Coinbase beats Q4 earnings estimates amid falling transaction volume

United States-based cryptocurrency exchange Coinbase has beaten revenue expectations for the fourth quarter of 2022 but continued to see its transaction volume decline. Net revenue for the exchange came in at $605 million for the quarter, beating the $589 million revenue reportedly estimated by Wall Street analysts Transaction volumes decreased 12% compared to the prior quarter, however, Coinbase pointed to a 34% increase in subscription and service revenues as the reason for its 5% total revenue growth for the quarter.   Our Q4 and FY’22 financial results are in. Our letter…

New York state announces another upgrade to its virtual currency monitoring capacity

The New York State Department of Financial Services (NYDFS) has announced enhancements to its ability to detect illegal activities with virtual currency among the entities its regulates. The new capacities are part of its efforts to keep pace with the industry and respond proactively to the virtual currency market, it said. The NYDFS released a short statement on its new abilities on Feb. 21 that contained no specifics about the “new insider trading and market manipulation risk monitoring tools.” However, the statement promised: “The new enhancements will provide the Department…

COINBASE FAIL 😱

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Proof of Stake Alliance publishes white papers on legal aspects of liquidity staking

The Proof of Stake Alliance (POSA), a nonprofit industry alliance, has published two white papers examining on the status of deposit tokens in United States securities and tax law on Feb. 21. The papers were authored by representatives of over 10 industry groups. Liquid staking is the practice on blockchains using a proof-of-stake consensus mechanism of issuing transferrable receipt tokens to show ownership of staked crypto assets or rewards accrued for staking. The tokens are often referred to as liquid staking derivatives, which is a term the POSA objected to…

Ethereum derivatives data suggests $1,700 might not remain a resistance level for long

The price of Ether (ETH) rallied 18% between Feb. 13 and Feb. 16 but has since been range trading near the $1,700 level. Despite the recent price improvement, Ether derivatives metrics remain neutral-to-bullish ponder the investors the tighter regulatory environment and the potential impact of Ethereum’s Shanghai upgrade. Investors’ biggest concern right now is regulation, especially after the United Kingdom’s Financial Stability Board (FSB) recently stated that most stablecoins fail to meet international standards. The entity was created by the G20 and is affiliated with the Bank of International Settlements (BIS).…

Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower – Bitcoin News

Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin’s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by $1.5 billion over the last seven days. Nansen Researcher Discovers Binance Stacking Circle’s Stablecoin According to Nansen’s data journalist Martin Lee, the amount of usd coin (USDC) held on Binance has been steadily climbing this…