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Tangem has partnered with Visa to introduce a new card that combines the convenience of a traditional payment card with the security of a hardware wallet.
The post Tangem and Visa Unveil Revolutionary Crypto Payment Card for Europe appeared first on Crypto Breaking News.
The Ledger vibrant summer promotion, running from July 3rd to July 10th. This limited-time offer allows you to save 20% on all Ledger Nano color wallets.
The post Exciting Summer Promotion: Save 20% on Ledger Nano Color Wallets appeared first on Crypto Breaking News.
The bankruptcy estate of the now-collapsed crypto lending platform BlockFi announced yesterday (Thursday) its plans to return 100 percent of the distressed clients claims. However, it will calculate the value of the claims based on the date of the bankruptcy and not the current crypto market value.
Recovery of Funds from FTX
The return of the claim in its entirety became possible as the bankruptcy administrator of the bankrupt BlockFi successfully sold outstanding claims against FTX for an amount in excess of the face value of the claims.
While these recoveries cannot undo the impact of the platform pause, efficiently distributing 100% of the dollarised value of allowed claims to eligible clients in the near future is an extraordinarily positive outcome, the announcement noted.
BlockFi entered into bankruptcy at the end of November 2022 after the collapse of FTX. Days before its bankruptcy filing, the platform even suspended withdrawals for its users, citing the lack of clarity regarding the situation with FTX.
Meanwhile, FTX is also preparing to return more than 100 percent of the claims to its distressed creditors, as it managed to recover significant cash after selling its assets. Similar to BlockFi, other creditors of FTX also sold their claims. Earlier, European digital asset investment company CoinShares received a return of £31.32 million on a £26.6 million claim.
Final Distribution in 90 Days
Meanwhile, BlockFi also highlighted that it is working to make final distributions as quickly as possible.
Although the US-based creditors of the collapsed crypto lending platform will likely receive the final distributions within the next 90 days, the international clients might have to wait longer. US-based clients were also instructed to set up their Coinbase accounts before 23 August to receive the claims.
At this time, international clients can expect to receive their funds on a longer timeline due to certain Bermuda regulatory requirements, BlockFis announcement added. These regulatory requirements may require further identity verification and Know Your Customer diligence for distributions that have not been made.
This article was written by Arnab Shome at www.financemagnates.com.
Ledger CEO Pascal Gauthier claimed that Stax and Flex feature the only secure touchscreens in the world, saying that screens on mobile devices are not secure.
CB Payments Limited (CBPL) has been fined £3,503,546 by theFinancial Conduct Authority (FCA) for breaching a regulatory requirement. Thefine is a result of CBPL's failure to comply with a rule that prevented it fromoffering services to high-risk customers.
CBPL, part of the Coinbase Group, operates a globalcryptoasset trading platform. While CBPL itself does not handle cryptoassettransactions, it facilitates customer access to these transactions throughother Coinbase Group entities. The firm is not registered for crypto asset activities in the UK.
CBPL Breaches High-Risk Limits
In October 2020, CBPL agreed to a voluntary requirement(VREQ) after discussions with the FCA. This requirement was imposed due toconcerns about the effectiveness of CBPLs financial crime control framework.The VREQ prohibited CBPL from onboarding new high-risk customers until itimproved its control measures.
Despite this restriction, CBPL onboarded and providede-money services to 13,416 high-risk customers. Approximately 31 percent ofthese customers deposited about USD $24.9 million. These funds were used forwithdrawals and cryptoasset transactions through other entities in the CoinbaseGroup, totaling around USD $226 million.
We've fined CB Payments Ltd £3,503,546 for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. #cryptoassets #CryptoTrading #FinancialRegulation https://t.co/etahpXO3q3
Financial Conduct Authority (@TheFCA) July 25, 2024First FCA Fine under Regulations
The breaches occurred because CBPL did not properly design,test, implement, or monitor the controls necessary to ensure compliance withthe VREQ.
The firm failed to account for all potential onboarding methods anddid not adequately monitor compliance. As a result, repeated and significantbreaches went undetected for nearly two years.
Therese Chambers, Joint Executive Director of Enforcementand Market Oversight at the FCA, stated: The money laundering risks associatedwith crypto are obvious and firms must take them seriously. Firms like CBPLthat enable crypto trading need to have strong financial crime controls.
CBPL'scontrols had significant weaknesses, which is why the requirements wereimposed. However, CBPL repeatedly breached those requirements. This increasedthe risk that criminals could use CBPL to launder the proceeds of crime. Wewill not tolerate such laxity, which jeopardizes the integrity of our markets.
