Ethereum (CRYPTO: ETH) managed to get to revenue levels that tech majors failed to reach after years of operations. The platform’s diverse revenue sources and strong network activities were the driving factors.

What Happened: Launched in 2015, Ethereum now touched a revenue milestone of $10 billion, taking it ahead of tech majors such as Microsoft Corp (NASDAQ: MSFT) and Adobe Inc (NASDAQ: ADBE) which took 19, and 20 years, respectively, to achieve this goal, reported Bitcoinist. Alphabet Inc. (NASDAQ: GOOGL) reached these levels within about six years.

Transaction fees (measured in gas) and activities such as decentralized finance transactions, NFT trading and cryptocurrency transfers form a part of the revenue. The platform charged fees on the basis of transaction complexity, the more complex the processed transaction is, the higher the fee added to each block.

However, the revenue levels were seen as 77% below the prior year's levels amid the uncertainties in the broader crypto market based on Crypto analytics firm Token Terminal data.

Read Next: Ethereum Staking Doubles In A Year, Investors Flock To Proof-Of-Stake: Report

Why It Matters: Ethereum gained widespread acceptance in fields such as finance, gaming and art as it enabled the deployment of more complex protocols across all industries. This feature is unlike its rival, Bitcoin, which was the first one to launch a trustless and functional transactional network.

Ethereum's network revenue could jump to $51 billion annually by 2030 from the current $2.6 billion annually, certain industry sources suggest as reported by Coincu.

Based on Etherscan data, Ethereum processed more than 883,000 transactions on Sept. 24, 2023, lower than 1.93 million on Dec. 9. The average transaction fee stands at $0.74.

Also Read: Is Ethereum a Good Investment?

Find out more about the attractive investing options in Ethereum! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

A group of bipartisan lawmakers penned a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler urging the approval of spot Bitcoin (CRYPTO: BTC) exchange-traded products (ETPs).

The lawmakers emphasized the need for the SEC to cease any discriminatory actions against spot Bitcoin ETPs.

This move is expected to be a focal point of discussions at Benzinga's Future of Digital Assets conference on Nov. 14, when industry leaders will explore the evolving landscape of digital assets and the implications of regulatory decisions on the market.

The letter, written jointly by Reps. Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Ritchie Torres (D-N.Y.) and Wiley Nickel (D-N.C.), referenced a recent ruling by the U.S. Court of Appeals for the District of Columbia in the case of Grayscale Invs., LLC v. SEC.

The court upheld Grayscale's stance that the SEC violated the Administrative Procedures Act by denying its application to convert the Grayscale Bitcoin Trust (OTC: GBTC) into a spot Bitcoin ETP.

The Court of Appeals highlighted Grayscale's proposed Bitcoin ETP is "materially similar" to the approved Bitcoin futures ETPs, and the SEC's inconsistent treatment of the two was deemed "unlawful."

Also Read: Is the Bitcoin Market Overheated, Overleveraged? Why These Analysts Are Cautioning Traders

During his tenure at the SEC, Genser consistently encouraged digital asset firms to register with the SEC. In light of the Court of Appeals' decision and Gensler's stance, the lawmakers argued there was no valid reason to continue denying applications for a regulated spot Bitcoin ETP.

Such an ETP, the company contended, would enhance investor protection by offering safer and more transparent access to Bitcoin.

The letter concluded with a strong call to action, urging Gensler to "approve the listing of spot-Bitcoin ETPs immediately," emphasizing the role of Congress in ensuring the SEC greenlights investment products that align with congressional requirements.

Meanwhile, the decision regarding the proposed ARK 21Shares Bitcoin ETF by the Securities and Exchange Commission has been postponed to Jan. 10, 2024.

In a filing, the SEC stated an extended timeframe is necessary to adequately evaluate the suggested rule alteration.

Read Next: Chase's Crypto-Related Transactions Ban In UK: A Sign Of The Times — Or A Sign Of Weakness?

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

After the crypto exchange HTX, formerly known as Huobi, suffered an $8 million loss due to a hack, Binance CEO Changpeng “CZ” Zhao stepped forward, offering his exchange’s security team to investigate the attack. The incident resulted in a reduction of around 5,000 Ethereum (CRYPTO: ETH) in HTX's hot wallet.

Hackers are likely to conceal their tracks by utilizing mixers or converting the stolen assets to privacy tokens, making the timely intervention of CZ's security team crucial for tracing them, Cointelegraph reports.

