Hong Kong has launched its first batch of ETFs focused on cryptocurrencies, marking potential competition for the popular Bitcoin products in the United States. 

Harvest Global Investments Ltd., the local unit of China Asset Management, along with a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., listed Bitcoin and Ether ETFs in the city on Tuesday. 

Hong Kong ETFs Could See $300M in First-Day Inflows

In the US, spot Bitcoin ETFs from issuers like BlackRock Inc. and Fidelity Investments were launched in January, accumulating a historic $52 billion in assets so far. 

Bloomberg Intelligence’s Rebecca Sin estimates that Bitcoin and Ether funds in Hong Kong could amass around $1 billion over the next two years.

However, Han Tongli, the CEO of Harvest Global, believes that the estimate is too conservative. 

He argues that financial products and services in Hong Kong are accepted by investors both in the West and the East, whereas the US primarily caters to the former. 

As a result, issuers are expecting approximately $300 million in combined first-day inflows for the six new Hong Kong spot-crypto ETFs, with a preference for Bitcoin funds.

OFFICIAL: SPOT #BITCOIN ETFS COMMENCE TRADING IN HONG KONG pic.twitter.com/yI8HsqRECf

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

Potential sources for these inflows include Chinese wealth parked in the city, as well as active crypto exchanges and market makers in the Asia Pacific region. 

While crypto trading is banned in mainland China, the new funds fall outside the scope of the program that grants Chinese investors access to some Hong Kong ETFs, which raises the question of whether the program could be expanded in the future.

The adoption of an in-kind ETF subscription and redemption mechanism sets Hong Kong apart. 

It allows for the underlying assets to be exchanged for fund units and vice versa, unlike the cash redemption model used by US Bitcoin funds. 

Han believes this in-kind approach enhances the appeal of Hong Kong’s products and could result in the eventual uptake of the ETFs being three times larger than that of the US funds.

Hong Kong’s Smaller Financial Sector Could Impact Demand

Meanwhile, some caution that expected demand must be adjusted considering Hong Kong’s smaller financial sector. 

While the city already permits crypto-futures-based ETFs, their total assets of around $164 million are a fraction of the $2.3 billion held by the ProShares Bitcoin Strategy ETF, which is a derivatives-based product in the US.

Despite potential challenges, Hong Kong’s local products are appealing due to easy access, particularly during Asian trading hours. 

Bosera Asset Management (International)’s Head of Products, Ethan Li, expressed confidence in the appeal of the Hong Kong ETFs and mentioned the company’s plans to expand its team and digital-asset product pipeline. 

While digital assets have experienced a significant rebound since the market collapse in 2022, the recent revival has stalled. 

Bitcoin’s price sits at around $63,540, approximately $10,000 below its record high in March. 

The post Hong Kong ETF Issuers Anticipate $300 Million First-Day Inflows: Bloomberg appeared first on Cryptonews.

The United States Justice Department had charged Rodriguez and his co-founder, William Hill, with various offenses related to their involvement with Samourai Wallet. 

On April 29, Rodriguez appeared before the U.S. District Court for the Southern District of New York, where he pleaded not guilty to conspiracy to operate an unlicensed money-transmitting business and money laundering charges. 

Rodriguez Released on $1 Million Bond

As part of the bail agreement, Rodriguez was released on a $1 million bond. 

However, his movements are now restricted, and he is required to wear a location monitoring device. 

He will primarily be confined to his residence in Harmony, Pennsylvania, with limited travel permitted in parts of New York and Pennsylvania.

The terms of Rodriguez’s bail also explicitly prohibit him from conducting any activities related to Samourai Wallet or engaging in any cryptocurrency transactions without prior approval. 

These measures are aimed at ensuring compliance with legal requirements and preventing any potential continuation of alleged illicit activities.

Samourai Wallet co-founder Keonne Rodriguez pleaded not guilty to two criminal charges tied to creating and marketing the privacy-focused bitcoin wallet application and mixing service.

The charges carry a maximum sentence of 20 years and five years, respectively.

He was… pic.twitter.com/kmWFsKMhhM

— ICO Drops (@ICODrops) April 30, 2024

Meanwhile, William Hill, the chief technology officer of Samourai Wallet, was arrested on the same day as Rodriguez, but he has yet to appear in a U.S. courtroom. 

Hill’s arrest took place in Portugal, and authorities are currently navigating the process of extradition. 

Rodriguez is scheduled to appear in court again on May 14, where further developments in the case are expected to unfold.

Both individuals face serious consequences if found guilty. 

The money laundering charge carries a potential prison sentence of up to 20 years, while the conspiracy to operate an unlicensed money-transmitting business charge could result in a maximum of five years behind bars. 

As part of the ongoing investigation, authorities have already taken control of Samourai Wallet’s servers and domain located in Iceland.

US Crack Down on Crypto Mixers

The arrests are part of a broader crackdown by the U.S. government on cryptocurrency mixers, which have been implicated in facilitating money laundering activities linked to hacker groups and terrorist organizations. 

The Office of Foreign Asset Control, under the U.S. Treasury Department, has sanctioned platforms like Blender and Tornado Cash, despite facing criticism from industry leaders and lawmakers who argue that such actions could stifle innovation and hinder the legitimate use of privacy-enhancing technologies

Last week, the DOJ rejected Tornado Cash developer Roman Storm’s motion to dismiss criminal charges, arguing that the defense’s filing presented disputed facts that should be weighed by a jury rather than being resolved in an early-stage motion. 

Storm, along with fellow developer Roman Semenov, was charged by the DOJ with conspiracy to commit money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate sanctions laws through the creation and operation of Tornado Cash.

US authorities have alleged that Tornado Cash has been used by criminal entities, including North Korea’s Lazarus Group, for money laundering purposes.

The post Samourai Wallet Co-Founder Pleads Not Guilty to Money Laundering Charges, Released on Bail appeared first on Cryptonews.

An executive at China AMC was confident that Hong Kong’s first day of issuance could best that of the US.

China AMC is pretty confident that HK can outdo the US in bitcoin ETF flows and volume on Day One (which starts in a few hrs). Also says other regions like Singapore and Middle East could seek out the ETFs altho confirmed off limits for China mainland invs https://t.co/J2YwF9LMZU pic.twitter.com/TRXRNNthBC

— Eric Balchunas (@EricBalchunas) April 29, 2024

China AMC is one of the issuers of the new ETFs in Hong Kong.

Whether that will be enough to drastically shift the narrative for Bitcoin and Ether remains to be seen.

Bitcoin remains locked near the mid-point of its multi-month $60,000-$74,000ish range.

Ether, meanwhile, remains locked in a gradual downtrend from its March highs.

Macro remains a headwind for crypto right now. Recent data out of the US has shown weaker-than-expected growth, but hotter-than-expected inflation.

That’s a bad combination for risk assets and complicates the outlook for Fed rate cuts.

Indeed, fading rate cut bets has been one reason for major cryptos losing bullish momentum in recent weeks.

With blue-chip cryptos likely to continue trading with a lack of impetus, on-chain markets are becoming more attractive.

That’s because on-chain markets are highly illiquid and volatile. Traders can quickly lose everything.

But just as quickly, if they are smart/lucky, traders can make a small fortune.

On-chain markets refer to the tokens that are issued directly on-chain.

Most are scams and pump-and-dumps. But hidden in the mountain of excrement, traders can sometimes stumble across gems and bag big gains.

Here are some top crypto gainers today that traders will be monitoring, as per DEX monitoring DEXScreener.

Top Crypto Gainers Today

Three Protocol Token (THREE)

An overly complicated and difficult-to-understand AI shitcoin called Three Protocol Token (THREE) is pumping since its Monday launch.

It was last up over 280,000% in the past 24 hours, as per DEXScreener, with $15 million market cap.

The token has around $570,000 in locked liquidity.

Liquidity Locked!

The liquidity on UniSwap for the $THREE token has just been locked for 18 months on @UNCX_token

Locker: https://t.co/NyNlMPJ3Cf

Trade $THREE with complete confidence: https://t.co/dHyZhuiDfX pic.twitter.com/pA46L7kyN0

— Three Protocol – Jobs3 (@ThreeProtocol) April 29, 2024

But that doesn’t mean the token won’t be a rug pull or scam. Indeed, it has three concerning aspects to its smart contract, including a 100% sell tax.

