South Korean Crypto Tax Dodger Tracking System Collects Nearly $4.7M in Arrears

https://beincrypto.com/korean-crypto-tax-system-arrears/

South Korea’s Gyeonggi province has implemented a clever system to combat crypto tax evasion dubbed ‘Arbitrator Virtual Asset Tracking Electronic Management System.’ This approach netted a substantial 6.2 billion won (~$4.7 million) in arrears last year alone.

The system can trace personal information like phone numbers for known tax delinquents and cross-reference this on crypto trading platforms.

Going After Crypto Tax Delinquents

This integration significantly streamlines the tracking and collection process, a leap forward from the previous method, which required around six months for each case.

Central to this success is the use of delinquent residents’ registration numbers by municipalities to trace mobile phone numbers. This strategy has drastically improved the success rate of detecting membership in virtual currency exchanges.

The system identified 5,910 tax delinquents with virtual asset accounts, such as Bitcoin, and successfully recovered arrears from 2,390 individuals over the past year.

Read more: How to Reduce Your Crypto Tax Liability: A Comprehensive Guide

“For those who trade in virtual assets but claim inability to pay taxes, we will continue to enforce strong collections. Our goal is to protect conscientious taxpayers and ensure fair taxation,” the director of the old tax bill commented (translated).

This initiative is part of South Korea’s broader commitment to regulating the cryptocurrency market and fostering a fair economic environment.

South Korea Tightens Crypto Industry Screws

The Financial Intelligence Unit (FIU) reported a 49% increase in suspicious crypto transactions in 2023 compared to the previous year. This uptick in scrutiny and the collaboration with enforcement agencies underscore the nation’s determination to curb illicit cryptocurrency activities.

The country is also poised for a significant regulatory shift with the upcoming Virtual Asset User Protection Act, set to take effect in July 2024. This act introduces severe penalties, including life imprisonment for illicit crypto gains exceeding $3.7 million.

Such stringent measures align with South Korea’s vision to establish a transparent and accountable crypto market. Statista data projects it to generate $2.2 billion annually by 2027.

Cryptocurrency revenue forecast in South Korea, 2017-2028. Source: Statista

As it continues to refine its approach, the success of Gyeonggi’s tracking system offers a promising blueprint for other regions. The integration of technology and stringent legal frameworks exemplifies a dynamic strategy to safeguard the integrity of the financial system and the interests of lawful taxpayers.

Top crypto platforms in the US | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post South Korean Crypto Tax Dodger Tracking System Collects Nearly $4.7M in Arrears appeared first on BeInCrypto.

Former Yuga Labs CEO Retakes Role, Boosting Price Floors of These NFTs

https://beincrypto.com/yuga-labs-ceo-price-floors-nfts/

Greg Solano, co-founder of the renowned Bored Ape Yacht Club (BAYC), has announced his return as the CEO of Yuga Labs.

This significant leadership change has coincided with a noticeable uptick in the company’s NFT collections, notably BAYC, which saw a price floor increase of over 13%.

Yuga Labs Welcomes Back Solano as CEO

Solano’s comeback as CEO marks a pivotal shift in Yuga Labs’ trajectory. Under the stewardship of former CEO Daniel Alegre, a veteran of Activision Blizzard and Google, the company made substantial strides in metaverse and web3 gaming.

“Wylie and I are grateful for all the contributions and operational rigor Daniel has brought to the company, and appreciate his thoughtfulness and mentorship over the past year,” Solano expressed in a recent Twitter post.

Yuga Labs, the creator of the wildly successful Bored Ape Yacht Club, has been at the forefront of innovation in the NFT space.

Read more: Bored Ape Yacht Club Explained: What Is BAYC?

The company’s ambitions and the complexity of its work have expanded dramatically, driven by the vision of creating an immersive web3 world. The focus now shifts back to Solano, who brings renewed energy and a “cryptonative focus” to the company. Solano outlined the strategic direction for Yuga Labs under his leadership.

“Looking at what’s ahead for Yuga, we need to execute with a more cryptonative focus across the entire company,” Solano stated.

This includes empowering the BAYC team for greater agility and autonomy. Solano also mentioned interest in enhancing the Otherside experience to what he referred to as the ‘living room of web3.’

Yuga Labs NFT Collections React Positively

The market reaction to these developments has been positive. Yuga Labs’ NFT collections, particularly BAYC, are experiencing a surge in value.

Before the slight uptick today, these collections were wallowing near long-term lows. This was primarily caused by a decrease in NFT interest from the public. In October 2023, this NFT market exhaustion forced Alegre to slash Yuga Lab’s workforce down to 120 employees.

“I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” Alegre said in a company message.

Read more: 5 Best NFT Marketplaces You Should Know

A 13% rise in BAYC’s price floor signals strong investor confidence in Solano’s leadership. BAYC’s sister collection, the Mutant Ape Yacht Club, is trailing not far behind with a 9% gain on the day. The company’s Otherside metaverse NFTs are also enjoying slight gains on the day.

Top crypto platforms in the US | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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50% Chance of Spot Ethereum ETF Approval: Good or Bad for Prices?

https://beincrypto.com/ethereum-etf-approval-good-bad-prices/

After the United States Securities and Exchange Commission (SEC) approved a handful of spot Bitcoin ETFs earlier this year, the crypto community has predicted that it would not be long before Ethereum ETFs get the green light.

The anticipation of this decision has sparked much speculation, especially regarding how it could impact Ethereum’s price.

Why the Buzz Around Ethereum ETFs?

Ethereum, the second-largest digital currency, has seen a recent surge in value. On February 20, ETH surpassed $3,000 for the first time since April 2022.

This bullish trend is partially attributed to the growing optimism around the potential approval of a spot Ethereum ETF. According to financial experts, the approval of such an ETF could further integrate Ethereum into the mainstream financial system, potentially increasing its value and attractiveness to investors. After multiple delays, the next deadline for the SEC to approve, deny, or postpone is early-March.

Ethereum ETF deadlines. Source: Bloomberg / SEC

Dave LaValle, head of ETFs at Grayscale, recently assessed the odds of an SEC approval of Ethereum ETFs at 50%. This number is slightly lower than Bloomberg Analyst Eric Balchunas projected in November 2023.

During an interview with The Defiant, Balchunas put the chances of an Ethereum ETF approval at 70%. And this was nearly two months before the Bitcoin ETFs themselves were approved.

“I don’t see any reason for [the SEC] to deny [spot Ethereum ETFs] given they have approved the [futures Ethereum ETFs]…It would be illogical and technically they could open themselves up for another lawsuit,” Balchunas said.

Read more: What Is A Bitcoin ETF?

The lawsuit Balchunas is referring to was when Grayscale took the SEC to court after the commission’s repeated objections to the firm converting its GBTC fund into a spot Bitcoin ETF. The judge in the case sided with Grayscale and said that the SEC’s reasons for rejection were:

“Arbitrary and capricious.”

The SEC has yet to explicitly classify ETH as a security, though its stance remains cautious. Gary Gensler, the SEC Chair, has been an outspoken critic of cryptocurrencies, emphasizing the need for regulatory compliance to safeguard against fraud and market manipulation.

How Might the ETH Price React?

Many analysts are confident that the approval of an ETH ETF could be a catalyst for new price highs. The potential for a wider investor base and increased market legitimacy could drive Ethereum’s value upwards.

Ryan Sean Adams of Bankless highlighted this optimism in a tweet, noting the contrast between the current positive indicators, like L2 acceleration and restaking yields, against past market turmoil.

“ETH just reclaimed $3k! Last time we hit 3k we were sitting on time bombs: Terra collapse, 3 arrows death, CeFi failures, Genesis fiasco, and $10b FTX fraud. This time we’re sitting on L2 hyper acceleration, restaking yields, ETH ETF. What a foundation. $3k is the floor,” he tweeted.

Ethereum (ETH) price chart 1Y. Source: BeInCrypto
Ethereum (ETH) price chart 1Y. Source: BeInCrypto

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

However, others are not so optimistic that an ETH ETF approval would significantly move the price needle—at least not right away. This is precisely what happened to Bitcoin.

Immediately after the Bitcoin ETFs were approved, the price had a quick $2,000 move to the upside, but immediately crashed more than 15% in the hours that followed. It was not until a month later that BTC was able to surpass the price at the time of approval.

Geoff Kendrick, the head of Digital Asset Research at Standard Chartered recently projected that ETH would hit $4,000 before an ETF was approved. He pointed to Ethereum having a smaller market share than Bitcoin.

“These factors should make ETH less vulnerable than BTC to a post-approval selloff,” Kendrick added.

Top crypto platforms in the US | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post 50% Chance of Spot Ethereum ETF Approval: Good or Bad for Prices? appeared first on BeInCrypto.

Hong Kong Revises Crypto Custody Rules: Impact on Traders & Compliance?

https://beincrypto.com/hong-kong-crypto-custody-rules-impact-traders-compliance/

The Hong Kong Monetary Authority (HKMA) recently issued a new critical circular regarding crypto custody platforms. This directive, aimed at authorized institutions (AIs), encapsulates a comprehensive framework for providing custodial services for digital assets.

Consequently, as the crypto sector catches its stride in Hong Kong, interest in digital asset trading and custodial service platforms has reached new heights.

Hong Kong Circular Targets Crypto Custody

The HKMA’s circular is a pivotal step towards ensuring robust protection and proficient management of client digital assets, establishing a set of standards and guidelines that AIs are mandated to follow.

Key to this new directive is the requirement for AIs to conduct thorough risk assessments and formulate policies and controls to mitigate risks associated with digital asset custody.

The circular stresses the importance of maintaining distinct governance structures, operational arrangements, and effective risk management practices. A critical aspect of these guidelines is the segregation of client digital assets from the AI’s own assets, providing a safeguard in the event of insolvency.

“To ensure that such client digital assets held by AIs in custody are adequately safeguarded and that the risks involved are properly managed, the HKMA considers it necessary to provide guidance on AIs’ provision of digital asset custodial services,” the circular notes.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

This move towards enhanced security is further bolstered by the HKMA’s insistence on AIs adopting industry best practices and international security standards, particularly in managing and safeguarding seeds and private keys of digital assets.

Top 3 most crypto-ready countries. Source: Forex Suggest

In parallel, the Securities and Futures Commission (SFC) has been proactive in shaping the regulatory environment for virtual asset trading platforms (VATPs) in Hong Kong. By February 29, all crypto exchanges operating within Hong Kong’s jurisdiction must obtain or apply for a VATP license.

This development is crucial in establishing a regulated and secure environment for virtual asset investors. The SFC’s directive underscores the necessity of trading through licensed exchanges and highlights the risks associated with unlicensed platforms. This could potentially lead to account closures if investors fail to comply by the set deadlines.