Tron founder and HTX adviser, Justin Sun believes that $8 million is a significantly smaller amount and is equal to only two weeks’ revenue for the HTX platform.

Read Now: Crypto Exchanges Bypass Proper Licenses, Exaggerate Daily Trading Volume: Report

HTX Next Steps

Meanwhile, HTX has proposed a 5% white-hat bonus, worth around $400,000, to incentivize the return of the stolen funds. Data from Etherscan.io reveals that the exchange has given the attacker an ultimatum to return 95% of the assets within seven days, with the promised bonus, or face the involvement of law enforcement.

HTX has also started real-time surveillance processes to avoid any reoccurrence of such scams.

Find out more about crypto exchanges! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying-  get yours!

Now Read: Robert Kiyosaki Asks Whether It's Time To Say 'Bye Bye' To Bitcoin After Citibank Launches New Blockchain Service

Photo: Web Summit on flickr

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Jordan Belfort, an investor, entrepreneur, and motivational speaker, is recognized for various reasons, including his life being depicted in a popular Hollywood movie and his strong views on the cryptocurrency sector.

In an exclusive interview with Benzinga, Belfort let loose with his opinion on penny stocks.

What Happened: Over time, Belfort has conceded that his initial opinions on the leading cryptocurrency, Bitcoin, which he had previously labeled as a scam, were incorrect.

Additionally, he was questioned on the subject of penny stocks, a topic with which he is all too familiar.

“I think that by and large almost all penny stocks are garbage, that’s my opinion,” Belfort told Benzinga CEO Jason Raznick on an upcoming episode of “The Raz Report.”

Belfort said he had no favorite penny stocks, and shared ways to tell if low-priced stocks are good or bad.

“Penny stocks are not designed to work.”

Belfort said the majority of penny stocks are created to enrich the people who issue them, with the deck stacked against investors in the penny stock world.

Related Link: Wolf Of Wall Street On Why He Was Wrong About Bitcoin Going To Zero 

Offering advice, Belfort emphasized the importance of distinguishing between the stock and the company, recommending that investors look into what the company and its management are doing, and whether the business can make money.

Outside the U.S., Belfort said that some areas have stocks priced in pennies that are legit businesses, like mining stocks in Australia.

Belfort added that it’s more important to look at a company’s market capitalization than its stock price sometimes.

Belfort pointed out that in some cases, legitimate companies can see shares crash down into penny stock territory and come back to life. Although, if a company started as a penny stock, the likelihood of it ultimately succeeding is slim, he added.

Watch the full interview with Belfort on “The Raz Report” Wednesday, Sept. 27 at 11 a.m. ET.

Hear from cryptocurrency traders and experts on where the future is headed and how Bitcoin use cases have changed over the years. Benzinga's Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today!

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The amount of Ethereum (CRYPTO: ETH) being staked witnessed a significant surge, doubling in just a year with about 25% of all available Ethereum currently staked, up from 11% a year ago as of Sept. 22, 2023, according to a report.

This rise in staking activities underscored the growing interest and trust in the Ethereum network's proof-of-stake mechanism.

This development will likely be a topic of discussion at Benzinga's Future of Digital Assets conference on Nov. 14, when industry experts will delve into the evolving landscape of digital assets and the future implications of such trends.

Data from Nansen stated Lido (CRYPTO: LDO) remained the dominant player in the staking arena, holding approximately 29% of the total staked Ethereum, despite experiencing a slight 2% decline from the previous year.

While Lido's dominance was evident, other entities such as Figment and Rocket Pool also marked their growth in the staking space.

Notably, Rocket Pool more than doubled its share in liquid staking, jumping from 2.48% to 5.52% within the year.

On the exchange front, major platforms such as Coinbase Global Inc (NASDAQ: COIN), Kraken and Binance (CRYPTO: BNB) saw minor declines in their staked Ethereum percentages. In contrast, OKX increased its staking activities.

Also Read: Sam Bankman-Fried's Latest Bail Plea: Strict Monitoring, Communication Restrictions

When focusing on liquid staking, Lido's share among players grew from 47% to 53%.

The combined share of the three major exchanges decreased from 45% to 37%.

Excluding these central exchanges, Rocket Pool's share in liquid staking impressively rose from 4.8% to approximately 9.3%.

However, it's not all rosy in the staking world.

The majority of the staked Ethereum, priced at $1.8-1.9k, was currently not yielding profits.

