Coinbase Reports Reveal 19% of New Yorkers Hold Crypto Currencies

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Coinbase, a significant cryptocurrency exchange in the United States, recently published a survey report with New York as its central focus. It revealed that the rising interest in cryptocurrencies has contributed to making New York a blockchain-oriented innovation hub.

The Coinbase report demonstrates a series of highlights showing crypto innovation at the state level in the US. Its fourth edition’s sole focus is New York, where it discusses numerous milestones reached by the state concerning crypto adoption.

The report exhibited that among the study participants, 19% of New York residents own cryptocurrencies. The numbers say that one in five New Yorkers is a cryptocurrency enthusiast. Further, one out of three New Yorkers affirmed the statement that crypto contributes to fairer financial statements. It further described crypto as a worthwhile future investment.

Open Arms For The Idea Of Crypto Among New Yorkers

The report by Coinbase has been very detailed in explaining how New Yorkers continue to embrace the idea of cryptocurrency. Further, it revealed how the state is turning into a home for blockchain-centered projects. Per the report, the New York state hosts 692 blockchain organizations with 800 founders based here.

Enhanced Crypto Adoption and Supervision in New York

The growth of crypto adoption in New York has state regulators concerned over legal matters. That is why they are accelerating their digital currency supervising capacity.

A February 21 announcement by the New York State Department of Financial Services exclaimed that they had tightened the ropes in detecting illegal activities surrounding crypto. It directed the path to the enhanced capabilities employed in addressing insider trading, front-running, and market manipulation tactics.

Further, the United States Federal Reserve widened its program’s scope for monitoring US-based banks involved in crypto and blockchain. On August 8, they set a program limiting specific crypto-related activities for the banks under Federal Reserve’s supervision.

Notable Global Developments in Crypto

Other news regarding noticeable developments for crypto globally includes enhanced traction for the US-based stablecoin issuer, Circle. The party highlighted that their USDC has risen globally, with its CEO Jeremy Allaire claiming that 70% of USDC adoption materializes from outside of the United States. They also revealed the coin’s growing popularity in countries like Africa, Asia, and Latin America.

The growing crypto passion in New York brings good news for the community. Further, its evolving landscape ensures that legal and financial growth occurs side by side in the state.

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FTX Requests Removal of Dubai Unit From US Bankruptcy Proceedings

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Troubled crypto exchange FTX files motion to dismiss its Dubai subsidiary from the US bankruptcy proceedings. FTX submitted bankruptcy forms with the US rules in November 2022, including 102 worldwide units to participate in Chapter 11 proceedings.

The August 2 court filing requests eliminating the Dubai unit from the current restructuring operations because this unit didn’t perform any business before the bankruptcy was filed. The argument says that the subsidy is unlikely to rehabilitate its procedures for this reason. The court has given August 23 as the first hearing date for this problem.

Insights Into The Matter With FTX Dubai 

The court filing submitted by FTX regarding this matter states that their Dubai unit is a balance sheet solvent. “Therefore, a voluntary liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets.”

What is FTX Dubai?

Dubai’s Virtual Assets Regulatory Authority (VARA) authorized FTX Dubai with a virtual asset service provider license. This FTX’s European leg is a direct and wholly-owned subsidiary, currently holding near to $4.5 million in various accounts. Of these funds, $4 million have been blocked by VARA as license security.

On July 25, VARA assured that the restricted funds would be released when FTX Dubai follows the liquidation procedure according to United Arab Emirates liquidation law.

“All of FTX Dubai’s assets are located in the United Arab Emirates, and substantially all of FTX Dubai’s prepetition activities occurred in the United Arab Emirates. The Debtors have determined that a timely local voluntary liquidation of FTX Dubai in accordance with the laws of the United Arab Emirates is in the best interests of the Debtors and their estate.”

The bankrupt estate backs its dismissal claim with the impact on debtor protection, intending to authorize them to clear debts like pre-bankruptcy wages and salaries, benefits and expenses to Dubai employees, and other compensation packages.

Based on these events, FTX Dubai can establish an agreement with an appointed liquidator to apply fundamental administrations. Further, they’ll focus on maintaining transparency, orderliness, efficiency, and effectiveness across the liquidation process in the US and Dubai.

The Layers of Legally Complex Landscape

FTX’s request for the Dubai unit’s dismissal throws shade on the highly complex legal landscape for crypto platforms working globally. Further, the inclusion of the Official Committee of Unsecured Creditors enhances the doubts and queries regarding the overall outcome and direction of the procedure.

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Top 7 Crypto Casinos in 2023: The Hottest Bets

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The world is slowly acknowledging the presence of cryptocurrencies, and the online gambling industry is no exception. Bitcoins and other cryptocurrencies are accepted as payment methods at a variety of online casinos. This option enables gamers to conduct transactions anonymously and use cryptocurrency for gambling purposes. A crypto casino follows all of the requirements of safe online transactions and provides users with the anonymity they require. Below is a list of the top 7 crypto casinos in 2023 that you should try.

Introduction: What are Crypto Casinos?

It’s simple. Crypto casinos are online gambling platforms that accept cryptocurrencies as a form of payment. Cryptocurrencies are digital or virtual tokens that use cryptography for security. They are decentralized, meaning they are not subject to government or financial institution control.

Crypto casinos offer several advantages over traditional online casinos, including:

  • Anonymity: Crypto casinos do not require players to provide any personal information, such as their name, address, or date of birth. This makes them a good option for players who want to gamble anonymously.
  • Security: Crypto casinos use the same security protocols as cryptocurrency exchanges, which are some of the most secure online platforms in the world. This means that your funds are safe and secure when you gamble at a crypto casino.
  • Fast transactions: Crypto transactions are processed much faster than traditional bank transfers. This means that you can deposit and withdraw funds from a crypto casino quickly and easily.
  • Low fees: Crypto casinos typically charge lower fees than traditional online casinos. This means that you can keep more of your winnings when you gamble at a crypto casino.

History of crypto casinos

The first crypto casino was founded in 2011. Since then, the number of crypto casinos has grown exponentially. In 2023, there are hundreds of crypto casinos operating around the world.

The growth of crypto casinos is being driven by the increasing popularity of cryptocurrency. Cryptocurrencies are becoming more widely accepted as a form of payment, and this is making them more attractive to online gamblers.

How do crypto casinos work?

Crypto casinos work in a similar way to traditional online casinos. Players create an account at the casino and deposit funds using cryptocurrency. They can then play a variety of casino games, such as slots, table games, and live dealer games.

When a player wins a game, their winnings are credited to their casino account. They can then withdraw their winnings back to their cryptocurrency wallet.

The main difference between crypto casinos and traditional online casinos is the way that payments are processed. Crypto casinos use blockchain technology to process payments, which is a secure and transparent way to transfer funds.

FactorWhat to Consider?
ReputationCheck the casino’s reputation by reading online reviews and looking for any red flags.
LicenseMake sure the casino is licensed and regulated by a reputable gaming authority.
SecurityThe casino should use SSL encryption to protect your personal and financial information.
Game selectionMake sure the casino offers the games you want to play.
Bonuses and promotionsCheck the casino’s bonus terms and conditions carefully before you sign up.

The Best Crypto Casinos of 2023

The escalating popularity of crypto casinos in 2023 can be attributed to a confluence of factors, including their appeal to diverse demographics, global accessibility, improved trust and credibility, integration with traditional gambling platforms, and ongoing innovations within the industry. We enlist the top 7 down below:

 

BitStarz

BitStarz is one of the most popular crypto casinos in the world. It offers a wide variety of casino games, including slots, table games, and live dealer games. BitStarz also has a generous welcome bonus and several other promotions.

Pros

  • Accepts multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
  • Attractive welcome bonuses and promotions for both new and existing players
  • Fast and reliable customer support

Cons

  • Restricted in certain countries due to legal regulations.
  • Some users have reported slow withdrawal processing times.

Rating

  • User Experience: 8/10
  • Game Variety: 9/10
  • Customer Support: 8/10
  • Trust and Security: 9/10

 

FortuneJack

FortuneJack is a popular crypto-only casino launched in 2014. It provides an extensive selection of casino games, sports betting, and live dealer games.

Pros

  • Supports a wide range of cryptocurrencies, including Monero, Dash, Dogecoin, and more
  • Offers a provably fair gaming system for transparency
  • Low minimum deposit and withdrawal requirements

Cons

  • The website design could be more user-friendly
  • Limited fiat currency support

Rating

  • User Experience: 7/10
  • Game Variety: 9/10
  • Customer Support: 8/10
  • Trust and Security: 9/10

 

mBit Casino

mBit Casino is another popular crypto casino that offers a wide variety of casino games. It also has a generous welcome bonus and several other promotions. It is known for its high-quality games and its user-friendly interface.

Pros

  • Offers a VIP program with exclusive rewards and benefits
  • Provides 24/7 live chat support for customer inquiries
  • Allows fast withdrawals with various cryptocurrencies

Cons

  • Limited support for fiat currencies
  • Some users have reported occasional slow customer support response times

Rating

  • User Experience: 8/10
  • Game Variety: 8/10
  • Customer Support: 7/10
  • Trust and Security: 8/10

 

Stake

Stake is a unique crypto casino that primarily focuses on cryptocurrency sports betting. It offers a user-friendly interface and a variety of sports betting options.

