KPMG’s survey states that 22% more financial institutions in Canada provided crypto services in 2023.

In 2023, 26%+ institutional investors added digital assets to their portfolios.

40% institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021.

A recent survey released by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) has revealed increasing crypto adoption in Canada. Embracing a better regulatory framework, Canada has returned to the developing crypto markets, with investors and organizations actively taking part in the crypto trade.

According to the survey, crypto services in Canadian financial institutions in 2023 have grown by 22%+ compared to 2021. In addition, 26% more institutional investors have included digital assets in their portfolios.

Reportedly, 2021 was a strong year for crypto assets as the bullish market attracted investors. However, the following year was a “turbulent year, marked by fraud and collapses of major crypto asset trading firms.” Kunal Bhasin, partner and co-leader of KPMG in Canada’s Digital Assets practice, commented that the long crypto winter of 2022 had a “cleansing effect on the industry.” Further, he added,

“Rising U.S. debt combined with increasing inflation likely provided a catalyst for the crypto rally of 2023, and it appears investors are looking for alternative asset classes that act as a debasement hedge and a reliable store of value. Our survey findings suggest crypto assets are increasingly seen as an investible alternative asset class…in Canada.”

The survey further highlighted that 50% of financial services firms offered a minimum of one crypto service, up from 41% in 2021. Of these financial service firms, 24% issued exchange-traded funds or similar regulated products. In addition, 48% of the firms offered custody, clearing, and settlement services in 2023, while only 33% provided the same in 2021.

Moreover, nearly 40% of institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021. It is noteworthy that 75% of investors owned crypto assets directly, while 50% had connections through ETFs and other regulated products.

The post Nearly 40% of Investors in Canada Have Exposure to Crypto: Report appeared first on Coin Edition.

Korean won surpassed USD in terms of trading volume.

Upbit hosts 80% of the total Korean trading volume.

Crypto.com recently delayed its debut in the South Korean market.

The Korean won has surpassed the United States dollar as the most-used currency for trading Bitcoin and other digital assets.

According to a report from Bloomberg, this uptick is centered around Upbit, an exchange based in Seoul’s Gangnam district. Upbit’s wide selection of listed coins and user-friendly interface have helped it capture the majority of Korea’s crypto market. 

With over 80% of Korean trading volumes, Upbit’s dominance in the local market is unrivaled, ranking among the top five exchanges globally by volume and closely competing with Coinbase.

Notably, new legislation aimed at protecting investors after the collapse of Do Kwon’s TerraUSD stablecoin in 2022 seems to further consolidate Upbit’s grip on the market. Under these regulations, crypto exchanges will be required to increase reserves, obtain investor-protection insurance, and enhance monitoring for suspicious transactions. 

While these measures aim to protect investors, they may inadvertently strengthen Upbit’s position, as compliance costs could prove prohibitive for smaller exchanges.

Upbit, operated by fintech firm Dunamu Inc., has been a major player since its launch in 2017. Its trading volume has surged, accounting for almost 5% of global crypto trading volume, up from 1.4% in January 2021. 

Backed by early investors such as South Korean internet giant Kakao Corp. and Woori Technology Investment, Dunamu saw its valuation skyrocket during the pandemic bull run, reaching a peak of $15.7 billion.

Singapore-based Crypto.com recently delayed its launch in South Korea, just six days before it was set to go live. This delay followed a report that the Financial Intelligence Unit (FIU) visited Crypto.com’s regional office over concerns about anti-money laundering procedures. This highlights the challenges international exchanges face when entering the Korean market, despite its attractive volume and volatility.

The post Korean Won Becomes the Most-Used Currency to Trade Crypto Assets appeared first on Coin Edition.

HashKey Exchange completes the first crypto subscription for BTC and ETH ETFs for Hong Kong Bosera International and HashKey Capital.

Hong Kong began raising funds in ETFs and will be listed on the Stock Exchange on April 30.

As per reports, HashKey Capital will begin trading Bitcoin ETF on Tuesday.

In a recent development, HashKey Exchange announced that the platform had completed the first crypto subscription for Hong Kong Bosera International and HashKey Capital’s Bitcoin spot ETF and Ethereum spot ETF.

Chinese crypto researcher Colin Wu shared an X post shedding light on the matter. The reporter further elaborated on the idea of cryptocurrency redemption, stating that it means “the underlying assets do not have to be sold immediately, which brings cost and liquidity advantages.”

HashKey Exchange announced that it has completed the first cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF of Hong Kong Bosera International and HashKey Capital. Cryptocurrency redemption means that the underlying assets do not have to be sold immediately,…

— Wu Blockchain (@WuBlockchain) April 25, 2024

In addition, it is also reported that Hong Kong began raising funds in crypto ETFs today and will be listed on the Stock Exchange on April 30. The announcement came days after Hong Kong’s Securities and Futures Commission’s (SFC) approval of several Bitcoin and Ethereum ETF applications.

Meanwhile, HashKey Capital confirmed that it will begin trading Bitcoin ETFs on Tuesday. With this official announcement, HashKey Capital became one of the first companies to launch a spot Bitcoin ETF in Hong Kong.

In mid-April, Hong Kong’s SFC signaled a positive nod to the exchange-traded fund applications submitted by multiple firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited. Subsequently, Bosera Asset Management and HashKey Capital together decided to launch a spot Bitcoin ETF and a spot Ether ETF called the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, respectively.