Vying for Crypto Hub Status

Hong Kong’s crypto market is not just thriving in a regulated environment; it’s also booming in terms of transaction volume. The region transacted an estimated $64.0 billion in crypto received between July 2022 and June 2023. The active over-the-counter (OTC) market significantly drives this market activity.

East Asian countries by crypto value received July 2022 - June 2023. Source: Chainalysis
East Asian countries by crypto value received July 2022 – June 2023. Source: Chainalysis

Specifically, these OTC desks are instrumental in facilitating large transactions for institutional investors and high-net-worth individuals, thereby playing a crucial role in the city’s crypto economy.

These regulatory strides by the HKMA and SFC represent Hong Kong’s commitment to creating a balanced ecosystem. They aim to foster innovation while ensuring stringent investor protection.

Ultimately, these developments position Hong Kong as a digital asset hub, impacting traders and aligning with global security standards.

Best crypto platforms in Europe | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Hong Kong Revises Crypto Custody Rules: Impact on Traders & Compliance? appeared first on BeInCrypto.

This Major Stablecoin Firm Will Cease TRON Blockchain Support Amid IPO Push

https://beincrypto.com/stablecoin-firm-cease-tron-blockchain-support-ipo/

Circle, a major stablecoin firm, has announced it will cease support for USDC (USD Coin) on the TRON blockchain. This move comes amid the firm’s strategic push towards an Initial Public Offering (IPO) in the United States.

Effective immediately, Circle will discontinue minting USDC on TRON, marking the start of a phased transition.

Circle’s USDC Cuts Ties With TRON

The decision reflects Circle’s commitment to maintaining USDC as a trusted, transparent, and safe digital dollar. A Circle spokesperson stated:

“As part of our risk management framework, Circle continually assesses the suitability of all blockchains where USDC is supported.”

For Circle Mint customers, the company will facilitate the transfer of USDC to other blockchains until February 2025. Additionally, users can redeem USDC on TRON for fiat currency directly with Circle.

Read more: A Guide to the Best Stablecoins in 2024

Retail USDC holders and non-Circle customers have the option to transfer USDC between blockchains or redeem it for fiat currency through global services, including retail exchanges and brokerages.

The USDC issuer’s decision aligns with its broader growth strategy and IPO ambitions. Having considered going public since last year, Circle confidentially filed for a US IPO last week.

While shying away from any specific details, the action appears to be a step towards falling in line with regulatory standards.

“Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company.”

IPO Plans and Market Cap Update

This move follows the trend set by other crypto firms like Coinbase, establishing crypto entities as viable publicly traded companies in the US. Circle said,

“The IPO is expected to take place after the Securities and Exchange Commission completes its review process, subject to market and other conditions.”

Read more: What Is a Stablecoin? A Beginner’s Guide

USDC, the second-largest stablecoin after Tether’s USDT, holds a significant place in the digital currency market. With a market cap of $26.8 billion, USDC accounts for nearly 20% of the stablecoin market dominance. The two stablecoins combined control nearly 90% of the total stablecoin market share.

Stablecoin dominance and market cap. Source: DefiLlama

Circle’s strategic pivot and IPO plans reflect a palpable shift in the crypto sector, where regulatory compliance, market stability, and institutional adoption are becoming increasingly important. This move reinforces USDC’s position as a leading regulated digital dollar but also sets a precedent for the future of crypto firms in the public market.

Best crypto platforms in Europe | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post This Major Stablecoin Firm Will Cease TRON Blockchain Support Amid IPO Push appeared first on BeInCrypto.

Starknet Users Drop 90% Amid Airdrop Eligibility Squabble

https://beincrypto.com/starknet-users-drop-airdrop-eligibility-squabble/

Starknet, an eminent Ethereum layer 2 platform, is facing a significant exodus of users ahead of a major token airdrop. In just one week leading up to February 20, 2024, Starknet’s active user count nosedived and is back near long-term lows.

This dramatic decline coincides with the platform’s preparation to distribute a substantial airdrop, raising questions and fuelling controversies among its user base.

Starknet Token Airdrop Flip-Flop

The core of the issue lies in the sudden amendments to the eligibility criteria for Starknet’s upcoming airdrop. Set for February 20, the airdrop aims to release over 700 million STRK tokens, equating to 10% of the total token supply. However, abrupt changes have ruffled the feathers of some users who became disqualified from receiving STRK tokens.

Initial STRK token airdrop eligibility criteria. Source: Starknet

These included rectifications for over 900 ETH home validators and the distribution of over 6.9 million STRK to more than 1,000 solo stakers who were earlier misclassified. Furthermore, over 1 million STRK were preserved for potential future community allocation after addressing issues with squatters hoarding GitHub handles.

Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx

However, these changes have not been universally well-received. The crypto community has criticized Starknet’s eligibility prerequisites and the company’s approach to token unlocks. Starknet acknowledged the discontent, stating on X,

“We hear the feedback that some dedicated community members and network users have been left out due to certain Provisions criteria.”

It emphasized a commitment to finding a “meaningful resolution” but stated that this process,

“Requires time to research, design, and test.”

TVL Up, Users Down

Crypto commentator Banteg highlighted on X (formerly Twitter) that nearly 2,000 participants eligible for the airdrop either altered or deleted their accounts post-eligibility snapshot. This revelation first pointed to the potential squatting and gaming of the system and added another layer of complexity to the eligibility debate.

Starknet data platform Starkscan found that active users have dropped around 90% in just the past week alone. On February 13, the platform saw a massive spike to 225,000 active users. However, the herd quickly thinned out to just 25,000 at the time of press.

Starknet active user count. Source: Starkscan
Starknet active user count. Source: Starkscan

Read more: Crypto and NFT Airdrops: What Are They and How Do They Work?

Despite these challenges, the platform’s total value locked (TVL) remains near all-time highs, around $185 million, underscoring the paradox of its current situation. The community’s frustration is palpable, with some users feeling sidelined by the recent eligibility changes, particularly those catering to specific staking validators.

Starknet total value locked (TVL). Source: Starkscan
Starknet total value locked (TVL). Source: Starkscan

As Starknet marches towards its scheduled public launch, the unfolding drama offers a stark reminder of the erratic and often unpredictable nature of crypto airdrops.

Best crypto platforms in Europe | February 2024


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Margex
<a href="https://copytrading.margex.com/XmLX?utm_campaign=AFF_ENG_RG_margex_signup" title="Margex” data-el=”widget-exchanges-affiliate-item” target=”_blank”>Explore →

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Starknet Users Drop 90% Amid Airdrop Eligibility Squabble appeared first on BeInCrypto.

BlackRock Premieres ‘Advisor-Friendly’ Bitcoin ETF Ad as IBIT Extends Lead

https://beincrypto.com/blackrock-advisor-bitcoin-etf-ad-ibit-lead/

Investment firm giant BlackRock has released a new advertisement for its iShares Bitcoin ETF product. The ad is clearly aimed at older, more traditional investors who want to invest in Bitcoin without the risk of keeping custody of the asset themselves.

BlackRock’s iShares took an early lead among the newly approved Bitcoin ETFs in terms of inflows. Will its new ads help to draw in new investors to extend its lead further?

BlackRock Bitcoin ETF Ad Beckons: ‘Get Your Share of Progress’

Bloomberg analyst Eric Balchunas was quick to share his thoughts on the newest BlackRock’s iShares ad. He highlighted the ad’s verbiage, which boldly equates the Bitcoin investment product as ‘progress.’

BlackRock’s latest iShares Bitcoin ETF advertisement. Source: Bitcoin ETF Adverts Archive

Balchunas asserted that the ad is mostly directed at traditional investors who likely never considered cryptocurrencies like Bitcoin to be part of their portfolio. He said,

They mention how the ETF standardizes BTC so it is just like the stock and bonds in your portfolio. This is clearly aimed at normal 60/40-ers vs the BTC faithful (who largely don’t own stocks and bonds).

60/40-ers refers to a popular and conservative investment strategy of a mix of 60% stocks and 40% bonds. Many younger investors who dabble in cryptocurrencies prefer to keep custody of their BTC themselves and, therefore, are indifferent to the ETF offerings.

Read more: What Is A Bitcoin ETF?

Balchunas also noted how BlackRock was dominating its Bitcoin ETF peers in liquidity, and this latest ad campaign could cement its pack leader position.

“Strong advisor-friendly vibes. BlackRock on brink of pulling away as the category liquidity king, going for kill with more ads makes sense.”

Competition Heating Up

The impact of BlackRock’s strategy is evident in the numbers. Its IBIT ETF has witnessed staggering growth, significantly outperforming its closest competitor, Fidelity’s FBTC.

The gap between the two is widening, with IBIT approaching a remarkable $5.4 billion in inflows, compared to FBTC’s $3.75 billion, according to Bitguide data. The two were essentially neck-and-neck up until about two weeks ago when IBIT started to pull ahead.

New Bitcoin ETF products running sum of flows. Source: Bitguide
New Bitcoin ETF products running sum of flows. Source: Bitguide

CoinShares also noted this surge in crypto flows in its most recent weekly digital asset report. Last week, crypto inflows nearly reached $2.5 billion.

The firm stated that this is the highest level of inflows seen since December 2021, when Bitcoin was cooling off from an all-time high above $69,000 the previous month.

Weekly crypto asset flows. Source: CoinShares
Weekly crypto asset flows. Source: CoinShares

Last week, the Bitcoin price breached the $52,000 level once again before pulling back slightly. Some crypto analysts say that the Bitcoin ETF flows will continue to drive up the price, while others project a cooling-off period ahead of the next halving.

Top crypto platforms in the US | February 2024


PrimeXTB
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Coinbase
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AlgosOne
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UpHold
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iTrustCapital
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post BlackRock Premieres ‘Advisor-Friendly’ Bitcoin ETF Ad as IBIT Extends Lead appeared first on BeInCrypto.

UK Minister Anticipates Fast-Track for Stablecoin and Staking Regulations

https://beincrypto.com/uk-minister-anticipates-fast-track-for-stablecoin-and-staking-regulations/

The UK government appears to be considering an ambitious six-month timeline to implement new regulations governing stablecoins and staking services for cryptoassets.

This initiative comes as the nation braces for a forthcoming general election, with lawmakers feeling the heat to deliver concrete proposals.

UK Turns Up Heat on Stablecoin and Crypto Staking

Economic Secretary to the Treasury Bim Afolami, during an industry event in London, emphasized the government’s dedication to this cause.

“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”

This development follows the Treasury’s pledge last October to offer greater clarity on specific crypto areas by 2024. The move is seen as a response to a previous consultation on fiat-backed stablecoins and the enactment of the broader Financial Services and Markets Act.

