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World’s largest cryptocurrency by market capitalisation, Bitcoin (BTC) rose past $25,000 for the first time since August, before quickly retreating below the resistance level. The coin recently traded at about $24,920, up more than 9% over the past 24 hours. BTC had been lingering below $22,000
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El Salvador's Ambassador to the United States has revealed that the Central American country is planning to open a “Bitcoin embassy” in Texas. El Salvadoran ambassador Milena Mayorga said on Twitter yesterday that she had met with Texas Deputy Secretary of State Joe Esparza to discuss the idea.
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The Financial Conduct Authority (FCA) is cracking down on unregistered crypto ATMs. The FCA is the financial watchdog in the United Kingdom. The regulator says it recently entered and inspected several sites near the city of Leeds, in the North of England, which was suspected of hosting illegally operated crypto
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Following increased regulatory pressure, Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday. Paxos announced it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows. Data from blockchain intelligence firm Nansen shows that a
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A recent report by Bloomberg has stated that stablecoin issuer Circle had filed a regulatory complaint against Binance in 2022. The report alleged the mismanagement of token reserves before the lawsuit filed last week against the issuer of BUSD, Paxos. The report says Circle Internet Financial issued a complaint to
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The U.S. Securities and Exchange Commission (SEC) has planned to sue Paxos over the issuance of dollar-pegged Binance stablecoin (BUSD), the Wall Street Journal reported Sunday. Paxo is the issuer of Paxos USD (PUSD) and BUSD. An SEC spokesperson told the press that the commission does not comment on
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Tether, the company behind the USDT stablecoin, has recorded an annual profit of $700 million for the year 2022. This comes despite the crypto winter that has lasted for about nine months. The company holds enough reserves to back the token despite processing $21 billion in redemptions last year, according
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Activities on the Ethereum network keep rising, with Uniswap, a popular decentralized exchange taking the lead. This report by Blockworks notes that Ethereum is entering its fourth week of deflationary issuance as the network’s usage increases. The rate of deflationary issuance for crypto indicates that the number of tokens
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Lawyers representing the defunct FTX exchange have received permission to subpoena the company’s co-founders Sam Bankman-Fried and Gary Wang, ex-Alameda Research CEO Caroline Ellison, Bankman-Fried’s parents, and his brother Gabriel. This development is according to a court order filed on Wednesday. The company’s legal team asked for
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Digital Currency Group (DCG) and its bankrupt Genesis subsidiary reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation. According to a person familiar with the issue, the agreement, which begins to resolve
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World’s largest crypto exchange, Binance has confirmed that the exchange plans to pause bank transfers of U.S. dollars this week. “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. It’s worth noting that only 0.01% of our monthly
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U.K. bank Nationwide Building Society has restricted card payments made by users to Binance, the world’s largest cryptocurrency exchange. According to a page on its website, Card payments to Binance are being declined by the U.K. bank "until further notice," adding that customers can still