Billionaire Telegram CEO Released on €5M Bail, Not Allowed to Leave France

⚠️ The beleaguered Telegram CEO Pavel Durov, was granted bail on Wednesday, upon a condition to pay €5 million ($5.56 million). He is also placed under judicial supervision with mandatory obligation to sign with the police twice a week.

❕ The Russian-born billionaire tech mogul was detained at a French airport on Saturday, and later charged for 12 potential complicity. Per a statement from Paris prosecutor Laure Beccuau, “Pavel Durov was indicted and placed under judicial supervision.” Further, he is also banned from travelling outside France until further notice.

❕ The indictment noted some of the serious crimes including complicity in child pornography, trafficking and money laundering, and organized crimes. He is also charged for his unresponsiveness to lawful requests and failure to register cryptography services.

KBW2024 Kicks off in Seoul: The Asian City That Never Sleeps

🇰🇷 Korea Blockchain Week (KBW2024) is set to take place in Seoul, South Korea this week, bringing together a global audience of blockchain enthusiasts, developers, investors, and industry leaders. The anticipated event will showcase the latest advancements in blockchain tech, decentralized finance (DeFi), non-fungible tokens (NFTs) and Web3. The event is organized by FactBlock and co-hosted by Hashed.

🔔 South Korea is known for producing world-renowned tech brands like Samsung and automobile giants such as Hyundai. The country is synonymous with the trendy Gangnam District, which gained global fame through the hit song “Gangnam Style.”

⚠️ It is the birthplace of K-pop stars who have taken the world by storm, and culinary delights like kimchi, a staple of its rich food heritage. Terraform Labs’ co-founder, Do Kwon also hails from South Korea. The latest data from Tiger Research states that “South Korea’s position in the Web3 industry is highly significant. The country ranks among the top globally in terms of cryptocurrency trading volume, with the Korean won rivalling the US dollar in trading volume.”

Binance to Shift South African Derivatives Operations to Bahrain

💳 Binance, one of the world’s leading cryptocurrency exchanges, announced today that it will transfer its South African derivatives operations to its Bahrain subsidiary, Binance Bahrain B.S.C. (c). This unexpected move by Binance aligns with the regulatory frameworks of South Africa and Bahrain, ensuring continued compliance and service provision in both countries.

🟡 South African users who wish to continue trading derivatives on Binance will now need to register new accounts with Binance Bahrain and complete a fresh Know-Your-Customer (KYC) process. This is the new standards set by the Central Bank of Bahrain.

💲 The decision to migrate South African derivatives operations to Binance Bahrain is a response to the increasing need for regulatory alignment, given the growing scrutiny from financial authorities worldwide. Binance Bahrain will now serve as the official entity managing derivatives products for South African residents, effectively becoming a Juristic Representative of FiveWest OTC Desk (Pty).

Quidax’s License: A Beacon of Hope or a Regulatory Trap? Insights from Nigeria’s Leading Crypto Analyst

🇳🇬 The Nigerian Securities and Exchange Commission (SEC) has made a landmark decision in the country’s crypto stance by granting “Approval-in-Principle” to two digital asset exchanges, including Quidax Technologies Limited, under its Accelerated Regulatory Incubation Program (ARIP).

🟢 The approval is a precursor to full registration, which will require these platforms to adhere to stringent consumer protection and transparency standards. The SEC’s announcement is part of its dual-track strategy involving the ARIP and the Regulatory Incubation (RI) Program. The ARIP was explicitly designed to onboard firms that had already begun operations before the SEC introduced its Rules on Virtual Asset Service Providers in May 2022.

💲 Conversely, the RI Program is intended to assess digital asset firms’ business models and technological innovations in a controlled, real-time market environment. Through these initiatives, the SEC aims to regulate the burgeoning use of distributed ledger technology (DLT) in creating and trading crypto assets, thereby ensuring a structured and secure growth of the digital assets sector in Nigeria.

Coinbase Achieves Partial Win in Court Battle Against SEC for Crucial Discovery

🏃‍♂️ Cryptocurrency exchange Coinbase has secured a partial victory against the U.S. Securities and Exchange Commission (SEC), potentially gaining access to critical documents regarding the agency’s classification of tokens as securities.

🐰 On September 5, Judge Katherine Failla of the Southern District of New York partially granted Coinbase’s motion to compel the SEC to produce documents. The ruling came as part of Coinbase’s ongoing legal struggle with the SEC, which began in July over the scope of document requests related to the regulator’s stance on digital assets.