Read more: Crypto Tax 2024: A Complete UK Guide

Elliptic anticipates these new rules would bring fiat-backed stablecoins and their issuers under existing payment laws. This would then grant the UK’s financial regulator the authority to determine the types of assets backing a stablecoin.

In a January 2024 report, Elliptic said:

“In the UK, the Bank of England will continue to progress work around addressing the risks of systemic payment stablecoins that could have wider implications for financial markets given their size and scale.”

Meanwhile, the UK’s Financial Conduct Authority (FCA) has been ramping up its oversight of cryptocurrency firms. In the final quarter of 2023 alone, the FCA issued 450 consumer warnings against crypto firms for advertising violations.

Number of alerts issued in 2021 to 2023. Source: Financial Conduct Authority

This stringent approach includes the implementation of the s21 license. This particular license allows authorized firms to approve crypto advertisements, albeit under strict regulations. The FCA’s stance underscores its commitment to ensuring investors are not misled or deceived by crypto advertisements.

‘Invest in Britain’

Parallel to these regulatory advancements, Afolami is advocating for a significant shift in investment habits, particularly among the youth. He urged young investors to pivot from the volatile allure of crypto and invest in more stable assets like shares in domestic giants such as NatWest.

“That’s one of the things that I want to change — to say, don’t just own crypto, own a share of NatWest, don’t just own crypto, invest with your savings through automatic enrollment, invest in Britain.”

Read more: Crypto vs. Stocks: Where To Invest Your Money

This call for a balanced approach to investment arrives at a crucial time. The UK stock market is facing challenges, with a marked contraction in the number of liquid stocks, a trend echoed in global markets. Afolami’s strategy aims to mitigate risks for investors and rejuvenate the UK’s financial markets.

As the UK navigates these regulatory and market dynamics, this transition period demands informed decision-making from investors. The government’s swift action in regulating crypto, coupled with the push for diversified investments, illustrates a pivotal moment in shaping the future of the UK.

Best crypto platforms in Europe | February 2024


PrimeXTB
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Coinbase
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AlgosOne
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Wirex App
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KuCoin
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Margex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post UK Minister Anticipates Fast-Track for Stablecoin and Staking Regulations appeared first on BeInCrypto.

Web3, Crypto Ventures Optimistic Amid Japan’s Pending Law Update

https://beincrypto.com/web3-crypto-ventures-japan-law-update/

Japan is paving the way for web3 and crypto initiatives amid an overhaul in its investment laws. This goal is to turbocharge the nation’s tech sector, specifically targeting venture capital (VC) investments in crypto and web3 startups.

At the core of this development lies the February 2024 revision of the “Industrial Competitiveness Enhancement Act.”

Japan Moves to Embrace Web3 and Crypto Startups

This amendment, now under deliberation, aims to bolster strategic domestic investments. This includes expansive and long-term tax measures for investments and production in strategic sectors such as electric vehicles, steel, and semiconductors.

A pivotal aspect of this legislative update is the inclusion of cryptocurrencies as assets permissible for acquisition and holding by Investment Business Limited Partnerships (LPS). This adjustment in its legal framework helps validate the crypto space and aligns with Japan’s forward-thinking stance on digital assets.

Complementing this law amendment is Japan’s revised taxation approach towards held cryptocurrencies. As of late 2023, corporations are relieved from the year-end market value assessment for third-party-issued cryptocurrency.

Read more: How to Reduce Your Crypto Tax Liability: A Comprehensive Guide

This is a move mirroring the treatment of individual investors. As a result, this reform is anticipated to boost domestic entrepreneurship by,

“Reducing the tax burden on corporations engaged in the holding and operation of crypto.”

Financial Firms Eager to Invest

Amid these regulatory advancements, top financial entities like SBI Holdings are seizing the opportunity. The firm announced plans to launch a ¥100 billion fund targeting startups in web3, AI, and the metaverse.

This initiative, one of Japan’s largest venture capital endeavors, illustrates the growing financial commitment to these innovative sectors. With substantial investments from major institutions like Sumitomo Mitsui Banking Corporation and Mizuho Bank, Japan is also cementing its status as a key player in the global tech market.

Read more: 10 Challenges Faced By Employees In Web3 Startups

These legislative and financial developments are part of a concerted effort to position Japan as a leading startup hub. The government’s “Five-Year Plan for Startup Development,” aims to elevate startup investments to around ¥10 trillion by 2027.

Japan’s Vice Commissioner for International Affairs at the Financial Services Agency, Toshiyuki Miyoshi, spoke on the Five-Year Plan and offered a,

“Commitment to promoting it as a leading asset management and financial center of the world.”

Overall, the combination of regulatory reform, financial backing, and strategic focus is transforming Japan into a global powerhouse for web3, AI, and metaverse innovations.

Top crypto platforms in the US | February 2024


PrimeXTB
<a href="https://go.primexbt.direct/visit/?bta=35392&brand=primexbt&afp7=BEINCRYPTO7" title="PrimeXTB ” data-el=”widget-exchanges-affiliate-item” target=”_blank”>Explore →


Coinbase
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AlgosOne
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UpHold
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iTrustCapital
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Web3, Crypto Ventures Optimistic Amid Japan’s Pending Law Update appeared first on BeInCrypto.

AI Token Speculative Gold Rush Revived Amid Tech Stock Boom

https://beincrypto.com/ai-speculativecrypto-tokens-new-highs/

The artificial intelligence (AI) sector is witnessing a resurgence in speculative investments, with related crypto tokens experiencing unprecedented highs. This revival is closely tied to the soaring performance of major AI stocks, particularly Nvidia (NVDA), which has become a cornerstone of AI optimism in the stock market.

The growth of AI-focused stocks is permeating into the crypto market, where many AI tokens are close to setting new long-term highs.

AI Crypto Tokens Flex Big Gains

AI sentiment in the crypto sector has been overwhelmingly positive, especially in the past few months. Recent CoinGecko research even pointed to AI as the most popular crypto narrative in 2023. And this optimism is still going strong in 2024 and is reflected in the price movements of major AI-related tokens.

Many of the biggest movers are tokens in the top 100 cryptocurrencies by market cap. In the past week alone, many of these AI tokens have soared by more than 25%. Others, like Arkham’s ARKM token, have more than doubled in price in the same period.

A glimpse of some top 100 crypto market cap AI tokens’ performance. Source: CoinMarketCap

The Graph (GRT), currently ranked 42 in terms of market cap, has enjoyed an almost 60% gain this week. It briefly breached the $0.27 level before dropping back slightly.

This is the highest level GRT has seen since initially falling below $0.30 in May 2022. However, despite the big gains, GRT remains almost 90% down from its all-time high of $2.50 during the 2021 crypto bull run.

Graph Token GRT price chart 1W. Source: TradingView
Graph Token GRT price chart 1W. Source: TradingView

Read more: The Graph (GRT) Price Prediction 2023/2025/2030

Another notable mover is Render (RNDR). Render first blasted into the crypto market’s top 50 at the end of 2023, following a 1,100% gain on the year.

RNDR reached an all-time high near $7.50 in November 2021 but quickly sank to $0.40 in the bear market that followed. RNDR is currently trading at $6.20, almost 15% away from setting a new all-time high milestone.

Render RNDR price chart 1W. Source: TradingView
Render RNDR price chart 1W. Source: TradingView

Boost From TradFi Markets

Big AI players in traditional finance, like Nvidia (NVDA) and Super Micro Computer Inc (SMCI), are causing a ripple effect, causing a surge in AI tokens.

Since the beginning of the year, Nvidia shares have surged by over 46%, a growth that has not only outpaced its peers but also significantly contributed to the S&P 500’s increase.

Read more: Crypto vs. Stocks: Where To Invest Your Money

Keith Lerner from Truist Advisory Services highlights this surge, stating,

“When people say that the market is doing well this year, they really mean that tech is doing well, and Nvidia is at the core of that.”

The chipmaker’s upcoming earnings report on February 21 is eagerly anticipated, with Wall Street expecting substantial earnings and revenue growth.

Top crypto platforms | February 2024


AlgosOne
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Coinrule
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PrimeXTB
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BYDFi
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Сoinex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post AI Token Speculative Gold Rush Revived Amid Tech Stock Boom appeared first on BeInCrypto.

Chainlink and Telefónica: Pioneering Blockchain Solutions to Tackle SIM Swap Fraud

https://beincrypto.com/chainlink-telefonica-blockchain-solutions-sim-swap-fraud/

In an era where digital security is paramount, Telefónica and Chainlink are at the forefront of combating one of the most insidious forms of cybercrime: SIM swap fraud. Their partnership will help with securing online transactions and personal data in the web3 sector.

Telefónica, a global telecommunications giant, has strategically allied with Chainlink Labs, a leader in providing web3 connectivity solutions.

Chainlink and Telefonica Fighting Back Against SIM Swap Attacks

This collaboration leverages Chainlink Functions to connect APIs on GSMA Open Gateway to Polygon’s PoS blockchain network.

The integration is a significant stride in blending Telco capabilities with blockchain technology. It underscores the need for secure oracle networks to relay real-world data onto the blockchain. This initiative also aims to bolster the functionality and security of web3 applications.

Read more: Decentralized Identity and the Future of Web3: What To Know

The necessity of such innovations becomes starkly evident when examining recent cybersecurity breaches. In November 2022, the FTX cryptocurrency exchange suffered a colossal theft of over $400 million due to a SIM swap attack.

This incident, orchestrated by a trio later charged by the US Department of Justice, highlights the vulnerability of even well-established digital platforms to this type of fraud.

The attackers exploited personal data to manipulate phone carriers, transferring victims’ numbers to devices under their control, which then allowed them to access financial accounts and crypto wallets.

How SIM swap attacks are carried out. Source: ThreatMark

SEC Falls Victim

Even the United States Securities and Exchange Commission’s (SEC) Twitter account fell victim to a SIM swap attack. The attackers used the opportunity to make an ‘official’ tweet stating that the agency had approved the hotly anticipated slew of Bitcoin ETFs.

Just minutes after the release of the fake tweet, Bitcoin’s price soared from around $44,500 to nearly $49,000. Then, after the SEC announced that its social media account was compromised, BTC plunged back below $42,000.

Former FBI cybersecurity official Austin Berglas spoke on the incident:

“Something like that, where you can take over the SEC account and potentially affect the value of Bitcoin in the market – there’s massive opportunity for disinformation.”

Read more: A Comprehensive Guide to Starting a Career in Web3

Telefónica and Chainlink’s integration will enable smart contracts to request information through the GSMA Open Gateway SIM SWAP API. This is to ensure that a device’s SIM card has not undergone unauthorized changes.