This enforcement action marks the first use of the FCA's powers under the Electronic Money Regulations 2011. CBPL agreed to resolve thematter and received a 30% discount on the fine for doing so.
This article was written by Tareq Sikder at www.financemagnates.com.
HSBC's Australian branch has informed customers that it hasbegun blocking payments to cryptocurrency exchanges starting July 24. The bankcited scams as the reason for this action.
HSBC Blocks Crypto Payments
In a July 24 email to customers, HSBC Australia explainedits new safety measures. The bank stated: From 24 July 2024,HSBC will block payments from bank accounts and credit cards that we reasonablybelieve are being made to cryptocurrency exchanges, for your protection.The email also advised customers to find alternative ways to make payments tothese exchanges.
HSBC supported its decision by referencing data fromAustralia's competition and consumer regulator, which showed Australians lostup to $171 million in investment scams in 2023. The bank apologized for theinconvenience but emphasized that its priority is keeping customer money safe.
HSBC Australia halts crypto payments due to scam concerns!Customers can no longer make payments to crypto exchanges.Is this a sign of tighter regulations to come?
Crypto Miners (@CryptoMiners_Co) July 25, 2024Bendigo Bank Blocks Crypto
Following HSBC's move, Bendigo Bank also decided to blockpayments to cryptocurrency exchanges. This bank similarly cited the need toprotect customers from investment scams.
Amy-Rose Goodey, Managing Director of the Digital EconomyCouncil of Australia (DECA), stated that DECA was not informed in advance ofHSBC's decision. She told Cointelegraph that HSBC's decision highlights theongoing challenges between Australian banks and the cryptocurrency sector.
Goodey described the move as part of a concerning trend ofrestrictions that affect the digital currency community.
Goodey emphasized the need for dialogue and improvedregulatory frameworks that balance innovation and risk management. She warnedthat without dialogue, more Australians could lose their financialright to participate in the digital economy.
Goodey also mentioned that establishing clear, fair,and forward-thinking regulations would help banks and industry playerscombat scams without hindering innovation. She noted that DECA has madeprogress since 2023, including being added to the advisory board of theNational Anti-Scam Center.
HSBC clarified that it would still accept customer paymentscoming from cryptocurrency exchanges and that other banking services wouldcontinue as usual. HSBC Australia currently serves 1.5 million customersthrough 45 branches across the country.
This article was written by Tareq Sikder at www.financemagnates.com.
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The post Discover Tangem Wallet and Get 10% Off with Promo Code CRYPTO appeared first on Crypto Breaking News.
Today (Thursday), Cyvers Alert, a Web3 security firm,announced the detection of multiple suspicious transactions involving WazirXsSafe Multisig wallet on Ethereum. The firm identified that $234.9 million infunds from the wallet were transferred to a new address.
Each transactions caller was funded by Tornado Cash, adecentralized protocol for private transactions. The new address has alreadyswapped the transferred funds, which comprised Tether.
Funds Shifted Secretly
Crypto sleuth ZachXBT, in a Telegram post in theInvestigations by ZachXBT channel, announced that the suspected primaryattacker address still has over $104 million to dump. A review of the addressholdings revealed the wallet mainly contains approximately $100 million inShiba Inu.
It also holds $4.7 million in FLOKI, $3.2 million in Fantom, $2.8million in Chainlink, and $2.3 million in Fetch.ai. The remaining fundsare split between a wide range of other tokens.
More than $230M of assets have been abnormally transferred from the #WazirX(@WazirXIndia) wallet to the wallet"0x04b2".Currently, wallet "0x04b2" is dumping these assets, and has dumped 640.27B $PEPE($7.6M).https://t.co/wem0wVk7OH pic.twitter.com/66Poia2qAk
Lookonchain (@lookonchain) July 18, 2024In response to the security breach, WazirX has temporarilypaused the withdrawal of cryptocurrencies and INR on its platform. The exchangeposted on X, formerly known as Twitter, explaining that they are activelyinvestigating the incident and will provide updates as the situation develops.
Increasing Crypto Security Breaches
Earlier, CoinStats, a crypto portfolio management platform, experienceda major security breach, as reported by Finance Magnates. Thissophisticated hack involved social engineering, tricking an employee intocompromising the company's AWS infrastructure, resulting in the theft of $2million in crypto assets.
Cybercriminalsexploited Orbit Bridge, a service of the cross-chain protocol Orbit Chain,stealing about $82 million in cryptocurrencies. Orbit Chain confirmed theattack occurred on December 31, 2023, and is currently investigating the issuewith international law enforcement.