Reports stated that other leading asset managers in China are also preparing to introduce Spot Bitcoin ETFs into the market by the end of April. These developments are expected to contribute significantly to Hong Kong’s vision of establishing a crypto hub.

The post Hong Kong To Establish Crypto Hub, Starts ETF Trade on April 30 appeared first on Coin Edition.

SEC instructs Google and Apple to remove Binance apps in the Philippines, citing security threats to investors’ funds.

Aquino highlights Binance’s violations of securities regulations, leading to the proactive removal of its apps.

SEC warns against investing in Binance, emphasizing its lack of necessary licensing.

The Securities and Exchange Commission (SEC) of the Philippines has directed Google and Apple to remove the Binance app from their respective app stores. A press release by the SEC disclosed that this instruction was contained in separate letters addressed to the tech giants on April 19.

SEC Chairperson Emilio B. Aquino stated, “The SEC has identified [Binance] and concluded that the public’s continued access  to  these  websites/apps  poses  a  threat  to  the  security  of  the  funds  of investing Filipinos.” Aquino asserted that Binances’ sale of unregistered securities and operation as unregistered violates the “Republic  Act  no.  8799,  or  The Securities Regulation Code.” 

He further stressed that blocking and removing the Binance app will mitigate potential risks to the investing public and safeguard the national economy. This action follows previous requests by the SEC to the National Telecommunications Commission, urging the blockage of access to Binance websites within the Philippines. 

Since November 2023, the SEC has actively cautioned against investing in and utilizing Binance services. The regulatory body also signaled ongoing consideration of potential measures to restrict Binance’s online presence within the country. 

The SEC revealed that Binance lacks the license to solicit investments or operate as an exchange. In light of this, the agency urged investors against using the platform for cryptocurrency transactions. 

Binance is renowned for offering several financial instruments and investment products, including spot trading, futures contracts, and cryptocurrency staking services. According to the SEC, the exchange averages a daily trading volume of $65 billion and has a user base exceeding 183 million.

However, this development adds to a series of setbacks for Binance, as Changpeng Zhao, Binance’s former CEO, faces charges in the US. Moreover, Binance is entangled in legal battles with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The post Philippines SEC Orders Binance from App Removal From App Stores appeared first on Coin Edition.

CBN instructs banks to identify and freeze accounts involved in crypto transactions.

Regulated financial institutions are banned from accepting cryptocurrency payments.

The government scrutinizes platforms like Binance for alleged regulatory breaches.

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. Per CBN’s instructions, such accounts should be placed on a Post No Debit (PND) instruction for six months.

Under the “Post No Debit instructions,” customers are prohibited from conducting certain transactions, such as withdrawing funds or making payments. In light of this, the CBN released a circular identifying Bybit, KuCoin, OKX, and Binance as crypto exchange platforms lacking operational licenses in Nigeria.

The apex bank has emphasized its determination to clamp down on individuals illicitly trading Tether USDT on the platforms mentioned, particularly through peer-to-peer (P2P).

Furthermore, the CBN asserted that regulated financial institutions are prohibited from accepting or facilitating cryptocurrency payments. This stance contradicts an earlier ban lifted in December 2023, which allowed banks to facilitate crypto exchange transactions.

Due to the swift depreciation of the naira and inflation surge reaching 29.9%, the government has shifted focus towards platforms facilitating cryptocurrency transactions.

It recently took action against crypto trading platforms, particularly those known for fixing valuations different from the CBN Naira rate. Notably, Binance has faced intensified investigations following allegations of questionable financial transactions conducted through Binance Nigeria in 2023.

CBN’s governor, Olayemi Cardoso, revealed that an estimated $26 billion flowed through Nigeria via Binance in 2023, originating from undisclosed sources and users. This development has drawn attention to potential regulatory breaches within the crypto ecosystem.

Binance continues to face hurdles in Nigeria as Tigran Gambaryan, a US-based Binance executive, has been apprehended. Following discussions between Nigerian officials and Binance regarding regulatory issues, Gambaryan faces five charges related to money laundering.

Furthermore, Nadeem Anjarwalla, another executive involved in discussions with Nigerian authorities regarding Binance’s regulatory concerns, managed to evade custody but was later traced to Kenya. Anjarwalla now faces potential extradition back to Nigeria to address the charges against him.

The post Nigeria’s Central Bank to Freeze Bybit, KuCoin, OKX, Binance Accounts appeared first on Coin Edition.

XRP met resistance around $0.55 amid expectations of another round of litigation.

The XRP pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal.

Fred Rispoli thinks Ripple is in a great position to win the ongoing lawsuit against the SEC.

XRP met resistance around $0.55 amid expectations of another round of litigation between Ripple and the U.S. Securities and Exchange Commission (SEC). The top altcoin failed to overcome the $0.55 barrier on Tuesday despite showing significant momentum the day before.

Tuesday’s pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal for the firm to pay $2 billion in fines regarding the protracted legal battle between them. Ripple argued that the SEC had no basis for such a request, citing the commission’s lack of allegations or findings of recklessness or fraud against it.

Following the development, several crypto users suspect Ripple’s opposition filing could trigger another round of litigation between the pair. One such user, a crypto industry attorney, Fred Rispoli, noted that Ripple is in “a great position” to win the lawsuit. However, he observed that there are “ominous signs.”

