Day: June 15, 2023

Banks’ Crypto Limits Yield Costly Side Effects, Blockchain Australia Warns

Crypto trade body Blockchain Australia, a prominent organization in the Oceanic country, has expressed concerns regarding the potential ramifications of imposing stringent regulations on the industry. In response to the Commonwealth Bank of Australia’s (CBA) recent decision to impose banking limits on crypto payments, Blockchain Australia warns of the possible adverse effects that such blanket restrictions could have. The trade body asserts that these measures could lead to “costly side effects,” urging for a more balanced approach to regulating the burgeoning bitcoin market.  As the debate surrounding digital currencies intensifies,…

Exchange Floats New Product for Mining BTC

Binance also disclosed that the BTC mining subscription service will only be active for 180 days or thereabout. The weight of regulatory pressure from the US Securities and Exchange Commission (SEC) appears to have little or no effect on the activities of crypto exchange Binance. This follows after the exchange recently announced the Binance cloud mining product and services. According to the announcement, the service goes live on Thursday, June 15th, and access to it will be subscription-based. That is, from Thursday, Binance users who would love to mine Bitcoin…

OKX to Add Dubai Staff After Winning MVP Preparatory License From VARA

“For OKX, we have always blocked U.S. customers and so we are not active in the U.S.,” Byun said. “We will make a decision about the U.S., when and if to enter that market, in an appropriate and compliant manner. But we think that outside of the U.S. there are huge opportunities. That’s what we love about Dubai, as well as the Bahamas and other territories such as Gibraltar, France, and the entire EU, as they come out with MiCA in 2024.” MiCA is the European Union’s Markets in Crypto…

Exchanges pledged $2.5B to user protection funds amid FTX’s collapse: Report

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According to a new report published by blockchain analytics firm Nansen on June 14, most reputable cryptocurrency exchanges adopted user protection funds amid the collapse of FTX. Together, exchanges such as Binance, OKX and Bitget have more than $2 billion combined in nominal fiat protection funds. Meanwhile, Huobi’s insurance fund is collateralized by 20,000 Bitcoin (BTC), while Coinbase grants up to 150,000 British pounds ($189,140) worth of insurance to U.K. customers’ accounts. The Nansen researchers wrote: “Proof of Reserves should become the minimum standard in the exchange industry, However, as…

ByBit plugs into ChatGPT for AI-powered trading tools

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ToolsGPT marries ByBit’s market data with ChatGPT’s AI to generate technical analysis, price data and trading metrics. Cryptocurrency exchange ByBit will look to leverage artificial intelligence (AI) to provide a host of new trading tools and metrics for users through an integration with ChatGPT. OpenAI’s highly acclaimed large language model chatbot has been used by a myriad of industries to provide innovative solutions and services. The cryptocurrency trading space could stand to benefit from the service as ByBit unveils its own AI-powered offering to cryptocurrency traders using the Dubai-based exchange.…

Cryptocurrency safe havens: digitoads, ethereum, and bitcoin

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The long-term potential of most cryptocurrencies is difficult to assess. However, early investors in bitcoin (BTC) have benefited significantly from its growth. DigiToads is a newer cryptocurrency similar to bitcoin, including its meme appeal, play-to-earn (P2E), and non-fungible token (NFT) staking features. These could help DigiToads grow in popularity and value over time. DigiToads DigiToads has raised over $4.8 million in its presale, which indicates investor interest. The presale has been divided into several stages, with early investors…

Hong Kong Mounts Pressure on HSBC and Standard Chartered Bank to Service Crypto Customers 

The new development aligns with the country’s ambition to become a prominent global hub for crypto. In a bold move aimed at embracing the crypto revolution in Hong Kong, the country’s banking regulator has reportedly exerted significant pressure on major financial services companies, including HSBC and Standard Chartered Bank, to accept crypto exchanges as clients. According to a Financial Times report on Thursday citing three people familiar with the matter, the Hong Kong Monetary Authority (HKMA) questioned these banks, including the Bank of China, about their refusal to accept crypto…

Twitter Faces $250M Copyright Lawsuit from Music Publishers

The recent lawsuit against Twitter for alleged copyright infringement involving music publishers has shed light on the platform’s struggles with music licensing. Social media giant Twitter Inc is no stranger to controversy, but this time it finds itself in hot water as music publishers have filed a lawsuit against the company, seeking a staggering $250 million in damages. The National Music Publishers’ Association (NMPA) is suing Twitter on behalf of 17 music publishers who represent some of the industry’s top musicians. The legal action alleges that Twitter has engaged in…