Month: June 2023

Binance Announces Exit from Netherlands after Failing to Secure VASP License

The official Binance exit from the Netherlands follows the exchange’s inability to secure an official license with Dutch regulators. Binance has announced its exit from the Netherlands. According to an official publication, the world’s largest crypto is leaving the Dutch market as it has been unable to secure a license as a virtual asset service provider (VASP). In the exit announcement, Binance notes it will no longer accept new users in the Netherlands with immediate effect. Also, apart from withdrawals, all services will be suspended for existing users resident in the…

dApp Store kit adopts new tech stack to power Web3 gaming development

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dApp Store Kit, which was initially incubated by Polygon Labs, will integrate Ready Games’ mobile game development toolkit to help developers roll out Web3 games. dApp Store Kit’s toolkit for deploying EVM-compatible DApp stores will combine with Ready Games, allowing developers to integrate Web3 on-chain support. This will include the ability to integrate wallets and on-chain user profiles as well as a DApp Store frontend stack to launch Web3 games. The announcement highlighted the prevalence of ‘clunky user experience’ on mobile Web3 games, which often require users to constantly switch…

USDT issuer Tether responds to Chinese securities exposure reports

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Stablecoin-issuer Tether has published a lengthy response to reports that the reserves of Tether (USDT), one of the largest stablecoins, once included securities issued by Chinese companies.  On June 16, mainstream media outlets including Bloomberg reported that the company once used held securities issued by Chinese state-owned firms. Bloomberg cited documents released by New York’s Attorney General (NYAG) and highlighted that USDT was once backed by securities from firms like the Industrial & Commercial Bank of China, China Construction Bank Corp. and Agricultural Bank of China. Everything You Need To…

Sotheby’s hosts record $6.2m NFT sale

Sotheby’s latest auction sets a new record, a testament to the resilience and dynamism of the NFT art market. The star of the show, Dmitri Cherniak’s artwork, known widely as “The Goose,” flew off the auction block for an astounding $6.2 million. The tale of “The Goose” is as captivating as the artwork itself. It first rose to prominence when it was snapped up by Three Arrows Capital, a now-defunct cryptocurrency hedge fund.  Back in 2021, the company shelled out an eye-watering $5.66 million in ETH for this masterpiece. But…

Implications for XRP, SEC credibility and more

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The Hinman documents were finally unsealed and made publicly available on June 12 after a lengthy back and forth between Ripple and the United States Securities and Exchange Commission (SEC), but what exactly do they reveal? The documents are extensive, and while they can be found in public resources like the Public Access to Court Electronic Records (PACER) or CourtListener, lawyer James Filan tweeted on June 13, compiling them into two URLs. #XRPCommunity #SECGov v. #Ripple #XRP Here are the Hinman documents, by Exhibit number, in one place. https://t.co/6kUYZ1X2WKhttps://t.co/wZQmalfFkS —…

BlockFi Initiates Legal Action against State Commission for Not Accepting Its Surrendered License

Instead of accepting or acknowledging the license return, the commission insists that BlockFi undergo administrative proceedings. The bankrupt crypto exchange was left with no option but to sue Jorge Perez, the Connecticut banking commissioner. BlockFi’s attempts to return its Connecticut money transmitter license have been futile, as the state regulator has repeatedly refused to respond. Instead of accepting or acknowledging the license return, the commission insists that BlockFi undergo administrative processes that would require the bankrupt crypto exchange to go through some court proceedings or pay a fine. BlockFi filed…

Bank of England (BoE) Concludes CBDC Test Project towards Potential Official Launch

Following a successful Project Rosalind CBDC test, the BoE is making progress with developing and launching a digital pound. The Bank of England (BoE) is moving closer to launching its Central Bank Digital Currency (CBDC) after its long test project on the potential benefits of the technology. The BoE launched Project Rosalind last year to help decide whether to float a CBDC. The BoE undertook the CBDC project in collaboration with the Bank of International Settlements (BIS) to practicalize CBDC usage. According to a report the BIS published on Friday,…

Binance under investigation in France since February 2022: Report

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The legal troubles for world’s leading crypto exchange Binance continue to mount as new reports suggest the exchange has been under investigation in France since early last year. According to a report published in French daily Le Monde, the French arm of the crypto exchange has been the subject of a preliminary investigation – conducted by the judicial investigation service of finance under the direction of the specialized interregional jurisdiction of Paris – since February 2022. The Paris public prosecutor’s office reportedly cited “acts of illegal exercise of the function…