Binance, the world’s largest cryptocurrency exchange, has been fined $4.4 million by Canada’s financial regulator, FINTRAC, for violating anti-money laundering rules. Compliance Violations FINTRAC found that Binance: Failed to register as a foreign money services business Failed to report virtual currency transactions of $10,000 or more FINTRAC’s Response FINTRAC’s CEO, Sarah Paquet, emphasized the importance…
Democrats and Republicans Unite On May 8th, 207 Republican and 21 Democrat House Representatives voted in favor of a resolution (H.J.Res.109) to overturn the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin requires crypto custodians to treat crypto assets as liabilities, which has hindered banks from holding them. House Votes to Overrule SEC The resolution…
Expanded Custody and Stablecoin Services WisdomTree, a leading Bitcoin ETF issuer, has obtained a New York State charter that allows it to: Store digital assets securely Offer digital wallet services Issue and exchange approved stablecoins Manage stablecoin reserves This charter enhances customer protection, particularly in safeguarding assets. WisdomTree Prime App and Visa Debit Card Launch…
Correlation with Traditional Markets Data from IntoTheBlock shows that Bitcoin (BTC) and Ethereum (ETH) have recently shown little correlation with traditional markets and commodities. This means that the crypto market is charting its own course. Correlation Coefficients The correlation coefficient (r) measures the connection between two quantities. A value above zero indicates a positive correlation,…
Market analysis firm Glassnode reveals a key reason why Ethereum (ETH) has fallen behind Bitcoin (BTC) in the recent market cycle. New Buyer Interest Glassnode notes that Ethereum has not attracted the same level of capital from new buyers as Bitcoin. This influx of new capital has driven Bitcoin to record highs. Bitcoin ETF Approval…
SEC’s Concerns The Securities and Exchange Commission (SEC) Chair, Gary Gensler, believes that many crypto assets are actually securities. He argues that investors are not receiving the necessary information about these assets. Robinhood’s Woes The SEC recently sent a warning to Robinhood’s crypto division, indicating plans for legal action. Gensler declined to comment on specific…
Analyst Benjamin Cowen believes Ethereum (ETH) may face further declines due to: Monetary Policy Headwinds Cowen expects tighter monetary policy to negatively impact ETH, as investors may blame the recent rejection of the spot exchange-traded fund (ETF) and sell off. Bitcoin’s Influence Cowen predicts that ETH can only rise significantly if Bitcoin (BTC) also experiences…
A prominent crypto analyst has issued a bearish warning for a popular memecoin, dogwifhat (WIF), which has soared in value over the past few months. Elliott Wave Theory Analysis According to the analyst, known as Bluntz, WIF is likely in the final stages of a corrective three-wave pattern. This suggests that the coin could drop…
LocalMonero’s Demise LocalMonero, a popular peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has announced its closure. The platform cited “internal and external factors” for the decision, which has sent shockwaves through the Monero community. Regulatory Pressure The closure comes amid increased scrutiny of the cryptocurrency industry by US authorities. Regulators have been cracking down…
Last-Minute Integration of CIP-69 Cardano founder Charles Hoskinson has confirmed the inclusion of Cardano Improvement Proposal (CIP) 69 in the upcoming Chang hard fork. This decision was made after considering community feedback and the demands of the Cardano Foundation. Hoskinson emphasized that the late inclusion should not cause significant delays, but acknowledged the potential risks…
