Bitcoin News and Finance: What You Need to Know

Crypto exchange Binance considers exiting Russia amid increased scrutiny over its services for users in the sanctioned nation. The news of the potential move comes after the exchange delisted several sanctioned Russian banks from its peer-to-peer (P2P) platform and restricted fiat payment options for Russian traders. Full Russia Exit Is on the Table, Binance Representative Says The world’s leading exchange for digital assets, , is currently reevaluating its Russian business, the Wall Street Journal reported . The process includes the possibility of a full withdrawal from what was an important market for the crypto giant. A spokesperson for the company told the publication: All options are on the table, including a full exit. The statement comes after a WSJ article suggested last week that Binance is facing legal risks over allegedly helping Russians move money abroad despite the platform claiming it has been abiding by Westerns sanctions rules since last year. Following the pu...

The Shiba Inu development team has announced that Shibarium is now fully functional after recent challenges where funds became inaccessible in the bridge. Shiba Inu’s Shytoshi Kusama thanked Sandeep Nailwal, the co-founder of Polygon Labs, who stepped in with crucial resources to address the issue. Shibarium Back Online After Resolving Bridge Glitch, Team Thanks Polygon Co-Founder Two weeks prior, Shibarium had faced difficulties with over $2 million in cryptocurrency deposits trapped in its bridge. However, on August 28, an update was shared via a blog post confirming that Shibarium’s layer two (L2) was back in action. It highlighted that Sandeep Nailwal and the Polygon team were instrumental in resolving the situation. “Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” remarked Shiba Inu’s Shytoshi Kusama. The blog further specified that tr...

The U.S. Securities and Exchange Commission’s former head of Internet enforcement suspects that the SEC’s “secret” filing in the Binance case is a “rare” tactic that could relate to the Department of Justice’s criminal investigation against the crypto exchange. He stressed that the securities regulator’s “seal-seeking filing is unusual, odd, and uncommon,” emphasizing that the move “cannot be overstated.” SEC Takes ‘Rare’ Move in Binance Case Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his perspective Tuesday regarding what he called a “secret” SEC filing in its litigation against cryptocurrency exchange Binance in a lengthy post on social media platform X. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official explained that the securities watchdog filed ...

Members of the U.S. Congress have expressed concerns about the possible problems that implementing the newly proposed crypto tax reporting requirements could create in the entire industry. Patrick McHenry, Cynthia Lummis, and others reacted differently to the potential effects of these proposals on decentralized finance platforms and stablecoins. U.S. Congress Members Concerned Over New Tax Obligations for Defi Exchanges and Stablecoins Several U.S. Congress members have expressed concerns over the newly proposed crypto-related tax reporting rule revealed recently by the U.S. Treasury Department and the Internal Revenue Service (IRS) and its possible effect on several elements of the cryptocurrency industry. In a recent post on social media, Wyoming Senator Cynthia Lummis stated that while she was encouraged by the exclusion of significant parts of the crypto machinery, including miners, stakers, validators, and wallet providers, others were still included in the proposal. Lummis,...

Amid swirling speculations about the third biggest bitcoin wallet, chatter has now emerged linking the fifth largest BTC wallet to the late Yevgeny Prigozhin, former owner of the Wagner private military company (PMC). However, a straightforward blockchain explorer search clearly indicates the wallet bears a label identifying it as property of the U.S. government. Nevertheless, this hasn’t deterred the media and netizens from propagating unfounded theories. Misguided Claims Connect FBI-Owned Bitcoin Wallet to Russian Magnate Prigozhin Recently, there was buzz about the third biggest bitcoin ( BTC ) wallet. Now, attention has shifted to the fifth-largest BTC wallet, with many making audacious claims regarding its ownership. Cryptocurrency news outlets , along with a flurry of social media posts on platforms like X and Facebook, are asserting that this wallet was owned by the late Yevgeny Prigozhin. Rumors swirled about Prigozhin, the former PMC head, and his links to crypto, espec...

