Crypto News Updates

Binance, the largest cryptocurrency exchange by volumes traded, has announced the launch of “Send Cash,” a Latam-focused remittance service. The newly launched tool will allow users in nine countries in the region to send crypto to bank accounts of friends or family in Argentina and Colombia directly, bypassing third-party intermediaries. Binance Seeks to Ease Remittances in Latam With ‘Send Cash’ On Tuesday, Binance announced the launch of ‘Send Cash,’ a new service that seeks to ease the burden of Latam crypto users trying to send remittances to friends and family in Latam. In a press release , Binance explained that this new tool will allow users in 9 countries of Latam – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico – to send funds directly to the bank accounts of users located in Colombia and Argentina “at the lowest cost in the market.” Binance also hinted at the possible expansion of this program to other countries of

A number of U.S. lawmakers have urged regulators, including the Securities and Exchange Commission (SEC), to work with Congress on crypto regulation. “Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators to work with Congress to provide clear rules of the road and robust consumer protections through legislation,” said the House Financial Services Committee. Lawmakers Urge Regulators to Work With Congress on Crypto Regulation After the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of crypto asset manager Grayscale Investments against the U.S. Securities and Exchange Commission (SEC), a number of lawmakers have urged regulators to collaborate with Congress on cryptocurrency regulation. On Tuesday, the Financial Services GOP posted on social media platform X: Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators

The world’s largest cryptocurrency exchange by global trade volume, Binance, has announced it is discontinuing support for the stablecoin asset BUSD. The trading platform is encouraging users to swap their BUSD as Binance gradually phases out BUSD markets. BUSD Support Ending on Binance, Users Told to Swap Tokens On August 31, Binance disclosed BUSD support will be phased out and the exchange is asking users to convert BUSD to other stablecoins before February 2024. The blog post notes the issuer of BUSD, Paxos, has halted minting the stablecoin and Binance is offering no-fee swaps if customers convert BUSD balances into FDUSD. On Sept. 7, Binance will suspend BUSD loans on cross margins and on Oct. 19, cross-margin and portfolio margin users will no longer be able to transfer additional BUSD as new collateral to the platform’s cross-margin wallet. “Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will cease [on September 7],”

Coinbase has listed Paypal’s PYUSD stablecoin, following an announcement of its support for the digital asset just a day earlier. Should liquidity requirements be satisfied, the exchange plans to introduce trading pairs for the asset in stages. Coinbase Adds PYUSD Stablecoin Coinbase , the prominent cryptocurrency exchange headquartered in San Francisco, has incorporated Paypal’s dollar-tied token, PYUSD, into its offerings. The firm broke the news on Wednesday, mentioning that trading would commence at 9 a.m. PT on Thursday, provided “liquidity conditions were met.” “Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will launch in phases,” elaborated Coinbase. “Support for PYUSD may be restricted in some supported jurisdictions.” The exchange also emphasized that PYUSD operates as an ERC20 token on the Ethereum network, cautioning users against transferring the asset through alternate networks to avoid potential losses. According to a re

According to Edward Hong, the chief platform officer (CPO) at the early-stage venture firm Hashed, South Korea’s decision to delay putting in place a comprehensive crypto regulatory framework seems to be more of a strategic move rather than hesitation. Hong insisted that the perceived delay helps to ensure that South Korea’s regulatory regime will be in sync with any internationally agreed framework. Korea’s Position at the ‘Forefront of Global Technology Adoption’ Hong also told Bitcoin.com News that when South Korea’s crypto regulatory framework is in sync with those of its peers, this may make it possible for the Asian country to foster a “more standardized and interoperable landscape for crypto assets.” When asked about how South Korea has made itself one of the world’s leading cryptocurrency markets, the CPO suggested that this may have something to do with the country’s position “at the forefront of global technology adoption.” Regarding the prospect of Korea becoming success

An Analysis Into GoMining’s New NFT, and their Tokenomics Bitcoin mining company, GoMining , has changed the way we think about bitcoin mining with their GoMining NFTs, giving holders a share of ownership in their mining operations. With over 2,000 BTC paid out over the last two years, GoMining is proving their thesis that bitcoin mining can be easy and accessible for everyone. With brand ambassadors like Khabib Nurmagomedov and the project’s avid participation in the Bitcoin Mining Council , GoMining understands the importance of the cryptocurrency industry and the role of their bitcoin mining operations within it. GoMining recently launched a major update to their tokenomics for the GoMining token. The new system has several implications for token and GoMining NFT holders. So let’s dive into what exactly GoMining offers crypto users and their tokenomics system, breaking down the token’s life cycle and distribution. What is GoMining? In its truest essence, GoMining is a bitco

Cryptocurrency exchange Binance said it continues to provide services to residents of Belgium through its Polish entity. The announcement comes two months after the crypto trading company was ordered by the Belgian financial regulator to cease all crypto services in the country. Binance Offers Belgian Clients to Trade on Its Polish Platform Belgian customers of Binance, the world’s largest crypto exchange, are currently served by its Polish platform. In a blog post published Monday, the crypto trading company pointed out that the move allows it abide by applicable regulations. It stated: We are pleased to announce that Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users. The change comes after in June Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to “cease immediately all o

