Mad Money’s Jim Cramer: I Trust My Money More in Draftkings Than I Would Binance
The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.”
The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet, a financial news and literacy website. He tweeted Friday:
Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?
The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been arrested in the Bahamas and the U.S. government and several regulators have brought fraud charges against SBF and the crypto exchange.
The Mad Money host also compared Binance to the fantasy sports betting platform Draftkings, which is banned as illegal gambling in many countries and U.S. states. Cramer tweeted:
I would trust my money more in Draftkings than I would Binance.
Only two days prior, Cramer cryptically asked his Twitter followers: “Do you feel as reassured by Binance as I do?” Many users on the social media platform responded to the Mad Money host, taunting that whatever company Cramer is against is likely to be a good buy.
Bitcoin developer and podcaster Matt Odell commented on Cramer’s Draftkings comparison: “I do not have to trust either company. Unlike you, I hold my wealth myself without trust. It is called bitcoin. Binance. Draftkings. Chase Bank. All require trust. As trust erodes throughout our institutions, the value prop of trust minimized money will become obvious to many.”
Cramer said on CNBC Thursday: “I think you should be negative on crypto. I’m negative on XRP, LTC, and DOGE because I haven’t been able to find anyone that takes them … It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.” Last week, he advised investors to get out of crypto, emphasizing that “it’s never to too late to sell an awful position.” Following the FTX meltdown, Cramer called Bankman-Fried a pathological liar, a conman, and a clueless idiot.
The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs) but sold all his crypto holdings last year. “I told you I sold my bitcoin and ethereum a long time ago … and used the proceeds to buy a very nice farm,” he recently shared. Cramer has been advising investors to avoid investing in speculative assets, including crypto, while the Federal Reserve continues to tighten the economy.
The host of Mad Money, Jim Cramer, has cast doubt on the trustworthiness of crypto exchange Binance. “Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?” he asked, adding: “I would trust my money more in Draftkings than I would Binance.”
The host of CNBC’s Mad Money show, Jim Cramer, cast doubt on the trustworthiness of cryptocurrency exchange Binance in a series of tweets this week. Cramer is a former hedge fund manager who co-founded Thestreet, a financial news and literacy website. He tweeted Friday:
Why are there no strategists who say that most crypto are worthless so sell them? Why can’t people in charge just admit that Binance has no real legitimacy after what happened to FTX?
The crypto exchange founded by Sam Bankman-Fried (SBF) filed for Chapter 11 bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars from its collapse. Bankman-Fried has been arrested in the Bahamas and the U.S. government and several regulators have brought fraud charges against SBF and the crypto exchange.
The Mad Money host also compared Binance to the fantasy sports betting platform Draftkings, which is banned as illegal gambling in many countries and U.S. states. Cramer tweeted:
I would trust my money more in Draftkings than I would Binance.
Only two days prior, Cramer cryptically asked his Twitter followers: “Do you feel as reassured by Binance as I do?” Many users on the social media platform responded to the Mad Money host, taunting that whatever company Cramer is against is likely to be a good buy.
Bitcoin developer and podcaster Matt Odell commented on Cramer’s Draftkings comparison: “I do not have to trust either company. Unlike you, I hold my wealth myself without trust. It is called bitcoin. Binance. Draftkings. Chase Bank. All require trust. As trust erodes throughout our institutions, the value prop of trust minimized money will become obvious to many.”
Cramer said on CNBC Thursday: “I think you should be negative on crypto. I’m negative on XRP, LTC, and DOGE because I haven’t been able to find anyone that takes them … It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.” Last week, he advised investors to get out of crypto, emphasizing that “it’s never to too late to sell an awful position.” Following the FTX meltdown, Cramer called Bankman-Fried a pathological liar, a conman, and a clueless idiot.
The Mad Money host used to invest in bitcoin, ether, and non-fungible tokens (NFTs) but sold all his crypto holdings last year. “I told you I sold my bitcoin and ethereum a long time ago … and used the proceeds to buy a very nice farm,” he recently shared. Cramer has been advising investors to avoid investing in speculative assets, including crypto, while the Federal Reserve continues to tighten the economy.
