John Deaton, a crypto lawyer currently running for Senate to unseat Elizabeth Warren, has filed a brief supporting Coinbase in its legal battle against the United States Securities and Exchange Commission (SEC).

In an April 26 filing in the U.S. District Court for the Southern District of New York, Deaton submitted an amicus brief on behalf of 4,701 Coinbase customers, pro bono, to represent their interests rather than Coinbase’s.

SEC is Interested in Damaging Coinbase

Deaton cited previous SEC enforcement actions, arguing that the regulator does not adequately represent digital asset users and investors and offers little regulatory guidance beyond citing the Howey case. 

He referenced the SEC’s civil cases against Debt Box, claiming the SEC was more interested in damaging crypto companies than upholding truth and justice, leading to a judge sanctioning the commission.

Additionally, on April 12, the Coinbase legal team took a strategic step in its ongoing legal battle with the SEC by filing a brief requesting permission to pursue an interlocutory appeal.

Successful Motion

While some linked Deaton’s actions to his ongoing Senate campaign, he initially positioned himself as a legal representative for Coinbase customers in June 2023, before announcing his campaign. An April 19 filing suggested that his motion to file an amicus brief was successful.

Deaton emphasized the importance of representing end-users of technology, stating that they should not let a biased and politically motivated agency speak for them. He clarified that this doesn’t mean Coinbase should speak for them either.

“Investment Contract”

According to Coinbase’s Chief Legal Officer, Paul Grewal, the interlocutory appeal questions whether the term “investment contract” requires contractual obligations after a sale, a key issue in the SEC’s case against the crypto exchange.

It’s uncertain how Deaton’s legal actions might affect his Senate campaign, given that the election is less than six months away. The candidates for the Massachusetts Senate seat, Deaton and Warren, hold significantly different views on digital assets. Warren recently signed a letter urging authorities to crack down on the use of cryptocurrency in payments for child sexual abuse material.

Coinbase and Crypto Sector

Notably, Kathryn Haun, a long-serving board member at Coinbase, announced her departure from the company later this year. 

This came at a time when the exchanges requested the United States District Court examine a key issue raised by the SEC in its lawsuit against the exchange.

The post Coinbase vs. SEC: Crypto Lawyer Files Amicus Brief appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The Depository Trust and Clearing Corporation (DTCC), a major financial services giant, has made a significant decision regarding exchange-traded funds (ETFs) with exposure to Bitcoin or cryptocurrencies. Effective April 30, 2024, DTCC will implement changes to collateral values, resulting in a 100% reduction in collateral value for these ETFs.

The announcement, made on April 26, states that DTCC will not allocate any collateral to ETFs with Bitcoin or cryptocurrencies as underlying assets during its annual line-of-credit facility renewal. This decision could potentially impact position values in the Collateral Monitor.

DTCC and Bitcoin

However, it’s important to note, as clarified by cryptocurrency enthusiast K.O. Kryptowaluty in a post on X, that this change specifically applies to inter-entity settlement within the Line of Credit (LOC) system. The LOC system involves borrowing arrangements between financial institutions and individuals or entities, allowing the borrower to access funds up to a predetermined credit limit.

Kryptowaluty pointed out that despite DTCC’s decision, cryptocurrency ETFs can still be used for lending and as collateral in brokerage activities, depending on individual brokers’ risk tolerance.

DTCC Takes a Cautious Approach to Crypto ETFs

While DTCC’s stance represents a cautious approach to crypto ETFs, other traditional players have taken different routes. For instance, clients of Goldman Sachs have been reentering the crypto market this year, driven by renewed interest following the approval of spot Bitcoin exchange-traded funds.

The introduction of spot Bitcoin ETFs has sparked increased institutional interest in this investment product. Within just three months of their launch, all United States Bitcoin ETFs have accumulated over $12.5 billion in assets under management (AUM).

Inflows into ETFs Slow Down

However, after a strong initial launch, overall inflows into Bitcoin ETFs have recently slowed down. In the past few days, multiple ETF issuers have reported significant outflows from spot Bitcoin ETFs. According to data from Farside Investors, there was a net outflow of $218 million from spot Bitcoin ETFs in the U.S. on April 25, following a $120 million outflow the previous day.

Grayscale’s GBTC ETF experienced a notable single-day outflow of $82.4197 million. The historical net outflow for GBTC now totals a substantial $17.185 billion, according to data from Farside Investors.

Adoption of ETFs

BNY Mellon, a prominent financial institution, announced exposure to spot Bitcoin (BTC) exchange-traded funds (ETFs) through recent filings with the US SEC. 

Further, Morgan Stanley, a leading global investment bank and wealth management firm, also empowered its 15,000 brokers to suggest spot Bitcoin exchange-traded funds (ETFs) to customers.

The post DTCC Announces Collateral Changes for Crypto ETFs appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Greg Solano, CEO of Yuga Labs, shared a candid message with the company’s employees and the public on X, acknowledging a “tough day” and unveiling plans for reorganization. Some employees experienced an even tougher day with the announcement of layoffs during an all-hands meeting. Solano admitted that Yuga Labs had lost its way.

In his message, Solano reflected on his two months as CEO, expressing concern about the company’s direction:

“The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”

Yuga Labs to Undergo Changes

Solano highlighted the previous success of creator royalties in the Yuga ecosystem, but acknowledged the current challenges: “Now we’re in hard mode.” However, he outlined a plan for the company’s reorganization.

Already, steps have been taken, such as the spinout of HV-MTL and Legends of the Mara, announced on April 17. These properties were acquired by game developer Faraway, and Yuga’s Chief Gaming Officer, Spencer Tucker, joined the acquiring company. Solano emphasized that Yuga Labs would now focus on developing its Otherside metaverse project.

Won Kim Welcomed as the New Brand Ambassador

Prior to Solano’s announcement, Won Kim revealed on X that he had been appointed as the head of brand partnerships at Yuga Labs. Kim, the co-founder of Bored Room Ventures, a non-fungible token (NFT) fund and consulting agency, left his previous position to join Yuga.

While the X crypto community reacted with a mix of responses to the news of layoffs, Solano’s post received overwhelming support. However, some negative voices emerged, including one individual who claimed to have been laid off from Yuga and criticized the company’s practices.

