The FDIC has warned the California-based cryptocurrency exchange OKCoin USA Inc., which is affiliated with the OKX, to avoid exploiting the FDIC’s name to strengthen its validity. The letter, sent to OKCoin’s CEO Hong Fang, raised concerns that the platform may be in breach of the FDIA’s Section 18(a)(4). Moreover,
June 16, 2023 2 mins read
After the US SEC filed a complaint against the crypto behemoth Binance.US last week for allegedly breaking federal securities laws, Reuters reports that massive layoffs have taken place at the company. Reuters cites sources saying that since the lawsuit was filed, at least 50 workers have lost their jobs at
June 16, 2023 2 mins read
In spite of Hong Kong’s efforts to become Asia’s cryptocurrency capital, major financial institutions remain hesitant to join the trend. According to the most recent FT article, Hong Kong’s banking regulator has been putting pressure on major banks. These include Standard Chartered and HSBC for working with cryptocurrency exchanges. The
June 15, 2023 2 mins read
Uniswap (UNI) may have been an early player in the Decentralized Finance (DeFi) ecosystem. But Ripple’s vocal CTO David Schwartz recently pointed out that this doesn’t make it a decentralized business. There has been backlash over the Ripple CTO’s comments that Uniswap is not a decentralized platform. This debate concerning
June 15, 2023 2 mins read
Damus, a decentralized social networking software, has been threatened with removal from the Apple App Store until its developers alter the program to comply with Apple’s guidelines. According to a tweet from the project, Apple has requested an update from Damus within 14 days of the date of communication to
June 14, 2023 1 min read
The Snoop Dogg Passport, an NFT pass that grants access to special content and experiences related to the rapper and entertainer’s forthcoming concert tour, was released today, marking yet another step towards Web3 for Rapper Snoop Dogg. Moreover, each Snoop Dogg Passport NFT costs 0.025 ETH, or around $43 at
June 14, 2023 2 mins read
The United States’ crypto war has also had an effect on the stablecoin ecosystem, with a notable split developing between the two largest issuers. According to the company’s transparency report, the total supply of Tether has hit an all-time high of 83.36 billion USDT. Will Clemente, an industry expert, said:
June 13, 2023 2 mins read
A former enforcement officer has reportedly been recruited by Binance US as part of its legal team to help defend itself against claims of operating as an unregistered securities exchange amid a lawsuit filed by the United States Securities and Exchange Commission (SEC). George Canellos, previously of the SEC and
June 13, 2023 2 mins read
Senator Cynthia Lummis of the United States made headlines when she turned to Twitter to promote her efforts to create a legislative framework. That would allow people and businesses to own and trade digital assets inside the United States. Lummis has been collaborating with Senator Kirsten Gillibrand on a new
June 11, 2023 2 mins read
While on a recent trip to India, Sam Altman, CEO of OpenAI, was questioned by Indian company leaders about how they can create ground-breaking models like ChatGPT on a tight budget. The response from Sam was “it’s pretty hopeless.” As Sam seemed to entirely disregard the concept of Indian corporations
June 11, 2023 2 mins read