The premium on crypto assets listed on South African exchanges briefly surged to 3.5% after Kraken’s abruptly started blocking deposits from users based in the African country. Some South African crypto experts have linked Kraken’s decision to the Financial Action Task Force’s recent addition of the African country to its greylist. Impact of the FATF’s Greylisting According to a report, the U.S.-based crypto exchange Kraken’s recent decision to stop accepting deposits from South African nationals briefly saw the premium on crypto assets like bitcoin surge to 3.5%. Before Kraken’s announcement, the premium or arbitrage, which is the gap between prices of crypto assets on global exchanges and South African exchanges, had reportedly ranged between 0.7% and 1.5%. As explained in a report published by Moneyweb, Kraken made the sudden decision to block South African deposits after its banking partner placed the African country on its anti-laundering blacklist. Some South African comment

An Africa-focused remittances platform, Lemfi, recently said it has raised $33 million in a Series A round led by Left Lane Capital. Lemfi said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.” Making Remittances Less Complicated Lemfi, an Africa-focused remittances platform, recently raised a $33 million in a Series A round which was led by Left Lane Capital. In a press statement , Lemfi, which has a presence in Canada and the U.K., said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.” In comments accompanying the capital raise announcement, Ridwan Olalere, a co-founder and CEO of Lemfi, seemingly characterized the successful round as an endorsement of the company’s objective of making financial services more accessible to immigrants. Olalere, who claims to have seen first-hand the challenges faced by migrants, also spoke of how Lemfi’s produ

In early August 2023, Bloomberg ETF specialists Eric Balchunas and James Seyffart estimated a 65% probability for the approval of a spot bitcoin ETF. However, as August draws to its conclusion, and in light of a U.S. court siding with Grayscale over a legal tussle against the U.S. Securities and Exchange Commission (SEC), the pair have revised their prediction, now pegging the likelihood at 75%. SEC Decision Looms for Seven Spot Bitcoin ETFs Barring any delays, the U.S. Securities and Exchange Commission (SEC) is poised to either greenlight or turn down seven distinct proposals for a spot bitcoin ETF. These applications hail from notable names like Blackrock, Wisdomtree, Valkyrie, Fidelity, Vaneck, Bitwise, and Invesco. Bloomberg’s senior ETF analyst, Balchunas, conveyed that he and Seyffart have adjusted the odds from their earlier forecast . “James Seyffart [and] I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24),” Balchunas posted to the soc

Utah-based Nodal Power, which specializes in turning landfill gas into energy for powering bitcoin ( BTC ) mining hubs, recently announced a successful $13 million seed round backed by strategic investors. Bryan Black, Nodal’s CEO, stressed the technology’s “potential to make a significant impact on local energy markets.” Nodal Power Raises $13M to Convert Landfill Gas to Bitcoin Mining Energy; Eyes Local Market Impact Nodal Power , a company that converts landfill gas into energy for Bitcoin mining centers, has secured $13 million in seed funding. This technology reduces methane gas emissions from landfills and uses that energy for mining. Nodal combusts the methane, typically flared or vented, with a generator. The resulting electricity is then provided to local utilities and BTC mining operations. Nodal says a significant portion of the funding has been invested in building and operating two power plants in the United States. The first, in the Southeast, uses landfill gas to pr

Following Paypal’s declaration about the introduction of a fresh stablecoin, the smart contract address has revealed that the quantity of PYUSD stood at approximately 26.9 million. In the subsequent 22 days, the supply of PYUSD has risen by over 60%, now totaling 43.3 million. Paypal’s Stablecoin Supply Surged by 60%, but the Dollar-Pegged Token Is Nowhere Near Today’s Stablecoin Giants Paypal’s stablecoin has experienced a growth of more than 60% in its supply in under a month’s time. At present, there are 43.3 million PYUSD in existence , and approximately 346 distinct addresses hold PYUSD. Despite the supply increase, the coin has only recorded a scant total of 1,462 transfers since its launch. Moreover, the Paxos-operated contract address holds 34.99 million PYUSD, approximately 80.8277% of the overall supply. Paxos’ Treasury address ranks second-largest, containing 8.7797% of the supply or 3.8 million PYUSD. The third-largest PYUSD holding belongs to Crypto.com, with 2.79 mil

Jamie Coutts, an analyst from Bloomberg Intelligence, has predicted that stablecoin adoption will grow significantly once the issue of hostile regulations in the U.S. is put aside, noting “adoption under the hood is exploding.” Coutts believes that stablecoin usage may overtake bitcoin usage as more companies like Paypal integrate such assets in their payment structures. Analyst Says Stablecoin Adoption Set to Grow While the stablecoin market has been hammered recently due to the lack of clear regulations in the U.S., the adoption of these tools is set to boom enormously in the future. At least, this is the opinion of Jaime Coutts, a Bloomberg Intelligence analyst, who believes that even in the face of “U.S. boomer” regulations, these payment methods are likely to be adopted by companies like Paypal and credit giants like Visa and Mastercard. In his analysis, Coutts acknowledges that the growth of the stablecoin market was significant during 2022, with total payments of stablecoi

