Tag: Report

Bitcoin, Ether Flat as PayPal USD Report Fails to Ignite Market; SHIB Finds Support

“PayPal USD (PYUSD), a U.S. dollar stablecoin issued in collaboration with Paxos Trust Co., is a significant development in the digital finance landscape,” said Jeff Mei, COO of crypto exchange BTSE, in a Telegram message. “Signifying the growing convergence between traditional financial systems and the world of crypto, this news is definitely bullish for the crypto market.” Source BitcoincryptoexchangeEtherExchangesFailsFindsFlatIgniteMarketPayPalReportSHIBSupportUSD CryptoX Portal

Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report

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Cryptocurrency exchange Binance released its latest proof-of-reserves (PoRs) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USD Coin (USDC) reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X (formerly Twitter). The latest reserve audit suggests Binance holds more than enough crypto and cash to cover user funds. The ratio of Binance’s net balances to its customers’ net balances is more than 100% for all its assets as shown in the snapshot below. Binance asset reserve…

Bitstamp crypto exchange to raise funds for global expansion: Report

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Bitstamp, one of the world’s longest-running cryptocurrency exchanges, is moving forward with its global expansion ambitions, reportedly working to raise new funds to scale operations. Crypto exchange Bitstamp started the fundraising process in late June, with Michael Novogratz’s Galaxy Digital Holdings acting as an adviser, Bloomberg reported on Aug. 7. The firm plans to use the raised capital to launch derivatives trading in Europe in 2024 and expand several of its served markets in Asia. Bitstamp is also looking to scale its services in the United Kingdom, the report notes.…

Cathie Wood predicts SEC simultaneously allows multiple spot crypto ETFs: Report

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ARK Investment Management founder and CEO Cathie Wood has reportedly suggested that the United States Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded funds, or ETFs, at the same time. In an Aug. 7 interview with Bloomberg, Wood predicted the SEC would approve “more than one [ETF] at once” if it moves forward with any application currently under consideration. ARK Investment Management sent in one of the most recent spot Bitcoin (BTC) ETF applications in June after amending the submission to include a surveillance-sharing agreement. Today on…

New York AG probes transactions at Genesis, ties with Barry Silbert: Report

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Digital Currency Group (DCG) is now under scrutiny for its financial transactions involving its subsidiary, Genesis Global Capital. The investigation is reportedly being conducted by New York Attorney General Letitia James, Bloomberg reported, citing sources familiar with the matter. Federal prosecutors and the Securities and Exchange Commission are reportedly engaged in investigating, seeking interviews with potential witnesses associated with both Genesis and DCG. According to the report, the investigation examines loans and other transactions performed between the companies. DCG revealed last year that it had received around $575 million in…

CDC report underscores importance of Judge’s verdict in Ripple case

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The Chamber of Digital Commerce (CDC), an American advocacy organization, on August 1, unveiled a comprehensive “impact and analysis” report on the SEC’s lawsuit against Ripple. The report scrutinizes the case’s verdict, highlighting its profound implications for the crypto industry’s future. According to the CDC’s evaluation, Judge Analisa Torres’s ruling sets a vital precedent in digital currency. It distinguishes between an investment contract and the underlying asset, representing a groundbreaking development in crypto regulation. The report examines Judge Torres’s categorization of Ripple’s XRP token distributions into three classes: institutional sales,…

Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC

Coinbase released its financial results for the second quarter of the year, beating the analysts’ expectations. The company reported $663 million in net revenue, which is down by 10% compared to the same period last year. Coinbase also disclosed an adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, of $194 million and a net loss of $97 million, which is a huge uptick from the last quarter’s net loss of $1.1 billion. The company had transaction revenue of $327 million compared to $375 million in the first quarter,…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’: Report

Brian Armstrong, chief executive officer at Coinbase, has reportedly waffled about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country with the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission as well as scrutiny from 10 state regulators, many of whom issued cease and desist orders…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’ — Report

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Brian Armstrong, the CEO of Coinbase, has reportedly given a mixed response about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country over the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission, as well as scrutiny from 10 state regulators, many of whom issued cease and…

US lawmakers urge White House to address North Korea’s use of digital assets: Report

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Three members of the United States Senate have reportedly sent a letter to the White House and Treasury Department in an effort to crack down on North Korea using cryptocurrency to fund its nuclear program and evade sanctions. According to an Aug. 4 report in The Wall Street Journal, Sens. Elizabeth Warren, Tim Kaine and Chris Van Hollen requested the Biden administration provide information on how the U.S. government was working to address the illicit use of digital assets by the Democratic People’s Republic of Korea. The letter cited reports…