Binance and the US securities regulator disclosed a deal to ensure that only Binance.US employees could access customer funds in the short term. Under the agreement, which still needs sign-off from the federal judge overseeing the case, Binance.US will take steps to make sure that no Binance Holdings officials have access to private keys for
Crypto sleuth ZachXBT, known for his tireless pursuit of uncovering alleged financial misconduct in the cryptocurrency industry, finds himself at the center of a legal storm. In a surprising turn of events, an entrepreneur he had previously investigated, Jeffrey Huang, has filed a defamation lawsuit against him. The lawsuit filed recently in the U.S. District
Tether, the stablecoin issuer, has responded to reports that its reserves once included securities issued by Chinese state-owned companies. Tether clarified that the information presented is outdated, and its exposure to Chinese commercial papers has been reduced to zero. The response comes amid ongoing scrutiny and criticism regarding the transparency of Tether’s reserve holdings and
The legal industry is increasingly turning to artificial intelligence (AI) to help provide better services to their clients. AI-powered chatbots are one of the most promising applications of this technology, offering a range of benefits to legal services. Chatbots are computer programs that use natural language processing (NLP) to simulate conversations with humans. By using
According to the Paris public prosecutor’s office and CoinDesk, local authorities are looking into Binance’s French branch for providing “illegal” digital asset services and “acts of aggravated money laundering.”According to the public prosecutor’s office, the investigation focuses on illegally operating as a provider of digital asset services before receiving regulatory approval in May 2022 and “aggravated money laundering by taking part in investment operations, concealment, and conversion, the latter being carried out by perpetrators of offenses having generated profits,” they told CoinDesk.Binance has registered with the French financial watchdog, the AMF (Autorité des Marchés Financiers), as a PSAN, or digital asset service provider. The U.S. Securities and Exchange Commission has already filed a lawsuit against the largest cryptocurrency exchange in the world, accusing it of failing to register as a trading platform and of selling unregistered securities.Le Monde reported earlier on Friday that the French unit is suspected of have surveyed French customers through its local affiliate outside the law until 2022.The SEJF, the government’s division charged with combating financial crime, was sent Binance’s case in February 2022, according to the Paris public prosecutor, who confirmed this to CoinDesk.The prosecutor stated that an extensive investigation will now need to be conducted on the computer and documentary evidence gathered during the search. A spokesman for Binance said in an email that the company “continues to work closely with regulators and law enforcement agencies on all ongoing compliance requirements to uphold high standards.”“Binance devotes a lot of time and resources to working with law enforcement agencies around the world.As in every other market we operate in, we obey all regulations in France.With the exception of stating that information on our users is maintained securely and is only given to government officials upon receipt of proper documentation, we won’t comment on the specifics of law enforcement or regulatory investigations. Binance announced its exit from the Netherlands earlier on Friday after failing to secure a license demonstrating that the business complies with Dutch anti-money laundering (AML) regulations.The exchange also requested that Cyprus’ securities regulator cancel its registration, claiming that it was concentrating its attention “on fewer regulated entities in the EU.” Binance CEO Changpeng “CZ” Zhao stated during Paris Blockchain Week last year that the city is “probably the financial hub for crypto in Europe and the larger part of the world.”Additionally, the business earlier declared that it would provide $116 million through a collaboration with a nearby foundation to support the expansion of the French cryptocurrency ecosystem.As the European Union prepares to regulate cryptocurrency through its recently established Markets in Crypto Assets (MiCA) framework, France has been courting cryptocurrency companies.
