Crypto Currency

Ben Rose is hopeful that Binance Australia’s banking woes will be relieved by positive regulation in the future. Binance Australia General Manager Ben Rose says he’s “really confident” that Australian regulators will eventually make the right choices when it comes to laws that govern digital assets in the country.  “There are lots of very smart people in the government working really hard on [crypto] policy, so I'm really confident that we’ll get there in the end,” said Rose, speaking to Cointelegraph at the Intersekt Fintech conference in Melbourne, Australia on Aug. 31. Roses’ comments stand against a backdrop of recent hostility towards crypto — some of which has impacted his exchange, Binance Australia — including a reported search  by regulators  in July and several banking blocks from the traditional finance sector. On May 18, Binance Australia was suddenly cut off from Australia’s banking system after payments firm Cuscal “offboarded” the exchange citing...

The crypto Travel Rule, which came into effect on Sept. 1, aims to stop anti-money laundering and counter-terrorist financing activities carried out on-chain. Cryptoasset businesses in the United Kingdom could now begin withholding certain crypto transfers to comply with the new Travel Rule for crypto that came into effect on Sept. 1. The rules targeting virtual asset service providers were first  introduced by the Financial Conduct Authority on Aug. 17 , and see to it that VASPs based in the U.K. will “collect, verify and share information” relating to crypto-asset transfers. If an inbound payment is received from a person or entity from an overseas jurisdiction that hasn’t implemented the Travel Rule, the VASP must make a “risk-based assessment” as to “whether to make the cryptoassets available to the beneficiary.” The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use #crypto for illegal activity. https:/...

The price of BTC rose sharply and fell almost as fast over the past three days amid two recent events impacting pending applications for spot Bitcoin ETFs. In less than a day, Bitcoin ( BTC ) has shed nearly all the gains it made from Grayscale Investment's court victory against the United States Securities regulator. On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application. However, the SEC’s recent delay to seven pending spot Bitcoin ETF applications has sent Bitcoin’s price downwards, falling nearly 5% in the last 24 hours. Cointelegraph Markets Pro data shows Bitcoin’s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. BTC's seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro BlackRock, WisdomTree, VanEck, Bitwise, Valk...

Thailand to give every citizen 10,000 Baht in crypto, Delio users unlikely to recover all funds, Vietnam is world’s No.1 country for crypto. Our weekly roundup of news from East Asia curates the industrys most important developments. Thailand’s crypto UBI Thailand may soon have a national airdrop in the works where every citizen 16 years and older will receive 10,000 Baht ($285).  According to local news reports on August 30, Thailand’s ruling Pheu Thai party will consult the Bank of Thailand in developing a “utility type 1” token necessary for the airdrop. The solution will be a know-your-customer (KYC), blockchain-based infrastructure that sources say will take at least six months to roll out. A 100 Baht fee will also be charged per user for the KYC process. In addition, the solution will require the approval of the country’s Securities and Exchange Commission.  Real estate developer and crypto investor Srettha Thavisin was elected on August 22 as the incumbent prime ...

Binance announced a helmet design competition to shortlist the winning art, which will be used as the helmet artwork of Gasly, who won the 2020 Italian Grand Prix. The winner of a new art competition hosted by Binance will see their design featured on the helmet of racing driver Pierre Gasly from the Alpine Formula One team during the Abu Dhabi Grand Prix on Nov. 26, 2023. Crypto exchange Binance announced a helmet design competition to shortlist the winning art, which will be used as the helmet artwork for Gasly, who won the 2020 Italian Grand Prix. Gasly described the collaboration with Binance as an opportunity “to engage with both the F1 and crypto communities in a creative and innovative way.” Participants need not be Binance users, opening up the floor to non-crypto F1 fans as well. The last date for submitting helmet designs is Sept. 8, with the winner declared by Sept. 15. According to the crypto exchange, helmet designs that reflect Binance’s values and innovative eth...

