Cryptozi - news (2026)

09/06/2023

Sberbank Expands Cryptocurrency Trading Services, Russia Delays National Exchange Establishment

Sberbank, the largest bank in Russia, has announced the launch of cryptocurrency trading services for its clients. Starting in June, bank customers will have access to services related to digital assets. This new opportunity will allow investors to buy and sell cryptocurrencies through the bank. The services were initially scheduled to be available in April but were postponed and are expected to be accessible later this month.

Additionally, Sberbank also plans to introduce transactions in digital financial assets for its clients, according to Deputy Chairman Anatoly Popov. The launch of cryptocurrency trading services by Sberbank, Russia’s largest bank, is another sign of global progress in the cryptocurrency industry.

Instead, Russia is now focusing on establishing regulations for the creation and operation of cryptocurrency trading platforms, with the aim of regulating this process. These platforms will allow Russian companies to conduct cross-border transactions and avoid imposed sanctions.

As for the establishment of a national cryptocurrency exchange in Russia, it is still too early to discuss, as such platforms could function as institutions facilitating interactions between exporters and importers to facilitate cross-border transactions.

Current trends indicate that major Russian cryptocurrency companies seem to oppose the idea of creating a national cryptocurrency exchange, preferring instead a regulatory framework for such organizations. Experts suggest that implementing new regulatory mechanisms will help mitigate risks of sanctions and cyberattacks on infrastructure and address concerns related to market control.

At the same time, some experts in the cryptocurrency industry argue that the idea of creating a single national exchange in Russia was unrealistic from the start. Certain legal experts believe that users would be concerned about issues other than taxes, as transactions such as sending funds to opposition groups, buying plane tickets to avoid conscription, or transferring goods outside Russia could have undesirable legal consequences.

Therefore, recent developments indicate that Russia will continue to develop new platforms and institutions in the cryptocurrency sector, aiming to regulate this process and enhance cross-border trade and transactions in this sector.

09/06/2023

Biggest Bank in Australia to Limit Transfers to Crypto Exchanges

Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined.

Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move.

Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which represents an 80% increase from a year earlier. Crypto has played a significant role in this trend, according to the Australian Competition and Consumer Commission (ACCC).

CBA’s announcement is another threat for the crypto trading industry in Australia where the banking sector has been making it harder to transfer fiat funds to digital asset exchanges, citing scam-related risks in most cases.

On May 18, Australia’s Westpac Banking Corp. said it had started trialing new customer protections for some crypto payments to reduce “scam losses.” Right after, Binance Australia admitted it could no longer accept deposits through the Australian payment gateway Cuscal. The latter highlighted its focus on “protecting Australians from financial crimes and scams.”

In late May, another Bloomberg report revealed that Binance Australia users were selling bitcoin and other cryptocurrencies at discount rates. The price difference with other exchanges in the country was attributed to the decision of the popular Australian payment provider Payid to quit processing withdrawals in Australian dollars for the exchange’s customers.

09/06/2023

IMF Urges Fed to Maintain Tightening Policy Amid Inflation Concerns

The IMF is concerned about persistent inflation, and during a press briefing, IMF spokesperson Julie Kozack emphasized the need for the Fed and several central banks worldwide to maintain their current course of monetary tightening policy. The Fed is scheduled to meet on June 14, 2023, in less than a week.

However, market observers and financial experts anticipate that the Fed will pause its rate hikes during this meeting. According to CME’s Fedwatch tool, there is a greater than 74% probability that the rate will remain unchanged. Inflation in the United States has moderated to some extent, acknowledged Kozack, but if it continues to stay elevated, the Fed may need to maintain high rates.

“If inflation does prove to be more persistent than expected, then the Fed may need to push interest rates higher for longer,” Kozack said. Presently, the benchmark bank rate is at its highest point in 16 years, and lending rates throughout the country have surged. For example, the average mortgage on June 8, 2023, carried a 30-year term interest rate of 7.591%.

“We also see that inflation momentum has slowed, but that inflation does remain a pressing concern,” Kozack told reporters at the IMF press briefing. “Our advice remains unchanged, which is that the Fed would need to stay the course on monetary policy to ensure a durable reduction in inflation and to ensure that inflation expectations—remain well-anchored.”

