Tag: Report

Binance.US unable to find bank partners in the United States: Report

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The United States arm of global crypto exchange Binance has been facing challenges in establishing a new bank partner to serve as a fiat on-ramp and off-ramps for its clients in the country, according to a Wall Street Journal report on April 8.  The recent failures of Silvergate and Signature Bank left Binance.US without banking services, depending on middleman’s banks to store funds on its behalf, according to the WSJ, citing “people familiar with the matter”. The regulatory crackdown on banks with crypto clients is also another factor contributing to…

Over 99% of crypto investors don’t report taxes, report indicates

As the cryptocurrency market continues to grow, tax authorities worldwide face mounting challenges in ensuring compliance.  A recent study by Divly, a crypto-tax platform, reveals that a mere 0.53% of cryptocurrency investors globally declared their crypto activities to local tax authorities in 2022.  STUDY: Divly, a tax preparation service in Sweden, conducted a survey which found that only 0.53% of global crypto holders pay taxes on digital assets. Finland had the highest percentage of taxpayers at about 4%. — Coingraph | News (@CoingraphNews) April 7, 2023 This article delves into…

Bitcoin leads crypto market recovery as regulators turn up heat: Report

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March has been a turbulent month for the crypto industry. Bitcoin (BTC) recorded its highest weekly close in 10 months and raised hopes among many that the bear market is over. One of the key drivers of this expectation was a series of banking collapses in the United States. This made investors hope for falling interest rates later this year, despite Federal Reserve Chair Jerome Powell’s insistence that lower rates were not part of the base scenario for 2023.  However, optimism about the macro environment risks being offset by the…

Thai political party looking at PM race promises $300 in crypto upon victory: Report

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The Pheu Thai Party, a political party in opposition to the current Thailand prime minister’s, has reportedly proposed giving nearly every citizen of the country roughly $300 in digital currency should it win the next election. According to an April 7 report from the Bangkok Post, the Pheu Thai Party announced at an April 5 campaign event that it planned to give all Thai residents 16 years and older a stipend of 10,000 baht — roughly $292 at the time of publication. One of the party’s candidates for prime minister,…

Ripple wins big in US-Mexico transfers based on Bitso’s report

According to the 2022 report, Bitso highlighted that they processed about $3.3 billion between US and Mexico, using XRP and others. XRP moves $3.3b in US-Mexico settlements Cryptocurrency has gained momentum recently, acquiring different utilities across different jurisdictions. The most recent info is about the Ripple network. Bitso, a popular crypto exchange in Mexico, recently announced powering transactions of about $3.3 billion worth of crypto between the U.S. and Mexico. Based on Bitso’s report, the Ripple network is one of its primary settlement partners for cross-border transactions.  The U.S. corridor…

Int’l securities body IOSCO prepares crypto regulation report for 2023

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The International Organization of Securities Commissions (IOSCO) will launch a consultation for its regulation report on crypto assets in Q2 2023. The final recommendations from the organization are planned to be published by the end of 2023.  The dates are scheduled in IOSCO’s work program for 2023–24. Two major workflows are dedicated to decentralized assets in IOSCO’s Fintech Task Force plan. The first covers crypto and digital assets, and the second covers decentralized finance (DeFi). The DeFi consultation will start in Q3 of 2023. According to the work program text,…

25% of NFT owners have a collection of 51 or more – CoinGecko Report

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Crypto data website CoinGecko has released survey findings indicating that the majority of nonfungible token (NFT) holders own 51 or more NFTs, while those who only hold a single NFT comprised the smallest group among the respondents. Published on April 6, the CoinGecko report examined 438 responses from Dec. 2022 to Jan. 2023 in conjunction with Blockchain Research Labs. At least 1 in 4 NFT holders (26.5%) said that they are “avid collectors” with 51 or more NFTs at the time of the survey, with the report noting this group likely…

US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto – Defi Bitcoin News

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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. U.S. Treasury Report Assesses Risks Associated With Decentralized Finance The U.S. Treasury released a report on April 6, 2023, that assesses the purported risks of defi. “The risk assessment explores how illicit actors abuse defi…