This article was written by Tareq Sikder at www.financemagnates.com.
Pre-order the Tangem Ring by 30th July to enjoy your first three swaps at floating rates with 0% processing fees by using a special promo code.
The post Tangem Launches World’s First Ring Hardware Wallet appeared first on Crypto Breaking News.
US Securities and Exchange Commission (SEC) Chairman GaryGensler delivered a cautionary message to cryptocurrency exchanges,underscoring that merely providing disclosures to investors does not immunizethem from regulatory scrutiny.
Crypto Disclosure Gaps and Regulatory Concerns
Speaking in an interview with CNBC yesterday (Wednesday),Gensler stressed the inadequacy of disclosures alone, especially if cryptoexchanges are involved in activities like market manipulation or disseminationof misleading information affecting investment decisions.
He highlighted the prevalent absence of disclosures fromnumerous crypto firms, operating in a manner that would not meet the standardsexpected in traditional financial markets. The SEC has intensified its enforcement efforts in thedigital assets realm, particularly following the collapse of cryptocurrencyexchange FTX in late 2022.
The agency is actively pursuing legal actions against someof the major players in the US crypto market, including an ongoing case againstCoinbase, the largest exchange in the country by daily trading volume.
News Flash - 5 Jun 2024 !1 @SECGov Chair @GaryGensler Asserts Disclosures Alone Insufficient to Protect #Crypto Exchanges #SEC Chair Gary Gensler stated in a #CNBC interview that crypto exchanges providing disclosures are still subject to enforcement actions by the agency. pic.twitter.com/SD4quYVrM7
Altcoin Alerts (@Altcoin_Alerts) June 5, 2024Balanced Approach on Crypto ETFs
Gensler adopted a nuanced approach when discussing thepotential for crypto exchange-traded funds (ETFs), citing examples like thoseinvolving the Solana memecoin BONK.
The year is 2024 Jim Cramer is asking Gary Gensler if we should have a BONK ETF on CNBCthis is real life pic.twitter.com/5zyCzDZwAq
gaut (@0xgaut) June 5, 2024This moderated stance aligns with the SEC's recent greenlight on spot Ethereum ETFs, a decision that surprised many given previousconsiderations of Ethereum as an unregistered security. The SEC's approval of Ethereum ETFs has spurred discussionson the agency's openness to considering other altcoin spot ETFs.
Observers speculate that political dynamics, including theinfluence of the crypto lobby and the impending 2024 election, may havecontributed to the SEC's evolving position.
This article was written by Tareq Sikder at www.financemagnates.com.
Maple Finance launches Syrup, a DeFi protocol offering secured institutional lending, amid lingering skepticism from the FTX-Alameda fallout.
A recent report highlights the impending impact of theEuropean Union's Markets in Crypto Assets Regulation (MiCA) on cryptocurrencytrading surveillance. Commissioned by Eventus, the report, "The Impact ofMiCA on Crypto Market Surveillance: Insights and Challenges," draws frominterviews with senior executives at 68 firms involved in crypto trade, conductedby Acuiti.
MiCA Compliance: Progress and Challenges
MiCA, a pioneering regulatory framework within a majorfinancial jurisdiction, is prompting a surge in efforts to establishcomprehensive market surveillance systems across the industry. The regulation,akin to the EU's Market Abuse Regulation (MAR), mandates stringent requirementsfor market participants, ushering in new operational standards.
According to the findings, only 9% of surveyed firms fullycomply with MiCA requirements, with a significant 25% yet to commencepreparations. As MiCA's implementation deadline approaches at year's end, firmsare urged to ascertain their regulatory scope promptly and initiate compliancemeasures.
Despite challenges, such as identifying suitable third-partysoftware vendors and navigating compliance costs, the report notes a growingsophistication in market surveillance practices. Even among firms initiallyexcluded from MiCA's scope, 57% already employ robust surveillance systems.
"For firms that are not already operating under MIFIDII, MiCA will present a significant operational lift to become compliant, andit is no surprise that we found that firms were looking to third-party vendorsto assist them in their preparations," said Ross Lancaster, Head ofResearch at Acuiti.
"There is a relative lack of awareness among some areasin the market as to who is in scope, which will need to be addressed if firmsare going to have time to get ready for compliance."
