmaker Kim Nam-kuk.

Tokenization is changing the world, from finance to art

Fractionalizing assets on the blockchain opens up investment opportunities for the public and the capital market’s access to liquidity, writes Bob Ras. Here’s what’s holding it back.

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.

Binance exits Canada amid increased regulation in North America

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.

Memecoin frenzy fuels network congestion; China makes a surprise crypto move

Welcome to Forkast IQ, presented by Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Binance.US may reduce founder Changpeng Zhao’s ownership stake: The Information

Binance.US is reportedly exploring ways to cut founder Changpeng Zhao’s ownership stake in the company, The Information reported on Thursday, citing two sources familiar with the matter.

Terraform’s Do Kwon pleads not guilty to passport forgery; lawyers propose US$437,000 bail

Terraform Labs chief Do Kwon denied charges of attempting to travel with fake travel documents during a court hearing Thursday in Montenegro.

Animoca Brands says it holds US$3.4 bln in assets

Animoca Brands revealed US$2.7 billion in off-balance sheet token reserves in its latest unaudited financial update.

Bitcoin network buckles under weight of BRC-20’s runaway success

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

Bitcoin congestion issues continue amid BRC-20 memecoin, Ordinals surge

Bitcoin network faces heightened congestion with over 5 million inscriptions, exacerbating block space demand as BRC-20 tokens achieve a market cap milestone of $1 billion, contributing to increased activity on the network.

Japan looks to regain its place in the cryptocurrency world pecking order

The three-day NexTech Week trade show kicked off Wednesday in Tokyo, celebrating all things technology, including blockchain and Artificial Intelligence.

South Korea sets May 26 trial date for Terraform Labs co-founder Daniel Shin, others

Terraform Labs co-founder Shin Hyun-seung and seven others will face trial on May 26 on charges of fraud related to the Terra-Luna crypto collapse.

Hong Kong will have ‘tight’ crypto regulation, says HKMA chief Eddie Yue

Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.

South Korea freezes US$176 mln of Terraform CEO Do Kwon’s domestic assets

A South Korean court has approved prosecutors’ request to freeze assets and properties worth 233.3 billion Korean won that belong to Kwon.

Hong Kong’s OSL Asset Management wins license to offer blockchain, AI, Web3 investment products

Hong Kong-based OSL Asset Management Ltd said it won a local license to offer investment products in blockchain, Web3 and AI companies.

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.

Bitcoin transaction fees surge, El Salvador users suffer consequences

Skyrocketing activity has led to a surge in average Bitcoin transaction fees — which rose to US$31.15 as of March 8 — exerting increasing pressure on users in low- and middle- income economies including Bitcoin-reliant communities in El Salvador, the first country to implement mass adoption of the digital currency.

Crypto and NFT Market Update – May 8th

Welcome to The Daily Forkast, May 8, 2023, presented by Jeff Cheung for the latest in the crypto markets. Binance halted Bitcoin withdrawals twice today as a result of an influx of pending transactions and sky-rocketing fees. The Ethereum Foundation sold US$30 million worth of Ethereum to Kraken as well, leading to slight dips in […]

India not against blockchain tech, but cryptocurrency should be monitored, says FM

India is not against the blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday. 

Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Korea: WSJ

The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.

Binance resumes Bitcoin withdrawals after halting transactions twice in 12 hours

Binance resumed withdrawals of Bitcoin around Monday noon in Hong Kong after temporarily halting the service twice within 12 hours due to what the world’s largest cryptocurrency exchange said was a “large volume of pending transactions.”

Pepe, Floki to list on Binance exchange

PEPE and FLOKI, the two top trending memecoins that saw the biggest gains on Friday, will be listed on Binance at 12 a.m. Hong Kong time Saturday

Israel confiscates suspicious Binance accounts allegedly linked to Islamic State: Reuters

Binance says it works closely with law enforcement to freeze funds and the news agency’s report left out “critical facts.”

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 miner Bitdeer expands to Bhutan, partners state-owned investment arm

Singapore-headquartered cryptocurrency miner Bitdeer Technologies is planning to expand its mining operations to Bhutan and raise up to US$500 million for a fund through a new partnership with the Himalayan kingdom’s state-owned investment company Druk Holding and Investments.

Coinbase opens Bermuda-based crypto derivatives exchange amid conflict with U.S. regulators

Coinbase, the publicly listed largest cryptocurrency exchange in the U.S., opened its offshore derivatives exchange in Bermuda on Tuesday.

Trading, talent and tech leveling up in NFTs

NFT prices and trading volume are dropping but this could be an indicator of a maturing market.

Bitcoin inscriptions: Are Ordinals a boon or a drag on the network?

Now that the Bitcoin Ordinals genie is out of the bottle, a debate is raging about whether they’re good for the original blockchain and their long-term consequences.