New CEO, New Steps

As reported earlier by TheCoinRise, Solano was welcomed as the new chief executive officer of the NFT firm as it aims to double down on its metaverse ambitions. The firm also plans to strengthen its internal development efforts and expand its presence on a global scale. On the other hand, earlier this year, Wylie Aronow, co-founder of Bored Ape Yacht Club (BAYC) collection developer Yuga Labs, took a leave of absence due to his health condition.

Yuga Labs, known for pioneering NFT collectibles, has faced challenges amid the evolving NFT market. Last October, the company underwent restructuring, which included a round of layoffs.

The post Yuga Labs CEO Announces Reorganization and Layoffs appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

It has been a debate contest in the crypto community as disagreements sparked because of the recent research article published by Forbes where high-level cryptocurrencies like XRP, Cardano (ADA) and other high-level crypto assets were labeled ‘living dead’. 

According to the article, the term is used to describe layer-1 blockchains with high market value but limited practical use beyond speculative trading.

One might question why Forbes has the authority to highlight the weaknesses of cryptocurrencies. To be informed, Forbes is a reputable media outlet and often referred to as the “business bible”. It is a US business magazine and has been around since 1917. It is packed with news, articles, and all things related to global business and finance. It has established itself as a reputable and influential publication in the business world.

Forbes on a critiquing mission 

According to the Business Bible, Ripple Labs, the company behind XRP, is highlighted as a prime example of a crypto zombie. It suggests that despite XRP’s active daily trading volume, its use is limited to market speculation.

Ethereum Classic (ETC) and Algorand (ALGO) potentials were also questioned by the business outlet. On the former, it mentioned that the digital coin made the list due to its significant market value and low network fees and also emerged as a continuation of the original Ethereum blockchain after a hard fork in 2016. 

It further expresses its skepticism surrounding Algorand, which was once considered an “Ethereum killer.” The article points out that the limited utility of Algorand has resulted in low income from transaction fees.

Everything seemed fine until Forbes dropped the bombshell that Cardano is also on its zombie list. The “financial guru” referred to the project as trading on the popularity of its founder, Charles Hoskinson. It noted a problem regarding Hoskinson’s educational claims. 

However, this turned out to be a surprise to the supporters of Cardano as they argued that the virtual asset’s ecosystem is active and thriving, delivering value and utility that extends beyond mere speculation. They point to the network’s inflows and the ongoing development activities as evidence of its vitality and relevance.

Is Forbes’ speculation on XRP and Cardano right?

Forbes’ comments might seem harsh to those who are part of these communities; however, it is important to remember that the researcher’s views may not always reflect reality and are just one person’s perspective. 

Recently, ADA’s price took a big hit and dropped below $0.5 due to the overall bearish trend in the crypto market. On April 13th, it even went as low as $0.415 per token. Since then, the bulls have been trying to push it back above $0.45, but with mixed success. 

According to CoinMarketCap, Cardano’s market capitalization has dropped to $16 billion and, the crypto asset is ranking as number 10 with a live market cap of $16,684,149,444.

It is no news that ETC and Ripple prices have been wobbling over the past several weeks, causing a good number of their holders to run for cover and diversify into projects with the potential to bolster their flagging portfolios.

The post Community Kicks as Forbes Tags XRP and Cardano “crypto zombies” appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Metaplanet, a renowned entity listed on the prestigious Tokyo Stock Exchange, recently ventured into the cryptocurrency market by investing $6.25 million in Bitcoin. As per the announcement on X, this decision marks a strategic shift for the company, signaling a bold step towards embracing digital assets as part of its investment portfolio.

Metaplanet Recognizes the Benefits of Embracing Bitcoin

The investment by Metaplanet reflects a broader trend in Japan and globally, where traditional companies recognize cryptocurrency potential as a legitimate asset class. The company’s decision is driven by factors such as the increasing mainstream adoption of cryptocurrencies, favorable regulatory developments, and the potential for substantial long-term gains.

Japanese public company Metaplanet has announced it purchased ¥1b ($6.25m) of $BTC , equivalent to ~30% of the company's current market cap. #Bitcoin pic.twitter.com/BLYC1BC1q4

— Dylan LeClair (@DylanLeClair_) April 26, 2024

By allocating a substantial sum to Bitcoin, the prominent Japanese company is positioning itself strategically to capitalize on the ongoing digital transformation of financial markets. As detailed in a “Progress of Disclosure” notice dated April 8, 2024, the company acquired 97.8519 Bitcoins at an average price of ￥10,219,524 per bitcoin. 

The purchase accounts for around 30% of Metaplanet’s present market capitalization, which suggests a shift in the company’s investment strategy.

Metaplanet Collaborate With Investors to Embrace Bitcoin

Recall that earlier in the month, Metaplanet embraced Bitcoin through the invaluable support and collaboration of prominent partners and investors, including Sora Ventures, UTXO Management, Morgan Creek Capital, and Jack Liu. Likewise, the company committed about JPY 1 billion for the project.

Meanwhile, one of the most notable implications of Metaplanet’s strategic pivot is the access to Bitcoin exposure for its stakeholders. By aligning its treasury reserves with Bitcoin, the company enables anyone with an account to gain indirect exposure to the world’s leading cryptocurrency without incurring the regulatory risks associated with direct investment in digital assets.

With the current development, the Japanese will gain exposure to BTC without paying unrealized gains tax that could be as high as 55%.

MicroStrategy is the World’s Foremost Private Holder of BTC

MetaPlanet’s move comes after MicroStrategy’s recent $2 billion Bitcoin acquisitions for the past six months, which triggered a cautionary note from JPMorgan Chase. This surge in purchases followed the company’s sale of $1.2 billion in senior convertible notes earlier in the year, attracting attention due to its impact on market dynamics.

The notes will reach maturity on March 15, 2030, unless they are repurchased, redeemed, or converted earlier as per their terms. According to JPMorgan analysts, MicroStrategy’s approach to Bitcoin acquisition financing via debt amplifies leverage and speculative enthusiasm within the continuing cryptocurrency surge.

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Dogecoin and Shiba Inu surged to mainstream consciousness in 2021 after both meme coins surged to astronomical heights and minted millionaires out of early holders. However, neither dog-themed meme coin is expected to recreate the same parabolic run both did in the past cycle. Instead, the parabolic growth will be found in opportunities that haven’t peaked yet. And in 2024, the smart money is betting on DeeStream—the first-ever decentralized live video streaming platform industry analysts predict could be in for exponential gains in 2024 and 2025.