A staggering 82% of the staked Ethereum is worth less than its value from a year ago, indicating potential challenges for stakeholders and emphasizing the volatile nature of cryptocurrency investments.

Read Next: Fhenix Secures $7M Funding, Aims To Bolster Privacy On Public Blockchains

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

MoneyGram International plans to launch a noncustodial wallet service beginning in 2024.

Find out more on how financial services have blended with technology. Meet and engage with transformative Fintech business leaders and investors at Benzinga's exclusive event — Fintech Deal Day. Tickets are going fast — get yours!

What Happened: The company's digital wallet, built by Cheesecake Labs, is powered by Stellar Network.

MoneyGram CEO Alex Holmes shared the development at the Stellar Development Foundation annual Meridian conference on Tuesday, Sept. 26. The wallet will assist consumers to leverage stablecoin technology for smooth movement from fiat to digital currency, to fiat again.

The wallet is slated to debut in the first quarter of 2024 in countries where so-called Know Your Customer capabilities (KYC) are implemented. Currently, around 40 countries support a digital KYC process. The service will be offered for zero fee until June 2024.

Find out more about wallets and their operations. Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!

Stellar Development Foundation acquired a minority stake in MoneyGram last month. Before that, private equity firm Madison Dearborn Partners purchased MoneyGram in a $1.8 billion deal.

Why It Matters: Users can deposit cash and hold it in USDC form which can be later used to convert to any currency. Any MoneyGram location can be used for cashing out digital assets and sending digital assets smoothly to other users in the wallet. Amidst the current scenario of scams, MoneyGram’s global compliance screening capability will be the biggest boon for all wallet users.

The service is an extension of MoneyGram's launching of a global fiat on- and off-ramp service for digital wallets. To date, the service has spread its reach to eight digital wallets on the Stellar blockchain wherein consumers can cash-out in 180+ countries and cash-in in 30+ countries across the world.

Image: MoneyGram

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

One of the most popular non-fungible token (NFT) collections now has toys available in Walmart Inc (NYSE: WMT) stores. The move comes after the collection was acquired in 2022 for 750 Ethereum (CRYPTO: ETH), or around $2.5 million, and saw its new CEO conduct an impressive comeback story.

What Happened: NFT and IP brand development company Pudgy Penguins now has plushies and collectibles available at about 2,000 Walmart stores.

Each toy comes with an access code to Pudgy World — an open-world digital social experience powered by Layer 2 blockchain zkSync Era. In Pudgy World, users will be able to walk around, play games and customize their character.

Every Pudgy Toy comes with a birth certificate and claimable unique traits via a QR code.

“Pudgy Penguins is at the forefront of transforming the toy industry, merging unique digital experiences with blockchain technology, like Ethereum and zkSync,” Pudgy Penguins CEO Luca Netz said. “Walmart’s inclusion of Pudgy Toys in their stores is a testament to the evolution of how consumers engage with brands in the digital era.”

Netz, who took over Pudgy Penguins last year, was a speaker at Benzinga’s 2022 Future of Digital Assets event. Hear Netz at the 2023 Future of Digital Assets, where the Pudgy Penguins CEO will be a keynote speaker.

Netz and Pudgy Penguins shared a behind-the-scenes look at the journey of getting in Walmart stores on Tuesday.

“The team spent years developing the Pudgy brand and fostering our community through social media and the blockchain; we’re thrilled to expand our reach with the support of Walmart.”

Walmart stores will carry 26 different toys ranging from Plush Buddies, clip-on Plushies, Igloo Collectibles and Action Figures.

Walmart will also offer several exclusive items, like the Ice Chrome and Gold Chrome action figures found in mystery Igloos.

Some toys will contain a golden ticket, which gives access to a rare trait for the Penguin character in Pudgy World.

Related Link: Exclusive: How Pudgy Penguins Plans To Shake Up Web3

Why It’s Important: Pudgy Penguins has generated over $400 million in digital collectible sales and is also one of the few NFT collections that has landed inside retail stores.

In addition to enjoying mass market adoption in Walmart stores, the brand also has toys stocked on Amazon.com (NASDAQ: AMZN) and inside Five Below Inc (NASDAQ: FIVE) stores.

In its launch on Amazon, Pudgy Penguins became a trending toy and saw strong sales upon launch, which likely contributed to the Walmart deal according to Netz.

Pudgy Penguins is "bridging the gap between our physical and digital worlds of play for kids in a really engaging way," Walmart U.S. VP of merchandising-toys Brittany Smith said. She also praised the collection's price point, which ranges from $2.99 to $11.97.

