Category: Exchanges

Kenya Proposes Tax Measures on Cryptocurrency Transactions and NFT Transfers

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The Kenyan government’s proposal to tax cryptocurrency transactions, NFT transfers, and online advertising has sparked mixed reactions from the public. The move aims to generate revenue for the government’s budget and ensure that cryptocurrency traders contribute to the country’s tax revenue. However, some industry players have expressed concern about the proposed tax measures. According to reports, the government plans to impose a 3% tax on profits made from cryptocurrency trading. This move attempts to regulate the sector and ensure that cryptocurrency traders contribute to the country’s tax revenue. The lawmakers…

The Debate Over the Environmental Impact of Cryptocurrency Mining

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The environmental effects of cryptocurrency mining have become a prominent topic in recent years because to the worries of numerous scientists and activists. There are worries about the carbon footprint of cryptocurrency mining because it uses a lot of energy to mine Bitcoin and other cryptocurrencies. We’ll examine the controversy surrounding the environmental effects of bitcoin mining in this article. The Energy Requirement for Mining Cryptocurrencies It takes a lot of energy to mine Bitcoin and other cryptocurrencies, which is a challenging operation. This is due to the fact that…

Biden Administration Proposes 30% Tax on Power Used for Cryptocurrency Mining

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The Biden administration has proposed a 30% tax on the electricity used for cryptocurrency mining. This move is aimed at reducing the negative environmental and economic impact of the industry. The energy requirements for cryptocurrency mining are substantial and contribute to increased greenhouse gas emissions, elevated energy prices, detrimental effects on the environment, quality of life, and electricity grids. The proposed excise tax, Digital Asset Mining Energy (DAME), would ensure that mining firms pay the total cost they impose on others. However, some experts have raised concerns that such a…

OKX Exchange Faces Technical Issue With SUI Token, Compensates Affected Traders

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On May 3 at 18:40, the OKX exchange opened the spot selling of the SUI/USDT pair. Unfortunately, traders experienced a technical issue with canceling orders to buy SUI. This was announced on Twitter by the founder of OKX, Star Xu. The platform could not rectify the problem immediately, causing inconvenience to traders who were affected. Following the technical issue with the SUI token trading on the OKX exchange, customers who had placed orders to buy SUI tokens at a price exceeding 1.3 USDT could not cancel their trades. In response,…

Cathie Wood’s ARK Invest Rapidly Accumulating Coinbase (COIN) Stock As Crypto Exchange Goes International

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Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US. New data from Cathie’s Ark, a platform that tracks the investment of ARK Invest, reveals that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million. The day before, data shows ARK making three purchases worth about $8.4 million. The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty…

French Senate proposal would allow influencers to promote cryptocurrency

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The French Senate’s Committee on Economic Affairs recently approved an amendment to pending legislation allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes. According to a translation of the amendment provided by Bing, the new wording would allow companies that are registered with France’s Autorité des Marchés Financiers (AMF) to hire influencers for their products: “The current wording is more restrictive than the existing provisions in the Consumer Code, since it excludes the possibility for digital asset service providers (PSAN) registered with the Autorité des…

Lawsuit Against Coinbase Alleges Crypto Exchange Illegally Stored Customer’s Fingerprints and Facial Scans

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A newly filed class action lawsuit against Coinbase alleges that the top US crypto exchange illegally stored platform users’ fingerprint and facial scans. The lawsuit, which was filed in California District Court by plaintiff Michael Massel, an Illinois resident who opened a Coinbase account five years ago, alleges that the platform violated the state’s Biometric Information Privacy Act (BIPA). According to the lawsuit, Coinbase requires customers to provide fingerprint and facial scans along with a state-issued ID as part of its authentication process to use its services But the lawsuit…

FBI, Ukraine seize 9 exchange domains on money laundering allegations

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Nine digital currency exchanges allegedly aiding and abetting cybercriminals had their domains seized by the United States Federal Bureau of Investigation (FBI) and Ukrainian law enforcement. According to a May 1 press release, the FBI’s Detroit Field Office and the National Police of Ukraine “conducted coordinated, court-authorized activity” that resulted in the shutdown and seizure of the domains of nine virtual currency exchange services. The seized domains included the websites 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org and bitcoin24.exchange. Each reportedly offered entirely anonymous digital currency exchange services to their users, skirting many…

Gemini and Genesis Set To Enter 30-Day Mediation Process To Reach Final Resolution for Exchange’s Earn Users

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Gemini crypto exchange has entered into a 30-day mediation process with bankrupt crypto broker Genesis and its parent company Digital Currency Group (DGC) to find a resolution for Gemini Earn users who lost their assets when the broker went under. Court filings indicate that the firm owes more than $3.8 billion to its largest 50 creditors, including Gemini. Genesis initially filed for bankruptcy in January. Genesis and the exchange had collaborated to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest. Genesis owes…