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Binance, the largest cryptocurrency exchange by volumes traded, has announced the launch of “Send Cash,” a Latam-focused remittance service. The newly launched tool will allow users in nine countries in the region to send crypto to bank accounts of friends or family in Argentina and Colombia directly, bypassing third-party intermediaries. Binance Seeks to Ease Remittances in Latam With ‘Send Cash’ On Tuesday, Binance announced the launch of ‘Send Cash,’ a new service that seeks to ease the burden of Latam crypto users trying to send remittances to friends and family in Latam. In a press release , Binance explained that this new tool will allow users in 9 countries of Latam – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico – to send funds directly to the bank accounts of users located in Colombia and Argentina “at the lowest cost in the market.” Binance also hinted at the possible expansion of this program to other countries of ...

Several lawmakers have expressed concerns about the privacy risks of the Federal Reserve issuing a central bank digital currency (CBDC). “Americans have a right to financial privacy,” one congressman said, emphasizing: “We do not need a CBDC that can track your purchases like China does with their digital yuan.” Another noted: “CBDC is to sound money what dictatorship is to freedom.” ‘Americans Have a Right to Financial Privacy’ Multiple U.S. lawmakers have warned against the issuance of a central bank digital currency (CBDC) by the Federal Reserve. Congressman French Hill (R-AR), chairman of Congress’ Digital Assets Subcommittee, wrote on social media platform X on Wednesday: Americans have a right to financial privacy. We do not need a CBDC that can track your purchases like China does with their digital yuan. “The authority rests with Congress, not unelected bureaucrats, to create and implement a CBDC. And that’s non-partisan,” the lawmaker stressed. The congressman has been...

A number of U.S. lawmakers have urged regulators, including the Securities and Exchange Commission (SEC), to work with Congress on crypto regulation. “Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators to work with Congress to provide clear rules of the road and robust consumer protections through legislation,” said the House Financial Services Committee. Lawmakers Urge Regulators to Work With Congress on Crypto Regulation After the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of crypto asset manager Grayscale Investments against the U.S. Securities and Exchange Commission (SEC), a number of lawmakers have urged regulators to collaborate with Congress on cryptocurrency regulation. On Tuesday, the Financial Services GOP posted on social media platform X: Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators...

Grayscale’s court win over the U.S. securities regulator will help keep crypto innovation in America, Republican presidential hopeful Vivek Ramaswamy is convinced. While praising the “strong decision,” Ramaswamy also commented that the case should have never reached the courts. Federal Courts Are the Only Line of Defense Against Shadow Government, Ramaswamy Says The court ruling in the case of Grayscale Investments against the U.S. Securities and Exchange Commission (SEC) clears a path to keep Bitcoin and blockchain innovation in America, according to Vivek Ramaswamy, a candidate for the Republican Party’s nomination for the 2024 presidential election in the United States. Ramaswamy took to social media to share his thoughts on the recent decision of the U.S. Court of Appeals for the District of Columbia Circuit in favor of the largest crypto asset manager. Grayscale had challenged the SEC’s move to deny the conversion of its bitcoin trust (GBTC) to a spot bitcoin exchange-traded ...

Bitcoin edged lower once again on Thursday, as traders continued to capture profits following gains on Tuesday. The latest drop followed data revealing U.S. gross domestic product growth in the second quarter that undershot expectations. Ethereum likewise declined, dipping under $1,700. Bitcoin Bitcoin was in the red for a second consecutive session, as a mixture of profit-taking and general bearish sentiment impacted price. Following a peak of $27,490.77 on hump day, BTC /USD dropped to an intraday low of $27,069.21 earlier today. The sell-off comes a few days removed from bitcoin moving above $28,000, following Grayscale’s court win against the Securities and Exchanges Commission (SEC). On a technical note, the decline coincided with the 14-day relative strength index (RSI) failing to move beyond its ceiling at 53.00. As of writing this, the index is now tracking at a reading of 47.50, with the next visible floor at the 43.00 level. Should momentum push price strength to this...

Cryptocurrency exchange Binance said it continues to provide services to residents of Belgium through its Polish entity. The announcement comes two months after the crypto trading company was ordered by the Belgian financial regulator to cease all crypto services in the country. Binance Offers Belgian Clients to Trade on Its Polish Platform Belgian customers of Binance, the world’s largest crypto exchange, are currently served by its Polish platform. In a blog post published Monday, the crypto trading company pointed out that the move allows it abide by applicable regulations. It stated: We are pleased to announce that Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users. The change comes after in June Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to “cease immediately all o...