This added layer of security extends beyond transaction safety, encompassing two-factor authentication and fraud detection in web3 decentralized applications and DeFi services.

Top crypto platforms | February 2024


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Coinrule
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BYDFi
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KuCoin
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Kraken
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Chainlink and Telefónica: Pioneering Blockchain Solutions to Tackle SIM Swap Fraud appeared first on BeInCrypto.

A Metaverse Comeback? Zuckerberg Touts Meta’s VR/AR Headset Lead Over Apple

https://beincrypto.com/metaverse-comeback-zuckerberg-meta-headset-apple/

Meta’s CEO Mark Zuckerberg has recently put a spotlight on the Meta Quest 3, posing it as a formidable rival to Apple’s Vision Pro. This development hints at a renewed vigor in the metaverse space, previously overshadowed by the explosive growth of artificial intelligence and other tech phenomena.

Highlighting the features of Meta Quest 3, Zuckerberg pointed out its cost-effectiveness, being “7x less expensive” than Vision Pro. He stated that this makes it a more accessible option for consumers diving into mixed reality than Apple’s latest offering.

Zuckerberg Claims Meta Dominance Over Apple

Side-by-side comparisons reveal that the Quest 3 matches the Vision Pro in high-quality passthrough and big screen capabilities while weighing 120 grams less. A crucial aspect where Zuckerberg claims Quest’s superiority is that it does not have motion blur. This, he said, can be a big turn-off to those who want to use their headset for gaming or accessing metaverse-like experiences.

Because of this, Zuckerberg asserted:

“After using it [Apple Vision Pro], I don’t just think that Quest is the better value, I think that Quest is the better product. Period.”

Despite these advancements, Meta’s Reality Labs, the vanguard of the company’s metaverse pursuits, reported a hefty $4.65 billion loss in Q4 2023. Nevertheless, Meta is unwavering in its dedication to AR/VR technologies. The division’s recent shift to emphasize VR’s practical applications in professional training and medical rehabilitation reflects a strategic broadening of the metaverse’s appeal, extending beyond gaming.

And shareholders seem to share a positive outlook. Meta Platforms stock has seen mammoth growth. Share prices recently hit an all-time high of around $480 dollar. This is a massive 425% gain from November 2022, when Meta’s stock price sunk to a long-term low of under $90.

Meta Platforms (META) stock price chart 1W. Source: TradingView

Are the Metaverse Wars Back On?

In the midst of this, Disney is also emerging as a significant player in the metaverse arena. The entertainment giant, known for its adaptive strategies, has recently forged a new deal with Epic Games, hinting at ambitious plans for metaverse gaming.

This move by Disney, coupled with Meta’s and Apple’s initiatives, illustrates a vibrant and still-competitive metaverse sector. Both Meta and Apple are earnestly seeking a dominant position in this market, keen on revolutionizing experiences in diverse industries.

Read more: Top 10 Metaverse Platforms To Watch Out for in 2024

Disney’s entry into this race, leveraging its vast entertainment resources and new partnerships, adds another layer of intrigue and potential to the metaverse narrative.

The impact of tech and entertainment giants in the metaverse on consumers, industries, and tech is crucial to observe.

Best crypto platforms in Europe | February 2024


PrimeXTB
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Wirex App
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AlgosOne
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YouHodler
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KuCoin
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Margex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post A Metaverse Comeback? Zuckerberg Touts Meta’s VR/AR Headset Lead Over Apple appeared first on BeInCrypto.

Spot Bitcoin Trading Reigns Supreme on Robinhood, 95% of Trades Bypass ETFs

https://beincrypto.com/spot-bitcoin-trading-robinhood-bypass-etfs/

Robinhood’s latest earnings call revealed a significant trend among its users. Despite the introduction of a variety of Bitcoin ETFs, a whopping 95% of the platform’s crypto trading volume remains concentrated in spot Bitcoin trading.

This preference underscores a continuing inclination toward traditional cryptocurrency trading methods over newer investment vehicles like ETFs.

Robinhood Finds Users More Interested in Spot Bitcoin Trading Over ETFs

Robinhood’s Chief Financial Officer, Jason Warnick, highlighted this trend during the call. He stated,

“About 5% of our overall trading in crypto is through the ETF, with 95% still being on spot trading through the crypto business, and that’s stabilized.”

Warnick’s observation reflects a clear customer preference, demonstrating the robustness of spot trading in the face of emerging alternatives.

The investment platform made a significant move earlier last month by adding all 11 SEC-approved spot Bitcoin ETFs to its offerings. This addition was part of Robinhood’s broader strategy to provide its users with a wide array of investment options.

In the final quarter of 2023, even before the Bitcoin ETFs were approved, Robinhood started seeing an uptick in crypto assets under custody. At $15B, this was its highest crypto AUM on the platform since Q1 2022.

Robinhood crypto assets under management. Source: Robinhood Earnings

Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?

Steve Quirk, Chief Brokerage Officer at Robinhood, expressed the company’s mission, saying,

“Providing expanded access to the financial markets and increasing customer choice are at the core of Robinhood’s mission.”

This initiative aligns with the platform’s commitment to offering diverse trading options to its clientele.

Expanding Its Presence Throughout the European Union

Despite the introduction of these ETFs, Robinhood users have shown a strong preference for direct Bitcoin trading. This trend could be attributed to the direct control and potentially higher rewards associated with spot trading.

Johann Kerbrat, GM of Robinhood Crypto, emphasized the importance of direct Bitcoin trading. He remarked,

“We believe crypto is the financial framework of the future and that increased access to Bitcoin via ETFs is a good thing for the industry.”

Read more: What Is A Bitcoin ETF?

In addition to its efforts in the US market, Robinhood is expanding its presence in the European Union, introducing 26 cryptocurrencies, including prominent tokens like SOL, MATIC, and ADA. This expansion represents a significant step in Robinhood’s strategy to cement its position in the global digital asset market.

The platform’s latest moves and user trends reflect a dynamic strategy. While Robinhood embraces the diversification of its crypto offerings, its user base continues to show a strong preference for traditional trading methods.

Top crypto platforms in the US | February 2024


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These Bitcoin Mining Stocks Hit Their Stride Ahead of 2024 Halving

https://beincrypto.com/bitcoin-mining-stocks-stride-2024-halving/

As the 2024 Bitcoin halving approaches, investors are keenly observing the stock price movements of key players in the Bitcoin mining industry.

Stocks like Marathon Digital Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK) are navigating the tides while optimizing their strategies in anticipation of the 2024 halving.

Marathon Digital: A Sprint Ahead

Marathon Digital Holdings, a front-runner in the Bitcoin mining race, witnessed its stock rally by over 45% since the start of February.

In preparation for the Bitcoin halving, Marathon has intensified its mining operations, targeting maximum BTC extraction. December 2023 marked a record month for the company, mining 1,853 BTC. This is a 56% increase from November and a staggering 290% year-over-year rise.

Fred Thiel, CEO of Marathon Digital, attributes this growth to advancements in hash rate and operational efficiency.

Read more: How To Mine Cryptocurrency: A Step-by-Step Guide

Despite selling 704 BTC in December to cover operational costs, Marathon’s aggressive strategy is evident in its total holding of 15,174 Bitcoin as of year-end. Marathon’s stock price reflects this upward trend, closing near a 2-year high of $27.28 on February 12.

Thiel commented on his strategy for the upcoming halving:

“We believe that optimizing our costs through the benefit of some of the opportunities that will be available, post halving here, will enable us to continue to drive costs down significantly.”

Marathon Digital (MARA) stock price chart. Source: TradingView

Riot Platforms’ Rocky Road

Riot’s journey in 2024 has been turbulent. Starting the year near $16, the stock experienced a sharp decline, dropping below $10 by January 19.

However, a subsequent rebound saw it climb back to the $16 mark, buoyed by Bitcoin’s price surge above $50,000. Despite these gains, Riot faces challenges.

The company’s primary expenses, including electricity, hosting, and depreciation of mining gear, are escalating. Riot’s expansion strategy, aiming for a hash rate of 100 EH/s, could potentially double its equipment depreciation costs post-halving.

Read more: Bitcoin Halving Cycles And Investment Strategies: What To Know

The cost per Bitcoin mined by Riot has alarmingly risen from $44,400 in Q4 2021 to $110,000 in Q3 2023, with the halving potentially tripling this figure to an unsustainable $183,000.

Crypto analyst Jason A. Williams commented on this phenomenon:

“The event, not as ruthless. Not as unforgiving to inefficient miners. Block fees are at or exceeding the block reward.”

Riot Platforms (RIOT) stock price chart. Source: TradingView
Riot Platforms (RIOT) stock price chart. Source: TradingView

CleanSpark’s Expansion Amidst Challenges

CleanSpark has recently shown remarkable growth, with its stock surpassing the $16 mark. This performance is its best since late 2021, when Bitcoin was cooling off from its all-time high of $69,000.

CleanSpark is aggressively expanding its operations. This includes acquiring three Bitcoin mining facilities in Mississippi for $19.8 million, boosting its hashing capacity.

CEO Zach Bradford emphasizes the company’s commitment to geographic diversity and operational success. Bradford stated:

“With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and expect to apply our proven track record of success in this new and exciting operating environment.”

However, CleanSpark’s ambitious growth comes amid growing political scrutiny of Bitcoin mining in the US, with the Energy and Information Administration focusing on crypto miners’ electricity usage.

CleanSpark (CLSK) stock price chart. Source: TradingView
CleanSpark (CLSK) stock price chart. Source: TradingView
Top crypto platforms in the US | February 2024


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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post These Bitcoin Mining Stocks Hit Their Stride Ahead of 2024 Halving appeared first on BeInCrypto.

This Spanish City Aims to Pioneer a ‘Crypto-Friendly’ Digital Economy

https://beincrypto.com/spanish-city-pioneer-crypto-friendly-economy/

Torrevieja, a picturesque Spanish city, is positioning itself as a pioneer in adopting a ‘crypto-friendly’ digital economy. The Association of Small and Medium Merchants of Torrevieja (APYMECO) is at the forefront of this ambitious venture, with a comprehensive plan to integrate blockchain technology into the local commerce sector.

APYMECO’s strategy unfolds in multiple phases. The first of these phases focuses on incorporating cryptocurrencies as a transactional medium in local commerce.

The Birth of the Next Crypto City?

This initiative paves the way for the payment of products and services using various cryptoassets, bridging the gap between conventional and digital economies.

The Councilor for Commerce, Rosario Martínez Chazarra, highlights this development as a significant step towards modernizing local businesses and catering to the growing demographic of cryptocurrency users.

APYMECO President Jorge Almarcha also spoke highly of the project in a statement [translated]:

“In Spain, since 2015, it has been legal to be able to pay with cryptocurrencies. However, it has not been until today that there has been a desire to democratize its use as a means of payment in standard, neighborhood, and traditional commerce.”

