Tag: crypto.com

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Binance Doesn’t See Viable Business in India – Top Crypto Updates

Binance doesn’t see viable business in India: CZ

“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.

Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%

Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.

‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan

JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin. 

Bahamas regulators confirm they directed SBF to move assets

The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.

Solana NFT protocol Metaplex announces layoffs

Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse. 

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Binance Backs Out of Deal to Buy FTX – Top Crypto Updates

Binance backs out of deal to buy FTX

Binance, the world’s largest crypto exchange by volume, has walked away from a proposed deal to acquire FTX. CEO CZ Zhao confirmed in a series of tweets that Binance would not pursue the potential acquisition of FTX. He cited reports regarding “mishandled customer funds and alleged US agency investigations.” FTX is now on the verge of collapse.

As per a Bloomberg report, the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating alleged violations at FTX.

Crypto prices today: Bitcoin falls 8%, ETH down 6.8%

Bitcoin is currently trading at $16,812.92, a decline of 8% over the previous day. Ethereum fell 6.8% over the last 24 hours to $1,194.64. Solana crashed 21.6% to $15.7, while Cardano is trading lower by 6.2% at $0.350. Avalanche (AVAX) fell 6% to $14.54. The global crypto market cap stands at $840.9 billion, a 7% decline over the previous day.

Crypto.‌com pauses withdrawals of USDC, USDT on Solana

Crypto exchange Crypto.com has suspended all deposits and withdrawals for Tether’s USDT and Circle’s USDC on the Solana network. The crypto platform’s announcement comes amid one of the more chaotic weeks in crypto history. Sam Bankman-Fried of FTX tentatively agreed to sell his exchange to competitor Changpeng Zhao of Binance.

OpenSea pledges to enforce NFT royalties after creator backlash

NFT marketplace OpenSea said it will continue to enforce creator royalty fees going forward. A royalty fee is set by the NFT artist or creator and typically falls between 5-10% of the secondary sale price. On Saturday, OpenSea said it was reconsidering its policy towards enforcing creator royalty fees on NFTs after many rival marketplaces had either rejected such fees or made them optional for traders to pay.

Crypto officials ask for clearer US regulatory policy after FTX collapse

The CEOs of Coinbase, Ripple, and Circle stated that the lack of a clear regulatory framework is the reason that the majority of crypto trading in the United States occurs on offshore exchanges (like the struggling FTX). The unprecedented collapse of industry heavyweight FTX has pushed regulators into overdrive, with FTX facing investigations from both the Justice Department and SEC.

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Google Partners With Coinbase to Accept Crypto Payments – Top Crypto Updates

Google partners with Coinbase to accept crypto payments

Google Cloud has partnered with crypto exchange Coinbase to drive Web3 innovation. The tech giant will receive crypto payment via an integration with Coinbase. Crypto payments will initially be rolled out to a handful of customers involved in the Web3 industry. Google will also use Coinbase’s custody service, Coinbase Prime.

Under the agreement, Coinbase will use Google Cloud to build its advanced exchange, grow data services, and process blockchain data at scale.

Crypto prices today: Bitcoin falls 0.5%, ETH down 1.1%

Bitcoin is currently trading at $19,031.7, a decline of 0.54% over the previous day. Ethereum is down 1.13% over the last 24 hours to $1,281.16. Solana fell 3.98% to $30.07, while Cardano is trading lower by 7.18% at $0.365. Avalanche (AVAX) fell 4.69% to $15.28. The global crypto market cap stands at $908.69 billion, a 1.62% decline over the previous day.

Crypto.com enters France, invests $145M in Paris HQ

Crypto platform Crypto.com will set up its European regional headquarters in Paris. The firm will invest 150 million euros ($145.7 million) in France to support the establishment of its market operations. The cash will go towards setting up its European HQ in the capital and hiring local talent in the fields of compliance, business development, and product.

Last month, France’s market authority AMF gave Crypto.com regulatory approval, registering it as a digital asset service provider. 

Crypto platform Pillow raises $18 million in Series A round

Crypto investment platform Pillow (run by Pillow Digital Technologies Pte Ltd) has secured funding of $18 million in a Series A round co-led by Accel, Quona Capital, and Jump Capital. The digital personal finance platform aims to accelerate the adoption of crypto services in emerging economies including those in Africa and Southeast Asia.