In his post on X, Rispoli noted that Ripple told the Court that if the SEC wants to sue on the new contracts, it needs to bring a new enforcement action. He highlighted the possibility of the Judge penalizing the SEC, dissuading them from a repeat enforcement action. 

Bad news: The parties are teeing up (or posturing on) "Round 2." Ripple tells Court if SEC wants to sue on the new contracts, it needs to bring a new enforcement action (p16). SEC getting hammered with a low penalty will help in dissuading a repeat enforcement action. 5/8

— Fred Rispoli (@freddyriz) April 23, 2024

Despite the ongoing legal battle, on-chain metrics suggest increasing confidence among XRP investors. One such metric is data from Santiment showing that the number of wallets holding between 1 and 1 million XRP tokens is nearing all-time highs (ATH). This category of wallets represents small-volume wallets typically owned by retail investors. The increasing retail investor population for XRP suggests a growing confidence among market participants.

XRP traded for $0.54513 at the time of writing after pulling back 2.82% on Tuesday after Ripple’s remedies opposition filing, according to data from TradingView.

The post XRP Pulls Back as Ripple Opposes SEC in Recent Court Filing appeared first on Coin Edition.

Whale buys 1.15M $WIF for $3.77M, signaling major moves in the crypto market.

WIF’s price rally sees a 23.58% increase, reflecting investor optimism.

Technical breakout may push WIF to new heights. However, the risks of pullback looms.

A ‘whale’ has reportedly purchased 1.15 million $WIF , worth approximately $3.77 million, and engaged in multiple transactions. The transactions included withdrawing and depositing large quantities of $WIF tokens to and from Binance, hinting at tactical asset management by the individual or entity.

A whale spent 24,174 $SOL($3.77M) to buy 1.15M $WIF and withdrew 39,600 $WIF ($131K) from #Binance 5 hours ago.The whale also withdrew 357,298 $WIF ($1M) from #Binance on April 14.Then he deposited all $WIF into #Kamino and #Meteora.https://t.co/6exqPdOVoQ pic.twitter.com/VjBwhZgqCM

— Lookonchain (@lookonchain) April 24, 2024

According to Lookonchain, an analysis platform, the whale initially bought the $WIF tokens using $SOL, totaling 24,174 $SOL. Within the same period, the whale withdrew 39,600 $WIF , equivalent to around $131,000, from Binance. 

Further illustrating the whale’s active engagement in the market, on April 14, days before the latest acquisition, the investor withdrew an additional 357,298 $WIF , valued at about $1 million, from Binance.  Following these transactions, the whale transferred all the $WIF tokens into Kamino and Meteora, two platforms within the crypto ecosystem. 

WIF Token Bullish Breakout

The WIF token is witnessing a robust bullish trend, with its price rallying from an intraday low of $2.835 to a high of $3.550. As the trading day progresses, the token is maintaining momentum near this high, currently priced at $3.512. This marks a significant 23.58% increase since the day’s start, signaling strong investor confidence.

WIF/USD 1-Day Chart (Source: CoinStats)

This surge in the WIF token’s value is mirrored in its market capitalization, which has seen an impressive 23.49% growth, reaching $3.52 billion. Concurrently, trading volumes have greatly increased by 113.04%, totaling $811 million over the past 24 hours. 

Fueling this optimism is a confirmed breakout from a two-week ascending triangle pattern in the Dogwifhat trading chart, a development that has captured the attention of the crypto community. This technical breakout is a key driver of the current investment surge, as traders anticipate further gains and push the prices toward new highs.

Will the Bullish Trend Retain?

The WIF token recently closed above the 50% Fibonacci retracement level at $3.404, signaling a strong bullish trend that may continue in the short term. If the momentum persists, the price of WIF could challenge the resistance at the 61.8% Fibonacci level. A breakthrough here might set the stage for further gains, targeting the 78.6% level at $5.227.

WIF/USD 4-Hour Chart (Source: Tradingview )

However, this bullish breakout could be deceptive, merely capturing liquidity above the market before a potential pullback. If this scenario unfolds, the price could revert to the previous double-top formation, which now serves as immediate support. This could drive prices down further to the 10-day trendline.

From a technical perspective, the MACD indicator exhibits a positive trend, moving vertically above the signal line, which underscores the strong bullish momentum in the market. This could support a potential breakout above the 61.8% Fibonacci level. Concurrently, the increasing size of the histogram bars in the green zone further confirms the prevailing bullish sentiment.

WIF/USD 4-Hour Chart (Source: Tradingview )

On the contrary, the Relative Strength Index (RSI) is currently at 68.60, indicating an overbought condition. This suggests that there might be a short-term pullback or consolidation before the price can continue its upward trajectory. Moreover, the downward movement of the RSI line hints at potential room for a bearish outlook in the near term.

The post Whale Investor Scoops Up $3.77M in Dogwifhat (WIF)Tokens Amid Price Rally appeared first on Coin Edition.

DXY’s resistance near 106 may drive Bitcoin higher as the dollar weakens.

Divergent views on dollar trajectory impact Bitcoin sentiment.

Trade tensions could strengthen USD, affecting Bitcoin and forex markets.

