Tag: Report

Bank of Korea given right to investigate local crypto firms: Report

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The central bank of South Korea has been given the green light to ramp up its scrutiny of cryptocurrency service operators and issuers amid further discussions on virtual asset legislation in the country. On April 20, local media outlet The Korea Herald reported the Bank of Korea (BoK) will be given the right to investigate operators of cryptocurrency-related businesses. The South Korean central bank has been competing with the country’s financial regulator, the Financial Services Commission (FSC), over crypto jurisdiction. However, the FSC will have the final say in governing…

Celsius auction has Gemini and Coinbase as new bidders: Report

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Two new consortiums will dispute the assets of bankrupt crypto lender Celsius Network in an auction scheduled for April 25 in New York. According to reports and court filings, crypto exchanges Gemini and Coinbase are among the companies participating in the bids.  Court documents show that one of the consortium is Fahrenheit, backed by venture capital firm Arrington Capital, which is owned by blockchain investor Michael Arrington. Other participants in the consortium are Proof Group Capital Management, former Algorand CEO Steven Kokinos and investment banker Ravi Kaza. Michael Arrington mentioned…

Zimbabwe’s central bank to issue gold-backed digital currency: Report

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The Reserve Bank of Zimbabwe is set to introduce a gold-backed digital currency to serve as a legal tender in the country. The move is a government initiative to stabilize the local currency from its depreciation against the United States dollar.  According to a report from local media Sunday Mail, the move will allow small amounts of Zimbabwe dollars to be exchanged to the digital gold token, enabling more Zimbabweans to hedge against the currency volatility. Central bank governor John Mangudya said the plan intends to “leave no one and…

Biden’s comms director barred from former crypto clients: Report

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United States President Joe Biden will reportedly ban his communications director from handling matters related to any crypto or technology firms he has previously worked with, while allowing him to advise on crypto regulation. According to an April 22 Bloomberg Law report, the White House communications director Ben LaBolt will be barred from “participating in legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented.” Decentralized exchange UniSwap and venture capital firm Andressen Horowitz – an early investor in Coinbase Global Inc – were both former clients…

Brazilian authorities investigate Binance for guiding clients past stop order: Report

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Binance is under investigation in Brazil by the Federal Prosecutor’s Office and Federal Police, according to a report in Valor Econômico newspaper. The cryptocurrency exchange has allegedly been helping clients evade a stop order on cryptocurrency derivatives investments. According to the newspaper, the Brazilian Securities and Exchange Commission (SEC) reported to the Attorney General of the State of São Paulo that Binance may have continued to offer cryptocurrency derivatives to its clients after the SEC had issued a stop order on those offerings in 2020. Futures contracts are considered securities…

African Blockchain Business Funding Rose 429% in 2022 — Report – Blockchain Bitcoin News

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In 2022, African blockchain businesses raised a total of $474 million, a 429% increase from what was raised in the year earlier, the latest CVVC African blockchain funding report has revealed. The custody and exchanges category raised over $250 million, which is equivalent to more than 50% of funds raised by blockchain companies. South Africa and Seychelles Accounted for More Than 80% of Funds Raised According to the latest CVVC Africa Blockchain funding report, blockchain businesses from the continent raised $474 million in 2022, a year-on-year funding increase of 429%.…

Tesla Posts Q1 2023 Report Sees Earnings Slide Over 20% YoY

EV giant Tesla experienced a drop in Q1 2023 earnings due to underutilized new factories and higher production costs. Tesla Inc (NASDAQ: TSLA) saw its net income and earnings slide by more than 20% year-over-year (YoY), according to its Q1 2023 report published Wednesday. Nonetheless, the electric vehicle manufacturer’s revenues and profits for the year’s first quarter were on par with consensus estimates. For Q1 2023, Tesla realized a revenue haul of $23.33 billion compared to the $23.21 billion analysts expected. On the other hand, the company’s earnings per share of 85 cents…

Coinbase gets Bermuda license, offshore exchange could launch next week: Report

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United States-based cryptocurrency exchange Coinbase has received a license to operate in Bermuda and it’s reportedly set to launch a derivatives exchange based there as soon as next week. According to an April 19 blog post, Coinbase revealed it had “received our regulatory license to operate from the Bermuda Monetary Authority” — the nation’s financial regulator. The license, a Class F License under the Digital Asset Business Act, allows Coinbase to conduct a range of activities such as token sales and issuance, and operate as both a digital asset exchange and…

Bank of Russia to set up entities for crypto mining and cross-border settlement: Report

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Russia is taking further steps to mitigate global sanctions in place since the invasion of Ukraine in 2022. According to local media reports, the country’s central bank plans to create new institutions to mine crypto assets and settle international payments.  In a meeting in the State Duma — one of the chambers of the Russian parliament — the head of the central bank, Elvira Nabiullina, announced that the Bank of Russia would allow cryptocurrency to be used in external settlements in a pilot program. The move, however, does not signal…