Crypto-focused lawyer Jeremy McLaughlin said the U.S. digital asset industry may re-ignite as the country's securities regulator racks up court losses. There are hopes that the United States could see a new crypto resurgence after several rulings this year have seen court judges “rein in the SEC,” according to a digital asset lawyer from K&L Gates. On Aug. 31, Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have stomped on arguments from Securities and Exchange Commission chair Gary Gensler — who has said that almost all digital assets are securities. McLaughlin was speaking on a panel at Intersekt23 in Melbourne alongside payment services firm Novatti chief Effie Dimitropoulos and Invest Hong Kong fintech head King Leung . He said early crypto regulation happened at the state level and was “pretty clear what you needed to do” but after the SEC and the Commodity Futures Trading Commission got involved “a lot of the market started...

From flatcoins to on-chain advertisements, Brian Armstrong hopes aspiring developers take the time in the bear market to build out these crypto concepts. Coinbase CEO Brian Armstrong has unveiled the ten ideas he is most excited about when it comes to crypto's future, sharing hopes that developers can use the bear market to take them to the next level. On Aug. 30, the Coinbase boss shared his vision of a crypto future in a company blog post  and presentation — sharing the concepts he believes have the potential to make it in the digital asset industry. “I decided to share my 10 top ideas with the hope that someone goes out and builds them,” he said before adding, “Ideas are cheap.” 1/ I'm sharing the 10 ideas I'm most excited about in crypto right now. If you're building something in crypto or thinking about doing so - check it out. We’re building lots at Coinbase, but we don't have time to tackle everything. So I figured I'd share these. Bear markets ar...

The Republican candidate also pledged to rescind all federal regulations that fail the Supreme Court’s major questions doctrine test in the West Virginia vs. EPA case — a potentially positive for crypto. United States presidential candidate Vivek Ramaswamy has lauded Grayscale’s recent victory over the federal securities regulator, arguing the decision will help keep Bitcoin and blockchain innovation from going overseas. In an Aug. 30 post on X (formerly Twitter) the pro-Bitcoin Republican candidate took shot at a “shadow” U.S. government, pointing the blame towards the “unlawful rogue behaviors of “3-letter government agencies” — presumably the Securities and Exchange Commission. Ramaswamy said this has led to the U.S. courts to serve as a last line of defense to help keep cryptocurrency innovators in the country, adding that it shouldn’t have reached the courts in the first place. “This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S....

Bloomberg ETF analysts raised their odds for a spot Bitcoin ETF approval after the recent Grayscale victory against the SEC. Bloomberg analysts have raised the probability for an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023, following a recent Grayscale victory against the federal securities regulator. In a Aug. 30 post on X (Twitter), Bloomberg senior ETF analyst Eric Balchunas said they have raised the chances to 75% from an earlier 65% — due to the unanimity and decisiveness at which the United States Court of Appeals Circuit reached its decision in the recent case. “The judges unanimously repudiated the SEC’s arguments, and the agency will struggle to justify further denials as it faces deadlines,” Bloomberg analysts James Seyffart and Elliot Stein added in a separate Aug. 30 note. NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the u...

Company requests the use of Tire Derived Fuel, citing the United States Environmental Protection Agency’s approval to use this kind of energy source at other industrial facilities in the state. Stronghold Digital Mining, a Pennsylvanian crypto-mining company, is currently seeking approval to produce up to 15% of its energy using shredded tires, at its Panther Creek plant in Nesquehoning. Local environmental activists are preparing to oppose the initiative.  We are calling on state regulators and DEP with @earthjustice @pennfuture to deny a permitting request from Stronghold Digital Mining to burn tires as fuel for its bitcoin mining operations. Read the full story: https://t.co/plRqK6qucf — Clean Air Council (@CleanAirCouncil) August 28, 2023 According to local media, Stronghold filed an application with the Pennsylvania Department of Environmental Protection in July. However, it was only last week when the information broke out in the public sphere. Officially, the com...

HashKey becomes the first licensed retail cryptocurrency exchange to launch in Hong Kong and anticipates major growth of the Web3 industry in the special administrative region. Hong Kong retail cryptocurrency traders now have access to a locally based cryptocurrency exchange after HashKey took its retail trading services live to users in China’s special administrative region on  Aug. 28 . The company was previously permitted to serve professional and institutional investors, before being granted Type 1 and Type 7 licenses by the Hong Kong Securities and Futures Commission (SFC) on Aug. 3. This paved the way to becoming the first licensed retail exchange in Hong Kong.  Figures from Hong Kong's treasury, banking, accounting and Web3 ecosystem marked the launch of retail trading at the Maritime Museum Central.  As Cointelegraph previously reported , the exchange now offers Bitcoin ( BTC ) and Ethereum ( ETH ) trading pairs with the Hong Kong Dollar (BTC/US...

