The digital asset trading platform, Moonpay, announced on May 2 that it had formed a partnership with Paypal. This partnership will allow U.S. users to purchase cryptocurrency using their Paypal accounts. Users of Moonpay can benefit from the security offered by Paypal, a payment provider known for sharing comprehensive financial information about transactions. Moonpay Users […]
Bitcoin News
Thai Rule Change Allows Asset Management Funds to Invest in Bitcoin ETFs
Thailand-based asset management funds can now launch private funds for investing in U.S. spot bitcoin exchange-traded funds (ETFs), according to the country’s securities regulator. The approval of bitcoin ETFs by U.S. regulators has opened opportunities for Thai asset management firms to gain exposure to the premier crypto asset. Only Institutional Investors and Ultra-High-Net-Worth Individuals Are […]
Bitcoin News
Googles Updates Advertising Policy for Crypto, Allows ETF Ads
Google has finally executed an advertising policy update announced in December, allowing some cryptocurrency finance products, like the recently approved bitcoin ETFs, to include sponsored links on its platforms. Consequently, some bitcoin ETF issuers, like Vaneck and Blackrock, are already posting ads on Google.
Google Changes Crypto Policies, Allows Bitcoin ETF Ads
Google, the software and advertisement company, has changed its advertising policies, allowing some cryptocurrency finance products to be featured in ads and sponsored links on its platform. The company announced this move in December when it announced this would focus on clarifying “the scope and requirements for the advertisement of cryptocurrency coin trusts.”
At the time, Google remarked that it would allow third parties targeting the U.S. market to advertise “financial products that allow investors to trade shares in trusts holding large pools of digital currency,” like the recently approved bitcoin ETF products. However, these ads would still have to comply with local laws for areas targeted by them, as Google enforces this requirement for all accounts advertising this kind of product.
As a result of the lift of this ban for advertising cryptocurrency coin trusts, several companies are already including sponsored links and ads to lure users to invest in their Bitcoin ETF products, including Vaneck and Blackrock.
However, other non-fungible token (NFT) and cryptocurrency sales-related ads remain banned from the platforms. These include ads for initial coin offerings (ICOs), defi protocols, or ads promoting cryptocurrency purchase, sale, or trade. Also, ads for games that promote gambling or wagering through the use of non-fungible tokens (NFTs), and the promotion of gambling casinos offering NTF-based rewards are still not allowed.
Even with these precautions, attackers have been using phishing ads on Google and X to distribute malware and siphon over million in crypto, according to reports from Scam Sniffer, an anti scam solution.
What do you think about the change in Google’s cryptocurrency advertising policies? Tell us in the comments section below.
Empty Accounts Discovered As Celsius Allows Crypto Withdrawals For Eligible Users
In a recent announcement, bankrupt crypto lender Celsius has initiated additional withdrawals for certain eligible custody users. However, it’s important to note that only specific custody assets are currently available for withdrawal, while other cryptocurrencies such as Bitcoin (BTC) remain inaccessible.
Starting November 29th, two groups, namely Class 6A General Custody Claims and Class 6B withdrawable custody claims, are eligible for withdrawals. Users within these groups have until February 28th to make their withdrawals.
Qualifying users can withdraw 72.5% of their crypto, minus transaction fees, provided they did not participate in a previous custody settlement.
Withdrawal Woes For Celsius Users
In the November 29 announcement, Celsius urged users to withdraw these assets from the Celsius app immediately and to keep personal records of relevant information, as the app will only be accessible for a limited time.
However, despite the withdrawal option, some Celsius users have experienced difficulties, according to reports on the X platform. This development comes as some 58,300 users hold approximately 0 million worth of assets that have been deemed “custodial assets” by the court.
According to user responses to the Celsius announcement, there have been reports of login failures on the platform. Users claim to be experiencing errors even after attempting to reinstall the Celsius app.
Additionally, some users have expressed concern that their Earn accounts are empty, further exacerbating the issues faced by former users of the crypto lending platform. One user specifically stated:
While my frozen portfolio balance is visible, my custody balance shows 0.
Transition To ‘Creditor-Owned’ Bitcoin Mining Company
As reported by our sister website, Bitcoinist Celsius recently obtained approval from the bankruptcy court for its proposal to transition into a creditor-owned Bitcoin mining company.
This plan involves repaying customers through a combination of crypto assets and stock in the newly established Bitcoin mining firm, which will be publicly listed.