BNDR ($SWIPES)

Project discovery app BNDR ($SWIPES) had a strong first day of trade on Monday.

Some Numbers

Within 3 hours $Swipes has reached:

+$1,500,000 Volume
+250 Holders

Discover Your Next Project, In Just A Few $Swipes pic.twitter.com/25rWPcwhZI

— Bndr.ai (@Bndr_AI_) April 29, 2024

As per DEXScreener, it already has a market cap of $26.6 million and $560,000 in locked liquidity.

Liquidity successfully locked!

This move demonstrates our dedication to transparency and building a strong foundation for $Swipes

Liquidity Locked: https://t.co/oZYq61hDXr pic.twitter.com/pMcC9nsb3D

— Bndr.ai (@Bndr_AI_) April 30, 2024

Over 300 unique wallets have already traded the token, which has already seen over $1.6 million in 24-hour trading volumes.

But the token has a concerning seven issues with its smart contract, as per Go+ Security. It could easily be a highly sophisticated and well-executed pump-and-dump scheme.

America (AMERICA)

A new meme coin based on the USA has seen a 13,000% pump since its launch, as per DEXScreener.

It last had a market cap of around $660,000, with $85,000 in locked liquidity.

The meme coin doesn’t appear to have any major smart contract issues and liquidity is locked.

That being said, this token has no clear utility and is probably just a pump-and-dump. Traders who buy this token could quickly lose everything.

Alternatives to Consider – Crypto Presales

Investing in the on-chain markets is fraught with risk.

An alternative often overlooked but frequently profitable crypto investment strategy is investing in presales.

Up-and-coming web3 projects often conduct ICOs in order to raise funds for project development.

To attract early interest/investors to their project, they usually sell these tokens at a very low market cap.

That offers presale investors the chance to make big gains.

With so many projects vying for investor funds, it can be tough to know where to start.

Luckily, analysts at Cryptonews.com spend a lot of time combing through the altcoin market in search of high-potential projects.

Here are some of their favorite picks in the market right now.

21 Best Crypto Presale Projects for April 2024

Alternatively, see Cryptonews analyst Crypto Arjay’s top picks in the below video.

The post Top Crypto Gainers Today on DEXScreener – THREE, $SWIPES, AMERICA appeared first on Cryptonews.

Here is our weekly collection of digital asset listing and delisting, trading pair-related announcements by crypto exchanges that we found last week and today.

Have we missed something? Do you have information about new listings and/or delistings? Let us know here.

_________________________________________

MEXC
Listings:
Nyan Cat (NCAT)
Vitruvian Nexus (VNPT)
BitMin Wallet (BMN)
Bowled (BWLD)
Evercraft (ECET)
KittenWifHat (KITTENWIF)
Breach Bitsat (AIBIT)
GODZ DAO (GODZ)
Gaimin (GMRX)
Defispot (SPOT)
Playbux (PBUX)
BRC-20 DEX (BD20)
Y8U.AI (Y8U)
BlackCardCoin (BCCOIN)
Hemule (HEMULE)
Ready to Fight (RTF)
Exverse (EXVG)
Speedy (SPEEDY)
Gummy (GUMMY)
Panda Swap (PANDA)
TrumpCat (TRUMPCAT)
Safe (SAFE)
Planet Mojo (MOJO)
Drive3 (DRV3)
Maneki (MANEKI)
Slerf NFT (SLERFNFT)
Cosmic Network (COSMIC)
RieDog (RIE)
StoryFire (BLAZE)
Letit Trade (LETIT)
PointPay (PXP)
Stake Vault Network (SVN)
EarlyFans (EARLY)
Worldwide Stablecoin Payment Network (WSPN)
AcornBits (ACORNBITS)
Ace Dog (AOG)
Digital Sat (SATXAI)
Star Fate (SFE)
Radiant (RXD)
Meson Network (MSN)
The Dork Lord (DLORD)
Shimmer (SMR)
Durov (DUROV)
CampusAI (CMAI)
Garfield Cat (GCAT)
WLDT Chain (WLDT)
Renzo (REZ)
Fluffys (FLUFF)
SNORT (SNORT)
Game of Memes (GOME)

KuCoin
Listings:
Playbux (PBUX)
LightLink (LL)
Safe (SAFE)
Gameta (HIP)
Meson Network (MSN)
Realio Network (RIO)

Bitrue
Listings:
Safe (SAFE)
Pulsara (SARA)
Satoshi Nakamoto (SATOSHI)
Dog Go to the Moon (DOG)
Runecoin (RUNE)
Maneki (MANEKI)

OKX
Listings:
Safe (SAFE)
Meson Network (MSN)

Poloniex
Listings:
Maneki (MANEKI)
Safe (SAFE)
Artrade (ATR)
Ski Mask Dog (SKI)
Noggles (NOGS)
Vulcan Forged (LAVA)
Ducke (DUCKE)
Elon (ELONETH)
Meson Network (MSN)
Yes But (YESBUT)
CatGPT (CATGPT)
Fluffys (FLUFF)
Based Bunny (BUNNY)
Coolman (COOL)
Michi (MICHI)

CoinEx
Listings:
Safe (SAFE)
Maneki (MANEKI)
Apeiron (APRS)
Pyrin Network (PYI)
Fjord Foundry (FJO)
Pacmoon (PAC)
Ore (ORE)
Fren Pet (FP)
Dog Go to the Moon (DOG)
Karrat (KARRAT)
Playbux (PBUX)
Keyboard Cat (KEYCAT)

Gate.io
Listings:
Safe (SAFE)
Dog Go to the Moon (DOG)
Meson Network (MSN)

BitMart
Listings:
CatGPT (CATGPT)
Seal (SEAL)
Layer One X (L1X)
Garfield Cat (GARFIELD)
GTA Token (GTA)
Britt (BRITT)
Orbitt (ORBT)
Playbux (PBUX)
TrumpCat (TRUMPCAT)
BeaVer (BVR)
Dogita (DOGITA)
Maneki (MANEKI)
Safe (SAFE)
KittenWifHat (KITTENWIF)
Baby Slerf (BABYSLERF)
Speedy (SPEEDY)
Fjord Foundry (FJO)
Doland Tremp (TREMP)
SOLBULL (SOLBULL)
Scorpion (SCORP)
Quby AI (QYAI)
Elon (ELON)
Basenji (BENJI)
Bitbama (BAMA)
Pandacoin Inu (PANDAS)
DOG•GO•TO•THE•MOON (DOG)
Meson Network (MSN)
Added Trading Pairs:
AKTIO/USDC

LBank
Listings:
Hedera Hashgraph (HBAR)
Theta Token (THETA)
Merlin Chain (MERL)
CatGPT (CATGPT)
Meson Network (MSN)
IZE Fintech Blockchain (IZE)
Renzo (REZ)
Golden MagFi (GMFI)
WebMind Network (WMN)
Bitcoin EDen Rich (BITBEDR)
Columbus (COBS)
Safe Token (SAFE1)
Maneki (MANEKI)
Ripplereum (RPRM)
MO (MO)
BitMinerX (BMX)
Golden MagFi (GMFI)
Renewable Energy Token (RETTOKEN)
Pepe Neko (PEKO)
Bitcoin 2 (BII)
Godefi Swap (GO20)
Electric Vehicle Direct Currency (EVDC)
SpacePi (SPACEPI)

P2B Crypto Exchange
Listings:
Certicos (CERT)
Black Card Coin (BCCOIN)
Elon Cat Finance (ECAT)
Solbull (SOLBULL)
Worldwide USD (WUSD)
AITTCOIN (AITT)

AscendEX
Listings:
Gummy (GUMMY)
Maneki (MANEKI)
DOTA (DOTA)
Nub Cat (NUB)
Father Of Meme Origin (FOMO)
Keyboard Cat (KEYCAT)
Noggles (NOGS)
Fluffys (FLUFF)
UBIX Network (UBX)
Meson Network (MSN)
RoboAI (RBAI)

