The prominent cryptocurrency exchange Kraken is making its foray into the banking industry with the establishment of Kraken Bank. “We’re building a better kind of crypto & Bitcoin bank for our clients,” said the exchange on its website. The Wyoming, USA-based bank is called Kraken Financial, but “due to overwhelming demand, it will be known…
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The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors,” the SEC alleged. SEC’s ‘Emergency Action’ Against…
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Binance and its US-based counterpart, Binance.US, which were presented as distinct entities, are said to have been more closely connected than what was previously revealed, purportedly entangling personnel, technical teams, and finances…. Read More: Binance’s Secret Plot: Leaked Texts Reveal Plans to Evade U.S. Law Enforcement – What’s Going On? Read more »Sign up for…
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The CEO of Ripple Labs has warned of the harm to the crypto industry if the U.S. Securities and Exchange Commission (SEC) is able to prevail in its lawsuit against Ripple over xrp. He cautioned that the SEC’s enforcement-centric approach to regulating crypto “is not a healthy way to regulate an industry.” Ripple’s CEO on…
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Despite a 9.95% increase last week and the all-time high difficulty, bitcoin’s hashrate has averaged around 305 exahash per second (EH/s) over the past 30 days. According to current data, the hashrate has been around 308 EH/s over the past 2,016 blocks. The next difficulty change, set to occur on March 10, is estimated to…
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US lawmakers have expressed intentions to reintroduce a bill that would require crypto mining companies to disclose emissions data for operations that use more than five megawatts of electrical power. On Friday, United States Senator Edward Markey and Representative Jared Huffman revealed intentions to reintroduce the Crypto-Asset Environmental Transparency Act in Congress in a bid to promote…
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Crypto exchanges likely do not meet the requirements expected of a qualified custodian, Securities and Exchange Commission (SEC) chair Gary Gensler has said. Gensler said the fact that exchanges cannot be considered custodians in the legal sense has become clearer as more information has emerged about how these companies operate. He also stressed that this…
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The Solana Foundation’s head of strategy said he had heard from projects facing “pretty draconian” rules in the European Union related to liability of illicit crypto transactions. Austin Federa, head of strategy at the Solana Foundation, spoke to Cointelegraph at the ETH Denver conference on the network’s outages, the impact of regulation, and the launch…
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Three US senators have asked Binance and its US partner Binance.US to provide detailed information regarding their business operations amid accusations of illegal practices. In a letter dated Wednesday, Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), and Roger Marshall (R-Kansas) asked Binance “to provide transparency about potentially illegal business practice,” while accusing the exchange of being…
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HSBC Holdings Plc and Nationwide Building Society imposed limits on retail customers’ access to cryptoassets in another episode of UK banks reacting to the recent crypto industry legal and regulatory issues. HSBC said that, in February, it restricted customers from buying crypto with its credit cards, Bloomberg reported. The report quoted the bank as saying…
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