Month: March 2022

No credit for crypto — users react to Russia-issued credit card ban

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Cryptocurrency exchanges and financial services companies will soon likely no longer be able to accept transactions completed with many major credit cards following the companies ceasing operations for Russia-based users. On Saturday, Visa, Mastercard, and PayPal announced they would be suspending operations in Russia following the country’s military actions in Ukraine. Visa called Russia’s actions an “unprovoked invasion” while Mastercard said its decision was aimed at supporting the Ukrainian people. The following day, American Express made a similar announcement, saying it would stop operations in both Russia and neighboring Belarus.…

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Coinbase Chief Legal Officer Unveils Crypto Exchange’s Plan for Complying With Sanctions Against Russia

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Coinbase chief legal officer Paul Grewal is outlining the cryptocurrency exchange’s approach to sanctions in the wake of Russia’s invasion of Ukraine. In a blog post, Grewal says the exchange giant intends to fully comply with the sanctions imposed on Russia following last month’s invasion. According to Grewal, the cryptocurrency exchange takes proactive steps to detect attempts at evading sanctions and anticipating emerging threats on top of blocking sanctioned entities. Grewal says that preventing sanctioned entities from using the crypto exchange partly occurs during the account registration phase. “To open…

Crypto Still Isn’t Helping Russian Oligarchs Evade Sanctions

But what if we look to individuals, such as, say, the dozens of Russian oligarchs who now find themselves on the Treasury Department’s Office of Foreign Asset Control’s Specially Designated Nationals list? Surely, they will be turning to crypto to evade sanctions; ri–no, wait, it seems that they, too, are not using crypto in any appreciable scale at this time. Source

Ethereum traders reduce their bullish bets as ETH struggles reclaim $3K

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Ether (ETH) is still in troubled waters after failing to break a five-week-long descending channel top for the third time in a row. The March 2 test of the $3,000 resistance was followed by a 17.5% correction in five days, which signals that buyers are somewhat reluctant to defend the price. To date, Ether suffers from high network transaction fees, even though it dropped from $19 in mid-February to the current $13 per transaction. While this is less than peaks seen previously, $13 per transaction is still incompatible with most…

Ledger announces limited edition NFT-focused hardware wallet, partnership with POAP

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Hardware wallet company Ledger announced on Tuesday that it would release a limited edition of a brand new hardware wallet, the Ledger Nano S Plus, with only 10,000 devices available for pre-order at $79 each. In addition to the event, Ledger announced a global partnership with Ethereum-based Proof of Attendance Protocol, or POAP. POAPs are referred to as digital memories of nonfungible tokens, or NFTs, as they show proof of engagement and attendance for key moments. In January, Ethereum’s co-founder Vitalik Buterin highlighted the potential importance of making NFTs soulbound to…

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