CEX.io
Listings:
The Open Network (TON)
Dogwifcoin (WIF)

Crypto.com
Listings:
Karrat (KARRAT)
Safe (SAFE)
Maneki (MANEKI)
Crow with knife (CAR)

Crypto.com Institutional
Listings:
Karrat (KARRAT)
Crow with knife (CAW)

DigiFinex
Listings:
Real Carbon Zero Integration (RZI)

FINEXBOX
Listings:
Arbitrum (ARB)
Diamond Token (DIMT)

ProBit
Listings:
Unify Platform Token (UPT)
Delistings:
Askobar Network (ASKO)
Atari (ATRI)
Esports Players League (ARENA)
ShipItPro (SHPP)
Topcoin (TCT)
U-Pick (UPK)

VinDax
Listings:
Puppy Coin (PUP)
SD Coin (SDC)
Worldwide USD (WUSD)

WazirX
Listings:
Cat in a dogs world (MEW)
 

XT
Listings:
Nolus Protocol (NLS)
Flare Fox Inu (FLX)
Space Floki (SPACEFLOKI)
QuBy AI (QYAI)
Property System Platform (PS)

The post Crypto Exchange Listing and Delisting Announcements: April 29, 2024 appeared first on Cryptonews.

The recent price movement has sparked discussions and speculation among traders about the possibility of an upcoming altcoin season.

Is Bitcoin’s Price Recovery Enough to Fuel the Next Altseason?

Ahead of the April 28 weekly close, Bitcoin bounced past $64,000, and data indicates a strengthening of Bitcoin’s price over the weekend.

At the time of writing, Bitcoin hovers around $62,600, while the total altcoin market capitalization has seen a modest 1% increase, hinting at a potential positive trend for these alternative cryptocurrencies.

Trader and commentator Moustache predicted a full-fledged altcoin season, rivaling anything since the all-time highs in 2017.

Responding to the altcoin activity, popular trader Skew noted on X (formerly Twitter) that “Alts bounced nicely, but breaking the pattern of setting weekly highs on Mondays and Tuesdays remains crucial.”

Skew suggested that there is a possibility of sell-side pressure hindering Bitcoin’s progress towards its near-range highs.

The trader suggested that Tether is attempting to reclaim its position after breaking below a rising trendline earlier this year. This dip was merely a backtest.

According to his statement, there is an inverse relationship between the USDT (Tether) value and the value of altcoins.

Ethereum’s Possible Contribution To The Next Altcoin Season

Ethereum’s price has experienced a substantial drop over the past six months due to gas fees skyrocketing.

ETH has dropped 10.46% this month alone from its April 9 high of $3,722.

In the past week, Ether has seen a slight increase of 4.3% in the market, but still not enough to bounce back.

Analysts from crypto analytics platform Santiment suggested that the drop in Ethereum gas fees could potentially signal an upcoming altcoin season.

#Ethereum's average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th.

Traders historically move between sentimental cycles of feeling that #crypto is going "To the Moon" or feeling that "It Is Dead", which can… pic.twitter.com/8b8rLMLyIf

— Santiment (@santimentfeed) April 28, 2024

According to Santiment’s X post, Ethereum’s average transaction fee has fallen as low as $1.12.

Santiment predicts a quicker turnaround for Ethereum and associated altcoins than expected due to the recent retracement and reduced demand on the network.

The post  Is the Next Altcoin Season Around The Corner? Some Traders Believe So appeared first on Cryptonews.

The investigation, led by the Financial and Cyber Crime Group Money Laundering Unit, began in July 2022, according to a report from Australian news outlet 9News. 

The search focused on companies including Crypto Advisers Australia, Strategic Capital, Active Marketing Solutions, and Alternative Capital, which were suspected of engaging in fraud and money laundering activities.

Police Apprehend Two Men and Two Women 

The breakthrough in the case came on March 11 and 12, when police apprehended two men and two women tied to the scam.

Prior to the arrests, search warrants were executed at multiple locations across the Gold Coast. 

Following a thorough investigation, a 46-year-old man from North Brisbane was charged with four counts of fraud and one count of knowingly participating in money laundering. 

He made his initial appearance at Brisbane Magistrates Court on March 25 and is expected to return on May 27.

Additionally, a 36-year-old man from the Gold Coast, along with two women aged 37 and 63, were each charged with one count of money laundering. 

All three individuals are scheduled to appear before Southport Magistrates Court on April 29.

A Gold Coast crypto company has been raided after encouraging clients to put their superannuation into crypto coins. #9News pic.twitter.com/7vFbYcGAh6

— 9News Gold Coast (@9NewsGoldCoast) April 28, 2024

According to authorities, the group orchestrated a Ponzi scheme, defrauding approximately 30 victims between 2018 and 2021. 

The scam relied in part on cold calls to unsuspecting individuals. 

Police claim that the perpetrators laundered over $1.5 million through various means, including cryptocurrencies, precious metals, luxury vehicles, and real estate, in an attempt to conceal the illicit origins of the funds.

“People should seek professional advice from a registered financial planner to understand the legitimacy of the investment, what their expected returns are, and the risk involved,” Detective Acting Inspector Steve Paskin.

Crypto Under Scrutiny in Australia

It is worth noting that crypto has been under increasing scrutiny in Australia.

In May last year, cryptocurrency exchange Binance Australia told customers they would lose access to Australian dollar deposits and withdrawals due to a decision by its third-party service provider.

In July, officials from the Australian Securities and Investments Commission (ASIC) even conducted searches at Binance Australia‘s offices.

Moreover, in March, Australia’s prudential regulator instructed banks to report their exposures to crypto firms and startups following the collapse of the Silicon Valley Bank and the resulting turmoil in the banking sector.

The APRA asked local banks to improve their reports on crypto assets and provide daily updates to the regulator to gain more insight into potential vulnerabilities in the system.

In October, the Australian government also unveiled a proposal intended to subject digital asset platforms to the same laws that govern other financial services providers.

As part of the plan, crypto platform operators will be required to obtain a financial services license, as well as continuous monitoring and routine audits of customer funds.

In response to increasing restrictions on crypto payments, Blockchain Australia, an industry body representing the Blockchain and digital currency industry in Australia, has launched new initiatives to tackle the issue of crypto scams and frauds.

The post Four Arrested in an Alleged $1.5 Million Gold Coast Crypto Investment Scam appeared first on Cryptonews.

The recent establishment of a licensing regime for cryptocurrencies by the Financial Sector Conduct Authority (FSCA) positions South Africa as one of the pioneering African nations in this area. 

As part of this regime, the FSCA is preparing to issue 60 licenses to crypto firms in the coming weeks, with Luno, Zignaly, and VALR already being granted licenses. 

The FSCA in South Africa has approved 75 institutions as crypto asset service providers (CASPs) pic.twitter.com/ipV7aLtgTR

— Kashif Raza (@simplykashif) April 24, 2024

South Africa’s Crypto Regulatory Efforts 

South Africa expanded the scope of its Financial Advisory and Intermediary Services Act in 2022 to encompass crypto providers, enabling the regulation of digital assets as financial products.

“This signals a forward-thinking approach to regulating the crypto space, aligning with global trends and acknowledging the growing significance of blockchain technology in modern finance,” stated Maurice Crespi, a partner at Schindlers Attorneys, a law firm based in South Africa.

On May 29, South Africa will elect its president. 

While the African National Congress (ANC) has held a dominant position for the past three decades, its majority is now being challenged. 

Consequently, the ANC may have to form a coalition, potentially including the opposition party, the Democratic Alliance, and the far-left Economic Freedom Fighters party.

Nonetheless, Mpumelelo Ndamane, CEO of South Africa-based crypto wallet provider Nuud Money, believes that political dynamics will not interfere with the country’s crypto policies. 

“We’ve been pretty stable over the past 30 years when it comes to ensuring the [South African Reserve Bank] and FSCA are independent of politics. It won’t affect the crypto policy.”

South Africa to Explore Use Cases for Stablecoins

South Africa’s National Treasury has recently indicated that its Intergovernmental Fintech Working Group will explore use cases for stablecoins and consider policy and regulatory responses throughout the year. 