The recent events in the financial markets have revealed the possibility that the DXY dollar index can inversely affect the price of Bitcoin, hence, these conditions are likely to create very interesting occurrences for both currency and digital currency markets. The DXY index, now facing resistance around the 106 mark and signs of a downturn, is being speculated to retreat to 102-103, which could be in sync with a rally in Bitcoin’s value.

The narrative unfolds with contrasting views on the trajectory of the U.S. dollar. On one side, there are expectations of a weaker dollar driven by factors such as Federal Reserve policies and potential trade war escalations. Mike Alfred, a seasoned investor, forecasts a decline in the DXY towards 92 by late 2025, aligning with a short-term Bitcoin surge to $90,000.

DXY dollar index hit resistance at 106 as expected and has started to turn over. A move back towards 102-103 will turbocharge this rally. The timing makes sense because Bitcoin is primed to move to $90,000 in the short term. Longer term, I expect DXY at 92, perhaps by late 2025.

— Mike Alfred (@mikealfred) April 23, 2024

Conversely, banks like Societe Generale and Scotiabank are more optimistic, foreseeing sustained dollar strength fueled by a prolonged period of Federal Reserve rate stability. They project the DXY to peak within the range of 107 to 110, depending on interest rate outlooks and global trade dynamics.

The relationship between the DXY and Bitcoin reflects broader market sentiments. Historically, the strengthening of the dollar sends a signal to traders that they should hold on to traditional investments such as cryptocurrency. Inversely, a weak dollar might lead to risk appetite and this can spur Bitcoin and other digital currencies.

Another layer of uncertainty is introduced by trade tensions between the U.S. and China. President Biden’s and former President Trump’s proposed tariff hikes could bolster the U.S. dollar through import substitution effects. Barclays underscores the potential impact, suggesting a substantial rally in the DXY if aggressive tariffs are imposed.

According to analysts Jan Happel and Yan Allemann, technical chart patterns like the expanding triangle on the DXY suggest a potential downside. This technical analysis and fundamental factors inform market participants and set expectations for currency movements in the coming weeks and months.

The post Analyst Predicts DXY Retreat to 102-103: Could Bitcoin Hit $90,000? appeared first on Coin Edition.

SEC demands over $5B from Terraform Labs and Do Kwon for defrauding investors.

A jury previously found them liable for misleading statements about Luna and UST.

Terraform suggested a maximum civil penalty of $5.28 million, while Kwon proposed $828,000.

The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind the ill-fated Terra Luna and UST tokens.

In a recent filing in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from Terraform Labs and its co-founder, Do Kwon.

Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from Do Kwon and Terraform Labs.

Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and sale of TerraUSD (UST), Luna (LUNA), and wLUNA. Meanwhile, Terraform suggested a maximum civil penalty of $5.28 million in its filing, while Kwon proposed approximately $828,000.

On the other hand, in addition to the monetary judgment, the SEC has suggested barring Kwon from holding positions as an officer or director and mandating full disclosure of his accounts and assets. 

If approved, Terraform could face a “conduct-based injunction” to prevent the recurrence of the behaviors that led to the extensive fraud. However, these proposed remedies and the civil judgment await the ruling of a judge.

Furthermore, the SEC argued that Terraform and Kwon have shown no remorse for their actions, raising significant concerns about the potential for further violations, which the regulator claims may already be in progress. The filing urges the court to send a clear message that such audacious misconduct will not be tolerated.

The post Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco appeared first on Coin Edition.

The BNB Foundation completed its 27th quarterly token burn.

Approximately 1,944,452.51 BNB were removed from circulation, valued at about $1.17 billion.

The BNB Chain now sends tokens scheduled for destruction to a ‘blackhole’ address.

Recent reports from the BNB Foundation reveal that it has completed its 27th quarterly token burn. According to its official website, 1,944,452.51 BNB, valued at approximately $1.17 billion, has been removed from circulation. This move is part of a systematic effort to reduce the total supply of BNB used across the BNB Smart Chain (BSC), the opBNB L2s, and the BNB Greenfield blockchain.

Launched in 2017, the foundation pledged to cut BNB’s supply by half through token burning. Ultimately, BNB aimed to maintain a circulation of just 100 million coins to stabilize and potentially increase its value. The foundation executes these burns automatically each quarter, using a predefined Auto-Burn formula.

In addition to the scheduled burns, the BNB Chain has updated its token burning mechanism, transitioning from the centralized quarterly Auto-Burn to a decentralized approach on the BSC. This shift is part of its ongoing BNB Chain Fusion initiative, which aims to enhance the blockchain’s infrastructure.

Under the new system, BNB tokens scheduled for burning will be sent to a ‘blackhole’ address on the BNB Smart Chain. Per the platform, this process operates independently from the Binance centralized exchange, ensuring a verifiable and objective approach to token reduction. 

Moreover, the BNB Chain has implemented a real-time burn mechanism that eliminates some of the gas fees collected across the network, thereby reducing BNB circulation. 

The foundation also announced the Pioneer Burn Program, which removes BNB tokens equivalent to provable lost funds from circulation. By extension, these irrecoverable assets are calculated as part of the quarterly BNB burn.

Since implementing BEP95, the proposal driving this real-time burn, the network has burned approximately 210,000 BNB coins. This ongoing effort helps decrease the overall supply of BNB, supporting its market value. 

Meanwhile, BNB has posted a 1.15% rise over the last intraday session, trading at $608.50 during press time. 