Pros

  • Exclusive emphasis on sports betting with a wide range of sports and events
  • Quick and straightforward registration process
  • Engaging community and social features

Cons

  • Limited casino game options compared to other platforms
  • No traditional fiat currency support

Rating

  • User Experience: 9/10
  • Game Variety: 6/10
  • Customer Support: 8/10
  • Trust and Security: 9/10

 

CryptoSlots

CryptoSlots is a unique crypto casino that focuses on proprietary, provably fair slot games. It was launched in 2018 by Slotland Entertainment.

Pros

  • Exclusive selection of provably fair slot games
  • Accepts Bitcoin, Bitcoin Cash, Litecoin, and Monero
  • Unique and rewarding game design

Cons

  • Limited game variety, as it specializes in slot games only
  • No live dealer games available

Rating

  • User Experience: 7/10
  • Game Variety: 7/10
  • Customer Support: 8/10
  • Trust and Security: 9/10

 

CasinoFair

CasinoFair is a blockchain-based casino launched in 2018. It operates on the FunFair platform and offers a wide variety of fair games.

Pros

  • Provably fair games powered by blockchain technology
  • Quick withdrawals and deposits through Ethereum
  • Transparent and auditable gaming

Cons

  • Limited game selection compared to traditional online casinos
  • Fewer cryptocurrency options for deposits

Rating

  • User Experience: 8/10
  • Game Variety: 6/10
  • Customer Support: 7/10
  • Trust and Security: 9/10

 

Bitcasino.io

Bitcasino.io is one of the first licensed Bitcoin casinos, operating since 2014. Bitcasino.io is a crypto casino that is known for its high-quality games and its excellent customer support.

Pros

  • Wide range of games and game providers
  • Attractive promotions and bonuses for players
  • Licensed and regulated platform

Cons

  • Limited fiat currency support
  • Customer support response time can vary

Rating

  • User Experience: 8/10
  • Game Variety: 9/10
  • Customer Support: 7/10
  • Trust and Security: 8/10

Conclusion: Decoding the Future of Crypto Gambling

The future of crypto gambling is very bright. As cryptocurrency continues to grow in popularity, so too will crypto gambling. This is because crypto gambling offers several advantages over traditional gambling, and it is becoming more regulated.

Here are some specific predictions of crypto gambling:

  • The number of crypto casinos will continue to grow.
  • More traditional online casinos will start to accept cryptocurrency.
  • The gambling industry will start to adopt blockchain technology.
  • Crypto gambling will become more mainstream.

Overall, the future of crypto gambling is very promising. It is a growing industry that offers several advantages over traditional gambling. As cryptocurrency continues to grow in popularity, so too will crypto gambling.

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India Recommends Addressing Digital Assets Risks For Developing Economies For G20 Crypto Pathway

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The Group of Twenty (20) presidency-holder nation, India, has expressed its support for Financial Stability Board’s (FSB) suggestions for a global crypto framework appearing in July. They stated the necessity of addressing the concerns and risks of digital assets and their dealings for developing economies.

India Releases Presidency Notes

India published a presidency note on August 1 requiring input for the pathway to the global crypto framework. The document released by the country agrees with the guidelines offered by FSB, International Monetary Fund (IMF), and Financial Action Task Force (FATF).

The presidency note adds to the suggestion list, emphasizing the impact of digital asset trading and risks on developing economies. Although the IMF already has specific guidelines specifying digital assets and developing economies, India urges FSB to implement them too.

Further, the nation also calls for transcending to all jurisdictions and generating awareness about potential risks. The awareness-generation program should commence with countries adopting crypto increasingly. The future regulatory approach should be extended to the digital economy surpassing the G20 scope.

The note also reveals that the IMF’s and FSB’s so-called Synthesis Paper is due for release by the end of August. It contains a broad roadmap for G20 to consider and walk on.

The FSB published its crypto and stablecoin guidelines in July. It states the vitality of segregation between clients’ digital assets and the crypto exchange’s own funds. All the related functions should be separate to prevent conflict of interest.

Further, tight cross-border cooperation and oversight need to be practiced. The guidelines also state that stablecoin issuers should get a national license in any jurisdiction before operating there. Indian Economic Affairs Secretary Ajay Seth talked to reporters in Gandhinagar, “The thinking is that there should be a bare minimum – the two high-level recommendations that have come say there should be a bare minimum; beyond that if any jurisdiction wants to be more stringent based on its own circumstances, it should be doing so. But nobody should go below the bare minimum.”

India Hopes For A Transparent and Clear Discussion

Indian Finance Minister Nirmala Sitharaman stated on July 18, “Unless the discussions get to some kind of crystal-clear thoughts, it will be very difficult for me to guess now as to what kind of regulations they talk about. So we will have to wait until the next meeting, the Summit, and post the Summit when we go to Marrakesh.

India hopes to address its concerns regarding crypto and take the crypto discourse forward with its G20 presidency.

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Worldcoin Comes Under Germany’s Data Watchdog’s Scrutiny

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Worldcoin, launched by OpenAI’s CEO Sam Altman, has come under Germany’s data watchdog scrutiny. The Bavarian State Office for Data Protection Supervision has commenced an investigation in the German subsidiary among concerns about processing biometric data.

Their controversial initiative attracted a probe in November 2022 intending to examine the sensitive biometric data processing. The EU regulators are keeping an eye over these proceedings despite Worldcoin’s claims to hold privacy and encrypt personal data. Watchdogs in France and the UK have also expressed concerns over Worldcoin’s data collection practices.

Apprehension Regarding Worldcoin’s Controversial Initiative

The biometric data processing procedure involves scanning a user’s iris to offer a digital ID and cryptocurrency. Their website states that 2.1 million worldwide signups have been received so far.

The Bavarian State Office for Data Protection Supervision’s president, Michael Will, apprehended the large-scale processing of sensitive data. Will expressed his concerns to Reuters regarding significant risks attached to the highly-sensitive biometric data.

Their exact words were, “These technologies are at first sight neither established nor well analyzed for the specific core purpose of the processing in the field of transferring financial information.”

Worldcoin’s website states that it upholds privacy and encrypts personal data while defending its stance. The global initiative is registered by the Cayman Islands, whereas the European governance is under the EU’s data protection laws.

A Strict Framework Imposed By EU Data Rules

Lately, the world’s greatest crypto exchange platform, Binance, was stopped from supporting privacy coins under the guise of adhering to the Market in Crypto Assets (MiCA) rule in the region.

Notably, the “travel rule” imposed by MiCA puts companies at risk for facilitating kinds of crypto trades in the EU legislation. That is why the authorities have initiated the scrutiny of biometric data processing to validate the legitimacy and outcomes of gathering such vast amounts of biometric information.

Controversy Expands Germany’s Borders

Germany isn’t the only country to assess Worldcoin’s biometrics. France and UK regulators have also jumped in the wagon and have expressed doubts regarding the data collection procedures of the project.

While France’s privacy watchdog, CNIL, deems Worldcoin’s legality for data collection “questionable,” Britain’s Information Commissioner’s Office claims their intention to investigate the project deeply.

The proceeding investigations will have implications for the Worldcoin project, its biometric data collection, and privacy concerns in the current age. Following the news, the WLD token trading closed at $2.30 at press time, with a recorded daily high of more than 3%.

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India Leads The Crypto Employer List in Asia; China, and Singapore Follow

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The crypto market in Asia is flourishing, with 35% of the global crypto workforce belonging to this region. India and China, the most populous nations of the world, lead the crypto employer list, while Singapore follows closely. Of the total of 65,900 employed people in the global crypto industry, 29,400 pertains to these three areas.

These three nations are followed by Hong Kong, South Korea, and Indonesia, which stand at 5-10% each. The bottom of this ladder is occupied by UAE, Australia, Turkey, and Thailand, as the remaining countries account for 21% of the crypto employment.

The top crypto-employing organizations include Binance, OKX, and Crypto.com. Their collective global workforce contains 8,300 Asian employees.

India’s Stance Over Crypto and Web3 Industries

Although the regulatory landscape in India is uncertain, the Indian economy is leaving an indelible imprint on the crypto industry. The nation sees a rise in demand for blockchain developers, which satisfies their positional advantage of bearing a pool of talented developers. The future, too, seems optimistic according to stalwarts from space.

The K33 report elaborated on this trend, asserting,

“The Indian presence is large in most of the major crypto companies globally.”

The Web3 industry is also maturing alongside the crypto industry. The National Association of Software and Service Companies (NASSCOM) released a survey in Q4 2022, stating that this sector offered employment opportunities to almost 11% of the global Web3 talent.

The Web3 industry-leading board has India in third place. The workforce expansion is anticipated to rise by over 120% in 2023.

China Softens The Anti-Crypto Stance

Although China became the flag-bearer of anti-crypto nations in the world in 2021 after a nationwide crackdown on these assets, its blow has softened these days. Recently, Beijing supported Hong Kong’s stance of becoming a crypto hub.

Further, officials from China’s Liaison Office are frequently assembling in crypto gatherings and having friendly encounters. They are also asking for developments and reports in the industry with follow-up calls about the situation.

Singapore Inviting Crypto Communities

Singapore has been extending invites and licenses to several prominent crypto companies, including Ripple and Crypto.com. The Monetary Authority of Singapore (MAS) allows these companies to offer their services in the area.

The well-regulated and efficiently governed system has attracted the top companies to set up hubs in the country. Further, ranking top in the digital infrastructure and World’s Ease of Doing Business index adds to the laurels for the crypto community to rise in the nation.

