Bitcoin News and Finance: What You Need to Know

Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry. Miners Criticize Kazakhstan Government’s ‘Unbalanced’ Tax Rules Crypto mining businesses, authorized to operate in Kazakhstan, have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are required to pay for the power they use. In an open letter to President Kassym-Jomart Tokayev, eight companies involved in the minting of digital currencies called for a revision of the applicable tax rules. Warning authorities that Kazakhstan’s mining sector is now “in extremely dire straits,” they also revealed: Today, all the largest representatives of the industry have suspended their activities and p...

The U.S. Securities and Exchange Commission (SEC) announced charges against an accounting firm that worked for failed cryptocurrency exchange FTX. The company, Prager Metis, has been accused of facilitating clients in breaking federal securities laws and also auditor independence violations. FTX Accountant Prager Metis Charged With Auditor Rules Violations The U.S. securities regulator has charged accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs, LLP with violating auditor independence rules while also aiding and abetting clients’ violations of America’s securities laws. In its complaint, filed in the U.S. District Court for the Southern District of Florida, the SEC claims that between December 2017 and October 2020 Prager included indemnification provisions in engagement letters for more than 200 audits, reviews, and exams. It alleges: Prager was not independent from its clients for those engagements, as required under the f...

As of October 1, 2023, $39.50 billion is nestled within decentralized finance (defi) platforms. Let’s dive into the top five categories, spotlighting the diverse array of defi protocols, the count of these applications, and the wealth they encompass. A Look at 5 Defi Categories Commanding Billions in Crypto Assets Defillama.com , a decentralized finance (defi) industry aggregator, showcases an array of defi protocols, their underlying blockchains, and their held values. It features around 35 unique categories of applications. Dominating the scene are liquid staking derivatives applications, with 119 of them controlling $23.05 billion. Liquid staking derivatives represent tokens that are backed by staked assets in blockchain networks, allowing users to remain liquid while their assets are staked. In essence, they let you earn staking rewards without locking up your assets, by converting them into tradable tokens. Lending, the runner-up in the defi realm, encompasses protocols ena...

On September 29, 2023, the asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum ( ETH ) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol. A Decade-Long Commitment to Ethereum Development Vaneck is set to contribute 10% of its ethereum futures ETF profits to the advancement of Ethereum, as revealed in a statement released on the social media platform X this past Friday. “We intend to donate 10% of our EFUT ETF profits to Protocol Guild for at least 10 years,” the firm said . “Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.” The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membe...

As markets continue to move sideways, crypto companies are trying to increase user engagement through airdrops. Among them are some well-known names in the space as well as new projects searching for their place. They all seek to arouse interest in digital money and their own products with giveaways of coins and tokens. From Binance Rewards to Wall Street Memes, October Brings a Number of Airdrops Airdrops are a popular way to win some crypto by interacting with new or well-established platforms in the industry, a reward for those who are willing to get involved, see potential, or are simply out hunting for some free digital cash. Not least, they offer newcomers an opportunity to try cryptocurrency, and not necessarily after spending fiat. The world’s largest cryptocurrency exchange, , has been at loggerheads with regulators around the world this year and the clash has brought it bad publicity. However, despite the challenges, including legal battles , probes, and de-banking in t...

Crypto lender Blockfi is moving closer to returning funds to clients after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute the remaining assets to clients and attempt to recover additional funds. Blockfi Advances on Client Asset Reimbursement Following Chapter 11 Plan Approval With over 90% of voting creditors approving the plan, Blockfi expressed optimism about providing client recoveries relatively quickly compared to similar crypto bankruptcies. The plan confirmation comes after Blockfi originally filed for bankruptcy protection in November 2022, amid the broader crypto market downturn. Under the approved plan, Blockfi will first distribute the remaining digital assets back to clients with funds in Blockfi Wallet accounts. The company will then make an initial distribution to clients with funds in Blockfi Interest Accounts (BIAs) and retail crypto-backed loans. “Over the coming months, you will receive an e...