💀 According to Coinbase’s Chief Legal Officer, Paul Grewal, the court’s decision is expected to result in the SEC providing “important discovery” for the case. The SEC’s enforcement action against Coinbase, filed in June 2023, accuses the exchange of operating as an unregistered securities exchange, broker, and clearing agency.

TEPCO Subsidiary Ventures into Bitcoin Mining to Harness Wasted Renewable Energy

🖥 A subsidiary of Tokyo Electric Power Co. (TEPCO) is venturing into Bitcoin mining, aiming to utilize wasted renewable energy in a move to promote green energy usage. The TEPCO subsidiary, Agile Energy X, is experimenting with using excess solar energy to power Bitcoin mining operations.

⚡️ According to Kenji Tateiwa, president of Agile Energy X, if the project proves successful, it could encourage the introduction of more renewable energy into Japan’s power grid.

🔑 “What we are doing has few parallels in Japan,” Tateiwa said. “Success of our framework would prompt more green energy to be introduced.” The initiative was driven by the country’s “output control” practices, which involve curtailing renewable energy production to balance supply and demand or manage transmission constraints.

Kamala Harris’ Election Odds Increase on Polymarket After Tuesday Night Debate

🇺🇸 Vice President Kamala Harris’ chances of winning the upcoming U.S. presidential election have surged on Polymarket following her debate with former President Donald Trump on Tuesday night.

⏸ As of now, Harris and Trump are locked in a tie, each holding a 49% probability of victory on Polymarket’s $860 million prediction market. Tuesday’s debate, the first and likely the last between Harris and Trump before the November election, touched on key national issues such as the war in Gaza and abortion rights.

© Notably, cryptocurrency was absent from the topics of discussion, despite growing interest in its potential regulation. Despite this, bettors on Polymarket gave Harris a significant advantage, with 94% believing she won the debate, although official polls are yet to be released.

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Spot Bitcoin ETFs See $39M in Daily Net Inflows as BTC Maintains $58K Level

💲 U.S. spot Bitcoin exchange-traded funds (ETFs) saw daily net inflows of $39.02 million on Thursday, rebounding after experiencing negative flows the previous day.

🟡 According to data from SoSoValue, the bulk of these inflows came from Ark and 21Shares’ ARKB fund, which attracted $18.34 million. Fidelity’s FBTC followed closely, recording $11.47 million in inflows, while Grayscale’s Bitcoin Mini Trust received $5.18 million.

💵 Other notable contributors to the inflows include VanEck’s HODL, which saw $4.95 million, and Franklin Templeton’s Bitcoin fund, which garnered $3.38 million. Bitwise’s BITB also registered positive movement, with $2.22 million in inflows.

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SEC’s Aggressive Crypto Stance Resulted in $15 Billion Loss, Claims John Deaton

🇺🇸 John Deaton, a well-known pro-crypto attorney and U.S. Senate candidate, has accused the Securities and Exchange Commission (SEC) of causing significant financial harm to small investors through its regulatory approach to cryptocurrencies.

🛡 In a recent post on X, Deaton said the SEC’s actions have led to losses exceeding $15 billion for retail investors. Deaton, who has represented thousands of XRP holders in legal proceedings, claimed the SEC’s enforcement practices amounted to “gross overreach,” significantly impacting small investors.

🌐 “The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology,” Deaton wrote.His criticism comes at a time when the SEC has faced increasing scrutiny for its aggressive regulatory posture toward the crypto industry.

Blockchain Ledger Could Revolutionize UK’s $14.5 Trillion Finance Industry, Says Trade Body

📍 A blockchain-based ledger for payments and settlements could transform the United Kingdom’s finance sector, which processes an astounding $14.5 trillion in payments annually. UK Finance, the country’s leading finance trade body, recently praised the potential of the Regulated Liability Network (RLN) to drive innovation in the sector following a successful experimental phase.

⌛ The RLN, a blockchain-powered platform designed for central bank digital currencies (CBDCs) and tokenized assets, has shown significant promise, according to a report published on September 17 by UK Finance. The trade group noted that the RLN could facilitate programmable payments, reducing fraud, and cutting the cost of failed transactions.

➡️ Key to the RLN’s promise is its ability to offer a secure and efficient system for recording, transferring, and settling payments. It is primarily intended for use by commercial banks and can support various forms of digital money, including wholesale CBDCs and electronic money.