The post BNB Foundation Completes 27th Quarterly Burn of BNB Tokens appeared first on Coin Edition.

WooX’s RWA Earn Vaults democratize access to U.S. Treasury bills, bridging traditional finance with crypto for retail investors.

Rising interest rates fuel demand for tokenized assets like U.S. Treasuries, reflecting a convergence of traditional and digital finance.

Firms like Finblox and BlackRock embrace tokenization, signaling a shift towards inventive financial solutions.

Woo X, a leading cryptocurrency exchange, has introduced RWA ( Real-World Assets) Earn Vaults, marking the first-ever opportunity for retail investors to access tokenized U.S. Treasury bills as reported by CoinMarketCap. This collaboration with London-based OpenTrade positions Woo X at the forefront of financial innovation, bridging the traditional and crypto realms seamlessly. Willy Chuang, Woo X’s Chief Operating Officer, lauds this initiative as a significant milestone.

🗞️ Crypto NewsWoo X, a prominent cryptocurrency exchange, claims that the launch of its new product, RWA Earn Vaults, will be the first to grant retail customers access to tokenized U.S. Treasury bills.🔗 https://t.co/SvmO2CJM6E#CryptoNews

— CoinMarketCap (@CoinMarketCap) April 24, 2024

This revolutionary offering allows retail users on the exchange to engage instantly with interest-bearing accounts backed by U.S. Treasury bills. The integration of esteemed financial assets like U.S. Treasuries into the crypto space signifies a crucial step forward in democratizing access to high-quality investment opportunities.

Tokenization, especially concerning assets as esteemed as U.S. Treasuries, has witnessed a surge in popularity, particularly amidst rising interest rates. This development coincides with the ongoing crypto bull run, highlighting the convergence of traditional and digital finance in response to evolving market dynamics.

Furthermore, in the previous year, Finblox, a cryptocurrency investment platform, revealed its intentions to offer retail customers the opportunity to access tokenized Treasury Bills. The rise of comparable endeavors highlights the increasing desire for inventive financial offerings tailored to meet the varied requirements of investors across conventional and cryptocurrency markets.

Additionally, prominent financial institutions such as BlackRock have expanded their horizons into related areas, introducing digital liquidity funds that highlight the integration of conventional finance with cutting-edge blockchain technology. As of the latest update, WOO is priced at $0.3364 showcasing a 3.51% increment in the past 24 hours.

OpenTrade, the institutional tokenization platform driving this initiative, boasts strong connections to Center, a collaboration between Circle and the Marco Polo enterprise blockchain project. Having a history that dates back to the inception of blockchain technology, OpenTrade offers a rich background of experience and knowledge, guaranteeing the security and authenticity of tokenized assets.

The post WooX Pioneers Retail Access to U.S. Treasuries Through RWA Vaults appeared first on Coin Edition.

Binance executive Tigran Gambaryan’s bail hearing has been postponed till May 17.

Lawyer Mark Mordi requests Justice Emeka Nwite to release Gambaryan from custody.

EFCC counsel E. Iheanacho argues that the bail will be a grave risk as Gambaryan has no acquaintance in Nigeria.

Recent reports revealed that Binance Executive Tigran Gambaryan’s bail hearing has been postponed to May 17, 2024. On Tuesday, the Federal High Court, Abuja, fixed the date for the hearing, following the defendant’s request to leave the notorious Kuje prison.

Gambaryan’s lawyer, Mark Mordi, requested Justice Emeka Nwite to issue the defendant’s bail arguing that the Nigerian authority has failed to produce credible evidence for their claims. He stated,

“There is no exhibit or document displaying EFCC’s credible intelligence…There is no way any reasonable court can come to a conclusion on evidence such as this.”

However, Economic Financial Crimes Commission (EFCC) counsel E. Iheanacho argued that the Binance executive’s bail would be a grave risk as the defendant has no acquaintance in Nigeria. Iheanacho claimed that Gambryan tried to apply for a new US passport, although he knew his passport had been seized.

Previously, Binance executives- Tigran Gambaryan and Nadeem Anjarwalla- were arrested and detained by the Nigerian authority as part of the allegations against Binance Nigeria, including $26 billion in illegal inflows.  

Subsequently, the executives sued the Nigerian authorities for allegedly violating their fundamental rights. Gambaryan’s lawyer, Olujoke Aliyu, requested the court to release him from legal custody and retrieve his passport. Gambaryan filed lawsuits against Nigeria’s National Security Adviser (NSA) and EFCC.

The executives’ lawyers highlighted their innocence, pointing out that they were arrested when they reached Nigeria at an invitation from the Nigerian authority. They stated, “The only reason for his detention is because the government is requesting information from Binance and making demands on the company.”

The post Binance Executive’s Lawyer Questions EFCC’s Failure to Produce Evidence appeared first on Coin Edition.

Crypto Eri has highlighted Ripple’s use of USDT as the bridge currency in ODL transactions.

According to Monica Long, Ripple switched to USDT following the 2021 lawsuit by the SEC.

Long noted that Ripple is determined to adhere to the current standards.

A renowned blockchain analyst identified as Crypto Eri on X has highlighted Ripple’s use of the USDT stablecoin as the bridge currency in ODL transactions. According to Crypto Eri, the implementation does not come as a surprise, citing Navin Gupta’s opinion that other digital assets would increasingly serve as Ripplenet bridges.

