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On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance, one of the largest cryptocurrency exchanges in the world. The SEC’s charges allege that Binance and its U.S. affiliate, Binance US, offered and sold securities without registering with the agency and acted as an unregistered exchange, broker-dealer, and clearing agency. The allegations
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The US Securities and Exchange Commission (SEC) has removed former commissioner William Hinman’s biography from its website. This comes just eight days before the SEC is required to provide unredacted copies of Hinman’s emails, which are seen as essential to the agency’s lawsuit against cryptocurrency giant Ripple. Hinman’s biography on the SEC’s site now only
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Internet 2.0 or Web3 is a new concept that has piqued the public’s interest. The decentralized nature of Web3 and the growing prevalence of cryptocurrencies and tokens have made the landscape more complex and volatile. The terminology of blockchains, wallets, gas fees, and numerous crypto tokens can be overwhelming for many users, and the presence
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Binance.US, the US-based subsidiary of the troubled Binance exchange, has described the lawsuit filed by the US Securities and Exchange Commission (SEC) against its platform as “baseless.” In a statement released on June 5, Binance.US stated that the lawsuit was another example of the financial regulator’s regulatory approach by enforcement towards the cryptocurrency industry. According
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The world of non-fungible tokens (NFTs) continues to evolve and expand, and the latest addition is the Trekki NFT, an initiative from Trip.com. The project aims to enhance users’ travel experiences by offering a unique blend of digital assets and real-world perks. Unlike traditional NFTs, Trekki NFT establishes enduring intellectual property enriched with a worldview
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John Forsyth, a Missouri emergency room doctor, crypto advocate, and co-founder of crypto project Onfo (ONFO), was recently found dead in northwest Arkansas after being reported missing for over a week. He was last heard from on May 21 through text messages with his fiancée. Authorities told the deceased’s brother Richard Forsyth that John’s corpse
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Magic, a San Francisco-based wallet-as-a-service (WaaS) provider, has raised $52 million in a strategic funding round led by PayPal Ventures. The latest capital infusion brings the firm’s valuation to just under $500 million. Other participants of the fund round include Cherubic, Synchrony, KX, Northzone, and Volt Capital. Expanding Functionality and Integration The latest capital infusion
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The Ethereum network has made a significant shift from Proof-of-Work to Proof-of-Stake consensus algorithm. This has led to the elimination of Ethereum miners, now replaced by validators who secure the network. Becoming a validator is a simplified process, requiring depositing 32 ETH into the staking contract and running the appropriate software. Validators Queue Up However,
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Artificial intelligence (AI) is a topic that has been gaining increasing attention from tech enthusiasts and beyond. In numerous articles, we’ve already had conversations with ChatGPT, one of the most popular AI-based chatbots, on topics ranging from healthcare to finance. This time, we asked ChatGPT for its opinion on a more general topic: how AI
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According to analysts from Glassnode, the activity in Ethereum’s decentralized finance (DeFi) sector has declined during the bear market, and it faces competition from Ethereum’s annual staking reward of 4%. The percentage of gas consumed by DeFi protocols has dropped from 34% in 2020 to 8% to 16% presently, with non-fungible tokens (NFTs) commanding the
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After sliding to $1.13 trillion market cap, the crypto market has picked up steam again, hitting the $1.15 trillion threshold with a 0.3% increase. Bitcoin leads this bullish charge with close to 2% in the past week. Ripple’s cross-border remittance in the network has given investors a significant return on their investment, with a rise
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On June 2, Republican House members released a draft bill that aims to establish clear roles for regulators in the cryptocurrency industry. The proposed rules would separate the regulation of cryptocurrencies as securities from the regulation of cryptocurrencies as commodities. The bill is a joint effort between the House Financial Services Committee, chaired by Rep.
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On Thursday, OpenAI CTO Mira Murati’s Twitter account was hacked and used to promote a fraudulent crypto token, supposedly backed by the company. The tweet remained online for an hour, gaining 80,000 views before being taken down. The hacker promoted an ‘OPENAI’ token, described as a “groundbreaking token driven by artificial intelligence-based language models.” The
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Rosbank, one of the leading financial institutions in Russia, is set to become the first major bank in the country to offer cross-border transactions in cryptocurrency. The bank’s collaboration with Russian fintech service B-Crypto will provide customers with a technical solution to participate in these transactions. Rosbank emphasizes that these transactions will comply with the
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Coinbase, a popular cryptocurrency exchange, announced that it will launch Bitcoin and Ethereum futures contracts for institutional investors on June 5. Coinbase will launch these products through its CFTC-regulated Coinbase Derivative Exchange, offering lower fees than other US-regulated derivatives exchanges. The company has collaborated with leading Futures Commission Merchants (FCMs), brokers, and front-end providers to
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