Other NFT collections have faded away during the bear market, but Pudgy Penguins has grown its community, and social media following. It has also rewarded some of its holders. The company currently has more than 110,000 followers on Twitter and over 870,000 followers on Instagram.

The brand is also well recognized for its use in memes and GIFS, with the brand getting over seven billion GIF views.

In a Twitter post highlighting the toy launch as a “Brave New World,” Netz said it’s important not just for Pudgy Penguins, but for all of Web3. Netz called Tuesday’s news a “barrier breaker” for Web3.

“Today it’s an amazing day to be a Pudgy Penguin, but it’s also an amazing day to be a part of Web3 and NFTs,” Netz said. “This is a huge step forward to bring people into our industry.”

Netz added that the new toys at Walmart are the end of season one of Pudgy Toys, with season two coming soon.

“A brave new world is not a destination, it’s the beginning of a journey,” he said.

Each Penguin Toy uses the IP of an existing NFT and its holder is paid a royalty on sales of the toys. Traits from other NFT collections are also a part of Pudgy World with Meebits, Kanpai Pandas, Creepz, DeGods and other collections featured.

Netz spoke at Benzinga’s crypto event last year and shared that Pudgy Penguins was working towards developing the intellectual property and see the Web3 brand start competing with the likes of Walt Disney Co. (NYSE: DIS).

Netz said the company had a goal of plushies, toys, games and appealing to consumers of all ages.

“Meet them at their mark,” Netz said, referencing Disney. “Take market share from them.”

Netz left his mark with Benzinga’s audience with a promise that many would say he has accomplished.

“2023 will be the year we’ll show everyone we’re the best project in the space. You can book me on that.”

Sales of Pudgy Penguins and Lil Pudgy NFTs saw increased volume and floor prices on Tuesday after the news. 

Hear exclusive commentary from Luca Netz and more on the future of Pudgy Penguins. Benzinga's Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today!

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

JP Morgan Chase & Co (NYSE: JPM), the prominent banking institution, decided to halt cryptocurrency-related transactions for its U.K. clientele starting Oct. 16, according to a recent communication to its users.

The bank stated, "If we think you're making a payment related to crypto assets, we'll decline it," suggesting patrons keen on crypto investments might need to explore other banking alternatives, Coindesk reported.

This move by Chase comes ahead of the much-anticipated Benzinga's Future of Digital Assets conference on Nov. 14, where such industry shifts are likely to be discussed.

Many U.K. banks have already been traditionally wary of cryptocurrency transactions, often restricting or outright blocking access for their customers.

This cautious stance has been so prevalent that the Financial Conduct Authority (FCA), the U.K.'s financial regulatory body, had to mediate dialogues between banks and cryptocurrency entities due to the banking sector's hesitancy in serving the crypto industry.

Also Read: Fhenix Secures $7M Funding, Aims To Bolster Privacy On Public Blockchains

Chase's decision, as detailed in the communication reviewed by CoinDesk, stemmed from concerns over rising fraudulent activities linked to cryptocurrencies.

The bank expressed that malefactors are increasingly exploiting digital assets to defraud individuals of substantial amounts.

Echoing the sentiments of other U.K. banks that have implemented similar restrictions, a Chase U.K. representative mentioned, “We’re committed to helping keep our customers’ money safe and secure. We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account.”

Read Next: Taiwan Regulators Unveil 'Guiding Principles' To Regulate Digital Assets, Crypto

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours! 

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Dubai Welcomes Crypto Enthusiasts from 120 Countries

Dubai is set to host the 11th Blockchain Life Forum on October 24-25, an event that has earned its reputation as the "Crypto Whales Meeting Point." With over 7,000 attendees from 120 countries, this gathering is a testament to the global reach and influence of the crypto world.

Who's Speaking?

The forum boasts a lineup of more than 80 renowned speakers from trailblazing companies, ready to share their insights and revolutionary ideas. Notable names include:

Justin Sun, the mind behind TRON

Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands

Dr. Marwan Alzarouni, the CEO of Dubai Blockchain Center

Eowyn Chen, the dynamic CEO of Trust Wallet

Sergei Khitrov, the Founder of multiple ventures including Listing.Help and Blockchain Life

Xinxi Wang, Co-Founder of the Litecoin Foundation

Nischal Shetty, the dual CEO of Shardeum and WazirX

Alexander Chehade, the General Manager of Binance FZE Dubai

Fred Thiel, Chairman and CEO of Marathon Digital Holdings

Highlights of the Event

Apart from the stellar speaker lineup, attendees can look forward to:

An expo featuring over 130 leading crypto companies, including giants like WhatsMiner, KuCoin, and Bitmain.

