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Wallets Linked to CoinStats Exploit Move Nearly $1 Million to Tornado Cash

Two wallets linked to the CoinStats exploit from June have moved 311 ETH to Tornado Cash to obfuscate their fund flows. One moved 211 ETH, while the other sent 100 ETH to the mixer, amounting to $959,000. Crypto mixers like Tornado Cash are used by a wide array of individuals for anonymizing their transactions. It prevents the tracking of the origin of their funds. While these services are praised for lending privacy—a human right—using them may not comply with anti-money laundering...

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Circle’s USDC Emerges as Top Beneficiary of EU’s Push for Compliant Stablecoins

The MiCA regulation has created an increased demand for compliant stablecoin, with Circle’s USDC emerging as a primary beneficiary of the trend. In fact, USDC is leading the demand for regulated stablecoins, according to French blockchain analytics firm Kaiko. Increased Demand For USDC After MiCA In its latest report, Kaiko revealed that non-compliant stablecoins account for 88% of the total stablecoin volume, at present. But Europe’s Markets in Crypto-Assets Regulation...

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Central Bank of Nigeria Claims Binance Facilitated Illegal Transactions

As the Nigerian SEC’s money laundering case against Binance continues, the Central Bank of Nigeria (CBN) on July 5 claimed that the exchange facilitated illegal transactions. According to Dr Olubukola Akinwunmi, Head of Payment Policy and Regulation at the CBN, Binance conducted banking and financial services without appropriate authorizations. Dr Akinwunmi testified in the Federal High Court of Abuja in front of Judge Emeka Nwite that the services Binance offered are reserved for banking...

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Mt. Gox Kicks Off Repayment Process

The much-awaited Mt. Gox repayment process has begun, with the defunct exchange’s bankruptcy estate moving 47,282 bitcoins, with 140,000 pledged to satisfy creditors. That transaction signals the start of this process, and Mt. Gox’s creditors can witness the assets reaching their wallets in the following days at best. Some may receive it 60-90 days from now, although that timeline is believed to be the worst-case scenario. This repayment process was confirmed last month by Mt. Gox through a...

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Bybit Enters Switzerland’s Crypto Market via Dual Sponsorship amid MiCA Regulation Implementation

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Binance.US Claims No Evidence of Wrongdoing in SEC Case

Binance.US said that it is prepared to defend itself against the US Securities and Exchange Commission after a court ruled that the regulatory agency’s case against the crypto exchange could continue. In its official statement on X, the US arm of crypto giant Binance affirmed that the “fight continues.” Binance.US Slams SEC’s Enforcement Tactics The crypto exchange said that it has used the “limited guidance” that the SEC has offered to the crypto industry to operate its...

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IRS Issues Crypto Broker Regulations

The US Internal Revenue Service (IRS) has issued its final draft of rules for crypto brokers to report income, offering clarifications on the scope of industry participants required to follow the regulations. Decentralized protocols and self-managed crypto wallets are not included. However, stablecoins and real-world assets (RWAs) will fall under the reporting standards. IRS commissioner Danny Werfel stated, “We reviewed thousands of public comments and believe this new guidance addresses...

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The EU Will Enforce Strict Stablecoin Regulations by June End

The free reign stablecoin issuers had in the European markets is ending on June 30 as the EU’s MiCA (Markets in Crypto Assets) regulations will enforce caps on transaction volumes and value. That means asset-referenced stablecoins not pegged to the Euro, witnessing over a million transactions or facilitating the movement of value over $215 million will need to be discontinued in the bloc. Transactions considered for the caps will include those conducted for payments of goods and services...

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