Can Dogecoin retest March highs yet again?

Dogecoin made a lot of noise in March after surpassing the $0.20 mark, giving DOGE holders hope that the OG dog-themed meme coin could restart its run back to $1. However, those hopes were dashed after Dogecoin retraced back to the $0.12 level to close out March, carrying its bearish run of form into April. Dogecoin is no closer to retesting $0.20, much less $1 as of press time, with the token changing hands at $0.15.

Shiba Inu mimicking Dogecoin price charts

Shiba Inu generated eye-watering gains in 2021, but most of the hype surrounding it—as well as the buying pressure then—has gone to other projects. For the most part, Shiba Inu is mimicking the price movements of Dogecoin as the second-largest meme coin by market cap. Be that as it may, Shiba Inu has demonstrated greater pump potential than its older cousin Dogecoin, which could be attributed to SHIB’s shift to being a deflationary token subject to regular token burns. This reduces the overall SHIB token supply compared to Dogecoin’s inflationary token supply, which can only suppress prices in the long run. 

DeeStream presale draws a crowd as of stage 2 of launch

Investors are seeking out lucrative opportunities in the crypto world—and few investment opportunities are as enticing as DeeStream. DeeStream presents as THE next-generation  decentralized live streaming platform designed to give Web2-based live streaming platforms like YouTube, Twitch, and Kick a run for their money. Backed by a robust management team, compelling tokenomics, and enticing incentives, DeeStream has the potential to emerge as one of the top performers in the upcoming bull cycle.

The platform provides a comprehensive experience similar to top streaming services, allowing content creators to produce media content without the limitations and profit-driven policies commonly found on traditional platforms. DeeStream offers content creators and their audiences multiple opportunities to generate income through its DST token, which is currently being offered at a discounted price of $0.066 in stage 2. Early supporters have the chance to earn a significant revenue share, providing them with a passive income opportunity by investing in one of the highly anticipated presale launches of 2024. Industry experts are highly optimistic about DeeStream’s potential to deliver impressive gains, possibly reaching a highly sought-after 50x to 100x return on investment.

Find out more about the DeeStream (DST) presale by visiting the website here.

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Payment service provider Stripe is reintroducing cryptocurrency payments, this time in the form of stablecoins, as announced by co-founder and president John Collison. The new service is expected to be available this summer.

At the company’s developers conference in San Francisco on April 25, Collison stated, “Crypto is finally making sense as a means of exchange.” Since discontinuing its Bitcoin payment option in 2018, the firm has witnessed improvements in transaction times, decreased fees, and the stable performance of stablecoins.

“We’re bringing back crypto as a way to accept payments, but this time with a much better experience with stablecoins,” Collison said.

Stripe to Support Global Stablecoin Payments

Collison emphasized the stability and functionality of stablecoins, particularly USD Coin (USDC). Stripe will offer payment services using USDC on the Solana, Ethereum, and Polygon blockchains.

In his demonstration on stage, Collison showcased a transaction using USDC. He pointed out that the stablecoin’s dollar peg makes it a reliable store of value, contrasting it with currencies like the Turkish lira. Stripe aims to provide a much-improved experience for crypto payments this time around.

Stripe and Bitcoin

Stripe’s history with cryptocurrency dates back to 2014, when it became the first major payment provider to adopt Bitcoin. However, due to Bitcoin’s limitations as a payment method, Stripe discontinued its support after four years.

In 2022, the firm announced significant layoffs, reducing its workforce by 14%. The company blamed the macroeconomic conditions and a drop in startup funding.

Despite this, Stripe remained involved in the crypto space, participating in Facebook’s Libra project (now Diem) before withdrawing due to regulatory pressure. The company began rebuilding its crypto engineering team in 2021.

History with the Crypto Sector

Stripe has been the payment processor for X (formerly Twitter) and introduced a program in 2022 allowing creators on the platform to receive payments in USDC on Polygon. Additionally, Stripe created fiat-to-crypto on-ramps via APIs in collaboration with cryptocurrency exchanges.

To cater to U.S. customers, Stripe initiated a fiat-to-crypto on-ramp, undertaking conversion and compliance obligations such as Know Your Customer and fraud prevention, following the examples set by Venmo and Robinhood.

As reported earlier by TheCoinRise, Stripe launched a fiat-to-crypto on-ramp to solve the “cold start problem” that Web3 firms experience owing to clients not having “crypto in their wallets to carry out transactions.”

The post Stripe Brings Back Crypto Payments with Stablecoin Support appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Pantera Capital, a digital asset investment manager, is reportedly gearing up to raise more than $1 billion for a new fund aimed at providing investors exposure to a wide range of blockchain-based assets.

Set to launch in April 2025, the Pantera Fund V will be the firm’s ‘all-in-one’ fund, in contrast to its existing funds like the Liquid Token Fund, Early Stage Token Fund, Bitcoin Fund, and Venture Funds, which have more specific investment focuses.

Pantera Capital’s New Fund

Qualified investors will need to commit a minimum of $1 million to the fund, with limited partners required to contribute a minimum of $25 million. The first close for the fund is scheduled for April 1, 2025.

According to Pantera Capital’s website, the Pantera Fund V will include various asset types such as startup equity, early-stage tokens, and liquid tokens.

With $5.2 billion in assets under management (AUM) across its existing funds, Pantera’s $1 billion raise would be the largest in the cryptocurrency industry since May 2022, when Andreessen Horowitz raised $4.5 billion.

Paradigm is Making a Similar Move

VC firm Paradigm is also reportedly negotiating a raise of up to $850 million for a new cryptocurrency fund, indicating a potential resurgence of institutional capital in the sector following a market rebound in 2023.

While venture capital firm Andreessen Horowitz recently raised $7.2 billion for investments across various technology sectors, including GameFi and artificial intelligence, its cryptocurrency-focused fund did not receive additional capital.

Pantera Shifts Focus to GameFi

Meanwhile, Pantera has increased its focus on the GameFi platform InfiniGods, exclusively leading its $8 million Series A round announced on April 25.