The K33 report finishes with the statement saying, “Under the hood, Asia flourishes with uniqueness, with several countries seeing substantial employment within national exchanges and three distinct highly influential hubs facilitating infrastructure for the global crypto market.”

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Cardano’s Total Value Soars And Reaches A New Yearly High

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The rising DeFi activity is causing an upward trend for Cardano, with its total value (TVL) reaching $200 on July 14. This rise marks a new year high, with the peak coinciding with the capital inflows. Cardano (ADA’s) market capitalization also experienced nearly $2 billion in inflows, while the token rose 15%.

Discussing this one-year-high victory, Cardano’s founder Charles Hoskinson credited Ripples’ victory as an upward-turning point for the crypto industry.

The highest total value for Cardana was $209 million, which retraced to $192 million while forming the report.

Insights Into The TVL Statistics

Nearly 600 million ADA tokens are locked in DeFi platforms. In fact, while writing this report, it stands at an annual high of 587 million. Reaching this milestone is an indicator of the elevated decentralized finance (DeFi) activity on Cardano in 2023. More and more traders seem to be engrossed with decentralized applications standing on this network.

Further, the rising total value is attached to the trading volume highs in the decentralized exchange (DEX) of the network. This year’s commencement brought good news for Cardano as it witnessed a rise in its transaction volume, which peaked in June at $274.81 million.

Moreover, the early July data indicates a steady pace at which this data is trending, revealing a $92.85 million as of June 15.

Significant Growth of ADA’s Market Cap

ADA’s market cap coincided with its total value rise and demonstrated tremendous growth, reaching nearly $13 billion on July 14. The cash inflow between July 13 and 14 for ADA was $2.10 billion, which enhanced its market cap from $10.11 to $12.89 billion. Further adjustments got the value to $11.70 billion.

The rise in ADA’s total value seems to have a stark correlation with the surge in its market cap. Last week’s peak for ADA stood at $0.37, which showcased over 16% gain. Still, the past 24 hours saw a decline in this value to $0.31, which shows a decrease of 2.5%.

Hoskinson Credits XRP For The Boom

Another news concerning Charles Hoskinson, the founder of Cardano, states his pleasure and celebration mode for Ripple’s victory. He applauded Ripple’s CEO, Brad Garlinghouse, and CTO, David Schwartz, through a tweet, saying, “Well done, XRP. One small step for XRP nation, one giant leap for cryptocurrencies.” 

He hailed the team and commended the XRP community for the significant stride for the crypto community, despite the criticisms they faced earlier.

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Polygon Proposes To Upgrade Its MATIC Tokens To POL Tokens

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The Ethereum scaling solution called Polygon has presented a technical upgrade of its native token MATIC as a crucial aspect of its Polygon 2.0 roadmap. Although the community approval is pending, the upgrade will change MATIC to POL, becoming a token with the ability to validate multiple chains within the Polygon ecosystem.

The suggested POL (Polygon) will function across all Polygon protocols, including zkEVM, Proof of Stake (PoS), and Supernets. The primary focus of the upgrade will be elevating the ecosystem’s scalability and ensuring maximum security without compromises.

POL Features

If POL gets approved, its feature would include the ability to affirm transactions across different chains. Further, it intends to introduce a new interoperability level between the various protocols within the network. All these details were shared by a spokesperson to the Block.

Moreover, the planned upgrade would be a straightforward procedure. All the token holders will have to do is send their MATIC tokens to a particular smart contract, which will return equal POL tokens.

Lengthy Grace Period Available

Polygon has offered a lengthy grace period to the token holders to get their tokens upgraded. It includes a minimum of four years, which allows token holders an extended timeframe to adjust to the new ones.

The team stated that the Polygon upgrade will begin within three months as and when the community consensus happens. This project is subject to endorsement by the Polygon community.

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Bitfinex Recovers $314K from US Homeland Security After 2016 Hack

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The announcement on July 6, made by crypto exchange platform Bitfinex, stated that the platform recovered $312,219.71 in cash and 6.917 in Bitcoin Cash for the 2016 hack from the United States Department of Homeland Security. The United States Customs and Border Protection cooperated to seize the funds, and the remaining recovery is underway through ongoing efforts.

Bitfinex staff stated the following concerning the seizing,

This is part of Bitfinex’s ongoing efforts, working with law enforcement and other investigation agencies, to recover assets stolen from the exchange in August 2016. The US government continues to make progress in prosecuting individuals involved in the Bitfinex security breach and in seizing funds associated with the theft.”

The Recovery Procedure

The 2016 Bitfinex hack victims will receive their funds and assets on a pro-rata basis. After the breach in 2016, the platform issued Recovery Right Tokens (RRTs) of $1 each par value.

Currently, $30 million RRTs are circulating in the market. Once the RRTs are redeemed with recovered assets, the remainder will be apportioned to Unus Sed Leo token holders, which is Bitfinex’s native token.

Overview of the 2016 Bitfinex Case

Bitfinex suffered a security breach in 2016, causing a loss of 119,576 customers’ Bitcoin BTC $30,176. These were valued at around $70 million at the time and $3.7 billion now.

February 8, 2022, marked the date when the US judiciary arrested two individuals, Ilya Lichtenstein and his wife, Heather Morgan. They were alleged to have conspired to launder cryptocurrency via hacking.

Special agents were then tasked to capture over 94,000 stolen BTC from these individuals after getting the search warrant that allowed them to display files, including private keys for the suspects’-owned wallets. The funds are still under recovery after this discovery.

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Bitcoin Sees Resistance, May Stall at $35K, says Bitcoin Analysts

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A fresh Bitcoin analysis predicts that the BTC bulls will encounter the challenging task of breaking BTC price action beyond $35,000. The trading firm QCP Capital, in its July 5 update, stated the potential cooling-off point for the Bitcoin bull market to be in the mid-$30,000 range.

Playing on the Favored Trends

BTC’s price seems to be in stagnation, around $30,000. Analysis around its price raise concerns about how Bitcoin gains have already materialized. The market participants are now intrigued and popularizing the section between $35,000 and $40,000, including QCP. They are seeking the local top position to catch up with these actions.

QCP revealed its plans for H2 trading,

Tactically (short-term), our favored trade to play this is selling end-Sep 33k to 35k calls and using the premiums to buy 30k puts.” The company analyzed the moving average convergence/ divergence (MACD) indicator, which measures the price strength at given levels of a market trend, like at $35,000.

“The top-side levels work well as any rally from here would be considered the ending 5th wave from the November FTX lows…The 33-35k level is also where we see wedge resistance as well as MACD hitting 3-year triangle resistance,” stated the company.

In the update, there was also a reference to a cooling macroeconomic environment, with the potential to offer few volatility hints for markets.

Macro Environment Analytics

The US Federal Reserve maintains a hawkish stance, stating that interest rate hikes may arise despite the downplaying inflation trend. QCP explained the analytics as follows:

On the macro side, the Fed looks locked into another hike this month (although this is largely priced by markets), and inflation appears likely to stagnate around 3-4% until year-end, with positive base effects from the oil price decline ending this quarter, and high-frequency rent prices turning back up…..This means that while falling inflation has been getting the market excited, for the Fed with their 2% inflation target blinkers on – it’s close but probably still not enough for rate cuts.” 

QCP also added that apart from the SEC’s potential approval of a spot-based Exchange Traded Fund (ETF), no other catalyst has a significant role in its price strength.

Working Towards BTC Price Correction

Everywhere else, the traders are elevating the possibility of a fresh BTS price correction. Reflexivity Research’s co-founder William Clemente showcased data, exposing that futures traders were far away from the universally bullish trend on Bitcoin.

The monitoring resource Material Indicators’ co-founder Keith Alan said that he is expecting a pullback because a new block of resistance emerged on the Binance order book at $36,000.

A part of the commentary with a chart of $30 million ask wall stated, “Not sure bulls will make it to $36k, but don’t think this rally is over yet. I could be wrong. Watching charts for clues.”

During publishing, the data from TradingView showed trading near $30,600.

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Reserve Bank Of India Calls For Global Regulations To Minimize The Risks Of Growing Stablecoin Markets In Developing Economies

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The Reserve Bank of India analysts worked to expose the potential ways the emerging stablecoin markets can harm developing economies. In the latest Financial Stability Report released on June 28, the central bank pointed out six dangers presented by stablecoins, further backing its unfavorable views against crypto.

RBI articulated its problems with stablecoins and how it impacts a country’s financial stability. As a firm cryptocurrency critic, RBI detailed the reasons from the emerging markets and developing economies (EMDE’s) perspective, stating the following:

“The lack of authenticated data and inherent data gaps in the crypto ecosystem impede a proper assessment of financial stability risks. “

Six Reasons As Detailed in the FSB Report

The FSB report by RBI says, “The pull factors for crypto-assets, which are inevitably denominated in convertible currencies, lack application of full anti-money laundering (AML)/ countering the financing of terrorism (CFT) standards and have features that facilitate anonymity and bypass controls.” 

