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Cryptocurrency Exchanges Still Fighting Private Banks for Right to Open Bank Accounts in Chile

The conflict between banks and cryptocurrency exchanges in Chile is still developing, as some banks are reticent to serve this kind of institution. A new report prepared by exchanges reports that most of these banks refuse to include crypto companies as customers for risks that are nevertheless managed in the case of servicing other kinds of customers. Cryptocurrency Exchanges Still Fighting Banks in Chile Cryptocurrency exchanges and other crypto-related companies are still fighting private banks for the right to open and manage bank accounts in Chile. The legal fight, which started back in 2018 when a series of exchanges had their bank accounts closed by several banking institutions, will be defined this year before a national free competition court. Buda.com, a Chilean exchange, prepared a document that concluded that banks are colluding to deny their services to cryptocurrency exchanges for reasons applicable to other businesses, like companies operating with jewelry, watches,...

Coinbase Shutting Down Most Crypto Services in Japan After Series of Job Cuts Globally

The Nasdaq-listed cryptocurrency exchange Coinbase is closing down most of its operations in Japan after announcing another round of job cuts globally. “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto,” Coinbase CEO Brian Armstrong insisted. Coinbase Winding Down Majority of Japanese Operations Cryptocurrency exchange Coinbase is closing the bulk of its operations in Japan, Nana Murugesan, vice president for business development and international, revealed in an interview with Bloomberg Wednesday. He said: We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity. Coinbase teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021. Murugesan explained that Coinbase is finalizing its discussions with Japan’s top financial regulator, the Financial Services Agency (FSA). He noted that a smal...

Binance Now Authorized in 7 EU Countries — Sweden Becomes Latest Member State to Give Approval

Crypto exchange Binance is now legal to operate in seven European countries following the latest approval by Sweden’s financial regulator. Overall, Binance has been approved to operate in 15 jurisdictions, including seven EU countries. Binance Approved to Operate in 7 EU Countries Cryptocurrency exchange Binance announced Thursday that its Swedish entity, Binance Nordics AB, “has been granted registration as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (Swedish FSA).” Binance explained: Sweden becomes the seventh EU Member State in which Binance has been granted authorization, following authorizations in: France, Italy, Lithuania, Spain, Cyprus, and Poland. Per Nordkvist, deputy head of the Swedish Financial Supervisory Authority’s banks division, told Reuters that the FSA registration allows Binance to launch a website in Swedish and market its digital asset services directly to consumers in the Nordic cou...

Miss El Salvador Features Bitcoin in Miss Universe 2023

The Miss Universe contestant from El Salvador this year has surprised viewers by featuring bitcoin as part of her national costume. El Salvador has adopted the cryptocurrency as legal tender and has passed a new regulatory framework for the issuance of its long-awaited bitcoin-backed Volcano bonds. Bitcoin Showcased in Miss Universe 2023 The Miss Universe 2023 contestant from El Salvador, Alejandra Guajardo, surprised viewers Wednesday night with her choice of costume. Guajardo walked onto the stage in the 71st Miss Universe National Costume Show wearing a costume representing “the evolution of the Salvadoran currency,” the Miss Universe El Salvador official Instagram account described, adding that the outfit is designed by Francisco Guerrero. Miss El Salvador’s national costume features cacao beans, the colón, the U.S. dollar, and the Bitcoin symbol. Originally, cacao was used as currency in El Salvador. The colón became the official currency of El Salvador from 1892 until it was ...

Chinese Billionaire Jack Ma Agrees to Cede Control of Fintech Giant Ant Group

Chinese billionaire Jack Ma recently agreed to give up control of Ant Group as part of changes to the fintech’s corporate structure, which will supposedly not have an impact on “the economic interests of any shareholders of Ant Group and their beneficiaries.” Once the process is complete, no single shareholder will have control over Ant Group, the fintech said in a statement. Shareholders’ Economic Interests Unaffected Billionaire and Chinese fintech giant Ant Group’s controlling shareholder, Jack Ma, recently agreed to an arrangement that dilutes his shareholding and his voting rights. As a result of these changes, Ma, who directly and indirectly controlled more than 50% of Ant Group, will see this influence whittled down to just 6%. According to a statement issued by the fintech firm on Jan. 7, the adjustment to the Ant Group’s respective shareholders’ rights will see “the founder, representative of our management and employees exercising their voting rights independently.” Stil...

UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective

The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official. United Kingdom Prepares to Begin Consultation on Digital Pound Currency The executive power in London is considering the introduction a digital version of the national currency, Economic Secretary to the Treasury Andrew Griffith told lawmakers, the BBC reported. A public consultation on the attributes of a digital pound would be launched in the coming weeks, he said, speaking to the parliamentary Treasury Select Committee. Quoted by Reuters, he also emphasized: The consultation is going to say this is an if and not a when. We are not fully into the inevitability of doing this. A digital pound raises many public policy issues and the government has to “get them right,” Griffith stated. He addressed concerns that a state-backed coin coul...

Ex-Coinbase Manager’s Brother Sentenced to Prison in Crypto Insider Trading Case

A former Coinbase employee’s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a “groundbreaking cryptocurrency insider trading case.” ‘Groundbreaking’ Crypto Insider Trading Case The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi “was sentenced to 10 months in prison” in a “groundbreaking cryptocurrency insider trading case.” He pled guilty to one count of conspiracy to commit wire fraud. The Justice Department explained that Wahi was sentenced “for his participation in a scheme to commit insider trading in cryptocurrency assets by using confidential information from his brother, a former product manager at Coinbase Global Inc. (Coinbase), about which crypto assets were scheduled to be listed on Coinbase’s exchanges.” Referring to the case as “the first-ever insider trading case involving cryptocurrency markets,” U.S. Attorney Damian Williams commented: At a time when the cryptocurrency markets have been...

Despite SEC Objection, Court Greenlights Billion-Dollar Asset Purchase Deal Between Binance US and Voyager

The asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital has reportedly received initial court approval despite objections from various regulators, including the U.S. Securities and Exchange Commission (SEC). Court Lets Binance US Buy Voyager’s Assets The proposed asset purchase deal between the U.S. arm of cryptocurrency exchange Binance (Binance US) and bankrupt crypto lender Voyager Digital reportedly received initial court approval Tuesday. The court greenlighted the deal despite objections by the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators. In addition, the U.S. Committee on Foreign Investment in the United States (CFIUS), an interagency body that reviews the national security risks of foreign investments in U.S. companies, has voiced concerns regarding the Binance US-Voyager deal. CFIUS said in a Dec. 30 court filing that its review “could affect the ability of the parties to complete the transac...

The Fed Will Keep Focusing on Crypto — Fed Governor Says ‘We Do Not Want to Hinder Innovation’

Federal Reserve Governor Michelle Bowman says while “cryptocurrency activities can pose significant risks,” the Fed does not want to “hinder innovation.” She added: “B y inhibiting innovation, we could be pushing growth in this space into the non-bank sector, leading to much less transparency and potential financial stability risk.” Fed Governor on Crypto, US Economy, and Inflation Michelle Bowman, a member of the Board of Governors of the Federal Reserve System, talked about cryptocurrency, the U.S. economy, and the Fed’s effort to lower inflation Tuesday at a Florida Bankers Association Leadership event in Miami. Commenting on the collapse of crypto exchange FTX and other recent events in the crypto space, the Fed governor said: “These events have made it clear that cryptocurrency activities can pose significant risks to consumers, businesses, and potentially the larger financial system.” Noting that she expects some banks to continue exploring “how to engage in crypto-related ...

JPMorgan CEO Jamie Dimon on US Economy: ‘I Shouldn’t Ever Use the Word Hurricane’

JPMorgan Chase CEO Jamie Dimon says he “shouldn’t ever use the word hurricane” when warning about the U.S. economy. However, he insisted that there are “storm clouds” that “could be a hurricane.” JPMorgan CEO Jamie Dimon on US Economy The chief executive of global investment bank JPMorgan Chase, Jamie Dimon, discussed the U.S. economy in an interview with Fox Business Tuesday. Regarding his previous warning about an incoming economic hurricane that everybody should brace for, Dimon said: I shouldn’t ever use the word hurricane. He clarified: “What I said was there were storm clouds which may mitigate, and people said, ‘Oh, he doesn’t think it’s a big deal.’ So I said, ‘No, those storm clouds could be a hurricane.'” The JPMorgan boss emphasized that he is not predicting a specific scenario, adding that what he is warning about could “be nothing” or “could be bad.” He stated: “I think we should understand that I’m not predicting one or the other, I’m just saying, be a littl...

Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 3-Week High, Ahead of Thursday’s US Inflation Report

Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned their attention to tomorrow’s U.S. inflation rate report. Thursday’s report is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior. Ethereum also rose marginally higher in the day. Bitcoin Bitcoin ( BTC ) rallied above a key resistance level on Wednesday, ahead of tomorrow’s U.S. inflation report. Following a low of $17,226.64 on Tuesday, BTC /USD raced to a peak of $17,493.32 earlier in today’s session. As a result of the move, the world’s largest cryptocurrency climbed to its strongest point since December 15. Looking at the chart, today’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark. Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark. In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of...