The group will also examine the impact of tokenization on domestic markets and plans to publish a discussion paper outlining the regulatory implications of tokenization and blockchain-based financial market infrastructure by December. 

Tokenization refers to the representation of real-world assets on a blockchain.

John McCarthy, the General Counsel for Global Regulatory Affairs at Fireblocks, expressed his opinion on South Africa’s approach.

“I think that in South Africa, in particular, the work that has been done on digital assets has been to address problems that in many respects are apolitical, and the approach they’ve taken has been apolitical as well. It’s also been through an intergovernmental working body, much of which is inherently apolitical.”

A survey conducted in 2017 revealed that 47% of South Africans had either invested in cryptocurrencies or expressed an interest in doing so. 

Additionally, Bitcoin wallet downloads in the country experienced a 100% increase in the same year. 

In 2020, crypto exchange Luno reported that South Africa had the third-highest level of crypto ownership worldwide, reaching 13%.

Meanwhile, as crypto adoption continues to rise, South African companies are actively embracing cryptocurrencies. 

Stitch, a South African payments infrastructure firm, introduced “Pay with Crypto” last year, enabling customers to use cryptocurrencies for purchases. 

The post Can the Upcoming South Africa Elections Swing In Favor of Crypto? appeared first on Cryptonews.

On April 29, the Thai SEC issued a warning to all operating crypto exchanges, urging them to refrain from glamorizing crypto investments and to comply with prescribed advertising standards, according to a report from Bangkok Post. 

Deputy Secretary-General Anek Yooyuen expressed the SEC’s concern about crypto exchanges offering special privileges to attract users. 

According to the report, crypto advertisements that contain false, exaggerated, distorted, concealing, or misleading information are in violation of Thailand’s regulations.

Regulators Crack Down on Misleading Crypto Ads

The move by the Thai SEC aligns with similar actions taken by regulators in other prominent crypto markets. 

For instance, the United Kingdom’s Financial Conduct Authority (FCA) issued 450 alerts for illegal crypto ads in 2023 alone. 

Additionally, in November 2023, Spain’s National Stock Market Commission (CNMV) called out fraudulent crypto asset promotions and emphasized the obligation of companies to comply with local laws.

The SEC reminded crypto exchanges to include appropriate warnings about investment risks in their advertisements and cautioned against onboarding new users through special promotions. 

Yooyuen highlighted that the SEC’s advertisement guidelines aim to protect investors from unwarranted risks, stating that enticing users with rewards without considering investment risks, especially in the case of cryptocurrencies, can be problematic. 

Violations of the guidelines will result in punishment according to the law.

Thai advertising guidelines require businesses and advertisers to substantiate the “facts” stated in their marketing campaigns, ensuring compliance with the laws of the country.

Hackers Take Over Ads on Etherscan

In a separate incident, hackers recently took over advertisements on Etherscan, a popular blockchain explorer, redirecting users to phishing sites designed to drain crypto wallets. 

Blockchain investigation firm Scam Sniffer attributed the large-scale phishing campaign to a lack of oversight from advertisement aggregators, stating that insufficient filtering on platforms like Coinzilla and Persona, from where Etherscan aggregates ads, could expose users to phishing attempts.

All the other phishing sites it's linked to pic.twitter.com/4PjxnYn3ny

— McBiblets (@mcbiblets) April 7, 2024

The wallet drainer scam involves tricking users into visiting fake websites and linking their crypto wallets, allowing scammers to withdraw funds into their own wallet addresses without user authentication or permission.

Last week, Google’s online advertising platform, Google Ads, also promoted malicious crypto websites, exposing users to a phishing scam. 

As reported, threat actors exploited Google Ads to advertise a fake version of Whales Market, an over-the-counter (OTC) crypto platform facilitating airdropped token trading. 

The compromised version of the website appears as a sponsored ad at the top of Google search results, drawing unsuspecting users into the trap.

Earlier this month, Google filed a lawsuit against two individuals from China, Yunfeng Sun and Hongnam Cheung, for utilizing the Google Play store to deceive people into fake crypto investments. 

Although the lawsuit did not disclose the specific names of the implicated applications, Google revealed that it had deactivated 87 fraudulent apps associated with Sun and Cheung over the past four years. 

The post Thai SEC Warns Crypto Exchanges Against Glamorizing Investments, Emphasizes Advertising Compliance appeared first on Cryptonews.

Court documents, dated April 3 but released on April 26, allege that Eisenberg had images in his possession depicting prepubescent minors under the age of 12.

It is important to note that these allegations have yet to be proven in court.

Eisenberg Possessed Materials Related to Child Pornography

Earlier court documents filed in August revealed that the material was initially discovered on Eisenberg’s cell phones and laptops during a search related to the charges of market manipulation and fraud. 

Subsequently, the government obtained a second warrant in February 2023 to expand the scope of the investigation specifically for evidence related to the possession and receipt of child pornography.

Investigative journalist Christopher Brunet was the first to report on the child pornography charges. Brunet claims to have screenshots of Eisenberg engaging in disturbing conversations about children.

The emergence of these charges marks a significant development in Eisenberg’s legal troubles, which already included the conviction for fraud and market manipulation. 

The severity of the allegations surrounding child pornography further compounds the seriousness of the case.

As reported, Eisenberg has been found guilty in a Manhattan federal court for orchestrating a scheme that resulted in the theft of approximately $110 million from the Solana-based DeFi platform.

Prosecutors argued that Eisenberg orchestrated a complex exploit on the platform, leading to substantial financial losses. 

Eisenberg, who has been in custody since January 2023, could face a maximum sentence of 20 years in prison.

$110 Million Mango Markets Exploit

On October 11, 2022, Mango Markets was the victim of an attack in which approximately $110 million was drained from its treasury. 

Shortly after the attack, Avraham Eisenberg came forward as the perpetrator, asserting that the exploit was merely a “highly profitable trading strategy” and claiming it was conducted within the bounds of legality and the protocol’s intended design.

According to prosecutors, Eisenberg utilized two accounts to engage in manipulative trading involving futures contracts tied to the values of Mango’s token MNGO and the stablecoin USD Coin.

These trades purportedly inflated the value of his contracts by 1,300% within 20 minutes, allowing him to borrow against his holdings and withdraw $110 million in various cryptocurrencies.

Subsequently, Eisenberg agreed to return $67 million in exchange for other token holders refraining from pursuing legal action or freezing his assets.

He was arrested on December 26, 2022, in San Juan, Puerto Rico, where he resided, and has remained in custody since then, deemed a flight risk by prosecutors.

On January 9, the Commodity Futures Trading Commission (CFTC) supplemented the FBI’s charges, levying two counts of market manipulation against Eisenberg.

A lawsuit filed by Mango Labs characterized Eisenberg as a “notorious online personality” with a history of attacking multiple cryptocurrency platforms and manipulating cryptocurrency markets.

The post Mango Markets Exploiter Faces Charges of Child Pornography Possession appeared first on Cryptonews.

At the World Economic Forum (WEF) special meeting in Riyadh, Aurangzeb highlighted the nation’s undocumented economy as its biggest hurdle, local outlet World Echo reported. He revealed that Pakistan’s annual revenue stands at Rs. 9.4 trillion ($33.7b), but about half of its economy is not officially recorded.

He also acknowledged the struggle for financial inclusion, particularly for women facing issues like cash theft by family members. He highlighted government assistance programs for women in Pakistan, but also emphasized the potential of digital wallets to empower them financially by offering greater control over their money.

Separately at the event, IMF Managing Director Kristalina Georgieva expressed concern about the economic struggles of some nations, including Pakistan. She indicated a global economic divide, with certain countries thriving while others fall behind.

Pakistan’s CBDC May Address Economic Challenges

Pakistan’s central bank, the State Bank of Pakistan (SBP), is aiming to fast-track the development of a digital rupee, aiming for a potential launch in 2025. Governor Jameel Ahmad announced the plan in July 2023, saying it involves careful consideration of other central banks’ experiences with CBDCs. Ahmad emphasized a cautious approach, prioritizing a well-designed and secure digital currency for Pakistan.

