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Binance Holdings Limited, the global company behind the prominent cryptocurrency platform, has requested a protective order against the United States Securities and Exchange Commission (SEC), accusing the regulator of launching an unreasonable and unbounded investigation into Binance’s asset custody practices. The clash between the exchange giant and the controversial watchdog has escalated amid the ongoing struggle for clear and balanced crypto regulations. According to Binance’s petition on August 14, the SEC’s “fishing expedition” is irrelevant to the allegations in the original complaint, with the exchange having already provided information about customer assets. Binance Strikes Back! Upon the Consent Order on June 17, BAM Trading Services, the crypto-asset entity that allegedly operates Binance US, was required to take numerous actions, including permitting the SEC to conduct “limited expedited discovery” for a period of 90 days on a narrow set of topics—namely, the possess...

PayPal’s new offering enables users to hold, trade, and buy Bitcoin and other cryptocurrencies using their wallets. Global payment giant PayPal launched a new crypto service called Cryptocurrencies Hub, which allows a select group of users to hold, trade, receive, and purchase Bitcoin and altcoins within their PayPal accounts. According to PayPal’s latest updates in terms and conditions, apart from crypto sale and purchase, users can convert between PYUSD and other crypto assets, and access market information and content. PayPal Cryptocurrencies Hub The firm also noted that when you buy cryptocurrency, you are not holding digital coins or tokens. Instead, you are buying a record of ownership of those coins or tokens. To wit, “Any balance in your Cryptocurrencies Hub represents your ownership of the amount of each Crypto Asset shown. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance.” Additionally, some of the features are only accessible t...

Bittrex has agreed to settle with SEC for $24 million without admitting or refuting the charges. The U.S. Securities and Exchange Commission (SEC) announced on August 10 that the digital asset exchange Bittrex Inc. and its co-founder and former CEO, William Shihara, agreed to pay a $24 million fine to settle charges alleging they failed to register as a national securities exchange. And The SEC Rolls On… In April 2023, the SEC filed a claim against the U.S. Bittrex, alleging that the exchange’s operations fell under the definition of “an unregistered broker, exchange, and clearing agency.” As detailed in the agency’s complaint, these activities primarily involved providing services to U.S. investors concerning crypto assets that the SEC claims were offered and sold as securities. Bittrex and its former CEO, William Shihara, were accused of directing issuers to remove specific “problematic statements” from public channels before seeking to list their crypto assets on the Bittrex ...

XDEFI , the leading multi-chain wallet extension offering a comprehensive suite of cryptocurrency asset management solutions, has announced its integration with: Osmosis IBC transfers Squid Router (powered by Axelar Network ) This represents a significant step towards improving the liquidity flow of the Cosmos ecosystem. What Does This Mean for Users? The integration enables users to bridge any asset supported by XDEFI into the Cosmos ecosystem directly within the XDEFI wallet through the Squid Router. Once bridged, users can effortlessly swap any Cosmos assets via Osmosis, and move these assets between different chains within the Cosmos ecosystem with IBC transfers, all directly from the comfort of your wallet. To illustrate the new feature’s utility, consider this groundbreaking example: users can now move from native Bitcoin to any Cosmos token, like Kujira. The swaps are performed seamlessly within XDEFI Wallet, ensuring a smooth and permissionless process. Cosmos Odyss...

The innovative NFT lending and soon NFT perpetuals trading protocol TribeOne is planning on introducing new benefits and utilities to $HAKA holders, all via decentralized, on-chain governance. The proposals are already posted, so we can see what’s inside. The need for better tokenomics During the ongoing bear market, many protocols started facing inflationary pressure on their tokens, as demand and overall amount of capital in the market shrinks. RNDR, ATOM and many others started the discussion on sustainability of their token models, resulting in implementing “2.0” versions of their tokens. This often means lower emissions, additional use cases and deflationary/burning mechanics. While focused on releasing their innovative NFT perpetuals trading platform, TribeOne doesn’t ignore the trends and sentiment of the market and joins other Web3 protocols in optimizing the tokenomics of their protocol’s token, $HAKA. Blockchain Governance As a truly decentralized protocol, any changes...

The U.S. Federal Reserve (Fed) announced on Tuesday a new set of regulations to strengthen banking supervision engaged in activities related to cryptocurrencies and stablecoins. The move aims to mitigate the risks associated with crypto activities and protect users and the financial system. The Fed says crypto is not off-limits, but banks need to get permission first. Under the new regulations, the Novel Activities Supervision Program, all state banks that want to participate in crypto activities must obtain Fed pre-approval before issuing, holding, or trading stablecoins in U.S. dollars. Additionally, upon registration, the Fed will look for flaws that could be exploited for money laundering, customer runs, or hacking. Banks that do not have adequate controls in place to prevent money laundering will not be allowed to engage in crypto activities. The Wild West The Fed is concerned about the banks’ ability to handle the exponential growth of the crypto industry in a safe and sou...

Abu Dhabi, UAE, August 9th, 2023, Chainwire Venom Foundation, a leader in blockchain technology adoption in regulated markets, is thrilled to announce the signing of a momentous Memorandum of Understanding (MOU) with the UAE Government to develop and implement the National Carbon Credit System. This landmark partnership represents a significant step towards leveraging blockchain technology to address environmental challenges and promote sustainability on a national scale. This revolutionary collaboration underscores the UAE’s unwavering commitment to bolstering transparency, reliability, and efficiency in carbon emission management, while using the next generation blockchain technology of Venom and in doing so, propelling the nation towards its ambitious climate targets of 40% reduction in carbon emissions by 2030. The Venom blockchain itself is carbon neutral. The Memorandum of Understanding (MoU) signed between the Ministry of Climate Change and Environment (MCCE), the Industrial...