In 2024, over $3.5 billion has been raised across 604 funding rounds in the cryptocurrency industry so far. If this trend continues, funding for the year is expected to surpass the $9.3 billion raised in 2023 by a significant margin, according to RootData.

Despite this recent uptick, venture capital funding remains below the highs seen in 2021 and 2022, which saw $31.2 billion and $29.3 billion raised, respectively.

As reported earlier by TheCoinRise, Pantera Capital’s early-stage token fund has lost more than half of its value in 2022 after giving a 350% return on investment since its launch in 2017.

The post Pantera Capital Plans to Raise Over $1B for Blockchain Fund appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Geosyn Mining and its co-founders, alleging they defrauded investors out of $5.6 million by providing false information about the company’s crypto mining operations and misusing customer funds for personal expenses.

The lawsuit, filed by the SEC on April 24 in a federal court in Fort Worth, Texas, accuses Geosyn, its CEO Caleb Joseph Ward, and former operating chief Jeremy George McNutt of defrauding approximately 64 investors through the sale of service agreements marketed as securities between November 2021 and December 2022.

The SEC Digs Deep

According to the SEC, these agreements promised to buy and operate crypto mining rigs on behalf of customers for a fee. However, the SEC claims that Geosyn falsely represented having contracts with electricity providers for discounted energy rates when, in reality, the costs were significantly higher than stated.

Ward and McNutt allegedly lied to investors about Geosyn’s mining operations, claiming to have purchased 1,400 mining rigs but failing to buy 400 of them and never bringing most of the purchased machines online.

Deceiving Investors

While investors were promised the ability to choose which cryptocurrency to mine, Geosyn only allowed mining of Bitcoin, the SEC alleges. To deceive investors into believing their investments were profitable, Geosyn made BTC payouts based on fabricated mining production rates and profits.

The SEC also accuses Geosyn of misappropriating investor funds for personal expenses, including meals, nightclubs, vacations, guns, watches, and legal fees. McNutt reportedly used company funds for extravagant purchases, such as a $20,000 “Las Vegas nightclub wedding celebration” for Ward and a $49,000 family trip to Disney World.

SEC Highlights Additional Expenses

Furthermore, the SEC claims that McNutt and a Geosyn employee were separately arrested for drunk driving during a crypto conference in June 2022, leading to additional expenses for bail and legal fees.

Less Than $1,900 in the Bank

By the end of 2022, Geosyn faced financial difficulties as new investor funds dried up, leaving the company with less than $1,900 in the bank. McNutt left the company in October 2022, allegedly reporting him for embezzlement without disclosing his own misuse of funds.

In early 2023, Ward informed investors via email that the company would file for bankruptcy but never followed through. The SEC is seeking a permanent injunction, repayment of misappropriated funds, and penalties against the defendants.

The post SEC Files Lawsuit Against Geosyn Mining and Co-Founders appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

According to a report from AdvisorHub, Morgan Stanley, a leading global investment bank and wealth management firm, is laying the foundation that will empower its 15,000 brokers to suggest spot Bitcoin exchange traded Funds (ETFs) to customers. 

The firm is working on setting requirements for risk tolerance, allocation limits, and trading frequency. The source of information came from two senior executives familiar with the company’s plan. However, the informants couldn’t provide a specific timeframe for when this policy change might happen.

In 2020 the financial giant reported that investors are falling behind when it comes to purchasing Bitcoin and other cryptocurrencies. It will be fascinating news for stakeholders if this development comes to reality.

Advantage to the Crypto Community and World at large 

It will be an exciting time to see Morgan Stanley join the ranks of brokerage companies like Merrill Lynch and Wells Fargo to start providing spot Bitcoin ETFs. 

If the organization allows its brokers to recommend spot Bitcoin exchange-traded funds, the development could be seen as a positive step towards mainstream acceptance of cryptocurrencies among a wider audience. This move could also contribute to the legitimization of cryptocurrencies as an investment option. Additionally, it may attract more institutional investors and further drive the growth and adoption of digital assets. 

Amid the broader push for Bitcoin ETF embrace, Merrill Lynch and Wells Fargo initially restricted purchases to a solicited basis, meaning customers had to proactively contact their advisors to make the purchase after launching in January. 

Data from SoSoValue on Wednesday, showed spot Bitcoin ETFs traded in the U.S. by major financial institutions like BlackRock, Grayscale, and Ark Invest have attracted a total net inflow of $12.29 billion and have accumulated over $53.6 billion in assets under management. 

In the case of BlackRock, its IBIT spot bitcoin fund alone represents 24% of all the flows from its 1,000 ETFs. It’s impressive to see the significant interest and investment in these Bitcoin ETFs.

Morgan Stanley’s Path of Progress Continues

In 2020, Morgan Stanley made a big move by acquiring E*Trade for a whopping $13 billion in an all-stock deal. It was a significant step for the firm, expanding its presence in the financial services industry. 

The move to pivot into Spot Bitcoin ETFs could lead to even more exciting progress and opportunities for investors if the company combines its expertise in E*Trade offerings with ETFs. 

The post Bitcoin ETFs: Morgan Stanley Making Important Adoption Step appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The crypto market has been anticipating the potential approval of Spot Ethereum ETF applications in the United States. However, recent reports by Walter Bloomberg on X suggest that these hopes may be dashed, as regulatory obstacles loom large on the horizon.

US SEC Rigorously Scrutinize the Crypto Space

The U.S. Securities and Exchange Commission (SEC) has been scrutinizing the cryptocurrency space with increasing rigor, particularly concerning ETFs tied to digital assets. While Bitcoin ETF proposals have garnered much attention, Ethereum, the second-largest cryptocurrency by market capitalization, has also been in the regulatory spotlight.

Despite Ethereum’s growing popularity and utility in decentralized finance (DeFi) applications, the SEC appears hesitant to greenlight ETFs based on the digital asset. Unconfirmed reports suggest that the regulatory body may reject spot Ethereum ETFs as early as May. This decision is due to concerns by the Securities and Exchange Commission (SEC) regarding Ethereum ETFs. However, no official confirmation has been given yet.

The denial of Ethereum ETFs could have significant implications for the cryptocurrency market. While some investors may view ETFs as a more accessible and regulated means of gaining exposure to Ethereum, others may turn to alternative investment vehicles or opt for direct ownership of digital assets.