Spain has been on the rise over the past few years in regard to crypto ownership and usability. A 2021-2022 survey by Statista found that 17% of respondents claimed they owned or used cryptocurrencies.

Countries ranked by respondents who owned or used crypto. Source: Statista

Read more: Top 5 Crypto Companies That Might Go Public (IPO) in 2024

Following in the Footsteps

In parallel, Lugano, Switzerland, sets a precedent in embracing digital currencies for municipal transactions. This move, a strategic part of Lugano’s “Plan B,” revolutionizes the city’s financial system by enabling tax payments and other municipal fees in Bitcoin and Tether.

Armin Schmid, Chief Product Officer at Bitcoin Suisse, underscored the significance of this trend, noting the increasing adoption of cryptocurrency payments in Swiss municipalities.

“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms.”

El Salvador, too, is not far behind in the crypto race. The Central American nation is reigniting its Bitcoin ambitions with plans to build a tax-free Bitcoin City. This initiative, pushed forward by President Nayib Bukele, is a bold move against traditional financial systems, offering citizenship to foreigners contributing crypto to government projects.

The city aims to leverage geothermal energy for Bitcoin mining. This could potentially boost its national economy following the next Bitcoin halving in April 2024.

The convergence of these global efforts signifies a paradigm shift towards a digital economy. As Torrevieja embarks on this journey, it joins a league of forward-thinking cities reimagining the future of finance.

Best crypto platforms in Europe | February 2024


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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post This Spanish City Aims to Pioneer a ‘Crypto-Friendly’ Digital Economy appeared first on BeInCrypto.

NZ Banker: Bitcoin, Stablecoins Can’t Replace Central Bank Money

https://beincrypto.com/nz-banker-bitcoin-stablecoins-central-bank-money/

New Zealand Central Bank Governor Adrian Orr has raised a critical voice about the viability of cryptocurrencies, particularly stablecoins and Bitcoin, as a substitute for traditional fiat money.

Orr’s incisive commentary sheds light on the inherent risks and uncertainties associated with these digital assets.

Orr’s Take on the Misnomer of Bitcoin and Stablecoin Stability

Stablecoins, which are cryptocurrency tokens pegged to the value of a stable asset, like fiat currency, are often touted for their potential to offer stability in the volatile crypto market.

However, Orr emphasizes that this stability is illusory, rooted more in perception than financial reality. He remarked,

“Stablecoins are the biggest misnomers and oxymorons. They’re only as good as the balance sheet of the person offering that stablecoin.”

This statement underscores the precariousness of relying on an asset whose stability is as fluctuating as the entities backing it.

Read more: A Guide to the Best Stablecoins in 2024

Orr also expressed deep concerns about the role of cryptocurrencies in the broader financial ecosystem. He questioned their ability to fulfill the key roles of money. These include being a means of exchange, a store of value, and a unit of account.

Orr firmly believes that Bitcoin and other cryptocurrencies fall short in these aspects. He stated,

“Bitcoin is not a means of exchange, a store of value, or a unit of account yet people try to use it as that.”

This skepticism extends to the potential of these digital currencies to undermine the global financial system, a worry shared by many central banks worldwide.

Despite these fears, the total stablecoin market cap is currently at a 1-year high above $137 billion.

Stablecoin total market cap. Source: DeFiLlama

Stablecoin Climate in the US

Meanwhile, in the United States, stablecoin regulations appear to be drawing closer to a significant shift. Congresswoman Maxine Waters has indicated that regulations for stablecoins are nearing completion.

This movement towards regulation is a reflection of the growing need for oversight in an industry marked by its rapid expansion and innovation.

Read more: What Is a Stablecoin? A Beginner’s Guide

The impending regulations are expected to provide much-needed clarity and security for both consumers and financial institutions, leveling the playing field between traditional banking and the crypto sector.

As the debate around the role and regulation of cryptocurrencies continues, Orr’s insights offer a sobering reminder of the challenges and complexities inherent in integrating these new forms of money into the established financial system.

His expertise and cautionary stance provide a valuable perspective in the ongoing conversation about the future of finance in a digital world.

Best crypto platforms in Europe | February 2024


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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post NZ Banker: Bitcoin, Stablecoins Can’t Replace Central Bank Money appeared first on BeInCrypto.

From Missouri to Texas: Southern US Becomes Bitcoin Mining Hotspot

https://beincrypto.com/missouri-texas-southern-us-bitcoin-mining-hotspot/

The latest legislative proposal from State Rep. Phil Christofanelli aims to establish Missouri as a welcoming hub for Bitcoin mining.

This initiative aims to bolster the local economy while positioning Missouri alongside other progressive states in embracing digital assets.

Bitcoin Mining Bill Aims to Open the Door

Christofanelli’s bill, steeped in forward-thinking, proposes a unique approach. Its goal is to treat Bitcoin miners just like any other player in the energy sector.

He explained,

“Our state should welcome this type of new and innovative currency into the marketplace. We just want asset miners treated like everybody else in the energy economy.”

This sentiment reflects a growing recognition of the potential economic benefits that Bitcoin mining can bring to a region.

Read more: How To Mine Cryptocurrency: A Step-by-Step Guide

A pivotal aspect of the bill is the emphasis on fair play. It seeks to prevent the Missouri Public Service Commission from setting exorbitant power costs for cryptomines, a move that resonates with the principle of equality.

Christofanelli concluded,

“We’re trying to look ahead, and we want Missouri to be a crypto-freedom state. And we’re going to lead the country on this.”

Southern States Lead the Pack

Amidst this legislative endeavor, the cryptocurrency industry is witnessing substantial growth in other parts of the United States. CleanSpark, a Bitcoin mining giant, recently expanded its operations with the acquisition of three mining facilities in Mississippi for $19.8 million.

Zach Bradford, CEO of CleanSpark, commented on the expansion,

“With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity.”

This move is a testament to the industry’s resilience in the face of regulatory challenges and its ongoing commitment to innovation and growth.

Similarly, Riot is making headlines with its ambitious project in Corsicana, Texas. The company is investing approximately $333 million in a 1 gigawatt Bitcoin mining facility, reflecting a significant leap in infrastructure and capacity.

This development is set to create numerous jobs and drive economic growth. This also showcases the industry’s ability to contribute positively to local communities.

Missouri’s legislative efforts paint a picture of a flourishing industry ready to redefine economic landscapes. As states like Missouri look to foster a conducive environment for crypto enterprises, the industry continues to evolve, demonstrating its potential as a significant player in the modern economy.

Top crypto platforms in the US | February 2024


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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post From Missouri to Texas: Southern US Becomes Bitcoin Mining Hotspot appeared first on BeInCrypto.

Australian Court Sets Crypto Licensure Precedent in Block Earner Case

https://beincrypto.com/australian-court-crypto-licensure-defi-products-block-earner/

The Australian Securities and Investments Commission (ASIC) has scored a significant legal victory in the crypto sector. The court found that the Sydney-based start-up Block Earner had been offering unlicensed financial products to retail investors.

This ruling underlines the regulatory challenges faced by the crypto industry in Australia and highlights the government’s continued efforts to bring clarity and control to this evolving domain.

Block Earner Rolls with the Punches

Justice Ian Jackman ruled that Block Earner’s fixed-yield crypto products should have been registered as a managed investment scheme, aligning with ASIC’s stance on crypto regulation.

Block Earner, founded by Jordan Momtazi and Charlie Karaboga, has been in the spotlight for its innovative approach to linking investors with decentralized finance (DeFi) lending protocols. This approach, offering returns for staking a stablecoin, ventured beyond typical crypto exchange and app offerings.

However, in a twist to the proceedings, the court gave the green light to another Block Earner product, “DeFi Access.” Unlike its fixed-yield products, DeFi Access does not involve investing customer funds in other protocols for a fixed return. Instead, it connects customers directly to protocols that offer variable yields. Justice Jackman dismissed ASIC’s claim that this product was also a managed investment scheme.

Block Earner’s response to the judgment was swift and clear. James Coombes, the company’s head of business, asserted:

“This judgment doesn’t affect our operations, we moved on from the Earner product over a year ago.”

This response indicates the company’s agility in adapting to changing regulations.

Read more: Identifying & Exploring Risk on DeFi Lending Protocols

A Broad DeFi Industry Overhaul

The case against Block Earner is part of a broader push by ASIC to regulate the crypto industry. The regulator’s current actions include a lawsuit against Gold Coast-based BPS Financial over a product known as Qoin and allegations against Finder.com for offering its Finder Earn product without the necessary license.

These cases demonstrate ASIC’s determination to apply existing financial services frameworks to new crypto technologies, including DeFi products and decentralized autonomous organizations (DAOs).

This aggressive regulatory stance poses significant challenges for the crypto industry in Australia. And these rule changes affect a growing population of crypto holders. According to a 2023 study, nearly 32% of Australians aged 18 and older are currently holding or have owned crypto.

Australians aged 18+ who have held or are holding crypto. Source: Koinly

Companies in the space are now grappling with the complexities of a regulatory environment that is still taking shape.

The Block Earner case serves as a cautionary tale for other crypto firms operating in or planning to enter the Australian market, underscoring the need for compliance with existing financial services laws.

Top crypto platforms | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Australian Court Sets Crypto Licensure Precedent in Block Earner Case appeared first on BeInCrypto.

India Advances E-Rupee CBDC Features While Keeping Tight Grip on Crypto Sector

https://beincrypto.com/india-e-rupee-cbdc-features-grip-crypto-sector/

The Reserve Bank of India (RBI) is enhancing the accessibility and usability of its central bank digital currency (CBDC), the e-rupee, with new features. This initiative starkly contrasts India’s stringent stance on the broader cryptocurrency industry.

The RBI’s plan to introduce offline transaction capabilities and programmability to the e-rupee marks a significant leap for the digital currency.

India Buffing E-Rupee CBDC Features

These features, aiming for a gradual rollout through pilot programs, are poised to revolutionize how retail users interact with the e-rupee.

The proposed programmability function, for instance, will enable government agencies to ensure precise disbursement of benefits and empower companies to streamline expenses like business travel.

Sharat Chandra, the co-founder of India Blockchain Forum, commented on features that may further boost adoption:

“Compensating employees using the CBDC is a good step. Other avenues such as toll tax collections can also be included to further encourage adoption.”

Meanwhile, the Indian crypto industry is on edge as the nation’s 2024 budget draws near. The past year has been challenging for crypto investors and exchange owners due to heavy taxation and regulatory uncertainties.

