Bitcoin News and Finance: What You Need to Know

South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements. 11 Crypto Exchanges Could Be Shut Down South Korea’s top financial regulator, the Financial Services Commission (FSC), will reportedly shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, citing unnamed industry sources. The 11 crypto exchanges allegedly used fraudulent collective bank accounts and the FSC plans to notify prosecution and police of the alleged illegal activities, the sources added, noting that the exchanges will find it impossible to get approvals from the FSC to continue their businesses. The names of the exchanges have not been disclosed. Crypto exchanges must obtain approval from the FSC by Sept. 24 to continue operations.

A new proposal of a digital transformation law, written by a group of lawmakers in Spain would introduce the possibility of paying mortgages with cryptocurrency. The law draft also gives different incentives for companies and organizations using and developing solutions using these technologies, including tax cuts. Banks are also included in the regulation, and the draft includes the use of smart contracts for managing some processes in these organizations. Spain Would Include Crypto in Its Mortgage System A new draft of a digital transformation law, presented by a group of lawmakers from the Popular Party in Spain, would regulate and legalize several new technologies like cryptocurrency, blockchain, and AI in the country. Among its numerous proposal, it contemplates the possibility of house owners paying their mortgages with cryptocurrencies, enticing the use of these assets as means of exchange. But the proposal also extends this functionality to investment firms to create their

Fun and excitement have been let loose for players to experience amazing new games at Bitcoin.com’s very own crypto gaming portal! An enthralling range of games are on offer at Bitcoin.com Games – the crypto casino that players have come to love to play their favorite games on in recent years. Ever since its inception back in 2016, the casino portal has quickly become a favorite amongst crypto enthusiasts owing to the wide variety of games, a robust platform, and the trustworthiness of the Bitcoin.com brand. With undeniably exciting games from highly sought-after gaming providers such as BGaming, Playson, Pragmatic Play, and more, the crypto casino is now upping the ante by adding a slew of new titles from another premium provider- iSoftBet . Players can now enjoy massively popular hits such as Aztec Gold Extra Gold Megaways, Fu Fortunes Megaways, Twisted Tale Series: Moriarty Megaways, and many other high octane slot games from the newly-added developer. Bitcoin.com Games is

Regional reports from China indicate that government officials have been reviewing over 5,100 small-sized hydropower plants in order to get them to adapt to China’s cleanup and rectification process concerning future energy sources. China has pledged to be carbon neutral and ultimately have zero carbon emissions by 2060 and the recent crackdowns on bitcoin miners and small power plants have been fueled by this goal. Sichuan, Yangtze River Hydropower Plants Feel the Aftermath of the Recent Crackdowns on Energy Production and Consumption in China During the last few months, China’s goal to get net carbon emissions down to zero in 39 years has affected bitcoin miners and small power plants in five different provinces. China’s president, Xi Jinping, surprised the world when he said China was committed to reducing emissions down to zero. Bitcoin miners and small power facilities started to feel the effects of China’s goal to drastically reduce emissions when reports surfaced from Inne

A U.S. congressman has introduced the Digital Asset Market Structure and Investor Protection Act. The legislation would “provide the Securities and Exchange Commission (SEC) with authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with authority over digital assets.” Digital Asset Market Structure and Investor Protection Act U.S. Representative Don Beyer introduced the Digital Asset Market Structure and Investor Protection Act last week. The legislation would incorporate digital assets into existing financial regulatory structures, according to an announcement posted on his official website. The congressman said: Digital assets and blockchain technology hold great promise, and it is clear that assets like bitcoin and ether are here to stay. Unfortunately, the current digital asset market structure and regulatory framework is ambiguous and dangerous for investors and consumers. “Digital asset holders have been subjected to rampant fraud, th

Matrixport, the digital currency financial services company co-founded by the former Bitmain CEO Jihan Wu, has revealed the company has raised $100 million in a Series C financing round. The funding has propelled Matrixport’s valuation to unicorn status as the firm now has a valuation of over $1 billion. Matrixport Now Valued at $1 Billion, Company Raises $100 Million in Series C On Sunday, the company Matrixport, a financial services firm that specializes in cryptocurrency solutions, management, and custodial services, revealed the company has raised $100 million from a slew of strategic investors. The $100 million Series C funding round was led by DST Global, C Ventures, and K3 Ventures. Additionally, other investors include A&T Capital, Foresight Ventures, Lightspeed, Polychain, Dragonfly Capital, CMT Digital, and IDG Capital. The Singapore-based start-up Matrixport plans to use the financing to continue bolstering the company’s expansion. Matrixport details that to date, t

