Bitcoin News and Finance: What You Need to Know

The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.” Meta Sued for Publishing Cryptocurrency Scam Ads The Australian Competition & Consumer Commission (ACCC) announced Friday that it has taken legal action against Meta Platforms Inc. (formerly Facebook) and Meta Platforms Ireland Ltd. Australia’s competition regulator alleges that the companies “engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures” on Facebook. The ACCC alleges Meta’s conduct “was in breach of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).” In addition, the regulator noted: It is also alleged that Meta aided and abetted o

Former U.S. Congressman Ron Paul says he still believes that the government could outlaw bitcoin mainly because he is “influenced a whole lot by history and the gold history.” Despite his warning, Paul stressed that crypto “should be obviously permitted.” Ron Paul Discusses Bitcoin as Interest in Crypto Rises Former presidential candidate Ron Paul discussed the future of bitcoin and the economic impact of the Russia-Ukraine war in an interview with Kitco news’ Michelle Makori Thursday. Paul is an American author, physician, and retired politician. The former representative from Texas launched The Ron Paul Liberty Report in 2015 to bring “provocative opinion and analysis to the breaking issues affecting our lives and finances,” its website details. The former congressman has repeatedly warned that the government could crack down on bitcoin. “My concern is that governments over centuries have been notoriously very eager to have control of the money. Believe me, they will not give up

A class-action lawsuit has been filed against the Nasdaq-listed cryptocurrency exchange Coinbase alleging that the platform lets customers trade 79 cryptocurrencies that are unregistered securities, including XRP , dogecoin (DOGE), and shiba inu (SHIB). Lawsuit Claims Coinbase Sold 79 Unregistered Crypto Securities to Customers A class-action lawsuit was filed last week against Coinbase Global Inc., Coinbase Inc., and CEO Brian Armstrong. Lead plaintiffs and Coinbase users Christopher Underwood, Louis Oberlander, and Henry Rodriguez allege that from Oct. 8, 2019, to the present, Coinbase let customers buy and sell 79 different cryptocurrencies without disclosing that they are in fact securities. The plaintiffs added that these crypto securities are not registered with the U.S. Securities and Exchange Commission (SEC) or any state regulators, and Coinbase is not registered as a securities exchange or a broker-dealer. The plaintiffs claim that “Coinbase’s sale of these tokens viola

U.S. Congressman Pete Sessions says bitcoin is aligned with American values and will strengthen the U.S. dollar. The lawmaker further noted that the cryptocurrency “is trending to be a more resilient alternative option to hedge against fiat-currency inflation.” Rep. Pete Sessions Sees Merit in Bitcoin U.S. Representative Pete Sessions tweeted about bitcoin several times this week. Sessions represents Texas’ 17th Congressional District and has served in the U.S. House of Representatives for 11 terms. On Friday, he wrote that bitcoin is aligned with American values and will strengthen the U.S. dollar. Many Twitter users replied to the lawmaker expressing a wide range of opinions. Some agreed with him about BTC being aligned with American values but disagreed that the cryptocurrency will strengthen the U.S. dollar. The Chamber of Digital Commerce replied to Sessions: “Thank you for your leadership and support … We couldn’t agree more!” Blockchain Investment Group founder Eric Weis

On Friday, Universal Music Group’s Web3 label dubbed 10:22PM revealed it purchased the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) #5537 for more than $360,000. 10:22PM says that BAYC #5537 will become the female manager for the first-ever metaverse group. UMG’s 10:22PM Acquires Bored Ape #5537 for 125 Ether Universal Music Group (UMG) and the firm’s Web3 label 10:22PM explained on Friday that the metaverse group called KINGSHIP now has a new manager. 10:22PM acquired the Bored Ape Yacht Club (BAYC) NFT #5537 for more than $360,000 or 125 ETH at the time of settlement . In addition to being identified as Bored Ape #5537, the Web3 label noted that the female character will be KINGSHIP’s manager and will be called “Manager Noët All.” UMG revealed the Web3 label 10:22PM and the KINGSHIP group in mid-November 2021. Interestingly, on the same day, the hit record producer professionally known as Timbaland announced the launch of a BAYC entertainment label called Ape-In Produ