Brazilians Turn to Stablecoins as Alternative to US Dollar for Hedge Against Volatility

Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins have soared in 2022, especially during the last two months of the year. Brazilians Harness Stablecoins as Dollar Replacement The popularity of stablecoins in Brazil is soaring as investors and companies are looking to take refuge in the U.S. dollar to hedge against the volatility of the asset market. Executives from several exchanges have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year. Jose Artur Ribeiro, CEO of Coinext, a national exchange, told local newspaper O’Globo about the benefits that using stablecoins presents, versus using dollars in bank accounts. He stated : Stablecoins do not pay an admin...

Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs

The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank to Propose Platforms for Digital Currency Payments in Foreign Trade Moving forward with efforts to introduce its central bank digital currency ( CBDC ) amid sanctions and financial restrictions, the Bank of Russia is preparing to offer solutions for processing cross-border CBDC payments, the Russian press unveiled. The proposals are part of a presentation seen by the business daily Kommersant. The document outlines two potential payment models which the Russian monetary policy regulator intends to develop in the first quarter of 2023. The first one relies on bilateral agreements between countries to integrate their digital currency platforms. This approach puts an emphasis on ensuring convertibi...

World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’

On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession. World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also mentions in...

US Arrests ‘Mutant Ape Planet’ NFT Creator in $3M ‘Rug Pull’ Scheme to Defraud Crypto Investors

The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits. DOJ Takes Action Against NFT Rug Pull Scheme The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.” The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport. The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaboratin...

Tron’s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023

The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per coin. USDD Stablecoin Dips Down to 97 Cents per Token There have been some slight fluctuations in USDD’s price at the start of the new year, as the stablecoin has dipped to the 97-cent range on a few occasions in 2023. After Terra’s stablecoin depegging event in May 2022, USDD started to slip slightly below the $1 peg , causing anxiety in the crypto industry. A number of other stablecoins saw similar deviations . On June 19, 2022, USDD reached a low of 92.8 cents per unit , but the stablecoin managed to regain the $1 peg, trading between 98 cents and 99 cents per unit. In mid-Dec. 2022, USDD deviated from the $1 parity, and Tron’s Justin Sun said that the team deployed more capital...

Bitcoin, Ethereum Technical Analysis: ETH Above $1,330, Consolidating Recent Gains

Ethereum mostly consolidated during Tuesday’s session, as prices continued to trade close to recent highs. Following a move to a three-week peak to start the week, markets maintained bullish sentiment, earlier in the day. Bitcoin also upheld recent momentum, with the coin remaining near its ceiling at $17,400. Bitcoin Bitcoin ( BTC ) continued to trade close to the $17,200 level in today’s session, as traders moved to secure Monday’s gains. Following a low of $17,162.99 to start the week, BTC /USD hit a high of $17,389.96 earlier in the day. However, earlier gains have since diminished, with the world’s largest cryptocurrency currently trading at $17,271.27. Looking at the chart, today’s price consolidation came as the 14-day relative strength index (RSI) continued to hover close to a key resistance at the 60.00 mark. Despite the index currently tracking above this point at 60.89, price uncertainty has heightened, leading to previous bulls abandoning positions. Traders may once...

Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022

Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain & Company. The survey found that crypto is ranked as the third most popular investment asset among Chileans, only behind investment funds, which were the most popular investment option, and real estate, which ranked second. Popularity of Crypto Rises in Chile in 2022 Countries in Latam that have been affected by high devaluation and inflation rates are starting to turn to crypto as an investment option. In Chile, which is among the five countries with the worst inflation in the zone, crypto has risen to be among the most popular investment choices among all options available in the market. The findings are from a survey by Bain & Company, a global consulting firm headquartered in Boston, which inquired about the most interesting investment options in the country during 2022. 23% of the polled answered that crypto was the go-to choice for their investments in 2022, putting i...