Binance is set to exit the Netherlands after its attempts to secure a virtual asset service provider (VASP) license failed. Starting from today, the crypto exchange is no longer registering new users residing in the country. It is also sending emails to existing users with information regarding their accounts and any assets they currently have
After a trial involving brands, border control, and logistics providers, the European Union Intellectual Property Office (EUIPO) stated in a post on Monday that blockchain-based anti-counterfeiting technologies showed potential.Following a months-long trial that yielded “promising results,” EUIPO has completed a proof of concept for an initiative now known as European Logistics Services Authentication (ELSA), based on a different project known as the European Blockchain Services Infrastructure (EBSI), after “engaging in real-life operational tests with four brands, two logistics operators, and a customs authority.” This year, EUIPO, an EU organization with offices in Alicante, Spain, hopes to create an open-source platform that will enable every link in the trade supply chain to follow items and verify their authenticity.The idea of using distributed ledger technology to combat fakes is not new, but it hasn’t worked in practice. The EUIPO project’s proponents claim that by utilizing open source technology, it may avoid the demise of overly controlled systems like IBM’s TradeLens, which announced its closure in November of last year. According to the EUIPO, counterfeit goods account for 2.5% of world trade and are worth about 412 billion euros ($451 billion).
OKCoin faces accusations of making false claims on three separate instances that is FDIC-insured.The Federal Deposit Insurance Corporation (FDIC) slammed crypto exchange OKCoin with a demand to halt misleading claims about being insured. Recently, the FDIC addressed a cease-and-desist to the CEO of OKCoin, Hong Fang, intimating the latter of a potential violation of the
After a regulatory crackdown that significantly reduced market depth on controlled exchanges, cryptocurrency traders are turning to over-the-counter (OTC) venues to obtain illusive liquidity.According to Zahreddine Touag, head of trading at Paris-based market maker Woorton, OTC demand has been steadily increasing since the collapse of FTX in November. Subsequent spikes have been attributed to the failure of several crypto lenders last year and more recently, the SEC’s decision to sue Binance. The substantial decline in market depth across exchanges has served as the driving force behind this need.By calculating the amount of capital needed to move an asset in either direction, or at a spread of 2%, market depth is a metric that evaluates liquidity. Two well-known market makers, Jane Street and Jump, declared last month that they were, at the very least, curtailing their trading activities.According to Kaiko, this made the liquidity problems that had been present since FTX’s demise worse, with market depth on exchanges declining by more than 50% between November and May.The market depth on Binance.US, the exchange at the core of the SEC’s case, had fallen by more than 76%, it was revealed this week. Since order books are still weak, this practically means that traders attempting to complete larger transactions will have to contend with unavoidable slippage.As a result, it appears that the OTC market, which enables traders to complete sizable transactions without visiting an exchange, is spreading more widely.According to Touag of Woorton, “OTC demand” has increased significantly.“Spreads are tight due to daily recurring flow we have on both sides from payment providers, brokers, and algorithmic traders.” This pattern is uncannily reminiscent of the period in 2014 following the hacking of Mt Gox, the biggest cryptocurrency exchange at the time, which led to the shutdown of its operations. Peer-to-peer markets on exchanges like LocalBitcoins emerged as the winners of the 2014 bear market, despite the major exchange’s collapse, since demand for digital assets persisted.However, as cryptocurrency made further inroads into the world of traditional finance, the stature of companies entering the sector started to noticeably rise.By 2020, counterparties on LocalBitcoins would no longer be an arbitrage trader, and publicly traded firms like MicroStrategy would deal directly with Coinbase, an exchange that is listed on the Nasdaq. In an effort to establish a safe investment vehicle for funds and trading companies to increase their exposure to cryptocurrencies, BlackRock, the largest asset management in the world, filed for a spot bitcoin ETF this week.However, traders will have to return to OTC deals until that is allowed by the SEC, which is becoming more confrontational.