JPMorgan Highlights Challenges Affecting Spot ETH ETF Approval

Recall that in January, JPMorgan, a prominent financial institution, cast doubts on the likelihood of a spot Ethereum ETF gaining approval by May, expressing a cautious sentiment. For an ETF to be approved, JPMorgan’s Nikolaos Panigirtzoglou told The Block that the US SEC would need to classify Ethereum as a commodity, akin to Bitcoin (BTC), rather than a security. 

This distinction is crucial, as securities fall under a different set of regulations compared to commodities. “This is far from certain, as he wouldn’t give more than a 50% chance to the SEC classifying Ethereum as a commodity before May,” Nikolaos said.

SEC Greenlights ETH Futures Applications

Despite the delay in Spot ETH ETF approvals, the SEC began greenlighting investment vehicles tied to Ether Futures last year, indicating a growing acceptance of Ether as a commodity. The delay in VanEck’s application has also prompted the regulator to open the proposal to public comment, allowing stakeholders to weigh in.

Nevertheless, the crypto community remains optimistic about Ethereum’s long-term prospects, buoyed by its robust development ecosystem and widespread use cases. While the denial of ETFs may represent a setback, it is unlikely to deter the ongoing evolution of Ethereum and its role in shaping the future of finance.

The post US SEC Likely to Deny Spot Ethereum ETFs Approval in May appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Worldcoin, a digital currency project, is actively pursuing partnerships with OpenAI, despite facing regulatory hurdles in multiple jurisdictions due to its innovative iris scanning technology. According to Bloomberg’s report, the partnerships between Worldcoin and the tech firm have sparked speculations and raised questions about the implications of such collaborations. 

Worldcoin Solidify its Position with Strategic Partnership

While the exact information about the scope of these partnerships remains undisclosed, Worldcoin remains determined to forge ahead with its vision and enhance the security and efficiency of its platform.

Moreover, collaboration with OpenAI could enable Worldcoin to develop innovative solutions for regulatory compliance. By leveraging AI-powered analytics and risk assessment tools, Worldcoin may mitigate regulatory risks and ensure compliance with data protection laws in different jurisdictions.

However, there are many inquiries about how the partnerships align with OpenAI’s mission and whether they could affect the organization’s reputation and ethical position within the industry.

Worldcoin Re-emerged After Crypto Downtrend

Worldcoin was founded in 2019 by Sam Altman and Alex Blania. Since then, it has maintained a low profile until the launch of the Artificial intelligence (AI) chat known as ChatGPT which became a global sensation. However, it made a revolutionary reintroduction when the crypto industry tried to recover from the bear market it suffered in 2022. 

This, in addition to the inglorious collapse and bankruptcy filing of the FTX exchange in November 2022. Meanwhile, last year, the OpenAI CEO said he was inching toward securing up to $100 million for his Worldcoin Crypto Project. 

Worldcoin Exit India, Brazil, and France

Sam Altman’s Worldcoin is keen on expanding its orb verification tool to top economic hubs like Singapore but at the same time, the company felt the need to exit other key markets. Regulatory uncertainties caused exits from India, Brazil, and France. However, Tools for Humanity, the foundation overseeing Worldcoin’s development explained that the expansion of the lord verification tool was initially meant for “limited-time access” in various markets.

Lily Gordon, one Worldcoin spokesperson highlighted the firm’s commitment to complying with regulatory frameworks prevalent in any jurisdiction. Meanwhile, there are plans to return to these key markets with a bespoke, safe, and orderly process that effectively meets demand.

The post Worldcoin Eyes Partnerships With OpenAI Amid Regulatory Obstacles appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

TLDR:

The Terra Luna community has approved a proposal to reduce its MaxBlockSize from 5MB to 2MB.

Avalanche price has gained 6.5% in the past week and bulls are aiming for the $40 price level.

Following its listing at $0.020, NuggetRush looks to rally to $1 as it prepares to launch.

The Terra Luna community has given the green light to a proposal aimed at reducing its MaxBlockSize from 5MB to 2MB. Meanwhile, Avalanche has seen a 6.5% price surge in the past week. Also, NuggetRush, which raised over $3.8 million in its crypto ICO, has emerged as one of the best altcoins to watch. 

>> Buy NuggetRush Now <<

NuggetRush (NUGX) Crypto Mining Game and Potential for 100% Gains

NuggetRush (NUGX), a new DeFi project, introduces a groundbreaking play-to-earn gaming experience aiming to transform the gaming industry. Unlike traditional games, NuggetRush offers a unique mining game concept, where players can take different characters, explore different lands, and use various tools for mining activities.

The mined minerals, ranging from gold and silver to diamond, hold real-world value and can be exchanged for actual money. This makes NuggetRush a top DeFi project from other gaming platforms. However, only those who have NuggetRush’s native token, NUGX, can enjoy these benefits. 

This feature positions the NUGX token as the best crypto investment. Meanwhile, NuggetRush’s NUGX token was recently listed at $0.020 on Uniswap, an increase of 100% from its beginning price of $0.010. According to analysts’ predictions, the price of NUGX is expected to increase to $1.00 in the coming months. 

Two major catalysts that would push the price surge are NUGX’s listing on exchanges and the launch of NuggetRush’s mining game. So investors looking for which crypto to buy can get NuggetRush’s NUGX tokens at $0.020 now. 

>> Buy NuggetRush Now <<

Terra Classic (LUNC) Reduces Maximum Block Size

The Terra Classic (LUNC) community has successfully approved a proposal to decrease the maximum block size. This decision aims to reduce the block size from 5MB to 2MB. The goal is to mitigate the risks associated with peer-to-peer attacks within the ecosystem.

The price of LUNC has entered the green region. Positive developments on the Luna ecosystem and the recent market recovery have pushed LUNC’s price by 7.4% on the weekly chart. The altcoin price is fluctuating between $0.00009472 and $0.0001119 and could rise higher in the coming weeks.

Avalanche (AVAX) Price Soars, Bulls Aim for $40

Avalanche (AVAX), with many other altcoins, is showing upward movement after the fourth Bitcoin halving. This event sparked optimism in the market and has led to increased capital flowing into various cryptocurrencies, including AVAX.

According to CoinMarketCap, the price of Avalanche in the past week has increased by 6.5%. AVAX’s price soared from a low of $32.64 and hit a peak of $39.12 before facing a little price correction. Nevertheless, Avalanche’s look promised to break the barrier at the $40.00 level, given the positive sentiment in the market.