The distribution of assets is expected to commence in early 2024, pending endorsement from the US Securities and Exchange Commission (SEC). However, Celsius acknowledges the possibility of liquidation if the crypto-mining proposal fails to materialize.
Celsius and its founder and CEO, Alex Mashinsky, have faced legal action from various entities, including the SEC, Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC), for alleged misleading practices.
Celsius promptly settled with the FTC, agreeing to pay .7 billion once the bankruptcy proceedings concluded. Mashinsky has been charged with fraud; his criminal trial is scheduled this year.
Overall, the resolution of the reported issues faced by Celsius users remains uncertain, including the login difficulties and accounts displaying zero balances.
It is yet to be determined whether these occurrences are temporary or persistent and how the platform intends to address them. The future actions and measures Celsius took to rectify these concerns are still to be clarified.
The lender’s native token, CEL, is trading at .2533, up 5% in the past 24 hours. However, it is important to note that the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date.
Featured image from Shutterstock, chart from TradingView.com
China Allows Visitors to Top Up Digital Yuan Wallets with Visa, Mastercard, Cash
Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods.
China Allows Foreign Users of Its Digital Yuan to Preload Their E-CNY Wallets
The operators of China’s central bank digital currency (CBDC) platform have upgraded its payment services to make the process of spending the digital yuan (e-CNY) more user-friendly to foreign nationals visiting the country, the state-run China.org.cn portal informed readers.
The newly introduced “recharge before use” feature on the digital yuan app allows visitors to replenish the built-in e-CNY wallet using the online services of the leading global payment networks Visa and Mastercard.
Foreigners can also load the Chinese digital currency wallet by depositing cash in a bank office. At the end of their stay, they will be able to return any remaining balance to their overseas bank card or account used in the beginning.
The report notes that as mobile payments have become more dominant in China than other regions, the new option will offer foreigners a better experience during their visit. Previously, they could not top up their e-CNY wallets in advance, the article recalled.
The change will provide foreign users with equal access to more convenient payment methods such as the “quick pay” option. It will also let them spend their e-CNY both at physical stores accepting the digital currency as well as online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip, and e-commerce retailer JD.
According to Dong Ximiao, chief researcher at Merchants Union Consumer Finance, the upgrade will create a more convenient payment environment for people visiting China. Zhou Maohua, an analyst at China Everbright Bank, believes it will also increase the presence of the digital yuan in cross-border transactions. Both are convinced that the move will promote the Chinese CBDC internationally.
China has been developing the digital version of the yuan since 2014 and has launched a number of trials in the past couple of years. At the end May, its central bank announced that e-CNY transactions in trial regions had reached 264 million, totaling 83 billion yuan (.4 billion) in value. By the end of June, they were already at 1.8 trillion yuan (0 billion) with 16.5 billion digital yuan in circulation.
Do you think the latest update of the digital yuan payment system will convince more visitors to use the CBDC? Tell us in the comments section below.
Judge Limits Bankman-Fried’s Trial Arguments; Allows Recreational Drug Use Questions
A federal judge has issued rulings limiting some arguments the defense can make at Sam Bankman-Fried’s criminal fraud trial next month. However, the judge will allow Bankman-Fried’s lawyers to question witnesses about past recreational drug use.
Bankman-Fried Can’t Mention Jail Time at Trial
In a 16-page order, Lewis Kaplan, the U.S. District judge presiding over the case granted some of prosecutors’ requests to bar certain defense strategies and evidence at the October trial of the FTX cryptocurrency exchange founder. Kaplan prohibited Sam Bankman-Fried‘s lawyers from telling jurors he’s been detained pretrial or referencing his family and personal life.
The judge also barred arguments over whether FTX customers were negligent in using the exchange or that Bankman-Fried intended to pay back any allegedly stolen funds. Kaplan wrote both are irrelevant or unfairly prejudicial.
However, Kaplan declined to prohibit Bankman-Fried’s lawyers from asking witnesses about recreational drug use. Prosecutors claimed it would harass witnesses and prejudice jurors. Kaplan said the defense must notify him and the prosecutors before raising it.
The rulings came on dueling requests from prosecutors and defense lawyers to limit arguments and evidence at the New York trial, which follows the alleged multibillion-dollar fraud that caused Bahamas-based FTX’s collapse in November 2022.
