Crypto news

The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub, attracting numerous industry players to settle in the area. One example is the crypto exchange Huobi Global...

Hundreds of millions of dollars in crypto was withdrawn from Binance shortly after the exchange was slapped with civil charges by US regulators on Monday, on-chain data shows.  According to Nansen, the exchange has experienced $400 million in net outflows over the past 24 hours alone. By comparison, Binance has undergone over $2 billion in outflows over the last seven days, meaning Monday was above average.  Meanwhile, entities Nansen calls “smart money” traders withdrew at...

Gucci announced a multi-year partnership with Yuga Labs, the company behind well-known NFT collections such as Bored Ape Yacht Club (BAYC), CryptoPunks, and Meebits. The main aim is to explore “the intersection between fashion and entertainment in the Metaverse,” according to the press release. With the latest move, the Italian high-end luxury fashion house is cementing its place as an early mover in Web3. Gucci-Otherside Robert Triefus – who happens to be Gucci’s senior...

A US Federal regulatory agency just filed a lawsuit against Binance – the world’s largest crypto exchange – for a sweeping range of regulatory violations, spooking Bitcoin back down to $27,000.  Here’s what the Commodities and Futures Trading Commission (CFTC) believes the company and its CEO, Changepeng Zhao (CZ), are guilty of. Binance’s Violations According to the CFTC’s complaint, Binance has accepted orders and facilitated trade involving multiple digital assets for...

Patricia Ibarra is the most recent victim of a crypto scam. She feels bad about the situation, but even worse is that she got some of her own friends and family members involved in the scheme, which means she probably has guilt alongside the anger of being duped. Patricia Ibarra Was the Victim of a Crypto Scam The venture that stole money from Ibarra was called Crypto FX LLC. Based in Texas, the company promised anywhere between 15 and 20 percent returns to its...

Since the collapse of Silicon Valley Bank, several industry stakeholders have been doing all they can to help cushion the pangs in the firm to help prevent it from collapsing. Regional banks in the United States might have recorded their worst month ever this March, the surviving ones, including First Republic Bank (NYSE: FRC). At the time of writing, the shares of First Republic have jumped by 15.72% to $14.28 in a move that appears as though it wants to start paring off the losses it has...

According to reports, the Polygon zkEVM Mainnet Beta offers lower gas fees and could see wider adoption of Ethereum scaling technology.  The Polygon zkEVM Mainnet Beta went live on Monday, March 27th, facilitating the deployment of smart contracts with increased finality and reduced costs. The release of the zero-knowledge Ethereum Virtual Machine beta to the public comes days after rival Matter Labs released its own zkEVM. One of the main attractions of the Polygon zkEVM Mainnet Beta is...

A lot can happen in a year and a half. The cryptocurrency market has been through a literal rollercoaster in terms of price, regulations, and overall development. Exchanges imploded, multi-billion dollar ecosystems collapsed, regulators are stepping in now more than ever, banks are shutting down, and whatnot. And it almost seems as if time is flying. In 2021, CryptoPotato attended Solana’s Breakpoint in Lisbon and had the chance to talk to Brandon Millman – the CEO of the...

The United States Commodity and Futures Trading Commission (CFTC) is suing the CEO of the world’s largest cryptocurrency exchange Binance – Changpeng Zhao. As a result, the BTC price lost over $1400 in minutes. According to a CNBC report, CZ – the CEO of Binance – is being sued by the CFTC for allegedly violating trading regulations. The court filing stipulates that the exchange has taken a “calculated approach to solicit US customers in violation of federal regulations.” CZ...

The crypto tax laws in the U.S. are exceedingly complicated. Nobody can deny this, and while there have been politicians and people in the past that have sought access to specific jobs in our government by saying they will make the laws easier to understand, it wasn’t enough to hit home with voters at the time or others tasked with making such decisions. The Crypto Tax Situation for 2022 Isn’t Pretty That being said, they’re likely feeling the heat right about now and...