Conclusion 

Terra Luna’s community has approved a proposal to reduce its block size, and Avalanche has seen gains in the past week. Meanwhile, NuggetRush is showing promising potential for more gains in the coming weeks, placing it as the best cryptocurrency to buy for potential high returns.

Visit the NuggetRush Website

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According to a survey conducted by accounting firm KPMG, institutional investors based in Canada significantly increased their exposure to crypto assets last year compared to the previous bull run.

In 2023, nearly 40% of institutional investors reported having direct or indirect exposure to crypto assets, up from 31% in KPMG’s 2021 study.

Canada and Crypto Adoption

The survey received 65 responses, with 31 identifying as institutional investors managing more than $500 million in assets, and the remaining 34 representing financial services organizations operating in Canada.

One-third of institutional investors have allocated 10% or more of their portfolios to crypto assets, an increase from a fifth two years ago.

Kunal Bhasin, a partner and leader at KPMG Canada’s Digital Assets practice, noted that firms in Canada are increasingly interested in investing in alternative asset classes that serve as a hedge against debasement and a reliable store of value amidst rising inflation and debt in the United States.

Canada is a Maturing Market

The survey revealed that a majority of investors in Canada cited a maturing market and improved custody infrastructure as key reasons for investing in crypto assets. Additionally, increased client demand for crypto asset services was a significant factor in financial firms expanding their offerings.

The approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Canada in February 2021 played a pivotal role in attracting local investors to the asset class. 

Approval of Spot BTC ETF

According to Kareem Sadek, another executive at KPMG’s Digital Assets practice, the recent approval of spot Bitcoin ETFs in the United States was a “milestone moment” for many market participants in Canada.

Half of the institutional investors surveyed have crypto asset exposure through Canadian ETFs, closed-ended trusts, or other regulated products. Furthermore, 58% have exposure through the stock market, such as Galaxy Digital on the Toronto Stock Exchange, which is up from 36% in 2021.

The survey also showed that more institutional investors are gaining exposure through derivatives markets, now at 42% compared to 14% in 2021. However, exposure through venture capital or hedge fund firms fell to 25% from 29% in 2021.

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BlackRock has officially stated that it has “no commercial relationship” with Hedera Hashgraph and has not chosen the platform to tokenize any BlackRock funds, including shares of its $22 billion money market fund.

The price of Hedera’s token (HBAR) surged over 100% on Tuesday following an announcement by the HBAR Foundation on X, claiming that blockchain firms Archax and Ownera had tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera.

BlackRock Hasn’t Partnered with Hashgraph

However, some misinterpreted the post to suggest that the firm played an active role in the tokenization effort. In response, a spokesperson from the firm confirmed that this was not the case.

“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.”

Since its peak at $0.176 on April 24, HBAR has fallen 32.8% to $0.1134 as of the time of writing, according to CoinGecko.

Direct Communication with Public

The spokesperson emphasized that the company will communicate directly with the public regarding the evolution of its digital asset strategy.

The HBAR Foundation’s announcement garnered significant attention, with over 2.9 million views and 3,200 reposts. However, some cryptocurrency influencers misunderstood the message.

“BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA,” said Mason Versluis to his 189,000 X followers.

Archax CEO Weighs In

Archax CEO Graham Rodford later clarified on X that it was his firm’s decision to put shares of BlackRock’s money market fund on Hedera. Rodford explained during an interview with crypto YouTuber Jesus Martinez that Archax had clients interested in investing in the fund.

Rodford clarified, “Archax had clients that wanted to invest in the BlackRock money market fund. When they expressed an interest, we opened an account at BlackRock so that we could.”

Good Relationship with BlackRock

“With most of the investments we make, we want to tokenize them. We told them [BlackRock] we were going to and then just out of the good relationship with them we said ‘hey we’re putting out a press release, you guys happy to check it?’ — so they checked it and gave their views on it,” Rodford further explained.

Rodford emphasized that Archax has been leading the project and that the firm’s involvement was limited to checking the press release.

Despite the price pump, HBAR is still down over 78% from its September 2021 all-time high of $0.57, according to CoinGecko.

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According to a post on X, Alex Blania, the CEO and Sam Altman, the Co-founder of Tools For Humanity and lead developer of the Worldcoin project (WLD), engaged in a virtual meeting with representatives from Malaysia’s digital ministry.

Exciting discussions today as we met with Nordstar and its impressive lineup of portfolio companies including Nothing, Airwallex, and Worldcoin.

The meeting was attended by YB Tuan Gobind Singh Deo, Minister of Digital; YBrs. Tuan Ma Sivanesan, pic.twitter.com/GOpn6L6qmR

— Malaysia Digital Economy Corporation (@mymdec) April 23, 2024

The Malaysia Digital Economy Corporation shared photos of the meeting on X. The virtual meeting held last Friday, and Nordstar and its impressive lineup of portfolio companies, including Worldcoin, were all in attendance.

On Tuesday, Blania reposted Malaysia’s Prime Minister Anwar Ibrahim’s post and expressed gratitude to the Malaysian official. The aim for this meeting between the digital currency project’s main advocates and the Malaysian officials was to strengthen government ties while emphasizing their dedication to safeguarding user data and privacy concerns.

The project is actively collaborating with regulators and government officials to demonstrate its commitment. Worldcoin’s core idea is to assign digital identities to individuals, making it easier to differentiate between humans and AI-powered entities in the future.

The Tumultuous Record of Worldcoin

The digital currency project, which offers cryptocurrency (WLD tokens) in exchange for iris scans to create personal World IDs, suffered a temporary ban from Spain and Portugal last month and this required them to stop collecting personal data. Privacy concerns have been raised regarding the collection and management of biometric data by Worldcoin in different jurisdictions.

It seems Worldcoin has a knack for challenges as it has also experienced regulatory scrutiny after introducing WLD tokens to new signups which are mostly from the Global South.

Regulatory examination has also come from countries like Germany, France, UK, Argentina and Kenya. Just last month, the eyeball scanner project firm faced a regulatory probe from the South Korea’s Personal Information Protection Commission (PIPC) after receiving numerous complaints regarding the project’s handling of personal data.

