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Coinbase futures approval seen as a major win amid the war on crypto
The recent approval allows Coinbase to join the ranks of the two major derivative exchanges in the United States, CME and CBOE.
The approval for America’s largest digital asset exchange, Coinbase, to offer crypto futures to U.S. retail customers is being seen as a major regulatory victory amid a heated battle with the country’s securities regulator.
On Aug. 16, the National Futures Association (NFA) — designated by the U.S. commodities regulator as a registered futures association — granted Coinbase permission to operate a Futures Commission Merchant (FCM) platform.
Some crypto industry commentators see the approval as a significant regulatory victory for Coinbase and crypto, given that the U.S. Securities and Exchange Commission has accused the exchange of avoiding the registration of its offerings.
“If I were a judge I'd wonder why somehow [Coinbase] manages to register with the [CFTC] yet the [SEC] claims that Coinbase is unwilling to do the hard work to register," investment management firm Electric Capital founder Avichal Garg wrote in an Aug. 17 tweet. Read More
PayPal Confirms It Is 'Pausing' Crypto Purchases for UK Customers
British customers won't be able to buy crypto on PayPal as it navigates regulatory hurdles, the company confirmed Wednesday.
PayPal is "temporarily pausing" crypto purchases for British customers. UK users won't be able to buy cryptocurrencies on the platform, the company confirmed to Decrypt today.
"We are temporarily pausing the ability for U.K. customers to buy crypto through PayPal as we work to satisfy new regulatory requirements," a representative said.
A PayPal spokesperson did not expand on why the platform would be pausing purchases, but added that users who "currently hold crypto can keep it on our platform at no charge and are also able to sell their currency at any time."
Screenshots of an email reportedly sent to British customers circulated on Twitter yesterday, suggesting that PayPal would "temporarily pause" crypto buys in October. PayPal would not confirm to Decrypt if the screenshots were legit.
UK customers could only buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Read More
PayPal Integrates With Crypto Wallet Ledger To Allow Users To Buy Crypto Assets Within App
Payments giant PayPal is integrating with a crypto wallet to allow traders to purchase crypto assets within its application.
In a new announcement, crypto wallet provider Ledger says that it's collaborating with PayPal to let US customers directly buy select digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) by linking accounts.
“We’re glad to announce an on-ramp integration with PayPal, allowing users to explore crypto in a convenient, simple and secure way via the Ledger Live companion app…
Whether a crypto expert or a newcomer to the world of digital currencies, the PayPal and Ledger Live integration will provide a secure and user-friendly platform for buying crypto. When using PayPal through Ledger Live, Ledger users in the US (subject to applicable state law) will be able to directly buy BTC, ETH, BCH and LTC using their linked PayPal account.” Read More
Replacing Trust With Truth - Banks Fear Crypto
According to hedge fund manager Mark Yusko, banks take $7 trillion dollars out of the system every year. The advent of triple entry accounting with blockchain means that banks are becoming redundant.
Founder of Morgan Creek Capital, Yusko recently gave an interview in which he gave a portrayal of the banks that isn’t often heard. He stated that banks have paid more in fines for criminal acts such as fraud and money laundering than the entire market cap of Bitcoin.
He affirmed that banks are extremely worried about crypto and blockchain technology because it heralds an end to their existence, given that the middle man is now no longer needed. He said:
“We (the banks) skim $7 trillion a year out of this system. It’s 6 to 8% of GDP that goes to the banks for trust - but we can replace trust with truth.”
Yusko is of the belief that the FTX collapse was actually orchestrated in order to bring controversy to the crypto industry and allow US regulators to react by launching an aggressive onslaught against the crypto sector. Read More
We have a lot to be grateful for within Markethive. It’s like stepping out of the rat race into an oasis of humanity at its best. As an inbound marketing, business-based blockchain platform with an inherent entrepreneurial spirit, we have all the tools to get our message out to the whole world. We have a social media interface with a collaborative ethos rarely experienced on legacy social media.