Read more: Digital Rupee (e-Rupee): A Comprehensive Guide to India’s CBDC

The industry is hoping for a reduction in the 30% tax rate on virtual assets. This stance has contributed to India being labeled as one of the world’s most heavily taxed crypto markets.

India’s crypto tax ranks as one of the world’s highest. Source: Coincub

And it’s not just taxes that are causing a headache. In December 2023, India’s Financial Intelligence Unit issued notices to nine major offshore crypto exchanges for non-compliance with AML laws. This led Apple to remove their respective apps from its App Store in India. This included well-known entities like Binance, Kraken, and Huobi.

This crackdown is part of a broader regulatory push requiring crypto exchanges to register under the Prevention of Money Laundering Act. The Act has significant implications for Indian consumers, advising them to move their assets to compliant Indian platforms.

Major Crypto Players Move to More Welcoming Climates

The situation has also prompted a shift among Indian crypto firms, many of which are relocating to the United Arab Emirates (UAE).

This move is fueled by the UAE’s more accommodating regulatory framework. It starkly contrasts India’s rigorous tax laws and uncertain legal environment surrounding digital currencies. The UAE, particularly Dubai, is quickly becoming a hub for crypto businesses. It offers low taxes, ease of business setup, and a dedicated regulatory framework for digital assets.

Read more: Digital Rupee Tutorial — How to Use India’s CBDC e-Rupee

The industry’s future hinges on the upcoming budget and the government’s subsequent actions.

Will the budget bring relief and foster a more vibrant digital asset ecosystem, or will it tighten the regulatory noose, pushing more firms towards favorable jurisdictions like Dubai?

Overall, this scenario underscores a broader trend in the global crypto sector, where regions like the Middle East and Africa are emerging as key players in the digital currency domain.

Top crypto platforms | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post India Advances E-Rupee CBDC Features While Keeping Tight Grip on Crypto Sector appeared first on BeInCrypto.

Outcast Chinese Bitcoin Miners Migrate to Africa to Capitalize on Cheap Electricity

https://beincrypto.com/chinese-bitcoin-miners-migrate-africa-cheap-electricity/

Chinese Bitcoin miners, ousted from their homeland, are now setting their sights on Africa, notably Ethiopia. This migration is driven by the lure of cheap electricity.

The Grand Ethiopian Renaissance Dam, Africa’s largest, stands at the heart of this new trend.

Will Ethiopia Become a Haven for Bitcoin Miners?

Ethiopia’s low electricity costs, some of the lowest globally, coupled with a government increasingly open to Bitcoin mining, have made it an attractive destination for these Chinese companies.

Ethan Vera, Chief Operations Officer at Luxor Technology, commented on the situation:

“Ethiopia offers a unique combination of affordable power and a government that is welcoming Bitcoin mining”

This move, however, is not without its risks. According to data from 2016, around 56% of Ethiopia had no access to electricity.

African countries by percentage of population with no access to electricity (2016). Source: ResearchGate

Things are slowly getting better, however. But even now, in 2024, nearly half of Ethiopia’s population still lives without electricity. This has created a delicate balance between embracing this lucrative sector and addressing domestic energy needs.

This trend in Ethiopia is reminiscent of what transpired in Kazakhstan following China’s 2021 ban on Bitcoin mining.

The Rise and Fall of Kazakhstan Bitcoin Mining

After China banned Bitcoin mining in May 2021, Kazakhstan initially saw a surge in miners migrating to the country. This was mostly due to its close proximity, abundant energy resources, and favorable regulatory environment.

However, the industry’s rapid growth led to power shortages and regulatory challenges, causing a significant decline.

At the time, Hashlabs co-founder Alen Makhmetov explained:

“The situation in Kazakhstan serves as a cautionary example of the delicate balance required in hosting large-scale Bitcoin mining operations.”

Read more: How To Mine Cryptocurrency: A Step-by-Step Guide

As Chinese miners navigate the complexities of establishing operations in Ethiopia, they find themselves in a geopolitically advantageous position. China, as Ethiopia’s largest source of foreign investment, has lent substantial support for various projects in the country. This relationship and Ethiopia’s need for foreign currency inflows set the stage for a potentially symbiotic relationship.

However, the global Bitcoin mining sector continues to evolve under the influence of various factors, including geopolitical dynamics, environmental concerns, and the quest for sustainable energy sources.

As Chinese miners embark on this new venture in Ethiopia, the lessons from Kazakhstan’s experience loom large, highlighting the need for a careful approach that balances industry growth with broader economic and environmental considerations.

Top crypto platforms | February 2024


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Kraken
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Outcast Chinese Bitcoin Miners Migrate to Africa to Capitalize on Cheap Electricity appeared first on BeInCrypto.

Another Crypto-Friendly Bank Sunsets Digital Asset Services and Support

https://beincrypto.com/crypto-friendly-bank-sunsets-digital-asset-services-support/

Vast Bank has announced the termination of its crypto banking app and services, signaling a significant retreat from its once crypto-friendly stance. This decision underscores the growing trend among financial institutions to prioritize stability over innovation in the face of regulatory challenges.

Vast Bank, a trailblazer in integrating cryptocurrency transactions with conventional checking accounts, recently declared the closure of its Vast Crypto Mobile Banking application.

Another Crypto-Friendly Bank Pulls Support

The move, effective January 31, 2024, involves disabling the app from Google and Apple app stores, leading to the liquidation and closure of all digital asset accounts.

This marks a pivotal shift for Vast Bank, which initially launched its crypto-friendly application in 2019 in partnership with Coinbase and SAP. It enabled customers to manage cryptocurrencies alongside traditional banking services.

And it’s not just the US that is cracking down. The bank’s pivot aligns with a broader industry trend, as seen with JPMorgan Chase UK bank, which, amid escalating scam concerns, banned crypto payments in September 2023. The banking giant took steps to prevent UK customers from transferring funds to crypto firms and blocked crypto trades using Chase debit cards.

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

This move by the JPMorgan-owned neobank reflects growing apprehension within the financial sector, despite crypto trading being a regulated financial activity under the UK’s new Financial Services and Markets Bill.

The journey into digital banking has been fraught with challenges for Vast Bank. In late 2023, the Office of the Comptroller of the Currency issued a consent order citing the bank’s cryptocurrency activities. The official consent order stated:

“The Comptroller finds, and the Bank neither admits nor denies: The Bank has engaged in unsafe or unsound practices, including those related to capital; capital and strategic planning; liquidity risk management; project management; books and records; interest rate risk management; IT controls; risk management for new products; and its custody account controls.”

This regulatory scrutiny was most likely a key factor in the bank’s decision to return to its core banking services.

The Spark that Ignited the Fire

The collapses of crypto-friendly banks like Silvergate and Silicon Valley Bank in early 2023 further shook the industry. These incidents were major catalysts for increased regulatory scrutiny in the US, prompting a reevaluation of crypto services by banks.

The failures of these banks exposed the risks associated with digital assets. This led to a tightening of regulatory policies and an increased focus on risk management.

Silicon Valley Bank (SVB) Collapse Timeline. Source: Techloy Research

Read more: 2023 US Banking Crisis Explained: Causes, Impact, and Solutions

In light of these developments, Vast Bank’s exit from the cryptocurrency sector serves as a cautionary tale. It highlights the need for financial institutions to balance innovation with stringent risk management and compliance with regulatory standards.

As the bank returns to traditional banking practices, it leaves behind a legacy of pioneering digital asset integration. It’s venture, while promising, ultimately proved unsustainable in the current regulatory climate.

As institutions like Vast Bank reassess their involvement in the cryptocurrency space, the financial industry at large grapples with finding a balance between seizing digital asset opportunities and adhering to regulatory and economic realities.

Best crypto platforms in Europe | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Another Crypto-Friendly Bank Sunsets Digital Asset Services and Support appeared first on BeInCrypto.

Hong Kong Warns Crypto Exchanges: Comply by End of February or Shut Down in May

https://beincrypto.com/hong-kong-crypto-exchanges-comply-shut-down/

Hong Kong’s Securities and Futures Commission (SFC) has issued a clear mandate to all virtual asset trading platforms (VATPs) operating within its jurisdiction. As of February 29, all crypto exchanges in Hong Kong must either obtain or apply for a VATP license.

The SFC’s directive is a significant step in establishing a regulated and safe environment for virtual asset investors.

Hong Kong Crypto Exchanges Running Out of Time

The commission emphasized the importance of trading through licensed exchanges, urging investors to regularly check the regulatory status of their platforms. The SFC stated:

“Investors should check whether a VATP is on the ‘List of licensed virtual asset trading platforms’ or the ‘List of virtual asset trading platform applicants.’”

This list differentiates between fully licensed VATPs and those whose applications are pending. This highlights the ongoing efforts to bring clarity and security to the digital asset space in Hong Kong.

OSL and HashKey, two licensed exchanges in Hong Kong. Source: SFC.HK

Further underscoring the seriousness of these regulations, the SFC warned that trading on unlicensed platforms could pose significant risks, as approval for pending applications is not guaranteed.

Investors currently using unlicensed platforms are advised to transfer their holdings to a licensed entity by May 31. Failing to do so will result in the potential closure of their accounts.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Two Pack Leaders Emerge

In tandem with these regulatory developments, OSL, one of the two SFC-approved exchanges, has reaffirmed its commitment to high-security standards despite the SFC’s recent decision to lower mandatory insurance coverage on digital assets to 50%.

The exchange asserted its stance, reflecting a keen awareness of the volatile nature of the cryptocurrency market

“OSL is steadfast in its commitment to safeguarding at least 95% of regulated assets under custody.”

Meanwhile, HashKey, another SFC-approved exchange, has achieved a significant milestone, attaining unicorn status with a valuation exceeding $1.2 billion. This achievement marks a notable success story within Hong Kong’s tightly regulated crypto exchange sector.

The company’s rapid growth and high valuation reflect the changing nature of the crypto market in Hong Kong, even amid more stringent regulatory oversight.

Hong Kong is positioning itself as a hub for digital asset trading. These latest developments signify a balanced approach between fostering innovation and ensuring robust investor protection.

Top crypto platforms in the US | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Hong Kong Warns Crypto Exchanges: Comply by End of February or Shut Down in May appeared first on BeInCrypto.

Defendants Must Pay $9M in Yuga Labs’ Bored Ape Copyright Infringement Case

https://beincrypto.com/defendants-9m-yuga-labs-bored-ape-copyright-infringement/

Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFT collection, recently secured a significant legal victory. The US District Court ruled in favor of Yuga Labs against defendants Ryder Ripps and Jeremy Cahen, ordering them to pay a hefty sum of $8.9 million for copyright infringement and other related charges.

This court decision is not just a win for Yuga Labs but sets a precedent in the digital asset domain, particularly for non-fungible tokens (NFTs).