As cryptocurrencies, bitcoin, decentralized finance (defi), and non-fungible token (NFT) technology experienced extreme growth during the last year, interest in crypto tattoos has risen a great deal. According to a recent study published by Crypto Head, searches for tattoos related to cryptocurrencies jumped 222% over the last year. Study Shows a Growing Interest in Crypto and Bitcoin Tattoos A report published by Crypto Head and shared with Bitcoin.com News indicates that people have been more interested in getting crypto-related ink done than last year. Crypto Head’s study analyzed Google search volume and Instagram hashtag data, which show interest in crypto tattoos has risen 222% during the last 12 months. According to the research findings, 1,900 queries involved the search term “crypto tattoo.” Love my #Bitcointattoo ……thinking about some $ADA tat..too💪😉 pic.twitter.com/lnlFnISt7M — Crypto Chris (@Bitcoin1Network) March 6, 2021 “Bitcoin tattoo,” on the other hand, s

Privatbank, the largest commercial bank in Ukraine, has temporarily halted transfers in national currency to digital asset exchanges. The financial institution explained the move with restrictions imposed by the country’s central bank under the current martial law. Leading Bank in Ukraine Bans Clients From Sending Hryvnia to Crypto Trading Platforms Ukraine’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in Ukrainian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been introduced on March 16. According to a statement, quoted by the crypto news outlet Forklog, the measure stems from a resolution issued by the National Bank of Ukraine (NBU) on Feb. 24, the day when Russia launched its military invasion of the country. Although it does not specifically mention crypto-related transactions, the document regulates the operation of the banking system under martial law and introduces strict

Dubai’s Virtual Asset Regulatory Authority has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets. Dubai Licenses Binance and FTX Cryptocurrency exchanges FTX and Binance have been licensed by Dubai’s Virtual Asset Regulatory Authority (VARA). The regulator was established last week when the first law to regulate crypto assets was adopted in Dubai. Binance announced Wednesday: We have been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA). With this license, “Binance will be able to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region,” the company explained. “All licensed VARA service providers will be monitored progressively to open access to the retail market,” Binance noted, adding that in the future, it “will be permitted to extend limited exchange products and services to pre-qua

U.S. Senator Elizabeth Warren and 10 other lawmakers have introduced the “Digital Asset Sanctions Compliance Enhancement Act of 2022.” The bill “would place sweeping restrictions on persons who build, operate, and use cryptocurrency networks even if they have no knowledge or intent to help evade sanctions,” an expert said. Lawmakers Unveil Digital Asset Sanctions Compliance Enhancement Act U.S. Senator Elizabeth Warren introduced a bill titled “Digital Asset Sanctions Compliance Enhancement Act of 2022” during a Senate Banking Committee hearing Thursday. The bill is co-sponsored by 10 other Democratic senators, including Mark Warner, Jack Reed, and Jon Tester. The aim of the bill is “to ensure that Vladimir Putin and Russian elites don’t use digital assets to undermine the international community’s economic sanctions against Russia following its invasion of Ukraine,” the senators explained in a joint press release. Noting that the bill will “strengthen our sanctions program and c

Luno cryptocurrency exchange recently announced the launch of an investment arm, Luno Expeditions, whose objective is to invest in fintech, crypto, and Web3 startups globally. The investment arm will target digital assets and later-stage companies starting from Series A upwards. Funding Over 200 Startups per Year One of Africa’s pioneering cryptocurrency exchanges, Luno, recently announced the launch of an early-stage investment arm whose objective is to back fintech, crypto, and Web3 startups. Known as Luno Expeditions, the investment arm is expected to fund somewhere between 200 to 300 startups each year, a report has said. According to a report by Techcrunch, CEO Jocelyn Cheng will lead the all-female team of five at Luno Expeditions. The report added that Barry Silbert, the founder and CEO of Digital Currency Group (DCG), and Marcus Swanepoel of Luno, will be a part of the new venture capital company’s Investment Committee. Also in the report, Cheng — who has previously held i

As western sanctions increase the pressure on their country’s economy, many young Russians consider cryptocurrency to be a “reliable and profitable” investment option. According to a recent study, the share of Russian citizens who know about bitcoin has reached two thirds of the population. Under Sanctions, Russians Consider Buying Property, Gold, and Crypto Financial and other penalties imposed by the West over Moscow’s decision to invade Ukraine are already affecting the economic situation in Russia. Despite the bleak perspectives, for many Russians property and gold continue to be — just like before — the most desired investment. The share of those who regard the purchase of real estate as the most reliable investment has been declining in the past few years but it’s still 33% in 2022, the Russian analytical center NAFI revealed in a new report. And 36% of the respondents in its study believe it’s the most profitable option. At the same time, gold has been gaining recognition a

