AliExpress collaborates with The Moment3 to launch 5,555 NFTs and accept cryptocurrencies as payment
Ecommerce platform AliExpress is collaborating with The Moment3 to release 5,555 non-fungible tokens (NFTs) on June 25, marking a step towards the Web3 space. As part of its expansion efforts in the crypto sector, AliExpress will also accept cryptocurrencies as a payment method. Although China has banned crypto transactions, AliExpress serves international customers and can accept cryptocurrency payments. The legal position of NFT trading in China is still uncertain, with officials highlighting financial risks and the need for proper regulation.
Google offers financial protection against cryptocurrency mining attacks on Google Cloud
Google has announced that it is offering up to $1 million in financial protection to cover expenses related to undetected cryptomining attacks on Google Cloud. This protection is part of Security Command Center Premium, which aims to detect and block cryptocurrency mining attacks targeting cloud customers. The program builds customer confidence by ensuring rapid detection and blocking of cryptomining attacks. Eligible customers who follow best practices can participate in the program. “Google Cloud’s shared destination approach to risk management puts our skin in the game when it comes to delivering security outcomes on our platform. By providing our customers with effective integrated tools to detect one of the most common and costly cloud threats, we offer financial protection if our efforts are not successful“, notes Google.
Custodia Bank advances in legal battle against Federal Reserve
Custodia Bank has moved forward in its legal battle against the Federal Reserve, with a Wyoming federal judge denying motions to dismiss the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank sued the Fed in June 2022, alleging unlawful delay in processing its master account application. Custodia argues that the Fed is reinterpreting federal law and awaits the court’s review. “The Fed has never had such authority in US history, nor does it need the discretion to block banks that have already been validly licensed by state banking authorities that rigorously separate the wheat from the chaff“, said Nathan Miller, spokesman for Custodia Bank.
European Union publishes Cryptocurrency Markets Act, establishing cryptocurrency licensing rules
The European Union Cryptocurrency Markets Act (MiCA) has been published in the Official Journal of the European Union, starting the countdown to the entry into force of historic cryptocurrency licensing rules. The law requires identification of customers by crypto wallet providers, provides licenses for crypto companies to operate on the block, and introduces new financial and governance requirements for stablecoin issuers. Meanwhile, cryptocurrency traders in the US face regulatory uncertainties. The publication of the law marks the transition of the bill into EU law, with its provisions taking effect by December 2024.
Hong Kong Monetary Authority Prepares to Implement a Central Bank Digital Currency
The Hong Kong Monetary Authority (HKMA) has announced that it will begin laying the groundwork for the implementation of a retail central bank digital currency, as per a report published on Friday. Although studies and market consultations have been carried out, the HKMA believes that it is necessary to prepare for a possible future implementation. Central banks around the world are exploring sovereign digital currencies, with an emphasis on financial stability and the evolution of the digital economy. The HKMA will consider the application of blockchain solutions and other factors relevant to the development of the e-HKD. “While it appears that e-HKD may not have an imminent role to play in the current retail payments market, we believe that prospective use cases for e-HKD may emerge quickly from the rapid evolution, or even revolution, in the digital economy“, the report said.
RBI seeks to reach one million active customers on its central bank digital currency
The Reserve Bank of India (RBI) is working strategically to reach one million active customers in its central bank digital currency (CBDC) or e-rupee by the end of this month. The transition to using CBDC will be gradual and focused on lessons learned from increasing adoption. RBI also plans to interoperate CBDC QR codes with the UPI system, furthering the convenience and usability of CBDC in the Indian financial ecosystem.
Hut 8 Mining faces repair delays due to power and equipment issues
Hut 8 Mining (NASDAQ:HUT) said repairs at its Drumheller, Alberta facility are experiencing delays due to power outages and equipment failures. The company is facing ongoing issues with hardware failures and power surges, hurting its hashrate and production. The previously estimated 10-12 week restoration schedule will not be met, and the company has not given a new estimate. The problems started in March and are affecting the operation.
Crypto.com will end service to institutional clients in the US, but continues to operate in retail
Crypto.com will end service to institutional clients in the United States effective June 21, citing limited demand as the reason for the move. The retail mobile app and platform will remain operational in the country. The company does not rule out a possible relaunch of the institutional exchange in the future. Crypto.com recently obtained a digital payment license in Singapore. The SEC’s regulatory actions against Binance.US and Coinbase have impacted the US cryptocurrency ecosystem.
