152059
All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
Google Cloud Partners with Celo Network as Validator, Facilitating Ethereum Layer 2 Migration 🟥
➡️ Google Cloud has partnered with the Ethereum Virtual Machine (EVM)-compatible blockchain network Celo (CELO), and is already running a Celo network validator, according to an announcement.
♾ The initiative builds on a collaboration between the two sides that was originally announced in April, when the focus was on supporting “sustainability-focused startups in the Celo ecosystem” with necessary cloud infrastructure.
➡️ By becoming a Celo validator, Google Cloud joins existing validators such as Animoca Brands, Deutsche Telekom, and others. A network validator is an entity that participates in the verification of new transactions, and thus help to secure the network against attacks.
UFO Hearing Sparks Crypto Degen Frenzy: More Than 50 Alien Shitcoins Emerge 👀
📣 Following a recent hearing, where a former military intelligence officer turned whistleblower disclosed that Congress lacks information about unidentified anomalous phenomena (UAPs) or Unidentified flying objects (UFOs), crypto degen swiftly seized the opportunity and created multiple UFO-themed tokens to capitalize on the news.
🟢 The whistleblower alleged that executive branch agencies had withheld information about these mysterious objects for years.
🟥 In his testimony on July 26 before the House Oversight Subcommittee on National Security, David Grusch, a former Pentagon task force member on UAP and whistleblower, directly accused the U.S. government of concealing alien visitation to Earth.
➡️When questioned about information on extraterrestrial life, Grusch stated that the U.S. has likely been aware of "nonhuman" activity since the 1930s. Following the viral hearing on July 26, more than 50 new alien, UFO, and extraterrestrial-themed tokens, known as memecoins, have surfaced in the past 24 hours.
⚠️ Tokens like "ALIENX," "UFO," and "ALIEN" have gained substantial attention from crypto degens on social media and search engines.
♾ However, there are concerns about potential scams associated with these memecoins, as some are believed to be "honeypots" designed to lure investors with the theme's hype but with mechanisms preventing them from selling their tokens later.
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The US Department Of Justice Will Double Its Crypto Enforcement Teams To Combat Crimes 🟢
✅ The United States Department of Justice is set to expand its digital asset crime enforcement teams in the coming months as part of wider plans to reduce virtual-asset-related crimes.
♾ In a speech delivered on July 20, at the Center for Strategic and International Studies, Nicole Argentieri, the Principal Deputy Assistant Attorney General disclosed the department’s plans to revamp the division.
➡️ According to her, the National Crypto Enforcement Team (NCET) will become a permanent body within the criminal division to handle cryptocurrency-related investigations.
🟢 The NCET, established in 2021 has taken on high-profile investigations and would now be merged with the Computer Crime and Intellectual Property Section (CCIPS). Though merged, the NCET would continue investigating and prosecuting related offenses, leveraging the larger structure and added resources.
💬 “It’s now time to bring NCET to the next level, merging it into Computer Crime and Intellectual Property Section will give it the resources and runway to accomplish even more.”
FCA Issues Warning: Crypto Memes Could Violate Financial Promotion Rules 🟥
➡️ Crypto memes may amount to criminal offenses if they don’t comply with existing financial promotion rules, warned the United Kingdom’s top financial regulator on Monday.
♾ A newly proposed set of guidelines from the Financial Conduct Authority (FCA) highlighted how “any type of communication” can be considered a financial promotion, and subjected to Section 21 of the Financial Services and Markets Act. The rule states that a person cannot, in the course of business, invite or induce others to engage in investment activity.
💬 The ruling, according to the regulator, extends to memes. “ We have seen memes and other similar communications circulated on social media with users often not realizing they are subject to our rules,” wrote the FCA.
🟢 As an especially popular asset class with young people, memes are arguably central to how large swaths of the industry – including its community and businesses – relate to each other online.
🔴 In fact, major cryptocurrencies have popularized around little but the notoriety of the meme they represent – such as Dogecoin (DOGE), which is currently the 9th largest crypto by market cap.
Coinbase Pauses Staking Services in Several US States Amid SEC Lawsuit 📌
➡️ Coinbase, the US-based cryptocurrency exchange, has temporarily paused its staking services in four states in response to legal proceedings from Securities and Exchange Commission (SEC).
➡️ In a blog post on July 14, Coinbase announced that it was temporarily suspending its retail staking service in California, New Jersey, South Carolina, and Wisconsin. This decision comes in response to the US Securities and Exchange Commission (SEC) filing a lawsuit against the crypto exchange in June for offering unregistered securities.
🟢 In addition to the SEC lawsuit, regulatory bodies in 10 US states initiated legal proceedings, suspending certain services.