While financial inclusion for the unbanked is a major driver for CBDCs in many developing nations, Pakistan’s central bank might have additional motives.

Pakistan’s high inflation (20.7% as of May) could be pushing businesses and individuals toward alternative currencies like crypto. Despite government crackdowns, Pakistan ranked eighth globally in crypto adoption in 2023, just ahead of Brazil. This suggests the SBP might be considering a CBDC as a way to maintain control over the national digital currency and potentially counter the appeal of cryptocurrencies.

Over 98% of Central Banks Exploring Digital Currency

Pakistan’s central bank risks falling behind in the global race for CBDCs. While regional neighbors like India are already piloting wholesale and retail uses for their CBDCs, the SBP seems to be playing catch-up.

This urgency is underscored by over 98% of central banks worldwide actively exploring CBDCs to improve access to central bank money and expand its functionalities.

The post Pakistan’s Finance Minister Reaffirms Government’s Interest in Digital Currency appeared first on Cryptonews.

Analysts from crypto analytics platform Santiment suggest that this decline in gas fees could be a signal for an upcoming altcoin rally.

According to Santiment’s post on X, the average fee for an Ethereum transaction fell as low as $1.12. 

The platform explained that transaction fees often follow cycles of investor sentiment, swinging between extreme optimism and pessimism. 

Gas Fees Drop During Market Bottoms

Gas fees tend to peak during market tops and then decline to lower levels during market bottoms.

Earlier this year, gas fees on Ethereum reached an eight-month high in February due to a surge in interest for the experimental ERC-404 token standard. 

However, the current low gas fees could indicate a potential increase in activity on the Ethereum network, potentially leading to an altcoin rally.

Santiment suggests that the recent retracement in the markets, coupled with the reduced demand and strain on the network, may result in a quicker turnaround for Ethereum and associated altcoins than expected.

#Ethereum's average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th.

Traders historically move between sentimental cycles of feeling that #crypto is going "To the Moon" or feeling that "It Is Dead", which can… pic.twitter.com/8b8rLMLyIf

— Santiment (@santimentfeed) April 28, 2024

CoinGecko data shows that Ether has experienced a 4.3% gain in the past week, supporting the notion of a slight rally in its price. 

Additionally, on April 27, three Ethereum layer-2 networks—Optimism (OP), Arbitrum (ARB), and Polygon—were among the top five best-performing assets in the top 50 cryptocurrencies by market cap, with gains of 11.7%, 3.5%, and 2.8% respectively.

However, the reduced network activity has led to an increase in the circulating supply of Ethereum. 

Over the past month, 74,458 new ETH were issued, while only 57,516 were burned, resulting in a net supply increase of 16,979 ETH, as reported by ultrasound.money data. 

This stands in contrast to the previous five months, which saw a steady deflation. It’s worth noting that since Ethereum’s transition to a proof-of-stake consensus mechanism, known as ‘The Merge,’ on September 15, 2022, more than 437,000 ETH has been burned.

Ethereum Sees $365 Million in Revenue in Q1

The Ethereum network reported a robust income of $365 million in the first quarter of 2024, an impressive year-on-year revenue growth of 155%. 

As reported, Ethereum’s Q1 income represents a staggering 200% increase compared to the $123 million profit recorded in Q4 2023.

A major contributing factor to this substantial growth was the surge in decentralized finance (DeFi) activity during the quarter, driving heightened network participation.

Ethereum’s fee revenue, generated through user transactions, reached a notable milestone of $1.17 billion in Q1, marking a remarkable 155% increase from the same period in 2023 and an 80% upswing from the previous quarter. 

The amplified network activity, fueled by the surge in DeFi applications, has propelled Ethereum’s average daily transactions in 2024 to surpass last year’s figures.

The current average of 1.15 million daily transactions is in close proximity to the peak levels witnessed during Ethereum’s momentous run in 2021.

The post Ethereum Gas Fees Hit Six-Month Low, Indicating Potential Altcoin Surge: Santiment appeared first on Cryptonews.

The move comes as a response to the recent crackdown on self-custodial cryptocurrency wallet providers by regulatory agencies. 

Both companies have expressed concerns about the classification of self-custodial wallet providers as legitimate money service businesses, following actions taken against Consensys, the creator of Metamask, and crypto mixer Samourai Wallet.

zkSNACKs Bans U.S. Users

In an official statement on April 27, zkSNACKs announced that it would prohibit U.S. users from utilizing its services due to recent announcements by U.S. authorities. 

Similarly, ACINQ explained in a post on X on April 26 that recent regulatory developments raised doubts about whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and subjected to regulation.

Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.

— ACINQ (@acinq_co) April 26, 2024

ACINQ has given Phoenix Wallet users until May 2 to adjust to the upcoming changes, while Wasabi Wallet’s new policy was implemented immediately. 

ACINQ advised Phoenix Wallet users to drain their wallets without force-closing them to avoid significant on-chain fees.

The recent regulatory focus on self-custodial wallets stems from concerns that they may facilitate illicit activities such as money laundering. 

Consensys, the creator of MetaMask, received a Wells notice from the SEC on April 10, which warned of potential enforcement actions related to its MetaMask Swaps and MetaMask Staking products. 

The SEC alleged that Consensys was operating as an unregistered broker-dealer.

Samourai Wallet Co-Founders Arrested

In another incident, the co-founders of Samourai Wallet, a cryptocurrency mixer, were arrested on charges of money laundering brought by the U.S. Justice Department and other agencies. 

Samourai Wallet CEO Keonne Rodriguez and chief technology officer William Hill are facing charges of conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business.

The U.S. government has also been cracking down on crypto-mixing services. 

As reported, the US Treasury has added Tornado Cash, a prominent crypto mixer, to its Specially Designated Nationals list, effectively banning Americans from using this mixer. 

In September 2023, Roman Storm, co-founder of the cryptocurrency mixer Tornado Cash, pleaded not guilty to all charges and was released on a $2 million bond shortly after his arrest. 

He currently faces travel restrictions, confining him to certain regions of New York, New Jersey, Washington, and California.

Likewise, the founder of Bitcoin Fog, a $400 million crypto-mixing service, was convicted of money laundering. 

While the U.S. regulatory landscape has become more stringent, European regulators have taken a slightly different approach. 

The European Parliament’s lead committees recently scrapped a proposed 1,000 euro limit on crypto payments from self-hosted wallets as part of new anti-money laundering laws. 

However, crypto exchanges are still required to perform due diligence, including identity verification checks, on users conducting business transactions of at least 1,000 euros.

The post zkSNACKs Bans U.S. Users from Wasabi Wallet and Other Services Following Recent Developments appeared first on Cryptonews.

However, the reception within the cryptocurrency industry has been met with mixed opinions.

Some members of the crypto community expressed disappointment with the portal’s lack of native support for Bitcoin and Lightning Network. 

“No native Bitcoin and lightning support? Seems like an oversight to ignore the most important cryptocurrency,” Phil Geiger, the vice president of product marketing at Unchained, said in a post on X.

Similarly, a pseudonymous crypto trader named MartyParty shared his sentiment with his followers, claiming that Google is lagging behind in the industry.

Breaking: @Google @googlecloud launches a web3 portal and its pretty terrible.https://t.co/qVqPpPY7YEhttps://t.co/gl8wb5k4UX

Not impressed #Google is way behind. pic.twitter.com/CblunHTDQ1

— MartyParty (@martypartymusic) April 24, 2024

Some Welcome Google’s Web3 Portal

On the other hand, there were those who welcomed the launch of the Web3 portal. 

Ivaibi Festo, the founder of Mitroplus labs, referred to it as a “comprehensive resource” in a post on X, implying their positive perception of the platform.

The Web3 portal offers developers access to various products and provides testnet tokens for deploying and testing decentralized applications (DApps) on Ethereum testnets such as Sepolia and Holesky. 

Additionally, the platform offers a learning program with tutorials on developing NFTs, implementing Web3 loyalty programs, and securing digital assets with multi-party computation (MPC).

Google has been making strides in the Web3 industry with recent developments. 

Notably, users can now search wallet balances across multiple blockchains, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. 