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Crypto Exchange BingX Vows to Compensate Users After $43M Hack

🇲🇨 Singapore-based crypto exchange BingX on Friday confirmed a security breach after observing numerous “suspicious” outflows from one of its hot wallets online. Consequently, the exchange promised to compensate users for the losses. The team announced via an X post that it had detected abnormal access to the hot wallet, suspecting it to be a hacker attack. “We immediately initiated an emergency response, including asset transfers and pausing withdrawals,” it said.

📣 BingX further clarified that the losses encountered were minor and they were managing the situation. Additionally, they assured that the majority of assets are secure in cold wallets, while only a small fraction was impacted in the hot wallet. However, blockchain security firm PeckShield reported that the security breach actually led to a $43m loss, primarily involving Ethereum and BNB Chain. At first, the firm had pegged the number to be around $26m.

💿 PeckShield observed that the hacker swiftly exchanged the majority of the pilfered assets for about 4,526 $ETH and 7,864.7 $BNB. As of its last update, the stolen funds totaled 5.3K ETH, 4.1K BNB and 1.65M MATIC. Vivien Lin, BingX’s chief product officer, said that the exchange has temporarily suspended withdrawals to enhance security. During this time, the team is performing an emergency inspection. She added that withdrawals would resume no later than within 24 hours.

Wall Street Funnels Cash Into Harris Campaign as Musk and Crypto Industry Rally Behind Trump

📊 Wall Street, Silicon Valley, and Hollywood donors played a pivotal role in boosting Vice President Kamala Harris’ fundraising efforts in August. The surge has provided the Democrats with a significant financial edge over former President Donald Trump, as they head into the most costly phase of the presidential election, according to a recent report by Fortune.

🔈 Harris’ campaign managed to raise an impressive $361 million in August, bringing the Democratic party’s total cash on hand to $404 million. In contrast, Trump’s campaign raised $130 million during the same period, spending $32 million more than what was brought in due to a costly advertising blitz aimed at countering Harris’ momentum.

🆒 Trump’s primary super political action committee (PAC), Make America Great Again Inc., also saw its reserves dwindle. Despite the close polling, Harris has established a clear lead in the financial race. The Vice President’s fundraising efforts included numerous high-profile events in places like San Francisco and the Hamptons, tapping into California’s deep-pocketed donor base. Her campaign and allied super PAC, Future Forward PAC, have secured $421 million in paid media for the final months leading to Election Day, nearly doubling the $216 million booked by Trump and MAGA Inc.

Kraken Expands European Presence with Acquisition of Dutch Crypto Broker Coin Meester

⚙️ Crypto exchange Kraken has acquired Coin Meester B.V. (BCM), one of the Netherlands’ oldest registered crypto broker firms. The deal, finalized on Tuesday, marks a significant step in Kraken’s strategy to strengthen its footprint across Europe, the exchange said in a blog post.

📎 By acquiring BCM, Kraken aims to solidify its presence in the Dutch market and further establish its position as a registered Virtual Asset Service Provider (VASP) in key European countries, including France and Poland. “The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share,” said Brian Gahan, Kraken Managing Director Europe.

💬 This move comes as the European crypto market gears up for the implementation of the upcoming Markets in Crypto-Assets Regulation (MiCA), which is expected to introduce stricter regulatory standards across the region. Over the past two years, Kraken has been actively expanding its operations across Europe.

🔥 SEED BURN ALERT 🔥

Attention Seedizens,

Your SEED is at risk, and there won’t be any second chances!

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Google Cloud and Solana Labs Team Up to Simplify Web3 Gaming with GameShift

🔒 Google Cloud has joined forces with Solana Labs to launch GameShift, a new API designed to make it easier for developers to integrate Web3 features like non-fungible tokens (NFTs) and digital assets into their traditional Web2 games. According to the Google Cloud’s post from Sept. 23, GameShift is now available on the Google Cloud Marketplace and offers a comprehensive suite of tools tailored to gaming needs.

🖥 These tools include wallets, tokenized assets, on-chain markets, payment systems, and marketplaces. By leveraging GameShift, developers can seamlessly incorporate Web3 elements into their existing game backends, “without requiring any blockchain experience to get started.”

🌧 GameShift’s user-friendly interface and secure non-custodial wallets provide a smooth experience for players. Additionally, the platform helps game studios accelerate development and reduce costs by simplifying the Web3 integration process. “Game studios have recently been considering Web3 for new approaches to growth and development, but are often discouraged by the seeming complexity of the technology and the Web3 community