Day: 31 January 2023

An independent examiner has found that cryptocurrency lender, Celsius, misled its investors and, at times, used new customer deposits to pay for other customers' withdrawals, a hallmark of a Ponzi scheme. Shoba Pillay, appointed by the New York bankruptcy court in September 2022, was tasked with providing an objective view ...

Archax, a London-based cryptocurrency exchange, has introduced its digital asset custody service after gaining regulatory approval from the Financial Conduct Authority (FCA).  The service, one of few to meet the FCA's high standards for firms dealing in digital assets, offers secure storage for cryptocurrencies, tokenized assets such as funds and ...

Hong Kong's top financial regulator has proposed fresh regulations prohibiting algorithmic stablecoins and noting that, henceforth, all stablecoin issuers will be required to obtain mandatory licensing. Organizations that engage in regulated cryptocurrency activity in Hong Kong must apply for a license to offer stablecoin services.  Algorithmic stablecoins were not included ...

Israel-based fast-charging battery company, StoreDot, has entered into a partnership with Circulor, a UK-based startup that uses blockchain technology to map supply chains for environmentally friendly and sustainable production.  The aim of this partnership is to establish ethical and responsible sourcing by tracking the origin and CO2 emissions of raw ...

The Financial Supervisory Service of South Korea, the nation's regulatory body, has advocated establishing a uniform system for mandatory information disclosure from digital asset exchanges and cryptocurrency issuers to provide more reliable data and protect investors from fraud. Ahn Byung-nam, the head of the regulator's Digital Asset Research, claims that ...

Bitstamp, a prominent cryptocurrency exchange, has added EUR-backed IOUs on the XRP Ledger. The announcement was made via Twitter by the exchange. As per the tweet, the exchange stated that they are expanding their IOU services on XRPL, offering a stablecoin solution and seamless on-ramp and off-ramp access to the ...

The trend of Russian residents purchasing ready-to-use cryptocurrency exchange accounts has been growing at an alarming rate, despite the inherent dangers of such accounts. This phenomenon can be attributed to the recent restrictions imposed by trading platforms in compliance with sanctions over the conflict in Ukraine. These accounts, which are ...

The impact of blockchain technology on the global economy has been substantial and far-reaching, with its potential to transform the way businesses and individuals conduct transactions being widely recognized. As blockchain technology continues to advance and its use cases increase, it is also having a significant impact on financial investment ...

Web3 applications, built on a decentralized and distributed ledger, offer enhanced security measures compared to traditional web applications. However, it is important to note that security vulnerabilities do exist within the Web3 ecosystem.  This raises the question: How can Web3 be vulnerable to security issues when it relies on the ...