A Startup Pitch segment with top-tier funds serving as the jury.

The innovative Networking 2.0 app, designed to help attendees find contacts and job opportunities in the crypto realm.

Speed Networking sessions for swift and meaningful connections.

The much-anticipated Blockchain Life Awards 2023.

A plethora of side events complementing the main forum.

And for those looking to unwind after soaking in a day's worth of crypto knowledge, the legendary AfterParty promises a night to remember in one of the world's top clubs.

Secure Your Spot

With the event drawing closer, tickets are selling out fast. If you're keen on being part of this global crypto convergence, book your ticket now.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

What happened: On Monday a total of 2,720.56 Ether (CRYPTO: ETH) worth $4,315,113, based on the current value of Ethereum at time of publication ($1,586.11), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

Ethereum is currently issuing new Ether at a rate of 4% per year, although this is expected to decrease to around 0.5-1% as a part of the Ethereum 2.0 upgrade. Once this occurs, many speculate that the burn rate of Ether will be greater than the token's issuance, causing ETH to become a deflationary currency.

The net annualized issuance rate for Ether yesterday was -0.66%.

Data provided by Glassnode

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

In a recent analysis, experts raised concerns about the potential vulnerabilities in the Bitcoin (CRYPTO: BTC) market due to leveraged long positions that lack adequate spot buying support.

The analysis came at a crucial time, especially as discussions around the future of digital assets gain momentum.

Such insights will undoubtedly be a topic of interest at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, where industry experts will delve into the evolving landscape of cryptocurrencies.

Bitfinex's report highlighted more than $44 million in Bitcoin futures positions were liquidated last Monday, with the spot price experiencing a swing of over $1,000.

This volatility is significant, especially considering the $30 million in short liquidations, a number that stands out given the recent period of low volatility.

September historically was a bearish month for Bitcoin. However, this year, the month is poised to end on a positive note, potentially setting an optimistic tone for October. While leveraged long positions have tried to push the price upwards, the lack of spot market buying has hindered any substantial upward trajectory.

Also Read: Binance Attempts A Belgium Comeback Just 3 Months After Watchdog Halted Services

The analysis also pointed out the occurrence of several "long squeezes" since late August, indicating a potentially over-leveraged bullish sentiment.

The increased spot buying activity in September might provide the necessary support for continued bullish momentum.

While the crypto market showed signs of resilience and growth, Bitfinex's analysts cautioned traders about the risks associated with over-leveraged positions, emphasizing the need for sufficient spot buying to maintain a stable market foundation.

“Over the past week, we have been observing a situation where leveraged long positions in the perpetual swap markets have attempted to drive the price higher, but have been unsuccessful due to insufficient spot market buying support. Leveraged long positions without sufficient spot buying can often lead to a vulnerable state, making these positions susceptible to being liquidated or 'squeezed out' during market volatility," the analysts stated.

Read Next: Taiwan Regulators Unveil 'Guiding Principles' To Regulate Digital Assets, Crypto

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours! 

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Certain crypto exchanges are boasting about their licenses and daily trading volume, but their claims appear suspect.

That's according to Cointelegraph, which has been looking into the matter of whether Bitspay and other companies are truly regulated.

What Happened: Estonia's Financial Intelligence Unit (FIU) confirmed to the outlet that Bitspay doesn't hold a valid license to operate in the country.

At one point, Bitspay insisted that it was regulated under the Estonian “Anti Money Laundering Counter-Terrorism Financing Act 2019." Founder and CEO Kelly Nova then clarified to Cointelegraph that the startup was currently working on attaining licenses in both Estonia and the U.K.

Why It Matters: The dubious nature of crypto licenses is an ongoing concern within the crypto industry, as is the veracity of daily trading volume.

Bitspay, for example, claimed to handle up to $1.4 billion in daily trading volume on CoinMarketCap.

The true trading volume at both Topcredit and Bika has also been scrutinized. Find out more on crypto exchanges. Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!

Meanwhile, Binance has deregistered its Europe entities, Cyprus and U.K. It also closed its Netherlands operations after failing to receive a local license. Its German license application was also dropped.

The company has, however, resumed operations in Belgium after the country's Financial Services and Markets Authority required the exchange to suspend services and return customer holdings back in June mainly due to operating without required regulatory licenses.

