Month: May 2023

Binance enters the NFT lending market with loan service

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance is preparing to roll out a new product that would enable non-fungible token (NFT) holders to borrow crypto against NFT assets.  Binance NFT loan supports only ethereum borrowing  Crypto exchange giant Binance will launch the Binance NFT loan service on May 26, according to an announcement. The new product, which comes nearly two years after the unveiling of the Binance NFT marketplace,  will support ethereum loans for now, along with high-valued NFT collections like Bored…

‘Exhausted all options’ — Unbanked to close after being left hanging by investor

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Crypto fintech firm Unbanked, which provides crypto custody and payments services, has become the latest firm to close shop while citing a harsh regulatory environment for crypto in the United States.  In a May 26 blog post, Unbanked co-founders Ian Kane and Daniel Gouldman said that when it first opened, it believed that building the company in the United States “would be the smart long-term play,” though that did not turn out to be the case, five years later. “While other crypto companies grew rapidly off-shore by avoiding strict regulation, we…

US Treasury challenged over Tornado Cash sanctions

In a bid to reverse sanctions against Ethereum’s privacy service, Tornado Cash, plaintiffs question the U.S. Department of Treasury’s interpretation of property rights in smart contracts and the application of the first amendment’s free speech clause. In a fresh legal development, the U.S. Department of Treasury is confronted with a lawsuit pertaining to sanctions levied against ethereum mixing service, Tornado Cash. The plaintiffs argue that the case focuses on ensuring the Treasury’s adherence to fundamental principles of the International Emergency Economic Powers Act (IEEPA) and the Free Speech Clause of…

Crypto firm Gemini picks Ireland as European base amid US crypto blues

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Crypto exchange Gemini has selected Dublin as the headquarters for its European operations, amid a backdrop of crypto companies seeking expansion outside of the United States. On May 25, Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed that they had selected Ireland as a base to grow the company’s services across Europe. In a meeting with Ireland’s Prime Minister Leo Varadkar, the twins said that they chose the Emerald Isle because of its robust regulatory system, deep talent pool and established technology community. Congratulations @Gemini -the first firm registered…

Norges Bank urges nation to forge ahead with national crypto regulation

In a recently published report, Norway’s central bank, Norges Bank, has put forth a proposal, urging policymakers to carefully consider the creation of a comprehensive national strategy for regulating cryptocurrencies.  The report emphasizes the importance of leveraging existing regulations that address risks and enforcement measures while highlighting the crucial need for tailored regulations. Steps towards a robust framework Following the collapse of crypto exchange FTX, which began with the crypto exchange Binance selling its FTT tokens for “risk management reasons”, and the collapse of the Terra (LUNA) crypto token earlier…

French lawmakers agree to loosen rules in proposed crypto influencer bill

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French lawmakers have agreed to tone down the restrictions on a bill first proposed in March that would have severely restricted locally-registered cryptocurrency companies from using influencer marketing. An earlier draft of the bill allowed only licensed crypto companies to engage in influencer marketing. However, while crypto companies are currently required to register with the regulator, none are currently licensed in France nor are they legally required to do so. On May 25, the French Senate said it reached a unanimous agreement on a bill that aims to regulate promotions…

Deposit suspensions hit bridged tokens pending multichain team’s clarification

In response to a series of transaction issues that raised concerns about the Multichain (MULTI) protocol, leading crypto exchange Binance has temporarily suspended deposits for 10 bridged tokens as of May 25. Affected token pairs include polkastarter (POLS), alpacatoken (ALPACA), travala.com (AVA), spell (SPELL), fantom (FTM), alchemy (ACH), beefy (BIFI), superverse (SUPER), harvest finance (FARM), and dexe (DEXE). A temporary suspension In a tweet that went out on May 25, Binance shared that they will temporarily be suspending deposits for bridged tokens-network while they await clarity. The announcement impacts the…

Microsoft urges lawmakers, companies to ‘step up’ with AI guardrails

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Brad Smith, the president of Big Tech firm Microsoft, has called on governments to “move faster” and corporations “step up” amid a massive acceleration in artificial intelligence development. Speaking at a May 25 panel in front of United States lawmakers in Washington D.C., Smith made the call as he proposed regulations that could mitigate the potential risks of AI, according to a report from The New York Times. The company has called for companies to implement “safety brakes” for AI systems that control critical infrastructure and to develop a broader…