Month: May 2023

Binance calls it quits in Canada, blames new rules

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Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry. Binance is joining some of its smaller competitors in the Canadian exodus brought on by the introduction of rules by the Canadian Securities Administrators (CSA) on Feb. 22 that required them to file new preregistration undertakings and adhere to added restrictions. Although Binance had reportedly filed a new preregistration undertaking, it explained…

New era of NFTs on Bitcoin network?

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The Bitcoin (BTC) network is witnessing a paradigm shift as ordinals, an advanced breed of non-fungible tokens (NFTs), rapidly gain traction within the crypto sphere. April 2023 saw the daily ordinals inscriptions record smashed several times, illustrating the escalating curiosity surrounding these digital assets. While ordinals may create new opportunities for the Bitcoin network, skeptics raise concerns about potential negative consequences. Ordinals, a class of digital assets closely related to non-fungible tokens (NFTs), are inscribed onto satoshis, the smallest denomination of bitcoin. In April, ordinals experienced a surge in popularity,…

LG Electronics files patent for NFT-trading TV

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South Korean tech company LG Electronics has filed a patent application for its blockchain-based Smart TV that allows users to trade nonfungible tokens (NFTs).  The information was published on WIPO’s global database for intellectual property on May 11. According to WIPO’s documentation, a patent application is published 18 months after the filing date or the priority filing. Based on this timeline, LG’s application was submitted in November 2021. The next steps include substantive examination, followed by granting or refusing legal protection to the invention. According to LG’s application, its technology allows…

House Democrats Consider New Stablecoin Bill Proposal: Source

CryptoX – Cryptocurrency Analysis and News Portal House Democrats on the Financial Services Committee are considering a new version of proposed stablecoin bill weeks after Republicans on the committee introduced their own discussion draft. Source The post House Democrats Consider New Stablecoin Bill Proposal: Source appeared first on CryptoX. CryptoX Portal

Coinbase establishes advisory council with former US lawmakers

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Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies. According…

Bitcoin (BTC) Miner Riot Platform Sues Peer Rhodium Enterprises for Alleged $26M in Unpaid Fees

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Riot claims that Rhodium “deliberately miscalculated” how much in hosting fees it had to pay for Riot’s hosting services. The two were supposed to share the net revenue from Rhodium’s mining at the Whinstone facilities, said the lawsuit, which further alleged that the Rhodium entities short-changed Whinstone for $26 million from 2021 to the first quarter of 2023. Original