Also Read: Taiwan Polishes Crypto Regulations, Plans To Ban Non-Compliant Offshore Exchanges

Image: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

FTX (CRYPTO: FTT) founder Sam Bankman-Fried has once again sought a provisional release from detention during his ongoing trial.

This development, garnering attention from the crypto community, is expected to be a topic of discussion at Benzinga's Future of Digital Assets conference on Nov. 14.

Bankman-Fried's bail was first rescinded in August, leading to his incarceration after the court believed he might have attempted to influence witnesses.

His plea to reverse this decision on Sep. 12 was turned down, and a subsequent appeal on Sep. 21 also faced rejection.

However, his attorneys, in a letter to the presiding judge, highlighted that the court hasn't completely shut the door on future applications from the defense.

They emphasized the challenges they face in trial preparations, acknowledging the government's efforts in supplying them with necessary case resources.

The defense team pointed to the daunting task of sifting through a list of over 50 potential witnesses, thousands of documents, and more than 1,300 exhibits provided by the government.

They expressed concerns about not knowing the sequence in which these witnesses would be called, making it tough to strategize for "the subsequent day's testimonies and evidence during the non-court hours."

The latest plea proposes Bankman-Fried's release on Oct. 2, a day prior to his trial, with five stipulations he commits to follow.

Also Read: Taiwan Regulators Unveil 'Guiding Principles' To Regulate Digital Assets, Crypto

Outside the courtroom, he will either be at his lawyers' offices, an external workspace, or under the watch of a security guard in a temporary NYC residence.

He will only leave the court premises with his legal team and will work alongside them in preparation for the trial. Furthermore, Bankman-Fried agrees to a communication restriction, limiting his interactions to only his legal team, parents, and siblings throughout the trial.

Starting from 10 p.m., private security personnel will monitor him to ensure he stays away from any electronic devices, including computers and phones.

This comes after previous disagreements between the defense and prosecution regarding Bankman-Fried's laptop access.

Read Next: HTX Crypto Exchange Suffers $8M ETH Heist: Justin Sun Offers Hacker A Job Or Legal Action

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying - get yours! Photo: Wikimedia

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Since launching the entertainment company and non-fungible token collection VeeFriends in 2021, serial entrepreneur Gary Vaynerchuk (aka Gary Vee) has partnered the brand with top companies like Johnnie Walker, Fanatics, Mattel Inc (NASDAQ: MAT), Macy’s, Reebok and Squishmallows.

On Tuesday, VeeFriends announced a new partnership with Mattel that will see Vee’s brand collaborate with a popular toy brand.

What Happened: The partnership will see the iconic Masters of the Universe brand, which is well-known for its He-Man and Skeletor characters, materialize with a VeeFriends character. Mattel and VeeFriends are partnering on a new launch that will bring the Skilled Skeleton character to life for the first time as part of a physical collectible.

Skilled Skeleton is a “character who symbolizes VeeFriends’ mission to inspire optimism, accountability and kindness.”

The Skilled Skeleton figure glows in the dark and has six swappable hands, a removable hood and removable armor.

The Masters of the Universe Skeletor figure comes with three swappable heads, has five swappable hands, and several accessories. The heads from Skilled Skeleton and Skeletor are interchangeable.

Two-packs of the characters are sold for $45 each and available on the Mattel Creations website beginning Oct. 6, 2023 at 12 p.m. ET. The two-pack comes with sliding slipcovers for display and a mini-comic featuring the characters.

Owners of VeeFriends digital collectibles can display an exclusive Snake Mountain background behind their VeeFriends character.

“Gary’s innate passion and connection to the brand is one of the many reasons we were excited to collaborate with his forward-thinking 1company,” Mattel VP and Head of Action Figures PJ Lewis said. “This collaboration allows us to connect to our Masters of the Universe fans in a new and exciting way while continuing to expand the audience for our best-in-class action figures with Gary’s VeeFriends fanbase.”

Mattel and VeeFriends previously collaborated with the UNO brand. 

Related Link: Mattel Q2 Earnings Highlights: Barbie Foreshadows Future Movie Monetization 

Why It’s Important: VeeFriends NFTs launched in May 2021 with a subsequent collection called VeeFriends Series 2 launching in April 2022.

“This is my Disney. This is my Pokemon,” Vee previously said about building the VeeFriends brand.