Bitcoin returned to the red on Tuesday, as markets began to anticipate the upcoming consumer confidence report in the United States. The Conference Board index is expected to fall to a reading of 116 in August, from 117 the month prior. Ethereum was also marginally lower. Bitcoin Bitcoin slipped slightly during Tuesday’s session, as markets began to anticipate the upcoming consumer confidence report from the United States. BTC /USD dropped to an intraday low of $25,914.93 earlier in today’s session, following a peak of $26,406.15 on Monday. The decline sees bitcoin remain in consolidation, however some traders are optimistic about this ending as the week progresses. Looking at the chart, one of the reasons for this long stretch of price uncertainty is the relative strength index (RSI) failing to surge past resistance. In this case, the aforementioned ceiling is at the 33.00 mark, which has remained intact for nearly two weeks. As of writing, the index is tracking at 30.72. Eth...

According to Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method for cross-border and micropayments. Instead, some countries view CBDCs as a technology that could make their countries “more economically and financially efficient” and this ultimately improves their competitiveness. Regulated Digital Assets ‘a Requirement for Mass Adoption’ While stablecoins issued by private entities such as Tether are increasingly seen as the go-to digital currencies when moving funds across borders, Tsu told Bitcoin.com News that CBDCs may turn out to be a better option because they are underpinned by regulation. According to the CEO of Venom Foundation — a platform that aims to create a bridge between traditional finance and the Web3 world — such an attribute can be a key “requirement for mass adoption and harmonizatio...

Vietnam, the Philippines, and Brunei will join a QR payment system to settle cross-border payments using local currencies within the Association of Southeast Asian Nations (ASEAN) bloc. The network, already being used between Indonesia and Malaysia, aims to interconnect all ASEAN nations to reduce their dependence on the U.S. dollar. Vietnam, the Philippines, and Brunei to Join ASEAN Payments System Vietnam, the Philippines, and Brunei will join a payments initiative that aims to connect all countries of the Association of Southeast Asian Nations (ASEAN) bloc, according to Perry Warjiyo, governor of the Central Bank of Indonesia. The payment system, which uses QR codes to simplify the settlement of cross-border payments, uses national currencies to reduce the bloc’s dependence on the U.S. dollar. Warjiyo detailed that Vietnam is currently in talks with the local industry to agree on a national QR system and is expected to join the system later this year, while the Philippines is or...

According to Ivaibi Festo, the founder of Mitroplus Labs, a crypto and blockchain education organization, cybercriminals continue to find success in Africa because not enough is being done to educate residents on the basics of digital assets or the technology that underpins such assets. To make matters worse, the few African individuals who have made it either as traders or entrepreneurs often lack the desire to help their fellow residents become acquainted with the basics. Using Education to Strike Back Against Scammers However, Festo, who claims to have bought his first bitcoins in 2009, said African governments’ negative disposition as well as the stigma surrounding cryptos and the blockchain industry have helped convince some successful traders and entrepreneurs to reconsider. Meanwhile, the Mitroplus founder told Bitcoin.com News that in addition to educating residents and prospective users, his organization is also working to include regulators and legislators in its classes....

Several U.S. lawmakers have objected to the Federal Reserve’s stablecoin regulatory guidelines, which they believe “will undoubtedly deter financial institutions from participating in the digital asset ecosystem.” According to the lawmakers, “ The Fed has chosen to effectively prevent banks from issuing payments stablecoins — or engaging in the payment stablecoin ecosystem.” Fed’s Efforts ‘Subvert Progress Made by Congress’ Three U.S. representatives sent a letter to Federal Reserve Chairman Jerome Powell regarding stablecoin regulation last week. The letter, dated Aug. 23, was signed by Patrick McHenry (R-NC), chairman of the House Financial Services Committee; French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; and Bill Huizenga (R-MI), chairman of the Subcommittee on Oversight and Investigations. Congressman Hill stated Monday on the social media platform X: I sent a letter alongside Rep. Patrick McHenry and Rep. Bill Huizeng...

