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Here's your Tuesday edition of Cryptonews Crunch, featuring the latest stories with the Federal Reserve unveiling new guidelines that will standardize applications for "master accounts", crypto and privacy advocates fight back against the ban of Tornado Cash, and eight crypto exchanges have been blocked in Uzbekistan.
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Source: CoinMarketCap.com
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- The US Federal Reserve (Fed)'s governing board has unveiled guidelines that will standardize applications for “master accounts” from institutions “with novel charters,” including “cryptocurrency custody banks and their trade associations.” The new guidelines are not legally binding rules, but they do appear to provide clear room for maneuver for crypto players seeking master account access. However, gaining master account access is unlikely to be a simple process for crypto firms. The guidelines instruct reserve banks to “integrate to the extent possible” the “assessments of an institution by state and/or federal supervisors” to their own “independent assessment” of an applicant’s “risk profile.”
- An increasing number of crypto and privacy advocates are attempting to fight back against the United States Treasury's decision to ban the popular crypto mixing service Tornado Cash. Most recently, the Electronic Frontier Foundation, a nonprofit organization defending civil liberties in the digital world, has expressed concern regarding the Treasury's sanctions against "an open source computer project." Furthermore, Coin Center, a crypto non-profit focused on the policy issues facing cryptocurrencies, has announced that it is preparing a court challenge to the ban on Tornado Cash.
- The drama surrounding the troubled crypto lender Celsius continues, with a new omnibus reply and a PowerPoint presentation that outlines plans for a “standalone reorganization” described by one lawyer as “delusional.” The newly filed materials shine a light on previously unknown plans Celsius has made for its path forward. Most notably, perhaps, this includes a “business plan for a standalone reorganization that provides optionality for customer recovery,” the presentation shows. Meanwhile, other parts of a plan for Celsius’ path forward were also included in the presentation. Among the key points listed here was the exploration of possible financing options for the company, as well as a plan to “evaluate potential sales options.”
- According to a statement published by the government of Uzbekistan, activity on foreign crypto exchanges that provide services to citizens of the country has intensified, without these companies obtaining the necessary license to offer their services there. Reporting on the news, Russian news agency Sputnik wrote that access to eight overseas crypto exchanges has already been blocked in Uzbekistan, including popular exchanges like Binance, Kraken, FTX, and Huobi Global. The unlicensed companies “have no legal responsibility for transactions with crypto-assets, and cannot guarantee the legitimacy of transactions, as well as the proper storage and protection of confidentiality of personal data of citizens of the Republic of Uzbekistan,” the statement from the National Agency of Perspective Projects (NAPP) warned.
- Per the media outlet The Public, SK Securities, part of the SK business empire, will launch a “digital asset custody business” in conjunction with DGB Daegu Bank, a regional commercial bank based in the city of Daegu. The parties have snapped up a 9.7% stake in a crypto custody startup named Infinite Block for an undisclosed sum. The move is the first major crypto-related M&A from a South Korean securities firm. SK Securities added that it would seek to begin security token offerings (STOs) and NFT issuances. The company also wants to start offering crypto “management services.”
- According to a document dated August 11 and issued by the Bank of Russia – the country’s central bank – a digital version of the ruble may become available and usable for settlement between individuals and enterprises as early as next year. Meanwhile, by 2024, the Russian central bank digital currency (CBDC) may be used to connect financial institutions to the digital ruble platform, as well as to “increase the number of payment options and transactions available using smart contracts,” the document said. By 2025, the Bank of Russia also wants non-bank financial entities and exchanges to join in as users of the new digital currency.
- Hyundai Motor Group’s securities arm has extended its partnership with the South Korean crypto exchange Bithumb – and will allow its app users to access real-time crypto markets data. In an official announcement, Hyundai Motor Securities, one of South Korea’s biggest securities providers, explained that it will add info on its customers’ crypto holdings to its MyData asset management platform. MyData is a much-hyped new service in the South Korean financial sector. The service comprises government-regulated platforms that allow individuals to view all of their assets and liabilities on a single platform. This means that even if customers have accounts at multiple banks, in addition to stocks – and now crypto – they will be able to view them all at once via such a platform.
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- Crypto custody service provider BitGo said it intends to hold investment manager Galaxy Digital "legally responsible" over the latter’s decision to pull out of the acquisition deal. In a blog post published this Monday, BitGo said Galaxy Digital was in breach of contract, as it did not pay the “USD 100 million reverse break fee it had promised back in March 2022.” The merger was scheduled to expire on December 31, 2022.
- Crypto lending platform Hodlnaut, which suspended withdrawals last week citing market volatility, has filed for protection against creditors in Singapore. Confirming the news in a blog post, the company said it filed the application to be placed under judicial management and thus avoid any potential lawsuits from its creditors, as it looks to solve its liquidity crisis.
- Brazilian brokerage powerhouse XP launched a crypto trading platform, as reported by local media. The XTAGE platform was launched in partnership with Nasdaq, and it will initially offer customers the opportunity to buy, sell, trade, and hold Bitcoin and Ethereum. The company has more than 3.5m users.
- Crypto company Ripple announced the launch of a new joint project with Japanese payment provider SBI Remit to streamline Japan-Thailand money transfers and allow 47,000 Thais living in Japan to instantly send money back home using RippleNet technology. This is done in cooperation with Siam Commercial Bank.
- Prime Blockchain and 10X Capital Venture Acquisition Corp II have agreed not to conclude the USD 1.25bn-heavy merger deal, Reuters reported this Monday. The latter was a special purpose acquisition company (SPAC), set up solely to acquire Prime Blockchain and take it public.
- Yuga Labs, the entity behind some of the most popular NFT collections, released the CryptoPunks and Meebits holders the IP license to their NFTs, said an announcement. With these rights to their Punk and/or Meebit, holders will be able to use their NFTs for commercial and personal projects such as TV shows, food trucks, clothing, and more, they explained.
- Truth in Advertising, a non-profit consumer protection organization, has called out 19 celebrities for promoting NFTs. Justin Bieber, Madonna, Floyd Mayweather, and many others, have been called out for failing to “clearly and conspicuously disclose the promoter’s material in connection to the endorsed NFT company”, as well as for omitting other information regarding the risks of investing in such speculative digital assets, they said.
- Ethereum-based lending and borrowing platforms Iron Bank, Yearn Finance, and Homora joined layer-2 network Optimism, said an announcement shared with Cryptonews.com. This is done to strengthen the cross-chain interoperability, scalability, and reliability of DeFi, while users will be able to collateralize their crypto assets on Optimism to borrow against, they added.
- The 1inch Network announced an integration with Aurora, an Ethereum Virtual Machine (EVM) that runs on the third-generation L1 protocol NEAR, said the announcement shared with Cryptonews.com. “This integration will enable [DeFi platform] 1inch users to take advantage of Ethereum’s user-friendliness at much higher speeds achieved thanks to NEAR technologies,” Sergej Kunz, 1inch Network co-founder, is quoted as saying.
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