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Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens.
https://news.bitcoin.com/south-african-retailer-pick-n-pay-now-accepting-payments-via-btc-at-all-its-stores/
https://news.bitcoin.com/south-african-retailer-pick-n-pay-now-accepting-payments-via-btc-at-all-its-stores/
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Here’s what SBF’s fake electronics outlet ‘North Dimension’ looks like.
A shop with obscure brand partners and generic texts, where you can't really buy anything.
As the malpractices of the FTX continue to pop up and be uncovered by prosecutors, it turns out the disgraced crypto exchange’s customers were sending money to a fake electronic online shop, which was reportedly opened by Sam “SBF” Bankman-Fried.
In a complaint filed on Dec. 13, the United States Securities and Exchange Commission (SEC) mentioned North Dimension Inc., an Alameda subsidiary that was a vital part of the FTX financial malpractice. According to the complaint, Bankman-Fried directed FTX to have customers send funds to North Dimension bank accounts in an effort to hide the fact that the funds were being sent to an account controlled by Alameda.
But the most peculiar fact about the company, which was registered at the same address in California as FTX US, was its fake website. Now only available through the Wayback Machine, the site appears to be an electronics outlet. However, there’s no evidence that one could actually buy anything from North Dimension.
Clicking on any item — for example, a $1,199 MacBook Pro with a 13-inch display — leads to a “Get a Quote” page where one can leave a message and contact information. As the text on the page reads, “We collaborate with ambitious brands and people; we’d love to build something great together.”
The site also claimed to be in collaboration with the “world’s premium brands,” but the logos displayed in the partner section are hardly familiar to anyon who’d like to buy a laptop or a smartphone.
The cherry on the cake is surely the website’s “About Us” section, whose texts look like they may have been written by a not-too-smart artificial intelligence.
After being released on a $250 million bail, SBF has reportedly been cashing out large amounts of cryptocurrency. According to an on-chain investigation by decentralized finance educator BowTiedIguana, SBF has cashed out $684,000 in crypto from an exchange in Seychelles.
A shop with obscure brand partners and generic texts, where you can't really buy anything.
As the malpractices of the FTX continue to pop up and be uncovered by prosecutors, it turns out the disgraced crypto exchange’s customers were sending money to a fake electronic online shop, which was reportedly opened by Sam “SBF” Bankman-Fried.
In a complaint filed on Dec. 13, the United States Securities and Exchange Commission (SEC) mentioned North Dimension Inc., an Alameda subsidiary that was a vital part of the FTX financial malpractice. According to the complaint, Bankman-Fried directed FTX to have customers send funds to North Dimension bank accounts in an effort to hide the fact that the funds were being sent to an account controlled by Alameda.
But the most peculiar fact about the company, which was registered at the same address in California as FTX US, was its fake website. Now only available through the Wayback Machine, the site appears to be an electronics outlet. However, there’s no evidence that one could actually buy anything from North Dimension.
Clicking on any item — for example, a $1,199 MacBook Pro with a 13-inch display — leads to a “Get a Quote” page where one can leave a message and contact information. As the text on the page reads, “We collaborate with ambitious brands and people; we’d love to build something great together.”
The site also claimed to be in collaboration with the “world’s premium brands,” but the logos displayed in the partner section are hardly familiar to anyon who’d like to buy a laptop or a smartphone.
The cherry on the cake is surely the website’s “About Us” section, whose texts look like they may have been written by a not-too-smart artificial intelligence.
After being released on a $250 million bail, SBF has reportedly been cashing out large amounts of cryptocurrency. According to an on-chain investigation by decentralized finance educator BowTiedIguana, SBF has cashed out $684,000 in crypto from an exchange in Seychelles.
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Sango Coin listing postponed by Central African Republic.
As the first country to adopt Bitcoin as legal tender in Africa, the Central African Republic appears to be struggling with its investor-oriented token, Sango Coin.