Mastercard’s CEO has outlined the company’s plans to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). “We want to be playing a role across all of them … It’s obviously a vibrant space around digital currencies,” said the CEO. Mastercard Wants a Role in All 3 Crypto Areas Payments giant Mastercard provided an update of its cryptocurrency plans during the company’s earnings call Thursday. CEO Michael Miebach explained that his company wants a role in three crypto areas. In addition to cryptocurrencies, such as bitcoin, the company also focuses on the private sector’s stablecoins, and central bank digital currencies. He affirmed: We want to be playing a role across all of them … It’s obviously a vibrant space around digital currencies … This is a relevant technology. As a multi-rail player, we got to be in this space because people are looking for answers. For cryptocurrency, Miebach explained: “We’re making it easier

Established in 2013, the firm Grayscale Investments has managed to become the world’s largest asset manager for digital currency. While initially starting with bitcoin, the company has since added a myriad of different crypto assets as Grayscale commands $36.34 billion in assets under management (AUM) between 13 different digital currencies. While the asset manager has a large sum of bitcoin, ethereum, and ethereum classic, lately Grayscale has been stacking a great number of other coins. Grayscale’s Attention Is Seemingly Focused on Alternative Crypto Assets Since the asset manager started seven years ago, Grayscale Investments has accumulated a lot of cryptocurrencies. As it stands today, the company is the largest asset manager globally when it comes to cryptocurrency management. The company first introduced the Grayscale Bitcoin Investment Trust ( OTCQX: GBTC ) and ever since then, it has added 12 unique cryptocurrencies to the firm’s investment products. Data provided by 1000

Buda, a Chile-based cryptocurrency exchange, has started requesting selfie verification every time a user needs to withdraw funds to a new bitcoin address. This new measure now introduces a new layer of security for users to avoid getting their accounts hacked, but it will only be mandatory for those that don’t have 2FA activated. Buda Exchange to Request Selfie to Make Withdrawals to New Addresses Buda , a Chile-based exchange formerly known as Surbtc, will now implement new security measures to protect its users from hacking attempts. The platform will now require the user to send a selfie verification every time a withdrawal to a new bitcoin address is requested. However, this will only affect users that have not activated their two-factor authentication (2FA) measures. The measure was announced in a mail delivered to the customers of the exchange on June 22, when it asked users to enable their 2FA option in order to be excluded from having to comply with this new measure every

A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.” Bitcoin as a Medium of Exchange Interestingly, when addressing attendees of a business seminar, Kipng’etich does acknowledge that bitcoin already meets one of the conditions for it to be treated as currency. He said: Currency represents two primary things; it is a medium of exchange and a store of value. So any currency is medium, I give you so that you give something. Julius Kipng’etich. Kipng’etich’s view of cryptocurrencies appears to be consistent with that of some central banks. For instance, in its 2019 consultation paper on crypto assets, the South African Reserve Bank (SARB) similarly acknowledges that “crypto-assets have the ability to be used for payments (exchange of such

PRESS RELEASE. Binstarter Protocol; the first and only Insurance Policy Protected IDO Launchpad Protocol is proud to announce to the crypto world that their highly anticipated public sales date has been scheduled on Aug 4th. According to former data collected on the seed sales, the upcoming public sales will have the biggest number of participants. During the seed sales, upwards of 14,500 individuals participated in whitelisting and only 1000 successfully whitelisted to buy BSR tokens. With 13,500 people that did not have a chance to purchase BSR tokens, the public sales are projected to draw an even bigger base of buyers. In addition Binstarter’s initial market cap is only 350K with team tokens locked for 3 years. Binstarter already conducted 2 massive token burns, reducing the total supply by 15.2. Binstarter already conducted 2 massive token burns, reducing the total supply by 15.2%. Binstarter Protocol’s vision is to protect all small investor’s from potential financial risk from

Payments giant Paypal is hiring more than 100 crypto-related positions as demand for cryptocurrencies grows. Paypal’s CEO recently revealed the company’s expansion plans, stating, “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.” Paypal’s Crypto-Related Job Postings Paypal is hiring more than 100 crypto-related positions as the company prepares to expand its crypto services. According to Job postings on the company’s website, there are at least 102 job openings related to cryptocurrency and blockchain technology at the time of writing. While most of the jobs are located in the U.S., there are five job postings for positions in Tel Aviv, Israel, six in Ireland, one in Singapore, one in Hong Kong, and five in Guatemala City for Paypal’s online money transfer service, Xoom. Within the U.S., 22 jobs are in California; 16 in New York; 13 in Texas; 9 in Arizona; and 8 in Illinois. A few other sta