Yuga Labs Wins Landmark BAYC NFT Copyright Case

The court’s recognition of the BAYC trademarks as valid and enforceable underlines the seriousness with which copyright laws are applied in regard to NFTs. This sector is often considered uncharted territory.

The court document stated:

“It is hereby ordered that Judgment is entered in favor of Yuga Labs, Inc. and against Defendants Ryder Ripps and Jeremey Cahen on Yuga’s first and third cause of action in the amount of $8,895,346.50, for which Defendants shall be jointly and severally liable.”

Read more: What Impact Can AI Have on NFT and Crypto Marketing?

The case revolved around the alleged misuse of BAYC’s intellectual property by Ripps and Cahen, who were accused of creating and selling their own iterations of BAYC NFTs, closely mimicking the original.

The court found this action to be a clear infringement of Yuga Labs’ copyrights. It dismissed the defendants’ counterclaims and marked a significant moment in copyright law as it applies to NFTs.

While Yuga Labs celebrates this legal triumph, the Bored Ape Yacht Club NFT collection, which holds the second place in market cap, is facing challenges of its own.

Top 5 NFT collections based on market cap in the past 90 days. Source: NFT Price Floor

BAYC Collection Updates

The collection’s floor prices are hovering near all-time lows, a stark contrast from their peak during the NFT boom. From a high of 128 ETH in May 2021, the current floor price has dipped to just 24.5 ETH. This is a near-all-time low for the collection, barring a few occasional drops under 22 ETH in the past year.

This decline reflects the broader volatility and changing dynamics in the NFT market.

Yuga Labs' Bored Ape Yacht Club NFT collection floor price. Source: NFT Price Floor
Yuga Labs’ Bored Ape Yacht Club NFT collection floor price. Source: NFT Price Floor

Yuga Labs’ victory is a reminder of the evolving regulations of digital assets and intellectual property rights that go along with them.

NFTs are still in a fledgling phase. This case underscores the need for clear legal frameworks and respect for copyright laws in the digital space. The outcome might also influence future dealings in the NFT market, ensuring creators and investors alike tread carefully.

Overall, Yuga Labs’ win sets a precedent for the enforceability of intellectual property rights in the NFT sector.

Best crypto platforms in Europe | February 2024


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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Defendants Must Pay $9M in Yuga Labs’ Bored Ape Copyright Infringement Case appeared first on BeInCrypto.

Meta’s Reality Labs Faces $4.65B Quarterly Loss as Apple Vision Pro Hits the Shelves

https://beincrypto.com/meta-reality-labs-quarterly-loss-apple-vision-pro/

Meta’s ambitious journey into the metaverse, spearheaded by its Reality Labs division, is no stranger to financial challenges. The tech giant, formerly known as Facebook, reported a massive $4.65 billion loss for its Reality Labs in the fourth quarter.

Despite these setbacks, Meta remains steadfast in its commitment to developing augmented and virtual reality technologies, a cornerstone of what CEO Mark Zuckerberg has heralded as the “next frontier.”

Meta’s Reality Labs Continues to Take Licks

In Q3 2023, Reality Labs slightly pivoted its approach to showcase the immediate practicality of virtual reality. The accompanying ad campaign, “The Impact Is Real,” marked a significant departure from previous futuristic portrayals.

It focuses on VR’s present-day uses, such as in professional training and medical rehabilitation. It’s a clear signal that Meta is looking to broaden the appeal of the metaverse beyond gaming and into more diverse sectors.

However, this record loss is part of a broader trend, with the division accruing over $42 billion in losses since the end of 2020. Despite these continued losses, the company remains undeterred, stating:

“We expect operating losses to increase meaningfully year-over-year due to ourongoing product development efforts in AR/VR and our investments to further scale our ecosystem.”

Meta’s Reality Labs Quarterly Losses Q4 2020 – Q4 2023. Source: CNBC / Meta

In contrast to Meta’s ongoing struggles, Apple is making a bold entry into the virtual reality space with its Vision Pro headset. Slated for release on February 2, 2024, the Vision Pro will retail for $3,500. This is significantly more expensive than Meta’s Quest 3 VR headset, which sells for $500.

Read more: Understanding the Difference: AR vs. MR vs. VR vs. XR

Apple Debuts Vision Pro Headset

Apple’s foray into VR adds a high-profile competitor to the market and also signals a growing interest and potential in the VR and AR sectors. This development comes at a time when sales of VR and AR headsets have seen a substantial decline. Data from Circana revealed a 42% drop in sales revenue between July 2022 and January 2023.

Apple’s introduction of the Vision Pro is set against the backdrop of a changing VR market, where consumers and industries are slowly recognizing the potential of these technologies.

With both companies vying for a dominant position in the metaverse, the focus shifts to how these platforms can revolutionize experiences, from immersive entertainment to practical applications in various industries.

Meta’s continued investment in the metaverse, despite substantial financial losses, and Apple’s confident stride into the VR market with the Vision Pro underscores the dynamic and evolving nature of this technology.

As the race for metaverse supremacy heats up, the impact on consumers, industries, and the broader tech sector remains a key area to watch.

Top crypto platforms | February 2024


AlgosOne
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Сoinex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Meta’s Reality Labs Faces $4.65B Quarterly Loss as Apple Vision Pro Hits the Shelves appeared first on BeInCrypto.

India’s Crypto Tax in Focus: Budget 2024—A Beacon of Hope or a Tighter Leash?

https://beincrypto.com/india-crypto-tax-budget-2024-hope-or-leash/

India’s crypto market has gone through a significant shake-up in the past few years. A market downturn that coincided with global financial uncertainties led to lawmakers tightening the screws on taxes and regulations.

As India braces for the presentation of the interim budget in Parliament on February 1, the air is thick with anticipation and apprehension.

Will India Cut Back Its Crypto Tax?

Crypto investors and exchange owners faced a challenging year in 2023. Many are voicing a strong demand for reduced tax rates on crypto assets. Their eyes are set on the country’s 2024 budget, looking for a glimmer of hope in a sector mired in regulatory uncertainty.

However, the government’s stance appears unyielding. Expectations lean towards the government not only withholding relief but also contemplating heightened restrictions.

A looming possibility of a complete ban on private cryptocurrencies also adds to the industry’s woes. The previous budget, spearheaded by Finance Minister Nirmala Sitharaman, maintained a flat 30% tax on virtual assets.

India’s crypto tax ranks as one of the world’s highest. Source: Coincub

This was a move that was less than well-received by the industry. To add to the burden, an additional 1% Tax Deducted at Source (TDS) was imposed on all crypto transactions, further straining the sector.

India & Global Partnerships head at Liminal Custody Solutions’ Manhar Garegrat, views the 2024 budget as a crucial turning point. He asserted:

“Unlocking the full potential of this transformative asset class demands a robust ecosystem built on clarity, innovation, and talent.”

Garegrat emphasizes the need for clarity in the definitions of virtual digital assets (VDAs), tokenization, and the removal of the 1% TDS on overseas crypto assets. He also underscores the importance of prioritizing research and development for web3 projects.

Read more: Digital Rupee (e-Rupee): A Comprehensive Guide to India’s CBDC

Investors Want Less Tax and Sensible Regulations

The industry’s plea is clear: a reduction in tax rates and a more comprehensive policy on cryptocurrency regulation. The current broad definition of VDAs needs refinement to foster a dynamic and inclusive digital asset ecosystem.

Garegrat suggests refining VDA definitions to exclude valuable tokenized assets as a positive step forward.

The introduction of the 1% TDS in 2022 is believed to have caused an estimated loss of $420 million in potential government revenue. This has forced many Indian crypto traders to migrate to overseas platforms.

Garegrat proposes tax breaks for the development of blockchain security infrastructure and the implementation of advanced security protocols. These measures could attract investment, generate high-skilled jobs, and solidify India’s position as a global leader in secure digital asset custody.

So, as India navigates the choppy waters of cryptocurrency regulation, its 2024 budget stands as a pivotal moment. Will it offer a beacon of hope to rejuvenate the industry or tighten the leash, further constraining an already embattled sector?

Best crypto platforms in Europe | February 2024


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AlgosOne
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Margex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post India’s Crypto Tax in Focus: Budget 2024—A Beacon of Hope or a Tighter Leash? appeared first on BeInCrypto.

Hamas Victims Target Binance in Anti-Terror Lawsuit

https://beincrypto.com/hamas-victims-binance-anti-terror-lawsuit/

Judith Raanan, an American mother who endured the harrowing experience of being held hostage by Hamas in Gaza, has initiated a lawsuit against Binance. This action accuses the crypto exchange of playing a role in facilitating the violence that has affected their lives.

The lawsuit, filed in a federal court in Manhattan, marks a pivotal moment in legal history.

Binance Faces Terror Financing Lawsuit

It represents the first civil case in an expected series of litigations targeting Hamas and its networks. This follows the terrorist organization’s attack and mass kidnapping, which ignited an ongoing conflict with Israel.

As a result, the plaintiffs allege that Binance, by allowing Hamas to trade on its platform, has indirectly supported these violent acts.

Binance’s involvement in these allegations comes in the wake of a regulatory and criminal investigation. This probe exposed the crypto exchange’s violation of sanctions and anti-money laundering laws. These violations enabled groups like Hamas to bypass US banking regulations.

Read more: Binance Review: Is It the Right Crypto Exchange for You?

Consequently, Binance has been penalized with a substantial criminal fine and forfeiture, reflecting the seriousness of these allegations.

Raanan’s lawyer, Robert Seiden, made a statement on the lawsuit, asserting,

“We have been working on this lawsuit for weeks and believe that anyone who aids terrorism should be held accountable.”

US Lawmakers Speak Out

Adding to the complexity of this case, US lawmakers, including Senator Cynthia Lummis and Representative French Hill, have also raised concerns about Binance’s alleged connections to Hamas. In a communication to the US Secretary of Justice, they highlighted the potential role of Binance and Tether in facilitating crypto donations to Hamas.

This scrutiny underlines the growing need for robust crypto regulations to prevent misuse of these platforms for illegal activities.

However, a report from Elliptic, a blockchain analytics firm, has provided a contrasting perspective. Elliptic clarified that the amount of cryptocurrency donated to Hamas has been significantly overstated, with only $21,000 being donated in October 2023.

The report stated:

“There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.”

This revelation challenges the narrative of widespread crypto-financed terrorism. It also highlights the importance of accurate data in understanding the role of cryptocurrencies in global conflicts.

Top crypto platforms | February 2024


FXGT.com
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Kraken
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Hamas Victims Target Binance in Anti-Terror Lawsuit appeared first on BeInCrypto.