The Central African Republic has announced it will delay the listing of cryptocurrency, Sango Coin, on crypto exchanges due to current market conditions and marketing reasons. The update was revealed in Sango’s Telegram group.
Sango Coin was launched in July with the aim of raising nearly $1 billion over the next year. So far, however, only $1.66 million worth of the coin has been sold, according to the Sango website.
In April of this year, the Central African Republic made Bitcoin legal tender, becoming the first African state to do so. The country had also previously announced a plan to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins. However, this initiative was blocked as unconstitutional by the country's top court in August.
Cointelegraph recently sat down with Mamadou Moustapha Ly, the Central African technician who oversaw the development of Sango Coin while attending a conference in Senegal, West Africa. A payments expert, Ly also runs the Fintech startup Kete Cash. Ly shed light on the creation of what he called a “token–not a currency,” labeled Sango. Sango is the token that would accompany the country’s plans to adopt Bitcoin as a legal tender.
First, Ly stressed that the Bitcoin as legal tender law clearly states that the country will adopt Bitcoin: There is no mention of other cryptocurrencies or even Sango Coin. He painted a clear divide between Sango and Bitcoin:
“The law states that the digital currency that is legal tender is bitcoin. We recognize this as our official currency. Sango coin is a project for the Central African Republic state.”
His comments are backed by the President of the CAR, Faustin-Archange Touadéra. The mathematician has been vocal in his support of Bitcoin, and Bitcoin only. However, the President showed solidarity with the creation of the Sango token, as the country would move toward a “Brighter Future” via blockchain technology.
As the first country to adopt Bitcoin as legal tender in Africa, the Central African Republic appears to be struggling with its investor-oriented token, Sango Coin.
The Central African Republic has announced it will delay the listing of cryptocurrency, Sango Coin, on crypto exchanges due to current market conditions and marketing reasons. The update was revealed in Sango’s Telegram group.
Sango Coin was launched in July with the aim of raising nearly $1 billion over the next year. So far, however, only $1.66 million worth of the coin has been sold, according to the Sango website.
In April of this year, the Central African Republic made Bitcoin legal tender, becoming the first African state to do so. The country had also previously announced a plan to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins. However, this initiative was blocked as unconstitutional by the country's top court in August.
Cointelegraph recently sat down with Mamadou Moustapha Ly, the Central African technician who oversaw the development of Sango Coin while attending a conference in Senegal, West Africa. A payments expert, Ly also runs the Fintech startup Kete Cash. Ly shed light on the creation of what he called a “token–not a currency,” labeled Sango. Sango is the token that would accompany the country’s plans to adopt Bitcoin as a legal tender.
First, Ly stressed that the Bitcoin as legal tender law clearly states that the country will adopt Bitcoin: There is no mention of other cryptocurrencies or even Sango Coin. He painted a clear divide between Sango and Bitcoin:
“The law states that the digital currency that is legal tender is bitcoin. We recognize this as our official currency. Sango coin is a project for the Central African Republic state.”
His comments are backed by the President of the CAR, Faustin-Archange Touadéra. The mathematician has been vocal in his support of Bitcoin, and Bitcoin only. However, the President showed solidarity with the creation of the Sango token, as the country would move toward a “Brighter Future” via blockchain technology.
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Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over $340 million via debt and equity and it expects to raise an additional $60 million from leading international investors. The latest funding round sees MNT-Halan’s valuation rise to over $1 billion which reportedly makes it the country’s “only private billion-dollar company.
https://news.bitcoin.com/egyptian-fintech-mnt-halan-secures-400-million-in-funding-valuation-rises-to-over-1-billion/
https://news.bitcoin.com/egyptian-fintech-mnt-halan-secures-400-million-in-funding-valuation-rises-to-over-1-billion/
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🇪🇺 Europe’s big bet on crypto regulation
EU policymakers hope that a new comprehensive framework to regulate digital assets will give the bloc a first-mover advantage. As governments scramble to figure out how to regulate crypto markets, the European Union has produced one of the most comprehensive crypto frameworks to date.
