CRYPTOCURRENCY
Crypto News
The definition of a cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Cryptocurrencies are built on top of distributed ledger technology, blockchain — which allows it to be decentralized and immune to government control and interference. Transactions involving cryptocurrencies involve public and private keys, enabling minimal processing fees, allowing users to be able to make transfers without traditional third-party institutions.
The definition of a cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Cryptocurrencies are built on top of distributed ledger technology, blockchain — which allows it to be decentralized and immune to government control and interference. Transactions involving cryptocurrencies involve public and private keys, enabling minimal processing fees, allowing users to be able to make transfers without traditional third-party institutions.
Japan's FSA Warns Binance and Others for Operating Without Registration
Japan's Financial Services Agency (FSA) has warned several foreign cryptocurrency exchanges, including Binance, of conducting business in the country without proper registration, violating the nation's fund settlement laws. The FSA has been cracking down on unregistered crypto exchanges since 2020, and this warning signifies that the cryptocurrency industry in Japan and other nations is facing greater regulatory scrutiny.
Bittrex to Shut Down U.S. Platform
Bittrex will close its U.S. platform on April 30, citing the current regulatory and economic environment. Customer funds are safe and available for withdrawal. The shutdown will not affect Bittrex Global, which will remain open for trading.
US Crypto Crackdown Could Push Industry to Hong Kong
Paris-based Kaiko's CEO, Ambre Soubiran, has suggested that the recent US crackdown on cryptocurrency regulation could lead to a shift in the industry's center of gravity towards Hong Kong, which has been more favorable towards crypto. The Hong Kong government has been rolling out progressive regulation to support crypto and fintech firms in 2023, with over 80 virtual asset-related firms expressing interest in setting up shop there.
Sango Coin Listing Delayed in Central African Republic
The launch of the Central African Republic's Sango Coin has been postponed for a few weeks due to legal and regulatory obstacles. The Sango Project, which is behind the initiative, stated that the delay is necessary to ensure compliance with all relevant regulations.
Bittrex to Wind Down US Operations
Cryptocurrency exchange Bittrex will wind down its US operations due to regulatory and economic challenges. US customers are advised to withdraw their funds by April 30, 2023.
Terra's Partnership with Washington Nationals Raises Eyebrows
Terra, the cryptocurrency ecosystem that collapsed in May 2022, made a prominent appearance at Nationals Park during the Washington Nationals' home opener on March 30. Despite Terra's collapse, a partnership between the company and the baseball team had been in effect since February 2022, with the Terra community committing $38.2 million over five years to secure the deal. Terra's founder, Do Kwon, is currently in police custody in Montenegro and is reportedly facing harsh conditions in the penal system.
Regulated Stablecoins Likely to Remain in Use by 2030
A panel of digital regulatory experts at the World of Web3 (WOW) Summit in Hong Kong discussed the future of regulated stablecoins. The group concluded that regulated stablecoins are likely to remain in use by 2030 and that their growth rate in the market supports this idea. The panelists acknowledged the growth of the crypto industry and emphasized the importance of both centralized and decentralized approaches to digital assets.
SafeMoon LP Compromised
SafeMoon, a cryptocurrency project endorsed by celebrities, announced its liquidity pool was attacked, but gave no further details. Experts suggest a recent software upgrade may be to blame for the vulnerability that allowed an attacker to remove SafeMoon tokens and sell them at an inflated price.
Australian Senator Proposes Digital Asset Regulation Bill
Senator Andrew Bragg has proposed a Digital Assets (Market Regulation) Bill 2023 to regulate cryptocurrency services in Australia. The bill recommends stablecoin regulations, licensing of exchanges, and custody requirements to protect consumers and promote investment.
FTX Founder Faces New Charges, Including Alleged $40M Bribe
FTX founder Sam Bankman-Fried is facing a new 13-count indictment, including an alleged $40 million bribe to a Chinese government official. The bribe was reportedly intended to unfreeze cryptocurrency accounts at FTX's affiliate firm, Alameda Research, which held over $1 billion worth of cryptocurrency.