Attorney General Letitia James has reportedly made a major impact against illicit cryptocurrency operations in the United States by disclosing the recovery of over $1.7 million from the cryptocurrency network CoinEx. The New York Attorney General has ordered the offshore cryptocurrency exchange CoinEx to immediately suspend operations in the United States, pay penalties, and reimburse
Non-fungible tokens (NFTs) have completely changed the way that musicians, artists, and other creators of creative content sell and profit from their creations.NFT royalties, which enable them to get ongoing payment for their work, are one of the ways they make money.Royalty payments, sometimes known as royalties, have played a key role in the overall financial environment.Royalties are sums of money given to another party in exchange for using their asset. In this Article, we’ll discuss about NFT Royalty, how it works The need for NFT royalties, as well as it pros and Cons What Is an NFT Royalty? When a piece of work is resold, the creator or original owner is given a portion of the sale price known as an NFT royalty.In essence, this functionality enables producers to make money off their NFTs long after the first sale.NFT royalties are designed to give producers of digital music, art, and other goods a reliable stream of income.Additionally, they give artists and other creators a way to profit from the rising value of their works when they are purchased and resold on the secondary market, creating a new source of income in the age of digital creation. The rules for royalty payments with an NFT are coded on smart contracts available in blockchain networks. Creators could set the percentage of the royalty payment in the minting stages. When
Seychelles-based crypto exchange, OKX, announced acquiring a provisional virtual assets license in Dubai.allowing it to get ready for when the license becomes operational. OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus
Bybit, the world’s third most visited cryptocurrency exchange, is thrilled to announce the release of its latest tool, ToolsGPT. This innovative based platform combines ChatGPT’s state-of-the-art machine learning technology with Bybit’s robust market data, revolutionizing the way traders make informed and profitable decisions ChatGPT is a chatbot founded by startup OpenAI that uses natural language
Bit2Me, a giant Spanish crypto exchange, has raised $15 million in a funding round led by Investcorp. The investment round also included Telefónica Ventures, the investment unit of Spain’s largest telecommunications company Telefónica, Stratminds VC, Cardano and YGG Fund, Bit2Me said in a recent press release Funds will be used by Bit2Me to expand its
According to a notice on the regulator’s website, ESMA, the securities market agency of the European Union, will consult in July on proposed new complaint management and conflict-of-interest guidelines that crypto businesses within the EU will have to adhere to.The EU’s new Markets in Crypto Assets (MiCA) regulations will be put into practice according to proposals made by the European Securities and Markets Authority (ESMA) that will be released next month. These proposals will include the forms and notifications that established funds and crypto companies must submit in order to provide services within the bloc. According to ESMA, a third series of consultations due early in 2024 would examine market abuse and investor protection. A second set of consultations planned in October will look at disclosures of environmental implications and may possibly address trading transparency and governance requirements.After years of discussions, MiCA was finally approved on Friday and would, as of the end of 2019, allow crypto exchanges to operate throughout the EU with just one license.Stablecoin issuers must comply with requirements requiring them to retain adequate reserves as of June 2024, and industry lobbyists have warned that how the standards are enforced under subsidiary legislation may be very important in practice. The European Banking Authority, which will be in charge of establishing capital requirements and overseeing major stablecoins, also anticipated to issue further procedural guidelines.
Bridging services between chains according to a release from the developers, deBridge has launched DLN Trade, a cross-chain exchange that enables quick and efficient native trading across several different blockchains.Any asset on one chain can be traded directly to any asset on another chain using DLN’s global liquidity engine, which generates a decentralized order book without the delays and dangers associated with liquidity pools. A group of tokens locked on decentralized exchanges are referred to as liquidity pools, and they are used to facilitate trading for those tokens on the open market. To execute trades, DLN does not rely on a liquidity pool but rather peer-to-peer liquidity. Developers informed CoinDesk that DLN provides customers with unmatched speed, capital-efficiency, and control. All trades are shielded from slippage, MEV, the potential of reversion, and guaranteed rates with costs as low as 4bps.Additionally, users have the option to set cross-chain limit orders and cancel them at any moment prior to fulfillment.For instance, a $1,000 trade can be conducted for the same low cost as a $10,000,000 cross-chain deal,” they stated. Contrary to other services on the market that rely on these instruments, DLN stated their software enables users to trade across chains without exposure to wrapped assets or liquidity pools for the first time.With support for Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, the DLN app is now available.
