Author: Mayowa Adenle

Article written by Mayowa Adenle

Canadian Regulators Introduce New Rules to Tackle Unregistered Crypto Platforms

February 24, 2023 1 min read

Canadian regulators have strengthened their oversight of crypto trading platforms, setting new rules for unregistered platforms in a bid to protect investors. In a notice published by the Ontario Securities Commission, the watchdog stated that it is requiring crypto trading platforms to undergo enhanced pre-registration that includes a prohibition on offering margin, credit, or any other forms of leverage. The move comes after a series of bankruptcies that occurred over

ConsenSys Acquires Blockchain Notification Tool ‘Hal’ for Web3 Development

February 23, 2023 1 min read

ConsenSys, the leading Ethereum development studio, has acquired Hal, a blockchain notification tool, to bolster its Web3 development capabilities. Hal’s technology allows users to create notifications for trading, governance voting, and tax compliance, among other things, by filtering through blockchain data. As part of the acquisition, more than 40 APIs for blockchain listening and signals will be added to ConsenSys’ popular Web3 connectivity layer, Infura. The APIs will make it

Mastercard Expands Payment Options to Include USDC Settlements for Web3 Transactions

February 22, 2023 1 min read

In recent news, Web3 payment protocol Immersve has partnered with payments giant Mastercard to offer users the ability to make crypto payments in digital, physical, and metaverse worlds. This partnership allows for the real-time settlement of cryptocurrency transactions through decentralized protocols. Once a user initiates a transaction using their existing Web3 wallet, USD Coin tokens (USDC), a stablecoin backed by the US dollar issued by Circle, will be converted to

Validators of Toncoin (TON) to vote on freezing 1 billion Toncoins

February 21, 2023 1 min read

The Open Network (TON) validators are gearing up to vote on a proposal to change the tokenomics and supply of the project. A motion to change the Toncoin supply in circulation will be put to the vote by TON validators on February 21. If approved, the supply will be “frozen for the next 48 months and then unfrozen,” resulting in a 20% reduction. According to the team, this suggestion might

Taiwan’s public servants may be required to declare crypto assets

February 20, 2023 1 min read

The Taiwan Ministry of Justice has revealed plans to potentially mandate that public servants declare their crypto holdings as part of their annual property declarations. Currently, public servants in Taiwan must report properties valued over NT$1 million (US$32,900) including cash, securities, and paintings. The proposed regulation would see cryptocurrency assets added to this list, with the change potentially being implemented as early as November 2022. The Ministry of Justice is

Delphi Labs Warns Terra Lawsuit Could Have Implications for Stablecoins Beyond UST

February 17, 2023 1 min read

The United States Securities and Exchange Commission’s (SEC) lawsuit against Terraform Labs and co-founder Do Kwon could serve as a “roadmap” for the regulator to target other stablecoin issuers, according to lawyer Gabriel Shapiro, the general counsel at investment firm Delphi Labs. The SEC filed a complaint on February 16 alleging Kwon and Terraform Labs orchestrated a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto

Former Celsius CEO Alex Mashinsky Faces Lawsuit From Creditors Seeking Millions

February 16, 2023 1 min read

The Official Committee of Unsecured Creditors for Celsius has filed a motion to recover millions from former CEO Alex Mashinsky and other top executives of the bankrupt crypto lender. The committee named Mashinsky, co-founders Shlomi Daniel Leon and Hanoch “Nuke” Goldstein, former CFO Harumi Urata-Thompson, former General Counsel Jeremie Beaudry, former head of Celsius trading desk Johannes Treutler, former VP of Lending Aliza Landes, and Mashinsky’s spouse Kristine Meehan Mashinky

Binance and Huobi Seize $1.4 Million in Crypto Related to Harmony Bridge Theft

February 15, 2023 1 min read

Two major crypto exchanges, Binance and Huobi, have frozen $1.4 million in cryptocurrency related to the Harmony Bridge heist and its alleged North Korean hackers. According to Elliptic, a crypto tracing firm, it provided intelligence to the two exchanges that led them to freeze accounts. Elliptic traced the funds back to the $100 million hack of a “bridge” that enabled Harmony blockchain users to move crypto assets between different ecosystems.

Binance USD (BUSD) Redemptions Skyrocket to $360M as Investors Panic

February 14, 2023 1 min read

Paxos, the issuer of Binance’s stablecoin BUSD, has recently announced that it will stop minting the dollar-pegged asset from February 21. The announcement follows a legal threat from the Securities and Exchange Commission (SEC), which accused the NYDFS-regulated company of selling unregistered securities. Paxos has stated that BUSD is not a security, but the SEC staff disagrees. This move has led to panic, with redemptions of BUSD skyrocketing over the

Paxos Ready for Legal Battle Against SEC’s Wells Notice

February 14, 2023 1 min read

Paxos Trust Company, the issuer of Binance USD, is ready to take legal action against the U.S. Securities and Exchange Commission (SEC) following a Wells notice. The SEC alleged that BUSD was not registered with the agency, breaching federal securities laws. Paxos disagreed with the claim and assured customers that the stablecoin was backed 1:1 with USD. The SEC’s allegations pertain only to BUSD and no other allegations have been

Voyager Clients Must Open Binance US Accounts to Access Their Funds

February 13, 2023 2 mins read

Voyager Digital, the bankrupt crypto broker, has submitted a plan for its customers to recover their assets through Binance US. The early opt-in period began last week, allowing Voyager customers to start sharing their data to create new or link existing Binance US accounts. The two companies expect the deal to close and payments to start in March. However, customers in Hawaii, New York, Texas, and Vermont may have to

Ripple’s CEO Says Global Regulatory Progress is “Inspiring”

February 10, 2023 1 min read

Ripple CEO Brad Garlinghouse has called the recent regulatory developments in the cryptocurrency industry “energizing.” In a series of tweets, Garlinghouse highlighted the steps being taken by various countries, such as Dubai releasing a comprehensive set of rulebooks for crypto market participants. In addition, he mentioned about Australia’s Treasury seeking public input on updating licensing and custody for cryptocurrencies, the UK government’s intention to establish a clear framework balancing innovation