Bitcoin.com, one of the world’s leading cryptocurrency wallet developers and news portals, has partnered with the Busan International Film Festival as a major sponsor. The Busan International Film Festival (BIFF), held annually in South Korea, is one of the most significant film festivals in all of Asia. By sponsoring the event Bitcoin.com seeks to support artistic endeavors and reach new audiences. The 28th Busan International Film Festival will take place on October 4-13, 2023 at the Busan Cinema Center in Busan, South Korea. The festival will showcase the best of Asian cinema and feature various events and programs, such as master classes, open talks, hand-printing ceremonies, and awards ceremonies. The opening film will be Because I Hate Korea by Jang Kun-jae, and the closing film will be The Movie Emperor by Ning Hao. The festival will also honor Hong Kong star Chow Yun-fat with the Asian Filmmaker of the Year award. You can find more information about the festival on its offici...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has explained why the securities regulator is taking a litigation-heavy strategy to regulate the crypto industry. The SEC chair insisted that enforcement actions against crypto firms are not brought with a political agenda, emphasizing that he is protecting the American public. “This is a field where the American public is at risk and being harmed every day on these platforms that are commingling and often trading against their customers,” he cautioned. Gensler Reveals Why SEC Focuses on Litigation in Regulating Crypto The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified before the House Financial Services Committee on Wednesday. During the hearing, several members of Congress raised questions about cryptocurrency and the regulation of crypto tokens. Congressman John Rose (R-TN) asked Gensler: “Regarding cryptocurrencies … I’m interested in why you have pursued a litigation-hea...

The U.S. Securities and Exchange Commission’s former head of internet enforcement says former U.S. President Donald Trump’s anti-crypto stance may change dramatically . He further predicted that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, at a minimum, approve a bitcoin exchange-traded fund (ETF) and “may even slow down considerably SEC crypto-related enforcement efforts.” Former SEC Official on Donald Trump’s Anti-Crypto Stance Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has argued that former President Donald Trump could “dramatically” change his position on cryptocurrencies. 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. Trump is running for president in 2024. “Former President Trump is on record as being strongly anti-bitcoin and anti-c...

Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin will “become priceless” when the Federal Reserve launches a central bank digital currency (CBDC). He warned that privacy will be destroyed, emphasizing that “Big Brother will be watching.” The famous author urged investors to start accumulating bitcoin now “before it’s too late.” Robert Kiyosaki’s CBDC Warning, Urges Investors to Start Saving Bitcoin Now The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned about the risks of the Fed launching a central bank digital currency (CBDC). 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. Kiyosaki explained in a post on social media platform X Friday that the Federal Reserve’s central bank digital currency is coming and when that happens, privacy will be gone. “B...

In the wake of the U.S. Securities and Exchange Commission’s (SEC) call to depose Terraform Labs creator and former CEO Do Kwon, the SEC unveiled an alleged exchange between him and his former associate Daniel Shin. The ex-Terra boss reportedly claimed he could fabricate transactions on the Terra blockchain to render them authentic and accrue fees, further penning that he could strive to render the doctored transactions “indiscernible.” ‘I Can Just Create Fake Transactions’ — SEC Publishes Leaked Chat Between Kwon and Shin Court filings submitted by the SEC show a purported conversation between the Terraform Labs founder and former CEO Do Kwon and his business partner the former CEO of Chai, Daniel Shin . “Kwon perpetrated a scheme to fabricate Chai transactions on the Terraform blockchain to make it appear more active, all to dupe investors,” the SEC filing claims. The U.S. securities regulator added: For instance, in an extensive private chat between Kwon and Daniel Shin2 duri...

The Hashgraph Association and Dar Blockchain recently said they will be working “to nurture projects, facilitate growth, and profoundly shape the Middle East and North Africa (MENA) technology landscape.” The two entities said they hope to achieve the set objectives via meetups, hackathons, and university groups. Shaping the MENA Region Technology Landscape The Hashgraph Association, a non-profit organisation promoting the use and adoption of the Hedera network, recently said it had entered into a partnership with the Tunisia-based Dar Blockchain. Through this collaboration, Hashgraph Association and Dar Blockchain said they hope “to nurture projects, facilitate growth, and profoundly shape the Middle East and North Africa (MENA) technology landscape.” According to a press statement, the two entities hope to achieve the set objective via meetups, hackathons, and university groups. In addition, the two groups said they will be publishing a monthly podcast. Commenting on their orga...

