Tether and its sister exchange Bitfinex had hidden
3 months ago 2 mins read

Tether Fights Back Against WSJ’s Accusations of Forged Bank Documents

Tether, the company behind the stablecoin USDT, has hit back against a recent report from The Wall Street Journal (WSJ) alleging that it had ties to entities that falsified documents to maintain access to banking services. In the March 3 report, the WSJ claimed that leaked documents and emails showed that Tether and its sister exchange Bitfinex had hidden behind third parties and fabricated transactions to open bank accounts. Tether refuted the allegations in a statement, calling them “wholly inaccurate and misleading” and stating that the company adheres to Anti-Money Laundering, Know Your Customer, and Counter-Terrorist Financing regulations. The firm

WSJ report exposes Binance's undisclosed affiliation with US entity in damning documents
3 months ago 1 min read

Binance’s regulatory compliance under scrutiny as WSJ reveals ties to unknown US unit

According to a recent report by the Wall Street Journal, Binance, the world’s largest cryptocurrency exchange, allegedly did not fully disclose its control over Binance.US, an independent unit set up to comply with US financial regulations. Internal documents and communications reviewed by the WSJ reveal that Binance programmers in Shanghai had control over the software code that supported Binance.US users’ digital wallets, giving them potential access to US customer data. While Binance has denied mixing user data, the revelations could damage the company’s position with US regulators. The report also alleges that Binance did not disclose its partnership with BAM

Silvergate Bank
3 months ago 1 min read

Silvergate Bank Shuts Down Exchange Network, Ordered to Release $9.9M to BlockFi

On March 3, Silvergate Bank, a crypto-friendly bank, announced the discontinuation of its Silvergate Exchange Network (SEN), its digital asset payment network. This move follows a massive stock drop of over 59% in just five days, which triggered concerns about potential bankruptcy. According to a statement on its website, the decision to terminate SEN was “risk-based.” Coincidentally, on the same day, United States Judge Michael B. Kaplan ordered Silvergate Bank to return $9,850,000 deposited by BlockFi. The court gave the bank an immediate deadline to release the funds following an agreement between the two companies in November 2022. BlockFi is

Russian Bank Utilizes Blockchain for First-Ever Chinese Yuan Bank Guarantee
3 months ago 2 mins read

Russian Bank Breaks New Ground with First On-Chain Bank Guarantee in China’s Currency

Moscow Credit Bank (MCB) has made a significant breakthrough in the use of blockchain technology by issuing a bank guarantee denominated in Chinese currency, becoming the first bank in Russia to do so. The bank guarantee, which exceeds 100 million Chinese yuan or nearly $144,600 at the time of publication, was executed through the Masterchain blockchain platform, which is the Russian national blockchain network created to transfer digital assets between participants. According to the bank, one of the advantages of the transaction being conducted on-chain was that the beneficiary did not need to wait for the paper version and make

Coinbase Strengthens Position in Crypto Asset Management with One River Purchase
3 months ago 1 min read

Coinbase acquires One River Digital Asset Management to bolster institutional offerings

Coinbase, the popular cryptocurrency exchange, has announced the acquisition of One River Digital Asset Management, an institutional digital asset manager that is registered with the U.S. Securities and Exchange Commission (SEC). The financial terms of the deal have not been disclosed. Following the acquisition, One River Digital will be rebranded as Coinbase Asset Management (CBAM) and will become the backbone of Coinbase’s investment advisory service for institutional clients. In a blog post on Friday, Coinbase said that the acquisition is a strategic move to bolster its offerings and expand its services. Coinbase has been ramping up its efforts to cater

The Brazilian financial markets regulator
3 months ago 1 min read

Brazilian Regulator Teases New Crypto Regulations

The Brazilian financial markets regulator, known as the CVM, is set to release a decree in the coming days that will provide government-appointed bodies with enhanced powers to regulate the crypto sector. The CVM President, João Pedro Nascimento, confirmed that the decree will cover all crypto assets that are classified as securities, and will likely grant the CVM the power to determine which tokens are securities. Nascimento stressed that crypto regulation had been well received by the sector, and that the CVM was also working on a decentralized finance (DeFi) project called Open Capital Market. The project aims to bring

