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Κυριακή 2 Απριλίου 2023

Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty

Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty

Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to “continued regulatory uncertainty” as U.S. regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently “are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” Bittrex described.

Bittrex Exiting U.S. Crypto Market

Cryptocurrency exchange Bittrex announced the shutdown of its U.S. operations on Friday. The exchange tweeted:

Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023.

“All funds are safe and can be fully withdrawn immediately,” the announcement adds, emphasizing that the closure does not affect non-U.S. customers using the Bittrex global platform.

Richie Lai, CEO and co-founder of Bittrex, explained: “It’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.” Noting that his trading platform turned nine years old this month, Lai opined:

Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.

Bittrex noted that the last full day users can withdraw their cryptocurrency is April 29. Moreover, the last day to submit fiat withdrawals is April 24 at 5 p.m. PDT for wire and April 27 at 5 p.m. PDT for ACH.

In the U.S., cryptocurrency companies are facing increased regulatory scrutiny, as the Securities and Exchange Commission (SEC) is prioritizing enforcement efforts. The SEC has targeted multiple crypto firms, such as issuing a Wells notice to Coinbase and filing charges against Kraken over the exchange’s staking program.

SEC Chairman Gary Gensler recently asked for more funding for his agency to combat misconduct in the crypto space. He has claimed that all crypto tokens, except bitcoin, are securities. In addition, the Commodities Futures Trading Commission (CFTC) has filed a complaint against Binance and its CEO, Changpeng Zhao (CZ).

What do you think about Bittrex shutting down its U.S. operations? Let us know in the comments section below.



from Bitcoin News

Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is ‘Way Too Sketchy’

Mad Money Jim Cramer Won't Do Business With Binance — Says Crypto Exchange Is 'Way Too Sketchy'

The host of Mad Money, Jim Cramer, has warned investors about using cryptocurrency exchange Binance, stating that the crypto trading platform is “way too sketchy.” Cramer cited former regulator Timothy Massad, who previously served as chairman of the U.S. Commodity Futures Trading Commission (CFTC). The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao (CZ).

Jim Cramer Warns About Binance

The host of CNBC’s Mad Money show, Jim Cramer, cautioned investors about using cryptocurrency exchange Binance on Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted:

After listening to Tim Massad on last night’s show (former head of the CFTC), I would not do business with Binance. Just way too sketchy.

Massad, who served as chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2014-2017, has been an advocate of stronger cryptocurrency regulations for years. Explaining the charges the CFTC filed against Binance and its CEO, Changpeng Zhao (CZ), Massad described that the crypto trading platform engaged in a “systematic effort to cultivate U.S. business.” He added that Binance allegedly helped “U.S. persons get around restrictions” and failed to comply with know-your-customer (KYC) regulations.

Many people on social media are entertained by Cramer’s tweet. Some ridiculed the Mad Money host for frequently making wrong predictions and took his negative comment about Binance as a bullish signal for the crypto exchange. Before the collapse of Silicon Valley Bank and Signature Bank, Cramer recommended investors purchase stocks in the two banks.

This was not the first time Cramer has cautioned against Binance. In December last year, he said he would trust his money more in fantasy sports betting platform Draftkings than he would Binance.

Cramer has also been warning investors about investing in cryptocurrencies. Earlier this month, when the price of BTC soared, the Mad Money host said he would sell his bitcoin “right into this rally.” He firmly believes that crypto prices are being manipulated up. Prior to the BTC rally, he advised investors to get out of the crypto. Cramer also expects the U.S. Securities and Exchange Commission (SEC) to “do a roundup” of uncompliant crypto firms.

Do you agree with Mad Money host Jim Cramer that Binance is “way too sketchy”? Let us know in the comments section below.



from Bitcoin News

Σάββατο 1 Απριλίου 2023

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025

Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading.

Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2 Years

President of Belarus Alexander Lukashenko has approved the extension of the tax preferences provided to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree No. 80 “On Certain Issues of Taxation.”

The document prolongs the tax breaks that were introduced with Lukashenko’s Decree No. 8 “On the Development of the Digital Economy” of Dec. 21, 2017. The latter legalized a number of crypto-related activities in the country when it went into force on March 28, 2018.

The regulations, including the tax benefits, apply only to residents of the Belarus High-Tech Park (HTP). Its special legal regime permits the issuance and circulation of cryptocurrencies and tokens and the Belarusian authorities now seek to ensure its development.

Under Lukashenko’s latest decree, the turnover and profit of such entities will not be subject to value-added tax (VAT) and profit tax until Jan. 1, 2025. Individuals will be also relieved from income tax during the same period, for income received from mining, acquisition, exchange, or sale of crypto assets for fiat currencies.

