Market News

VanEck introduces staking rewards for its Solana ETN in Europe

October 23, 2024 2 mins read

VanEck is making waves in the European investment landscape by introducing staking rewards for its Solana Exchange-Traded Note (ETN). This innovative feature allows investors to earn passive income from their Solana holdings, with rewards automatically reinvested to enhance the value of the ETN. As of mid-October, the Solana ETN has attracted approximately $74 million in assets and is traded on Euronext Amsterdam. Investors will receive 75% of the staking rewards,

The UK’s FCA defends strict crypto regulations to prevent money laundering

October 22, 2024 2 mins read

The Financial Conduct Authority (FCA) in the UK is standing firm on its stringent regulations for cryptocurrency companies, despite some pushback from the industry. The FCA believes these rules are essential for preventing money laundering and maintaining the integrity of the UK’s financial system. Val Smith, who leads the FCA’s payments and digital assets division, emphasized that the rigorous registration process for crypto firms is designed to create a safe

US attorneys ask President Biden to intervene in the detention of Binance executive by Nigerian authorities

October 22, 2024 1 min read

A group of 18 U.S. state attorneys general is urging President Joe Biden to intervene in the case of Tigran Gambaryan, a Binance executive who has been detained in Nigeria for over seven months. Gambaryan, a U.S. citizen, was arrested in February while addressing regulatory matters related to the cryptocurrency exchange. His colleague managed to leave Nigeria, but Gambaryan faces serious charges, including money laundering and tax evasion, which the

US regulators just shut down a bank in Oklahoma

October 21, 2024 1 min read

In a significant move, financial regulators have closed the First National Bank of Lindsay in Oklahoma, marking the second bank failure in the U.S. this year. The Office of the Comptroller of the Currency (OCC) took this action after uncovering misleading bank records and signs of fraud that had severely impacted the bank’s financial stability. The OCC determined that the bank was not in a sound condition to operate, revealing

Singaporean DBS bank to offer blockchain-powered banking services

October 20, 2024 1 min read

In a significant move for the cryptocurrency landscape, DBS Bank, based in Singapore, has announced the launch of blockchain-powered banking services tailored for institutional clients. This initiative comes at a time when the Asian market is increasingly engaging with crypto, while North America remains the largest global market for digital currencies. DBS is set to integrate blockchain technology into its operations, introducing features like tokenization and smart contracts. This innovative

FBI arrests a 25-year-old man for allegedly hacking the US SEC X account

October 18, 2024 1 min read

A 25-year-old man from Athens, Alabama, named Eric Council Jr., has been arrested by the FBI for allegedly hacking into the US Securities and Exchange Commission’s (SEC) X account. The US Attorney’s Office revealed that Council was part of a group that posted a misleading message on the SEC’s account, falsely claiming the approval of the first Bitcoin exchange-traded fund (ETF). Council faces serious charges, including conspiracy to commit aggravated

FractureLabs sues Jump Trading, accusing the firm of manipulating the DIO token

October 18, 2024 1 min read

FractureLabs, a game development studio, has taken legal action against Jump Trading, alleging that the trading firm manipulated the price of the DIO token back in 2021. The lawsuit claims that Jump Trading, known for its algorithmic trading expertise, took advantage of its position as the market maker for the DIO token during its sale on the Huobi exchange. They were supposed to keep the token’s price stable, but instead,

Scroll faces criticism over its Binance token distribution

October 14, 2024 1 min read

Scroll, an Ethereum Layer-2 network, recently found itself in hot water after it distributed its SCR governance tokens via Binance Launchpool. This move sparked frustration among users who felt that Scroll was prioritizing a centralized exchange over its own community. In response to the backlash, co-founder Ye Zhang explained that the decision was part of a larger growth strategy. He acknowledged the criticism but emphasized that the partnership with Binance

South Korea Virtual Asset Committee to discuss the approval of crypto ETFs

October 11, 2024 1 min read

On October 10, South Korea‘s Financial Services Commission (FSC) announced the formation of a Virtual Asset Committee aimed at overseeing the approval of spot crypto exchange-traded funds (ETFs) in the country. This committee, led by FSC Vice Chairman Soyoung Kim, will include representatives from various government sectors and nine members from the private sector, providing guidance on critical issues in the digital asset landscape, including the authorization of corporate accounts.

Binance executive was denied bail by a Nigerian judge, a family spokesperson said Friday

October 11, 2024 1 min read

Tigran Gambaryan, a Binance executive, has been denied bail by a Nigerian judge, much to the disappointment of his family and the company. Gambaryan, who oversees financial crime compliance at Binance, has been detained for over 220 days, facing serious health issues while imprisoned in Kuje, a facility known for housing dangerous criminals, including members of Boko Haram. His legal troubles began in February, and although he was initially charged

Bitnomial challenges SEC’s classification of XRP as a security

October 11, 2024 1 min read

Bitnomial, a crypto derivatives exchange based in Chicago, has taken a bold step by filing a lawsuit against the U.S. Securities and Exchange Commission (SEC). The exchange is contesting the SEC’s claim that XRP futures should be classified as “Security Futures.” This legal move comes on the heels of another lawsuit from Crypto.com, which accuses the SEC of overreaching by labeling all crypto assets as securities. Bitnomial operates under the

The SEC accuses Cumberland of operating as an unregistered securities dealer

October 11, 2024 1 min read

The SEC has taken legal action against Cumberland DRW, alleging that the firm has been operating as an unregistered securities dealer in the crypto space since 2018. Cumberland has vehemently denied these accusations, labeling the SEC’s tactics as “enforcement-first” and likening the situation to a legal “Catch-22.” At the heart of the matter is a pivotal regulatory debate over whether crypto transactions should be classified under securities law, a ruling