During the last 24 hours, the cryptocurrency community has been discussing the launch of a new token called apecoin (APE), released by the newly-formed Apecoin DAO. At launch, the token exchanged hands for $10.36 per coin, but dropped more than 40% to $6.21. Since the token’s all-time low and Bored Ape Yacht Club (BAYC) owners getting a sizable airdrop, the price of APE moved closer to the price it saw when it first came out. Apecoin DAO Airdrops Tokens to NFT Owners, Forms the Ape Foundation There’s a new crypto token among the 13,243 cryptocurrencies in existence and it’s already positioned itself in the top 100. Apecoin (APE) was launched after the creation of a decentralized autonomous organization called Apecoin DAO, initiated by the firm Yuga Labs. According to the non-fungible token (NFT) startup, the Apecoin DAO will be managed by council members. Additionally, the formation of an Ape Foundation has been constructed in order to help manage the DAO’s governance process. “Ap

Qatar Central Bank is presently examining the possibility of issuing a digital currency as well as digital bank licensing, an official has said. The official adds this study will help the central bank get an understanding of what its area of focus should be. The Growing Significance of CBDC An official with the Qatar Central Bank (QCB) has said the institution is presently studying digital bank licensing as well as digital currencies. The official, Alanood Abdullah Al Muftah, the head of the bank’s fintech division, adds the study will enable the QCB to gain a better understanding of what its area of focus should be. In her remarks to The Peninsula, Al Muftah said the study will look into “the different aspects and verticals of fintech.” The study will also determine if it is feasible for Qatar to have a central bank digital currency (CBDC) or not. “In the next couple of months, there will be [a] greater understanding about the future focus of [the] QCB. Each central bank should

On March 16, Arthur Hayes, the co-founder of the cryptocurrency exchange Bitmex, published a blog post called “Energy Cancelled,” which describes the economics behind the ongoing Russia-Ukraine war. Hayes explains in his 26-minute long opinion piece that historians may point to February 26, 2022, as the time in history when the “Petro Dollar / Euro Dollar monetary system” ended. Speculation Concerning an Independent International Monetary and Financial System Free From the Petro Dollar and Euro Dollar Monetary System There’s been a lot of economic calamity since the start of the Russia-Ukraine conflict, as financial conditions worldwide have tightened and Russia has been sanctioned by a large swathe of countries. Analysts and economists believe the war and sanctions could have negative effects on the global economy and on March 5, the International Monetary Fund (IMF) warned the “economic consequences are already very serious.” A few days after the IMF warning, U.S. lawmakers int

PRESS RELEASE. Meme coins have been trending for a while now in the crypto space and most of them are animal related. Dogs, in particular, are the most popular meme element used in global meme coin community. From Dogecoin to Shiba Inu (SHIB), the success of numerous meme coins has been witnessed by the vast majority of crypto investors and enthusiasts. And now, this everlasting trend of using animal as the major meme coin element might just come to an end, with the inception of a new meme created by a prodigy. Recently, random (RND), a 12-year-old primary school student’s new project, once again set off a “meme boom” and caused a sensation in the crypto community. After receiving widespread attention, it’s now listed on LBank Exchange to provide opportunities for more people who are interested in investing RND. Meme and the Prodigy On February 6, an extensive discussion occurred in the crypto space, all because a 12-year-old child released a video tutorial of smart contract on bi

Several European regulators have issued a joint warning on crypto assets. “These assets are not suited for most retail consumers as an investment or as a means of payment or exchange,” they stressed. EU Supervisory Authorities Warn About the Danger of Investing in Crypto Assets Three European Supervisory Authorities (ESAs) issued a joint statement warning about the risks of crypto assets Thursday. The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) “warn consumers that many crypto assets are highly risky and speculative.” Their statement also outlines “key steps consumers can take to ensure they make informed decisions.” The regulators explained that their warning followed “growing consumer activity and interest in crypto assets and the aggressive promotion of those assets and related products to the public, including through social media.” The supervisory authorities st