The president has also ordered the Administration of the HTP to produce a concept for the further development of the crypto sphere in Belarus by July 2024, working with interested parties. The decree enters into force with its publication but covers the first months of the year, too, as the tax exemptions expired on Jan. 1, 2023.

While supporting regulated crypto businesses, the Belarusian government has been going after unauthorized undertakings. In August 2022, law enforcement officials in Minsk issued an international arrest warrant for the owner of the country’s largest unlicensed crypto exchanger, Bitok.me. And in January of this year, a Belarusian citizen was fined $1 million for illegal crypto trading.

Do you think Belarus will extend the tax exemptions again in 2025? Share your expectations in the comments section below.



from Bitcoin News

‘AI Tools Will Provide Very Interesting Enhancements for the Metaverse’ — Upland Co-Founder

According to Dirk Lueth, co-founder of the Upland Metaverse, the colonization of the metaverse by tech giants and the building of so-called “walled garden systems” is not sustainable. Lueth argues that instead of “locking users in,” the metaverse should usher in “a future where they are free to move between platforms and can easily take their assets and identity with them.”

‘Walled Garden Systems’ Not Sustainable

While interest in the metaverse has seemingly dissipated as evidenced by Meta’s decision to focus on artificial intelligence (AI), Dirk Lueth argues that AI tools can still “provide very interesting enhancements for the metaverse in general.” The Upland co-founder also told Bitcoin.com News what he thinks about “infinite land” metaverses and scarcity.

In an interview with Bitcoin.com News, Lueth also shared his thoughts about the multichain metaverse as well as his organization’s plans to create a metaverse super app. Below are the rest of the Upland Metaverse co-founder’s responses.

Bitcoin.com News (BCN): Neal Stephenson, who is said to have coined the term “metaverse” is known to advocate for a free and open metaverse. However, some say that tech giants are also working on their own metaverse projects that could potentially lead to them colonizing the metaverse and building walled gardens similar to the current Web2. Do you think the metaverse will eventually be controlled by a small number of centralized entities?

Dirk Lueth (DL): We don’t have all the details of how the big tech giants will build their metaverse projects and if they will lock their users into walled gardens. I believe that walled garden systems are not sustainable over time and that the power of the people, in combination with property rights, will be much stronger over time. This is also, by the way, why I co-founded, together with other decentralized projects, the open metaverse alliance for web3 (OM3). Instead of locking users in, we want to ensure that there is a future where they are free to move between platforms and can easily take their assets and identity with them.

BCN: The blockchain industry is multichain, and users would expect to have the freedom to move their assets to whatever chain they want. Do you think a multichain metaverse is a real possibility?

DL: Technically multi-chain standards could be possible already today. You can have some assets on one blockchain and other assets on another. What is more important is to have standards which define metadata, the look & feel and other characteristics of an asset. Once we have these standards, it will make it easy for users to move their assets around. And this is what we are working on at Upland and OMA3

BCN: What would you say are the different economic opportunities for entrepreneurs, developers, and the not-so-tech-savvy users in an ecosystem like that of Upland?

DL: Entrepreneurs or “Metapreneurs” are Uplanders who operate their own businesses in Upland called “Metaventure.” Here they can resell assets from our partners like FIFA, the NFLPA or other assets from Upland. Soon there will also be shops where they can sell their own creations to other players and make a living in Upland and potentially also in real life.

Developers are individuals or companies who provide their own experiences and apps to other Uplanders. One example is “World of Football” which allows Uplanders to play a Rocket League type of game that is directly connected to Upland. Users enter this app by moving their game piece to a virtual property, i.e. a virtual street address in Upland.

The not-so-tech-savy users onboard to Upland as described above. They can start buying and selling properties to other players with the objective of completing a collection like “king of the street.” Completing a collection means that they can increase the yield they earn for owning the properties. They can use these earnings to travel to another city or buy a race car or outdoor decor item. As you can see, it is easy to get started with very simple game engagement loops and then dive deeper into the many possibilities of Upland.

BCN: After having invested billions of dollars, Meta recently laid off over 10,000 people to shift its focus away from the metaverse to AI. In your opinion, why is it seemingly so difficult to build a metaverse that users find interesting, as Meta seems to have found?

DL: I can’t comment on Meta’s strategy and how much they have really shifted away from the metaverse. The truth is that AI tools will provide very interesting enhancements for the metaverse in general. At Upland, we are super focused on creating engagement points and utility of digital goods for our ecosystem of users, developers, designers and brand partners. So far this has proven to be working well for us making Upland one of the leading platforms for the metaverse. Can we get better? Of course, we’re only getting started.