Banco de la Repblica, Colombia’s central bank, has teamed up with blockchain startup Ripple to investigate the potential applications of blockchain technology.Ripple claims that Banco de la Repblica will pilot its high-value payments system on the CBDC platform as part of a project with the Ministry for Information and Communications Technologies (MinTIC).The program is a component of MinTIC’s blockchain experimentation phase. The Ripple CBDC platform, according to the company, “will be experimented with and tested in a controlled environment without compromising public resources.” Mauricio Lizcano, Colombia’s Minister of Information Technologies and Communications, stated in a statement that “potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way.” According to James Wallis, vice president of Central Bank Engagements and CBDCs at Ripple, “this project will pave the way for transformative advancements in the utilization of blockchain technology within the public sector by harnessing the power of the CBDC Platform, based upon the XRPL.”To facilitate transactions and lower tax evasion, the Colombian government said in August 2022 that it was considering the creation of a central bank digital currency. It also announced plans to outlaw cash transactions for quantities greater than 10 million Colombian pesos ($2390).
Polygon Labs, a blockchain infrastructure sounds an alarm over the Securities and Exchange Commission’s (SEC) proposed redefinition of ‘exchange.’ The tech titan expressed these concerns recently thereby requesting the SEC to reevaluate its proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934. The SEC’s reopening release suggests that not only DeFi software
Stablecoin issuer TrueUSD has recently announced that it is working tirelessly to resume the minting of TUSD on Prime Trust. According to the latest announcement the resumption of operations to ensure a stressfree experience for its users. Previously, the minting of this stablecoin on Prime Trust was pioneered when the company was caught up in
Recently stakeholders in Blockchain related companies in Australia are taking a stand against recent prohibition by local banks on crypto payments. Industry body, Blockchain Australia, called out restrictions and said it wants to tackle the issue “head-on by using real data,” in a recent press statement However, Australia has seen a string of instances in
The main market for remittances from the United States, which, according to the company, accounts for almost 95% of all remittances received by Mexicans from outside, is Mexico. As a result, the digital payments startup Strike is expanding its Lightning Network-based cross-border payments service to this country. According to a press release given to CoinDesk, the service, Send Globally, will be accessible in Mexico beginning June 14. The Lightning Network, a second layer payment mechanism for the Bitcoin blockchain created to offer less expensive and quicker transactions than the base network, powers it. According to the press release, money transmitted across the border utilizing the service can be received in the recipient’s bank account as pesos. Jack Mallers, the CEO and co-founder of Strike, announced just last week that the business has stopped using third party service providers and shifted custody operations in-house.Less than a month after it announced it had expanded to over 65 countries and opened an office in El Salvador for its worldwide arm, the new service strengthens its position in Latin America. According to the press release, “Strike’s expansion to Mexico brings a better alternative to 12 million Mexican Americans,” highlighting the plight of an increasing number of Mexican immigrants in the U.S. who are troubled by “high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.”
