Bitcoin News and Finance: What You Need to Know

Authorities in China recently announced the arrest of ten suspects they say are behind an online pyramid platform that is thought to have stolen millions of dollars from unsuspecting users. The suspects are accused of using the promise of high returns and a regular income to lure more victims. A ‘Unicorn in the Field of Global Applications’ Chinese authorities recently said they had arrested ten individuals behind an online platform which they believe to be a pyramid scheme, a regional report from China has said. The report suggests the scammers may have defrauded unsuspecting investors of more than $15 million or 100 million yuan. According to the report , the arrests of the unnamed suspects followed the completion of a six-month investigation into the activities of the platform. The probe was initiated after authorities reported seeing the initial use of digital currency to implement the pyramid scheme in Shanghai. One of the probing teams, the Economic Investigation Team of the...

PRESS RELEASE. BTC Proxy , the Bitcoin Liquidity Protocol on Polygon, has entered into a strategic partnership with Blockchain.com , one of the world’s largest crypto platforms and an early pioneer of key Bitcoin infrastructure. As part of the partnership, Blockchain.com will add BTC Liquidity into the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon network will expand the DeFi ecosystem and provide reward opportunities for users. BTC Proxy believes it has solved a real pain point with Bitcoin by creating a mechanism of interoperability to access stored value from long-term holders without sacrificing safety through the use of qualified custodians. This tokenized volume can then be utilized to provide liquidity and drive value to all the networks involved. BTCpx is the tokenized receipt of Bitcoin ( BTC ) that has been deposited into a qualified custodian. In this arrangement, the BTCpx is used to navigate through carefully crafted and sustainable reward programs ...

Leading cryptocurrency exchange Binance is showing its intention of expanding its activities to Brazil. The company announced that it has signed a memorandum of understanding with a regulated securities brokerage firm in Brazil, with the intention of acquiring it. The company, called Sim;paul Investimentos, offers different investment options to its customers, including various funds and stocks, and is said to be completely compliant with Brazilian laws. Binance Inks Memorandum of Understanding With Sim;paul Investimentos Binance is setting its sights on Latam, specifically Brazil, as the company is making moves to establish a more significant foothold in the country. The exchange announced it has inked a memorandum of understanding with a Brazilian brokerage firm called Sim;paul Investimentos, with the intention of acquiring the company after having cleared the requirements and receiving approval from regulators, including the Bank of Brazil. Binance’s move, according to the pres...

India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian Tax Authority Going After 700 Crypto Investors India’s income tax department is reportedly cracking down on non-payment of taxes from cryptocurrency gains. The department is examining the high-value crypto transactions of about 700 investors, the Economic Times reported Tuesday, adding that the authority is proposing to issue notices to them. Income tax officials said most of these people have either omitted declaring crypto gains on their tax returns or have not filed tax returns at all. They could face 30% tax, penalty, and interest. A senior official with the Indian Central Board of Direct Taxation (CBDT) told the publication: We have a long list of peopl...

The Ukrainian government has launched an official cryptocurrency donation website to raise funds in support of the Ukrainian armed forces and humanitarian aid programs in the fight against Russia. The donation platform is a collaboration between the Ministry of Digital Transformation of Ukraine, Everstake, and cryptocurrency exchange FTX. Government’s Crypto Donation Website Now Live The Ministry of Digital Transformation of Ukraine announced Monday that it has launched the official “ Aid For Ukraine ” website to raise funds in support of the Ukrainian armed forces and humanitarian aid programs in the fight against Russia. The crypto donation platform is in partnership with staking service provider Everstake and cryptocurrency exchange FTX. Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Monday confirming that the official website where anyone around the world can make cryptocurrency donations to Ukraine has gone live. The new donation website describes, “Aid For Ukrain...

The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.” BBB Sees Rising Crypto Scams The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. “This annual report uses data submitted by individuals and businesses to BBB Scam Tracker to shed light on how scams are perpetrated, who is being targeted, which scams have the greatest impact, and much more,” the report explains. Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust, its website details. The report states: Cryptocurrency scams rose from seventh riskiest in 2020 to the second riskiest scam in 2021. Online purchase scams maintained the top position as the riskiest, accounting for 37.4% of all scams reported to BBB Scam Tracker in 2021. Employment scams dropped from...

Japan’s top financial regulator has asked cryptocurrency exchanges in the country not to process transactions subject to asset-freeze sanctions. The penalty for unauthorized payments to sanctioned persons includes three years in prison. Japan’s Financial Regulator and Ministry of Finance Ask Crypto Exchanges to Comply With Sanctions Restrictions Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions efforts surrounding Ukraine following its attack by Russia. The FSA added that it has received approval by the Cabinet to implement “various measures including payment restrictions under the Foreign Exchange and Foreign Trade Act.” The financial regulator detailed that it and the Ministry of Finance have made a request to crypto exchanges in the country not to process transactions subject to asset-freeze sanctions against Russia and Belarus. The FSA detailed: All payments, including payments b...