While Pantera Capital’s Dan Morehead believes that the crypto bull market is not far, the majority of the crypto tokens have shown a different attitude and are still in red zones. TheCoinRise is back with another recap of the regulatory actions, announcements, and crypto market trends from the previous week.
Crypto Exchange News
According to reports, the Nigerian government and Binance Holdings Ltd., the largest cryptocurrency trading platform in the world, are in talks to establish a digital economic zone in the nation that will help local businesses speed up blockchain technology adoption.
Binance has named two suspects in connection with the suspected theft of $265,000 from the decentralized exchange (DEX) protocol KyberSwap a few days back.
The launch of an Ethereum Staking service was announced by Binance.US on September 7 with the goal of offering customers a 6% initial APY.
Despite the current weak market, Binance continues to expand its staff. Former Brazilian Central Bank president and former economy minister Henrique Meirelles is rumored to have joined the exchange as a consultant.
For its users, Bitpanda has introduced a commodities trading facility. As a result, users of the app can now purchase and sell digital assets as well as wheat, natural gas, aluminum, and oil. Bitpanda is edging closer to going head-to-head with Europe’s “conventional” CFD brokers with this move.
Huobi is persistently expanding its user base. The digital service provider said on Friday that it had expanded its presence to the British Virgin Island (BVI), a British Overseas Territory.
According to a report by CNBC, FTX Ventures would acquire a 30% stake in SkyBridge Capital.
Announcements, Launches, and Partnerships in the crypto space
For its planned ad-based subscription plan, Netflix has prohibited any kind of crypto-related ads on its platform.
Copper has announced that Tim Neill has been appointed as its Chief Risk Officer. Tim confirmed the information by adding his new position at Copper to his LinkedIn profile.
With the cryptocurrency market currently at its lowest point and the ensuing impact on crypto service providers, Poolin is one of the most recent to demonstrate that it is under pressure. The cryptocurrency mining pool said that it is halting withdrawals from its Poolin Wallet.
Blockstream, Sevenlabs, and other infrastructure service providers for Bitcoin (BTC) have introduced XDEX in partnership with Poseidon Group, a well-known company that uses blockchain technology to improve financial services.
Royal Crypto Bank has launched a trading platform for the buying, selling, and trading of cryptocurrencies, stocks, commodities, and Forex.
Women In Blockchain Asia (WIBA) has announced a cooperation with Malaysia and the launch of blockchain programming courses specifically for female students at seven Malaysian colleges. These blockchain courses for women have already launched their first class.
Mohsen AlZahrani has been chosen to head Saudi Arabia’s central bank virtual asset program as part of the country’s effort to promote its cryptocurrency goals.
MetaWeb, a San Francisco-based venture capital firm, has raised $30 million in its initial fundraising round for early-stage firms.
After serving as monarch of the United Kingdom for 70 years and 214 days, Queen Elizabeth II passed away on September 8 at the age of 96. Several decentralized blockchain ecosystems saw the emergence of memecoins with names like Elizabeth II, Rip Queen Elizabeth, Queen Doge, God Save The Queen, London Bridge Is Down, Queen Elizabeth Inu, and Queen Grow hours after the news broke.
The Sandbox and DBS, the biggest bank in Singapore, just announced their partnership to create an interactive metaverse experience called DBS BetterWorld.
GameStop announced a collaboration with FTX.US, the U.S. arm of renowned crypto exchange FTX. As part of the agreement, the former will begin to provide FTX gift cards in select stores.
Renowned Blockchain analysis company Chainalysis has recovered around $30 million from all of the funds stolen during Axie Infinity’s Ronin Network attack.
Mysten Labs has secured $300 million in a funding round led by Sam Bankman-Fried’s FTX Ventures. This lifted the startup’s valuation to $2 billion.
Animoca Brands has recently announced a strategic fundraising round for $110 million, or A$159 million.
Polygon plans to hire a lot of people as it tries to profit from the struggles of other cryptocurrency companies that have cut staff. The platform plans to increase its current staff by around 200 people. This amounts to 40% of the company’s existing workforce.
Blockchain Australia, a trade group that represents Australian businesses and individuals engaged in the cryptocurrency industry, has appointed Laura Mercurio as its new CEO.
As it advances to the United States, Sorare announced a multi-year agreement with the National Basketball Association (NBA) and National Basketball Players Association (NBPA).
The well-known Texas-based cryptocurrency mining operation Core Scientific produced 1,334 BTC in August and sold 1,125 BTC of that stockpile for about $25.9 million.
In advance of the “Merge,” the Swiss-based digital banking platform SEBA Bank has launched an Ethereum staking service intended for institutional clients.
CleanSpark has revealed that it has purchased 10,000 brand-new Bitmain Antminer S19j Pro units. The purchase was completed from Cryptech Solutions for a total of $28 million, the release claims.
Fuel Labs announced on Tuesday that it has successfully raised $80 million in a seed fundraising round headed by Blockchain Capital and Stratos Technology.
Hive Blockchain has revealed the production amount for its August 2022 Bitcoin (BTC) and Ethereum (ETH) mining operations.
The parent business of 21Shares, 21.co has raised $25 million in a fundraising round that was spearheaded by Marshall Wace, marking a significant milestone of a $2 billion valuation.
Sam Kazemian-established Frax Finance recently debuted Fraxlend, a native lending and borrowing market.
