Until an investor starts consuming her profits – e.g., cashing out to buy yachts, caviar, champagne, Chippendale furniture (or dancers – it really is better for the American economy to allow her to temporarily roll over her profits, tax deferred, into a “like-kind” asset. Source
The world’s largest crypto exchange by trade volume, Binance, according to the story, did 205,000 transactions with Bitzlato between May 2018 and its closure last week after the U.S. Department of Justice (DOJ) charged it and its founder with money laundering. Source
Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Joe Raedle | Getty Images Crypto exchange Gemini will reduce its headcount by 10%, a spokesperson told CNBC on Monday. It’s at least the third round of cuts in less than a year for Gemini, which was co-founded by twins Cameron and Tyler Winklevoss, and unlike many of its peers, is subject to New York banking regulation. Gemini had 1,000 employees as of Nov. 2022, according to PitchBook data, suggesting around…
US-based crypto exchange Coinbase is reportedly set to become a premium partner of German soccer team Borussia Dortmund (BVB). According to a report from Handelsblatt, the largest crypto trading platform in the US will get more sponsorship arrangements with BVB once Germany’s primary football league, the Bundesliga, resumes after the winter break. Coinbase has been BVB’s partner since July last year, with the trading platform providing crypto education to the sports club’s employees. The expanded partnership will enable the exchange to get perimeter advertising and cam carpets in Signal Iduna Parl…
“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” wrote Cameron Winklevoss, the president and co-founder of Gemini, in the internal message. Source
The statement from Europol, the EU agency that coordinates activities among national law enforcement authorities within the bloc, details house searches in Spain, Cyprus and Portugal; the takedown of digital infrastructure in France; and seizures of 18 million euros ($19.5 million) in cryptocurrency, vehicles and electronics, plus the freezing of 50 million euros ($54.3 million) of crypto at other exchanges. Source
Nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022. But given the recent “issues” in the space, Signature will reduce that amount to under 20% and potentially under 15% eventually, Signature CEO DePaolo said at a New York conference hosted by investment bank Goldman Sachs. Source
John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange. The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets. In his first interview since becoming FTX’s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in…
Dogecoin (DOGE) rival Shiba Inu (SHIB) is continuing its 2023 price surge this week as it gets a listing on South Korea’s top crypto exchange by trading volume. The Seoul-based Upbit, which registered more trading volume than any other exchange besides Binance in the 24 hours prior to writing, listed SHIB against the South Korean Won (KRW) on Wednesday. SHIB is trading at $0.000012 at time of writing. The 15th-ranked crypto asset by market cap is up 0.88% in the past 24 hours and more than 33% in the past…
Investors included the venture arms of Coinbase and Circle, a former FTX portfolio company. Source