The premium on crypto assets listed on South African exchanges briefly surged to 3.5% after Kraken’s abruptly started blocking deposits from users based in the African country. Some South African crypto experts have linked Kraken’s decision to the Financial Action Task Force’s recent addition of the African country to its greylist. Impact of the FATF’s Greylisting According to a report, the U.S.-based crypto exchange Kraken’s recent decision to stop accepting deposits from South African nationals briefly saw the premium on crypto assets like bitcoin surge to 3.5%. Before Kraken’s announcement, the premium or arbitrage, which is the gap between prices of crypto assets on global exchanges and South African exchanges, had reportedly ranged between 0.7% and 1.5%. As explained in a report published by Moneyweb, Kraken made the sudden decision to block South African deposits after its banking partner placed the African country on its anti-laundering blacklist. Some South African comment...

Switzerland-based crypto-friendly SEBA Bank announced it has received an approval-in-principle to operate in Hong Kong. The regulatory nod brings the Swiss bank’s local entity closer to becoming a licensed provider of various services for crypto assets in the Chinese region. SEBA Bank Takes a Step Towards Full Crypto License in Hong Kong SEBA Hong Kong, a subsidiary of the Zug-headquartered crypto bank SEBA Bank, has been issued an in-principle approval by the Securities and Futures Commission ( SFC ) of the Chinese Special Administrative region, the bank said on Wednesday. The approval has been granted for the entity’s application for a license to conduct regulated activities in Hong Kong which will allow it to deal in securities, including crypto-related products such as over-the-counter derivatives and structured products. Backed by the Swiss banking giant Julius Baer, SEBA Bank provides wealth management, investment, and trading solutions for the digital age. A Hong Kong licen...

An Africa-focused remittances platform, Lemfi, recently said it has raised $33 million in a Series A round led by Left Lane Capital. Lemfi said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.” Making Remittances Less Complicated Lemfi, an Africa-focused remittances platform, recently raised a $33 million in a Series A round which was led by Left Lane Capital. In a press statement , Lemfi, which has a presence in Canada and the U.K., said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.” In comments accompanying the capital raise announcement, Ridwan Olalere, a co-founder and CEO of Lemfi, seemingly characterized the successful round as an endorsement of the company’s objective of making financial services more accessible to immigrants. Olalere, who claims to have seen first-hand the challenges faced by migrants, also spoke of how Lemfi’s produ...

In early August 2023, Bloomberg ETF specialists Eric Balchunas and James Seyffart estimated a 65% probability for the approval of a spot bitcoin ETF. However, as August draws to its conclusion, and in light of a U.S. court siding with Grayscale over a legal tussle against the U.S. Securities and Exchange Commission (SEC), the pair have revised their prediction, now pegging the likelihood at 75%. SEC Decision Looms for Seven Spot Bitcoin ETFs Barring any delays, the U.S. Securities and Exchange Commission (SEC) is poised to either greenlight or turn down seven distinct proposals for a spot bitcoin ETF. These applications hail from notable names like Blackrock, Wisdomtree, Valkyrie, Fidelity, Vaneck, Bitwise, and Invesco. Bloomberg’s senior ETF analyst, Balchunas, conveyed that he and Seyffart have adjusted the odds from their earlier forecast . “James Seyffart [and] I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24),” Balchunas posted to the soc...

Cryptocurrency exchanges Bybit and Okx have discontinued support for payment cards issued by sanctioned banks from Russia. The moves follow in the footsteps of Binance, the world’s largest exchange for digital assets, which recently removed such cards from its peer-to-peer (P2P) platform. Bybit and Okx Stop Operations With Sanctioned Russian Banks Bybit and Okx, two of the top crypto spot exchanges according to data from Coinmarketcap, will no longer process transactions involving certain Russian banking institutions placed under Western sanctions, the crypto news outlet of the Russian business portal RBC reported. On Okx’s P2P platform, the cards of Russia’s largest state-owned bank, Sberbank, largest private bank, Alfa-Bank, and the neobank Tinkoff, a major issuer of payment cards, have become unavailable among the offered payment options. Russian users can still buy and sell coins for rubles on Okx through a bank transfer, using cards from the Russian banks Post Bank, Promsvya...

