Market News

Japan’s TEPCO plans to use surplus green energy for Bitcoin mining, generating $2.5 billion annually 

September 9, 2024 1 min read

Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO) in Japan, is investigating the utilization of excess renewable energy for Bitcoin mining. The startup is deploying mining machines adjacent to solar farms in Gunma and Tochigi prefectures, with the objective of transforming surplus renewable energy into crypto. A calculation conducted by Agile Energy X indicates that if Japan attains its objective of 50% renewable energy by 2050, around

Binance secures regulatory approval in Kazakhstan

September 8, 2024 1 min read

Binance, the world’s largest cryptocurrency exchange by trading volume, has received approval to operate in Kazakhstan, marking a huge regulatory success for the exchange. The Astana Financial Services Authority’s (AFSA) license enables Binance Kazakhstan to become the country’s first fully regulated Digital Asset Trading Facility (DATF). Binance Kazakhstan will be able to run a virtual asset trading platform, engage in major investing operations, and provide digital asset custody services once

Coinbase executives face accusations of downplaying regulatory dangers to shareholders

September 7, 2024 1 min read

A federal judge has denied Coinbase’s request to dismiss a proposed class action lawsuit filed by shareholders. The lawsuit alleges that the largest crypto exchange in the United States, Coinbase, minimized the possibility of being sued by the US Securities and Exchange Commission (SEC). US District Judge Brian Martinotti determined that stockholders have made sufficient claims that Coinbase and its top executives engaged in fraudulent activities against them. The plaintiffs

India’s Financial Intelligence Unit is set to approve two new offshore crypto exchanges

September 7, 2024 1 min read

The Financial Intelligence Unit (FIU-India) of India is expected to approve two further offshore cryptocurrency exchanges to recommence their activities by the conclusion of the fiscal year 2025, after a comprehensive evaluation of their adherence to anti-money laundering (AML) legislation. The FIU is presently evaluating four fresh requests from four exchanges that were previously prohibited due to their failure to comply with India’s rigorous AML requirements. The agency stressed the

VanEck is closing its Ethereum Futures ETF (EFUT) by September 16, 2024

September 7, 2024 1 min read

VanEck plans to terminate its Ethereum Strategy ETF (EFUT) by September 16, 2024, and expects to complete the liquidation process by September 23. EFUT, which was introduced in October 2023, has faced challenges in terms of limited growth in assets and performance when compared to VanEck’s more prosperous spot Ethereum ETF (ETHV). VanEck’s decision to liquidate EFUT is in line with its continuous evaluation of criteria such as performance, liquidity,

Fidelity’s FBTC sees net outflow totaling $149.49 million

September 7, 2024 1 min read

On Thursday, US spot bitcoin exchange-traded funds experienced net withdrawals of $211.15 million, continuing their seven-day trend of negative flows. The FBTC fund managed by Fidelity experienced the highest outflow, amounting to a total of $149.49 million. BITB, a company owned by Bitwise, incurred a net loss of $30 million. The GBTC ETF managed by Grayscale experienced a net outflow of $23.22 million and an additional outflow of $8.45 million.

Richard Teng says Changpeng Zhao is banned from holding any leadership role at Binance

September 6, 2024 1 min read

Changpeng Zhao, the originator and former Chief Executive Officer of Binance, has received a permanent suspension from the firm as a result of legal infractions. Zhao has been accused by the US Department of Justice of breaching U.S. security laws, notably by failing to uphold an efficient anti-money laundering (AML) program. Binance incurred more than $4 billion in legal liabilities. Zhao resigned as CEO in November 2023, and Richard Teng

Telegram CEO Pavel Durov addresses his arrest in France, defending Telegram’s commitment to privacy

September 6, 2024 1 min read

Pavel Durov, the CEO of Telegram, has made his first public statement after being detained in Paris last week. Durov recounted his experience, revealing that he was detained for a duration of four days, during which he underwent interrogation by French police. The authorities indicated that Durov may potentially face personal liability for the unlawful actions of Telegram users, pointing to the platform’s lack of response to government investigations. Durov

Russia’s Bitcoin mining industry reaches $3 billion

September 6, 2024 2 mins read

The cryptocurrency mining sector in Russia has experienced substantial growth, producing a total of 54,000 Bitcoins in the current year, with an estimated worth of almost $3 billion. The expansion of mining in Russia can be ascribed to several factors, including the availability of inexpensive electricity and the country’s expansive territory and frigid temperature, which lower the expenses associated with cooling mining equipment. The overwhelming majority of Russian miners, accounting

Ripple requests a delay on its $125M fine as its legal battle with the SEC continues

September 6, 2024 1 min read

Ripple Labs has formally requested a postponement of the $125 million penalty levied by the US Securities and Exchange Commission (SEC) in the ongoing legal conflict with the business. The business anticipates that the Southern District Court of New York will take action on this motion before the payment deadline of September 6. Ripple’s request entails depositing the fine into an escrow account, where the monies will be held until

Mastercard partners with Mercuryo to launch a self-custodial euro-dominated crypto debit card

September 5, 2024 1 min read

Mastercard has collaborated with Mercuryo, a European supplier of crypto payments infrastructure, to introduce a debit card that allows users to make transactions in euros using cryptocurrency. This card enables users to utilize cryptocurrencies such as Bitcoin directly from their self-custodial wallets at more than 100 million retailers globally that accept Mastercard. Mastercard seeks to remove obstacles between blockchain and conventional payment systems, providing a secure and dependable method for

Two CFTC Commissioners question the $175,000 Uniswap settlement

September 5, 2024 1 min read

The US Commodity Futures Trading Commission (CFTC) has reached an agreement with Uniswap, a decentralized trading platform, to settle allegations. As part of the settlement, Uniswap is obligated to pay $175,000. Nevertheless, two CFTC Commissioners have voiced apprehensions over the case, contending that it exemplifies “regulation by enforcement” rather than a just regulatory procedure. Uniswap faced allegations of engaging in unlawful practices by providing leveraged or margined retail commodity trades