💬 "We strongly disagree with any allegation that our staking services are securities," Coinbase wrote. "But we will fully comply with the preliminary state orders where required, even though that comes before we've had an opportunity to defend ourselves."
➡️ However, it is essential to note that only the regulatory actions in California, New Jersey, South Carolina, and Wisconsin require a pause in staking additional assets.
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DCG Dismisses Gemini Lawsuit As “Publicity Stunt” By Winklevoss ✅
👀 Digital Currency Group responded to the lawsuit filed by Gemini alleging it defrauded its creditors by calling it a “publicity stunt” by Cameron Winklevoss. Gemini revealed yesterday that it has filed a lawsuit against DCG and its CEO Barry Silbert for orchestrating and directly perpetrating a fraud against creditors.
🟥 Gemini claimed that the DCG CEO pushed to continue the Earn program despite being fully aware of Genesis’ insolvency. Cameron Winklevoss alleged that Barry Silbert and DCG executives lied again and again to conceal the truth from Gemini and other creditors.
➡️ DCG’s subsidiary Genesis owes nearly $1 billion to Gemini’s Earn program users and other creditors.
✔️ DCG issued a statement last night saying that the latest lawsuit is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini.
Nasdaq Submits Revised Application for BlackRock's Bitcoin ETF to SEC 🟢
⚡️ Nasdaq has resubmitted an application to the U.S. Securities and Exchange Commission (SEC) to list a bitcoin exchange-traded fund (ETF) by BlackRock.
The updated filing, made public on Monday, includes additional details to address concerns raised by the SEC regarding the initial submission, Reuters reports.
👑 Coinbase, a leading cryptocurrency exchange, will provide market surveillance support for the proposed ETF, which is backed by the world's largest asset manager. The SEC had previously expressed concerns about the clarity and completeness of the original filings by Nasdaq and had raised similar concerns with Cboe regarding a filing from Fidelity.
➡️ According to Cboe's filing for the Fidelity bitcoin ETF, the platform represented around half of the U.S. dollar-bitcoin trading volume in May.
💎 Coinbase, in response to the SEC lawsuit, argued that the regulator lacks the authority to pursue civil claims against them, as the crypto assets traded on their platform are not considered securities.
✔️ The SEC has previously rejected numerous spot bitcoin ETF applications, including one from Fidelity in January 2022. In each case, the SEC cited the failure to meet the standards aimed at preventing fraudulent and manipulative practices, while ensuring investor protection and public interest.
Americans Want Regulated Spot Bitcoin ETFs, Says Coinbase's Chief Legal Officer 💎
➡️ The American people want access to more safe and regulated crypto-based investment products, and the market is now responding to this, Coinbase’s chief legal officer Paul Grewal has stated.
⚡️ “We have great confidence that the market is responding to what Americans have said about what they want in their financial future. It’s something like 20% of Americans who have already bought or sold digital assets in one form or fashion, and over 60% believes that our current system needs a serious upgrade,” Grewal said in an interview on Bloomberg TV on Thursday.
🔔 He added that Coinbase believes crypto to be “an important part” of what Americans want for their financial future, and said the market now is attempting to deliver “safe, regulated products” to the American people, referring to a spot Bitcoin exchange-traded fund (ETF).
📌 He went on by suggesting that the US Securities and Exchange Commission (SEC) is not acting in the best interest of the American people.
✔️ “When the U.S. government, the SEC in particular, stands in the way of that access, they are really standing in the way of what the American people have said, clearly, they want,” Grewal said.
Binance Forced to Stop Providing Crypto Services in Belgium by Financial Regulator 📣
📍 The financial regulator in Belgium, the Financial Services and Markets Authority (FSMA) had forced the cryptocurrency exchange Binance to halt its services in the country alleging that the exchange has violated the law by serving Belgian customers from countries outside the European Economic Area (EEA).
🗺 “The FSMA has noted that Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area. The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium,” the FSMA said in a statement.
🟥 According to the statement, companies that are from countries outside the EEA are prohibited from offering exchange services between virtual currencies and legal currencies to customers within Belgium.
❔ The FMSA is blaming the exchange for violating Article 136 of the Belgian Law and thus imposing sanctions to prevent money laundering and terrorist financing.
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S Korean Crypto Lender Delio Suspends Withdrawals 🔠
💫 The South Korean crypto lending platform Delio says it is “temporarily” suspending deposits and withdrawals, as financial regulators say they are “investigating” the situation.
The platform is a crypto lending service and wallet, which holds an official virtual asset service provider (VASP) operating license.
✏️ In a statement, the firm said that it would halt deposits and withdrawals on the platform as of UTC 09:30 on June 14.
