Crypto Land

2023-06-28 21:02:26 Binance Overturns Restriction on Privacy Coins for European Customers

Binance's initial plan to delist specific privacy coins in certain EU nations has now been reversed as the company undertook revisions to ensure compliance with regional regulatory requirements.

The global crypto exchange said that it would reverse its initial plans to halt the trading of privacy tokens in Spain, France, Italy and Poland, after considering community feedback and engaging with various projects.

Last month, Binance told European users over email, that it would no longer offer 12 privacy-focused coins, starting June 26. However, the exchange said it would spare seven tokens from delisting from the four EU nations, including Decred (DCR), Dash (DASH), Zcash (ZEC), PIVX (PIVX), Navcoin (NAV), Secret (SCRT) and Verge (XVG).

"Beam (BEAM), Monero (XMR), MobileCoin (MOB), Firo (FRO) and Horizen (ZEN) are still included in the restrictions," Binance told The Block.

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements,” a Binance spokesperson told cryptonews via email. Open / Comment

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2023-06-27 17:00:06 A Digital Network with Endless Possibilities

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2023-06-26 20:59:00 World$tateCoin (W$C) is the official currency of the 1st crypto state, The World State, which already has over 17,000 citizens.

The citizens of TWS have launched a $1B MARKET CAP CHALLENGE, and it's really taking off. There have already been two waves of pumps, and the market cap has risen from $2M to over $50M USD. $WSC quickly hit the trends on CoinMarketCap and CoinGecko, displacing $PEPE from the top lines on certain days. For several days, $WSC was the #1 top gainer on both CMC and CG.

In two weeks, the $WSC price has surged significantly and retains potential for further growth. To reach the set goal of a $1B market cap, the price needs to climb another 20 times (+1900%). It's worth noting that the price increase is happening without significant corrections, which shows the loyalty of the holders who don't want to sell at current levels and believe in the success of the $1B challenge.

$WSC is a utility token backed by the global web3 ecosystem of TWS. The W$C staking program, with its 300% APR, is also providing substantial price support and generating interest in the project.

Website
CoinMarketCap
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2023-06-25 18:01:43 JPMorgan Enables Euro-Denominated Blockchain Payments through JPM Coin

JPMorgan has expanded its JPM Coin blockchain payment service to include euro-denominated transactions for corporate clients.

The platform, launched in 2019 for dollar payments, allows wholesale payments clients to transfer dollars or euros between JPMorgan accounts around the world, or make payments to other customers of the bank using blockchain technology instead of traditional payment methods.

Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, reportedly said corporate treasurers could use the system to manage liquidity more effectively, such as initiating payments just before they are due to earn more interest income on their deposits.

“There are cost benefits to paying at the right time,” Toprak said. “This could mean they could earn more interest income on their deposits.”

JPM Coin payments operate 24 hours a day, unlike traditional transactions that are typically only processed during business hours and are executed more quickly. Open / Comment

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2023-06-21 21:31:24 Former SEC Advisor: Gensler's Crypto Crackdown Could be Stopped by Legal Doctrine

The crypto industry crackdown spearheaded by the U.S. Securities and Exchange Commission (SEC) could be put to rest by a decades-old legal doctrine, according to one of the regulator’s previous advisors.

In a recent episode of The Scoop podcast, J.W. Verret – a former advisory committee member to SEC chairman Gary Gensler – explained how the major questions doctrine could affect the result of the agency’s latest lawsuits against two of crypto’s largest global companies: Binance and Coinbase.

Verret said the major questions doctrine affects “how courts look at what executive agencies do in the so-called independent agencies and consider how much deference to give the things that they do.”

Historically, the Chevron doctrine has granted regulatory agencies broad discretion in how they oversee certain industries based on broad mandates from Congress with vague specifics.

However, the major questions doctrine, which is viewed as a competing doctrine, states that an agency must receive explicit approval from Congress before trying to regulate a matter of “national, economic or political importance.”

Verret said the major questions doctrine most likely won’t come into play until the Coinbase and BinanceUS cases reach the appellate courts. “But it's one of the things that looms over these cases, without a doubt,” he said. Open / Comment

2023-06-18 18:02:11 BUSD falls to fourth position among stablecoins

After a dip of over $1 billion in the past 30 days, BUSD now sits fourth in market capitalization among stablecoins.

The United States dollar-pegged Binance USD stablecoin now sits at fourth position in market capitalization among other stablecoins, following a dip of over $1 billion in the past 30 days.

At the time of writing, the BUSD market cap stands at $4.3 billion, down 29% from $5.54 billion on May 18. The stablecoin has been in a downward trend since December 2022, when its market cap topped $23 billion.

The decline in BUSD’s market cap parallels major developments surrounding Binance following FTX’s dramatic collapse in November 2022. In December 2022, a report indicating the U.S. Department of Justice would target Binance led to net withdrawals of $3.6 billion in seven days. The exchange saw massive BUSD redemptions from market makers, including more than $245 million from Jump Finance.

A partnership between Binance and Paxos Trust created the BUSD stablecoin in September 2019. Open / Comment

2023-06-15 19:30:47 Bitcoin-Based Strike Debuts Lightning Network Cross-Border Payments in Mexico

Bitcoin payments firm Strike has extended the reach of its cross-border payments service to Mexico, as the company aims to leverage the country’s expansive remittances market.

As of June 14, 2023, the company has introduced its 'Send Globally' service to the third-largest country in Latin America. The service allows users to send funds internationally, providing a convenient solution for cross-border transactions.

Based on data from BBVA Research, in 2021 94.9% of remittance payments flowing to Mexico originated in the US.
According to the digital payments firm, transfers to the country’s citizenry account for approximately 95% of total remittances processed by Strike from overseas senders.

With this move, U.S. dollars (USD) sent to Mexico via Send Globally “will be received as Mexican Pesos in the recipient’s bank account.” – helping to reinforce Strike’s presence in Latin America.

The announcement follows closely on the heels of Strike CEO and co-founder Jack Mallers' recent revelation that the company has decided to bring its custody operations in-house. Open / Comment

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