Bankman-Fried, 30, has pleaded not guilty to charges he defrauded investors and looted customer deposits on FTX, cheating customers out of billions. He was originally freed on 0 million bond but the bond was revoked.
Judge Says Government’s FTT Market Manipulation Evidence Is Admissible
Kaplan also said that the alleged tampering with the cryptocurrency tokens, which supposedly altered Alameda Research’s financial records, was a direct action taken as part of the claimed secret plan or conspiracy. Thus, Kaplan believes the claimed tampering is directly linked to the main accusation in the case.
Additionally, the claim that the defendant instructed the former CEO of Alameda Research, Caroline Ellison, to change the price of FTT shows that they had a close and trusting relationship. Kaplan stressed the importance of this information in proving the case is greater than any potential bias it might cause, so he’s allowed it as evidence in the trial.
Kaplan wrote the ruling after reams of pretrial motions from prosecutors and defense lawyers aiming to tilt the playing field in their favor. Furthermore, Bankman-Fried’s lawyers have attempted to get him released before the trial for the third time in a row.
Jury selection is set for October 3, 2023, with opening statements likely in late October.
What do you think about the upcoming trial against Bankman-Fried? Share your thoughts and opinions about this subject in the comments section below.
White House Says US Policy Allows Partners to Seek BRICS Membership
The White House has affirmed that U.S. policy does not ask partners to choose between the U.S. and other countries, including the BRICS nations. “The U.S. does not want to limit countries’ partnership with other countries,” said Press Secretary Karine Jean-Pierre. More than 40 countries have expressed interest in joining the BRICS group, and around 70 leaders have been invited to the economic bloc’s summit in August.
White House on US Partners’ Interest in Joining BRICS
While House Press Secretary Karine Jean-Pierre was asked in a press briefing on Monday about U.S. partners seeking membership in the BRICS economic bloc. The BRICS group comprises Brazil, Russia, India, China, and South Africa.
“Algeria and Egypt, which are two partners of the U.S. … have applied to join BRICS … and represents kind of a non-alignment force that stands against, kind of, Western hegemony. So how do you feel about this development? Do you welcome this?” she was asked.
Noting that countries should “speak on their own about their diplomatic engagement,” Jean-Pierre replied: “We lead in our engagement with an affirmative agenda focused on demonstrating the benefits of our governance and economic models.” The White House press secretary added:
U.S. policy does not ask our partners to choose between the United States and other countries. We have repeatedly emphasized that the U.S. does not want to limit countries’ partnership with other countries. But we want countries to have choices on how to deliver results to their citizens as well.
Interest in the BRICS economic bloc has soared, with more than 40 countries interested in joining as more and more nations seek to de-dollarize. According to South Africa’s diplomat in charge of BRICS relations, 22 countries have formally applied.
South Africa, the host of the BRICS summit this year, has sent out invitations to 69 leaders, including all African heads of state and the heads of major Global South bodies. No invitation has been sent to the leaders of Western countries, including France even though French President Emmanuel Macron had expressed interest in attending the summit.
What do you think about the White House’s response to U.S. partners seeking BRICS membership? Let us know in the comments section below.
Argentina Allows Banks to Open Yuan Accounts — Economist Says It Could Boost Chinese Currency as Safe Haven Alternative to US Dollar
The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging all of their local currency to U.S. dollars,” an economist explained.
Banks in Argentina Now Authorized to Open Yuan Accounts
Argentina’s central bank announced Thursday that it is now allowing Chinese yuan in bank accounts. The announcement states (translated by Google):
The Central Bank of the Argentine Republic has incorporated the renminbi yuan as an accepted currency for deposit-taking in savings banks and checking accounts. Financial entities will thus be enabled to open bank accounts denominated in renminbi yuan.
The decision by Argentina’s central bank to incorporate the Chinese yuan aligns with the country’s struggle against a dwindling supply of U.S. dollars. The move also coincides with China’s ongoing efforts to promote the internationalization of its currency.
In addition, Argentina’s National Securities Commission announced in June that it would allow dealing in renminbi-denominated securities. Earlier this month, China’s central bank, the People’s Bank of China (PBOC), and Argentina’s Central Bank signed an agreement for a 130 billion yuan (.9 billion) bilateral currency swap over three years.
BBVA Research’s senior China economist, Dong Jinyue, was quoted by the South China Morning Post as saying:
Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging all of their local currency to U.S. dollars.
