Day: August 4, 2023

Crypto Exchange Upbit Moves Up to No. 2 in Spot Trading Volume

Coinbase, the biggest publicly traded U.S. crypto exchange, announced that Base, its layer-2 blockchain built with Optimism’s OP Stack, will open to the public next Wednesday. Base went live for developers in July so that they could test applications on the network. Users are now able to transfer their ether to Base, Coinbase wrote in a blog post. The Base announcement came ahead of Coinbase releasing its second-quarter results. Its revenue topped analysts’ expectations, and its loss was narrower than expected. Source

Crypto Exchanges Face Tough, Costly Hong Kong License Approval Process

Licensing consultants can charge up to $1 million to advise companies on the application, a person familiar with the matter said. Exchanges are required to maintain a paid-up share capital of 5 million Hong Kong dollars ($640,000), and liquid capital of at least $380,000. They must hold liquid assets equivalent to at least a year of operating expenses, not counting virtual assets. Source

Google accused of illegally terminating contract staffers who worked on AI: Report

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Google and Accenture, who have a joint business venture, are being accused by the Alphabet Workers Union of being in violation of federal labor laws in the United States, according to a Bloomberg report.  The union claims that Alphabet Inc. acted against a law that prohibits retaliation against employees for organizing, the report says, citin an Aug. 3 complaint from the union to the U.S. National Labor Relations Board. Allegedly, Alphabet ended contract employment for a majority of Google Help workers as they were in the process of unionizing. The…

Google accused of illegally terminating contract staffers who worked on AI

Google and Accenture, who have a joint business venture, are being accused by the Alphabet Workers Union of being in violation of federal labor laws in the United States, according to a Bloomberg report.  The union claims that Alphabet Inc. acted against a law that prohibits retaliation against employees for organizing, the report says, citin an Aug. 3 complaint from the union to the U.S. National Labor Relations Board. Allegedly, Alphabet ended contract employment for a majority of Google Help workers as they were in the process of unionizing. The…

Oman financial regulator seeks feedback on proposed virtual asset framework

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The Sultanate of Oman is inching closer to launching its own virtual asset regulations, with its financial markets regulator seeking public comments on its proposed regulatory framework governing digital assets, such as cryptocurrencies. The Capital Market Authority of Oman is currently in the process of drafting a comprehensive regime for the virtual asset sector, which includes various business requirements and market abuse prevention, it said in the consultation paper published on July 27. “The CMA is seeking to provide an alternative financing and investment platform for issuers and investors while…

Binance Approves Shiba Inu As Collateral: What Does This Signal For SHIB’s Future?

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Binance has continued to make significant strides, cementing its role as a crucial player in the market. One of the recent moves involves the addition of 22 new loanable and collateral assets to its Flexible Loan and VIP Loan services, including the meme-inspired cryptocurrency, Shiba Inu. This marks an essential milestone for Shiba Inu, intensifying the spotlight of the dog-themed meme coin. Shiba Inu Emerges As A Viable Collateral Asset Binance’s approval of Shiba Inu as a collateral asset is specifically noteworthy as it suggests that the crypto exchange is…

Revolut to suspend cryptocurrency services in US

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Cryptocurrency-friendly trading neobank Revolut is wrapping up its crypto services in the United States amid the ongoing regulatory uncertainty. Soon after announcing a partial delisting of certain digital assets from its platform, Revolut took a decision to suspend all crypto services for U.S. users, the firm said in a statement to Cointelegraph on Aug. 4. Together with its U.S. banking partner, Revolut will be working to suspend access to crypto through its platform starting from Sept. 2, 2023. The firm then will completely shut down crypto services on Revolut on…

Digital Bank Revolut Suspends U.S. Crypto Operations Citing ‘Regulatory Environment’

The platform said it took the “difficult decision” with its U.S. banking partner because of an “evolving regulatory environment” in the country. Regulators there, led by the Securities and Exchange Commission, have been cracking down on crypto, targeting exchange platforms like Coinbase (COIN) and Binance, as well as a host of individual tokens including Solana’ SOL and Polygon’ MATIC, alleging violations of federal laws. Source