Browsing:Crypto

CoinGate and Binance Pay Collaborate to Enhance Crypto Payment Experience
1 year ago 1 min read

CoinGate Now Accepts Binance Pay for Crypto Payments

CoinGate has announced that it has integrated Binance Pay on its payment processing platform, allowing companies to accept payments from users of the Binance Pay app. The new partnership will provide customers of CoinGate-powered stores with more payment options and convenience when Binance Pay feature is activated, enabling them to use their choice of cryptocurrency directly from their Binance wallets. According to CoinGate’s CEO, Justas Paulius, this collaboration is a significant step towards pushing for crypto adoption in all possible ways. The integration is enabled by default and accessible using the standard integration channels. Binance Pay integration with CoinGate is

A panel of judges questioned the U.S. SEC rejection of Grayscale Investments
1 year ago 2 mins read

SEC Under Fire as Judges Question its Position in Grayscale’s Bitcoin ETF Appeal

On March 7, a panel of judges from the District of Columbia Circuit Court of Appeals questioned the U.S. Securities and Exchange Commission’s (SEC) rejection of Grayscale Investments’ spot Bitcoin ETF application. The judges presiding over the first appeals hearing, Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards, asked the SEC’s lawyer what more Grayscale needs to do to meet its requirements for the ETF. Grayscale lead counsel Don Verrilli argued that the SEC’s rejection of the company’s spot Bitcoin ETF application was arbitrary, as the regulator has approved futures-based ETPs. He further stated that there is

The US SEC recently banned Kraken's staking service
1 year ago 1 min read

Kraken Crypto Exchange Announces Launch of New Crypto Bank in US Amid Regulatory Challenges

US-based cryptocurrency exchange Kraken is moving forward with its plans to launch a new Wyoming-based crypto bank, despite a recent setback. The US Securities and Exchange Commission (SEC) recently banned Kraken’s staking service, but the exchange has confirmed that Kraken Bank is still on track to launch. Kraken Support responded to a Twitter user’s inquiry, stating that the bank is not open yet but is on its way. The offering will initially be available to existing Kraken clients in the USA, with the potential for international expansion in the future. Kraken officially announced its plans to open a crypto bank,

Coinbase Leaves Customers High and Dry Without Refunds
1 year ago 1 min read

Coinbase Faces Backlash for Failing to Compensate Customers Affected by Security Breach

Coinbase, the largest cryptocurrency exchange in the United States, is currently embroiled in a dispute with a hacking victim over a security breach that led to customer losses. Bloomberg reported on March 7 that the company had refused to take responsibility for the incident or refund the affected account holder. Jared Ferguson, a resident of New York, lost $96,000 in May 2022 and subsequently sued Coinbase. Ferguson claims that Coinbase’s security measures failed to flag “obviously fraudulent and unauthorized transactions,” resulting in his account being drained within eight hours. He received an SMS message from his mobile carrier about a

The Silvergate bank run has created a ripple effect in the crypto industry
1 year ago 1 min read

Crypto Investors Flock to Stablecoins Amid Silvergate Bank Run

The fallout from Silvergate’s troubles has sparked a surge in demand for stablecoins. With cryptocurrency traders scrambling to find a safe haven for their assets, stablecoins have emerged as a viable option. Stablecoins are a type of cryptocurrency designed to maintain a stable value, often pegged to a fiat currency like the US dollar. This makes them an attractive option for traders seeking stability in a volatile market. According to recent data, stablecoin volume has been on the rise since news of Silvergate’s troubles first broke. In fact, stablecoin trading volume has reached an all-time high, as traders seek to

MyAlgo has once again urged its users to withdraw their funds
1 year ago 2 mins read

Algorand-Based Wallet Provider Urges Users to Withdraw Funds Amid Ongoing Security Concerns

Algorand-based wallet provider MyAlgo has once again urged its users to withdraw their funds following a security breach in February that appears to remain unresolved. The warning comes as decentralized exchange Algodex revealed that a malicious actor had infiltrated the company’s wallet on March 5, in an incident similar to those occurring elsewhere in the Algorand ecosystem. According to Algodex, the breach occurred during the early hours of March 5, and the company had taken precautions before the attack, including moving the bulk of its USD Coin (USDC) and native Algodex (ALGX) tokens to secure locations. However, the infiltrated wallet