BCN: Your metaverse is said to be mapped to real-world cities. Why did you choose to go this path when others have virtually limitless land assets, and what would be your advice to users buying land and other assets in the “infinite land” metaverses?

DL: Being based on the real world creates a natural scarcity, just like in real life. When something is scarce, market dynamics develop, which is the base of the real economy we’re building in Upland. But there are other advantages, for example, we automatically had reference points, users can look up what a property looks like in real life, and they can buy an address that in real life is maybe close to the ocean or owned by a celebrity. Through this, we empower our users to play with their own imagination.

I try to stay away from giving concrete strategy advice to Upland or other users. All I share with them is trying to understand the economic foundation of the land you’re buying and run scenarios in your head when supply increased indefinitely – which is something we’re avoiding at Upland.

Metaverse Super App

BCN: Let’s talk about the so-called metaverse super app. Sometimes when one thinks of a “super app,” Wechat or Telegram comes to mind. Does Upland envisage becoming the Wechat of the metaverse?

DL: In general, a super app can be characterized as a comprehensive mobile application that integrates fundamental services such as messaging and payments, as well as an array of third-party “mini-apps” spanning various sectors like retail, dining, and government agencies. This is especially true for the world of Web2 mobile apps. An app achieves super-app status when it seamlessly consolidates a critical mass of services, making it very easy for users to switch between them, even if the integrated services may not be as efficient as standalone applications.

As the number of available services grows, the app becomes more engaging and profitable. Typical for super apps is that they start somewhere. Wechat started with Chat, and Indonesia’s Gojek started with ride-hailing. Just like the Web2 predecessors, Upland wants to make it incredibly simple for users to work with a Web3 application. It is achieving that via multiple avenues.

First, Upland was built with mobile users in mind and is available on both the app stores and the web. Second, we’re obfuscating complicated blockchain technology by offering onboarding with email and passwords. And third, because we allow using credit cards, Paypal, (of course, also crypto) and in-app purchases, we make it even more convenient for the majority of players to engage.

In Upland, we offer a broad spectrum of social, commercial and entertainment services to our users. We also empower 3rd party developers to connect to our economy and community by adding their apps and experiences to the metaverse.

When you look at these features and services, you can see that we are indeed aiming to become a metaverse super app. But while Wechat and Web2 applications are driven and influenced by the owners of the platforms, we want to head in the direction of a user-controlled and user-owned metaverse super app – what Web3 is all about.

What are your thoughts about this interview? Let us know what you think in the comments section below.



from Bitcoin News

South Korean Court Denies Arrest Warrant for Terraform Co-Founder Daniel Shin

South Korean Court Denies Arrest Warrant for Terraform Co-founder Daniel Shin

A court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed.

Seoul Court Leaves Terraform Co-Founder at Large Citing Low Flight Risk

The Seoul Southern District Court has rejected a request by the Prosecutor’s Office for the pre-trial detention of Shin Hyun-seung, a co-founder of the failed blockchain firm Terraform Labs also known as Daniel Shin. He is believed to have played a key role in the collapse of the company’s cryptocurrencies, luna and the stablecoin terrausd.

On Thursday, the arrest warrant for Shin was denied for a second time, with the court stating that he is unlikely to be a flight risk or destroy evidence, the Yonhap news agency reported. The crypto entrepreneur is under investigation for illegal profits made before the coins crashed last year.

Prosecutors first sought an arrest warrant for Shin in November and the court rejected their initial request. They filed the warrant again after last week’s arrest of Do Kwon (Kwon Do-Hyung), another of Terraform’s founders.

Kwon was detained in Montenegro while trying to board a flight for Dubai. South Korean authorities seek his extradition which is likely to take time. According to his Montenegrin lawyer and the country’s justice minister, he is first going to stand trial in the Balkan nation for traveling on a fake Costa Rican passport.

In South Korea, Daniel Shin faces multiple charges of fraud and violations of the laws governing capital markets, financial transactions and information. He is suspected of storing pre-issued luna, obtaining 140 billion won (almost $108 million) by selling the tokens at a high price point, and failing to inform investors about the risk of the two cryptocurrencies collapsing.

Shin is also allegedly responsible for using customer information and funds of a fintech firm he headed, Chai Corp., to promote luna. He has denied all these charges, insisting that he was not connected to Terraform Labs after leaving the company in March 2020, when he founded Chai Corporation.

