Bitcoin News and Finance: What You Need to Know

Commonwealth Bank of Australia plans to restrict payments to crypto trading platforms, citing the threat of scams. The measure would deal another blow to digital asset exchanges operating in the country where it has been getting harder to deposit funds for cryptocurrency operations. Crypto Traders in Australia to Face Another Restriction on Fiat Deposits Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined. Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move. Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which repr

Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven. Chinese Banks Reduce Dollar Deposit Rates Major Chinese state-owned banks reportedly cut the maximum interest rates they offer on U.S. dollar deposits this week. They explained that the moves were market-driven, dismissing recent reports by some news outlets that their decisions were influenced by the Chinese government. Reuters, for example, reported Tuesday that “In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates.” The publication cited four people with direct knowledge of the matter. According to a Wednesday report by the Global Times, “some bank insiders” described the reductions in dollar deposit rates as a self-regulatory

Several lawmakers have slammed the U.S. Securities and Exchange Commission (SEC) for regulating the crypto industry by enforcement. One lawmaker says the regulator’s latest action against crypto exchange Coinbase “demonstrates a complete contempt for Congress which is in the process of developing a framework.” Another lawmaker stated that if the regulatory framework were in place, “the SEC wouldn’t have to take the actions that they’ve taken.” Lawmakers Slam SEC and Chair Gary Gensler The U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler have been heavily criticized for regulating the crypto industry by enforcement after the regulatory agency took action against two leading cryptocurrency exchanges this week. The Nasdaq-listed crypto exchange Coinbase faced a lawsuit from the SEC on Tuesday, while and its CEO, Changpeng Zhao (CZ), were hit with 13 charges by the securities regulator a day earlier. The SEC labeled 12 crypto tokens as securities in the Binance l

U.S. Securities and Exchange Commission Chair Gary Gensler discussed crypto exchanges and digital currencies at the Piper Sandler Global Exchange & Fintech Conference. He insisted that there is “nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws.” Gensler reasserted his belief that “the vast majority of crypto tokens meet the investment contract test.” Gensler Dismisses Claim of Exchanges and Crypto Token Issuers Lacking Fair Notice — ‘Don’t Believe It’ Gary Gensler , the current chair of the U.S. Securities and Exchange Commission (SEC), discussed digital currencies at the Piper Sandler Global Exchange & Fintech Conference in New York. Gensler pointed out that some promoters of crypto asset securities claim that their token’s utility exempts it from being classified as an investment contract. However, the SEC chair rejects this argument and insists that “crypto security issuers n

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On June 7, 2023, Bitget, a Seychelles-based platform for crypto derivatives and copy trading, announced the launch of Martingale AI, an AI-infused trading tool. The new feature enables novice crypto traders to utilize strategies developed by AI. Bitget’s Martingale AI: A New AI-Centric Tool for Crypto Traders Artificial intelligence (AI) has been a significant topic this year. On Wednesday, crypto exchange Bitget announced the launch of a new AI-centric tool to assist traders. The Marting AI strategy aims to provide novice crypto traders with a convenient and advanced investment strategy enabled by AI. The strategy utilizes historical market patterns and comprehensive information on market behavior and can be leveraged in both bear and bull market situations. On Wednesday, Gracy Chen, the managing director of Bitget, stated that the company plans to integrate more AI into its products to empower users. “The launch of Martingale AI represents Bitget’s commitment to empowering user