“The diversification of foreign currency exchange will surely help alleviate the US dollar shortage in Argentina because US dollars become not the only foreign currency to exchange,” he opined.
Stephen Olson, a senior research fellow at the Hinrich Foundation, described:
Given rising geopolitical tensions, China is growing increasingly uncomfortable with the pre-eminent role of the U.S. dollar in conducting international trade.
Some people believe that the Chinese yuan has the potential to erode the dominance of the U.S. dollar in global financial markets, including TD economist Vikram Rai. Russia’s VTB Bank Chairman Andrey Kostin, who is sanctioned by the U.S., said in May that the Chinese yuan could replace the U.S. dollar as the world’s main reserve and settlement currency as early as the next decade. In addition, many people expect a proposed common BRICS currency to challenge the USD’s hegemony.
What do you think about Argentina’s central bank allowing banks to open accounts in Chinese yuan? Let us know in the comments section below.
Bittrex US Allows Fiat and Crypto Withdrawals Amid Bankruptcy Proceedings
Bittrex US, the now-defunct cryptocurrency exchange in the United States, has recently introduced a plan that permits American customers to withdraw crypto and fiat from the platform, provided they satisfy the required regulatory criteria. This withdrawal arrangement was approved on Tuesday by the U.S. bankruptcy court located in Delaware.
Cryptocurrency Exchange Bittrex US Enables Customer Withdrawals
On May 8, 2023, Bittrex US filed for Chapter 11 bankruptcy protection, citing liabilities ranging from 0 million to billion and having over 100,000 creditors. Before the bankruptcy filing, the U.S. Securities and Exchange Commission (SEC) had sued Bittrex for running an unregistered exchange, broker, and clearing agency, and for listing unregistered crypto securities.
Bittrex sent emails to its U.S. customers this week, following approval from the U.S. bankruptcy court to enable withdrawals. However, there is a caveat: users must update their know-your-customer (KYC) information and agree to the latest terms of service. Bittrex asserts that this step is “necessary to comply with state and federal regulations.”
Withdrawals opened on June 15, 2023, and the company has provided resources for identity verification, withdrawal instructions, and wire instructions. “Customers have until August 31, 2023, to withdraw any remaining funds,” Bittrex states. While cryptocurrency withdrawals are relatively simple, fiat withdrawals require the submission of an application to link a bank account. Additionally, there is a wire fee for customers who choose to wire funds through Bittrex.
What are your thoughts on Bittrex US allowing fund withdrawals for customers amidst its bankruptcy proceedings? Share your thoughts and opinions about this subject in the comments section below.
Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Digital Assets
A draft law filed in the Russian parliament permits operators of platforms providing financial services to also run blockchain platforms. The legislation will allow them to combine their regular activities in the traditional financial market with issuing digital assets.
New Law Opens Door to Blockchain Space for Russian Financial Service Providers
The State Duma, the lower house of parliament in Russia, has adopted on first reading a bill allowing financial marketplaces, as defined by another Russian law, to also function as blockchain platforms facilitating the issuance and exchange of digital financial assets (DFAs).
The legislative initiative comes from a group of lawmakers headed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, crypto news outlets Bits.media and RBC Crypto reported. Its main purposes is to help the development of tokenized cashless payments, the digital ruble, and DFAs.
The latter are regulated by the law “On Digital Financial Assets,” which went into force in January, 2021, and mostly covers digital assets with an issuer. Transactions with decentralized cryptocurrencies like bitcoin are yet to be legalized in Russia.
The new bill builds on the law “On Conducting Financial Transactions Using Financial Platforms,” which came into effect in 2020. It describes the said financial platforms as information systems that provide financial organizations with an opportunity to meet consumers online.
On these platforms, individual investors have access to financial instruments, banking and insurance services, as well as services offered by companies working in the securities market. The possibility to integrate financial and blockchain services will expand the types of activities that their operators can perform and the range of products and services they can provide, the sponsors noted.
Amid Western financial restrictions, the Russian government has been exploring ways to develop its digital assets market. The Central Bank of Russia has already added several entities to its register of authorized DFA issuers. These are the tokenization service Atomyze, the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russia’s largest state-owned and private bank, respectively.
Do you think the new law will stimulate the development of blockchain technologies and digital assets in Russia? Tell us in the comments section below.