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Binance US Launches High-Yield ETH Staking – Top Crypto Updates

Binance US launches high-yield Ethereum staking

Binance US is the latest major crypto exchange to launch Ethereum staking on its platform. Users can now stake the second-largest crypto by market cap and earn rewards at a starting rate of 6% annual percentage yield (APY). The company’s competitors Lido and Coinbase currently offer 3.5% and 3.25% APY, respectively, on staked ETH.

Crypto prices today: Bitcoin up 2.4%, ETH rises 7%

Bitcoin is currently trading at $19,255.34, an increase of 2.4% over the previous day. Ethereum is up 7.04% over the last 24 hours to $1,626.24. Solana rose 4.32% to $32.44, while Cardano is trading higher by 2.39% at $0.474. Uniswap (UNI) rose 4.3% to $6.10. The global crypto market cap stands at $975.66 billion, a 3.75% increase over the previous day.

Celsius has been insolvent since 2019: Vermont Regulator

Vermont state officials have asked for broader powers to investigate Celsius. They have alleged that the troubled crypto exchange artificially inflated the price of its CEL token at the expense of retail investors going back over three years. “Excluding the company’s Net Position in CEL, liabilities would have exceeded its assets since at least February 28, 2019,” said Vermont assistant general counsel Ethan McLaughlin.

Voyager Digital to auction off assets next week

Bankrupt crypto broker Voyager Digital will auction off its remaining assets next week (Sept 13). Around 22 parties were in meaningful discussions to place a bid for Voyager’s assets as of early August, according to the group’s legal team. Voyager has also been working to return some money to customers. On August 5, the New York bankruptcy court handling the case approved a proposal to return $270 million to affected customers.

GameStop partners with crypto marketplace FTX

GameStop Corp announced a partnership with crypto exchange FTX US to increase its presence in the cryptocurrency space. The company will start selling FTX gift cards at some of its stores as part of the partnership. Earlier this year, GameStop launched a digital wallet and said it would enable transactions in a marketplace it is building for gamers to buy, sell, and trade non-fungible tokens (NFTs).

Crypto lender Nexo introduces spot, futures trading

Crypto lender Nexo has launched a spot, margin, and futures trading platform for retail clients with the launch of Nexo Pro. The platform aims to offer retail clients access to institutional-grade aggregated liquidity with no minimum funding requirement. The product has been rolled out to the five million Nexo clients with up to a 50% discount on standard fees.

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Binance US Sued For Promoting UST, LUNA – Top Crypto Updates

Binance US sued over promoting, selling UST and LUNA

A class-action lawsuit was filed against Binance.US, alleging that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA. The lawsuit also claims Binance violated federal law by selling UST and LUNA. Plaintiffs noted that the digital assets should have been registered with the US Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin crashes 12%, ETH down 8.6%

Bitcoin is currently trading at $22,331.84, a decline of 12.13% over the previous day. Ethereum fell 8.6% over the last 24 hours to $1,218.9. Solana is up 8.8% to $30.46, while Cardano is trading higher by 5.6% at $0.492. Avalanche (AVAX) rose 5.27% to $17.07. The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.

NFT floor prices fall amid crypto crash

Values of non-fungible tokens (NFTs) are plunging alongside traditional crypto. The floor price (lowest price NFT can be purchased) of the blue-chip NFT Bored Ape Yacht Club has dropped 14% in the last 24 hours. Mutant Ape’s floor price is down 16%. However, NFT trading volume has risen sharply over the past 24 hours, up 54% over the previous period.

WazirX partners with MoEngage to boost customer engagement

WazirX has partnered with insights-led customer engagement platform MoEngage to boost the adoption of Web3 and crypto in India. The crypto trading platform will use AI-driven insights to offer course corrections to its customers whenever needed. WazirX aims to boost its customer onboarding and app promotion with respect to the crypto industry in India.

BlockFi, Crypto.com lay off hundreds as digital coins crash

Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees amidst the crash in the crypto markets. BlockFi CEO Zac Prince said that the company is reducing its headcount by roughly 20%. Coinbase has announced slow hiring and reportedly revoked over 300 job offers.

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PayPal Lets Users Transfer BTC, ETH to External Wallets – Top Crypto Updates

PayPal allows users transfer BTC, ETH to external wallets

Crypto users can now move funds off PayPal’s platform to external wallets. The ability to conduct external transfers on PayPal’s crypto platform will be available to everyone in the U.S. in the next week or two. PayPal first launched its crypto offering in late 2020. It allows users to buy, sell, and hold four cryptos—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Crypto prices today: Bitcoin up 2.8%, ETH rises 2.2%

Bitcoin is currently trading at $30,402.86, an increase of 2.8% over the previous day. Ethereum rose 2.18% over the last 24 hours to $1,796.76. Solana fell 0.75% to $38.93, while Cardano is trading higher by 8.44% at $0.634. Avalanche (AVAX) rose 1.62% to $24.25. The global crypto market cap stands at $1.24 trillion, a 2.16% increase over the previous day.

Binance US launches high-yield crypto staking for Solana, Avalanche

Binance US is now offering cryptocurrency staking services to its clients. Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptos: Binance Coin, Solana, Avalanche, Cosmos, The Graph, etc.

Proof of stake is a consensus mechanism used by blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.

DOJ calls for global cooperation in chasing down crypto criminals

The U.S. federal government’s chief lawyer, Merrick Garland, is asking for more international cooperation to help protect investors, consumers, and businesses that use digital assets. A Department of Justice report has called for sharing more information with foreign law enforcement agencies. Better collaboration will help “avoid duplicative efforts that waste investigative resources.”

Crypto exchanges getting ready to implement 1% TDS 

Crypto exchanges are preparing their systems to levy a 1% tax deducted at source (TDS), which will kick in from next month. Exchanges are awaiting more clarity from the government on the mechanism for collecting the tax and various aspects of the TDS. Investor sentiment is likely to hit further once the tax comes into play on July 1.