The associated serious risks, according to RBI, include:

  1. EMDEs can face destabilization due to currency substitution as stablecoin reserve assets get denominated in freely convertible foreign currency.
  2. Significant currency mismatch risks for firms, banks, and households may arise because large-scale adoption can cause cryptoisation.
  3. An EMDE’s central bank wouldn’t hold the power to control domestic interest rates and liquidity conditions to satisfy its macroeconomic policy objectives.
  4. Not involving financial regulatory intermediaries in decentralized, borderless, and pseudonymous crypto asset transactions can lead to financial stability risks, especially during negative spillovers and capital flow volatility.
  5. The crypto ecosystem as an alternative to the domestic financial ecosystem can limit the bank’s ability to mobilize fiat currency deposits, thus impacting credit creation. Further, credit risk assessment gets undermined by any loss of customer relationships.
  6. Tracking peer-to-peer transactions to unhosted or self-hosted wallets and anonymity-induced cryptocurrencies causes issues with the identification of financial flows. Thus, the risks of money laundering and terrorism financing arise.

Reiterating The Need For A Global Approach

RBI capitalized on this opportunity to call for a coordinated global approach, stating:

“A globally coordinated approach is warranted to analyze risks posed to EMDEs vis-à-vis AEs [advanced economies]. […] In this context, under India’s G20 presidency, one of the priorities is to create a framework for global regulation of unbacked crypto-assets, stablecoins, and DeFi.”

Further, RBI has been bullish toward central bank digital currency (CBDC), launching a wholesale digital rupee pilot project in November and a retail digital rupee pilot project in February. It also formed an agreement with the central bank of UAE in March to examine a CBDC bridge, facilitating trade and remittances.

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Bloomberg’s ETF Analyst Believes BlackRock Has 50% Chance of Obtaining Spot Bitcoin ETF Approved

https://blockmanity.com/news/bloombergs-etf-analyst-believes-blackrock-has-50-chance-of-obtaining-spot-bitcoin-etf-approved/

Bloomberg senior ETF analyst Eric Balchunas thinks that the investment management firm BlackRock has a 50% probability of having its spot Bitcoin Exchange Traded Fund (ETF) approved. He assumes the firm will get a green light for its Bitcoin ETF because Grayscale has a higher chance of winning its battle against the Securities and Exchange Commission.

Bloomberg Intelligence’s senior litigation analyst Elliot Stein observed and pegged the chances of Grayscale winning against the SEC at 70%, following which Eric predicted the fate of the BlackRock ETFs.

Eric gave his reasoning for this decision as follows,

“Another reason we give spot bitcoin ETF approval a 50% chance is our senior legal analyst @NYCStein gives Grayscale a 70% chance of winning the case against SEC, who could approve BlackRock’s ETF as a way to save face using trusted ‘adult’ TradFi cos & stick it to Grayscale via @JSeyff.”

Thus, he believes that SEC would want to save face amidst this battle with Grayscale and would form a positive outlook for BalcRock’s ETF.

The Grayscale Battle With SEC

The Grayscale and SEC battle began with the former filing an appeal against the latter for rejecting its application in June 2022. Thus, since last year, back-and-forth legal proceedings and filings are occurring with an oral testimony heard on March 7 by three United States federal appellate court judges.

Elliot Z Stein, the litigation analyst, thus believes that Grayscale has a 70% chance of winning the lawsuit against the SEC over a bid to convert the Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF. The oral arguments tipped the scales in Grayscale’s direction, as all three judges appeared to side with the company, depending on their questioning.

Thus, this battle may help BlackRock’s spot Bitcoin ETF application as SEC may look to soften the blow of the battle loss. However, a conclusion regarding the matter may come by August.

Bitcoin ETF Applications: A Central Point Recently

Currently, the applications for Bitcoin ETFs have been a focal point for the industry. Along with the $10 trillion asset management firm BlackRock, other companies waiting for SEC’s approval include Wisdom Tree, Invesco, Fidelity, and Valkyrie.

With the approval of applications from firms similar to JPMorgan, BNY Mellon, Goldman Sachs, Morgan Stanley, and Bank of America, who’d also offer similar services, the digital asset market firms would gain exposure to a $27 trillion assets under management.

GBTC’s Performance In the Past Period

Despite the awaiting Grayscale results, GBTC has risen over 134% in 2023 and reached $19.47. According to Google Finance, this point marks its highest price since May 13, 2022.

Further, according to the YCharts data, the GBTC’s share price discount in comparison to its overall net value declined to 31% on June 26, which is the lowest level recorded since September 12, 2022. A lower trust discount rate signals a positive investor sentiment toward the product.

However, since the overall crypto market is down, GBTC suffers the same fate and is down over 65% from an all-time high price of $56.70.

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Polygon Bags The “Blockchain Booster” Position in TIME’s 100 Most Influential Companies 2023 List

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Polygon Labs took to Twitter to announce an piece of exciting news of  Polygon Labs being listed in TIME’s 100 Most Influential Companies of 2023 list.

With utmost pride and thrill, they stated, ”

Polygon Labs was included on TIME’s list of the 100 Most Influential Companies of 2023. We are incredibly proud & want to share this moment with you. The value layer of the internet is coming, and it’s time for the community to shine.”

TIME releases the list annually and positions the most influential people globally on it. Expanding the list, the platform included substantial companies, significantly affecting and contributing to numerous sectors.

What Does the TIME’s 100 List Say About the Company?

The 2023 list of the most influential companies included Polygon Labs in the “Blockchain Booster” category. The President of Polygon Labs, Ryan Watt, got a special feature, where he shared that “in a decade, most people will have a digital wallet,” tied to a blockchain.

TIME’s also shared the following about the platform,

“Polygon Labs is pushing blockchain into the mainstream, enabling companies like Starbucks, Nike, and Meta to build more-­secure applications using the distributed recordkeeping mechanism that is revolutionizing the way we keep track of what we own—from currency and investments to event tickets. The company’s protocols, built atop the Ethereum blockchain, were used in November by JPMorgan to execute its first live blockchain-­based trade and in December by Starbucks to launch its Odyssey rewards program.”

What Does It Say About The Company?

Bagging this position in the most influential list testifies that Polygon Lab’s having tremendous growth, impacting the blockchain industry positively. The credit goes to the platform for releasing the industry’s fastest ZK proving system and also for introducing the only EVM-equivalent zkEVM on the mainnet.

Further, Polygon 2.0 was launched last week with the vision for unlimited scalability ZK technology-powered unified liquidity. It has led to an incline in the Polygon’s ecosystem.

How are People Reacting To The News?

The Twitter crypto community is all smiles knowing that Polygon Labs is moving swiftly. The complete thread is filled with people congratulating the platform.

Amit Misra, a Twitter user said,

“Congratulations, Polygon Labs, on being celebrated as one of TIME’s 100 Most Influential Companies! Your remarkable blend of knowledge, creativity, and community focus has earned you this prestigious accolade. Keep inspiring and making a difference!” Similarly, other users wished the best for the platform.

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EDX Markets, A New Cryptocurrency Exchange Bags Wide Support from Wall Street Giants

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The cryptocurrency community has welcomed a new exchange entrant recently, named EDX Markets. However, the exchange hasn’t come alone but with the backing of significant Wall Street giants like Citadel Securities, Charles Schwab, and Fidelity Investments. June 20th marked the official entry of the exchange in the market by revealing the launch of its digital assets market.

Per the announcement, the newcomer exchange wishes to attract industry giants through the best practices infused in traditional finance and distinctive merits, which involve competitive quotes, liquidity, and a non-custodial model focusing on minimizing conflicts of interest. The EDX exchange has begun its journey with only four cryptocurrencies currently. These include Ether, Litecoin, Bitcoin, and Bitcoin Cash.

Other Announcements and Growth Plans of EDX

If things go well, EDX markets would also introduce a clearinghouse named EDX Clearing, which would settle trades conducted on the EDX Markets trading platform. Introducing a clearinghouse will be advantageous in terms of a central counterparty enabling the trades, thereby minimizing settlement risks, boosting price competition, and enhancing operational efficiencies.

The company sought additional funding as part of its growth strategy recently. The funding round focused on attracting strategic investors like Hudson River Trading, Miami International Holdings, Global Trading Strategies, DV Crypto, and GSR Markets. The purpose of this funding is to boost EDX’s trading platform and work on strengthening its position in the market.

Founding Investors of the Platform-

The latest funding round allowed the new investors to join the initial coalition of Charles Schwab, Fidelity Digital AssetsSM, Sequoia Capital, Citadel Securities, Paradigm, and Virtu Financial.

Current Circumstances and EDX

As the Securities and Exchange Commission (SEC) cracks down on the crypto community because of regulatory uncertainties, the introduction of EDX markets signals that investors remain firm about their interest in cryptocurrencies.

Along these lines, the popular investment management firm Blackrock has stepped into the cryptocurrency world. The company applied on June 15 for the first-ever US Bitcoin spot exchange-traded fund (ETF). If the application gets approval, the ETF will lead investors to a regulated and convenient place for exposure to Bitcoin.

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Bitcoin Prices Plunged Below $25K, A First in Three Months Course

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World’s biggest crypto, Bitcoin, saw a stark price drop, falling below the $25000 mark for the first time in three months. The 4% plunge occurred for the first time after March 17 due to Federal Reserve pausing the interest rates and forecasting future hikes.

The TradingView data reports that Bitcoin fell from $25,867 to $24,819 within thirty minutes. The past week’s trend showed the crypto holding its appeal despite SEC’s legal action against crypto exchange platforms Coinbase and Binance. It moved around the $26,000 mark amidst the looming uncertainty about the macroeconomic factors, like the US Federal Reserve’s stance regarding interest rates signals.