Kozack stated that the IMF plans to release its World Economic Outlook at the end of July. In early 2023, the IMF had cautioned that the year would present challenges for the global economy, highlighting anticipated slowdowns in the United States, European Union, and China. Kozack emphasized on Thursday that the organization continues to foresee forthcoming challenges.

“We see challenges over the medium term for the global economy, and that requires policy measures to be taken now,” Kozack insisted. “We believe that central banks should stay the course on monetary tightening to decisively reduce inflation.”

07/06/2023

Janet Yellen urges Congress to enact stricter legislation while the committee investigates Binance and Coinbase.

Yellen spoke with Andrew Ross Sorkin on the “Squawk Box” program on CNBC, discussing the debt ceiling and the state of the U.S. economy. However, she also addressed digital currencies in light of the recent lawsuits filed by the U.S. Securities and Exchange Commission against Binance and Coinbase.

Yellen strongly believes that increased regulation in the field of digital currencies is necessary and calls on Congress to take action and establish appropriate policies. Yellen told Sorkin, “We’ve identified a number of risks [in the field of digital currencies]. I’m supportive of the agencies using the tools that they have.”

Yellen added, “I see some gaps in the system where it would be appropriate to have further regulation. We would like to work with Congress to see additional regulation passed.”

On several occasions, Yellen has endorsed strict regulations for digital currencies. During the G20 meeting in February 2022, she told reporters that creating a strong regulatory framework is of paramount importance. In November 2022, Yellen referred to the collapse of FTX as a “Lehman moment” and emphasized the need for “appropriate regulation” in the cryptocurrency industry.

Yellen’s recent comments with Sorkin came after the appearance of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, on CNBC the day before, where he announced, “We don’t need more digital currencies.

07/06/2023

Pro-Ripple lawyer exposes SEC’s lack of legal precedent in XRP case

While the cryptocurrency community awaits the release of controversial documents as part of the lawsuit that the United States Securities and Exchange Commission (SEC) has filed against blockchain company Ripple, a lawyer has highlighted the agency’s lack of evidence to support XRP as an investment contract.

Indeed, legal expert and Ripple’s amicus curiae John E. Deaton had earlier challenged the SEC to produce a single legal precedent that could relate to the case of Ripple and XRP, and the agency had failed to do that, just as he expected it would, he said in a Twitter post shared on June 7.

Specifically:

“I CHALLENGED THE SEC IN MY AMICUS BRIEF TO CITE A SINGLE CASE FROM ANY COURT EVER THAT FOUND AN INVESTMENT CONTRACT BETWEEN A PURCHASER (E.G. INDIVIDUAL XRP HOLDER) AND A PROMOTER (E.G. RIPPLE) WHEN THERE EXISTED NO PRIVITY (NO CONTACT WHATSOEVER) BETWEEN THAT PROMOTER AND PURCHASER. I CHALLENGED THE SEC TO CITE A SINGLE CASE BECAUSE I KNEW THEY COULDN’T – AND THEY DIDN’T.”

Earlier this year, Deaton expressed confidence that Ripple would come out victorious in the widely publicized legal standoff, as he commented on the SEC’s “gross overreach,” he expected the US Supreme Court would address, as Finbold reported on February 21.

07/06/2023

Cathie Wood’s Ark Invest Buys $21.6M Worth of Coinbase’s COIN Amid SEC Lawsuit

Cathie Wood’s Ark Investment Management has doubled down on its bullish stance on Coinbase, the largest cryptocurrency exchange in America. The investment management firm has purchased another pile of Coinbase (COIN) stock following a price dip caused by the recent SEC lawsuit against the exchange.

Recall that the U.S. Securities and Exchange Commission (SEC) sued Coinbase on Tuesday, alleging that the firm failed to register as a national securities exchange, clearing agency, and broker despite performing all the functions. The commission also accused the company of failing to register its staking-as-a-service product and violating federal securities laws.

The SEC’s case against Coinbase came within 24 hours after the agency began enforcement action against Binance, the world’s largest crypto exchange. Among the thirteen charges unveiled against the firm were allegations of self-dealing, market manipulation, and securities law violations.