FTX Scraps Relaunch, Promises Full Customer Repayment (But There’s a Catch)

https://beincrypto.com/ftx-scraps-relaunch-customer-repayment-catch/

FTX, once a flourishing name in the crypto exchange market, has officially abandoned its efforts to relaunch. The company attorney, Andy Dietderich, announced on Wednesday that the focus has shifted towards asset liquidation to ensure full repayment to its customers.

This decision follows months of negotiations with potential bidders and investors. These talks ultimately did not materialize into sufficient funding for rebuilding the exchange.

FTX Liquidation Has Customers Up in Arms

Dietderich highlighted the grim reality behind FTX’s facade, stating,

“FTX was an irresponsible sham created by a convicted felon.”

The attorney pointed out the high costs and risks associated with creating a viable exchange from the remnants left by founder Sam Bankman-Fried, who has been convicted on fraud charges. This pivot to liquidation underlines a stark admission of the exchange’s foundational shortcomings in technology and administration.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Despite these challenges, FTX has made notable progress in asset recovery, securing over $7 billion to repay customers. These funds will be disbursed based on cryptocurrency values from November 2022, when the market was experiencing a slump.

This decision has led to customer complaints, as they feel shortchanged, considering the significant rise in Bitcoin’s price since then.

Bitcoin price comparison 2022 to 2024, 130% difference. Source: TradingView

However, US Bankruptcy Judge John Dorsey upheld this approach, stating,

“The Bankruptcy Code says what it says, and I am obligated to follow it.”

Clawing Back Funds

Furthermore, FTX has recently made a strategic move by selling nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC). It reportedly garnered approximately $600 million from this sale.

This liquidation aligns with the court’s approval in September 2023 for the FTX estate to liquidate over $3.6 billion in assets. John Hoffman from Grayscale commented on the volatility of GBTC and its role in diverse investing strategies.

Read more: Who Is Sam Bankman-Fried (SBF), the Infamous FTX Co-Founder?

As FTX nears the conclusion of its bankruptcy proceedings, the company has revealed a proposal to return billions to its customers and creditors. This marks a crucial phase in resolving the controversy-ridden bankruptcy case.

This move by FTX, while aiming to settle its debts and address the needs of its customers, brings to the forefront the complexities and risks inherent in the crypto market.

Top crypto platforms | February 2024


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Kraken
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post FTX Scraps Relaunch, Promises Full Customer Repayment (But There’s a Catch) appeared first on BeInCrypto.

FTX Fallout Continues: Effective Ventures to Repay Nearly $27M in Crypto Donations

https://beincrypto.com/ftx-fallout-effective-ventures-repay-crypto-donations/

The Effective Ventures Foundation has agreed to a settlement with the bankruptcy estate of FTX, committing to repay approximately $26.8 million in donations. This move comes amid a turbulent period in the ongoing FTX fallout.

Effective Ventures, known for its focus on effective altruism causes, finds itself at the heart of a complex situation following FTX’s collapse.

FTX Crypto Donations Ordered to Be Returned

The charity, which operates across England, Wales, the Netherlands, and the United States, has been under scrutiny by the Charity Commission in the United Kingdom. This investigation, a separate entity from an internal probe conducted by Effective Ventures, underscores the broader implications of FTX’s bankruptcy for the non-profit sector.

Zachary Robinson, the interim CEO of Effective Ventures US, claimed that its internal investigation,

“Found no evidence that anyone at EV was aware of the criminal fraud of which Sam Bankman-Fried has now been convicted.”

This assertion highlights the challenging position charities like Effective Ventures find themselves in when donors become embroiled in legal controversies.

The Charity Commission’s inquiry aims to examine the potential risks to Effective Ventures’ assets and ensure that trustees adequately fulfill their responsibilities. It also seeks to scrutinize the relationship between trustees and donors, a critical aspect given the circumstances surrounding FTX’s bankruptcy.

Despite the ongoing inquiry, the Commission has, for now, cleared the charity’s trustees of any wrongdoing.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

FTX: Fund Recovery Process

In response to these challenges, Robinson further claimed,

“We have chosen to increase the rigor of donor due diligence, and staffing up the in-house legal departments.”

This proactive approach signifies a shift in how charities approach donor relations, especially when it comes to crypto.

The Giving Block forecasts that all-time crypto donations will reach the $1 billion level by the year 2027. It further projects that over $10 billion will be donated in crypto by late 2032.

10-year crypto philanthropy forecast. Source: The Giving Block

Read more: How To Donate Crypto Using The Giving Block

Meanwhile, FTX’s bankruptcy estate has been actively recovering a variety of misdirected customer funds, including both political and philanthropic donations. The estate’s efforts reflect a broader attempt to rectify the financial irregularities that led to FTX’s downfall.

This situation places Effective Ventures in a unique position, balancing its commitment to impactful philanthropy with the complexities of financial accountability and regulatory compliance.

Top crypto platforms in the US | February 2024


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DeGate
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post FTX Fallout Continues: Effective Ventures to Repay Nearly $27M in Crypto Donations appeared first on BeInCrypto.

SEC Seeks Dismissal of DEBT Box Crypto Lawsuit to Avoid Sanctions

https://beincrypto.com/sec-dismissal-debt-box-crypto-lawsuit-sanctions/

The US Securities and Exchange Commission (SEC) has moved to dismiss its lawsuit against crypto firm DEBT Box in a bid to sidestep sanctions from a federal judge. This decision comes amidst growing scrutiny over the SEC’s handling of crypto-related cases, particularly under the leadership of Chair Gary Gensler.

The case initially accused DEBT Box of defrauding investors of nearly $50 million. It has been a focal point in the ongoing debate about the regulatory environment surrounding cryptocurrencies.

SEC Throws in Towel in DEBT Box Suit

The SEC initially sued DEBT Box in July 2023 for offering what it referred to as “node licenses” as unregistered securities since 2021.

DEBT Box node license explainer. Source: DEBT Box

The SEC’s request for dismissal without prejudice, allowing for the possibility of a future retrial, is a clear indicator of the agency’s attempts to avoid potential disciplinary actions. This move is not without its critics.

Ripple Labs’ CTO David Schwarz and crypto lawyer John Deaton have vocally criticized the SEC’s actions in this case. Their statements underscore the profound impact on the defendants and their families.

Deaton called out the agency for its handling of the case:

“The impact of gross government overreach can’t be overstated. And the lawyers …claim this was not intentional. @SECEnfDirector has already misled Congress. These lawyers were following SEC leadership.”

Read more: What Does It Mean To Receive a Wells Notice From the SEC?

His concerns echo the sentiments of many in the crypto community, who view the SEC’s approach as overly aggressive and detrimental to the industry’s growth.

The DEBT Box case is particularly notable for the SEC’s use of an ex parte application. This tactic effectively barred the firm from contesting the action in court.

The defendants later refuted the SEC’s claims, casting doubt on the agency’s allegations and leading Judge Robert Shelby to demand the SEC justify its initial actions.

Shelby stated concerns about the SEC’s statement, saying the agency made,

“Materially false and misleading representations.”

A Slippery Slope

In a December filing, the SEC’s enforcement chief, Gurbir Grewal, admitted to the agency’s missteps.

The Commission cannot let its zeal to stop ongoing fraud interfere with its duty to be accurate and candid. The Commission and its attorneys fell short of that expectation here.

This admission, coupled with the agency’s inability to provide proof of overseas transfers, paints a picture of an organization grappling with the complexities of regulating the crypto sector.

The SEC’s handling of the DEBT Box case and its implications extend beyond the immediate parties involved. It underscores the broader challenges facing regulatory bodies in governing the cryptocurrency market.

With high-profile cases like DEBT Box and Ripple still in play and the SEC’s rulemaking agenda for 2024 poised to impact the industry further, crypto regulations remain in a state of flux.

Top crypto platforms | February 2024


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Сoinex
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post SEC Seeks Dismissal of DEBT Box Crypto Lawsuit to Avoid Sanctions appeared first on BeInCrypto.

Crypto Gamblers Bet on Trump 2024 Election Win Despite Criminal Indictments

https://beincrypto.com/crypto-gambler-bet-trump-2024-election-win-criminal/

As the 2024 presidential race heats up, Donald Trump remains a divisive figure. Trump is currently leading the 2024 presidential election betting pools despite a plethora of legal challenges.

His position reflects the enduring support from his base, contrasted sharply against the backdrop of ongoing legal scrutiny. This juxtaposition sets the stage for an election cycle that is as unpredictable as it is unprecedented.

Trump Leads 2024 Presidential Election Betting Pools

According to Polymarket, a crypto betting platform, Trump currently leads with a 55% chance of victory. This outpaces the current President, Joe Biden, who stands at a 38% probability of getting reelected.

At the time of publishing, more than $23.3 million has been wagered ahead of the election slated for November 5, 2024.

2024 US Presidential election betting pool. Source: Polymarket

However, Trump’s strong position in these polls comes amid a storm of legal challenges, including open criminal indictments that threaten to impact his bid for the presidency.

He faces a series of criminal indictments and a civil trial, with allegations spanning from financial fraud to election interference. The legal proceedings include cases initiated by the New York Attorney General, Letitia James. They also include a separate election fraud inquiry in the state of Georgia.

According to prosecutors in the election fraud case, Trump and the other defendants,

“Knowingly and willfully joined a conspiracy to unlawfully change the outcome of the election in favor of Trump.”

The charges are serious, with some potentially carrying significant prison sentences. These legal battles present a unique backdrop to his 2024 presidential campaign, highlighting a stark contrast between his political ambitions and the potential legal repercussions he faces.

Trump Related Memecoins

Donald Trump’s political journey has intriguingly intersected with the cryptocurrency market, particularly evident in the fluctuating fortunes of Trump-associated memecoins like MAGA coin.

MAGA (TRUMP) price chart 1Y. Source: CoinGecko
MAGA (TRUMP) price chart 1Y. Source: CoinGecko

These digital assets have mirrored Trump’s political trajectory, with notable surges in value reflecting key moments in his campaign and public life. The rise in the value of these memecoins illustrates the speculative side of crypto and underscores how political movements can influence market trends.

Read more: What Are MemeCoins?

Trump himself appears confident that he will emerge victorious. In a speech following his win against Nikki Haley in the New Hampshire primaries, he boasted:

“They’re going to all vote for me again. I’m not sure we need too many. I’m not sure. I think that Biden is the worst president in the history of this country. But we’re going to all come back. They’re all coming back. And I think you see that.”

This phenomenon demonstrates a unique blend of politics and finance, where supporters use crypto as a medium to express their political allegiance and speculate on election outcomes.

Top crypto platforms | February 2024


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Kraken
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post Crypto Gamblers Bet on Trump 2024 Election Win Despite Criminal Indictments appeared first on BeInCrypto.