Teererai Mukonavanhu
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Articles by Teererai Mukonavanhu
5 months ago
1 min read
According to an exclusive report, Binance privately disclosed details of its $4 billion settlement with the DOJ during a dinner for major market makers held in a Singapore nightclub. Surprisingly, this discussion took place several months before the settlement amount was made public. According to Bloomberg, attendees at the dinner inferred that Binance was able to cover the $4 billion settlement. Notably, the former CEO, Changpeng Zhao, did not attend the dinner, but the new CEO, Richard Teng, did. CZ entered into a plea agreement in November, agreeing to step down as CEO and admitting his involvement in anti-money laundering
5 months ago
2 mins read
HM Revenue and Customs (HMRC) in the United Kingdom has announced a new system that will allow taxpayers to “voluntarily” disclose any unpaid tax on various digital assets. This action is part of the government’s broader strategy to improve oversight of the emerging asset class, which includes cryptocurrencies. This initiative, which was announced on November 29, 2023, covers a wide range of crypto assets, including exchange tokens like Bitcoin, non-fungible tokens (NFTs), and utility tokens. The framework established by the regulator allows individuals to proactively disclose any unreported income or gains from crypto assets. This approach aims to help taxpayers
5 months ago
1 min read
A Delaware bankruptcy court has approved the sale of trust assets worth $744 million, including holdings in Grayscale and Bitwise funds, by FTX Trading and its associated debtors. The decision was made on Wednesday by Judge John Dorsey in response to a motion filed in November seeking permission to liquidate units in six cryptocurrency funds. Grayscale Bitcoin Trust, Grayscale Ethereum Trust, Bitwise 10 Crypto Index Fund, Grayscale Ethereum Classic Trust, Grayscale Litecoin Trust, and Grayscale Digital Large Cap Trust are among these funds. Grayscale’s flagship bitcoin fund (GBTC) holds the majority of these assets, accounting for nearly 22.3 million units
5 months ago
1 min read
The former CEO of FTX, Sam Bankman-Fried (SBF), faces continued detention as the court rejects his recent bail request, compelling him to await sentencing and a potential appeal. In a mandate dated November 21, the Appellate Court upheld the decision to revoke SBF’s bail, referencing earlier findings in September that affirmed witness tampering allegations. The previous appeal in September saw Circuit Judges supporting Judge Kaplan’s ruling that SBF attempted to tamper with witnesses, forming the primary basis for his detention. The recent denial of bail also revolves around persistent concerns about witness tampering, especially in the context of a potential
6 months ago
1 min read
The Dutch crypto exchange Bitvavo has received approval from France’s financial regulator, the AMF, signaling its entry into the French market. This move follows recent forays into Austria and Italy, with plans to expand further into the European market. Bitvavo CEO Mark Nuvelstijn expressed excitement about providing cryptocurrency services to French users. He emphasized the growing interest of French adults in crypto investments, which aligns with Bitvavo’s strategic expansion goals. Bitvavo, boasting 1.5 million customers in the Benelux region, emphasizes a gradual approach to expansion. Nuvelstijn emphasized the importance of focusing on key markets rather than hastily entering the entire
6 months ago
1 min read
The Australian Securities and Investments Commission (ASIC) has issued stern warnings about the risks of crypto, signaling a tightening regulatory environment for major exchanges such as Binance. ASIC Chair Joseph Longo expressed concern about the difficulties of regulating the crypto space, citing an increase in crypto-related scams. Australia is preparing to implement new crypto regulations by 2024, with a focus on licensing and custody requirements for crypto exchanges. These laws, which are set to go into effect in 2025, represent a significant step forward in the country’s move toward comprehensive crypto regulation. Australia’s tax rules will also be updated in
6 months ago
1 min read
According to people familiar with the situation, the U.S. Department of Justice (DOJ) is allegedly looking to settle an ongoing investigation with Binance Holdings for a sizeable sum of money—more than $4 billion. The long-running investigation’s conclusion could have a big influence on investors’ perceptions of the crypto market. For Binance and the larger cryptocurrency market, the possible settlement comes at a crucial moment. The industry was disrupted last year when FTX, Binance’s former rival, filed for bankruptcy. The crypto market is recovering despite these obstacles thanks to growing backing from conventional financial institutions. Note that the DOJ probe is
6 months ago
7 mins read
In an exclusive interview conducted during Dubai GITEX Global 2023, the CEO of Reputation House, Dima Raketa, shed light on the distinctive features of their reputation management services, positioning the company as a one-stop solution for businesses aiming to fortify their online standing. Can you provide an overview of your reputation management services? Our reputation management services are pretty unique in the field. What really sets us apart is that we offer a one-stop shop for all your reputation management needs. We’ve got you covered with everything, from boosting your online presence through SERM—Search Engine Reputation Management—to keeping a handle
6 months ago
1 min read
In a recent development, the Worldcoin project’s WLD token saw a 13% decrease after co-founder Sam Altman of OpenAI resigned. Due to doubts about Altman’s capacity for effective leadership, the OpenAI board made this decision in response to complaints about inadequate communication transparency. Following Altman’s exit, Chief Technology Officer Mira Murati has been named CEO-in-waiting. Murati seems like an obvious choice for the interim position; she has been a member of OpenAI’s leadership team for five years. As of the reporting period, WLD’s price is $1.91, down 12.91% from the previous day. The trading volume has increased by 13.28% in
6 months ago
1 min read
Crypto company Paxos is expanding its presence by forming a new entity, Paxos Digital Singapore Pte. Ltd., to launch a USD-backed stablecoin in Singapore. The Monetary Authority of Singapore has granted in-principle approval for this initiative. Paxos plans to comply with Singapore’s stablecoin regulatory framework and issue a stablecoin in line with the regulatory amendments. Paxos is one of the two companies, alongside StraitsX, to receive approval from MAS for this venture. The move allows Paxos to extend its stablecoin offerings globally, building on its success with USDP in the United States. The new Singapore entity aims to ensure regulatory
6 months ago
1 min read
BlackRock is raising concerns about the potential risks associated with stablecoins. This comes in light of its plans for the iShares Bitcoin spot exchange-traded fund (ETF). Despite BlackRock’s active involvement in the crypto space, it is now drawing attention to the impact of stablecoin price fluctuations on the performance of its proposed Bitcoin ETF. Stablecoins like Tether USD (USDT) and Circle USD (USDC), designed to maintain a value equivalent to a specific asset or currency, are specifically highlighted. The asset manager expresses worry about the potential instability of stablecoins, citing past events that demonstrated significant price movements. It specifically mentions
6 months ago
1 min read
Bitcoin’s recent price surge, driven by optimism surrounding the potential approval of bitcoin exchange-traded funds (ETFs) in the United States, has sparked excitement in the crypto community. However, JPMorgan holds a more skeptical view on the matter. The bank acknowledges two major reasons behind this enthusiasm. First, the approval of bitcoin ETFs could potentially bring a fresh wave of investments into the cryptocurrency market. Second, it might lead the U.S. Securities and Exchange Commission (SEC) to adopt a more lenient stance toward crypto regulation. However, JPMorgan isn’t entirely convinced that this optimism is well-founded. One of the bank’s concerns is