The collaboration with Mattel is one of several undertaken by the VeeFriends brand, which boasts over 200 characters that were personally hand-drawn and created by Vee.

“Partnering with such an iconic figure like Skeletor feels extremely surreal; this character is a touchstone for all of us from the Gen X era,” Vee said. “I’m excited to collaborate once again with Mattel following our incredibly successful VeeFriends UNO collaboration.”

Vee called Masters of the Universe one of his favorite communities in the world.

“I hope everyone enjoys these special edition toys as much as the team and I have had in creating them. The Mattel team did an incredible job bringing this amazing toy to life.”

The VeeFriends series one NFTs have a floor price of 1.75 Ethereum (CRYPTO: ETH), or around $2774.23 at the time of writing. The Series 2 NFTs have a floor price of 0.11 ETH.

There are 40 Skilled Skeletons NFTs in series one, with none currently listed for sale on OpenSea. The series 2 collection has 220 Skilled Skeleton NFTs, with one listed for 1.4 ETH.

Read Next: VeeFriends, Reebok Collaborate On Sneakers Featuring NFT Character: How You Can Get A Pair 

Hear from non-fungible token companies and marketplaces on what the future holds for digital collectibles. Benzinga's Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today! 

Photo: VeeFriends

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Blockchain platform Fhenix clinched $7 million in venture capital.

Multicoin Capital and Collider Ventures led the seed funding round. A host of other investors, including Node Capital, Bankless, HackVC, TaneLabs, and Metaplanet, joined the effort.

The capital infusion will be used to launch the Fhenix Network's public testnet in the upcoming year and bolstering ecosystem application development.

The significance of such advancements in the blockchain sector will be a key topic of discussion at Benzinga's Future of Digital Assets conference on Nov. 14. The event promises to shed light on the evolving dynamics of digital currencies and the challenges they present in the global arena.

"Fhenix addresses a significant gap in the Ethereum (CRYPTO: ETH) ecosystem by ensuring encryption for commercially sensitive data," startup founder Guy Zyskind said.

Zyskind, who is also the founder and CEO of SCRT Labs, emphasized Fhenix's ability to instill confidence in users to store sensitive data on public blockchains and provide developers with the tools to compute and transform that data.

Also Read: This Altcoin Is 'Hanging On To Dear' Life, Crypto Analyst Warns

The Fhenix platform operates on the fhEVM, an extension set for the Ethereum Virtual Machine (EVM), enabling developers to effortlessly integrate FHE into their workflows.

This protocol, originally crafted by cryptography firm Zama, was integrated into the Fhenix Network through a strategic alliance.

After launching a private devnet in July, Fhenix is gearing up to unveil "Renaissance", its official public testnet, in the first half of 2024.

This initiative is poised to serve as a sandbox for developers, aiming to foster a vibrant ecosystem that accelerates the adoption of fully homomorphic encryption (FHE) technology across the blockchain domain.

Read Next: Ethereum Network Activity 'Rather Disappointing' After Shanghai Upgrade: JPMorgan

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!

Image: Pixabay

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Over the past 24 hours, LEO Token's (CRYPTO:LEO) price has fallen 3.44% to $3.65. This continues its negative trend over the past week where it has experienced a 2.0% loss, moving from $3.73 to its current price.

The chart below compares the price movement and volatility for LEO Token over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 22.0% over the past week while the circulating supply of the coin has risen 0.82%. This brings the circulating supply to 929.22 million. According to our data, the current market cap ranking for LEO is #22 at $3.38 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Over the past 24 hours, Maker's (CRYPTO: MKR) price has risen 4.17% to $1,331.88. This continues its positive trend over the past week where it has experienced a 5.0% gain, moving from $1,265.02 to its current price. As it stands right now, the coin's all-time high is $6,292.31.

The chart below compares the price movement and volatility for Maker over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 13.0% over the past week. while the overall circulating supply of the coin has decreased 0.04% This puts its current circulating supply at an estimated 89.63% of its max supply, which is 1.01 million. The current market cap ranking for MKR is #40 at $1.20 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Binance has returned to the Belgian market.

The crypto exchange decided to reopen registrations for Belgium's residents roughly three months after the country's financial watchdog, the Financial Services and Markets Authority (FSMA), directed the platform to halt its virtual currency services.

This development is a testament to the rapidly changing landscape of digital assets and their regulatory frameworks worldwide. Such shifts will be a focal point of discussion at Benzinga's Future of Digital Assets conference on Nov. 14, where industry experts will delve into the evolving dynamics of digital currencies and the challenges they pose in the global regulatory arena.