Mohamed El-Erian, an adviser to Allianz and Gramercy Funds Management, says that “The time has come for more western governments to stop dismissing the crypto revolution as some mix of illicit payments schemes and reckless financial speculation.” Western Governments Urged to Stop Ignoring Crypto Revolution Mohamed El-Erian, president of Queens College, Cambridge University, has urged the crypto world and western governments to cooperate. The Egyptian-American businessman is also chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer. Last year, he was also appointed chair of Gramercy Funds Management, a dedicated Emerging Markets investment firm. In an opinion piece which he authored in the Financial Times published Thursday, El-Erian wrote: The time has come for more western governments to stop dismissing the crypto revolution as some mix of illicit payments schemes and reckless

A promoter of the cryptocurrency scheme previously touted by famous martial artist and actor Steven Seagal has pleaded guilty for his participation. The scheme falsely claimed that it “could generate an 8,000% return for investors within one year.” Crypto Scheme Promoter Pleads Guilty The U.S. Department of Justice (DOJ) announced Friday that John DeMarr, 55, has pleaded guilty “for his participation in a coordinated cryptocurrency and securities fraud scheme through purported digital currency platforms and foreign-based financial accounts.” DeMarr admitted to conspiring with others “to defraud investor victims by inducing them to invest in their companies, ‘Start Options’ and ‘B2G,’ based on materially false and misleading representations.” He was charged in February. The DOJ stated that both schemes were fraudulent. Start Options purported to be a cryptocurrency mining and trading platform while B2G, also known as Bitcoiin2gen, was purportedly an “ecosystem” for its native B2G

As expected, Bitcoin’s mining difficulty increased this week jumping 6.03% higher on July 31. The change marks the first increase out of five difficulty adjustment changes. This was after four downward difficulty drops made it 54% easier to mine bitcoin than it was prior to mid-May. Bitcoin’s Mining Difficulty Increases 6%, Difficulty Is Expected to Increase Again in 11 Days On July 31, at block height 693,504, the Bitcoin blockchain’s difficulty adjusts itself depending on how much hashpower is dedicated to the network. The more hashrate dedicated to the BTC chain, the higher the difficulty will rise every two weeks. On the other hand, if a great number of miners go offline and dedicated hashrate drops, the difficulty will drop making it easier for mining participants to find BTC blocks. Bitcoin’s difficulty saw a change at block height 693,504 and increased 6.03% after the difficulty tumbled over 54% for eight consecutive weeks. Bitcoin’s system and how it works is mathemati

As the non-fungible token (NFT) space continues to grow, the blockchain analytics Nansen has published a leaderboards list of the top wallets (NFT collectors) that interact with NFTs on a regular basis. The analytics firm combed through 90 million ethereum wallets and found a number of big market players making moves in the NFT space. The NFT Ecosystem’s Most Prolific Market Collectors Non-fungible token (NFT) technology and the supporting ecosystem have grown quite mature in 2021 and it doesn’t seem like it’s slowing down anytime soon. There’s lots of NFT market data coming out too and recorded in real-time. Well known brands, celebrities, and popular organizations are jumping into the NFT fray and all of this is recorded in headlines as well. Nansen’s NFT overall profit leaderboard. Data stemming from nonfungible.com’s 30-day market history shows there were $380 million in NFT sales last month. Now the blockchain analytics provider Nansen has provided statistics on some of th

Digital currency markets have been gathering gains again moving past the lows seen a few weeks ago. This week crypto traders have been discussing over-the-counter (OTC) desks bubbling with demand for bitcoin as the co-founder of 21st Paradigm explained, “high net worth individuals [and] institutions want your bitcoin.” Analyst Says Big Market Players ‘Want Your Bitcoin’ Most traders either use decentralized exchange (dex) platforms or centralized exchange (cex) operations to acquire bitcoin ( BTC ) and a myriad of other digital currencies. However, high-net-worth individuals and institutions usually don’t leverage dex or cex applications, as they choose to trade via over-the-counter (OTC) trading desks. OTC trading or off-exchange trading is trading between two parties directly and usually with help from the OTC desk’s representative. In contrast to trades that take place on cex or dex platforms, these trades are not recorded on order books. Although, transfers from crypto OTC desks

Born four years ago as a result of the disagreement between two groups over scaling issues, Bitcoin Cash has grown to be so much more. Offering a full suite of solutions for cryptocurrency users, having support from thousands of merchants at a worldwide level, and recently introducing Smartbch, a project that aims to tether smart contracts functions to the protocol, Bitcoin Cash is now more mature than ever. However, mishaps have also happened along the way. Welcome to the World, Shuya Yang! On August 1, 2017, in the midst of a big scaling debate that shook the cryptocurrency world to its core, Bitcoin Cash (BCH) was the result of a series of disagreements among developers and Bitcoin influencers about how to achieve blockchain scaling in the best way possible. Some supporters opted to scale onchain by increasing the block size, and that idea transformed into what Bitcoin Cash is today. Welcome to the world, Shuya Yang! And Bitcoin cash! https://t.co/ymh4Ciwypb — ViaBTC (@ViaBTC