Worldcoin making moves amid challenges 

Altman’s close association with the project has been the main reason why Worldcoin’s challenges have gained significant media attention.

He gained prominence as the CEO of OpenAI, the company behind the well-known AI platform ChatGPT. Behind the scenes at Worldcoin, some individuals were surprised by the early government focus on the project and felt unprepared to handle the increased interest and scrutiny. This information comes from a source familiar with the situation.

Interestingly, top government officials are still expressing interest in engaging with Worldcoin amidst the growing curiosity and concerns surrounding artificial intelligence, including issues like deepfakes.

Earlier this year, Tools for Humanity made a move to enhance its relationship with the government by appointing Trevor Traina, a former U.S. ambassador to Austria, as its head of global affairs.

Traina mentioned in an announcement made on the company’s blog that policymakers have numerous questions and as contributors to Worldcoin, it is their responsibility to meet those expectations and to ensure the project fulfills its mission safely.

New way of doing things 

Worldcoin has come up with new initiatives on how to go about its business. With the help of third parties expertise in privacy and security, the company was able to develop new operational measures. Feedbacks and questions raised by data protection authorities in certain places where Worldcoin is available were also taken into account.

This collaboration birthed the introduction of a new feature in March called “Personal Custody” which basically means that when people sign up for World IDs now, they can’t request to have their biometric data stored and encrypted anymore. Tiago Sada, the Head of Product at Tools for Humanity said this   move would make people’s minds be at ease.

A few weeks later, the project made another announcement that if users signed up for a World ID, they  can now request Worldcoin to permanently delete the “iris code” that was created when their eyeballs were scanned. On top of that, they’re taking age verification seriously to make sure no one under 18 signs up.

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The Central Bank of Nigeria (CBN) has moved to quash rumors about the purported banning of peer-to-peer (P2P) trader accounts, emphasizing the importance of relying on authentic updates from its official website, cbn.gov.ng. Despite this clarification, uncertainties persist regarding cryptocurrency regulations in the country, with concerns raised about transparency and oversight.

CBN Clarification Comes Amid Regulation Uncertainties

The clarification from the CBN comes amidst ongoing discussions and debates surrounding the regulation of cryptocurrencies in Nigeria. While the CBN has taken a cautious approach towards digital currencies, expressing concerns about their potential risks and implications for monetary policy and financial stability, the lack of clear regulatory frameworks has led to uncertainty among market participants.

Meanwhile, Nigeria has emerged as the largest P2P crypto market globally, following the CBN’s ban on institutions from buying and selling crypto in 2021. However, a circular issued to banks in December 2023 lifted the ban.

Nigeria’s Apex Bank Worries Over Binance Activities

The concerns raised have come to light, especially after recent disclosures regarding the movement of funds through platforms such as Binance.

The country has intensified its monitoring of Binance, as the CBN voiced worries regarding “suspicious transactions” conducted through the exchange’s Nigerian branch in 2023. CBN Governor Olayemi Cardoso pointed out that $26 billion flowed through Binance in Nigeroa in 2023, originating from undisclosed sources and users.

To regulate cryptocurrency exchanges the National Security Adviser’s office reportedly detained two senior Binance officials in Abuja, Nigeria’s capital.

Nigeria is the Most Crypto Aware Country

As per research by the Web 3.0 software firm Consensys last year, Nigeria leads all other regions in cryptocurrency consciousness, having 99% of the population familiar with the concept and 91% willing to invest.

The company discovered that four out of five Nigerians are familiar with cryptocurrencies and practically all of them had heard of it. Nigerians view cryptocurrencies as a substitute for conventional finance. Additionally, 58% of Nigerians aged above 18 and below 65 who participated in the study, believe cryptocurrencies will be the next form of money.

Due to the volatility of the local currency, Naira, several individuals have ventured into the cryptocurrency industry. This has formed a major mainstay for the youths, making the whole Binance saga a locally tormenting ordeal for traders.

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The rising popularity of Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States is evident as spot Bitcoin ETFs mark their third consecutive day of net inflows, totaling an impressive $31.64 million. According to SoSoValue data, BlackRock’s spot Bitcoin ETF brought in $37.92 million, the largest daily net inflow amongst others. Ark Invest brought in $33.28 million, while Bitwise has $23.23 million in net inflows.

However, Grayscale’s GBTC recorded $66.88 million worth of net outflow. This significant influx of funds has brought the total Spot BTC ETFs net inflow to $12.42 billion, with a total net assets of $55.82 billion.

Six Days of Inflows in Spot Bitcoin ETFs

Furthermore, the consecutive days of net inflows highlight a sustained trend rather than a fleeting interest in Bitcoin ETFs. This report comes months after the US spot bitcoin ETF industry recorded six straight days of net positive inflows totaling nearly $715 million. However, the majority of the inflows were recorded in BlackRock and Fidelity’s offerings, as pointed out by BitMEX.

Additionally, the six straight days of inflows come after four days of outflows from the spot Bitcoin ETFs between January 22 and 25, when GBTC outflows peaked. Grayscale recorded its second-lowest outflow day on February 2 at $144.6 million.

BlackRock ETF to Surpass GBTC

As of March 22, BlackRock’s Bitcoin ETF boasted 238,500 BTC, valued at $15.5 billion, with an average daily inflow of approximately $274 million. In contrast, Grayscale’s GBTC reported holding an estimated 350,252 BTC worth $23 billion, experiencing an average daily outflow of roughly $277 million.

Given the consistent inflows into BlackRock’s ETF and the outflows from Grayscale’s trust, analysts predict that BlackRock could overtake Grayscale this month. This flip could occur within 10 days if BlackRock’s inflows return to higher levels than previously observed.

Investors’ Interest in Spot BTC ETFs has Increased

The rapid growth of assets under management by ETFs highlights the increasing institutional interest in BTC as a legitimate asset class. Institutions, previously hesitant due to regulatory uncertainties and custodial concerns, are now embracing Bitcoin ETFs as a regulated and secure means to diversify their portfolios and hedge against inflationary pressures.

Meanwhile, the proliferation of ETFs has democratized BTC investment, allowing retail investors to participate in the crypto market without specialized knowledge or technical expertise. This democratization fosters financial inclusion and augments the liquidity and stability of the BTC market.