Also Read: Fake Aptos Token Fools Upbit, Users Cash Out Millions Before Exchange Suspends Services

Back in June, the FSMA accused Binance of offering specific services from countries outside the European Economic Area (EEA).

According to Belgian regulations, entities based in Belgium — and not part of the EEA — are prohibited from providing exchange services between virtual currencies and legal tenders, as well as from offering custody wallet services. Non-compliance with these directives could lead to criminal sanctions.

Binance, in response to the FSMA's directive, had not contested the regulator's findings. 

With the recent announcement, Binance has also highlighted that various products and services are now available to Belgian users, provided they agree to the platform's updated terms of use.

Read Next: Mixin Scrambles After $200M Hack, CEO Pitches Bond Tokens As Temporary Solution

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!

Image: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

In a bid to streamline the burgeoning digital currency landscape, Taiwan's Financial Supervisory Commission (FSC) has rolled out a comprehensive set of guidelines.

The rules are tailored for virtual asset platforms and transaction business enterprises, or VASPs.

The forthcoming Benzinga's Future of Digital Assets conference on Nov. 14 is set to further discuss these evolving dynamics of digital currencies, emphasizing the regulatory challenges and the importance of such guidelines in the global context.

Back in June 2019, the FSC had already taken steps to curb money laundering and combat terrorism financing by virtual currency platforms.

These new "Guiding Principles" draw inspiration from regulations in the European Union, Japan, and South Korea, and incorporate feedback from Chinese industry stakeholders, the FSC stated.

Central to these guidelines is the mandate for platforms to maintain a clear demarcation between client assets and their own.

This ensures that the legal currency or virtual assets received from clients remain distinct from the platform's assets.

Also Read: HTX Crypto Exchange Suffers $8M ETH Heist: Justin Sun Offers Hacker A Job Or Legal Action

Furthermore, to bolster transaction fairness and transparency, platforms are now required to establish mechanisms that guarantee equitable market transactions.

Another pivotal aspect of the guidelines is the emphasis on information disclosure.

Platforms are now obligated to be transparent about virtual asset issuance, product listing and delisting, asset separation, and custody.

This move is designed to foster trust and ensure that customers are well-informed.

For individual currency dealers, the guidelines stipulate that natural persons engaged in the virtual asset business must report to the FSC, ensuring their operations are in compliance with money laundering prevention laws.

In a move to protect domestic interests, offshore virtual asset platform operators are now barred from soliciting business within Taiwan or from Chinese citizens, unless they meet specific registration criteria and declare adherence to money laundering prevention laws.

Read Next: Web3 Must Balance Privacy With Regulatory Compliance For Mass Adoption: Expert

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!

Image by shutterbean from Pixabay

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading close to the $26,300 level on Tuesday.

Ethereum (CRYPTO: ETH) also moved higher, but traded below the key $1,600 mark this morning.

Maker (CRYPTO: MKR) was the top gainer over the prior 24 hours, while Render (CRYPTO: RNDR) turned out to be the biggest loser.

At the time of writing, the global crypto market cap rose to $1.05 trillion, recording a 24-hour gain of 0.5%. BTC was trading higher by 0.9% at $26,295 while ETH rose by around 1.3% to $1,595 on Tuesday.

Here are the top ten crypto gainers and losers over the past 24 hours:

Gainers

Maker (CRYPTO: MKR) Price: $1,335.50 24-hour gain: 4.8%

Frax Share (CRYPTO: FXS) Price: $5.70 24-hour gain: 3.2%

GMX (CRYPTO: GMX) Price: $34.96 24-hour gain: 3.2%

Bitcoin Cash (CRYPTO: BCH) Price: $212.99 24-hour gain: 3.1%

Chainlink (CRYPTO: LINK) Price: $7.44 24-hour gain: 2.7%

Losers

Render (CRYPTO: RNDR) Price: $1.49 24-hour drop: 3.6%

Quant (CRYPTO: QNT) Price: $85.92 24-hour drop: 3.3%

Aptos (CRYPTO: APT) Price: $5.46 24-hour drop: 3.1%

Compound (CRYPTO: COMP) Price: $39.38 24-hour drop: 2.8%

Immutable (CRYPTO: IMX) Price: $0.5897 24-hour drop: 2.6%

Read This Next: TD SYNNEX, Profound Medical And 3 Stocks To Watch Heading Into Tuesday

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.