No surprises here. Navin Gupta was the first Rippler I heard on a YT interview who mentioned that other digital assets would increasingly serve as #Ripplenet bridges in the future. And as for those channels claiming $USDT is a scam… 😂 Oh, the twists of life.It's all about the… pic.twitter.com/0zlQ69pkWr

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) April 23, 2024

Crypto Eri shared a post by Ripple’s President, Monica Long, highlighting some of Ripple’s practices since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm in 2021. The post stated that following the lawsuit and order by the SEC, Ripple Singapore subsidiaries became the primary entity for commitment to sell XRP contracts to new ODL customers, most of whom operate outside the U.S.

Importantly, Long noted that non-U.S. entities have exclusively been the contracting parties to XRP sales contracts to ODL customers since the twist of events. Hence, Ripple’s continued leverage of foreign subsidiaries licensed by local regulators to lawfully conduct such activities.

According to Long, following the SEC’s order in 2021, Ripple took steps to migrate each U.S.-based ODL customer from using XRP as the bridge currency in ODL to using USDT. She explained that the firm adopted BTC and other vetted stablecoins for U.S.-based flows unless otherwise approved.

In 2023, Ripple implemented a requirement that all ODL customers have a minimum of $5 million in assets unless they are sophisticated entities. Long clarified that the Legal Department will determine an entity’s sophistication status and that Ripple will continue adhering to the current standards.

The post The SEC Lawsuit Forced Ripple to Replace XRP With USDT As Bridge Currency appeared first on Coin Edition.

czsamsunsb.eth gained 121.65 ETH in 2hrs from the $ezETH depeg event.

ezETH faces a bearish trend and is likely to breach support levels soon.

Renzo Restaked ETH’s technical indicators signal strong selling pressure.

In a financial manoeuvre, an Ethereum wallet address, czsamsunsb.eth, netted a profit of 121.65 ETH in just two hours. According to the report, the gain followed the depegging event of ezETH (Renzo Restaked ETH), a situation where the token’s value dropped from its pegged price. 

<blockquote> “czsamsunsb.eth made 121.65 $ETH in just 2 hours after $ezETH(Renzo Restaked ETH) depegged!” </blockquote>

This event unfolded as the wallet holder invested 4,099 ETH to purchase 4,221 ezETH, subsequently turning an impressive profit of 121.65 ETH in a short time span.

czsamsunsb.eth made 121.65 $ETH in just 2 hours after $EZETH(Renzo Restaked ETH) depegged!He spent 4,099 $ETH to buy 4,221 $EZETH successfully, making 121.65 $ETH!https://t.co/niluIilTRi pic.twitter.com/hnPWt0DjZD

— Lookonchain (@lookonchain) April 24, 2024

Since then, the Renzo Restaked RTH market has been on a bearish trend. As of press time, the ezETH token is exchanging hands at a value of $3,177.90. This is an ebb of 1.20% in the last 24 hours, as exhibited by Coinmarketcap’s data. 

ezETH/USD 1-Day Chart (Source: Coinmarketcap)

On the contrary, its intraday market cap of $3.323 billion and trading volume of $698.709 million have seen an uptick of 0.53% and 628.24%, respectively. 

ezETH/USD Price Analysis

In the four-hour chart analysis of the ezETH token, it is currently positioned near a key resistance level, signalling a potential shift in market dynamics. According to the chart, its trend indicates a bearish trajectory, as the token’s price has been consistently moving downward, targeting the next support level below. This movement suggests that ezETH might break through this support if the current momentum persists, potentially leading to further declines in its value.

Conversely, should the market sentiment shift and buyers regain control, there could be a possibility for the ezETH token to retest the resistance level it is currently facing. Overcoming this barrier could pave the way for a bullish breakout, marking a significant reversal from its current trend.

ezETH/USD 4-Hour Chart (Source: Tradingview)

The MACD (Moving Average Convergence Divergence) indicator is also showing a downward trend and is on the brink of a bearish crossover with the signal line at 19.692. This movement signals an increase in bearish momentum for the ezETH token, which could forecast a continued drop in price. Supporting this bearish outlook, the histogram bars on the MACD are growing in the red zone, pointing to significant selling pressure.

Additionally, the Bull Bear Power indicator aligns with the negative sentiment, trading below the zero line with its bars expanding in the red zone. This pattern underscores a strong bearish sentiment in the market and suggests a high probability of ongoing price reductions for the ezETH token in the near term.

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Memes are reshaping DeFi, attracting users beyond finance.

Ethereum’s fee reduction spurred memecoin growth on Base Network.

Memecoins prioritize community and cultural engagement over mere financial gains.

The recent surge in memecoins within the cryptocurrency ecosystem, particularly on Base Network, underscores a broader trend in blockchain adoption: the power of memes. This unconventional approach to engaging users is proving to be a formidable force, with Jesse Pollak, lead contributor to Base Network, highlighting its significance during a memecoin hackathon in New York.

Memes are not just humorous internet content, they are becoming a driving force behind the growth of decentralized finance (DeFi), attracting millions of individuals to explore and participate in the on-chain economy.

read and mint the deck from my lightning talk on based memes todayi believe memes are an important part of the onchain economy and am excited to see more based memes proliferate to help bring the world onchain.https://t.co/hmrwNhjwF7

— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) April 20, 2024

The exponential rise of memecoins on Base Network can be attributed to several factors, notably the Ethereum London hard fork upgrade in mid-March. This upgrade significantly reduced transaction fees on layer-2 networks like Base, making it more accessible for users to participate in meme-driven ecosystems.

