Bitcoin News and Finance: What You Need to Know

The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national crypto association, is asking Sunacrip to open communication channels with the community affected by its actions. Venezuelan Government Extends Sunacrip Intervention by Six Months The Venezuelan government has announced the extension of the restructuring of Sunacrip, the cryptocurrency watchdog of the country, by six months more. The executive order, which extended the intervention, also ratified each member of the restructuring board in their charges. Sunacrip will now have until next March to complete its restructuring processes. Sunacrip was intervened in March due to the arrest of its former head, Joselit Ramirez, who was arrested due to alleged links with a corruption scheme where the institution would have served as an intermedia...

Crypto exchange Binance is closing down all exchange services and business lines in Russia. The company has entered into a sales agreement with Commex. A Binance executive explained that operating in Russia is not compatible with the company’s compliance strategy. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” he emphasized. Binance Fully Exiting Russia Cryptocurrency exchange Binance announced Wednesday that it will fully exit Russia. According to the announcement: “ has entered into an agreement to sell the entirety of its Russia business to Commex.” According to its website, Commex is “a centralized cryptocurrency exchange backed by top-tier crypto VC.” Binance added that to “ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.” Noting that the financial details of the deal will not be disclosed, the crypto exchange str...

Coinbase CEO Brian Armstrong has slammed JPMorgan’s British retail bank, Chase UK, for changing its policy to block all crypto-related payments. Calling the move by Chase “totally inappropriate,” the Coinbase boss said: “UK crypto holders should close their Chase accounts if this is how they’re going to be treated.” Meanwhile, the British government is striving to make the U.K. a global crypto hub. Coinbase’s CEO Slams Chase Bank Over Anti-Crypto Policy The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, publicly criticized JPMorgan’s British retail bank, Chase UK, on Wednesday for changing its policy to block all crypto-related payments. The Coinbase executive wrote on social media platform X: Totally inappropriate behavior from Chase UK (this is their UK bank only is my understanding) … UK crypto holders should close their Chase accounts if this is how they’re going to be treated. Armstrong also alerted British Prime Minister Rishi Sunak and Member of...

Economist Peter Schiff has warned of an impending biggest bond market crash in U.S. history. “The coming economic and financial crisis will be unprecedented in size,” he added. “The stagflation nightmare will soon be a full-blown reality. Very few investors are actually prepared for this outcome,” he further cautioned. Peter Schiff’s Latest Economic Warnings Economist and gold bug Peter Schiff issued more warnings about the U.S. economy and the U.S. dollar in multiple posts on social media platform X over the past few days. He wrote on Wednesday: We are still early in what will become the biggest bond market crash in U.S. history. Given that the U.S. economy is more levered now than at any time in history (governments, corporations, and individuals), the coming economic and financial crisis will be unprecedented in size. “The financial crisis we are about to experience will be much worse than anything that happened in 2008, yet Wall Street and the Fed are even more clueless now ...

Crypto exchange Binance has issued a recommendation for customers using the services of Paysafe for euro (EUR) transfers. The crypto trading platform is advising users to convert their euro balances to tether ( USDT ) or withdraw them to bank accounts after the payment processor suspended deposits and withdrawals in the common European currency. Binance Urges Traders to Take Action Amid Paysafe Suspension of EUR Transfers The world’s largest exchange for digital assets, Binance, issued a notice calling on users of Paysafe Payment Solutions to take “appropriate actions” in relation with the payment company’s decision to stop processing euro deposits and withdrawals for Binance customers. In June, the U.K.-based payment processor announced its decision to cease offering its embedded wallet solution to Binance across Europe. It was expected to drop support for bank transfers of euros to and from Binance via the Single Euro Payments Area (SEPA) in late September. On Thursday, Binance ...

Meta Platforms, the parent company of Facebook and Instagram, launched its own chatbot based on artificial intelligence (AI) technology. Meta AI provides an alternative to products like Openai’s Chatgpt and is setting out to offer interaction tailored to attend to different interests and solve specific tasks. Zuckerberg Unveils Meta AI Chatbot, AI Personas at Meta Connect Event Meta CEO Mark Zuckerberg announced the launch of the U.S. tech giant’s new AI-powered assistant in a keynote speech at the Meta Connect developers conference on Wednesday. The chatbot will compete against the already established player in the space, Chatgpt, and other offerings like Google’s upcoming Gemini. It became clear from Zuckerberg’s presentation that Meta’s approach to the development of AI differs from the rest of the industry in that the company does not believe in a “singular superintelligence” for everyone. In its view, most people would rather have a number of AIs for different purposes or eve...

Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods. China Allows Foreign Users of Its Digital Yuan to Preload Their E-CNY Wallets The operators of China’s central bank digital currency (CBDC) platform have upgraded its payment services to make the process of spending the digital yuan (e-CNY) more user-friendly to foreign nationals visiting the country, the state-run China.org.cn portal informed readers. The newly introduced “recharge before use” feature on the digital yuan app allows visitors to replenish the built-in e-CNY wallet using the online services of the leading global payment networks Visa and Mastercard. Foreigners can also load the Chinese digital currency wallet by depositing cash in a bank office. At the end of their stay,...

While both attackers and smart contract auditors are motivated to find vulnerabilities in code, according to Eyal Meron, the co-founder and CEO of Spherex, the former “is always more incentivized as the protocol’s total value locked (TVL) grows.” To overcome this challenge, Meron told Bitcoin.com News that decentralized protocols will need to put in place what he called “asymmetric countermeasures.” Human Error and Smart Contract Vulnerabilities The Spherex boss also suggested deploying an exploit prevention solution as another way protocols can prevent attackers from using errors in code to steal digital assets worth millions. Meron, a senior veteran of the elite Israeli 8200 cyber unit, nevertheless admits that most smart contract vulnerabilities are often the result of human error which in many cases is “inevitable.” One common error, which according to Meron is almost impossible to detect, often occurs when developers “overlook how every code line affects the contract dependin...