Day: May 13, 2023

Ethereum developer Virgil Griffith rendered ineligible for export privileges

Ethereum developer Virgil Griffith, currently serving a five-year prison sentence, has been issued a 10-year export privilege bar by the Department of Commerce, rendering him ineligible for export privileges until April 12, 2032. The export privilege bar comes as a consequence of Griffith’s actions and further impacts his involvement in international trade and transactions. In the US District Court for the Southern District of New York, on April 12, 2022, Virgil Griffith was found guilty of violating the International Emergency Economic Powers Act (IEEPA). The charges against Griffith included exporting…

How to build an emergency fund using budgeting apps

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Building an emergency fund is a crucial part of financial planning. With the help of budgeting apps, it has become easier to save money and build an emergency fund. This article will discuss the characteristics of an emergency fund and general steps to building an emergency fund using budgeting apps. What is an emergency fund? An emergency fund is a pool of money that you set aside to cover unexpected expenses or income loss. It acts as a financial safety net and can help one avoid debt or financial hardship…

Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online – Featured Bitcoin News

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The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the platform. Former CEO Tells Users to ‘Trust No One’ The former CEO of Paxful, Ray Youssef, has again reminded users of the peer-to-peer platform on May 9 that he left the company weeks ago and…

Paxful bans former CEO days after resuming operations

Paxful, a peer-to-peer (P2P) crypto trading platform, has banned its co-founder and former CEO, Ray Youssef. Paxful drama unfolds This development comes just days after the company announced its return to operations.  In response to a customer complaint, Youssef revealed that he is no longer involved in the leadership of the crypto firm, emphasizing his lack of control over ongoing events.  The internal conflict between Ray and his fellow co-founder is mainstream knowledge.  In several instances, Paxful clients have expressed their concerns by tagging Ray Youssef in various tweets, seeking…

Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation – Featured Bitcoin News

Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of interest in protecting investors. The memo also said the U.S. Securities and Exchange Commission (SEC) should be allowed to “continue to lead the regulation of the U.S. crypto market.” Republicans Accused of Undermining the SEC…

Inflation in China Down to Lowest Number in More Than Two Years; Analyst Proposes Giving Cash Handouts to Avoid Deflation – Economics Bitcoin News

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Inflation in China registered an increase of 0.1% year-over-year in April, according to numbers from the National Bureau of Statistics of the country, falling below expectations. Some analysts are already warning about the dangers of deflation, even calling on the Chinese government to deliver cash handouts in order to push consumer demand. Low Inflation Numbers in China Worry Analysts China, one of the biggest economies in the world, has registered its lowest inflation numbers in more than two years, according to data coming from the National Bureau of Statistics (NBS).…

QuadrigaCX creditors set to receive 13% of their claims as an ‘interim dividend’

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Creditors of the bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an “interim dividend.” According to a May 12 notice to creditors from QuadrigaCX’s bankruptcy trustee Ernst & Young (EY), each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA.” “The interim dividend provides for a distribution of approximately 87.0% of the funds the Trustee is currently holding. The remaining funds…

Binance pulls out of Canada, cites incompatibility with local market conditions

On Friday, May 12, Binance announced its departure from the Canadian markets. Posting on Twitter, the world’s largest exchange by client count, attributed its decision to Canada’s new stablecoin guidance and investor limits for crypto exchanges. A stablecoin is a privately issued cryptocurrency pegged to stable assets, mostly fiat currencies like CAD or the USD. Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address…

Binance to Withdraw From Canadian Market Due to Regulatory Climate – Bitcoin News

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Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.” The company thanked the regulators who worked with them and said that the Canadian market was “small.” Binance Bows Out of Canada Due to Regulatory Guidance The cryptocurrency exchange Binance has decided to withdraw from the Canadian market. The company noted that it was the home country of its founder and cited regulatory guidance as the reason for its decision. Binance claims that the new regulatory climate in Canada…

MakerDAO plans major changes, including banning VPN and US users

MakerDAO, a decentralized crypto lending and borrowing protocol, is making changes on its roadmap, including banning virtual private networks (VPN) and users from the United States.  MakerDAO plans major changes for Endgame The update, known as “Endgame,” aims to enhance efficiency, resilience, and participation in the MakerDAO ecosystem through artificial intelligence (AI) tools and open processes.  Kindly take note that users with American IP addresses and VPNs will not have access to farming and yield opportunities due to geoblocking. — Maker (@MakerDAO) May 12, 2023 The update would consist of 5…