Sam Bankman-Fried’s high-powered legal team is pushing for the FTX founder’s temporary release from jail ahead of his October trial on fraud charges. In a motion filed Thursday, lawyers Mark Cohen and Christian Everdell claim Bankman-Fried’s Sixth Amendment rights are being violated by inadequate access to discovery documents needed to help prepare his defense against allegations he misled investors and misused FTX client funds. Letter Claims FTX Founder’s Rights Breached: Lawyers Demand Expanded Trial Prep Access The lawyers argue Bankman-Fried needs “constant access” to an internet-connected laptop so he can review millions of pages of documents, conduct online research for context, draft analysis of evidence, and share information with his legal team. Under the current plan allowing Bankman-Fried just 12 hours per week at a courthouse computer with no internet, the lawyers say he is deprived of the 80-100 hours he spent prepping pre-jail. They also object to the government dum...

From the genesis of Bitcoin’s inception to the contemporary landscape, the mystery surrounding the true identity of its architect, Satoshi Nakamoto, persists as an unrivaled enigma within the cryptocurrency realm. Despite the global reverberations stemming from bitcoin ( BTC ) and the revolutionary blockchain technology underpinning it, Nakamoto’s identity, modus operandi, and motivations for upholding an unwavering cloak of secrecy continue to be shrouded in the shadows. The Cryptic Enigma of Satoshi Nakamoto: A Virtuoso of Concealment in the World of Crypto Behind the moniker Satoshi Nakamoto, presumed to be a pseudonymous entity, lies the individual or collective entity credited with unleashing the Bitcoin network upon the world stage. Their hands penned the seminal Bitcoin white paper , forged the initial blueprint for its practical implementation, and orchestrated the debut of the inaugural blockchain ledger in January 2009. In the chronicles of Bitcoin’s evolution, Nakamoto p...

Antonio Guterres, Secretary General of the United Nations (U.N.), has noted changes that need to happen with today’s financial institutions to fit into the current multilateral world. During the recent BRICS leaders summit, Guterres said that the current “outdated, dysfunctional, and unfair” financial system needs to be reformed, including Bretton Woods institutions. UN Secretary General Antonio Guterres: We Must Urgently Reinvigorate Multilateralism Antonio Guterres, Secretary General of the United Nations (U.N.), has called to embrace cooperation and multilateralism, explaining that there was “no choice” as the world becomes more multipolar. At the recent BRICS leaders summit in Johannesburg, Guterres stated that multipolarity was not guaranteed to achieve peace and that more should be done to grow a “global community.” Guterres blasted the global establishment, stating: As the global community moves towards multipolarity, we desperately need a strengthened and reformed multil...

Nicolas Maduro, the president of Venezuela, has called to de-dollarize the global economy due to the difficulties the current system brings to emerging countries affected by U.S. sanctions. In a message directed to the BRICS leaders, Maduro called to establish alternative settlement systems using national currencies. Venezuelan President Nicolas Maduro Reinforces the Need to Create a De-Dollarized Economic System Nicolas Maduro, President of Venezuela, has called for creating an emerging economic system away from the dominance of the U.S. dollar. In a message sent as part of Venezuela’s participation in the BRICS leader summit, held recently in Johannesburg, Maduro stated the reality of the geopolitical situation of the last years has reinforced the need for the de-dollarization of the world economy. Maduro said this had to be done due to the “indiscriminate use and abuse of the U.S. dollar as a tool for waging an economic war against the free people of the world.” Venezuela has ...