Why Did The Fall Occur?

Bitcoin plunged below $25K within three hours of the Federal Reserve announcing the pause in interest rate hikes. This pause came after a 15-month extensive campaign for increasing rates to fight the rising inflation.

What was the Market Reaction?

The market seemed to be expecting a pause for a while. Following this statement, the Federal Open Markets Committee also gave clues about future rate hikes. This news decreases investors’ interest and thrill for cryptocurrencies like risk assets.

eToro market analyst Josh Gilbert and Federal Reserve Chair Jerome Powell have clarified that this pause would be temporary. This could mean further problems for Bitcoin in the long term.

Gilbert claimed, “Much of the positivity we’ve seen from risk assets this year, including Bitcoin, is built on the expectation that inflation will fall and interest rates will peak and then begin to be cut. Inflation is moving in the right direction, but the comments from Jerome Powell signify that rates could stay higher for longer, which would put Bitcoin on the back foot.”

Impact of Pause on Other Cryptocurrencies

Ether, the second largest crypto, according to market cap, also dropped by 5% in a similar time frame. It plunged $1,727 to $1,631. This bearish tone also affected Altcoins, especially with several of its tokens marked as securities in the SECs lawsuit. Altcoins stumbled down 3%.

Other cryptocurrencies that fell are:

  • Cardano ADA 3.4%
  • Polygon MATIC 3.3%
  • Solana SOL 2.8%

Seeing the current trends and SEC’s take against the crypto industry, it seems a downslide is waiting for the community. Combining regulatory hostility with rising interest in the coming months is not good news.

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Polygon Labs Stand Against SECs Proposal to Broaden ‘Exchange’ Definition

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Recently, the United States Securities and Exchange Commission (SEC) proposed a plan to amend its legislation of 89 years to modify the definition of ‘Exchange’ and include decentralized finance exchanges (DEXs). In response, several DeFi platforms, including Polygon Labs, have appeared to dispute this wider and seemingly harmful terminology, which doesn’t even pertain to decentralized blockchains.

How DeFi’s are under threat with the proposed amendment?

Polygon Labs submitted their objection against SEC’s proposed changes to the definition of “Exchange” on June 13. Rebecca Rettig, the chief policy officer at Polygon, exclaimed how this latest SEC proposal threatens the survival of decentralized blockchains. She stated in her statement, “The new proposed rule isn’t only harmful to DeFi – it threatens the very existence of permissionless blockchain networks in the U.S.”

It seems like Gary Gensler and their team’s point of view is to shut down DeFi in America through active steps. Since DeFi and DEXs contain exchanges in their name, SEC proposed to include these chains in the term’s definition and revise the Securities and Exchange Act developed in 1934.

According to its March 2022 proposal, it would like DeFi and DEX platforms to be treated precisely as securities or stock exchanges. This prompted Polygon Labs to issue a 17-page response, clarifying that “per the proposal suggestions, they cannot consider a group of people as network validators.”

They disputed that SECs view DeFi and DEXs to be controlled by people, making them a part of “exchanges.” However, many DEXs are administered by smart contracts and algorithms. The exact words by Rettig are, “Numerous disparate & independent validators cannot somehow coordinate to “come in and register” as an “exchange” – from a technological, legal or practical perspective.”

In-depth Explanation Of Decentralized Ledgers to SEC

Polygon Labs went to great lengths to explain and teach SEC how decentralized ledgers work and the vast difference between them and stock exchanges. Rettig continued exclaiming that SEC is effectively attempting to ban DeFi and all permissionless networks from the US, saying,

“Ultimately, as set forth more fully in our response, the proposed amended rule would be a de facto ban on all permissionless blockchain networks in the US, as well as much of the software protocols built on top of such networks, including DeFi protocols.”

Others Who Joined The Fight

Paradigm, a venture firm capital, also responded to SEC on June 9 for the same matter. Rodrigo Siera, Paradigm’s legal counsel commented on the topic saying, “Through this haphazard rulemaking, the SEC inappropriately attempts to bring crypto trading platforms, including DEXs, under its remit and regulate them as securities exchanges.”

Moreover, Mark Cuban, a popular global investor has also joined hands with these platforms to dispute SEC’s proposal. The billionaire said it was in the SEC lawyer’s interest to take legal action against prioritizing compliance assistance.

Further, policymakers Senator Warren Davidson and House Majority Whip Tom Emmer offered a new bill on June 12, intending to expel Gary Gensler and reform the SEC.

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Following Robinhood, eToro Stops ALGO, DASH, MANA, and MATIC Purchases for US Customers

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eToro, a retail trading platform, reviewed its crypto assets framework and halted purchasing Algorand (ALGO), Dash (DASH), Decentraland (MANA), and Polygon (MATIC) for US customers. The platform took this move responding to the Securities and Exchange Commission(SEC) lawsuits, where these tokens have been claimed as securities. The retail trading company would not want to involve in any potential regulatory non-compliance and keep supporting the crypto community legally.

eToro took this plunge after Robinhood, its competitor, suspended the support for MATIC, Solana (SOL), and Cardano (ADA). All these cryptocurrencies have been deemed as securities by SEC in its filings. Their announcement stated,

“From 6:00 AM ET on Wednesday, July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC). Customers can continue to hold and sell existing positions in these coins.”

What Does the Platform Have to Say About Their Decision?

eToro stated that its framework allows for regularly inspecting the “evolving regulatory landscape.” Therefore, they have made modifications to their crypto offerings for US customers.

Although they’d like to offer a variety of assets to their customers, they need to stay compliant with the regulations. That is why such decisions of halting crypto assets have arisen.

They stated in their announcement,

“We remain a supporter of crypto assets and believe in the importance of offering our users access to a diversified range of asset classes, which includes stocks, ETFs, and options. We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.”

What do crypto community members have to say?

Many crypto community members have questioned why eToro US hasn’t taken action against SOL, another cryptocurrency mentioned by the SEC in its lawsuit. In response, an eToro spokesperson said that SOL isn’t an offering by eToro US.

Some members have also opposed the decision saying that all crypto platforms must stand together to combat SEC’s claims.

Has eToro done anything like this before?

eToro had halted access to specific assets when SEC earlier filed lawsuits against them. For instance, in December 2020, eToro suspended support for Ripple XRP after SEC’s case against Ripple Labs.

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Binance.US Suspends USD Deposits and Warns About A Pause in Fiat Withdrawal Amidst a Battle With SEC

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Binance.US has stepped to Twitter to announce the US dollar deposit suspension. Further, they have informed their customers about a pause to fiat (USD) withdrawal channels, coming soon by June 13. The platform claims that these harsh steps have been taken amidst the battle with SEC.

The Binance.US team claimed on June 9 about being forced to take this action against the “extremely aggressive and intimidating tactics” of the United States Securities and Exchange Commission (SEC). The firm decided to suspend USD deposits in an attempt to protect its customers and the platform.

They stated in their notification, “In an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.”

Challenges Brought by SEC Lawsuits

Binance.US has been triggered by the lawsuits filed by SEC and is now trying to defend itself. They stated in their tweet, “The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”

What does the Notice by Binance Say?

SEC tactics have led the platform to suspend USD deposits, pause fiat withdrawals, and convert into a crypto-only exchange for the time being. It involves maintaining 1:1 reserves for all customer assets. Further, their notice warns customers to practice caution as any downtime in withdrawal processing may result from increased volumes and weekend bank shutdowns.

The Binance.US team confirmed that trading, staking, deposits, and withdrawals in crypto remain fully functional. While the US dollar deposits stand suspended as on June 9, the USD trading pairs will get delisted next week.

The firm stated that they’ll continue supporting Tether trading pairs. Also, if any USD remains on the exchange, it will get converted into a stablecoin for withdrawal on-chain.

Further, Binance.US delisted two BUSD and eight Bitcoin pairs on June 8. Additionally, they notified about paused OTC Trading portal services. BTC used to trade at a premium in early May on the US exchange.

Binance.US has reported the following on their struggles with SEC,

“While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”

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CEX Falling Due to Tight Regulations Even Before SEC Lawsuit, Trading Volume Reaches 4-year Lows

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With the US regulatory bodies tightening their grip on the crypto industry, the centralized trading exchange platforms are experiencing the lowest trading volume levels in more than four years. The monthly trading volumes show a downfall for these exchanges in May and are continuing on this path.

Analytics by CCData

The June 7 crypto analytic reports from CCData show a 15.7% fall in combined spot and derivatives trading volume in May from last month. The data marks the second consecutive month of diminishing crypto trading activity.

Since the CCData reports only the May month’s activity, it does not include the recent lawsuits SEC has filed against Binance and Coinbase for flouting legal regulations. According to CCData reports, Binance has faced the most out of all platforms.

Binance Downfall- CCData Reports

Binance peaked its market share in February, achieving 57% of the market. However, the month of May found it at a low of 43%, thus observing the third consecutive month of Binance’s market share falling.

The declining market share of Binance can be ascribed to the elimination of zero-fee trading for USDT pairs. However, it is also clear that Binance is feeling the tightened scrutiny by US regulators on their activities.

Binance’s share falling benefitted Bullish, BitMex, and Bybit the most, with each exchange gaining higher than 1% market share between March and May.

