Bitcoin News and Finance: What You Need to Know

U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow it to establish a European crypto hub in the island nation. Revolut to Expand Crypto Services for Europeans From Cyprus A leader in the neobank sector, Revolut, has received approval from the Cyprus Securities and Exchange Commission ( CySEC ) to operate with cryptocurrencies and other digital assets. The company plans to establish a cryptocurrency hub on the island that will allow it to offer additional services to its 17 million European customers under the EU’s upcoming regulations. CySEC’s approval comes after Revolut obtained similar authorizations in other markets, such as Spain and Singapore, the Cyprus Mail noted in a report. These licenses will enable the London-headquartered fintech to expand its sales in a number of jurisdictions. The platform will continue to serve its Bri...

Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote. Data Shows Illicit Crypto Volumes Are Down Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday. The firm wrote that overall: Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes. Specifically, “Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,” Chainalysis noted. Furthermore, “the cumulative number of individual transfers to scams so far in 2022 is the lowest ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says it’s time to open his closed mind after listening to economist Harry Dent. He is now buying 2-year U.S. Treasury bonds despite repeatedly saying he does not invest in anything printed by the Federal Reserve or Wall Street. Robert Kiyosaki Influenced by Harry Dent, Buys Treasury Bonds The author of Rich Dad Poor Dad, Robert Kiyosaki, is opening his “closed mind” and buying 2-year U.S. Treasury bonds after listening to economic forecaster Harry Dent. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Tuesday: Opening my closed mind. I don’t invest in things Fed or Wall Street print. Time to open my mind. After listening to Harry Dent, I am buying U.S. Treasury 2-year bonds. His ...

On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees as the highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoW) is now 29 days away. Amid The Merge update from the Ethereum Foundation, during the last month, Ethereum network costs have printed some of the lowest onchain fees since 2020. Ethereum Foundation Clarifies ‘Gas Fees Are a Product of Network Demand’ — The Merge Does Not Significantly Change Any Parameters That Directly Influence Network Capacity or Throughput The Ethereum Foundation wants the public to be aware that while The Merge will transition from PoW to PoS, assumptions that fees will drop are false. The statement was added to the foundation’s definition and summary of The Merge hosted on ethereum.org . The page has been updated on a few occasions and the last update occurred on August 16, 2022. Ethereum developers are expected to convene for a meeting on August 18, 2022 . “Gas fees are a product of ne...

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states: The company will proactively exit the crowded crypto exchange space by closing the exchange. The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes. Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” The Nasda...

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading. Binance Receives Regulatory Approval From Kazakhstan Authorities Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center ( AIFC ), has issued a temporary license approval to the world’s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday. The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, the announcement noted. The move co...