Pollak emphasized that beyond speculative trading, memecoin creators are actively employing innovative strategies to onboard new users. These initiatives range from community-building experiments to creative engagement tactics aimed at expanding the influence and appeal of their meme-driven projects. Memecoins are not merely about financial gains; they are about building inclusive and engaging communities around shared cultural narratives.

The infusion of memes into the blockchain space represents a fundamental shift in how technology and culture intersect. Memes, as cultural artifacts, serve as powerful tools for communication and community-building. By leveraging memes, DeFi projects are breaking traditional barriers and reaching broader audiences, transcending the often-exclusive language of finance and technology.

Pollak remains optimistic about memes’ role in driving mass adoption of Base Network and similar platforms. He sees a future in which memes are the doorways through which many people enter the blockchain space, making it more open and less exclusive. This vision aligns with the broader trend of integrating creativity and culture into technological innovations.

The post The Memecoin Momentum as Base Network’s Rise Post Ethereum London Upgrade appeared first on Coin Edition.

The US SEC asked for public comments on BlackRock’s amended Ethereum ETF filing.

The comments will be accessible on the SEC’s website after 21 days.

The regulator postponed its decision on BlackRock’s application in January.

The United States Securities and Exchange Commission (SEC) has invited public comments on changes made to American firm BlackRock’s proposed spot Ethereum exchange-traded fund (ETF), indicating ongoing deliberations over the highly anticipated financial product.

BlackRock, the world’s largest asset manager, has been competing with other firms like Fidelity to debut an Ethereum ETF in the US. However, optimism regarding the SEC’s approval within the next month has waned, with analysts predicting non-desirable outcomes.

BlackRock initially filed for its spot Ethereum ETF in November 2023, naming it the iShares Ethereum Trust, with the aim to “reflect generally the performance of the price of ether.”

In January, the SEC postponed its decision on BlackRock’s proposal, and on April 19, Nasdaq submitted an amendment to the proposal.

“The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons,” stated the SEC in a filing on Tuesday. Comments will be accessible on the SEC’s website and are due within 21 days, as the agency specified.

In the amended filing, Nasdaq discussed the ETF’s creation and redemption process, noting that “baskets are only issued or redeemed in exchange for an amount of cash determined by the Trustee on each day that Nasdaq is open for regular trading.” This contrasts with the original filing from November, which proposed a process involving ETH.

As reported earlier, according to Jim Cramer, the host of Mad Money on CNBC, the approval of a spot ETH ETF in the US is not far and will “soon bloom.” 

On the other hand, SEC Commissioner Hester Pierce said a spot ETH ETF application may see approval without court intervention, like in the case of Grayscale.

The post SEC Seeks Public Comments on BlackRock’s Amended Spot ETH ETF Proposal appeared first on Coin Edition.

Indonesian and Australian tax authorities sign a new MoU to strengthen crypto taxation.

The agreement focuses on enhancing the detection of crypto assets with potential tax liabilities.

Indonesia and Australia have had mutual agreement on the changing financial landscape for nearly 20 years.

Indonesian and Australian tax authorities have signed a new Memorandum of Understanding (MoU) to strengthen cooperation in crypto taxation. The MoU was specifically signed by the Indonesian Directorate General of Taxes (DGT) and the Australian Taxation Office (ATO) on April 22, per an official press statement.

The agreement was inked at the Australian Embassy in Jakarta. It aims to enhance the detection of crypto assets with potential tax liabilities in either nation. Under this arrangement, tax authorities from both countries will leverage improved data-sharing capabilities to facilitate the exchange of vital information concerning crypto assets. 

Mekar Satria Utama, Director for International Taxation at DGT, emphasized that the MoU highlights the importance of tax authorities embracing innovation to adapt to the swift evolution of financial technologies on a global scale. In his words:

“While crypto assets are relatively new, the need to ensure equitable taxation remains essential to promote economic growth and provide revenue for crucial public investments in areas like infrastructure, education, and healthcare.”

On the other hand, Belinda Darling, Assistant Commissioner at ATO, emphasized the enduring partnership between the two tax authorities, which has spanned nearly two decades. She noted that this latest initiative builds upon previous collaborations to modernize taxpayer services.

Specifically, the ATO and DGT have collaborated on initiatives such as enhancing taxpayer services through the introduction of the virtual tax assistant and implementing a value-added tax on digital goods and services. Their collaboration also extends to international tax matters and broader reforms.

According to the report, this recent agreement highlights Indonesia and Australia’s mutual dedication to adapting and innovating amid the changing financial landscape. It aims to establish a fair and sustainable tax framework suited to the digital era.

The post Indonesia and Australia Join Forces to Crack Down on Untaxed Crypto appeared first on Coin Edition.

Block Inc. has completed the development of its Bitcoin mining chip.

The firm confirmed that it is also developing a full Bitcoin mining system.

Block first confirmed the move in 2021 and is also working on a hardware crypto wallet.

San Francisco-headquartered digital payments company, Block Inc., formerly known as Square, has announced the completion of its Bitcoin mining chip development. This marks a major step in Chief Executive Jack Dorsey’s ongoing efforts to promote a more accessible and decentralized system.

