Author: Mayowa Adenle

Article written by Mayowa Adenle

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

Hermès Secures Victory in Trademark Dispute Against MetaBirkins NFTs

February 9, 2023 1 min read

The verdict in the Hermès vs. Rothschild NFT trial has been reached, and the French luxury brand has come out on top. A nine-person jury ruled in favor of Hermès, awarding $133,000 in damages and determining that Rothschild had indeed profited from the brand’s goodwill by producing NFTs based on its Birkin bags. This case sets a powerful precedent for NFT creators and will have a lasting impact on intellectual

Saudi Arabia Invests in The Sandbox’s Metaverse Vision

February 8, 2023 1 min read

The metaverse’s development continues to be a hot topic in the Middle East region, as evidenced by the recent LEAP conference in Riyadh, Saudi Arabia. The conference provided a platform for key players in the industry to discuss and explore new opportunities in the field. The highlight of the conference was the partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA). The two organizations signed a

Chainlink and StarkWare Join Forces for Next-Level DeFi Solutions

February 7, 2023 1 min read

StarkWare, a provider of layer 2 blockchain scaling systems, has announced its partnership with Chainlink Labs to drive growth and accelerate application development for the StarkNet ecosystem. The Israel-based company will be joining the Chainlink SCALE accelerator program, which will allow StarkNet tokens to cover operating costs for Chainlink oracle nodes. This partnership will give StarkNet developers access to Chainlink’s data feeds and services at a reduced cost. Oracles play

Spanish Rehabilitation Center Expands Services to Include Crypto Trading Addiction

February 6, 2023 1 min read

A rehabilitation center called “The Balance” located in Spain, London and Zurich has started offering services aimed at treating crypto trading addiction. The center, which has long treated addictions such as alcohol, drugs and behavioral health, recently started offering services to help individuals overcome their crypto trading addiction, according to a report from the BBC. The treatment involves a four-week stay that involves therapy, massages and yoga, with a bill

Solana’s Everlend Protocol to Close Down

February 3, 2023 1 min read

Solana-based DeFi platform, Everlend, has announced that it is shutting down due to a lack of liquidity and a shrinking borrowing and lending market. The project mentioned that even with sufficient runway, continuing to operate and develop the protocol would be a “gamble.” Everlend has switched to withdrawal-only mode and encouraged users to remove their deposited funds. The codebase for the protocol will become open-source, allowing anyone to continue the

ConsenSys Creates MetaMask Learn for Education and Development

February 1, 2023 1 min read

ConsenSys, a leading blockchain technology company, has launched MetaMask Learn, a free educational platform for anyone interested in learning about web3. MetaMask Learn provides an interactive environment to help users understand self-custody and provides a guided tour through common topics in web3. The platform aims to increase trust and confidence in self-custodial solutions by providing a practical tool for understanding web3. The platform will be available in 10 languages and

Elon Musk Pushes for Twitter Payment System Based on Crypto

January 31, 2023 1 min read

Twitter CEO Elon Musk has reportedly instructed his developers to build the platform’s payment system in a way that can accommodate cryptocurrencies in the future. The payments feature will initially support fiat currencies but be built to include cryptocurrencies, according to sources familiar with Twitter’s plans. Twitter has long been planning to bring payments to the platform as part of Musk’s goal to make it an “everything app.” Rumors emerged

Biden team pushes for crypto regulation through congress

January 30, 2023 1 min read

Four senior officials in the Biden administration are calling for the US Congress to regulate the cryptocurrency market. The officials believe it would be a “grave mistake” to further connect crypto and traditional finance due to the risk of broader consequences. They point to the limited exposure of traditional financial institutions to cryptocurrencies as the reason why turmoil in the crypto market has not infected the broader financial system. The