Day: March 21, 2023

MetaMask enables direct crypto purchases in Nigeria

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Self-custody cryptocurrency purchases are becoming easier in Nigeria as major crypto wallet MetaMask expands direct onramps with local banks. MetaMask’s parent firm ConsenSys announced on March 21 a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers. The new feature is available within the MetaMask mobile and Portfolio Dapp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria. Before the partnership, MetaMask users in Nigeria had access to the MetaMask wallet but the process of buying…

Coinbase submits petition to SEC explaining that staking is not securities

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United States-based crypto exchange Coinbase decided to communicate proactively on crypto staking, which had recently attracted regulators’ attention. The company’s petition to the Securities and Exchange Commission (SEC) explains why staking can’t be universally labeled as securities. The “Petition for Rulemaking” was published by Coinbase on March 20. In an 18-page document, the firm focused on how securities law treats services related to validating proof-of-stake protocols. It was written in response to the SEC’s February crackdown on Kraken’s staking program — the SEC charged the exchange with “failing to register…

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring – Bitcoin News

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Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18 on alleged corruption charges. According to reports from the local newspaper Ultimas Noticias, the arrest of Ramirez is part of a…

Arbitrum token finds its way to OTC market before airdrop

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The Arbitrum community is speculating and selling off their unreleased ARB tokens in over-the-counter (OTC) markets following the Arbitrum airdrop announcement.  The Arbitrum Foundation announced that ARB, Arbritrum’s new token, will be airdropped to eligible community members on Thursday, March 23. It explained that ARB marks Arbitrum’s official transition into a decentralized autonomous organization (DAO), meaning ARB holders will be able to vote on key decisions governing Arbitrum One and Arbitrum Nova — networks that allow users to transact on the Ethereum blockchain with better speeds and lower fees. OTC…

SpankPay crypto payment service shutters, citing ‘hostile banking environment

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Ethereum-based adult entertainment platform SpankChain is shuttering its crypto payment processor, SpankPay, after losing its payment service provider Wyre in February and failing to find a new one.  In February, SpankPay revealed that its previous provider — crypto payment platform Wyre — had terminated its agreement to provide payment services to SpankPay, referring to “violations of any third-party payment processor or network rules.” After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community.…

US exploring ways to guarantee the country’s 18T of bank deposits: Report

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U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation (FDIC) stands at $250,000, however, following the collapse of several banks in March, there have been calls to increase that amount. Organizations such as the Mid-Size Bank Coalition of America called on March 18 for the cap to be lifted for the next two years, citing a need to protect depositors and to…

Core Scientific to transfer $20M of equipment to settle bankruptcy dispute

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A $20 million settlement between Bitcoin (BTC) miner Core Scientific and its energy negotiator Priority Power Management has been approved by the judge in Core Scientific’s bankruptcy proceedings. In a March 20 filing in the United States Bankruptcy Court for the Southern District of Texas, Judge David Jones signed off on allowing Core Scientific to transfer around $20.8 million worth of equipment to Priority Power. The companies had been in a dispute over two Texas-based mining facilities that were slated to receive 1,000 megawatts (MW) of power between them to…

Crypto.com customer accused of $7M spending spree granted bail

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The Crypto.com customer who was accidentally sent $6.95 million from the exchange in 2021 and then allegedly went on a spending spree has been granted bail in Australia despite $2 million funds still unaccounted for. In the Victorian County Court, prosecutors on March 20 tried to convince the judge that imprisonment would be the only way to ensure that Jatinder Singh would not flee the country. The blunder by Crypto.com came about when a Bulgarian-based employee accidentally transferred $6.95 million to his account instead of what was meant to be a $100…