The newly developed three-nanometer chip capable of powering specialized computers for Bitcoin mining operations has set a benchmark for new entrants. It is important to note that the creation of such chips is a time-consuming and costly process.

Block Inc. stated in a Tuesday announcement:

“This marks an important milestone in our Bitcoin mining project. Additionally, with our chip design complete, we are excited to share that we are developing a full bitcoin mining system.”

Notably, Dorsey had initially announced Block’s efforts to develop the Bitcoin mining system in 2021, coinciding with the introduction of a hardware wallet for the digital asset.

The company is currently “in the process of completing a full tapeout of the design with a leading global semiconductor foundry,” stated the company.

The development comes at a time when Bitcoin miners have been grappling with a significant hit from the halving, a Bitcoin code update that halves the supply of the leading cryptocurrency.

More efficient machines could help miners reduce power costs and offset some of the margins, leaving the strongest few to survive this cycle. Block explained:

“Our mining chip will utilize the most advanced semiconductor process currently available and will deliver the performance required for mining operators of all types to survive and thrive in the fifth mining epoch (the period following the recent 4th halving of the block subsidy) and beyond.”

Block Inc.’s development of this mining chip signifies an important step towards democratizing the Bitcoin mining sector, making it more accessible and competitive for a wider range of participants.

The post Jack Dorsey’s Block Has Completed the Development of Bitcoin Mining Chip appeared first on Coin Edition.

The DoJ has proposed a lengthy sentence for former Binance CEO Changpeng Zhao.

On Tuesday, the DoJ filed for Zhao to spend 36 months in prison.

According to the DoJ, a severe punishment will serve as a deterrent to other potential offenders.

The U.S. Department of Justice (DoJ) has proposed a lengthy sentence for former Binance CEO Changpeng Zhao. In a recent filing, the DoJ asked the court to sentence Zhao to 36 months imprisonment in addition to a $50 million fine.

According to the DoJ, Zhao’s sentencing should be for his role while the crypto exchange violated U.S. sanctions and money laundering laws. Tuesday’s filing by the DoJ noted that the punishment will serve as a deterrent to Zhao and the rest of the world.

Meanwhile, the DoJ emphasized that Zhao reaped vast rewards from violating U.S. laws, noting that he must pay a significant price for his crime. The DoJ believes a severe punishment for Zhao will discourage individuals and businesses tempted to build fortunes for themselves by violating U.S. laws.

Zhao’s offense attracted a punishment of up to 18 months following his plea agreement. The DoJ on Tuesday asked the court to review the condition, considering the “massive” scope and ramifications of the former CEO’s misconduct. Hence, the suggestion to jail Zhao for three years, in addition to the $50 million fine already agreed between the prosecution and Zhao’s defense team.

The court initially scheduled Zhao’s sentencing for late February before postponing it by mutual agreement to April 30. The former CEO has remained in the U.S. since his initial court appearance in Seattle, Washington, unable to return to his partner and some of his kids living in Dubai.

Binance pleaded guilty alongside Zhao in the ongoing case. The renowned crypto exchange agreed to pay a substantial fine and report to a court-appointed monitor.

The post Changpeng Zhao Should Be Sentenced to 3 Years in Prison – DoJ appeared first on Coin Edition.

FTX plans to auction off an unspecified amount of Solana tokens this week through a “blind auction.”

Figure Markets, Pantera Capital, and Abra are the leading bidders of FTX’s Solana auction.

The bankrupt exchange recently sold $1.9 billion SOL, which was bought by firms like Galaxy Digital and Pantera Capital.

According to a recent Bloomberg report, the bankrupt crypto exchange FTX has decided to auction off another unspecified amount of Solana (SOL) tokens this week. People familiar with the matter revealed that a “blind auction” is scheduled for the next batch of SOL.

Kyle Chasse, a Bitcoin proponent, shared an X post on April 23, unveiling FTX’s plans for the next batch of SOL auctions. He stated, “FTX will be auctioning off its remaining SOL tokens.”

🚨LATEST: FTX WILL BE AUCTIONING OFF ITS REMAINING $SOL TOKENS

— Kyle Chassé (@kyle_chasse) April 23, 2024

Reportedly, FTX sold almost $307.6 million of SOL and ZBC tokens in March. In a previous report dated March 29, it was unveiled that 41 million locked Solana tokens worth $7.5 billion were sold by FTX, invoking investors’ speculations.

In a recent report, Mike Cagney, the co-founder and CEO of Figure Markets, hinted at FTX’s Solana auction deal. He asserted that the sale would not take place at a fixed price for the entire holding.

The report also spotted FTX estate’s recent sale of $1.9 billion SOL tokens. These tokens were purchased by leading firms like Galaxy Digital and Pantera Capital.

As per the recent Bloomberg report, Figure Markets, Pantera Capital, and Abra are the leading bidders in the auction. Figure Markets has already signaled its interest in raising funds and purchasing the tokens. Though the platforms’ representatives were reluctant to comment, people familiar with the matter hinted at the firms’ plans to make the bid.

Meanwhile, Solana is trading at $158.64, marking a daily increase of 2.16%. Over the past 7 days, Solana has grown by more than 12%. However, the SOL token has exhibited a notable decline of 8.55% in the last 30 days. 

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