EU policymakers designed the Markets in Crypto-Assets laws to be a “global standard-setter,” with the hope that greater regulatory certainty will act as a magnet for the digital asset industry. The bill awaits a final vote in the European Parliament in April. Europe’s bet has divided crypto policy experts, with some arguing that the EU’s action is net-positive for the continent. They have also raised concerns, especially around the bill’s effect on stablecoins.
EU policymakers hope that a new comprehensive framework to regulate digital assets will give the bloc a first-mover advantage. As governments scramble to figure out how to regulate crypto markets, the European Union has produced one of the most comprehensive crypto frameworks to date.
EU policymakers designed the Markets in Crypto-Assets laws to be a “global standard-setter,” with the hope that greater regulatory certainty will act as a magnet for the digital asset industry. The bill awaits a final vote in the European Parliament in April. Europe’s bet has divided crypto policy experts, with some arguing that the EU’s action is net-positive for the continent. They have also raised concerns, especially around the bill’s effect on stablecoins.
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🇪🇺 EU banks face stricter rules for crypto holdings
EU policymakers align high-risk provisions for banks holding crypto with a framework for global supervision. Banks holding crypto will need to follow strict laws to ensure capital requirements, lawmakers decided in a European Parliament committee vote on Tuesday.
Reuters reported on Monday, to a bill covering financial capital requirements for traditional institutions. This means that, when the rules would come into effect, banks will need to be able to cover a complete with capital reserves and not be able to gain leverage. The proposed percentage is the highest level of securitization proposed by Basel III reforms set by the Basel Committee on Banking Supervision, which sets international banking standards.
EU policymakers align high-risk provisions for banks holding crypto with a framework for global supervision. Banks holding crypto will need to follow strict laws to ensure capital requirements, lawmakers decided in a European Parliament committee vote on Tuesday.
Reuters reported on Monday, to a bill covering financial capital requirements for traditional institutions. This means that, when the rules would come into effect, banks will need to be able to cover a complete with capital reserves and not be able to gain leverage. The proposed percentage is the highest level of securitization proposed by Basel III reforms set by the Basel Committee on Banking Supervision, which sets international banking standards.
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Sango Coin listing postponed by Central African Republic.
As the first country to adopt Bitcoin as legal tender in Africa, the Central African Republic appears to be struggling with its investor-oriented token, Sango Coin.
The Central African Republic has announced it will delay the listing of cryptocurrency, Sango Coin, on crypto exchanges due to current market conditions and marketing reasons. The update was revealed in Sango’s Telegram group.
Sango Coin was launched in July with the aim of raising nearly $1 billion over the next year. So far, however, only $1.66 million worth of the coin has been sold, according to the Sango website.
In April of this year, the Central African Republic made Bitcoin legal tender, becoming the first African state to do so. The country had also previously announced a plan to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins. However, this initiative was blocked as unconstitutional by the country's top court in August.
Cointelegraph recently sat down with Mamadou Moustapha Ly, the Central African technician who oversaw the development of Sango Coin while attending a conference in Senegal, West Africa. A payments expert, Ly also runs the Fintech startup Kete Cash. Ly shed light on the creation of what he called a “token–not a currency,” labeled Sango. Sango is the token that would accompany the country’s plans to adopt Bitcoin as a legal tender.
First, Ly stressed that the Bitcoin as legal tender law clearly states that the country will adopt Bitcoin: There is no mention of other cryptocurrencies or even Sango Coin. He painted a clear divide between Sango and Bitcoin:
“The law states that the digital currency that is legal tender is bitcoin. We recognize this as our official currency. Sango coin is a project for the Central African Republic state.”
His comments are backed by the President of the CAR, Faustin-Archange Touadéra. The mathematician has been vocal in his support of Bitcoin, and Bitcoin only. However, the President showed solidarity with the creation of the Sango token, as the country would move toward a “Brighter Future” via blockchain technology.