SEC Against Binance and Its Impact

June 5 saw the SEC filing a case against Binance for not registering as a security exchange and offering unregistered securities to investors. The 24 hours following this announcement showcased $778 million worth of net outflows from the platform. In response, Binance clarified its stance on the safety of public assets.

A further 48 hours for the three leading decentralized exchanges saw a jump of 444% in the median trading volume. Although the overall trading volumes are dimming, attributing most of it to spot trading, derivative trading market share has enhanced across centralized exchanges. It has led to a new record in the process.

The report keeps centralized exchange derivative markets to have snatched 79.5% of the crypto market. It’s a 1.3 percent rise from the 78.3 in April. However, the total derivatives trading volume dampened in May by 14.4%.

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Binance.US in Trouble as SEC Strives for A Temporary Restraining Order To Freeze Its Assets, Summons CZ

https://blockmanity.com/news/binance-us-in-trouble-as-sec-strives-for-a-temporary-restraining-order-to-freeze-its-assets-summons-cz/

It doesn’t seem a good time for Binance as just after getting sued, the US Securities Exchange Commission has requested the court for a temporary restraining order for freezing Binance.US assets, and The United States District Court for Washington, DC, has issued a summon for Binance CEO Changpeng Zhao. The action came on Tuesday when the court filing was made in the Washington D.C. district court.

SEC has requested approval to freeze assets connected to BAM Trading Services and BAM Management US Holdings, which are Binance.US’ operating and holding firms. On Monday, SEC alleged multiple control and compliance failures and sued Binance Global, Binance.US, and the founder and CEO of Binance, Changpeng Zhao. Their claims also stated that firms tied to Zhao could access Binance.US customer funds secretly.

What does the SEC Filing State?

The SEC filing said the following against Binance.US:

“The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets – including by Defendants who claim they are not subject to the Court’s jurisdiction – as described in the Complaint, Memorandum of Law, and supporting materials.”

Other orders that SEC seeks approval for in their filings against Binance include “an order directing defendants to repatriate assets held for the benefit of BAM customers,” “show cause why a preliminary injunction should not be granted,” “an order prohibiting the destruction of records by the defendants,” etc.

The Following Steps by Binance and SEC

Late Tuesday, Binance.US tweeted to clarify their stance and claimed that user assets are secure and safe. Further, they mentioned that Binance attorneys have given SEC information concerning SEC fund safety claims.

Further, SEC filed a memorandum of law shortly after the temporary restraining order application. They emphasized several arguments from the original lawsuit, which included claims that Binance has access to Binance.US funds. It also mentioned that Binance CEO Zhao was seeking evasion from US regulators.

The SEC filing states, “Even to the extent they retain control over Binance.US Platform customers’ crypto assets, BAM Trading’s recent assertions raise concerns about its ability to properly custody them. BAM Trading has operated the Binance.US Platform for over 3.5 years, yet it only implemented formal policies for handling crypto assets last month (a timing that corresponds to when the SEC was asking about precisely those practices).”

What Will Happen if the Court Approves?

If the district court grants SEC orders, Binance.US will get five days to confirm that they do not have secret access to any funds as claimed by SEC. Further, within 30 days, they must transfer customer assets to new wallets with only Binance.US having access to them.

How the Lawsuit on Monday Altered the Course for Binance?

The court filing on Monday hinted at the request for a temporary restraining order. SEC even noted a request for “preliminary injunctive relief, including asset freezes and a verified accounting.”

The lawsuit on Monday also stated that Binance had let two companies, Sigma Chain and Merit Peak, tied to Zhao, access billions of US dollars out of customer funds held by BAM trading.

Responding to the initial lawsuit, Binance had claimed about the safety and security of user funds and that they were never at risk. They’re looking to defend any allegations vigorously and maintain their stance.

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Tether USD₮ Beats Own Market Cap High of $83.2 Billion, Enjoys An All-Time High Market Cap

https://blockmanity.com/news/tether-usd%E2%82%AE-beats-own-market-cap-high-of-83-2-billion-enjoys-an-all-time-high-market-cap/

Tether, the firm operating a blockchain-powered platform tether.to has surpassed its own all-time high records to create new wonders. The company supporting the first and most widely used stablecoin had set a precedent with a market cap of $83.2 billion in May, which it has beaten again today.

Since Tether’s inception in 2014, it has strengthened its position and become the most notable stablecoin. It has pioneered financial freedom and innovation to top all its rivals and become the most traded cryptocurrency.

About Tether and Its Recent Achievement

Tether offers transparency in its dealings while offering the combined merits of digital and traditional assets. On the one hand, it allows instant global transactions; on the other, it provides stability like traditional currency. Crypto offers quick and efficient ways of transacting with money while adhering to legal rules and showcasing translucence.

Paolo Ardoino, Tether’s CTO stated the following about the company surpassing their previous all-time high market cap,

Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind. We are eager to continue maintaining our laser focus on emerging markets and will not waiver in our efforts to expand access to financial freedom globally.”

Financial Insights Into Tether’s Performance

Tether’s recent attestations have backed its adherence to transparency and set itself as a safe place from turbulent markets. Tether’s first quarter performance has been extraordinary, showing a net profit of $1.48 billion. These gains have reinforced its reserves.

Tether’s showing the utmost optimism and is a reliable crypto entity with $2.5 billion in extra reserves (in addition to the minimum 100% reserves). There are a 20% enhancement in supply Quarter over Quarter (QoQ) and approximately 85% investments safe in cash, cash equivalents, and short-term deposits.

These numbers showcase Tether as the most committed to financial freedom and innovation crypto for worldwide users. Its reliability has paved the way for resilience, accessibility, and security in a stable digital currency.

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Optimism (OP) and Sui (SUI) Decline While Waiting For Respective Token Unlocks Soon

https://blockmanity.com/news/optimism-op-and-sui-sui-decline-while-waiting-for-respective-token-unlocks-soon/

The layer-two Ethereum scaling solution, Optimism, and layer-one Move-based blockchain, Sui, see a decline in prices due to the upcoming token unlocks, respectively. The token unlock events will increase the circulation of respective token supplies.

While Optimism faces selling pressure worth $600 million ahead of the token unlock, Sui looks to counter the high FDV due to low supply. Avalanche Tokenomics also unlocked $130 Million worth of tokens on May 28 but the price seemingly remained unfazed.

Insights Into Upcoming Optimism Token Unlock

Optimism protocol is heading for its third token unlock following community allocation unlocking a year ago. Wednesday’s unlocking event would be the first for early investors and contributors. It’s expected to double the current circulation supply, with more than 386 million OP Tokens to enter according to the schedule. Additionally, the total supply is expected to be in circulation by June 2026.

Current Price and Market Dynamics

In contrast to the impending unlock size, Optimism’s trading volume and supply circulation are pretty small. Currently, Binance and CoinDCX accounting hold significant portions, keeping its daily average trading volume to $70 million.

The Ethereum scaling solution will see a price impact due to low demand to absorb the unlocked tokens. Further, the volume disparity will lead to tremendous selling pressure among holders.

Scimitar Capital analyst Alex shared their opinion on Twitter,

“Optimism has a massive unlock this week with over 114% of the current circulating supply unlocking. All else held equal, this means the token should trade much lower than it is now, as the price is a function of supply and demand. More supply = lower price.”

Sui’s Token Distribution Plans

Sui blockchain is looking forward to a comparatively smaller than Optimism’s token unlocking event. It will enhance its supply volume by 13% by adding 61 million tokens on June 3. The circulation supply may double by November as regular unlocks arise in the network.

Sui’s unlocking event is one aspect of their Community Access Program, where the tokens will get delivered to the retail users. Currently, Sui is airdropping farmers to invite them to the event.

DeFiSquared (fictitious name) trader said,

Sui feels very similar to when Aptos had an 11-figure valuation, where it has little to show right now in terms of real products, but a high FDV mostly due to low supply, so this unlock seems important. At the same time, we are also seeing OP sell off heavily today just one day before it also has large unlocks, confirming that the sell-the-unlock narrative is strong right now.” 

According to CoinMarketCap data, Optimism(OP) and Sui(SUI) are among the daily greatest losers list as they experience a downfall of 4.85% and 4%, respectively.

Optimism and Sui’s unlocking event come after Avalanche’s Token unlock last week, with 1.3% of AVAX token’s total supply in the market.

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Indian Crypto Policies Push Local Crypto Platforms to Survival Mode, Attempting To Pass The Bearish Phase

https://blockmanity.com/news/indian-crypto-policies-push-local-crypto-platforms-to-survival-mode-attempting-to-pass-the-bearish-phase/

Several notable Indian crypto exchange platforms spoke about the current bear market and their attempts to survive through it all. WazirX, CoinDCX, CoinSwitch, etc., are a few leading names whose senior executives and employees shared their current plight in an article published on Coindesk.

The six eminent Indian crypto platforms- WazirX, Giottus, BuyUCoin, CoinSwitch, CoinDCX and ZebPay shared how they are reducing costs wherever possible.  Further, they’ve resorted to renegotiating partner contract terms, initiated layoffs, looked into new revenue model sources, canceled employee pay hikes, and rebranded themselves for a financial runway extension in the exiting market where they can lose money anytime.

Why are Indian Crypto Exchanges In Survival Mode?

Indian crypto exchanges and their survival in the market have concerned the community since February 1, 2022. On this day, an announcement of 30% taxes on crypto gains and a 1% tax deduction at source will appear on all transactions from July 2022, striking the entire community adversely.