Only 9% of firms are ready for EU's crypto regulation, Acuiti report showsThe EU's Markets in Crypto Assets Regulation (MiCA) is set to transform crypto trading oversight, but industry readiness varies widely. A recent Acuiti study, commissioned by Eventus, reveals that only 9%
CoinNess Global (@CoinnessGL) June 27, 2024Outsourcing Trends and Compliance Costs
The study highlights consultations on MiCA's final technicalstandards, revealing that 25% of affected firms have yet to initiatepreparations, while others are at various stages of readiness. Notably, 64% offirms intend to outsource system development, anticipating challenges in vendorselection and resource allocation.
Key concerns among firms anticipating MiCA's impact includecompliance costs and securing qualified personnel, reflecting broader industryadjustments to regulatory mandates. As regulations change, industry leaders must adjust to newrules under MiCA.
Eventus CEO Travis Schwab said: "We investedsignificantly beginning several years ago in ensuring we could meet the needsof this sector, including the ability to handle real-time alert generationcovering billions of messages per day, 24x7. Regulation in the EU is only thebeginning of new regulatory guidelines we expect to see in jurisdictions acrossthe globe in the coming years."
This article was written by Tareq Sikder at www.financemagnates.com.
Michael Kane and Shane Hampton have received jail terms for manipulating the price of a cryptocurrency of their company, Hydrogen Technologies, with wash and spoof trading, thus defrauding investors.
Jail For Market Manipulation
According to the announcement by the Department of Justice yesterday (Tuesday), Kane, co-founder and CEO of the company, received three years and nine months in prison, while Hampton, the Head of Financial Engineering, received two years and 11 months.
The sentencing came after Kane pled guilty to one count of conspiracy to commit securities price manipulation, one count of conspiracy to commit wire fraud, and two counts of wire fraud last November. Hampton, on the other hand, was convicted in February for one count of conspiracy to commit securities price manipulation and one count of conspiracy to commit wire fraud.
Shane Hampton, Michael Kane, and their co-conspirators defrauded investors by using a trading bot to manipulate the price of their companys cryptocurrency, said the Principal Deputy Assistant Attorney General, Nicole Argentieri.
Wash and Spoof Trades
The duo hired South Africa-based Moonwalkers Trading to manipulate the price of HYDRO, the token of Hydrogen Technologies, on a US-headquartered cryptocurrency exchange. Between October 2018 and April 2019, the cryptocurrency exchange flooded the market with fake and fraudulent orders using an automated trading application or bot.
The court documents showed that the bot executed about $7 million in wash trades and placed $300 million in spoof trades. These trades pumped the price of HYDRO, inducing retail traders to purchase the token.
Furthermore, Kane, Hampton, and their co-conspirators made about $2 million from selling HYDRO over a 10-month period.
Meanwhile, the jury in the case found that HYDRO qualifies as an investment contract, making it an unregistered security.
In this case, for the first time, a jury in a federal criminal trial found that a cryptocurrency was a security and that manipulating cryptocurrency prices was securities fraud, Argentieri added. This prosecution and the sentences imposed today should serve as a warning: The Criminal Division will not hesitate to use all tools at its disposalincluding the federal securities lawsto protect the integrity of cryptocurrency markets.
This article was written by Arnab Shome at www.financemagnates.com.
B2Broker, a technology and liquidity provider, has releasedan update for its B2Trader Brokerage Platform. The new version, BBP v1.1,introduces BBP Prime functionality, enhanced reporting features, andcustomizable layouts.
Adding Prime Brokerage Capabilities
A key addition in BBP v1.1 is the BBP Prime feature. Thisenables the BBP to act as a prime brokerage platform for other B2Traderplatforms. Linked platforms can manage and top up their balances on BBP Prime,which oversees balances on associated accounts. BBP Prime monitors brokers'accounts, processes orders, and manages trades through a custom FIX gateway.
The update also enhances the platform's customizationoptions. BBP admins can now offer personalized workplace layouts, including adefault template for new traders. Admins can import, export, and save up to tencustom setups, accessible from the Settings section.
The reporting system in BBP v1.1 has been extended to helpadmins gain insights into platform activity. A new report type allows admins tolist active accounts over specific periods, aiding in the assessment ofplatform growth. Reports can be generated and customized via a new Reportbutton.
A massive update to our turnkey brokerage solution is incoming! Introducing BBP V1.1 and iOS 1.0. Weve revamped B2Trader with a new prime brokerage feature, improved reporting, and more! https://t.co/5L5LEvRyRX
B2Broker - Liquidity & Technology Provider (@b2broker_net) June 26, 2024Account management has been streamlined with the ability toselect accounts directly from the Trading terminal. When traders switchprofiles, widgets and settings automatically adjust to display relevantinformation for the selected account.