Kenyans are believed to have lost as much as $120 million to cryptocurrency scammers in the last financial year, a government official has said. The official, however, suggested the number of Kenyans losing funds this way can be reduced if the media helps by disseminating the right information. Media Told to Offer Guidance A Kenyan cabinet secretary has claimed his fellow countrymen lost about $120 million to crypto scammers in the last financial year. The secretary, Joe Mucheru, added that many Kenyans are getting scammed because they lack the proper information. In his remarks while speaking at a conference focused on law and order, Mucheru suggested the number of those suffering after losing funds to criminals can be reduced if the media plays its part. He explained: I think even as you report and investigate these issues, you can also be giving people guidance on the direction, where they need to invest, how they need to protect themselves. Mucheru also encouraged the shar

President Volodymyr Zelenskyy has signed the law “On Virtual Assets” which aims to regulate the crypto market in Ukraine. The approval comes as his country is increasingly relying on cryptocurrency donations to fund its defense and deal with humanitarian problems amid an ongoing Russian invasion. Law Regulating Cryptocurrencies Approved by Ukraine President Zelenskyy Ukrainian President Volodymyr Zelenskyy has signed into law a bill establishing rules for cryptocurrency transactions. The law “On Virtual Assets” will allow crypto platforms to operate in the country which has been using digital assets to finance its defense efforts and help its civilian population in the face of Russia’s military assault. “Ukraine has legalized the crypto sector,” the Ministry of Digital Transformation tweeted on Wednesday. “From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally and banks will open accounts for crypto companies,” added the department, which has been involv

As the Russia-Ukraine conflict continues, blockchain surveillance companies have discussed and implemented ways to combat sanctioned countries from using digital assets. Last week, Chainalysis revealed screening tools for crypto firms that aim to comply with international sanctions. On Monday, the CEO of Elliptic published a blog post describing the company’s work to combat sanction evasion. Elliptic CEO Speaks on the Company’s ‘Work to Combat Sanction Evasions in Crypto’ This week, Simone Maini, the chief executive officer of the blockchain surveillance firm Elliptic, published a blog post concerning how the company deals with sanction evasions tethered to crypto assets. Maini’s blog post stresses that “the war in Ukraine has demonstrated that powerful technologies such as cryptocurrency can be used in both positive and negative ways.” The Elliptic CEO details how funds were raised for the Ukrainian government and other Ukraine-based NGOs. On the other hand, Maini’s blog post no

A lot has happened since the idea of Penguin Karts was first conceived. Who would have thought that a nostalgic memory would spawn the development of a blockchain project, let alone one that has been gaining steam like this. Today, we wanted to highlight what we believe makes Penguin Karts special and (if you’ll excuse the pun) how it really drives forward the blockchain gaming scene. The Game For those who don’t know, Penguin Karts is an immersive 3D battle-racing game built on the blockchain . Essentially, it takes the arcade-style kart racing you know and love and seamlessly introduces NFT dynamics alongside a Play-to-Earn system. Here’s what that means for you, as the player: you race against up to eight opponents across a selection of tracks while earning prizes and NFTs , which can be used in game (skins for your character and kart, for example) or sold for profit . There are also leaderboards to contend with, tournaments to take part in and even a wager system to

The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India’s central bank digital currency (CBDC), that the RBI will launch this financial year, is “a digital version of traditional paper currency.” Indian Parliament Asks Government About ‘RBI Cryptocurrency’ The Indian ministry of finance answered some questions Tuesday in Rajya Sabha, India’s upper house of parliament, regarding “RBI Cryptocurrency.” Rajya Sabha member Sanjay Singh asked the finance minister to state “whether it is a fact that [the] government is planning to introduce a cryptocurrency that will be regulated by the Reserve Bank of India (RBI).” Pankaj Chaudhary, the minister of state in the ministry of finance, replied: “No sir.” Singh further asked whether the government is aware that cryptocurrency “is unregulated and free from government intervention.” Minister Ch

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted the end of the U.S. dollar. Furthermore, he said that the Russian-Ukraine war has given rise to crypto as “a safer haven asset than government fake fiat money.” Robert Kiyosaki on War and Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, discussed bitcoin, the Russian-Ukraine war, and the end of the U.S. dollar in a series of tweets Tuesday. 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. Citing that many Russians are using bitcoin as a lifeline after the Russian ruble collapsed , he wrote: “Ukraine/Russian war giving rise to crypto as a safer haven than government fake fiat money.” Kiyosaki also tweeted Monday that the Biden administration and the Federal Reserve “want infl