Author: Mayowa Adenle

Article written by Mayowa Adenle

Binance has started its Binance World Championship $4.2 million

June 5, 2024 1 min read

Binance has started its first Binance World Championship, providing users with the opportunity to delve into the realm of cryptocurrency, engage in promotional activities, and acquire incentives. The event, scheduled to continue until June 25, showcases the most substantial rewards pool ever offered by Binance, amounting to a staggering $4.2 million. The championship is accessible to both novice and current users, providing prospects to engage in campaigns, showcase trading tactics,

New York Attorney General Letitia James warns crypto companies to follow regulations

May 28, 2024 2 mins read

As the US government softens its position on crypto, New York Attorney General Letitia James warns crypto firms. James pledged severe industry regulation after Genesis’ $2 billion settlement. The New York State Attorney General settled with Genesis Global Capital, an insolvent platform, for $2 billion last week. The NYAG’s Office’s October 2023 lawsuit resulted to New York’s biggest crypto business settlement. Following this, NY Attorney General Letitia James stressed her

Coinbase battles the US SEC in a landmark legal case

May 26, 2024 1 min read

Coinbase’s legal battle with the SEC has taken another turn. Coinbase replied to the SEC’s petition against their interlocutory appeal, a crucial milestone in this high-stakes regulatory issue. Coinbase asked the US court on April 12 whether an investment contract may exist without post-sale responsibilities. The exchange deems this a “controlling question of law” in their SEC dispute. The SEC argued that the Howey Test in securities regulation has long

Ether Surges After Shanghai: Bitcoin’s Dominance Falls From 21-Month Peak

April 14, 2023 1 min read

Ether (ETH) has been making waves in the cryptocurrency market recently. After the successful deployment of the long-awaited Shanghai upgrade, ETH’s price rallied above $2,000 late on Wednesday. This surge in price has caused a drop in Bitcoin’s (BTC) dominance rate, which had risen to an almost two-year record high. According to data from TradingView, BTC’s dominance rate rose to as high as 49.06% early on Wednesday, before retreating to

Whales Accumulate Over $820 Million Worth of Bitcoin in One Week

March 13, 2023 1 min read

Crypto analytics firm Santiment has reported that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, have accumulated a staggering $821.50 million worth of BTC in the past week. This comes as the value of Bitcoin fell below $20,000, prompting some investors to buy the dip. Despite the heavy accumulation from the largest Bitcoin holders, Santiment suggests that investors should keep an eye on the traditional markets for

Bank of England orders Silicon Valley Bank’s UK branch to close

March 12, 2023 1 min read

The Bank of England (BoE) has stopped the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a limited presence in the UK and no critical functions supporting the financial system. The bank regulator issued a statement on March 10, announcing that SVB UK will stop making payments or accepting deposits as it seeks to place the bank into a Bank Insolvency Procedure. The move comes

US Government to Impose 30% Tax on Crypto Miners

March 10, 2023 1 min read

The Biden administration has proposed a 30% excise tax on cryptocurrency miners and plans to eliminate tax-deductible losses related to wash-trading of crypto tokens. The proposal, published in a U.S. Department of Treasury document, aims to address the negative environmental effects of the growing energy consumption associated with digital asset mining. The Treasury Department has stated that any company using computing resources to mine digital assets, whether owned or borrowed,

U.S. President Joe Biden’s Proposed Budget to Close Tax Loss Harvesting on Crypto Transactions

March 9, 2023 2 mins read

The U.S. President Joe Biden is set to unveil his proposed budget, and one of the provisions in it is aimed at closing the tax loss harvesting on crypto transactions. A White House official has confirmed that the budget will include a tax provision that aims to reduce wash sales trading by crypto investors. Currently, investors can sell any cryptocurrencies at a loss, claim the loss on their taxes, and

Nigerian Citizens Protest Against Central Bank Digital Currency (CBDC)

March 8, 2023 1 min read

Nigeria is no stranger to financial instability and cash shortages. The country has been pushing for a cashless economy to combat corruption and crime, but this has not gone over well with its citizens. In fact, Nigerians have taken to the streets to protest the government’s implementation of a central bank digital currency (CBDC) and the resulting cash shortage. Despite incentives offered by the government, including discounts for using the

Banks Hesitant to Serve Crypto Customers, Says Kraken’s Chief Legal Officer

March 7, 2023 1 min read

Marco Santori, the Chief Legal Officer for Kraken, recently spoke about the impact of regulatory actions in the U.S. on the ability of crypto companies to access banking services. According to Santori, banks have become increasingly hesitant to accept new crypto clients due to the uncertain regulatory environment. In a recent podcast episode, Santori highlighted how regulatory scrutiny has made banks wary of working with crypto companies. He also noted

Tether Fights Back Against WSJ’s Accusations of Forged Bank Documents

March 6, 2023 2 mins read

Tether, the company behind the stablecoin USDT, has hit back against a recent report from The Wall Street Journal (WSJ) alleging that it had ties to entities that falsified documents to maintain access to banking services. In the March 3 report, the WSJ claimed that leaked documents and emails showed that Tether and its sister exchange Bitfinex had hidden behind third parties and fabricated transactions to open bank accounts. Tether

Celsius Initiates Fund Withdrawals Following Bankruptcy Filing

March 3, 2023 1 min read

Celsius, a popular crypto lending firm, has recently announced that its customers can now withdraw assets from its platform after eight months of waiting. The announcement came in the form of an official tweet on March 2, revealing that withdrawals are now available for certain custody accounts only. This development follows a court order in January, which authorized Celsius to process withdrawals, but only for assets in a Celsius custody