The city of Buenos Aires has announced that it will roll out a blockchain-based, privacy-focused digital ID wallet starting in October. The Quarkid project, previously known as Tangoid, will allow its users to download a “self-sovereign” wallet to hold their birth and marriage certificates, with more digital documents to be added later this year. Buenos Aires to Roll Out Blockchain-Based ID Program The City of Buenos Aires government announced the deployment of a digital, blockchain-based “self-sovereign” ID project for its citizens. The wallet, called Quarkid, formerly known as Tangoid and scheduled to be operating by last January, will supposedly allow its users to exert full ownership of their data, granting only trusted and permissioned third parties access. The Quarkid wallet will use Zksync Era, a zero-knowledge (ZK) Ethereum L2 (Layer 2) protocol, as its base, allowing the use of this kind of mathematical proof for privacy and confidentiality purposes. Quarkid was co-creat...

A calendar has been set for the upcoming trial of United States v. Bankman-Fried, with jury selection beginning October 3, 2023. The FTX founder, Sam Bankman-Fried, was denied temporary release from prison but will be allowed to use an “air-gapped,” internet-disabled laptop for note-taking in the courtroom. In the coming month and a half, the public will likely hear testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison, Nishad Singh, and Ryan Salame. The Bankman-Fried Trial Kickoff Next week, the co-founder and former FTX CEO Sam Bankman-Fried is set to face trial following charges leveled by the U.S. government. The litany of accusations against him includes wire fraud conspiracy, wire fraud, commodities fraud conspiracy, securities fraud conspiracy, and money laundering. The charges are associated with FTX’s collapse after the once-$32 billion crypto empire failed in November 2022. Bankman-Fried is the only one named in the lawsuit and on September 2...

U.S. Securities and Exchange Commission (SEC) has postponed its decisions on the spot bitcoin exchange-traded funds (ETFs) proposed by several companies. The delays of the applications of financial powerhouse Blackrock, asset manager Valkyrie and others come ahead of an expected government shutdown that would affect the SEC. U.S. Securities Regulator Pushes Back Verdicts on Multiple Bitcoin ETF Applications The future of a number of attempts to issue spot bitcoin ETFs in the United States remains unclear after the country’s regulatory body overseeing the securities market delayed its decisions again. The move concerns the high-profile application of investment giant Blackrock as well as those of Valkyrie, Bitwise, and Invesco, according to filings on Thursday. The development follows the postponing of the verdict on the Ark 21shares and Global X spot bitcoin ETFs earlier this week. The first was jointly proposed by Cboe BZX Exchange, 21shares, and Ark Invest, while the second was...

Virginia’s Democratic representative Don Beyer has ushered in a fresh bill mandating the documentation of off-chain transactions and over-the-counter (OTC) crypto engagements by cryptocurrency exchanges, to be catalogued in a repository under the purview of the U.S. Commodity Futures Trading Commission. New Legislation Targets Off-Chain Transfers in Crypto Industry Representative Don Beyer (D-VA), has unveiled a new legislative piece reportedly aimed at safeguarding stakeholders in the digital assets arena. Titled the “Off-Chain Digital Commodity Transaction Reporting Act,” this bill mandates “trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC).” Beyer posits that crypto trading platforms bear the responsibility for “reporting all such transactions to a registered digital asset repository of transactions as soon as technically practicable after the execution of each such transaction.” Under Beyer’s legislatio...

Numerous reports foretell an imminent U.S. government shutdown, given the anticipated failure of a spending bill to secure passage by Saturday evening — a measure meant to sustain operations till mid-November. On the cusp of this shutdown, bitcoin ( BTC ) has been on an ascent, catching the eye of many. Coinshares analyst Luke Nolan notes a buoyant sentiment among some traders, who view the government’s looming closure with a favorable lens. Bitcoin Rides the Wave of Uncertainty as U.S. Braces for Government Shutdown The U.S. government could shut down this weekend if Democrats and Republican policymakers can’t come to an agreement on spending. Currently, there’s a bill on the table that aims to extend the government’s pay until mid-November, but a number of Republicans and Kevin McCarthy, the current House of Representatives speaker, are not budging on negotiations. The two chambers find themselves at a deadlock, and should the bipartisan proposal aimed at averting a shutdown fai...

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 ...