As the first country to adopt Bitcoin as legal tender in Africa, the Central African Republic appears to be struggling with its investor-oriented token, Sango Coin.
The Central African Republic has announced it will delay the listing of cryptocurrency, Sango Coin, on crypto exchanges due to current market conditions and marketing reasons. The update was revealed in Sango’s Telegram group.
Sango Coin was launched in July with the aim of raising nearly $1 billion over the next year. So far, however, only $1.66 million worth of the coin has been sold, according to the Sango website.
In April of this year, the Central African Republic made Bitcoin legal tender, becoming the first African state to do so. The country had also previously announced a plan to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins. However, this initiative was blocked as unconstitutional by the country's top court in August.
Cointelegraph recently sat down with Mamadou Moustapha Ly, the Central African technician who oversaw the development of Sango Coin while attending a conference in Senegal, West Africa. A payments expert, Ly also runs the Fintech startup Kete Cash. Ly shed light on the creation of what he called a “token–not a currency,” labeled Sango. Sango is the token that would accompany the country’s plans to adopt Bitcoin as a legal tender.
First, Ly stressed that the Bitcoin as legal tender law clearly states that the country will adopt Bitcoin: There is no mention of other cryptocurrencies or even Sango Coin. He painted a clear divide between Sango and Bitcoin:
“The law states that the digital currency that is legal tender is bitcoin. We recognize this as our official currency. Sango coin is a project for the Central African Republic state.”
His comments are backed by the President of the CAR, Faustin-Archange Touadéra. The mathematician has been vocal in his support of Bitcoin, and Bitcoin only. However, the President showed solidarity with the creation of the Sango token, as the country would move toward a “Brighter Future” via blockchain technology.
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Alfa-Bank, one of the major Russian banking institutions, has established its own platform for digital financial assets. The launch became possible after Russia’s monetary authority added Alfa-Bank to its register of digital asset issuers this week.
https://news.bitcoin.com/russias-largest-private-bank-launches-digital-asset-platform/
https://news.bitcoin.com/russias-largest-private-bank-launches-digital-asset-platform/
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🇭🇰 Hong Kong Aspires To Become A Crypto Powerhouse Despite An Industry Crisis In 2022
Hong Kong is doing its utmost to offer enough supervision to the crypto market in order to unlock the potential of technologies like Web3. The new regulatory framework aims to provide bitcoin exchanges with the same market recognition that established financial institutions already have.
According to Paul Chan, the financial secretary, the local government and regulators are open to working with crypto and fintech businesses in 2023. On Radio Television Hong Kong (RTHK), Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a foundation connecting high-quality virtual asset enterprises. Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of cryptocurrency infrastructure.
Hong Kong is doing its utmost to offer enough supervision to the crypto market in order to unlock the potential of technologies like Web3. The new regulatory framework aims to provide bitcoin exchanges with the same market recognition that established financial institutions already have.
According to Paul Chan, the financial secretary, the local government and regulators are open to working with crypto and fintech businesses in 2023. On Radio Television Hong Kong (RTHK), Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a foundation connecting high-quality virtual asset enterprises. Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of cryptocurrency infrastructure.
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Uzbekistan Collects Over $300,000 From Crypto Sector
While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies.
Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog.
At the briefing, the National Agency of Perspective Projects (NAPP), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets.
Five crypto platforms are currently authorized to legally operate in the country and they have paid the said total. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade NET, Crypto Market, Crypto Express, and Coinpay.
Since October, crypto service providers in Uzbekistan are required to pay fixed monthly fees for their activities. These range between over $10,000 for cryptocurrency exchanges like Uznex and around $500 for the smaller trading platforms, also referred to as “crypto shops.”
At the same time, operations of individuals and organizations related to crypto transactions are subject to taxation in the Central Asian nation, even when carried out by non-residents and companies based in other jurisdictions, according to the current law.