Today, Alchemy, a platform for blockchain developers, unveiled AlchemyAI, a set of tools that will use AI to aid web3 developers in accelerating the development of their products and gaining speedier access to on-chain data.Over the coming weeks, two flagship products for AlchemyAI, ChatWeb3 and Alchemy ChatGPT Plugin, will be made accessible.Alchemy is the latest cryptocurrency company to reveal plans to use large language models (LLMs) like ChatGPT on blockchains with the release of their new AI suite. According to Arjun Patel, product manager at Alchemy, “more non-technical people are going to be able to get into web3″ as a result of AI.“How can we make it easier for people to get into the industry?” is the concept of web3, in my opinion.The AI chatbot ChatWeb3, which is still in beta testing, is powered by ChatGPT. In order to assist Web3 developers in creating software more quickly and with fewer difficulties, Alchemy claims that the tool was trained on more than 1000 Alchemy manuals and other cryptographic resources. Alchemy wrote in a blog post that “With AI assistance, web3 developers can tap into a vast array of predefined code snippets, templates, and best practices, reducing the time spent on repetitive tasks.”Developers will be able to use ChatWeb3 like a partner in pair programming, Elan Halpern, a product manager at Alchemy, told CoinDesk. Alchemy created a separate ChatGPT plugin that is accessible through OpenAI’s Plugin Marketplace in addition to its in-app AI helper.Alchemy stated in a blog post that its plugin “allows developers and non-developers alike to get real-time blockchain information through natural language using Alchemy API endpoints.” Currently, this plugin can retrieve data from a number of various blockchains, including Optimism, Polygon, Ethereum, Arbitrum, and Ethereum.The tool will soon be expanded to include all of Alchemy’s supported chains, according to Alchemy.
A blockchain protocol called Connext Labs has received $7.5 million in funding from Polychain Capital, Polygon Ventures, and other investors in an effort to facilitate the creation of applications that may access numerous networks.According to a Wednesday email statement, the round, which brings Connext’s total funding to $23.2 million, values the business at $250 million. Connext claimed to be “building the HTTP of Web3,” creating a layer of communication between several blockchain networks to enable applications to interact with money and data on numerous networks at once. Developers can create apps with more ease thanks to interoperability, as opposed to the possibility of their being slowed down by heavy fees or congestion on a single blockchain, a worry that is frequently expressed regarding Ethereum, the largest decentralized finance (DeFi) network in the world.The newly acquired funds will be utilized to launch the Connext Foundation, which will be in charge of providing money for Connext-created projects and development awards. Along with Scalar Capital and 1kx, other investors in the startup include Coinbase Ventures, Ethereal Ventures, and Coinbase.
Cryptocurrencies are one of the most revolutionary and disruptive innovations in the world of finance. Assumptions regarding the impact of cryptocurrency on the economy once served as fodder for the doubts and uncertainty regarding crypto. Digital money has shown the potential for transforming the financial sectors with notable advantages for lower-income countries alongside emerging markets.
The non-fungible token (NFT) collection from rapper and businessman Snoop Dogg will grow in utility as he goes on tour this summer.The Snoop Dogg Passport Series, according to the website, is comparable to a “tour poster that evolves with each place Snoop stops on tour.”Holders of the NFT will have access to special merchandise, works of art, and experiences from the music legend.The summer tour for Snoop kicks out on July 7 in Vancouver. The rapper, whose real name is Calvin Broadus Jr., is also announcing Snoop Selects, a selected selection of NFT artwork that will be airdropped to all passport holders, as part of the Passport Series.Snoop Dogg stated in a press release that he has “always been pushing things forward throughout my career.”“With the passport series, I can offer my fans the chance to explore the globe with me, something that has never been done before.I’ve always been a trailblazer, and the future includes digital merchandise.I’m hoping that by demonstrating my approach, other artists will be inspired to create independently. Together with Web3 platform Transient Labs and talent agency WME, the series was developed.Through Crossmint, an NFT payment processor, or several crypto wallets, you may acquire the passport for around $42 or 0.025 ETH.The chief operating officer of Transient Labs and co-creator of the Snoop Dogg Passport Series is the rapper’s son, Cordell Broadus.Snoop Dogg and his kid have both been actively collecting NFTs and investing in cryptocurrencies over the past few years. The rapper once made a joke about wanting to make Death Row Record “the first major label in the metaverse.” In March 2021, the rapper published his debut NFT compilation, A Journey with the Dogg, which contained the song “NFT.”In December 2021, he also started creating the Snoopverse, a virtual society within the metaverse known as The Sandbox.