Delio blamed the move on “the aftermath” of domestic firm Haru Invest’s own decision to suspend crypto deposits and withdrawals this week.
⚡️ Delio said Haru’s move had “dramatically increased market volatility and increased confusion among investors.”
The newspaper Herald Kyungjae quoted Jeong Sang-ho, Delio’s CEO, as “admitting” that “some” of its customer assets had been invested on Haru’s platform.
➡️ He said:
“I cannot disclose the exact amount, but it is true that some of our customers’ funds were deposited with Haru Invest.”
Crypto Card Adoption Rising in Brazil, Say Issuers ✏️
📈 Crypto credit card adoption is on the rise in Brazil, issuers have claimed, with more Latin American users than ever reportedly buying and spending tokens.
Per the Brazilian media outlet Livecoins, Brazilians are not just buying crypto, but also using coins, instead of fiat, to pay in stores.
♾ The media outlet quoted Binance’s Brazilian head Guilherme Nazar as stating that cards, such as the Binance Card, were “bringing cryptocurrencies into users’ day-to-day lives.”
He claimed that citizens were now “buying bread at the bakery, paying for dinner with friends, and paying for taxi fares” using crypto-powered cards.
⚠️ Nazar added that the card was helping Binance “meet the demands of its local users.”
The exchange giant further claimed that “most” crypto cardholders use their coins to pay in supermarkets or grocery stores.
US-China Power Struggle Extends to Crypto Battlefield: China Surges Ahead 📌
🔴 The United States and China are competing on both economic and technological fronts – and part of their rivalry includes a race to adopt crypto.
➡️ Though the eastern superpower has announced multiple bans on crypto mining and trading over the past decade, President Xi Jinping argued in 2021 that “technological innovation has become the main battleground of the global playing field, and competition for tech dominance will grow unprecedentedly fierce.”
🟢 In fact, by some numbers, the U.S. is falling far behind on blockchain technology. For one, Chinese and Chinese-affiliated crypto exchanges still account for most global crypto trading volume if one includes Binance among its ranks.
➡️ Binance CEO Changpeng Zhao – a Canadian citizen who was born in China and moved to Canada at age 12 – insists that Binance has never been a Chinese company, neither officially nor culturally.
➡️ However, a Bloomberg report in May suggested that some Chinese citizens have continued to trade crypto within the country even after the region’s September 2021 ban, including on platforms like Binance and Huobi. Furthermore, regions like Hong Kong are now adopting a pro-crypto regulatory stance, offering licenses to crypto exchanges and providing banking access to the crypto sector.
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Crypto Startups Secure $201.4M in Funding: Futureverse and RISC Zero Lead the Way 📌
🟢 Last week, venture capital and investment firms invested $201.4 million in crypto projects, with metaverse startup Futureverse and RISC Zero receiving the largest fundraises.
🟥 Eleven companies recently announced funding rounds, with two standout raises. Metaverse startup Futureverse secured an impressive $54 million from its Series A funding round, led by 10T Holdings and Ripple Labs.
➡️ At the same time, RISC Zero, a provider of zero-knowledge-proof tools for developers, raised $40 million in a Series A round.
➡️ Futureverse has a clear mission: to empower developers and users by providing a collaborative ecosystem that consolidates 11 metaverse infrastructure and content companies.
♾ Futureverse intends to use the funds from the funding round to enhance its comprehensive technology, which includes the Futureverse Platform and The Root Network, its blockchain.
🟢 Apart from RISC Zero, the funding round featured five other infrastructure sector companies: Cosmic Wire, Manta Network, Echooo Wallet, Side Protocol, and Over Protocol.
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Former CFTC Chair: Crypto Regulations Must Not Wait for Litigation 🟢
🟥 A crackdown on the crypto industry in the US should not wait for litigation in courts to conclude, but instead move forward with temporary restraints while the courts do their work, a former regulator has said.
➡️ Speaking with CNBC on Monday, Timothy Massad, former chairman of the Commodity Futures Trading Commission (CFTC) said that enforcing current laws is no longer enough to reign in crypto, and that new “standards” are needed.
💬 “We strongly support enforcement of the laws, but what we’re saying is, we need more than that, and the reason is twofold,” Massad said, before explaining:
💬 “One is, litigation takes a long time and, quite frankly, the crypto industry may find it’s in their interest to stretch these cases out, because they may be hoping for a change in regulatory attitude with the 2024 election. The second reason is, it won’t resolve all the issues that we need to get resolved.”
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The EU’s Leaked Metaverse Strategy Proposes Global Regulatory Governance Rules 👀
⚡️ The race to build the perfect virtual ecosystem, popularly termed the metaverse is taking shape with huge technology-driven companies at the fore.