We are starting to see new integrations in the blogging section in preparation for the customized, more intuitive interface and dashboard of Markethive and, of course, the Markethive Wallet that will facilitate the Merchant accounts for members as well as personal transactions, the Vault, etc.
The new-look Blogcasting Hub is located at the top of all blogs in the system. Blogcasting is a term introduced by Markethive and is an enhanced broadcasting system. In the traditional broadcasting sense, only the people who physically subscribe to your blog or newsletter are usually notified of your updates via email.
With this blogcasting system, your social networks are informed of your blog as and when you publish them. What this means is the potential reach is into the millions. Read More
Polygon Labs Partners With Korean Mobile Giant
Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem.
International software development company Polygon Labs has announced a strategic collaboration with Korean mobile giant SK Telecom (SKT) to develop a robust Web3 ecosystem. The agreement signing ceremony took place at SKT's headquarters in Seoul, with Oh Se-hyun, Vice President and Head of Web3 CO of SKT, and Polygon Labs' CEO Marc Boiron in attendance.
Under the partnership, SKT will integrate support for the Polygon blockchain into its NFT marketplace TopPort and upcoming Web3 wallet.
The partnership between Polygon Labs and SKT will enable users to avail of faster and more cost-efficient transactions while leveraging the security and decentralization of Ethereum.
Polygon Labs CEO Marc Boiron emphasized the significance of this collaboration, saying,
"Polygon Labs has been developing optimal blockchain technology for Web3 popularization, and we see this collaboration with SKT as an important step in providing Web3 experiences to more consumers." Read More
UK crypto businesses to comply with FATF Travel Rule beginning in September
The U.K. passed legislation in 2022 to make it one of the few countries in compliance with the extension of the Travel Rule to crypto.
Crypto asset businesses in the United Kingdom will be required to comply with Financial Action Task Force (FATF) Anti-Money Laundering and Counter-Terrorist Financing rules, known collectively as the Travel Rule, beginning Sept. 1, a statement from the Financial Conduct Authority (FCA) reiterated Aug. 17. This will bring the U.K. into conformity with FATF standards set in 2019.
The Travel Rule requires virtual asset service providers (VASPs) to share customer information when making transfers to help identify suspicious transactions. The U.K. passed legislation to begin enforcing the Travel Rule in July 2022.
U.K. crypto businesses will be expected to implement the Travel Rule fully by Sept. 1 when sending or receiving crypto assets in the U.K. or jurisdictions that have already implemented the rule. Businesses will be responsible for compliance when using third-party vendors as well. Read More
Coinbase Suspends Tether Trading in Canada
The company is also suspending trading for DAI and RAI, claiming they no longer meet listing standards.
Coinbase today announced that it will suspend trading for three popular stablecoins in Canada, shortly after boasting of its full entry into the Canadian market—including trading of the biggest stablecoin in the world, Tether.
In an email to customers on Monday, the company said that Tether (USDT), RAI, and DAI do not meet the company’s listing standards, based on its most recent reviews.
“The trading suspension will not affect customers’ access to RAI, DAI, or USDT wallets which will remain available for deposit and withdrawal functionality after the trading suspension,” Coinbase confirmed to Decrypt via email. The suspension will take effect on August 31 at around 12 p.m. ET.
Though the company did not go into detail, its action mirrors that of rival exchange Crypto.com, which cancelled Canadian USDT support in January in response to instructions from the Ontario Securities Commission (OSC). Read More
Big Win For Crypto As SEC Gives Green Light To Ether Futures ETFs
The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space.
Nearly a dozen companies have expressed interest and filed applications with the SEC to launch ETFs.
Big Win For Crypto:
According to sources familiar with the matter, the regulator will not block or oppose products. This comes as a major relief to companies who have filed with the Securities and Exchange Commission, including Bitwise, Roundhill, ProShares, and Volatility Shares. However, it is still unclear which funds would receive the nod from the SEC. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Ether (ETH) is the native token of the Ethereum blockchain and is the world’s second-largest cryptocurrency in terms of market capitalization, second only to Bitcoin. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