The 300,000 customers that the DBS Bank serves throughout Asia will soon have access to the cryptocurrency services offered by the bank. Private banks, accredited investors, other exchanges, and funds are a few of these clients.
NFT and Metaverse
Rug Pull Finder made the decision to create a collection of NFTs known as “Bad Guys,” which are meant to criticize NFT scammers in various contexts. This digital piece of art was made as a whitelist for an upcoming NFT drop this fall. Because of the intended purpose of the whitelist, minting was supposed to be limited to one per wallet. Unfortunately for RPF, exploiters broke into the mint and promptly took over 450 NFTs out of the total 1,221 NFTs.
The world’s largest T.V. manufacturer, L.G. Electronics, with headquarters in Seoul, recently partnered with Hadera, the inauguration of its NFT marketplace, LG Art Lab, and the prospective expansion of the NFT collection’s audience.
Cooper Turley, a prominent cryptocurrency figure, established the “Coop Records Fund I,” a Web3.0 music fund that has raised $10 million in funding through a strategic round. It’s interesting to note that the fund will usher in a new era of direct cryptocurrency investments in music artists, notably NFTs.
The world’s largest sportswear company PUMA has unveiled its recently launched Metaverse space, which features an NFT line including its footwear.
Ford Motor Company, an American automaker, has joined other automakers in its investigation into NFTs. Ford has already submitted 19 trademark applications for all of its major brands, citing plans for virtual cars, trucks, vans, and clothes, according to trademark and patent expert Michael Kondoudis.
Franklin Templeton has announced the opening of its new exchange-traded fund (ETF) that focuses on the metaverse and blockchain, with a goal of attracting mainstream European investors.
Regulatory involvement from all over the world
Brad Sherman, a congressman from California’s San Fernando Valley, recently said that the government had failed by not regulating cryptocurrencies earlier when the industry was less financially concentrated in an interview with the Los Angeles Times.
The U.K.’s OFSI list of assets that must be frozen if they are owned by a person or company that is subject to penalties now includes “cryptoassets.”
The legalization of cryptocurrency has been revisited by the Russian Central Bank and the Ministry of Finance. They have decided that the time has come to legalize cross-border transactions using digital currency. In an interview with Russia-24 TV, Deputy Minister of Finance Alexei Moiseev made this announcement.
The Australian Police Force (APF) has established a brand-new division devoted solely to investigating crypto crimes. The unit’s main objectives are to combat money laundering and fund offshoring. Stefan Jerga, a former acting national manager for the AFP’s Criminal Assets Confiscation Taskforce, is in charge of the new crypto crime division.
Revolut has come under fire when the Financial Reporting Council (FRC), a U.K. regulator, found several discrepancies in its audit reports. A substantial risk of material misrepresentation is one of the defects, according to the Financial Reporting Council.
The official YouTube channel of the South Korean government was taken over by hackers on September 3. Then, using Elon Musk, the CEO of Tesla, who is also a supporter of Dogecoin, as their spokesperson, they utilized it for advertising a cryptocurrency Ponzi scheme.
Brazil’s Securities and Exchange Commission, often known as CVM, is working on modifying Brazil’s legal system in order to regulate the cryptocurrency industry.
NFTs have been added to Washington’s list of taxable assets. According to sources, these NFTs are taxed under the sales and use tax category. It’s interesting to note that Washington is the first American state to take such a step, and it’s possible that others will do the same.
Thai SEC has directed cryptocurrency companies operating in the country to make it clear and evident in ads that investing in virtual tokens and other types of cryptocurrencies is risky.
The Chinese government is going to fight against online infringement of intellectual property with an emphasis on NFTs through a new program called “Jianwang 2022.”
A group of Democratic senators recently sent a letter to mark Zuckerberg demanding what his company, Meta Platforms, has done to stop cryptocurrency scams on its social media platforms, Facebook, Instagram, and WhatsApp.
A group of cryptocurrency developers and investors have banded together to file a lawsuit against the U.S. Treasury Department over the ban on cryptocurrency mixer Tornado Cash.
The U.S. regulators are prepared to take the cryptocurrency market more seriously and to impose the required laws to monitor the operations of the ecosystem of digital assets. The SEC intends to build a new office that will be dedicated to processing crypto filings only.
The Thai Securities and Exchange Commission (SEC) has filed an indictment against the Zipmex Thai branch and its CEO, Akalarp Yimwilai, for violating a court order.
A 38-year-old Grand Prairie resident named Joann Vasquez is currently being investigated for her involvement in a $570,000 worth of Bitcoin that went missing.
Nereus Finance faces exploit
The most recent victim of exploitation is the Avalanche decentralized blockchain protocol. It experienced a targeted flash loan attack on Nereus Finance, a lending protocol built on the Avalanche Network, for around $370,000 worth of USD Coin (USDC).
Bill Murray loses $185K
The most recent hacking victim was well-known American actor and comedian Bill Murray, who lost $185,000 in Ethereum just hours after the conclusion of his non-fungible token (NFT) charity auction.
The Argentine Football Association (AFA) and BC.GAME have reached an agreement that will open up a global channel for both brands to reach a wider audience and develop new initiatives that will strengthen the bonds between the companies and their players.
TheCoinRise will be back with another crypto news weekly roundup next Weekend.