Jamie Coutts, an analyst from Bloomberg Intelligence, has predicted that stablecoin adoption will grow significantly once the issue of hostile regulations in the U.S. is put aside, noting “adoption under the hood is exploding.” Coutts believes that stablecoin usage may overtake bitcoin usage as more companies like Paypal integrate such assets in their payment structures. Analyst Says Stablecoin Adoption Set to Grow While the stablecoin market has been hammered recently due to the lack of clear regulations in the U.S., the adoption of these tools is set to boom enormously in the future. At least, this is the opinion of Jaime Coutts, a Bloomberg Intelligence analyst, who believes that even in the face of “U.S. boomer” regulations, these payment methods are likely to be adopted by companies like Paypal and credit giants like Visa and Mastercard. In his analysis, Coutts acknowledges that the growth of the stablecoin market was significant during 2022, with total payments of stablecoi...

In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from demanding U.S. dollars for domestic transactions has “resulted in the constant devaluation, depreciation and unending plunge of the naira.” Nigeria’s Foreign Exchange Woes A Nigerian lawyer and human activist, Femi Falana, is suing the Central Bank of Nigeria (CBN) for allegedly dollarizing the economy. In his suit filed with a Lagos High Court, Falana also alleged that the CBN’s failure to perform its statutory obligations had “resulted in the constant devaluation, depreciation and unending plunge of the naira.” As has been reported by Bitcoin.com News in the past few months, the Nigerian currency has been losing ground against major currencies. Many Nigerian economic commentators attribute the naira’s constant depreciation to the ongoing U.S. doll...

Crypto exchange Binance considers exiting Russia amid increased scrutiny over its services for users in the sanctioned nation. The news of the potential move comes after the exchange delisted several sanctioned Russian banks from its peer-to-peer (P2P) platform and restricted fiat payment options for Russian traders. Full Russia Exit Is on the Table, Binance Representative Says The world’s leading exchange for digital assets, , is currently reevaluating its Russian business, the Wall Street Journal reported . The process includes the possibility of a full withdrawal from what was an important market for the crypto giant. A spokesperson for the company told the publication: All options are on the table, including a full exit. The statement comes after a WSJ article suggested last week that Binance is facing legal risks over allegedly helping Russians move money abroad despite the platform claiming it has been abiding by Westerns sanctions rules since last year. Following the pu...

The Shiba Inu development team has announced that Shibarium is now fully functional after recent challenges where funds became inaccessible in the bridge. Shiba Inu’s Shytoshi Kusama thanked Sandeep Nailwal, the co-founder of Polygon Labs, who stepped in with crucial resources to address the issue. Shibarium Back Online After Resolving Bridge Glitch, Team Thanks Polygon Co-Founder Two weeks prior, Shibarium had faced difficulties with over $2 million in cryptocurrency deposits trapped in its bridge. However, on August 28, an update was shared via a blog post confirming that Shibarium’s layer two (L2) was back in action. It highlighted that Sandeep Nailwal and the Polygon team were instrumental in resolving the situation. “Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” remarked Shiba Inu’s Shytoshi Kusama. The blog further specified that tr...

The U.S. Securities and Exchange Commission’s former head of Internet enforcement suspects that the SEC’s “secret” filing in the Binance case is a “rare” tactic that could relate to the Department of Justice’s criminal investigation against the crypto exchange. He stressed that the securities regulator’s “seal-seeking filing is unusual, odd, and uncommon,” emphasizing that the move “cannot be overstated.” SEC Takes ‘Rare’ Move in Binance Case Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his perspective Tuesday regarding what he called a “secret” SEC filing in its litigation against cryptocurrency exchange Binance in a lengthy post on social media platform X. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official explained that the securities watchdog filed ...

BNB surged this afternoon, as markets reacted to the news a court in the United States was siding with Grayscale in its case with the Securities and Exchange Commission (SEC). The court said the SEC was wrong to deny Grayscale permission to migrate its bitcoin product into an ETF. Toncoin also rallied, hitting its strongest point since June. BNB Since hitting a one-year low last week, BNB has mostly moved higher in recent days, with today’s surge coming after the latest U.S. consumer confidence report. Following a low of $217.05 to start the week, BNB /USD moved to a peak of $233.06 earlier in today’s session. This has resulted in the native token of cryptocurrency exchange Binance climbing to its highest point since August 16. Tuesday’s gain came as the 14-day relative strength index (RSI) jumped beyond a key resistance level of 53.00. As of writing, price strength is tracking marginally above this point at 54.13, with a ceiling at 55.00 awaiting. Earlier gains have somewhat...