⚠️ However, regulators within the European Union (EU) have warned of a possible monopoly at the detriment of smaller companies that can lead to its creation without core European values.
➡️ A leaked draft document shows the Commission's drive to innovation-tailored regulations for the future of the virtual world. As the draft notes, if the metaverse is to be successful, it requires global governance for its security.
💬 “Virtual worlds bring unprecedented opportunities in many societal areas. This technological shift also involves new forms of global governance.”
🔔 The document, whose release date is slated for July 11, seeks to amend legal obstacles to create new corporations modeled after decentralized autonomous organizations (DAOs) to govern activities on the metaverse.
➡️ Key areas the Commission cited include health, education, and culture as it moves towards a community-driven “web4.” For these to be achieved interoperability has to be adopted across all levels.
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Stealthy Crypto Malware Found in Popular Super Mario Game 🟢
♾ Hackers are using a resurgence in popularity around the Super Mario Bros. franchise to sneak stealthy crypto malware onto unsuspecting gamers’ personal computers.
‼️ As reported by Cyble Research & Intelligence Labs on Friday, a legitimate installer for the fan-made game “Super Mario 3: Mario Forever” secretely includes “an XMR miner, SupremeBot mining client, and the Open-source Umbral stealer,” on top of the actual game.
💬 “The social engineering tactics that TAs use exploit users’ trust and entice them to download and run malicious game installers,” wrote Syble. “The large file size and games’ complexity provide TAs opportunities to hide malware within them.”
👀 Mario Forever is a 2004 sidescroller featuring dozens of free levels that emulate the feeling of main series mario games. It’s been downloaded at least 17 million times, according to a CNET downloads listing for the game.
French Real Estate Firm Signs Crypto Pay Deal ‼️
🔴 A French real estate firm has signed a partnership deal with domestic crypto pay provider, an indication that the European nation may be the next to embrace crypto-powered commerce.
🟢 Per Boursier, Apsys will allow customers to pay using crypto at all of its shopping malls.
The firm operates the malls L’Heure Tranquille in Tours, Les Rives de l'Orne in Caen, Muse in Metz, and Steel in Saint-Étienne.
➡️ The deal involves the mobile crypto pay solution provider Lyzi, and customers will need to use crypto to buy digital gift cards from the Lyzi app in order to pay at the malls’ restaurants and outlets.
🔥 But customers will be incentivized to use crypto via a loyalty points system and “cashback”-type bonuses.
Lyzi technology will convert the crypto gift cards to fiat via the malls’ Point-of-Sale devices.
US court approves SEC-Binance US agreement⚡️
As per the approved agreement, only Binance US employees 🥸will have access to client funds until the litigation is resolved.
🚫On June 17, United States district court Judge Amy Berman Jackson approved an agreement between Binance US, Binance, and the U.S. Securities and Exchange Commission (SEC), dismissing a previous temporary restraining order (TRO) that would freeze all BinanceUS assets.
😲On June 14, Jackson said she would prefer the parties reach an agreement independently rather than have her rule. The sides reportedly reached an agreement on June 16.
✔️“We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and the law,” 👈Binance US said on Twitter.
👩🎓As per the approved agreement, only Binance US employees will have access to client funds until the litigation is resolved. U.S.-based customers will retain the ability to withdraw funds throughout this period.
Turkey's Economic Woes Push Investors Towards Stablecoin Tether 📌
➡️ As Turkey’s economic woes continue to deteriorate with lira spiraling downwards, investors are turning to cryptocurrency as a safe haven.
⚡️ Local demand for Tether, the largest dollar-backed stablecoin, surged in early May ahead of the election and has remained high since, according to a recent report from Bloomberg.
➡️ Tether's share of trading volumes on one of the biggest Turkish crypto exchanges, BTCTurk, stands at 20% compared to 1% on Binance, highlighting how strong the demand for stablecoin in Turkish markets is and its immense popularity as a way of protecting capital.
➡️ Turkey's President Erdogan is known for his unorthodox economic policies since the last election in 2018, including attempts to cut interest rates to temper inflation as high as 80% and ignoring standard monetary practices.
ℹ️ This has led to the lira dropping by 80% in value, causing concern among its citizens as its buying power continues to plummet.
Breaking: Coinbase Sued by SEC Just a Day After Binance Lawsuit 📣
💎 The US Securities and Exchange Commission threw a one-two punch to cryptocurrency exchanges this week, charging yet another exchange, Coinbase, Inc., on Tuesday.
The SEC did not charge Coinbase executives in the lawsuit.
➡️ “We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” said SEC Chair Gary Gensler in a statement.
✅ Those functions are separate in other parts of the securities markets, Gensler added.
➡️ “You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement.