Cryptocurrency

This move follows the suspension of U.S. dollar deposits earlier this year in June, a decision made in response to the SEC’s intensified scrutiny of the crypto sector. This regulatory pressure led to hesitation among Binance.US’s banking partners, prompting them to distance themselves from further engagements within the crypto industry.Binance.US had previously warned its users about potential disruptions in dollar withdrawals, hinting at a complete halt by June 13. The SEC has initiated legal action against Binance.US, its parent company Binance, and CEO Changpeng Zhao for operating unregistered securities operations. This issue is expected to be a key discussion point at the upcoming Benzinga’s Future of Digital Assets conference.In addition to these regulatory challenges, Binance.US has also been managing lawsuits related to its transactions. Last month, the company severed ties with its euro payments collaborator without announcing a successor, marking another setback for the exchange.The revised terms of service represent a significant departure from standard financial protections. Previously, Binance.US’s U.S. dollar deposits were insured by the Federal Deposit Insurance Corporation (FDIC). Now, customers are obligated to convert their USD into stablecoins or other digital currencies before they can proceed with withdrawal. This change was communicated to customers via email as part of the exchange’s comprehensive service reassessment.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

She expressed skepticism about the introduction of a CBDC, citing possible disruptions to the banking system and serious consumer privacy concerns. Bowman argued that no convincing case has been made that a CBDC could better facilitate everyday payments or reduce payment system frictions than alternatives like FedNow or future innovations.FedNow, which is endorsed by Fed Chair Jerome Powell, aims to foster financial inclusion by providing same-day fund access and efficient cash flow management for consumers and small businesses. Despite ongoing assessments by the Federal Reserve on CBDC’s potential benefits and drawbacks, congressional approval would be necessary for any launch.Bowman also warned about the risks associated with stablecoins, digital tokens that claim one-for-one dollar convertibility but are less secure, less stable, and less regulated than traditional forms of money. These digital assets pose substantial risks to consumers and the U.S. banking system.In her speech, Bowman emphasized the need for a clear regulatory framework for digital assets that mirrors successful U.S. banking practices. She insisted that activities posing similar risks should be governed by the same regulations, irrespective of product or provider, thereby ensuring strong consumer protection even outside the regulatory perimeter. This approach would help maintain the existing success of regulations while fostering responsible innovation advantageous to consumers.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified ledger” technology and distributed ledger technology as a bridge between existing systems, as well as ways to improve existing technology. She repeated questions she has raised before about the need for such innovations and suggested that banks can play a role in preventing government overreach:Continue Reading on Cointelegraph More

In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.Continue Reading on Cointelegraph More

The job posting outlines that the role will require direct communication with shareholders — a concept generally associated with publicly traded companies. The chosen candidate would be responsible for developing and implementing communication and relationship management strategies for “existing and prospective investors, current shareholders, and financial analysts.”Continue Reading on Cointelegraph More

LONDON (Reuters) – Investors will not be protected under European Union cryptoasset market rules until at least the end of 2024, and even then they should still be ready to lose all their money, the bloc’s securities watchdog said on Tuesday.The EU was the first jurisdiction in the world to approve a comprehensive set of rules to regulate markets for cryptoassets like bitcoin, which entered into force in June but won’t be fully applied until December 2024.Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX and with huge volatility in bitcoin prices.Cryptoassets are currently unregulated under EU securities rules, and the European Securities and Markets Authority (ESMA) said investors would not benefit from any EU-level regulatory and supervisory safeguards, or recourse mechanisms under the new rules, known as MiCA, until December 2024.”Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ cryptoasset,” the EU watchdog said in a statement.”Can you afford to lose all the money you are planning to invest?” ESMA said, adding that cryptoassets were prone to “novel operational and security risks”.Full protections may not be available in EU states that grant an 18-month transitional period for crypto firms to operate without an EU licence, meaning customers may not be covered until July 2026.A significant number of crypto firms would probably continue to offer their services under the transitional terms until mid-2026, ESMA said.Crypto firms from non-EU countries will be allowed to provide services to customers in the bloc that have specifically requested them, and even then only on a “strictly limited” basis.”While this exemption will be subject to further guidance by ESMA, it should be understood as very narrowly framed and as such must be regarded as the exception; and it cannot be assumed, nor exploited to circumvent MiCA,” ESMA said.The watchdog said it was working with national regulators to encourage convergence in applying MiCA rules as soon as possible so that firms understand that the EU is not a place for “forum-shopping or illicit practices”. More

The initial discussions around the use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity effects started in November 2022 and gained majority consensus in March 2023. The proposal snapshot reveals that 35 members cast their votes using VITA tokens.Continue Reading on Cointelegraph More

The new legislation has helped Bitcoin register a two-day gain of 2.1%, leading to an average return of 1.24% in the broader crypto market over the past 24 hours. Other major cryptocurrencies such as Ether (ETH) and BNB Chain’s BNB tokens have remained static during this period.Uniswap (UNI) tokens, however, experienced a 3% dip following the introduction of a 0.15% swap fee per trade. The move sparked mixed reactions among investors and traders.Analysts from Bitfinex highlighted a strong “holding sentiment” among Bitcoin holders, with short-term holders accounting for less than 20% of the circulating supply. Despite this optimism, they warned of potential market risks due to low spot trading volumes and the increasing use of leverage among traders.Solo Ceesay of Calaxy emphasized the attractive risk vs reward ratio of crypto investing compared to other assets trading near all-time highs. This sentiment underscores the sustained appeal of cryptocurrency investments despite recent market turbulence.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More