Vitalik Buterin’s Call for a Better User Experience in Ethereum and Beyond.
3 months ago 1 min read

Vitalik Buterin Calls for Greater Efforts to Enhance Ethereum’s User Experience

Vitalik Buterin, the creator of Ethereum said the worst-case scenario is more important than the average case when it comes to UX. In a recent blog post, he argued that a UI that looks sleek but fails to explain a rare but significant problem is worse than a UI that exposes more gritty details to the user. Even if the latter option may not look as polished, it makes it easier for users to understand what’s going on and fix any problems that arise. This is particularly relevant in the world of cryptocurrency, where the consequences of a poor UX

RBA is the latest central bank to jump on the CBDC
3 months ago 1 min read

Australia’s Central Bank Unveils CBDC Plans with Industry Leaders

Central Bank Digital Currencies (CBDCs) have been gaining traction globally, with central banks exploring the potential of issuing their own digital currencies. The Reserve Bank of Australia (RBA) is the latest central bank to jump on the CBDC bandwagon, with plans to launch a “live pilot” of its CBDC. A CBDC is a digital currency that is issued and backed by a central bank, designed to function as a digital equivalent of physical cash. CBDCs are seen as a potential solution to the challenges posed by traditional payment systems, such as slow transaction times and high transaction fees. The RBA’s

South Korea's Financial Services Commission (FSC)
3 months ago 1 min read

South Korean Financial Authority Takes Action Against Cryptocurrency Voice Phishing

South Korea’s Financial Services Commission (FSC) has announced plans to crack down on voice phishing scams involving cryptocurrencies. These scams have been on the rise in recent years, with losses incurred by victims reaching approximately 20 billion Korean won (US$15 million) in 2022, more than double the losses reported in 2020. To tackle this issue, the FSC is planning to expand the current law on voice phishing to include phone scams related to cryptocurrencies. This move will give authorities the power to freeze the crypto accounts of suspected offenders on exchanges when a voice phishing scam is reported. Currently, local

Trading platform Robinhood has announced the launch of its Web3 wallet
3 months ago 1 min read

Robinhood Introduces Mobile Wallet for Apple Devices

Trading platform Robinhood has announced the launch of its Web3 wallet on the Apple App Store, bringing it to iOS users in over 130 countries. The multi-chain, self-custody wallet was previously only available via a waitlist, but can now be accessed without delay. The Android version of the wallet is scheduled for release later this year. Since its beta launch in September, the Robinhood Wallet has integrated Ethereum and added support for Polygon, along with 50+ ERC tokens for buying, selling, and holding. Among the tokens supported are USDC, UNI, MATIC, and SHIB, which can be traded without transaction fees.

3 months ago 2 mins read

Vitalik Buterin Discusses How Ethereum Could Enhance User Experience

Ethereum has been facing a host of challenges lately, with the network experiencing issues such as high transaction fees, payment delays, and a poor user interface. According to Ethereum’s founder, Vitalik Buterin, the solution to these problems lies in improving the user experience. In a recent blog post, Buterin recounted his personal experience with the Ethereum network, which was less than satisfactory. He highlighted the difficulties he faced when trying to pay for tea in Argentina in 2021, where the minimum deposit was higher than the value of the tea. Despite his attempt to complete the transaction with a higher

Nigeria has elected Bola Tinubu as its new president,
3 months ago 1 min read

Bola Tinubu Elected President of Nigeria During Economic Downturn

Nigeria has elected Bola Tinubu as its new president, succeeding outgoing President Muhammadu Buhari, who served two terms. The country is facing significant economic challenges, including cash shortages, high inflation, and fuel shortages. Buhari’s administration attempted to address the cash shortage by introducing a digital naira in October 2021, hoping to encourage electronic payments and rival private cryptocurrencies. However, the adoption of the eNaira has been slow, and the currency’s value continues to fall. Tinubu, a member of the same political party as Buhari, plans to uplift the Nigerian economy by boosting the private sector. However, it remains unclear what