The EOS Network Foundation announced that the EOS token will start trading on the Japanese exchange BitTrade in September. The EOS  token has been granted whitelist approval by Japan’s crypto regulator, paving the way for the token to be traded against the Japanese yen on regulated exchanges in the country.  In an announcement sent to Cointelegraph, the EOS Network Foundation (ENF), which currently supports the development of EOS, announced that the token has received whitelist approval from the Japanese Virtual and Crypto Asset Exchange Association. Here live at @WebX_Asia and @JPN_PMO Fumio Kishida just stated that Web3 is "the new form of capitalism". While the West continues to antagonize blockchain companies, Asia is welcoming us in with their arms wide open. In Asia, the future is bright for crypto! pic.twitter.com/eZ9puYdzoR — Yves La Rose (@BigBeardSamurai) July 25, 2023 This means the token can trade against the yen on regulated exchanges. The ENF also ...

A bipartisan committee of British MPs said Rishi Sunak’s government must prioritize the rights of musicians and creators over AI developers. A British parliamentary committee is pressuring the government to axe plans that would allow artificial intelligence developers to freely train their systems on existing works of music, literature and art.  In an Aug. 30 report , the Culture, Media and Sport Committee warned the government’s original plan to exempt text and data mining by AI from copyright protections “risks reducing arts and cultural production to mere ‘inputs’ in AI development,” and shows a “clear lack of understanding” for the needs of the United Kingdom’s creators. The report claimed the U.K. government — currently led by the pro-AI Prime Minister Rishi Sunak — must work to “regain the trust” of creative industries following its “abortive attempt” to introduce exemptions for AI developers. The Committee — a bipartisan group of 11 British members of parliament — urge...

Binance's Send Cash product will facilitate crypto payments from nine countries to bank accounts based in Argentina and Colombia. Cryptocurrency exchange Binance is expanding its offerings in Latin America with the launch of a new crypto-to-bank account payment solution for the region. On Aug. 30, Binance said it's working with licensed transfer processing providers for its new “Send Cash” product that allows users from nine countries to transfer crypto funds directly to bank accounts. The new function is available for users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. Users from these countries will be able to send money via Binance Pay to recipients with bank accounts in Colombia and Argentina. Binance Pay , which has seen growth in Africa, Asia and Eastern Europe is the exchange’s native crypto payment technology platform. Send cash. Instant. Low fees. https://t.co/sqBnIAqABQ — CZ Binance (@cz_binanc...

Analysts say the best-case scenario is the SEC approves the batch of spot Bitcoin ETFs but it may also exercise its right to an appeal. The United States Securities and Exchange Commission is facing its first deadlines to decide on seven new Bitcoin ( BTC ) spot exchange-traded fund applications with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court. Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings. Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4. List of recent Bitcoin spot ETF applicant filing dates and deadlines. Source: Bloomberg The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capric...

Regulators from Rhode Island have approved X’s application for a currency transmitter license. Rhode Island’s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company’s foray into the financial services sector.  The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.   X’s Rhode Island Currency Transmitter License was approved on Aug. 28 according to the Nationwide Multi-State Licensing System (NMLS). X has a total of seven money and currency transmitter licenses. Source: NMLS The move marks an important step forward in Elon Musk’s push for X to become an “everything app” — which would include crypto and fiat payments. While sources have suggested that X's upcoming payments feature will initiall...

Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter. However, it isn’t clear when Tether’s banking relationship with Britannia Bank started, but its other reported banking partners include Deltec Bank and Capital Union Bank . In recent months, United States-based cryptocurrency firms have had to increasingly look offshore for banking partners amid increased scrutiny by U.S. regulators following the shock collapse of FTX in November. Tether’s unwillingness to publicly disclose the full extent of its balance sheet and banking relat...