The post US Spot Bitcoin ETFs See Three Days Consistent Inflows appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The crypto world is about to get a whole lot more exciting, and it’s all thanks to some big names making even bigger predictions. Sergey Nazarov, the mastermind behind Chainlink, is betting big on the future of crypto ETFs. And while he’s got his eyes on the prize, the market is buzzing about another player that’s ready to give Fetch.ai a run for its money – Borroe Finance ($ROE).

>>BUY $ROE TOKENS NOW<<

More Crypto ETFs on the Horizon

Nazarov isn’t just blowing smoke when he says that more crypto ETFs are coming. He’s got the inside scoop, and he’s not afraid to share it. In a recent interview at the Token2049 event in Dubai, he dropped a bombshell – we could see new ETFs related to coins beyond just Bitcoin and Ethereum as early as this year. That’s right, folks, the floodgates are about to open!

But not everyone is as optimistic as Nazarov. Ripple’s CEO, Brad Garlinghouse, thinks it might take a bit longer for these new ETFs to hit the market. He cites the SEC’s reservations about crypto assets as the main roadblock. Meanwhile, Ark Invest’s Cathie Wood is even more skeptical, predicting that only Bitcoin and Ethereum Spot ETFs will get the green light from the SEC.

The Borroe Finance Buzz

While the big wigs debate the future of crypto ETFs, there’s another player that’s quietly making waves in the altcoin space. Borroe Finance ($ROE), the Fetch.ai rival that’s built on the Polygon blockchain, is turning heads and getting people talking.

What sets Borroe Finance apart is its focus on CrossFi, a game-changing approach that combines the best of decentralized finance (DeFi) with the power of AI-driven Oracles. By leveraging cutting-edge blockchain technology, Borroe Finance is creating a robust ecosystem that includes Dapps, Token Swaps, and Liquidity Pools. It’s like having a financial crystal ball that’s powered by AI!

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FOMO Alert: Get in on the Action

With all the buzz around Borroe Finance, it’s no wonder that the fear of missing out (FOMO) is real. If you’re looking to get in on the action, now’s the time to make your move.

But Borroe Finance isn’t just about CrossFi – it’s also making waves in the world of NFT Gaming. By integrating non-fungible tokens into its ecosystem, Borroe Finance is opening up a whole new world of possibilities for gamers and collectors alike. It’s like having a secret weapon in your gaming arsenal!

One of the things that makes Borroe Finance so exciting is its use of Governance Tokens. These tokens give holders a say in the future of the project, allowing them to vote on important decisions and shape the ecosystem as it grows.

The Presale You Can’t Afford to Miss

If you’re ready to jump on the Borroe Finance bandwagon, now’s your chance. The project is currently conducting a presale of its $ROE token, and it’s already raised over $3.8 million. With over 67% of the project sold, time is running out to grab your piece of the pie.

The best part? 

The $ROE presale is priced at an attractive $0.020, making it accessible to a wide range of investors. Whether you’re a seasoned crypto veteran or just getting started, this is an opportunity you won’t want to miss.

And if you’re worried about how to get your hands on some $ROE, don’t be. Borroe Finance has made it easy by accepting a variety of payment methods, including top tokens like Bitcoin, USDT, BNB, ETH, and even card payments.

The Bottom Line

As Chainlink’s Sergey Nazarov anticipates more crypto ETFs hitting the market, savvy investors are keeping an eye on Borroe Finance. With its innovative approach to CrossFi, its use of AI-powered Oracles, and its focus on NFT Gaming, Borroe Finance is poised to give Fetch.ai a serious run for its money.

So, whether you’re a HODLer or just looking to get in on the action, now’s the time to make your move. Don’t miss out on the opportunity to be part of something big. Invest in Borroe Finance today and join the AI-powered revolution!

Learn more about Borroe Finance ($ROE) here:

Visit Borroe Finance Presale | Join The Telegram Group | Follow Borroe Finance on Twitter 

The post Chainlink Co-Founder Anticipates More Crypto ETFs, Market Bullish on Fetch.ai Rival appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Tigran Gambaryan, a Binance executive detained in Nigeria since February, will reportedly remain in custody until at least May 17, pending a bail hearing.

Reports from local news outlets on April 23 revealed that Gambaryan will stay in Nigeria’s Kuje prison until the scheduled bail hearing on May 17. The judge will then decide whether to grant bail to the Binance executive. 

Binance Exec is in Nigerian Custody

Gambaryan, along with fellow Binance executive Nadeem Anjarwalla, traveled to Nigeria in February to address claims that the exchange manipulated the country’s fiat currency, the naira. Nigerian authorities detained both executives when Binance announced its intention to cease all naira transactions.

Initially expected to appear in court on April 19, Gambaryan’s court appearance was postponed, and the bail hearing was rescheduled for April 22. He has pleaded not guilty to charges of tax evasion and money laundering brought by Nigeria’s Economic and Financial Crimes Commission, with a trial scheduled for May 2.

Escaping Custody

Reports indicate that Anjarwalla managed to escape Nigerian custody in March, using his Kenyan passport—he holds citizenship in both the UK and Kenya—to fly out of Abuja. Recent reports suggested that Kenya’s police arrested Anjarwalla, potentially for extradition to Nigeria to face criminal charges.

Critics have questioned the legitimacy of the government’s charges, especially considering Binance’s statement that Gambaryan had “no decision-making power” at the crypto firm. 

Securing Binance Exec’s Return to the US

Yuki Gambaryan, Tigran’s wife, launched a petition on March 30, urging the U.S. State Department, Nigeria’s Economic and Financial Crimes Commission, the Nigerian government, and U.S. President Joe Biden to secure his return to the United States. The petition has garnered 3,960 signatures as of April 23.

In a separate legal case in the United States, former Binance CEO Changpeng Zhao is scheduled to be sentenced on April 30 after pleading guilty to failure to maintain an anti-money laundering program while leading the exchange. He could face up to 10 years in prison.

Crypto and Nigeria

Cryptocurrencies are quite popular in Nigeria, with a recent report revealing that 99% of the population is familiar with the concept and 91% are willing to make an investment.

Meanwhile, Binance has faced regulatory hurdles in its operations in the country, and Bayo Onanuga, an adviser to Nigerian President Bola Tinubu, asked for the ban of Binance, KuCoin, and other trading platforms in the country.

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