Ark Invest Buys $21.6M Worth of COIN
Following the Coinbase lawsuit, COIN’s price came tumbling down. At the end of U.S. trading hours on Tuesday, the stock had plummeted by more than 13%, closing the trading day at $51.61.

According to Ark Invest’s trading activity on Tuesday, the company purchased 419,324 shares of Coinbase worth $21.6 million. The investment firm split the purchase across the ARK Innovation ETF, ARK Next Generation ETF, and ARK Fintech Innovation ETF.

The latest acquisition brings ARK’s total COIN holdings to 11.44 million shares valued at roughly $590 million.

07/06/2023

Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit

Binance.US removed trading services for several crypto tokens on June 7. The move follows a lawsuit filed earlier this week by the United States Securities and Exchange Commission (SEC) against Binance entities and their leadership.

“After careful consideration, Binance.US will remove selected advanced trading pairs on June 8, 2023 at 9am PDT / 12pm EST. We have also decided to streamline our buy, sell and transfer offering and have temporarily suspended our off-platform trading portal,” reads an announcement.

The pause affects more than 90 trading pairs of the Tether stablecoin USDT, eight Bitcoin BTC pairs and two Binance USD pairs BUSD. According to Binance.US, deposits and withdrawals are still available.

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The platform said conversion to US dollars would still be available. However, the maximum trading amount for Call, Put and Transfer options has been updated to $10,000. In addition, Binance.US closed over-the-counter (OTC) trading without being told when it would resume operations.

07/06/2023

Alabama Securities Regulator Issues Show Cause Order to Coinbase, Joined by 9 Other States, Over Unregistered Securities

The Alabama Securities Commission (ASC) sent a show cause and cease and desist order to the San Fransico-based crypto exchange Coinbase on Tuesday. The ASC order gives Coinbase 28 days to explain why they should not be ordered to stop selling unregistered securities in Alabama.

In addition to alleged securities violations, the Alabama regulator claims “that Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities.” The ASC show cause follows the regulatory action against Coinbase on Tuesday when the SEC sued the exchange for not registering as a brokerage and for allegedly selling unregistered securities.

ASC director Amanda Senn stressed that the enforcement order is meant to protect retail investors in Alabama. “The ASC is committed to protecting Alabama consumers and investors, including those who choose to invest in the decentralized finance space,” Senn explained. “This action is another step toward ensuring that investors in crypto asset products are offered the same protections under our laws and are fully aware of the risks involved in these investments.”

In addition to the ASC, the document further claims that nine other states in the country participated in a “multi-state task force.” The other states that joined Alabama’s securities regulator include Kentucky, South Carolina, Washington, Maryland, California, Vermont, Wisconsin, Illinois, and New Jersey. Currently, Coinbase shares have been down more than 16% during the start of Tuesday’s trading sessions on Nasdaq.

06/06/2023

US Securities and Exchange Commission (SEC) Sues Coinbase for Securities Law Violations

In a new lawsuit, the US Securities and Exchange Commission (SEC) has targeted Coinbase, the largest cryptocurrency trading platform in the United States.

According to the official document, the SEC alleged that Coinbase has been operating as an unregistered broker since 2019, including promoting potential investors, handling customer funds and assets, and charging transaction-related fees. It also operates as an unregistered exchange, providing a marketplace that matches buy and sell orders from multiple buyers and sellers of cryptocurrencies, and acts as an unregistered clearing agency.

In an official tweet, the SEC also announced that Coinbase made calculated decisions to earn billions of dollars, but it did so “at the expense of investors by depriving them of the protections that they are entitled to.”

Brian Armstrong, the CEO of Coinbase, has not yet responded to this lawsuit. However, he has already made several requests to US officials for further clarity.

COINBASE (COIN) stocks are trading down over 15% in the pre-market.

These currencies are securities, the SEC’s main claim is that Coinbase facilitates the trading of unregistered securities. Based on that, the SEC identified several currencies that are actually classified as securities, including:

SOL – ADA – MATIC – FIL – SAND – AXS. THE LIST ALSO INCLUDES CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, AND OTHERS.