At that time, the local crypto leaders considered it a “period of pain” and said that technology always emerges as a winner despite the hardships.

Currently, the unfavorable market has led to a 21-month to four years of financial runway for these leading platforms. Each exchange is trying to rebrand, renegotiate, lay off, and suspend pay rise due to the market conditions.

Impact of Restricting Indian Policies Regarding Crypto

The trading volume plummeted to seventy percent or more as soon as the tax imposition announcement on crypto trading came. This “brain drain” arose within ten days of the tax announcement. Further, the government levied a “shadow ban,” restricting local payment processors from undertaking money exchanges via bank.

Additionally, the crypto advocacy body was dispersed four months into the tax charges. The authorities started investigating more than ten crypto exchange platforms to assess their ties with foreign firms and money laundering charges using crypto.

The entire crypto world noticed this plight and even claimed that Indian tax policies would kill the crypto industry. According to some data, the nation’s crypto traffic continued to fall as Indians transferred higher than $3.8 billion in trading volume to international crypto exchanges.

A Ray Of Hope

As the president of Group of 20 (G-20) 2023, the Indian government has proposed framing “globally coordinated crypto sector rules.” By including the Indian crypto industry under anti-money laundering rules per global standard settings, the country can add some legitimacy to the sector.

This move has brought optimism in Indian exchanges regarding their life course. However, the tax regime and its impact are yet to be overpowered by stricter yet favorable crypto policies.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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Pro-Crypto Florida Governor Ron Desantis To Enter the Presidential Run in US 2024 Elections

https://blockmanity.com/news/pro-crypto-florida-governor-ron-desantis-to-enter-the-presidential-run-in-us-2024-elections/

While the current US crypto industry faces significant challenges from the administration, favorable news has come to light concerning the next presidential run. Florida governor Ron Desantis, one of the most pro-crypto presidential candidates, is all ready to announce his entry for the White House race on Wednesday.

Although the future is uncertain, the crypto industry can thrive with the support of Ron Desantis. The media reports state that the governor will announce his bid for the presidential race on Wednesday. Their team will start campaigning on Twitter and may arrange for an Elon Musk cameo for the same. Earlier, Ron Desantis had won the re-election in 2022 without any hassles, so the presidential future may see some light.

Pro-Crypto Candidacy

DeSantis has made several statements and laws that support or protect the crypto community, making him a pro-crypto governor. Recently, he signed an anti-Central Bank Digital Currencies (CBDCs) law in Florida, becoming the first US state to forbid its use. His statement on March 20 indicated that he saw the Centralized Bank Digital Currency as an attempt by the Biden administration to infuse surveillance and control.

He stated the following regarding CBDCs in his statement,

“Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic-central planners; we will not adopt policies threatening personal economic freedom and security.”

His opposing statements regarding CBDCs align with the crypto community’s goals. Previously, on March 2022, he showed his support for businesses paying their tax bills via cryptocurrency.

Further, going back to May 2021, DeSantis signed laws explaining virtual currencies in state decree. He also allowed Florida citizens to undertake crypto trading without requiring a license. Additionally, he added blockchain funding for state agencies in his 2022 budget proposal.

Does DeSantis Have A Chance?

DeSantis first needs to pass Trump for the Republican nomination before running for the actual presidency. After defeating Donald Trump, he’ll have to fight against President Joe Biden in the general elections.

Although DeSantis has significant popularity, he still has to do a lot of work to trump Trump and millions of his die-hard fans. He’ll also have to face several of Trump’s old colleagues in the race.

DeSantis will have to go out of his way to beat the former US President for nominations. According to a poll by FiveThirtyEight, DeSantis stands at 20%, Trump over 50%, while other candidates are at single digits. So, a lot needs to be done for the pro-Crypto candidate to win the battle.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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Crypto Exchange Operator Huobi Global Ordered to Halt Operations in Malaysia By Authorities

https://blockmanity.com/news/crypto-exchange-operator-huobi-global-ordered-to-halt-operations-in-malaysia-by-authorities/

Huobi Global, one of the leading crypto exchange, has been ordered by the Malaysian authorities to shut down its Malaysian operations. The action came from the Security Commissions Malaysia (SCM) after the company didn’t register as a legal crypto exchange operator according to Malaysian rules.

The authorities have commanded the firm to cease all activities and disable its website and mobile apps on Google Play and Apple Stores. The Seychelles-based crypto exchange Huobi was operating the digital asset exchange without a Recognized Market Operator (RMO) license. Not adhering to these rules may lead to offense charges under the Capital Markets and Services Act, 2007.

SCM Orders To Stop All Activities

Since Huobi’s compliance with the local regulatory requirements was questionable, SCM focused on protecting investors’ interests by directing Huobi’s founder Leon Li to halt all operations. The company’s chief executive is commanded to cease communication with Malaysian investors, withdraw the app from respective Play stores, wind up the local operations, and disable the website.

Additionally, the exchange is also ordered to not advertise any products or services to Malaysian users through their email addresses and social media.

Huobi’s Stance on the Enforcement

According to some reports, a company spokesperson stated the following about the recent SCM enforcement action, “In response to recent reports, we would like to clarify that the situation outlined pertains to the previous Huobi entity and former shareholders. It is not associated with the current Huobi platform, which adheres to strict regulatory compliance globally.”

Earlier, in November 2022, Huobi Global underwent rebranding after About Capital Buyout Fund acquired the company. Thus, they claim that the enforced rule does not affect the rebranded company following the ownership change.

Thus, after the public announcement, Huobi has indicated their meeting plans with Malaysian authorities about their regional processes.

Huobi Vs. Malaysian Authorities

Huobi Global and SCM have been in each other’s hair for a long time now, specifically since August 2022. The authorities were alerted after an investor pointed out that the exchange wasn’t functioning with full legal permissions and rules.

Huobi entered the Malaysian market as a brokerage firm called Huobi Labuan in November 2020. They worked for a temporary nine months and offered spot and derivatives trading for cryptocurrencies.

Even the most popular crypto exchange platform, Binance, suffered the same fate in 2021 and was commanded to cease operations. However, this platform acquired a significant state in the regulated platform, MX Global, to place itself in the Malaysian market strongly.

Currently, the SCM website has only four cryptocurrency exchange operators registered and recognized per the laws. The August 2022 list has MX Global, Luno Malaysia, Tokenize Technology, and Sinegy.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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Will MetaMask Withhold Taxes On Crypto Transactions? ConsenSys Clarifies The Confusion

https://blockmanity.com/news/will-metamask-withhold-taxes-on-crypto-transactions-consensys-clarifies-the-confusion/

Recently, the crypto community debated regarding MetaMask’s ability withholding taxes from consumer involved in crypto transactions per a clause in their service terms. MetaMask developer ConsenSys came to Twitter to clear the air stating, “We are aware of tweets circulating with inaccurate information about ConsenSys’ terms of service. Let’s clarify one thing upfront: MetaMask does NOT collect taxes on crypto transactions, and we have not made any changes to our terms to do so. This claim is false.”

Due to misreading and misinterpreting Metamask’s terms of service, the crypto community saw rumors regarding tax collections by the platform. However, the developer team hosed down these lies and inaccurate details by clarifying that the tax terms apply to their products subject to sales taxes.

ConsenSys Take On Rumors

ConsenSys tweeted and clarified that their goal is to make web3 easy to use and access and develop a product suite. So, the terms referenced in the rumors aren’t a new addition. Instead, these conditions apply to products under the sales tax.

Further, the taxation section in their policies is under the “Fees and Payment” section. This section is exclusive to ConsenSys products and paid plans. They said that although the legal things are complex to explain in detail, the specific rumors do not apply to MetaMask and other products not under sales tax criteria.

The MetaMask Rumor Saga: How it Escalated?

Some users noticed MetaMasks’ terms of service sections and cried foul regarding the tax section after misinterpreting it on May 21. The section in question stated, “The Company reserves the right to withhold taxes wherever required.”

It sparked a debate on Twitter about MetaMask withholding taxes on crypto transactions from consumer funds without clearing it beforehand. Many believed this statement pertained to a user’s income taxes, and the inaccurate information surged in rankings on Reddit.

Metamask Reddit Screenshot

Source: Reddit (via Cointelegrap)

The highlighted section got viral on the internet, where several Twitter accounts compared MetaMask with Ledger, another wallet in hot water. For the unaware, Ledger announced a recent upgrade that became quite a controversy. Moreover, the crypto community voiced their criticism and claimed it was a move against decentralization and financial freedom.

Despite the rage among some users, not everyone bought the gossip as authentic facts. Many shut down these claims and stated that people are making blind tweets without actually understanding the tax clause.

Twitter Reactions After Clarification

After ConsenSys’ Twitter clarification regarding the misinformation, many users thanked the team for the clarity. However, some have also sympathized with the company, saying that clarity wasn’t needed.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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UPI Restoration Proposals for Crypto Exchanges Sent to Indian Authorities

https://blockmanity.com/news/upi-restoration-proposals-for-crypto-exchanges-sent-to-indian-authorities/

According to many reliable sources, the Indian government and Central Bank, i.e., the Reserve Bank of India (RBI), have been requested to reverse the decision of UPI suspension for crypto payments. The proposal asks the authorities to authorize crypto traders to use the Unified Payment Interface (UPI) to make real-time payments.