According to a report by the KBS, the national broadcaster of South Korea, the Seoul court acknowledged that the charges had been largely verified but pointed out that the risk of destroying evidence has been mitigated with the arrest of Kwon. It also highlighted the need to allow Shin to exercise his right to defend himself.

Montenegro’s Interior Minister Filip Adžić revealed this week that investigators found three laptops and five mobile phones belonging to Kwon containing lots of “very interesting” information. During a press conference with Montenegrin Justice Minister Marko Kovač in Podgorica, officials announced that South Korea and the U.S., which also seeks Kwon’s extradition, have both requested the devices.

What do you think about the South Korean court’s decision to deny the arrest warrant for Terraform’s co-founder Daniel Shin? Share your thoughts on the case in the comments section below.



from Bitcoin News

Disney Reportedly Axing Metaverse Division Amidst Company Restructuring

disney metaverse layoffs

The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the company is executing as a cost-cutting measure.

Disney’s Metaverse Division Is No More, According to Reports

Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27.

The measure, which will be completed in three waves, will reduce Disney’s headcount by 7,000, aiming to cut costs by $5.5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated, and streamlined approach to our business.”

Mike White, who was tapped to lead the now-defunct unit back in 2022 by former Disney CEO Bob Chapek, was the only that evaded the axe, with all of the 50 employees of the metaverse unit being laid off. The future for White at the organization remains uncertain at the moment.

Optimism Fading

Disney aimed to enter the metaverse in 2022, seeking new markets in which to introduce its intellectual properties. At the time, Chapek profiled the metaverse as a pillar to establishing various initiatives including the implementation of digital experiences. In a memo issued on February 2022, Chapek declared:

Teams across the company are exploring this new canvas, and I have been blown away by what I’ve seen. Today, we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories.

However, the metaverse industry seems to be experiencing a slump in 2023. Axios indicates that companies involved in metaverse development might be facing problems getting funding, citing about $2 billion raised through March 2022 as compared to just a little more than $500 million so far this year.

Meta, one of the first major companies to pivot to metaverse and put the concept on the mainstream map, has also suggested that it is pursuing other interests after announcing 10,000 layoffs. On March 16, Meta CEO Mark Zuckerberg stated that while the metaverse remained a key part of the business, the single largest investment was focused on advancing AI and building it into each one of Meta’s products.

What do you think about Disney’s metaverse unit layoffs? Tell us in the comment section below.



from Bitcoin News

Matt Damon Shares Story Behind His Crypto Commercial

Hollywood Star Matt Damon Share Story Behind His Crypto Commercial

Famous Hollywood actor Matt Damon has revealed the story of how he became involved in creating a cryptocurrency commercial called “Fortune Favors the Brave” with Crypto.com. After the release of the crypto ad, Damon faced global criticism for his involvement in it.

Matt Damon Talks About His Crypto Commercial

Famous actor and producer Matt Damon shared how he became involved in creating a cryptocurrency advertisement with crypto exchange platform Crypto.com in an interview with the Associated Press on Wednesday. The Oscar-winning actor is known for his roles in movies such as Good Will Hunting, Saving Private Ryan, and the Bourne franchise.

“The story behind that for me personally was that we had a down year in Water.org, and I did that commercial in an attempt to raise money for Water.org,” the famous actor said, adding:

I gave my whole salary to Water.org because we were down. Crypto.com heard about that and they gave $1 million to Water.org … just on their own. So, I definitely have a lot of gratitude to them and for what they did for our foundation.

Water.org is a global nonprofit organization co-founded by Damon that brings safe water and sanitation to people in need.

Crypto.com released the “Fortune Favors the Brave” commercial featuring Damon in October 2021. It was directed by Oscar-winner Wally Pfister.

However, the commercial received a lot of criticism. While some people argued that the advertisement was misleading, as it presented cryptocurrency as a secure and straightforward path to earning money, others criticized it for promoting investment in an unstable and unregulated market. Additionally, some individuals speculated that Damon’s involvement in the ad was solely to earn a profit and that he did not genuinely believe in the benefits of cryptocurrency.

A number of cryptocurrency firms aggressively promoted their businesses in 2021 and 2022. Crypto companies spent a combined $39 million buying Super Bowl spots in 2022, according to data consulting firm Kantar. Among the crypto firms with a commercial featuring celebrities was the now-defunct crypto exchange FTX whose ad featured Tom Brady and Gisele Bündchen.

Do you think Matt Damon should have done a crypto ad? Let us know in the comments section below.



from Bitcoin News

Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty

Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to “continued regulatory uncertainty” as U.S. regulators increase ...