Additionally, Google updated its advertising policies at the beginning of 2024, allowing certain crypto products, including Bitcoin exchange-traded funds (ETFs), to be advertised on major search engines.

Google Started Preparations for its Web3 Portal Last Year

Preparations for the Web3 portal launch began last year when Google Cloud integrated its BigQuery data warehouse with MultiversX, enabling Web3 projects and users to leverage powerful data analytics and artificial intelligence tools within the Google Cloud ecosystem. 

In September 2023, Google’s BigQuery expanded its data warehouse to include 11 blockchain networks, including Avalanche, Arbitrum, Cronos, Ethereum’s Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon’s mainnet, Polygon’s Mumbai testnet, and Tron.

Earlier this month, the company filed a lawsuit against two individuals from China, Yunfeng Sun and Hongnam Cheung, for utilizing the Google Play store to deceive people into fake crypto investments. 

Although the lawsuit did not disclose the specific names of the implicated applications, Google revealed that it had deactivated 87 fraudulent apps associated with Sun and Cheung over the past four years. 

These apps collectively garnered nearly 100,000 downloads worldwide.

“This is a unique opportunity for us to use our resources to actually combat bad actors who were running an extensive crypto scheme to defraud some of our users,” Halimah DeLaine Prado, general counsel at Google, said. 

Google seeks a permanent injunction against the defendants and claims damages exceeding $75,000, which include expenses related to investigating the breach and ensuring platform safety and integrity.

The post Google Cloud’s Web3 Portal Launch Triggers Mixed Reactions in Crypto Community appeared first on Cryptonews.

Storm, along with fellow developer Roman Semenov, was charged by the DOJ with conspiracy to commit money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate sanctions laws through the creation and operation of Tornado Cash.

US authorities have alleged that Tornado Cash has been used by criminal entities, including North Korea’s Lazarus Group, for money laundering purposes.

DOJ Says Tornado Cash Was Launched as a Mixer

In their motion to dismiss the indictment, Storm’s attorneys argued that Tornado Cash is not a custodial mixing service and does not meet the definition of a “financial institution.”

They also contended that Storm had no control over the service and could not prevent entities like Lazarus Group from using it. 

The defense’s position was that merely developing the code for the project does not equate to operating a money laundering entity.

However, in the DOJ’s recent filing, they disputed the defense’s characterization of Tornado Cash. 

They stated that the service was announced in 2019 as a mixer and comprised a website, user interface, a combination of smart contracts, and a network of “relayers.” 

The DOJ asserted that Storm cannot dismiss the indictment based on his own contested view of how the Tornado Cash service operated or his self-serving version of his intent.

The filing also countered Storm’s assertions regarding the functionality of the Tornado Cash interface and the control individual users had over the deposit and withdrawal process.

The DOJ provided screenshots and argued that Storm and his co-founders maintained control over the mixer, at least during the time period covered by the charging document (2019 to August 2022).

The DOJ’s filing repeatedly referenced evidence that they intend to introduce during the trial, including details about how Storm and other Tornado Cash founders built and developed the system and how people utilized the service.

Storm is scheduled to stand trial in September, while Semenov remains at large. 

Storm Asked For Support Against Money Laundering Charges

Earlier this year, Storm sought support from right-to-privacy advocates in anticipation of his upcoming criminal trial.

At the time, Storm said that his legal team was preparing a strong defense for his September 2024 trial. 

“Whether you’re [a] passionate developer like me involved with Web3 or just care about software and privacy, this legal battle will affect you. This case will set a major precedent for years to come,” he said. 

In response, the Arbitrum DAO submitted a proposal that called for the allocation of approximately $1.3 million worth of Arbitrum (ARB) tokens from the community wallet to assist Storm.

However, the submitter has since removed the proposal without providing any reasons.

A crowdfunding campaign on GoFundMe, intended to collect legal fees for Storm and Pertsev, was canceled on February 16 due to a breach of the platform’s terms of service that could expose GoFundMe, its employees, or users to potential harm or liability.

As reported, the US Treasury has added Tornado Cash to its Specially Designated Nationals list, effectively banning Americans from using this mixer. 

The post DOJ Counters Tornado Cash Developer Roman Storm’s Defense, Asserting Money Transmitting Operations appeared first on Cryptonews.

Additionally, the DTCC, a prominent financial services company specializing in clearing and settlement services, will not extend loans against these assets, according to a Friday announcement. 

The decision will take effect from April 30.

The DTCC’s declaration implies that ETFs and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets will experience a complete removal of their collateral value. 

DTCC’s Move to Impact Inter-Entity Settlements

In a post on X, ccryptocurrency enthusiast K.O. Kryptowaluty clarified that this change would primarily impact inter-entity settlements within the line of credit system. 

Individual brokers, depending on their risk tolerance, may continue using cryptocurrency ETFs for lending and as collateral in brokerage activities without major repercussions.

The DTC system, or Depository Trust Company, is a key component of the financial infrastructure of the United States, acting as the central securities depository. DTC is part of a larger organization called the Depository Trust & Clearing Corporation (DTCC)

what you write…

— K.O Kryptowaluty (@KO_Kryptowaluty) April 27, 2024

While the DTCC has taken a firm stance against crypto ETFs, other traditional players have shown a different approach. 

Clients of Goldman Sachs have reentered the cryptocurrency market in 2024, driven by renewed interest following the approval of spot Bitcoin ETFs.

The introduction of spot Bitcoin ETFs in the United States has sparked increased institutional interest in this investment product. 

Within just three months of their launch, all U.S.-based Bitcoin ETFs have accumulated over $12.5 billion in assets under management. 

In February, an estimated 75% of new Bitcoin investments were attributed to the 10 spot Bitcoin ETFs approved in the U.S. on January 11.

However, the net inflows into these ETFs have recently slowed down, with multiple issuers reporting significant outflows. 

On April 25, spot Bitcoin ETFs in the U.S. experienced a net outflow of $218 million, following a $120 million outflow the previous day, according to data from Farside Investors. 

Grayscale’s GBTC ETF alone witnessed a notable single-day outflow of $82.4197 million, bringing the total net outflows from GBTC to a substantial $17.185 billion.

Morgan Stanley to Allow Brokers Recommend Spot Bitcoin ETFs

As reported, Morgan Stanley, one of the leading financial institutions, is exploring the possibility of expanding its sales of Bitcoin ETFs by allowing its approximately 15,000 brokers to actively recommend these products to customers. 

Currently, Morgan Stanley offers Bitcoin ETFs on an unsolicited basis, meaning that customers must approach their advisors independently to express interest in investing. 

By enabling advisors to actively recommend these products, the firm could potentially broaden its customer base, although it would also expose itself to additional liability.

Some financial institutions, like Raymond James Financial and Vanguard, have chosen not to offer cryptocurrency products, citing concerns about their suitability for long-term portfolios.

LPL Financial, the largest independent brokerage with over 22,000 brokers, announced plans in February to evaluate which Bitcoin funds it could offer to customers. 

Meanwhile, Hong Kong is gearing up to launch its much-anticipated spot Bitcoin and Ethereum ETFs by the end of April. 

The Hong Kong Securities and Futures Commission (SFC) recently granted approval to several fund managers to offer these ETFs in a bid to establish itself as a hub for digital assets by introducing a range of cryptocurrency ETFs. 

The post DTCC Declares No Collateral Value for Bitcoin-Linked ETFs, Impacting Loan Extensions appeared first on Cryptonews.

New research from blockchain analysis firm Chainalysis further found the growing prominence of stablecoins in overall on-chain transaction activity. Chainalysis’ “Crypto Spring Report” noted that stablecoins are becoming a true global asset.

4/ Stablecoins offer anyone with an internet connection a gateway to the USD, unlocking new pathways of financial inclusion. The US leads in purchases, but global demand is high, with $40B+ purchased in March alone across diverse nations and regions. pic.twitter.com/AyOxVypS9j

— Chainalysis (@chainalysis) April 25, 2024

Stablecoins Are Becoming More Important

Kim Grauer, Director of Research at Chainalysis, told Cryptonews that by comparing fiat purchases of stablecoins between countries, it’s clear that stablecoins are growing in importance. 