However, the government in Tashkent has previously warned Uzbekistan’s citizens to avoid unlicensed exchange services. In August 2022, it tried to restrict access to online trading sites based outside the country. Uzbekistanis were allowed to buy and sell coins on domestic exchanges in November, 2021.
The NAPP also noted that 80% of the fees paid by the licensed crypto firms go to the state budget, while the remaining 20% are transferred to its own accounts. In late June, 2022, the agency presented registration requirements for miners who are relieved from taxation as well. Cryptocurrencies, mining and trading were regulated with a presidential decree issued two months earlier.
https://t.me/bitcoin_day
While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies.
Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog.
At the briefing, the National Agency of Perspective Projects (NAPP), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets.
Five crypto platforms are currently authorized to legally operate in the country and they have paid the said total. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade NET, Crypto Market, Crypto Express, and Coinpay.
Since October, crypto service providers in Uzbekistan are required to pay fixed monthly fees for their activities. These range between over $10,000 for cryptocurrency exchanges like Uznex and around $500 for the smaller trading platforms, also referred to as “crypto shops.”
At the same time, operations of individuals and organizations related to crypto transactions are subject to taxation in the Central Asian nation, even when carried out by non-residents and companies based in other jurisdictions, according to the current law.
However, the government in Tashkent has previously warned Uzbekistan’s citizens to avoid unlicensed exchange services. In August 2022, it tried to restrict access to online trading sites based outside the country. Uzbekistanis were allowed to buy and sell coins on domestic exchanges in November, 2021.
The NAPP also noted that 80% of the fees paid by the licensed crypto firms go to the state budget, while the remaining 20% are transferred to its own accounts. In late June, 2022, the agency presented registration requirements for miners who are relieved from taxation as well. Cryptocurrencies, mining and trading were regulated with a presidential decree issued two months earlier.
https://t.me/bitcoin_day
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Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present.
https://news.bitcoin.com/more-than-7000-ordinals-inscription-have-already-been-included-on-the-bitcoin-blockchain/
https://news.bitcoin.com/more-than-7000-ordinals-inscription-have-already-been-included-on-the-bitcoin-blockchain/
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🇭🇰 Hong Kong Aspires To Become A Crypto Powerhouse Despite An Industry Crisis In 2022
Hong Kong is doing its utmost to offer enough supervision to the crypto market in order to unlock the potential of technologies like Web3. The new regulatory framework aims to provide bitcoin exchanges with the same market recognition that established financial institutions already have.
According to Paul Chan, the financial secretary, the local government and regulators are open to working with crypto and fintech businesses in 2023. On Radio Television Hong Kong (RTHK), Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a foundation connecting high-quality virtual asset enterprises. Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of cryptocurrency infrastructure.
https://t.me/bitcoin_day
Hong Kong is doing its utmost to offer enough supervision to the crypto market in order to unlock the potential of technologies like Web3. The new regulatory framework aims to provide bitcoin exchanges with the same market recognition that established financial institutions already have.
According to Paul Chan, the financial secretary, the local government and regulators are open to working with crypto and fintech businesses in 2023. On Radio Television Hong Kong (RTHK), Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a foundation connecting high-quality virtual asset enterprises. Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of cryptocurrency infrastructure.
https://t.me/bitcoin_day
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Bitcoin was trading in the green on Feb. 7, as prices rebounded following a near collision with a key support point. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.
Source
https://t.me/bitcoin_day
Source
https://t.me/bitcoin_day
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📣 Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
Source
https://t.me/bitcoin_day
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
Source
https://t.me/bitcoin_day
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Makerdao Co-Founder Proposes $14 Million Fund to Combat Climate Change; Crypto Supporters Mock Idea
Cryptocurrency advocates have been discussing a proposal by the founder of Makerdao, Rune Christensen, to fund a Scientific Sustainability Fund. An idea that aims to combat climate change and misinformation about energy solutions. Christensen is asking for 20,000 MKR tokens to move forward with the idea. The draft of the Maker Constitution was criticized on social media, with one person comparing Christensen’s idea to the Effective Altruism movement, which is backed by the controversial FTX co-founder Sam Bankman-Fried.