Indian crypto exchanges praise OECD reporting framework

Indian crypto exchanges are cheering the new tax reporting framework released by the Organization for Economic Co-operation & Development (OECD). The framework ensures “the collection and automatic exchange of information on transactions for relevant crypto assets”. It covers exchanges, brokers, and ATM operators that facilitate exchanges between crypto assets.

Crypto exchanges are also hoping the Crypto-Asset Reporting Framework (CARF) of the OECD will prompt the Indian government to frame its own regulations and lower taxes, helping revive the crypto market.

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SEC Sues Dragonchain for $16.5M Dragon Token ICO – Top Crypto Updates

SEC sues Dragonchain for $16.5M Dragon Token ICO

The U.S. Securities & Exchange Commission (SEC) has announced charges against the chief architect of Dragonchain, John Joseph Roets, for allegedly raising $16.5 million in unregistered crypto asset securities offerings. Roets and Dragonchain conducted an unregistered offering of Dragon tokens (DRGN) through a discounted “presale” to members of a crypto investment club and through an initial coin offering (ICO) in October and November.

Crypto prices today: Bitcoin falls 0.4%, ETH down 0.85%

Bitcoin is currently trading at $23,933.4, a decline of 0.4% over the previous day. Ethereum fell 0.85% over the last 24 hours to $1,898.48. Solana rose 0.1% to $43.29, while Cardano is trading higher by 1.35% at $0.561. Avalanche (AVAX) fell 1.54% to $27.34. The global crypto market cap stands at $1.16 trillion, a 1.21% increase over the previous day.

Crypto crime falls 15% along with bear market: Report

Illicit activity involving crypto has declined by 15% in volume so far this year, reported blockchain intelligence firm Chainalysis. “If we dig into specific forms of crypto-based crime, we find that some have actually increased in 2022, while others have declined more than the market overall,” said the report. The total scam revenue for 2022 is 65% lower than it was through the end of July 2021 and currently sits at $1.6 billion.

Crypto.com registers with UK financial regulator

Digital asset exchange Crypto.com has registered with the United Kingdom’s Financial Conduct Authority (FCA). The Singapore-based firm is now authorized to conduct “certain crypto asset activities” in the UK. Since 2016, Crypto.com has competed with other exchanges, including FTX and Binance, to cement its presence in international markets. 

Jump Crypto to revamp core part of Solana’s infra

Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced plans to develop a new open source validator client for the Solana network to boost throughput and reliability. The firm will lead the development of a new open-source validator client called Firedancer. They will also bring their experience in building networks to Solana as it scales to potentially larger audiences in the years to come.

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CoinFlex to Issue Tokens After Withdrawal Freeze – Top Crypto Updates

CoinFlex to issue tokens after withdrawal freeze

Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 1.3% 

Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.

Crypto.com removes Dogecoin, Shiba Inu from Earn program

Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.

400+ crypto ads found violating ASCI guidelines

The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.

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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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Argentina’s Largest Private Bank to Offer Bitcoin Trading – Top Crypto News

Argentina’s largest private bank to offer Bitcoin, Ethereum trading

Buenos Aires-based Banco Galicia will make four cryptocurrencies available to customers—Bitcoin, Ethereum, USD Coin, and XRP. It has launched a new and innovative service for its customers, offering the purchase, sale, and custody of crypto in a simple, secure manner. Banco Galicia is the largest private bank in Argentina.

Crypto prices today: Bitcoin down 1.2%, ETH falls 0.5%

Bitcoin is currently trading at $38,511.6 a 1.22% decline over the previous day. Ethereum is down 0.58% over the last 24 hours to $2,841.94. Solana fell 2% to $88.41, while Cardano is trading lower by 0.54% at $0.788. Avalanche (AVAX) rose 2.19% to $61.33. The global crypto market cap stands at $1.74 trillion, a 0.85% decline over the previous day.

ApeCoin tanks after chaos surrounding Bored Ape Yacht Club creator’s metaverse NFT land sale

ApeCoin, the crypto tied to the popular Bored Ape Yacht Club NFT ecosystem, fell nearly 13% over the last 24 hours. Recently, Yuga Labs (the company behind the Bored Ape NFTs) made $350 million by selling “Otherdeeds” Ethereum-based, virtual land deed NFTs for its highly-anticipated metaverse project, “Otherside”. However, Ethereum became congested with transactions, and the blockchain was unusable for hours. A record amount of Ether was also permanently destroyed.

Crypto.com restarts staking rewards

Crypto.com CEO Kris Marszalek said the firm would continue to offer staking rewards to its card users a day eliminating the reward program. The decision had led to a backlash among community members on social media sites like Reddit and Twitter. However, the company backtracked on its decision to fully end staking rewards, where card users locked up CRO for 180 days to earn yields.

