@kalhh, pixabay.comToday’s crypto
news of the week is all about the bulls driving prices north. Further, crypto exchange Bilaxy was hacked and around $21 million was stolen. However, the air is also getting thinner for Binance as more and more countries are issuing warnings. In addition, El Salvador is planning to introduce cryptocurrencies as an official means of payment. The SEC is also targeting some companies again. For one, the SEC is charging BitConnect Founders with fraud. For another, the leading developer of Uniswap is also falling into the hands of the SEC. Furthermore, the president of the SEC has proposed to the European Parliament to tackle global regulation of cryptocurrencies.
Bulls Drive Digital Currencies NorthAfter
many lows and few highs, digital currencies are almost all headed north. This crypto news of the week is a pleasure to read, isn’t it? Bitcoin has cracked the $50,000 mark and Ethereum also managed to cross the $4,000 line. But Solana and Cardano also surprised and were able to generate new all-time highs. Especially with Cardano
, hopes are high, as the Alonzo update is still expected here on September 17. Analysts expect a price of up to USD 5. At the moment, the prices have probably fallen again a bit, but we assume that it will continue to go up next week.
Here are the current prices of Quantify Crypto:
crypto exchange Bilaxy was relieved of around 21 million
news of the week also deals with another attack. On August 29, Hong Kong crypto exchange Bilaxy took a hard loss. Hackers had looted a hot wallet worth US$21 million. In the process, the approximately 295 ERC-20 tokens were transferred to only one wallet. At the same time, the price of HOGE dropped by 35%, which is probably due to the attack. On its Telegram channel, Bilaxy stated that the website is closed to visitors. In addition, d
he payout function froze and the company reported that it will be investigating the cause of the hack for at least the next two weeks. Until then, there are likely to be massive restrictions on the crypto exchange.
The air is getting thinner for Binance – this week’s crypto news shows it
Now South Africa has also spoken out and the South African regulator has issued a warning. Alongside Italy, the UK, Malaysia and Japan, South Africa now joins the ranks. Whereby Binance has probably got itself into this situation. For one thing, the company consists of a complex construct, and for another, there is no headquarters. Binance consists of many subsidiaries that can be adapted to the standards of the country where they operate. If things don’t go according to plan, the subsidiaries are shut down.
In addition, there have always been conflicting statements as to where Binance ‘s headquarters are. In addition to the Seychelles, Malta has also been under discussion. Binance SEO Changpeng Zhao, on the other hand, said that there is no headquarters of the company at all. That regulators would then take notice of the company is not really surprising.
In El Salvador, digital currencies will become a means of payment
As of September 7, 2021, cryptocurrencies will be recognized as an official means of payment in El Salvador. The country’s Congress has approved a law that will make it easier to exchange Bitcoin for US dollars. The country’s president, Nayib Bukele projects that if just 1% of Bitcoin is invested in the country, it could increase GDP by 25%. The government now wants to set up at least 200 ATMs and 50 advice centres across El Salvador to make access easier. Residents will then be able to deposit and withdraw cash there without having to pay fees. It’s actually a sensible move, since about 70% of the population can’t show a bank account.
The SEC is targeting some companies again
The SEC isn’t just targeting Ripple Labs. BitConnect is also alleged to have defrauded its investors. This is according to this SEC announcement. In the process, founder Kumbhani as well as national promoter Glenn Arcaro allegedly diverted funds from investors. They are also alleged to have set up a worldwide network of promoters, without the knowledge of investors. These received rewards and commissions for their activities. In addition, the promoter Arcaro also used its own website to lure investors into the BitConnect Lending program.
In addition to BitConnect, the SEC is also eyeing Uniswap. But here, the company’s lead developer. The SEC’s investigation came just a short time after the partnership with AnChain.Ai auTAKEN. The blockchain analytics firm aims to improve monitoring of the DeFi space. This was reported by The Wall Street Journal. The regulator now wants to know how customers are using the exchange, how it generally works and is marketed.
SEC President Garry Gensler wants global regulation
The president of the U.S. regulator, Garry Gensler, has repeatedly spoken about regulation in the European Parliament. Just last Wednesday, a virtual event was held in which Gensler participated. He expressed that cryptocurrencies are global as an asset class worth $1.2 trillion. He also suggested that the European Parliament find a global solution.
However, this might not be so easy. Malta is particularly crypto-friendly, Germany rather cautious and other countries do not quite dare yet. So it should still be exciting in the coming months.
There are of course many more crypto news of the week. To list them all, however, you would be busy reading the whole Sunday. Most of you have certainly already read the crypto news spread over the week. With that in mind, have a great Sunday!
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