The terminal update includes new tabs and workspaces,allowing traders to open up to ten tabs and manage multiple trading spaces.Users can apply broker-provided layouts or create custom setups to organizetheir trades more efficiently.
iOS App with Full Trading Features
B2Broker has released the BBP iOS mobile app as part of theB2Trader turnkey package. The app integrates with the B2Core CRM solution,offering a seamless trading experience for iPhone users. The BBP iOS app v1.0includes all desktop trading functionalities.
The app allows users to switch accounts and view availableand on-hold funds in the Account Details screen. The Market screen providesreal-time charts, historical price data, and quick access to trading andaccount details. Users can place various types of orders and use advancedfilters to manage them.
This article was written by Tareq Sikder at www.financemagnates.com.
Discover the transformative power of blockchain and smart contracts in revolutionizing procurement processes, enhancing transparency and streamlining supply chain management.
Key Takeaways: In a bold move towards hybrid financial services, BingX recently launched ChainSpot, a CeDeFi (Centralized-Decentralized Finance) platform functionality developed to make DeFi more accessible. The launch is part of the exchange’s larger strategic shift in commemoration of its 7th year. Now, ChainSpot users are able to directly engage with decentralized tokens in their […]
Galaxy Digital Gets Green Light for US Headquarters and NASDAQ Listing Galaxy Digital Holdings, a leading cryptocurrency investment firm, has successfully received approval for establishing its headquarters in the United States. This milestone paves the way for Galaxy Digital’s forthcoming listing on the NASDAQ exchange. The move to establish a US domicile and list on [...]
In a legal blow to Cristiano Ronaldo, the famed Portuguesesoccer star, the judge overseeing the $1 billion class action lawsuit againsthim has rejected his motion to dismiss the case. The lawsuit, filed in Florida,accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and riskyinvestments.
Ronaldo's Motion Denied in Binance NFT Lawsuit
Judge Roy Altman's ruling, issued on May 4, followed arequest from the plaintiffs to stay proceedings until a ruling on a motion tocompel arbitration. Simultaneously, the judge denied Ronaldo's motion todismiss the case, stating: "We deny without prejudice the Defendant's 29 motionto dismiss."
The lawsuit revolves around Ronaldo's promotion of Binance,particularly in relation to a collection of non-fungible tokens (NFTs) launchedin partnership with the soccer star in November 2022, called "CR7."Through social media endorsements and other promotional activities, Ronaldoencouraged fans to invest in Binance, promising rewards and emphasizing thepotential of NFT investments.
Cristiano Ronaldo Suffers Legal Blow For Promoting Unsafe CR7 NFTs by Cryptocurrency Exchange Binance#CR7 | #CristianoRonaldo | #Cryptocurency https://t.co/aBXitJjvU3
LatestLY (@latestly) May 8, 2024Back in November 2022, Finance Magnates reported that Ronaldo,was set to unveilhis inaugural non-fungible token (NFT) collection exclusively on theBinance NFT marketplace. This launch marks the culmination of a multi-yearpartnership deal between the Portuguese star and Binance, initiated nearly fivemonths ago.
Binance announced that the collection aims to provideRonaldo's fans with an introduction to Web3 through the realm of NFTs. Thepartnership aimed to facilitate broader blockchain understanding while alsoshowcasing Binance's role in building Web3 infrastructure for the sports andentertainment sector.
Arbitration Stay Granted in Binance Endorsement Lawsuit
Ronaldo's endorsements of Binance extended to his Instagramaccount, where he frequently touted the exchange and its associated products.Despite the legal action, Ronaldo's publicist has not yet provided comment onthe matter.
The plaintiffs in the lawsuit are seeking damages exceeding$1 billion, alleging that Ronaldo's endorsements led them into makinginvestments that resulted in financial losses. Their request for the case to bestayed for arbitration, which would involve a third party resolving thedispute, has been granted by Judge Altman.
This article was written by Tareq Sikder at www.financemagnates.com.
Learn how to enhance crypto asset security by safeguarding valuable cryptocurrencies offline using crypto vaults.
Theta Labs, a blockchain-based video delivery network, has secured $175 million in funding to support various cryptocurrency venture capital firms as the industry experiences a resurgence. This funding round was led by venture capital firm Sumeet Singh, with participation from other notable investors such as Samsung NEXT, Binance, and Blockchain Ventures. The cryptocurrency sector has [...]
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