0xd3c325…f901f17e
0xd3c325…f901f17e
Crypto News Not to Miss Out
Celsius reimbursements, Binance’s comeback to Japan, Worldcoin’s launch, and Argentinian crypto horror.
1.US House Financial Services Committee approves crypto regulation bill
It defines the terms and rules for registering crypto businesses with the CFTC or SEC. One of the key provisions of the law is the establishment of a procedure to formally acknowledge blockchains as decentralized. If it is considered such, the project can register its token as a digital commodity and avoid issues with the SEC.
2. Celsius customers to get their assets back?
As stated in court documents, the project is set to return assets to its users and bring an end to its bankruptcy proceedings after successfully reaching two settlements. According to one of them, users’ reimbursements will rise by 5%.
3. South Korean banks explore tokenized deposits as an alternative to stablecoins and CBDC
Certificate of deposit tokens are bank deposits turned into tokens via blockchain technology. They require identity verification and can be traced since they are linked to bank accounts.
4. Binance comes back to Japan
In November 2022, Binance acquired Sakura Exchange BitCoin. Now, in August of this year, the world’s largest CEX, is all set to offer comprehensive services to Japanese users.
Meanwhile, in the US, the exchange has filed a petition to dismiss the complaint of the Commodity Futures Trading Commission. Earlier this year, the watchdog accused Binance and CZ of operating an illegal platform for commodity derivatives, specifically Bitcoin futures.
5. Crypto.com gets license in the Netherlands
Earlier, it operated without registration with the central bank. It was possible as long as the exchange refrained from advertising its services to Dutch citizens.
6. KuCoin to lay off up to 30% of employees
The reason behind the layoffs is the recent introduction of KYC (Know Your Customer). This led to a loss of customers and a decline in revenue. Currently, the exchange has nearly 1,000 employees.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
7. Worldcoin’s launch followed by inquiries in the UK and problems with finding new users
The long-awaited project got 2 million preregistrations. But after its launch, it couldn’t find new users. According to MIT, Worldcoin managed to engage so many users because of offering money to people in poor countries.
The UK commission plans to review the project to check if it complies with the General Data Protection Regulation.
8. Crypto millionaire’s dismembered body found in Argentina
Kids found a suitcase with amputated legs and forearms belonging to Fernando Perez Algaba, a crypto businessman that gone missing. Later, policemen found his torso, and then, they discovered a backpack containing his head. The police suggest that Algaba’s debts could have been the motive behind the murder. Currently, one suspect has been detained in connection with the case.
9. Russia bans crypto payments
The bill was signed into law after the country acknowledged its CBDC as legal tender. However, most people aren’t likely to get access to it until 2025.