OKX supports Manchester City and expands presence in the Turkish market
OKX, Official Cryptocurrency Exchange Partner of Manchester City, is proud to support the club in its historic final in Istanbul. Furthermore, OKX announced its expanded presence in the Turkish market and its sponsorship of major events, strengthening its partnership with the club and promoting the adoption of blockchain technology. In other news, OKX burned over $258 million worth of OKB tokens (COIN:OKBUSD) from March to May, in a planned move to boost the token’s value. The buy and burn program has boosted token prices, which have increased by 0.79% in the last 24 hours. “In this round, the total number of OKB buybacks and burns from the secondary market was 5,497,312.77 OKB”, OKX said in its buyback and burn report released on Friday.
Robinhood will end support for Cardano, Polygon, and Solana
Digital trading platform Robinhood (NASDAQ:HOOD) will end support for Cardano (COIN:ADAUSD), Polygon (COIN:MATICUSD) and Solana (COIN:SOLUSD) on June 27. Users were advised to sell or transfer their holdings ahead of the deadline, when the tokens will be converted into purchasing power. This decision comes after the SEC labeled these tokens as securities. The company did not disclose whether the SEC action influenced its decision.
Binance CEO slams SEC disclosure of Chat Logs
Binance CEO Changpeng Zhao (CZ) has criticized the disclosure of employee chat logs by the US Securities and Exchange Commission (SEC). In a memo to employees, CZ called the use of chat logs “ridiculous” and said lawyers would take care of it. The SEC leaked filings that revealed discussions about dumping tokens and operating an unlicensed exchange. CZ urged employees to pay attention to their chat history as it could be used against them. “Binance is cooperating with investigators. They usually ask for our chat history first. Anything you say could end up in court (or on the internet) someday”, said CZ. The SEC recently sued Binance and CZ, accusing them of various securities law violations. CZ has denied the allegations.
Nayms launches Ethereum-based insurance program, announces $500,000 USDC Funding
Nayms, a leader in blockchain-based insurance, has successfully launched its first fully funded insurance program on the Nayms Marketplace. This achievement highlights Nayms’ commitment to revolutionizing the insurance industry by offering secure, efficient and transparent solutions based on smart contracts on the Ethereum network. The marketplace brings together insurers, policyholders, capital providers and brokers, enabling an innovative, on-chain approach to the insurance industry. Nayms is excited to announce its $500,000 USDC funding in a segregated account, with average annual returns of approximately 15%. With new investment opportunities being revealed, Nayms is driving the growth of the digital insurance market, offering portfolio diversification and potential returns to interested investors. The company remains committed to promoting collaboration, trust and innovation in the insurance industry. “Building something simple is complicated. It requires a highly comprehensive solution to look elegant, streamlined and intuitive. Nayms has now officially gone from 0 to 1 with the launch of our first insurance program, and we can’t wait to show you all the other opportunities to market as they roll out. Now we introduce insurance as an asset class in the digital asset space. Forward!” he said. and we can’t wait to show you all the other opportunities to market as they are released. Now we introduce insurance as an asset class in the digital asset space. Forward!” , said Dan Roberts, CEO and co-founder of Nayms.
Vitalik Buterin presents new roadmap for Ethereum, focusing on Scaling, Security and Privacy
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), presented a new roadmap for the network, highlighting key objectives of layer 2 scaling, wallet security and privacy. He emphasized the need to address these transitions simultaneously to provide a global permissionless experience. Buterin underscored the importance of Layer 2 scaling, wallet security and privacy to Ethereum’s continued success. “It’s not just the protocol features that need to be improved; in some cases, the way we interact with Ethereum needs to change fundamentally, requiring profound application and wallet changes”, wrote Buterin.
Former CFTC Chairman joins Circle as General Counsel to guide Global Expansion
Heath Tarbert, former chairman of the CFTC, will join stablecoin issuer Circle as Chief Legal Officer and Head of Corporate Affairs effective July 1. Tarbert, a seasoned general counsel with leadership experience in all three branches of the federal government and major regulatory agencies, will guide Circle’s global expansion. His appointment comes at a critical time for blockchain technology, as regulators begin to act and bipartisan legislation is proposed. Tarbert’s mission to guide the company’s strategy abroad is especially relevant given the increasingly restrictive regulatory attitudes in the US towards the cryptocurrency industry. Circle CEO Jeremy Allaire welcomed Tarbert’s appointment, highlighting his regulatory expertise and global perspective.
DOJ accuses hackers of laundering 647,000 Bitcoins stolen from Mt. gox in 2011
The US Department of Justice has accused Russians Alexey Bilyuchenko and Aleksandr Verner of laundering 647,000 Bitcoins (COIN:BTCUSD) stolen from Mt. Gox in 2011. They would have transferred the funds to wallets controlled by them and the conspirators, in addition to operating the defunct BTC-E. The case will be tried in two US jurisdictions. “These indictments highlight the department’s unwavering commitment to bringing bad actors in the cryptocurrency ecosystem to justice and preventing abuse of the financial system”, said DOJ Deputy Attorney General for the Criminal Division Kenneth A. Polite, Jr.