“With a diverse representation of nations and regions–most notably the EU, Turkey, and Thailand–contributing to over $30 billion in purchases in January 2024 alone, and the high share of all transaction volume on-chain, it’s hard to ignore stablecoins’ prominence,” said Grauer. 

According to Grauer, stablecoins—cryptocurrencies with values pegged to an external reference, like the U.S. dollar—have recently represented over half of all on-chain transaction volume. 

“This was collected via the on-chain data that Chainalysis ingests,” added Grauer.

Andrew O’Neill, Managing Director and Co-Chair of S&P Global’s Digital Assets Research Lab, told Cryptonews that he also believes stablecoins are rising in importance. 

“Money doesn’t move at the same speed as information does,” said O’Neil. “On-chain capabilities can help solve this challenge, and right now, stablecoins have emerged in the absence of other tools like central bank digital currencies.”

Stablecoin Use Cases Push Adoption Forward

O’Neil added that recent findings from credit rating firm S&P Global show stablecoins could become a key pillar of financial markets’ blockchain adoption by serving as a digital currency for fully on-chain payments. 

“Investment group Blackrock’s BUIDL fund provides a recent use case,” he pointed out. “The tokenized fund, which uses the Ethereum blockchain and invests in U.S. treasuries, has a liquidity pool denominated in the USDC stablecoin, for which investors can redeem share tokens via a smart contract, instantaneously.”

Stablecoins are indeed proving to be a critical bridge between traditional finance and cryptocurrency. Data shows that the stablecoin market is currently valued at about $150 billion, and is expected to exceed $2.8 trillion by 2028. 

I'm delulu for a bull case

If we all think about it hard enough, maybe we can manifest it

Naur… let the numbers show you

1. Stablecoins are at an ATH since the bear of June 2022
Yes, they're not at an ATH in general. Don't come for me.

But this is a healthy indicator… pic.twitter.com/gMI8OwvMfy

— Beba (@Web3Wand) April 26, 2024

The stablecoin market has also grown more competitive. For example, XRP issuer Ripple recently announced plans to launch a United States dollar-backed stablecoin. 

A Ripple spokesperson told Cryptonews that bringing a trusted USD-backed stablecoin to the XRP Ledger will generate more use cases, liquidity, and opportunities for developers. 

“Ripple will leverage the stablecoin in its own payments solution to provide customers with the best payment experience, taking into account the region, time constraints, and associated fees,” the spokesperson said. 

The spokesperson added that pairing the new stablecoin with XRP will enable more crypto liquidity to service additional cross-border payments demand. 

“This will enable critical on/off ramps and support global scale,” the spokesperson said. “Ripple’s payment solution has already processed more than $50 billion in lifetime volume and has payout capabilities in 80 markets, which represents more than 90% of the daily FX market.”

Stablecoins Provide Access to U.S. Dollars

This is important, as stablecoin use cases such as this also promote dollar dominance since they increase access. Research from S&P Global shows that most USD-pegged stablecoins are actually issued outside of the U.S.

“More stablecoin use cases are related to cross-border payments and on/off ramping relative to crypto,” said O’Neil. 

To put this in perspective, O’Neil mentioned that PayPal’s stablecoin, PYUSD, is often used to facilitate payments and cross-border transactions in Latin America and the Caribbean.  

“The other aspect for stablecoins is remittances,” O’Neil added. “Tether is used heavily to send U.S. dollars to family and friends in emerging markets.”

It’s also worth mentioning that data from CoinGecko found that U.S. Dollar-backed stablecoins represent a 98.9% share of the stablecoin market. 

David Pope, Commissioner of The Wyoming Stable Token Commission, told Cryptonews that the global demand for dollars is strong, and stablecoins simplify and speed the transfer of ownership of those dollars. 

“This is why stablecoins are becoming a true, global asset class,” Pope said. 

Growing Focus For Stablecoin Legislation 

The growing demand for stablecoins has also caused lawmakers to focus on stablecoin legislation. 

In an April 17 announcement, United States Senators Kirsten Gillibrand and Cynthia Lummis introduced legislation establishing a regulatory framework for payment stablecoins.

“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance,” Senator Gillibrand noted.

The Lummis-Gillibrand Payment Stablecoin Act also notes it would “protect consumers by requiring stablecoin issuers to maintain one-to-one reserves and prohibiting unbacked, algorithmic stablecoins.”

S&P Global Says US Stablecoin Adoption Could Soar Following New Rules

S&P Global highlighted how the Lummis-Gillibrand Payment Stablecoin Act could lead to a surge in U.S. stablecoin adoption due to the regulatory framework boosting confidence. The act aims to provide a… pic.twitter.com/LAynaDNfCt

— Maira.Cruz.Gomes (@Mairetinha) April 25, 2024

In addition to The Lummis-Gillibrand Payment Stablecoin Act, United States House Financial Services Committee ranking member Representative Maxine Waters suggested in an April 24 interview with Bloomberg that lawmakers were progressing toward passing stablecoin legislation.

During the interview, she noted that she had been working “very well together” with committee chair Patrick McHenry on legislation on stablecoins and clawbacks for banks. 

Stablecoin Legislation May Drive Adoption

While such legislation would likely prohibit algorithmic stablecoins like TerraUSD (UST) – which depegged from the U.S. dollar in 2022, O’Neil believes that approving a stablecoin bill in the U.S. would accelerate institutional blockchain innovation. 

“A clear federal framework would provide more comfort for institutions using stablecoins,” he said. “This may also give banks comfort to issue stablecoins themselves, which in turn may bring banks into the stablecoin market.” 

Ripple’s spokesperson also believes that now is the time for clear and definitive regulations on stablecoins. 

“The U.S. needs to assert its leadership to provide businesses and banks with the certainty required to proceed,” the spokesperson said. “Without this, the U.S. risks moving technological innovation and user benefits overseas.”

They added that Ripple is still reviewing how this legislation may impact its business, noting, however, that “It’s clear that a stablecoin bill represents a significant step.”

While this may be the case, Chainalysis Head of North America Policy Jason Somensatto told Cryptonews that Chainalysis believes the passage of such legislation will have little impact on stablecoin adoption in the U.S. 

Somensatto said stablecoin adoption is thriving globally despite the lack of an independent stablecoin-specific regulatory regime in the U.S. 

“This is likely because of the use case of stablecoins,” he said. “By giving anyone in the world with an internet connection access to the stability of the U.S. dollar, stablecoins are a crucial solution for residents of countries facing currency volatility, both for preserving savings and even facilitating commerce.”

Given this, Somensatto believes stablecoins will still rise as a global asset regardless of regulations. 

“While major cryptocurrencies like Bitcoin and Ether tend to dominate the headlines and offer gains that stablecoins lack, stablecoins have surpassed all other types of cryptocurrencies in usage, representing over half of all transaction volume in recent months,” Somensatto noted. 

The post Data Indicates Stablecoins Are Becoming A Global Asset Class appeared first on Cryptonews.

Qian played a pivotal role in leading the research effort at the People’s Bank of China (PBOC) to develop and issue a digital yuan, according to a report by state-owned news outlet Shanghai Securities News.

However, he left the central bank in 2018 and has since been working at the China Securities Regulatory Commission.

“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee.”

Further details regarding the specific allegations against Qian were not disclosed.

Qian Had Notable Influence on CBDC Project

Qian’s involvement in the CBDC project was influential not just within China but also globally. 

The development of China’s digital yuan project served as a catalyst for other major jurisdictions worldwide to explore the concept of central bank-issued digital currencies. 

The investigation into Qian’s alleged wrongdoing comes at a time when China is making significant strides in the implementation and testing of its digital yuan, also known as the Digital Currency Electronic Payment (DCEP) system.

The report mentioned that disciplinary review and supervision of the investigation are being conducted by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission, as well as the Supervisory Committee of Shanwei City, Guangdong Province.

China’s most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government for suspected violations of law. The specific reasons are unknown. He was the creator of China’s CBDC and served as the director of the central bank’s digital currency…

— Wu Blockchain (@WuBlockchain) April 26, 2024

According to the Atlantic Council CBDC tracker, 130 countries, representing 98% of global GDP, are currently exploring a CBDC, while 19 of the G20 countries are in the advanced stage of their CBDC development.