According to data compiled by blockchain analytics company Glassnode, the velocity of bitcoin (BTC) transfers from miners to centralized exchanges has increased since May 31. According to Glassnode data, since May 31, miners—or organizations that create currency by validating blockchain transactions—have transferred 6671.99 BTC ($174 million) to exchanges. Miners transported 2,606 BTC to exchanges on June 3, the most in a single day in more than four years. Since March 2021, the 14-day average of miner transfers to exchanges has climbed significantly, reaching a peak of 489.26 BTC.In the meantime, over the course of the last two weeks, the balance in wallets linked to miners has dropped by approximately 2,000 BTC. It’s common to assume that moving coins from miner or investor wallets to exchanges indicates a desire to sell or liquidate those particular currencies.Therefore, a greater flow of coins from miners to exchanges is generally regarded as bearish. However, the recent transactions only make up 1.3% of the $13 billion in 24-hour trading activity for bitcoin and do not appear to be significant enough to have a significant effect on the price. Additionally, a spike in miner transactions is frequently interpreted as a sign of optimism about the future value of bitcoin.According to this reasoning, miners increase their sales when they believe the market is robust enough to absorb more supply because their income is intimately related to bitcoin’s price.This is comparable to a central bank of a country with a current account deficit purchasing US dollars on the open market when the dollar is broadly offered.In this manner, it can increase reserves without running the danger of local currency depreciation.According to data from CoinDesk, the price of bitcoin is still trading in a familiar range above crucial support at $25,200.
With a new non-fungible token (NFT) loyalty program for their premium spirits company Santo Spirits, chef and TV personality Guy Fieri and Grammy-winning artist Sammy Hagar are inviting tequila lovers to flavortown.Trident3, a Web3 onramp for enterprise clients that is based on the Near Protocol, will be used by the Santo Spirits Club reward program. A press release states that the club would provide members with tiers of benefits, such as the chance to win an online tequila tasting with Hagar and Fieri as well as physically autographed guitars.One “mystery” NFT will be given to those who join the loyalty program, and one “bonus” NFT will be given to the first 1,000 participants.The program takes place before the company releases its newest Santo Aejo Tequila, and its use of NFTs will be made clear when the spirit goes on sale. Users can allegedly accrue an endless supply of benefits and possibilities for further participation, according to the brand. According to Santo Spirits CEO and president Dan Butkus, “the new Santo Spirits Club Web3 loyalty program will connect with fans, foster community, and cultivate brand loyalty.”To create one of the most satisfying experiences in the category, we will design this with the support of Sammy and Guy’s worldwide following in mind. Despite the fact that Hagar has worked in the tequila industry for decades, Santo Spirits is the result of their close friendship.Other major international wine and spirits companies have embraced NFTs lately, fusing tangible products with digital collectibles. Hennessy released two limited-edition cognac bottles through NFT marketplace BlockBar for $226,450 in January 2022, Glenfiddich sold bottles of a $18,000 rare whiskey as NFTs in October 2021, and Budweiser recently acquired the Beer.eth domain name and unveiled a number of NFT collections under its Budverse Web3 arm.
Ordinals developers have introduced a method, called recursive inscriptions, to overcome Bitcoin’s 4 MB per block size limitation that restricts the size of NFTs. Previously, inscriptions representing tokens and NFTs on Bitcoin were independent of one another, unaware of other inscriptions. The new feature allows inscriptions to reference the content of other inscriptions using a
BOCI, the investment banking subsidiary of the Bank of China, has successfully launched tokenized structured notes valued at 200 million offshore renminbi ($28 million) on the Ethereum blockchain. This marks the bank’s inaugural attempt at issuing a tokenized security in Hong Kong and also sets a precedent as the first Chinese financial institution to take
In a recent official statement the Solana Foundation has addressed the classification of its native token, SOL, as a security. The foundation expressed surprise over the mention of the token by the U.S. regulator, emphasizing its commitment to building exceptional blockchain products. While the crypto community had previously debated the SEC’s decisions to label top