A recent Makerdao Maker Improvement Proposal (MIP) by co-founder Rune Christensen proposes using 20,000 makerdao (MKR) tokens to fund a Scientific Sustainability Fund. According to Christensen, “Scientific Sustainability is a core principle of the Maker Constitution that recognizes the unique critical relationship between financial infrastructure and the global environmental risks of climate change,” This statement was made in a post on the Makerdao forum.
Christensen is a staunch climate change activist that wants the fund to combat “misinformation about energy solutions that have proven, real life track records of achieving scalable decarbonization.” At the time of writing, 20,000 makerdao (MKR) tokens is roughly around $14 million using today’s exchange rates.
Although Christensen believes the science of climate change is settled, there are still those who deny its existence and many people insist that there is “no climate disaster.” Some crypto advocates have mocked Christensen’s plan, with one calling the proposal “trash” and its advocates “thieves destroying value for MKR holders.” Another individual questioned the use of a stablecoin project to combat climate change.
One person commented that it “looks like Rune has gone full Effective Altruism,” referring to the movement promoted by the former FTX CEO Sam Bankman-Fried. In response to this comment, another asked, “Why doesn’t he use his own money instead of the MKR treasury?” While some people liked Christensen’s idea, others recommended that Makerdao partner with Klimadao, a climate finance project.
Cryptocurrency advocates have been discussing a proposal by the founder of Makerdao, Rune Christensen, to fund a Scientific Sustainability Fund. An idea that aims to combat climate change and misinformation about energy solutions. Christensen is asking for 20,000 MKR tokens to move forward with the idea. The draft of the Maker Constitution was criticized on social media, with one person comparing Christensen’s idea to the Effective Altruism movement, which is backed by the controversial FTX co-founder Sam Bankman-Fried.
A recent Makerdao Maker Improvement Proposal (MIP) by co-founder Rune Christensen proposes using 20,000 makerdao (MKR) tokens to fund a Scientific Sustainability Fund. According to Christensen, “Scientific Sustainability is a core principle of the Maker Constitution that recognizes the unique critical relationship between financial infrastructure and the global environmental risks of climate change,” This statement was made in a post on the Makerdao forum.
Christensen is a staunch climate change activist that wants the fund to combat “misinformation about energy solutions that have proven, real life track records of achieving scalable decarbonization.” At the time of writing, 20,000 makerdao (MKR) tokens is roughly around $14 million using today’s exchange rates.
Although Christensen believes the science of climate change is settled, there are still those who deny its existence and many people insist that there is “no climate disaster.” Some crypto advocates have mocked Christensen’s plan, with one calling the proposal “trash” and its advocates “thieves destroying value for MKR holders.” Another individual questioned the use of a stablecoin project to combat climate change.
One person commented that it “looks like Rune has gone full Effective Altruism,” referring to the movement promoted by the former FTX CEO Sam Bankman-Fried. In response to this comment, another asked, “Why doesn’t he use his own money instead of the MKR treasury?” While some people liked Christensen’s idea, others recommended that Makerdao partner with Klimadao, a climate finance project.
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🇷🇺 Russian Parliament Postpones Adoption of Crypto Mining Bill
Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting.
Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC. positions of the various regulators involved in the process.
https://t.me/bitcoin_day
Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting.
Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC. positions of the various regulators involved in the process.
https://t.me/bitcoin_day
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3AC Co-Founder Kyle Davies Fails to Respond to Liquidators' Subpoena Despite Twitter Delivery
According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.
Source
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According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.
Source
https://t.me/bitcoin_day
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📣 Digital Bank Revolut Has Launched A Cryptocurrency Staking Service
According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut allows clients to trade roughly 100 different crypto assets and make purchases using their crypto holdings.