Two proposals in the same context have already been made to the authorities. The third one will emerge in the upcoming weeks through a newly developed India’s crypto policy advocacy group, named Bharat Web3 Association (BWA).

Crypto Industry and Their Challenges

The crypto market has encountered severe challenges in the past period. The ambiguous approach of the Indian government toward cryptocurrencies has made it challenging for them to proliferate.

In the past year, the Indian government imposed a 30% tax on profits from digital assets, marring crypto investors’ enthusiasm. Crypto winter and shadow ban also affected the market adversely. The cherry on the cake was the indirect cancellation of UPI services by the National Payments Corporation of India (NPCI).

India’s crypto stakeholders have been seeking steps toward changing crypto policies significantly in their favor. That is why the restoration proposals hold immense significance for the crypto community.

The Scenario of Indian Crypto Exchanges Losing UPI Access

When Coinbase launched in India on April 7, 2022, its executives exclaimed about the seamlessness UPI payment processing will offer when the investors trade on their platform. To this, the NPCI (governing authority of UPI in India, backed by RBI) reverted after hours, clarifying that they had no awareness about crypto exchanges through UPI.

Since then, two proposals have been made to the authorities, one by an unknown crypto exchange requesting to uplift the restrictions on using the UPI services. The second proposal came from the public policy advisory firm, made in portions over a few weeks of India adding crypto to anti-money laundering rules.

UPI And Its Popularity in India

When Covid hit India, digitization came forward, and payments through the UPI medium became prominent. The 2022-2023 year saw a starking 83 billion transactions processed through UPI, according to NPCI data. The rising figures only indicate the growing adoption of UPI in India’s payment ecosystem.

Indian Authorities Stance on UPI Restoration

It’s not clear whether Indian authorities will allow crypto exchanges through UPI. However, if they authorize it, crypto trading will become quicker, streamlined, and credible for retailers and investors, as majority of the Indians use UPI to transact on a daily basis.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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WazirX and Binance Feud: WazirX Issues Clarification on $WRX Token

https://blockmanity.com/news/exchanges/wazirx-and-binance-feud-wazirx-issues-clarification-on-wrx-token/

WazirX, an India-based Bitcoin Exchange, recently updated WRX token holders and investors about its relationship with the Binance exchange and clarified their stance on $WRX Token and Burn.

WazirX stated that Binance controls the $WRX tokens, following the WRX IEO conducted by Binance.

Token Allocations and Relationship Stance Of The Two

According to WazirX’s tweet,  IEO for WRX was conducted by Binance, and all the sale proceeds of WRX IEO (i.e. 108,401 BNB tokens worth USD 2 Million) were collected and retained by Binance. Additionally, WazirX added that the wallets holding locked and released WRX tokens are also managed and controlled by Binance.

The team also shared that Binance is now responsible for the quarterly WRX tokens burn. Previously, the WRX burn event happened on March 9, 2022, and was organized by Binance for the Oct-Dec 2021 quarter (7th burn event). Since Jan 2022, Binance hasn’t led any burn events for five quarters.

Along with WRX tokens, Binance also handles the wallets possessing WRX tokens (locked and released). The tokens to be released based on WRX Release Schedule are available in these wallets. WazirX also offered a complete list of wallet addresses in which you’ll find the locked and unlocked 580.78 million WRX tokens held by Binance.

According to some reports, Binance moved 116.8 million WRX tokens (11.68 percent of the total supply) to a treasury account. The binance.com account received these tokens on different dates in four transactions. WazirX also offered insights into the remaining burns, with information about the number of WRX to burn every quarter.

History of Binance Vs. WazirX Clash

It’s been a while since the Binance Vs. WazirX clash has been going on, and the current statements from the WazirX team .while calming the investors, gives us a glimpse of how the relationship has soured over the years.

The clash originated when Binance announced the termination of wallet services to WazirX following WazirX’s legal trouble with the Indian government. Binance asked WazirX to withdraw their assets till a specified date. The reason stated  by Binance was due to misleading statements by Zanmai Labs (Owner of WazirX) about their relationship as the cause of termination.

Binance offered two alternatives to Zanmai- either retract those statements or finish the partnership. Zanmai’s response was unsatisfactory, leading to the end of their relationship.

As a result, Binance Exchange ordered Zanmai to withdraw funds by Feb 3, 2023, from the WazirX operation accounts.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

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Meme Coin Frenzy Takes A Hit As Pepe Coin’s Price Falls Back

https://blockmanity.com/news/meme-coin-frenzy-takes-a-hit-as-pepe-coins-price-falls-back/

While Pepe coin was the talk of the town after a significant rise in value in the past weeks, it seems that the asset is returning to base as its prices drop significantly. The entertainment and bewilderment brought in by meme coins appear to be fading away, with investors turning back to basics.

The center of attention in the digital asset market recently was Pepe coin, which reached an all-time high of $0.00000431 on May 5. However, its current price is 60% short at $0.00000172. So, while it’s a piece of favorable news for Bitcoin users, the downtrend considerably affects other investors.

Pepe Coin’s Market Value Insights

Pepe coin’s market value at its peak stood at $1.6 billion. However, it has reverted to its current levels at $720 million. Further, despite a 1.7% rise in the market, Pepe coin is down 10.5% on the day. These insights indicate the fading interest in meme coins for the time being.

Why is Pepe Coin Seeing This Massive Decline?

Pepe coin’s price decline may be fueled by investors cashing in their profits and adopting other trading strategies, considering Pepe’s perpetual futures contracts arising in the past week. Further, the declining enthusiasm around meme coins, with Dogecoin and Shiba Inu sharing similar histories, expresses Pepe coin’s current state.

Moreover, the meteoric rise in Pepe coin has caused suspicions regarding its lack of intrinsic value and inherent utility. It has led investors to question the project’s long-term prospects and whether it’s a rise-and-crash game.

Although cashing out meme coins is trouble due to liquidity problems, Pepe coin has around $360 million in trading volume.

Does A Fall In Pepe Coin Affect Other Meme Coins?

Pepe coin’s fall has been followed by many leading investors exiting in profit. Whale Alert, one of the top cryptocurrency tracking services, revealed that one whale shifted a starking 299,999,999 Dogecoin to the Binance Exchange.

If such transactions continue happening, meme coins will reach below the critical support level and see a severe downturn. Benjamin Cowen, a popular crypt trade analyst, shared,

“Many meme coins will be forgotten by investors in the upcoming months and lost from circulation. The lost interest and no-care attitude towards these coins will be their doom.”

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Unaware Of Pepe Coin: Creator Of Pepe The Frog Meme! Is A Dogecoin (DOGE) Maximalist

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Pepe coin, a frog-meme-inspired cryptocurrency, has gained significant traction in the crypto market. However, it’s come to the view that the original Pepe meme creator has no awareness of the existence of Pepe coin and reportedly prefers DOGE coin for crypto trading.

On May 9, Matt Furie, the creator of the legendary Pepe frog meme, took to Twitter and revealed his lack of knowledge regarding the digital asset’s existence. Despite the recent surge in Pepe coin’s popularity, the creator had no idea about such a coin.

He admitted to his ignorance while discussing his latest non-fungible token art collection named Zogs. He mentioned his interest and views on Dogecoin there and said he’s a Doge maximalist.

His statement read, “Actually, this is the first I’ve heard of it. I’ve heard of Ethereum (ETH), and I’ve heard of Bitcoin (BTC), and I’ve heard of Dogecoin — is it a bit like that? I’m a Dogecoin maxi.”

Furie’s Stance On Pepe Coin

It’s currently unclear whether Matt Furie would claim commercial compensation from the Pepe coin team. As of today, he hasn’t pursued legal actions and copyright claims against the issuers of Pepe coin.

An environment of uncertainty prevails in this regard, as Furie had previously taken firm actions against the unauthorized use of his creation, aka Pepe frog meme. One of these instances happened with OpenSea, where he successfully had them remove the project Sad Frogs District consisting of 7,000 frog-based profile pictures. It produced $7 million in trade volume for copyright infringement.

Pepe Coin Vs. Dogecoin: The Popularity Battle

Pepe coin has recently seen a massive surge in its popularity, especially after getting listed by one of the most popular cryptocurrency exchanges, Binance. The numbers show how it is outperforming the classic OG token, Dogecoin.

Both Dogecoin and Pepe coins emerged for entertainment purposes. However, they gained traction and are currently ruling the digital asset charts.

Comparing the two, Dogecoin took a while to reach the $1 billion market cap and has performed smoothly till now. On the other hand, Pepe coin’s branding and strong community ties helped it to a $1 billion market cap in just a week. Its after-performance has been similar to Doge, and it’s clear that the race is on.

Pepe’s Numerics Till Date

From the day of Pepe’s inception, the coin has seen an enormous rise in value by 5,000,000%. Report on May 1 shows a 120% spike in a single day. This has led Pepe to become the third-highest meme coin in the world after Dogecoin & Shiba Inr.

Post listing on Binance, Pepe coin had outperformed the market and gained impressive on-chain metrics.  However, it has seen a sharp drop in price after a massive 125% growth over the week.

Looking at the numbers, it seems Dogecoin is the clear winner!

Featured Image: https://www.splcenter.org/sites/default/files/hw_pepe-creator-gets-lawsuit-date_091318.jpg

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

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The post Unaware Of Pepe Coin: Creator Of Pepe The Frog Meme! Is A Dogecoin (DOGE) Maximalist appeared first on Blockmanity.