Crypto exchange Binance has dropped Russian banks under sanctions from the payment options on its peer-to-peer (P2P) platform. Russian traders can no longer use cards issued by these banks to make payments while transactions in foreign fiat currencies are also restricted for them. Binance No Longer Offers P2P Traders Option to Pay Through Sanctioned Russian Banks The world’s largest digital asset exchange, Binance, has dropped Russian banks placed under Western sanctions from its P2P service, the Wall Street Journal reported . The move comes after the crypto giant faced criticism for facilitating payments through such institutions. A few days ago, Russian crypto media revealed that Binance has renamed bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff to “green local card” and “yellow local card” after the publishing of an earlier WSJ article alleging that the exchange is helping Russians move money abroad in circumvention of sanctions. Unprecedented r...

India’s Prime Minister Narendra Modi says crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.” Modi on Crypto Regulation Indian Prime Minister Narendra Modi talked about cryptocurrency regulation in an interview with Business Today, published on Saturday. Modi, who recently returned to India from South Africa, where he attended the BRICS summit, said: The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach. “At the same time, the rules, regulations, and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations,” the Indian prime minister str...

A German expert says that the BRICS economic bloc adding several oil giants as new members “is a strategic success for China and Russia.” The BRICS leaders announced at their annual summit last week that they have invited Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia to join as new members. BRICS Adding 6 New Members Prof. Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung, an independent foundation based in Germany, said in an interview with Austria’s Der Standard newspaper that the BRICS economic bloc adding some of the world’s largest oil producers marks a strategic success for Russia and China. “Schwarzer is regularly consulted as an expert and policy advisor. She is currently a member of the working group convened by the French and German governments on reforming the EU,” Bertelsmann Stiftung described. “She also advised France and Poland during their respective EU presidencies and was a consultant to the French prime minister’s Centre dʼAna...

In an announcement on Sunday, cryptocurrency mining rig manufacturer Bitmain revealed its intention to sell a machine designed for mining the digital currency monero ( XMR ). The machine boasts a hashrate of 212 kilohash per second (KH/s), and the firm asserts that it is the first “professional XMR miner” available. ‘Hard Fork Go Brrrrrrrr’ — Monero Mining Machine Launch by Bitmain Creates a Stir Bitmain is preparing for the unveiling of its latest XMR mining rig, the Antminer X5. Sales are scheduled to commence on September 4, according to the Sunday announcement . While the machine’s price remains undisclosed for now, the manufacturer has engaged its social media followers by inviting them to speculate on the price of the new X5 rig. Individuals whose price estimates fall within 5% of the actual value will have the chance to receive a $1,000 Bitmain coupon, while those within 10% will be rewarded with a $500 coupon. Although the announcement does not specify the value of the R...

The six countries that received an invitation to become members of BRICS at its summit have confirmed their decision to join the bloc, one of Russia’s top diplomats unveiled. The high-ranking official added that at this point in time it would be premature to name those in the next batch of candidates. BRICS and Its New Members Need Time Before Next Expansion Wave, Moscow Says All of the newly invited countries have reaffirmed their desire to join BRICS, Russian Deputy Foreign Minister Sergey Ryabkov said at a press conference after the organization’s 15th annual summit which was held on Aug. 22-24 in South Africa. At their meeting in Johannesburg, the current five member states (Brazil, Russia, India, China, and South Africa) agreed to admit six more nations as members of the group on Jan. 1, 2024 — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. “All the countries who have been invited to join BRICS confirmed their willingness to accept the invitati...

India’s oil and gas minister says de-dollarization is a long way away. The official emphasized his desire to conduct all transactions in rupees, expressing his wish for the Indian currency to become “the lead currency in the world.” Indian Official on De-Dollarization India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri stated in an interview with CNBC on the sidelines of the B20 Summit in New Delhi on Friday that de-dollarization is a long way off. Puri explained that he expects the U.S. dollar to maintain its dominance in global trade. Commenting on factors that could dethrone the USD as the world’s reserve currency, he opined: I don’t know what kind of change [the dollar needs to] be affected but I don’t see it … It’s not so easy. The minister further shared that he does not see the Indian rupee challenging the U.S. dollar as a major global currency, even though it is being used in some oil transactions alongside the Chinese yuan and the Russian ruble. Nonetheles...