Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders quoting USDT to naira exchange rates exceeding NGN1,802. Binance says it has the right to remove “users behaving in a malicious or manipulative way.” The Nigerian Currency’s Woes Some Nigerian users of Binance’s peer-to-peer (P2P) platform have…
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Comments on Lightning Network adoption, made by Russell Okung, a former NFL star who is among the first to receive part of his salary in crypto, sparked a discussion that highlighted the opposing opinions of the crypto community about the usage of bitcoin and stablecoins in emerging markets. Russell Okung Ignites Discussion on Bitcoin vs.…
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Deltec Bank and Trust Ltd, based in The Bahamas, stands accused of covertly extending a $2 billion line of credit to Alameda Research. A lawsuit, filed by those who claim to be victims of Sam Bankman-Fried, accused Deltec of granting a three-day grace period to Alameda Research for the settlement of purchased stablecoins. Misappropriation of…
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The New Zealand Central Bank governor, Adrian Orr, recently branded stablecoins “the biggest misnomers” and “oxymorons.” Orr also rejected the notion that cryptocurrencies could serve as a replacement or supplement to central bank-issued money. Stablecoins Not a Viable Substitute for Money Despite their rise as an alternative to fiat currency in some regions, stablecoins are…
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In 2023, Tether saw its assets approach the $100 billion mark, following a $6.2 billion profit according to the company’s Q4 attestation report released on January 31. The financial surge, detailed in Tether’s latest financial statements, reflects a strategic allocation of assets. Tether’s Financial Milestones Roughly $4 billion of those profits were “generated by US…
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The cryptocurrency industry has witnessed a significant change in the movement of stablecoins, offering valuable observations into the evolving dynamics of the market. Recent data from IntoTheBlock and CryptoQuant has shown a surge in stablecoin inflows into exchanges, reaching record highs in January. Notable inflows were observed on January 2nd ($478 million), January 3rd ($489…
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In the last quarter of 2023, Tether Holdings Limited registered a “record-breaking net profit of $2.85 billion.” Overall, the stablecoin issuer’s net profit in 2023 topped $6.2 billion. Tether’s secured loans ($4.8 billion), which are collateralized by highly liquid assets, were “fully covered by the undistributed accumulated profits known as excess reserves ($5.4 billion).” Bitcoin…
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Financial technology company Figure Technologies is seeking approval from US regulators to introduce an interest-bearing stablecoin. Founded by former SoFi Technologies CEO Mike Cagney, if successful, Figure will become the first company to offer a stablecoin regulated as a security within the United States, Bloomberg reported Monday. In October, Figure filed a draft registration statement…
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The latest K33 Research note asserts that the Cardano network has no meaningful use and this does not augur well for its native token. The note concludes that nothing is happening on the network except “exchange transfers and a group of bagholders fabricating blockchain activity.” ‘Bagholders Fabricating Blockchain Activity’ According to K33 Research, the Cardano…
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A Shanghai court has issued a verdict for the first instance of money laundering using Chinese digital yuan and cryptocurrency, marking a significant legal precedent of crypto-related crimes in China. According to Shanghai Securities News, the Yangpu District People’s Court of Shanghai has concluded this landmark case, which involves laundering criminal activity-related money with crypto…
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