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2022-12-22 08:48:03 India’s central bank warns crypto to cause next financial crisis if allowed to grow

As the cryptocurrency sector keeps growing despite occasional setbacks, not everyone is on board with the budding asset class, and some are even warning of a major financial crisis if digital assets are allowed to prosper.

One of these naysayers is Shaktikanta Das, the governor of the Reserve Bank of India, who has expressed concern over the speedy growth of crypto assets, warning it could lead to the next financial crisis, Times of India reported on December 21. Das added that the lack of crypto regulation by central banks.

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2022-12-21 08:54:02 Boris Johnson's brother resigns as adviser to Binance subsidiary firm

Joseph Edmund Johnson, brother of former UK Prime Minister Boris Johnson, resigned from his advisory role to a subsidiary company of the crypto exchange Binance, the Telegraph reported. Binance subsidiary firm Bifinity, the Telegraph reported.

UK regulators banned Binance from operating financial services in June 2021. The Financial Conduct Authority, the UK's financial watchdog agency, asserted that the firm lacked the authorization to conduct regulated services in the UK. Binance sought the proper regulatory licenses in November, The Block previously reported. Binance CEO Changpeng Zhao has defended the company's finances by stating.

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2022-12-20 09:53:02 Bitcoin mining difficulty to end year rising by 3%

Bitcoin mining difficulty is expected to increase by at least 3% on Dec. 19 for the final adjustment of the year, according to Bitrawr Bitcoin difficulty estimator. Mining difficulty describes how difficult it gets to solve the cryptographic puzzle necessary.

In 2022, BTC witnessed 26 mining adjustments –16 of them were positive, while the remaining ten were negative. This is slightly different from 2021, when the flagship asset saw 27 mining adjustments –19 of these adjustments were positive, while eight were negative. At the time, BTC saw nine consecutive positive adjustments after China banned Bitcoin mining. Bitcoin network and adjusts every two weeks.

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2022-12-19 10:11:02 Ripple-SEC Case Outcome May Be Announced Just in 2 Months: David Gokhshtein

Founder of Gokhshtein Media David Gokhshtein yesterday tweeted that the court decision on the Ripple vs SEC lawsuit may become known in two months from now, that is at the start of 2023. Earlier this year, he tweeted that should Ripple win.

Many XRP users began trolling Hoskinson for that, calling him a liar. This made the founder of IOG and Cardano state this week that he does not want to be involved in any discussions of the Ripple case or XRP and wishes to distance himself from the XRP army. Garlinghouse does not rule out that the settlement date may be delayed and the case may take a lot longer to resolve.

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2022-12-18 09:55:02 Key financial regulators call for stronger licensing of crypto firms

The Financial Stability Oversight Council convened today for an open meeting, at which several key regulators cited issues with cryptocurrency firms. Gary Gensler maintains that crypto firms remain non-compliant with existing laws.

Crypto exchanges operating within the U.S. currently do so primarily via various state money transmitter registrations. Fellow FSOC member Rohit Chopra, the director of the Consumer Financial Protection Bureau, argued that status quo is inadequate for crypto and other fintech firms, especially those that hold customer deposits without insurance from the Federal Deposit Insurance Corporation.

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2022-12-17 07:36:02 Binance CEO explains why exchange won't refund Mithril 200,000 BNB after delisting

Binance CEO Changpeng Zhao explained why the exchange chose not to refund the deposit of 200,000 BNB to Mithril after delisting its token yesterday. Blockchain project Mithril said it deposited 200,000 BNB to Binance in 2018 — about $1 million at the time.

The Binance chief broke down why the exchange decided to keep Mithril’s deposit. Zhao implied the team made the right decision (of not releasing the deposit), claiming it acted within its right. He said on Twitter that since the website of the project was offline, the Mithril team violated the listing terms. Zhao added the team had the right to take the deposit.

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2022-12-16 05:07:02 Not Boring Capital, Polygon Studios back virtual-pet company in $3-million round: Exclusive

Developers of the recently launched augmented-reality NFT project Onlybots secured an additional $3 million investment in a funding round led by Polygon Studios, Not Boring Capital, HashKey and others, the company said.

Onlybots is actually the first on-chain AR,” said Anima Co-founder Alex Herrity, adding that the NFTs have GPS coordinates attached to each token and are viewable through a smartphone camera; meaning owners can superimpose the digital creatures over the physical world.The collection consists of unique AR-enabled, Lego-like pets users can collect and trade.

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2022-12-15 05:03:02 Binance CEO Tells Staff Next Few Months ‘Will Be Bumpy’: Report

Binance's CEO Changpeng “CZ” Zhao has told employees in an internal memo that he expects the “next several months to be bumpy.”. “get past this challenging period” and that it will “be stronger for having been through it.”.

Zhao pointed to the recent intense examination that many crypto firms are facing, calling this “a historic moment,” but said that Binance is “built to last.”. Following FTX’s collapse and its CEO’s arrest on Monday, the market has turned its attention to the largest crypto exchange by trading volume.

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2022-12-14 09:02:03 'Overbooked' Sam Bankman-Fried to testify before Congress virtually

Former FTX CEO Sam Bankman-Fried will testify virtually before Congress on Tuesday, saying he can’t travel to Washington, D.C. due to his busy schedule and security concerns about paparazzi. after his crypto exchange collapsed and filed for bankruptcy protection.

Bankman-Fried will testify virtually before the House Financial Services Committee for its first hearing on the collapse of FTX and broader implications for the digital asset industry, he said during a Twitter Spaces interview. Bankman-Fried’s crypto exchange, once valued at $32 billion, filed for bankruptcy protection after a run on its utility token last month following concerns that the business wasn't properly capitalized.

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2022-12-13 10:24:02 Skepticism pervades crypto exchange liabilities reports, and Mazars

Binance, the biggest crypto exchange by volume, released a proof-of-reserves and proof-of-liabilities verification on Wednesday. It was conducted by accounting firm Mazars' South African affiliate, and only some are satisfied with the level of transparency and information provided.

Douglas Carmichael, an accounting professor at Baruch College and former chief auditor of the U.S. Public Company Accounting Oversight Board, told the Wall Street Journal something similar when he said that he "can’t imagine it answers all the questions an investor would have about the sufficiency of collateralization" and isn't satisfactory to prove the exchange's finances or liquidity.

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