The Nigeria House of Representatives, focusing on financial crimes, has called upon Richard Teng, the CEO of Binance, to address concerns over $26 billion in suspected illicit transactions through its local peer-to-peer (P2P) exchange. This action is part of Nigeria’s broader strategy to dismantle parallel foreign exchange markets, which have been causing disparities in the perceived value of the Nigerian naira. The request for Teng’s appearance comes in the wake of the Nigerian government’s detention of two Binance executives, signaling a wider clampdown on cryptocurrency exchanges operating in the country. Officials have criticized Teng for his failure to engage with…
Author: Rea K.
The innovative layer-2 project, Blast, has officially launched its mainnet, marking a significant milestone in its development. The announcement came through a recent post on X, revealing plans for an airdrop following the mainnet’s debut. This move aims to distribute tokens in two major allocations: one for users and another to bolster support for decentralized applications (dApps), including notable projects like Blast Gold. Although the total airdrop sum remains undisclosed, the initiative underscores Blast’s commitment to fostering a vibrant ecosystem. A New Era of Scaling Solutions Originating on November 22, 2023, Blast introduces an EVM-compatible scaling protocol that capitalizes on…
Galaxy Digital’s CEO, Michael Novogratz, recently shared insights with Bloomberg about the current state of the Bitcoin market. He hinted at the potential for upcoming market corrections and a phase of consolidation. This commentary comes at a time when Bitcoin is experiencing a significant surge, having climbed over 40% since the year’s start, surpassing the $60,000 milestone as of February 28. “If it [Bitcoin] corrects, it might correct to the mid-$50,000s, before taking off to the new high,” Novogratz said. Understanding the Market Dynamics Novogratz described the recent market activity as a period of “price discovery.” This phase is…
Binance Futures, the derivatives arm of Binance, announced the introduction of perpetual contracts for Toncoin (TON). This addition, scheduled for March 1 at 12:30 UTC, marks a significant expansion of Binance’s futures lineup. Traders can now engage with TON/USDT perpetual contracts, leveraging up to 50 times. This development is noteworthy as Binance has yet to support TON in spot trading. However, enthusiasts and investors can access price tracking and market information on the platform. This launch aligns with the recent surge in interest surrounding TON, primarily fueled by an announcement from Telegram’s founder, Pavel Durov. Durov revealed a new initiative…
A coalition of state attorneys general from across the United States has openly criticized the Securities and Exchange Commission for what they perceive as an overextension of its regulatory mandate. This collective, comprising legal heads from Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas, has taken a unique stance by neither siding with Kraken, nor outright opposing SEC’s regulation efforts. Their primary concern revolves around the potential for SEC’s actions to undermine state-level consumer protection laws and other regulatory statutes. The attorney general’s critique surfaces in the wake of Kraken’s legal challenge against the SEC. Kraken argues the…
Gemini has reached an agreement with the New York Department of Financial Services (NYDFS) to refund around $1.1 billion to participants of its Gemini Earn program. This decision comes after users faced challenges withdrawing their funds coinciding with the downfall of the cryptocurrency exchange FTX. The settlement underscores Gemini’s commitment to reimbursing Gemini Earn users, who sought to capitalize on higher interest rates by committing their cryptocurrency to the program. Unfortunately, Genesis, the crypto lending platform supporting Gemini Earn, went bankrupt three months post-FTX’s collapse in November 2022, leading to a freeze on customer assets. Regulatory Actions and Customer Concerns…
El Salvador’s investment in Bitcoin has propelled its holdings to a staggering value exceeding $60 million USD. This financial triumph unfolds as Bitcoin’s value skyrockets, recently breaching the $61,000 USD threshold. The digital currency’s value escalated by 8.42% in just 24 hours, and over the past week, it has seen an impressive 18.60% growth. With 2,848 Bitcoins to its name, El Salvador is riding the wave of this cryptocurrency’s explosive surge. From Legal Tender to Financial Milestone Back in 2021, El Salvador blazed a trail in the cryptocurrency domain by becoming the inaugural nation to adopt Bitcoin as legal tender.…
On February 28, the U.S. government took a significant step by initiating the transfer of a vast amount of Bitcoin, valued at nearly a billion dollars. This action involves Bitcoin confiscated during the 2016 Bitfinex hack, highlighting the government’s role as a major entity in the cryptocurrency space. Arkham Intelligence reports that between 18:39 and 19:55 UTC, four separate transactions were executed, moving Bitcoins from two wallets associated with the confiscated funds. The sequence of these transactions began with a modest transfer of 1 Bitcoin, valued at $60,200, signaling the commencement of this large-scale operation. Following this, the authorities moved…
Backpack, a new crypto exchange, has successfully closed its Series A funding round, securing $17 million. This financial milestone has propelled the company’s valuation to an impressive $120 million. The funding round saw participation from notable investment firms, including Wintermute and Amber Group, marking a bold step forward in the crypto space. Backpack’s establishment comes nearly a year following the collapse of FTX, signaling a resurgence in the industry led by veterans from FTX and Alameda Research. Founding Team’s Expertise and Vision Co-founded by Armani Ferrante, a former early Alameda employee who now takes the position as CEO, and Can…
Ilya Lichtenstein has recently taken the stand as a government witness in the United States’ legal battle against the crypto mixer service, Bitcoin Fog. This event marks a crucial point in the ongoing efforts by regulators in the US and the European Union to address illicit activities within the crypto space. Lichtenstein’s testimony sheds light on his use of Bitcoin Fog to hide the origins of funds he illicitly obtained from the Bitfinex exchange. Describing Bitcoin Fog as a tool that was popular on the darknet but ultimately fell short of his requirements for laundering activities, Lichtenstein highlighted the service’s…