The SEC accuses Coinbase of facilitating the trading of these unregistered digital currencies as securities, which may violate securities laws in the United States. Coinbase now has to deal with this lawsuit and respond to the allegations made by the SEC.

06/06/2023

Tether Expands Investments in Green Bitcoin Mining, Invests in El Salvador’s Volcano Energy

Tether is increasing its investments in recent times, having announced a mining project in Uruguay and revealing an investment in the Georgia-based payment processing company Citypay.io. The stablecoin company, responsible for the largest stablecoin asset by market cap (USDT), disclosed on Monday that it participated in a $1 billion investment in Volcano Energy, which is backed by Max Keiser.

The funds obtained by Volcano Energy will be utilized for a 241-megawatt (MW) renewable energy mining facility in Metapán. The data center will harness photovoltaic solar and wind power to fuel the company’s operations. Tether and Volcano Energy anticipate a substantial increase in the proportion of sustainable bitcoin mining in the forthcoming years.

“Volcano Energy represents one of the most ground-breaking and strategic initiatives we are investing in and we look forward to working alongside Josue Lopez and his team to make El Salvador a global force in renewable energy production,” Tether’s CTO Paolo Ardoino said on Monday.

Josue Lopez, CEO of Volcano Energy, stated on Monday that 52% of the existing bitcoin mining operations utilize sustainable and renewable energy sources. “We believe this percentage will significantly increase in the coming years, through important investments like ours,” Lopez said. “Not only is ‘Volcano Energy’ important for the future of bitcoin resiliency, it’s also an important sign of the new crucial role that El Salvador plays in the global tech environment.

06/06/2023

Binance Faces Legal Action from SEC for Violating US Securities Laws

Binance, one of the largest cryptocurrency exchanges in the world, is facing legal action from the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws in the United States. According to reports, the SEC is investigating Binance’s actions and activities in the U.S. market without complying with the necessary licenses and regulations.

Binance is a major centralized platform for trading cryptocurrencies, providing services for trading, storage, and investment in a wide range of digital currencies. However, Binance has been facing legal challenges in multiple countries and has attracted increasing regulatory scrutiny due to concerns about non-compliance with financial laws and cryptocurrency regulations.

The ongoing SEC investigation is believed to focus on whether Binance operates as an unlicensed financial intermediary in the United States and whether it trades digital securities that may be considered traditional securities subject to existing regulations. This investigation could have a significant impact on Binance and its operations in the United States, potentially requiring it to modify its business practices or cease offering certain services.

Binance is also facing investigations and legal challenges in several other countries. These investigations highlight the need for a review and regulation of the cryptocurrency industry as a whole, as regulatory authorities seek to protect investors and ensure compliance with financial laws.

It is important for Binance to closely monitor the developments of this investigation and fully cooperate with the SEC and other regulatory authorities to address potential legal disputes. This may be necessary to maintain the company’s reputation and sustain its operations in global financial markets.

31/05/2023

Binance Australia Users Selling Bitcoin at Discount Ahead of AUD Withdrawals Halt

Australians traded bitcoin (BTC) and other cryptocurrencies at discount on Binance Australia compared to other exchanges operating in the country on Tuesday. The price difference has been attributed to a popular domestic payment provider’s decision to quit processing withdrawals in Australian dollars (AUD) for its users.

Starting from June 1, customers of Binance’s Australian platform will not be able to withdraw amounts in the national fiat to their bank accounts through the Payid service. The exchange’s announcement came after earlier this month it informed traders that they will not be able to deposit or withdraw AUD through another Australian payment gateway, Cuscal.

As a result, BTC was selling below 35,000 AUD (less than $23,000) after noon, Singapore time, on May 30, Bloomberg reported, citing data from Cryptocompare. That’s approximately 7,500 AUD lower than the average registered on other exchanges such as Independent Reserve and Coinjar.

The price of bitcoin, the crypto with the largest market cap, was at around 34,000 Australian dollars on Binance Australia compared with 43,000 AUD on the Australia-based cryptocurrency exchange BTC Markets, Reuters also noted.

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