In total, 11 countries have fully launched a CBDC, which include China, The Bahamas, Nigeria, Anguilla, Jamaica, and seven Eastern Caribbean countries.

It is worth noting that the United States is among the few countries that have no confirmed plans to launch a digital currency.

However, the country has been still moving forward on a wholesale (bank-to-bank) CBDC.

China’s Central Bank Addresses Crypto Regulation

In its latest financial stability report, the People’s Bank of China (PBoC) addressed issues related to cryptocurrency regulation and decentralized finance. 

The Chinese central bank emphasized the need for joint efforts by different countries to regulate the industry effectively.

In 2021, the PBoC announced measures to combat the adoption of cryptocurrencies in mainland China, advocating for stronger inter-departmental coordination to crack down on crypto activities. 

Despite the ban on virtually all crypto transactions and cryptocurrency mining, mainland China has remained a major crypto-mining hub.

As reported, China is set to revise its outdated anti-money laundering (AML) law in a bid to tackle the increasing risks associated with virtual assets.

The draft amendment, discussed at a State Council meeting chaired by Chinese Premier Li Qiang, will soon undergo review by the national legislature.

While the full text of the proposed amendment has not been disclosed, legal scholars have indicated that its primary objective is to combat money laundering involving virtual assets.

The post Architect of China’s CBDC Project Faces Probe for Alleged “Violations of Discipline and Law” appeared first on Cryptonews.

Bloomberg reported today, citing an anonymous person close to the matter, that Pantera added to their winnings among other bidders as 2,000 SOL tokens sold this week.

FTX, one of the largest cryptocurrency exchanges of its time, went bankrupt in 2022, leaving its crypto holdings under lock. Solana (SOL) made up a majority of these holdings, with over 41 million tokens to be liquidated.

The SOL tokens the FTX estate is selling are locked under a pre-agreed vesting period, meaning they cannot be traded in the market. However, they will gradually become available over the next 4 years.

These SOL tokens have seen high demand from institutional investors, eager to leverage the opportunity to grab some Solana at a discount.

Pantera Capital, an American hedge fund and venture capital firm that manages $5.2 billion in digital assets, is a particularly interested party.

Since early March, Pantera has been raising money to create a fund to purchase up to $250 million worth of locked Solana from the estate.

And they have been successful, winning some of the $2.9 billion of SOL sold earlier this month along with Galaxy Digital at $64 each, significantly below the $178 trading price at the time.

However, the tokens were sold for a higher price than the previous auction. The Bloomberg source did not disclose the exact price, but it will be revealed once the sale information is made public: 

“More auctions are expected.” 

FTX Estate Auction Shakes Up Crypto Market

These discounted sales raise concerns about FTX’s debt repayment capacity and have sparked accusations of creditor rights violations. 

The four-year locked sale terms have fueled dissatisfaction, affecting Solana’s market stability and highlighting the volatility and risks associated with cryptocurrency investments.

Price action after the report indicates a negative sentiment around Solana, which saw the SOL price retracing 2.3% since the publication. However, further decline is possible because the complete sale information has not yet been made public. 

On the other hand, some believe the news is a bullish indicator for Solana’s future with major players in the space showing renewed confidence in its long-term performance. 

The post Pantera Capital Secures More Solana Tokens in FTX Bankruptcy Auction: Bloomberg appeared first on Cryptonews.

The training was conducted by the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA), in collaboration with the United Nations Office on Drugs and Crime (UNODC), the OSCE said in a Friday press release. 

The training, held in Yerevan from April 24 to 26, brought together 27 representatives from various law enforcement agencies.

Armenian Officials Learn Techniques for Crypto Investigation

Over the course of three days, participants immersed themselves in learning fundamental techniques and practical tools crucial for conducting effective investigations into crypto-crimes. 

“Drawing from real-world cases, sessions delved into basic methods for tracing criminal transactions across diverse blockchain networks,” per the announcement. 

The training also provided a platform for the exchange of good practices among the participants, who gained valuable insights into specialized analytics software and open-source tools relevant to the field. 

These tools empower investigators to trace transactions conducted on different blockchains, assess the risks associated with specific addresses and exposure to illicit funds, and identify clusters of various transactions, among other capabilities.

“In the ever-changing landscape of financial technology, it is crucial for Armenia to strengthen its domestic law enforcement capabilities, particularly in the realm of investigating and tracing virtual assets,” Kurban Babayev, economic adviser at OCEEA, said. 

“The OSCE remains committed to aiding Armenia in its endeavors to tackle money laundering, especially in the sphere of virtual assets and cryptocurrencies.”

The training initiative is part of an OSCE-led extra-budgetary project entitled “Innovative policy solutions to mitigate money-laundering risks of virtual assets,” funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States. 

The project aims to assist OSCE participating states in developing national capacities to mitigate criminal risks associated with virtual assets and cryptocurrencies.

Countries Train Authorities on Crypto Forensics

Last year, India revealed that it has offered officials from various cybercrime and police departments training in cryptocurrency forensics and investigation during the financial year 2022–2023.

The training was aimed to equip law enforcement personnel with the necessary skills to combat cryptocurrency-related crimes.

Under the Narcotics Control Bureau, which serves as India’s central law enforcement and intelligence agency, 141 officers received training specifically focused on darknet investigations, cryptocurrencies, and workshops on digital footprints, intelligence gathering from open sources, and social media analysis.

The training comes as a survey conducted by blockchain intelligence company TRM Labs has revealed that 99% of law enforcement needs more training on crypto.

#Binance, in collaboration with Thai government agencies, hosted the first-ever blockchain and crypto training workshop for law enforcement in Thailand

Topics:
Crypto fundamentals
Investigation techniques
Case studies
Crypto exchanges' roles in crime prevention. pic.twitter.com/ey0LDrrlpi

— Binance (@binance) December 7, 2022

The survey collected responses from 300 law enforcement professionals around the globe, 93% of which were from US law enforcement organizations.

Seven out of every 10 respondents reported that their crypto crime investigations are “very” or “extremely” complex, with 61% saying they lacked the adequate tools or technology to accurately support the investigations themselves.

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The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains, according to a report from TechCrunch. 

The news of Stripe’s reentry into crypto payments was unveiled by the company’s co-founder and president, John Collison, at the Connect developer conference held in San Francisco. 

Collison emphasized the improved stability and user experience that stablecoins offer.

“Stripe is bringing back crypto payments—this time with stablecoins, which are a way better experience.”

Stripe Aims to Expand Services

The latest announcement is part of Stripe’s broader strategy to expand its services and open up its platform to integrate with competing payment providers. 

The move aims to break down the company’s walled garden approach and provide customers with more flexibility and options.

Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i

— John Collison (@collision) April 25, 2024

Stripe’s history with cryptocurrency has been a delicate dance, balancing its disruptive fintech roots with the need for stability. 

The company has always sought to be at the forefront of discussions surrounding blockchain-based technologies and their impact on financial services. 

However, it has also been cautious not to compromise its position as a reliable and responsible financial powerhouse. 

Stripe processed a staggering $1 trillion in transactions last year and continues to grow, with a current valuation of $65 billion.

In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency. 

However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange. 

Stripe acknowledged that Bitcoin had become more of an asset than a practical form of payment.

Stripe’s relationship with cryptocurrency took another turn in June 2019 when it became a founding member of the Libra project spearheaded by Facebook. 

However, within a few months, Stripe, along with other prominent companies, withdrew its support for Libra, citing a continued interest in projects that promote accessible online commerce worldwide but expressing openness to collaborating with the Libra Association in the future.

After a three-year hiatus, Stripe cautiously embraced cryptocurrencies again, this time by enabling stablecoin payouts for Twitter users. 

The success of this endeavor appears to have encouraged the company to explore further crypto integration possibilities.

Triple-A Includes PayPal’s Stablecoin in Payment Options

Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.

Last week, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments. 

As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June.

Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.

Tether’s USDT remains the dominant stablecoin in the crypto market, with approximately $110 billion in circulation. 

In comparison, PYUSD, which launched in August 2023, has a circulating supply of just over $200 million.

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