Vietnam, the Philippines, and Brunei will join a QR payment system to settle cross-border payments using local currencies within the Association of Southeast Asian Nations (ASEAN) bloc. The network, already being used between Indonesia and Malaysia, aims to interconnect all ASEAN nations to reduce their dependence on the U.S. dollar. Vietnam, the Philippines, and Brunei to Join ASEAN Payments System Vietnam, the Philippines, and Brunei will join a payments initiative that aims to connect all countries of the Association of Southeast Asian Nations (ASEAN) bloc, according to Perry Warjiyo, governor of the Central Bank of Indonesia. The payment system, which uses QR codes to simplify the settlement of cross-border payments, uses national currencies to reduce the bloc’s dependence on the U.S. dollar. Warjiyo detailed that Vietnam is currently in talks with the local industry to agree on a national QR system and is expected to join the system later this year, while the Philippines is or...

According to Ivaibi Festo, the founder of Mitroplus Labs, a crypto and blockchain education organization, cybercriminals continue to find success in Africa because not enough is being done to educate residents on the basics of digital assets or the technology that underpins such assets. To make matters worse, the few African individuals who have made it either as traders or entrepreneurs often lack the desire to help their fellow residents become acquainted with the basics. Using Education to Strike Back Against Scammers However, Festo, who claims to have bought his first bitcoins in 2009, said African governments’ negative disposition as well as the stigma surrounding cryptos and the blockchain industry have helped convince some successful traders and entrepreneurs to reconsider. Meanwhile, the Mitroplus founder told Bitcoin.com News that in addition to educating residents and prospective users, his organization is also working to include regulators and legislators in its classes....

Several U.S. lawmakers have objected to the Federal Reserve’s stablecoin regulatory guidelines, which they believe “will undoubtedly deter financial institutions from participating in the digital asset ecosystem.” According to the lawmakers, “ The Fed has chosen to effectively prevent banks from issuing payments stablecoins — or engaging in the payment stablecoin ecosystem.” Fed’s Efforts ‘Subvert Progress Made by Congress’ Three U.S. representatives sent a letter to Federal Reserve Chairman Jerome Powell regarding stablecoin regulation last week. The letter, dated Aug. 23, was signed by Patrick McHenry (R-NC), chairman of the House Financial Services Committee; French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; and Bill Huizenga (R-MI), chairman of the Subcommittee on Oversight and Investigations. Congressman Hill stated Monday on the social media platform X: I sent a letter alongside Rep. Patrick McHenry and Rep. Bill Huizeng...

Sam Bankman-Fried’s high-powered legal team is pushing for the FTX founder’s temporary release from jail ahead of his October trial on fraud charges. In a motion filed Thursday, lawyers Mark Cohen and Christian Everdell claim Bankman-Fried’s Sixth Amendment rights are being violated by inadequate access to discovery documents needed to help prepare his defense against allegations he misled investors and misused FTX client funds. Letter Claims FTX Founder’s Rights Breached: Lawyers Demand Expanded Trial Prep Access The lawyers argue Bankman-Fried needs “constant access” to an internet-connected laptop so he can review millions of pages of documents, conduct online research for context, draft analysis of evidence, and share information with his legal team. Under the current plan allowing Bankman-Fried just 12 hours per week at a courthouse computer with no internet, the lawyers say he is deprived of the 80-100 hours he spent prepping pre-jail. They also object to the government dum...

Nicolas Maduro, the president of Venezuela, has called to de-dollarize the global economy due to the difficulties the current system brings to emerging countries affected by U.S. sanctions. In a message directed to the BRICS leaders, Maduro called to establish alternative settlement systems using national currencies. Venezuelan President Nicolas Maduro Reinforces the Need to Create a De-Dollarized Economic System Nicolas Maduro, President of Venezuela, has called for creating an emerging economic system away from the dominance of the U.S. dollar. In a message sent as part of Venezuela’s participation in the BRICS leader summit, held recently in Johannesburg, Maduro stated the reality of the geopolitical situation of the last years has reinforced the need for the de-dollarization of the world economy. Maduro said this had to be done due to the “indiscriminate use and abuse of the U.S. dollar as a tool for waging an economic war against the free people of the world.” Venezuela has ...

Crypto exchange Binance has dropped Russian banks under sanctions from the payment options on its peer-to-peer (P2P) platform. Russian traders can no longer use cards issued by these banks to make payments while transactions in foreign fiat currencies are also restricted for them. Binance No Longer Offers P2P Traders Option to Pay Through Sanctioned Russian Banks The world’s largest digital asset exchange, Binance, has dropped Russian banks placed under Western sanctions from its P2P service, the Wall Street Journal reported . The move comes after the crypto giant faced criticism for facilitating payments through such institutions. A few days ago, Russian crypto media revealed that Binance has renamed bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff to “green local card” and “yellow local card” after the publishing of an earlier WSJ article alleging that the exchange is helping Russians move money abroad in circumvention of sanctions. Unprecedented r...