Crypto Users Face Resistance from Banks, Kraken's Chief Legal Officer Reports
1 year ago 1 min read

Banks Hesitant to Serve Crypto Customers, Says Kraken’s Chief Legal Officer

Marco Santori, the Chief Legal Officer for Kraken, recently spoke about the impact of regulatory actions in the U.S. on the ability of crypto companies to access banking services. According to Santori, banks have become increasingly hesitant to accept new crypto clients due to the uncertain regulatory environment. In a recent podcast episode, Santori highlighted how regulatory scrutiny has made banks wary of working with crypto companies. He also noted that this trend has given an advantage to incumbent crypto players, such as Coinbase and Kraken, who have established relationships with banks and are better positioned to navigate the current

Bybit exchange has announced the launch of a new debit card
1 year ago 1 min read

Bybit Launches Mastercard-Backed Debit Card Amid USD Transfer Suspension

Bybit crypto exchange has announced the launch of a new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. This innovative service is set to operate on the Mastercard network and will enable fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The Bybit card is set to debut with a free virtual card for online purchases, while physical debit cards will be available in April 2023. The service will work with a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and XRP

Singapore Authorities Launch Investigation into Terraform Labs and Its Fugitive Founder
1 year ago 1 min read

Singapore Police Investigate Terraform Labs and Fugitive Founder Do Kwon

The founder of Terraform Labs, Do Kwon, is on the run, and his woes seem to be deepening. The Singapore Police have launched an investigation into Terraform Labs, a Singapore-registered company, and its founder. The police have confirmed that the inquiry is ongoing, and investigations have commenced in relation to Terraform Labs. However, Kwon’s location remains unknown, with reports indicating that he is hiding in Serbia. Kwon is facing allegations from regulatory authorities worldwide, with the US Securities and Exchange Commission (SEC) charging him with orchestrating a multi-billion dollar crypto asset securities fraud. Interpol has also issued a red notice

Babel Finance
1 year ago 1 min read

Crypto Lending Platform Babel Finance Explores Stablecoin as Collateral for $766M Debt

Hong Kong-based cryptocurrency lender, Babel Finance, is reportedly planning to launch a new stablecoin backed by cryptocurrency in collaboration with a decentralized finance (DeFi) platform, Hope. The move comes in the wake of a $766 million loss that Babel Finance incurred last year due to market downturns, which resulted in the freezing of withdrawals by the lender. The new stablecoin, also called Hope, is set to be backed by bitcoin and ether, two of the most popular cryptocurrencies. The plan is to maintain its value at one dollar, which will allow traders to take advantage of arbitrage opportunities when the

Binance had attempted to hire Gary Gensler, the current chairman of the SEC in 2018
1 year ago 1 min read

Binance Reportedly Explored Hiring Gary Gensler in 2018 as Part of Plan to Foster Closer Relationship with US Regulators

According to a recent report by the Wall Street Journal (WSJ), crypto exchange Binance had attempted to hire Gary Gensler, the current chairman of the United States Securities and Exchange Commission (SEC), as an adviser in 2018 and 2019. Gensler, who was then teaching at the Massachusetts Institute of Technology, was approached by Binance’s executives, including Ella Zhang, then head of Binance’s venture investing arm, and Harry Zhou, co-founder of Binance-invested firm Koi Trading. Despite declining the adviser position, messages from Binance’s executives suggest that Gensler was generous in sharing license strategies. The report also highlights the relationship between Binance

Leaked Documents Unveil Potential Timeline for Australia's Crypto Regulations
1 year ago 1 min read

Leaked Documents Unveil Potential Timeline for Australia’s Crypto Regulations

Australia’s crypto legislation could be delayed until 2024 and beyond, according to internal documents obtained by The Australian Financial Review. The documents reportedly show that the government plans to release consultation papers in Q2 2023 and will hold stakeholder roundtables on crypto licensing and custody in Q3. However, final submissions to the cabinet are not expected until late this year, causing frustration among some stakeholders. The government has also created a dedicated crypto policy unit within the Treasury department and flagged possible requirements for crypto licenses, including “fit and proper person” tests, capital requirements, and obligations to report bad actors

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