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Crypto Transactions Involving Indian, Foreign Exchanges May Attract GST – Top Crypto News

Crypto transactions involving Indian, foreign exchanges may attract GST

As per reports, transactions involving Indian exchanges and those outside the country could come under the tax authority’s lens. The tax department is scrutinizing how exchanges that allow trading in India manage their crypto float. [Crypto float is the total number of outstanding cryptos available for trading on public markets.] They are also checking whether there is any element or transaction where Goods and Services Tax (GST) could apply. You can read more about it here.

Crypto prices today: Bitcoin rises 1.2%, ETH up 2.5%

Bitcoin is currently trading at $47,523, a 1.22% increase over the previous day. Ethereum is up 2.51% over the last 24 hours to $3,404.33. Solana rose 1.6% to $110.72, while Cardano is trading higher by 2.7% at $1.22. Meanwhile, Terra (LUNA) jumped 8.8% to $103.61. The global crypto market cap stands at $2.15 trillion, a 1.3% increase over the previous day.

UAE crypto push sees Bybit, Crypto.com announce Dubai offices

Crypto exchange Bybit will open its global headquarters in Dubai. It has received in-principle approval to conduct a full spectrum of virtual assets business in the city. Meanwhile, Crypto.com also said it would establish a regional hub in Dubai. The UAE has been pushing to develop the virtual asset sector and regulations to attract new forms of business. Recently, Dubai issued its first law governing virtual assets. It formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. 

Miss Universe fans to soon get partial ownership of crown via NFTs

Beauty pageant fans can now own part of the Miss Universe crown, currently with Harnaaz Sandhu of India. International luxury jewelry house Mouawad has tied up with Icecap (a developer of NFTs for investment-grade diamonds) to offer fractionalized ownership of the crown via NFTs. The unique icon will be offered via NFT technology to fans of the pageant.

Biden eyes $5B in 2023 revenue from applying new tax reporting rules to crypto

US President Joe Biden has submitted his budget proposal for the 2023 financial year, along with the U.S. Treasury Department’s revenue explanations. By the administration’s estimate, the U.S. can gather roughly $11 billion in revenue over 10 years (and ~$5 billion in FY23 alone) by “modernizing rules” to apply certain financial accounting and reporting practices to digital assets.

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Crypto.com Secures FIFA World Cup Sponsorship – Top Crypto News

Crypto.com secures FIFA World Cup sponsorship

Crypto exchange Crypto.com will be an official sponsor of the 2022 FIFA World Cup. The partnership will put the exchange’s branding all around the tournament’s Qatar venue, as well as within the stadium’s broadcast view. The total compensation for the deal was undisclosed.

Crypto prices today: Bitcoin down 0.2%, ETH falls 1.3%

Bitcoin is currently trading at $42,123.49, a 0.2% decline over the previous day. Ethereum is down 1.3% over the last 24 hours to $2,948.6. Solana rose 1.14% to $91.34, while Cardano is trading higher by 3.3% at $0.968. Meanwhile, Polkadot (DOT) rose 3.18% to $20.34. The global crypto market cap stands at $1.91 trillion, a 0.03% decline over the previous day.

El Salvador postpones Bitcoin Bond due to unfavorable crypto market

El Salvador’s Finance Minister, Alejandro Zelaya, announced that the country has postponed the issue of its Bitcoin-backed bond. It is waiting for crypto market conditions to improve. The government initially planned to issue $1 billion in bonds to investors between March 15 and March 20. They intend to convert $500 million into Bitcoin and use the other $500 million for infrastructure and Bitcoin mining.

NFL bans promotions on crypto, token deals

The National Football League (NFL) announced it will allow teams to seek limited three-year sponsorships from blockchain companies. However, the league introduced a ban on promotions featuring a crypto coin or token. The NFL has decided to allow promotional relationships with blockchain companies like Crypto.com, Coinbase, and FTX due to the growing popularity of crypto, NFTs.

Avalanche announces new ‘Core’ wallet at AVAX Summit

Avalanche announced it will launch its own wallet application called Core and add a Bitcoin bridging functionality. The two initiatives aim to simplify the user experience and bring more assets into the Avalanche ecosystem. Core will be a curated Web3 operating system that combines secure wallet architecture with technology not found in any other wallets. The announcements were made at the Avalanche Summit in Barcelona on Tuesday.