In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from demanding U.S. dollars for domestic transactions has “resulted in the constant devaluation, depreciation and unending plunge of the naira.” Nigeria’s Foreign Exchange Woes A Nigerian lawyer and human activist, Femi Falana, is suing the Central Bank of Nigeria (CBN) for allegedly dollarizing the economy. In his suit filed with a Lagos High Court, Falana also alleged that the CBN’s failure to perform its statutory obligations had “resulted in the constant devaluation, depreciation and unending plunge of the naira.” As has been reported by Bitcoin.com News in the past few months, the Nigerian currency has been losing ground against major currencies. Many Nigerian economic commentators attribute the naira’s constant depreciation to the ongoing U.S. doll

The Shiba Inu development team has announced that Shibarium is now fully functional after recent challenges where funds became inaccessible in the bridge. Shiba Inu’s Shytoshi Kusama thanked Sandeep Nailwal, the co-founder of Polygon Labs, who stepped in with crucial resources to address the issue. Shibarium Back Online After Resolving Bridge Glitch, Team Thanks Polygon Co-Founder Two weeks prior, Shibarium had faced difficulties with over $2 million in cryptocurrency deposits trapped in its bridge. However, on August 28, an update was shared via a blog post confirming that Shibarium’s layer two (L2) was back in action. It highlighted that Sandeep Nailwal and the Polygon team were instrumental in resolving the situation. “Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” remarked Shiba Inu’s Shytoshi Kusama. The blog further specified that tr

The U.S. Department of Justice filed a motion on Monday seeking to bar all seven of Sam Bankman-Fried’s proposed expert witnesses from testifying in the former FTX CEO’s upcoming fraud trial. Federal prosecutors cited issues with the witnesses’ reliability and accused them of improperly offering opinions on Bankman-Fried’s state of mind. DOJ Seeks to Bar All Expert Witnesses in Former FTX CEO’s Fraud Trial In the 39-page motion , the Department of Justice (DOJ) argued the witnesses’ opinions amounted to “an expert patina to inadmissible hearsay testimony about the defendant’s supposed lack of criminal knowledge or intent.” Prosecutors took issue with British barrister Lawrence Akka’s planned testimony interpreting FTX’s terms of service, saying it would confuse the jury and usurp the court’s role in instructing on the law. The DOJ deemed Indiana University professor Bradley Smith’s proposed lecture on campaign finance laws unnecessary and irrelevant. The government also criticized

While Bitcoin’s recent downturn suggests volatile times ahead, underlying metrics suggest a market full of nuance, anticipation, and strong belief, the latest Bitfinex Alpha report says. About 40% of Bitcoin’s total supply has been inactive for more than three years — the highest ever for this measure, highlighting the top cryptocurrency’s strong base of holders. Diamond Hands: Bitcoin’s Long-Term Believers Remain Resolute Despite Recent Tumult The Bitfinex Alpha report shows a closer look at Bitcoin’s supply dynamics reveals compelling details. The one-year inactive supply, which means coins that have been dormant for at least a year, seems to mirror BTC ’s price changes with remarkable accuracy, possibly acting as a gauge for volatility. Before the sharp price drop on August 17, 2023, the one-year inactive supply decreased dramatically from 13.45 million to 13.32 million, possibly indicating the upcoming drop. However, a broader view tells a different story. Bitcoin’s metric for

Bitcoin returned to the red on Tuesday, as markets began to anticipate the upcoming consumer confidence report in the United States. The Conference Board index is expected to fall to a reading of 116 in August, from 117 the month prior. Ethereum was also marginally lower. Bitcoin Bitcoin slipped slightly during Tuesday’s session, as markets began to anticipate the upcoming consumer confidence report from the United States. BTC /USD dropped to an intraday low of $25,914.93 earlier in today’s session, following a peak of $26,406.15 on Monday. The decline sees bitcoin remain in consolidation, however some traders are optimistic about this ending as the week progresses. Looking at the chart, one of the reasons for this long stretch of price uncertainty is the relative strength index (RSI) failing to surge past resistance. In this case, the aforementioned ceiling is at the 33.00 mark, which has remained intact for nearly two weeks. As of writing, the index is tracking at 30.72. Eth

According to Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method for cross-border and micropayments. Instead, some countries view CBDCs as a technology that could make their countries “more economically and financially efficient” and this ultimately improves their competitiveness. Regulated Digital Assets ‘a Requirement for Mass Adoption’ While stablecoins issued by private entities such as Tether are increasingly seen as the go-to digital currencies when moving funds across borders, Tsu told Bitcoin.com News that CBDCs may turn out to be a better option because they are underpinned by regulation. According to the CEO of Venom Foundation — a platform that aims to create a bridge between traditional finance and the Web3 world — such an attribute can be a key “requirement for mass adoption and harmonizatio