According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut has around 25 million clients worldwide, with the majority of them residing in the United Kingdom and the European Economic Area. To begin, the London-based fintech company will support Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum staking (ETH). The interest rate will fluctuate between 2.99% and 11.65%. The staking space has received a lot of new impetus in recent months.
https://t.me/bitcoin_day
According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut allows clients to trade roughly 100 different crypto assets and make purchases using their crypto holdings.
According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut has around 25 million clients worldwide, with the majority of them residing in the United Kingdom and the European Economic Area. To begin, the London-based fintech company will support Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum staking (ETH). The interest rate will fluctuate between 2.99% and 11.65%. The staking space has received a lot of new impetus in recent months.
https://t.me/bitcoin_day
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Uzbekistan Collects Over $300,000 From Crypto Sector
While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies.
Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog.
At the briefing, the National Agency of Perspective Projects (NAPP), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets.
Five crypto platforms are currently authorized to legally operate in the country and they have paid the said total. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade NET, Crypto Market, Crypto Express, and Coinpay.
Since October, crypto service providers in Uzbekistan are required to pay fixed monthly fees for their activities. These range between over $10,000 for cryptocurrency exchanges like Uznex and around $500 for the smaller trading platforms, also referred to as “crypto shops.”
At the same time, operations of individuals and organizations related to crypto transactions are subject to taxation in the Central Asian nation, even when carried out by non-residents and companies based in other jurisdictions, according to the current law.
However, the government in Tashkent has previously warned Uzbekistan’s citizens to avoid unlicensed exchange services. In August 2022, it tried to restrict access to online trading sites based outside the country. Uzbekistanis were allowed to buy and sell coins on domestic exchanges in November, 2021.
The NAPP also noted that 80% of the fees paid by the licensed crypto firms go to the state budget, while the remaining 20% are transferred to its own accounts. In late June, 2022, the agency presented registration requirements for miners who are relieved from taxation as well. Cryptocurrencies, mining and trading were regulated with a presidential decree issued two months earlier.
While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies.
Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog.
At the briefing, the National Agency of Perspective Projects (NAPP), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets.
Five crypto platforms are currently authorized to legally operate in the country and they have paid the said total. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade NET, Crypto Market, Crypto Express, and Coinpay.
Since October, crypto service providers in Uzbekistan are required to pay fixed monthly fees for their activities. These range between over $10,000 for cryptocurrency exchanges like Uznex and around $500 for the smaller trading platforms, also referred to as “crypto shops.”
At the same time, operations of individuals and organizations related to crypto transactions are subject to taxation in the Central Asian nation, even when carried out by non-residents and companies based in other jurisdictions, according to the current law.
However, the government in Tashkent has previously warned Uzbekistan’s citizens to avoid unlicensed exchange services. In August 2022, it tried to restrict access to online trading sites based outside the country. Uzbekistanis were allowed to buy and sell coins on domestic exchanges in November, 2021.
The NAPP also noted that 80% of the fees paid by the licensed crypto firms go to the state budget, while the remaining 20% are transferred to its own accounts. In late June, 2022, the agency presented registration requirements for miners who are relieved from taxation as well. Cryptocurrencies, mining and trading were regulated with a presidential decree issued two months earlier.
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Kraken Winds Down Staking Program, Pays $30 Million to Settle Unregistered Offering of Staking Services Case With SEC
Kraken, a U.S.-based cryptocurrency exchange, has agreed to wind down its cryptocurrency staking program as part of an arrangement with the U.S. Securities and Exchange Commission (SEC) to settle for the unregistered offer of its staking services. The exchange will also pay $30 million in disgorgement, prejudgment interest, and civil penalties, as indicated by the regulator.
Source
https://t.me/bitcoin_day
Kraken, a U.S.-based cryptocurrency exchange, has agreed to wind down its cryptocurrency staking program as part of an arrangement with the U.S. Securities and Exchange Commission (SEC) to settle for the unregistered offer of its staking services. The exchange will also pay $30 million in disgorgement, prejudgment interest, and civil penalties, as indicated by the regulator.
Source
https://t.me/bitcoin_day
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