Month: April 2023

Robinhood Adds ‘Connect’ Feature to Its Native Crypto Wallet

As part of its efforts to drive Web 3.0 adoption, Robinhood also announced some other new features. Robinhood has announced a new feature that permits users of its crypto wallet to access their funds from other decentralized finance (DeFi) apps and protocols. According to the update, users no longer have to open the Robinhood app itself to gain access to the platform’s features. Robinhood confirmed that the immediate plans are to add the new feature to the Solana wallet Phantom and the multi-coin wallet Exodus. At least, for this initial stage.…

Coinbase Firmly Responds to SEC’s Wells Notice Claiming No Violation of Securities Laws

In its response, Coinbase clearly mentioned the exchange has not engaged in any activity that violates federal securities laws. It also slammed the SEC for refusing to engage in a meaningful dialogue on crypto regulations. On Thursday, April 27, crypto exchange Coinbase offered a fiery response to last month’s Wells Notice issued by the US Securities and Exchange Commission (SEC). Coinbase’s chief legal officer Paul Grewal clearly told the federal regulator that any kind of enforcement action against the exchange would lead to major “problematic risks” for the SEC and…

Hong Kong regulator requires banks to open accounts for crypto firms

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The Hong Kong Monetary Authority (HKMA), the city’s central banking institution and regulator, has called on banks to provide their services to cryptocurrency firms. On April 27, HKMA issued a circular related to the access of corporate customers to banking services. In the document, the regulator has required authorized institutions, referred to as AI, to adopt a risk-based approach in Anti-Money Laundering efforts. HKMA also urged the institutions in Hong Kong to pay attention to market developments and take a forward-looking approach to new sectors like the crypto market. Hong…

114 Scams Exposed By Savvy Blockchain Investigators

Scammers are increasingly exploiting the popularity of meme coins for personal gain, leaving cryptocurrency investors vulnerable. A single individual has been identified as the brains behind the release of 114 questionable meme coins in just two months, according to reports. ZachXBT, along with other internet sleuths, discovered that only one person was responsible for 114 meme coin frauds. The wallet address in question is 0x739c58807B99Cb274f6FD96B10194202b3EEfB47, and the same deposit address is used each time funds are taken. Meme Coins Scam Detected After tracing all the coins, he discovered that the fraudsters had…

Coinbase Responds to SEC Wells Notice, Defends Cryptocurrency Lending Products

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On April 27th, Coinbase, a well-known cryptocurrency exchange based in San Francisco, boldly responded to a recent Wells Notice issued by the United States Securities and Exchange Commission (SEC) in March. For those unfamiliar with the term, a Wells Notice is a warning that the SEC is considering taking legal action against a company. It’s a serious matter and not one to be taken lightly. In the wells notice letter, the watchdog regulator urged that Coinbase lending products that allow cryptocurrency users to earn interest on certain digital assets are…

KuCoin confirms an exchange user is behind alleged daily rug pulls

Crypto exchange KuCoin confirmed that the address allegedly responsible for launching thousands of memecoin scams belongs to one of its users. However, the exchange will not freeze the user’s assets without any official notice from law enforcement.  On April 26, a Twitter user identified a wallet address that launched two to five memecoins daily for two years. Another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin. At the moment, blockchain explorer Etherscan has already marked the said address as a fake phishing wallet. .@CoinGurruu…

Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month

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Bitcoin (BTC) traders may be gearing up for a sell-off as data shows tens of thousands of coins moving to exchanges. The latest figures from on-chain monitoring resource Coinglass confirm that global trading volume leader Binance’s BTC balance rose by over 50,000 BTC ($1.5 billion) in the past 30 days. Binance takes lion’s share of exchange BTC balance increase With BTC/USD setting multi-month highs regularly since mid-March, the temptation to sell for both long-term (LTHs) and short-term holders (STHs) has no doubt increased. As Cointelegraph reported, actual selling pressure has…

ECB Explores DLT Settlement for Wholesale Financial Markets

The announcement reflects mounting interest in the technology from traditional financial markets, including for post-trade infrastructure that finalizes deals struck in trading venues. Euroclear, a Brussels-based firm that specializes in clearing and settlement, is set to release a new platform for DLT-based bond trading shortly, and Forge, the crypto arm of French bank Societe Generale, has introduced the CoinVertible stablecoin (EURCV), pegged to the euro, to settle digital assets. Source DLTECBExploresFinancialMarketsSettlementWholesale CryptoX Portal

FTX Customer Funds Recovery Go On while FBI Storms Former FTX Executive Ryan Salame’s House

According to a Guardian report, the defunct exchange FTX has already recovered $7.3bn of customer funds Agents of the FBI have raided former FTX executive Ryan Salame’s house in Maryland as FTX customer funds recovery continues. While it wasn’t clear why, two unnamed sources noted that Salame’s lawyer had volunteered information about campaign finance activities before the search. Since the FTX collapse, the case has been building quietly. However, it seems that prosecutors are looking to build their case against the company further by focusing on its political ties. In…

Pinterest and Amazon Establish Multi-Year Ads Partnership 

In addition to announcing the strategic partnership, Pinterest released its earnings for the first quarter. Pinterest (NYSE: PINS) has announced a partnership with Amazon (NASDAQ: AMZN) to bring third-party ads to the platform. The image-sharing and social media service noted that the new multi-year strategic ad partnership makes the e-commerce giant its first partner on third-party ads. Pinterest added that it chose Amazon as its users’ engagement with shoppable content on its platform continues to grow. Pinterest also had its shares from the unpleasant economic situation that impacted businesses. While the…