New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOs

According to a recently unveiled document, the Nigerian central bank will in the future be open to developing a regulatory framework for potential implementations of stablecoins. The document also discusses the regulation of initial coin offerings (ICOs) and how these can become “a new way to attract foreign direct investment (FDI) and raise capital.” ‘A Successful Payment Mechanism’ In its recently unveiled payments system document, the Central Bank of Nigeria (CBN) said the bank would be open to developing “a regulatory framework for [the] potential implementations of the stablecoin.” The document claims that such stablecoin implementations are likely “are likely to be a successful payment mechanism,” hence there is “a need to develop a regulatory framework for such implementation.” Besides mentioning stablecoin implementations, the CBN’s Nigeria Payments System Vision 2025 document also discusses the creation of a framework to regulate initial coin offerings (ICOs). While ackno...

Prices in Dollars Rose Almost 54% in Venezuela During 2022

Prices in Venezuela have been rising steadily even when denominated in foreign currency. According to data collected by Ecoanalitica, a market research firm, prices marked in dollars have grown close to 54% during 2022, affecting the income and savings of Venezuelans that have been using the U.S. dollar as an inflation hedge. Prices Grow Even in Dollars in Venezuela Inflation has taken another leg up in Venezuela, with prices of products and services being marked up even when denominated in dollars. Asdrubal Oliveros, economist, and partner at Ecoanalitica, a market research firm, stated that dollar-denominated prices rose close to 54% during 2022, being affected by the inflation that is currently hitting the country. Among the most affected items are food and beverages, which registered a price increase of 66.7%. In the same way, prices in the restaurant and lodging sector, linked to national and international tourism, rose by 95%, making this the sector that registered the highe...

Hong Kong Reaffirms Commitment to Become Regional Crypto Hub

Hong Kong has reaffirmed its commitment to become a regional crypto hub in following the collapse of cryptocurrency exchange FTX. “As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates,” said a top government official. Hong Kong Aims to Become Regional Crypto Hub Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s crypto commitment at a web3 summit in Cyberport Monday. Emphasizing that Hong Kong remains committed to becoming a regional crypto hub, the financial secretary described : As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates. He added that Hong Kong has a robust regulatory framework for crypto that “matches international norms and standards.” Joseph Chan, the undersecretary for financial services and the Treasury for the government of Hong Kong, revealed at the same event that the city is preparing to iss...

Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence

According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name. Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain “a very lean team” going forward. Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC . As of today, the cryptocurrency exchange’s BTC reserves are approximately 16,709 BTC . Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to crypto...

Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin

Airtm, a Latam popular cryptocurrency exchange and wallet, has announced it is winding down cryptocurrency trading and custody in its platform. The company stated that starting Jan. 4, 2023, all cryptocurrency deposits and withdrawals would be paused due to the changes in the service offer of one of its providers. Airtm Removes Cryptocurrency Trading Options Airtm, a popular exchange used by freelancers in Latam, has announced it is winding down cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, disclosed in a message on its platform that they were retiring cryptocurrency-based services in its wallet, leaving customers unable to deposit or withdraw their cryptocurrency funds out of the exchange. The action was taken by the company supposedly due to the change of the services offered by an unidentified provider. Local sources state this provider is Wyre, a cryptocurrency-based payments firm, which has recently stated it...

Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange

Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange. The man, who was arrested and charged for extorting the trading platform’s owner, has been ordered to return the money he misappropriated. Vietnamese Court Jails Hacker for Attacking Crypto Exchange Website A resident of Ho Chi Minh City in Vietnam has been given 10 years in prison for stealing 300 million Vietnamese dong (close to $13,000) from a crypto entrepreneur whose coin trading site he subjected to cyberattacks. Nham Hoang Khang, the hacker, was charged with extortion and sentenced on Friday by the city’s People’s Court, the English-language edition of the VN Express daily reported. He was also ordered to return the stolen money. The crypto exchange was established by Vu Ngoc Chau in 2018 to connect potential buyers and sellers of cryptocurrencies, taking a fee for the transactions it facilitated. Users were required to open accounts and provide personal...

Mastercard Taps Polygon to Empower Emerging Artists in Web3 Tech

Mastercard, the payments giant, has partnered with Polygon, an Ethereum scaling platform, to introduce emerging artists into Web3 technology. Mastercard’s artist accelerator, as the program is called, will teach five different emerging artists, including singers, musicians, DJs, and producers, to use blockchain tools to grow their brand and fan engagement. Mastercard Partners With Polygon to Teach Web3 Traditional finance companies are now seeking to harness the power of blockchain for a myriad of activities in different fields. Mastercard, one of the biggest payments companies, has partnered with Polygon, an Ethereum scaling platform, to introduce five different emerging artists to the possibilities that Web3 tech can bring to their activities. The Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them to cut the middleman, mint their own NFT (non-fungible tokens) collections to ...
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