Tag Archives: United States

Coinbase, the largest cryptocurrency exchange in the U.S., believes American households could have saved approximately $74 billion in credit card transaction fees in 2022 if they used blockchain technology. In Coinbase’s latest State of Crypto Report, the exchange outlined the frustrations of the current financial system, ranging from high costs to delays and difficult access, insisting that blockchain technology eliminates all the issues. Saving $74B in Transaction Fees...

Investment products for digital assets received significant influxes of $708 million last week, contributing to year-to-date inflows of $1.6 billion and increasing the total global assets under management to $53 billion. However, trading volumes in ETPs dropped to $8.2 billion from the previous week’s total of $10.6 billion, though they still surpass the 2023 weekly average of $1.5 billion. According to CoinShares’ latest report, these volumes represent 29% of Bitcoin’s...

The US Department of Justice (DOJ) has brought charges against three people for defrauding investors of nearly $2 billion. According to the DOJ, the individuals promoted a fraudulent cryptocurrency investment program that promised investors high returns. A $1.89 Billion Crypto Scam In a press release on Jan. 29, 2024, the DOJ said that Sam Lee, an Australian living in the United Arab Emirates (UAE), and American citizens Rodney Burton and Brenda Chunga, perpetrated the $1.89...

The United States Financial Industry Regulatory Authority (FINRA) has revealed that about 70% of retail communications concerning cryptocurrencies violate its rule of misleading claims. According to an official report, FINRA identified communications that failed to provide sound bases for evaluating digital assets by excluding explanations of how they are issued, held, transferred, and sold. Misleading Crypto Communications FINRA’s findings come from an exam launched in...

Following a previous denial by an Estonian circuit court, the local government has, once again, approved the extradition of two of its citizens suspected of cryptocurrency fraud to the United States. The suspects are accused of running a fake crypto service that defrauded unsuspecting victims of over $500 million. According to local news outlet Postimees, Ivan Turogin and Sergei Potapenko will be extradited to the US, with Estonia’s Ministry of Justice stating that there was...

Following the guilty plea of Changpeng Zhao (CZ), founder and former CEO of crypto exchange Binance, in November 2023, several American states have asked the local arm of the trading platform to refrain from servicing their residents. The Wall Street Journal reported that authorities in Florida and Alaska recently instructed Binance.US to cease its services in the regions. Florida and Alaska Restrain Binance.US Recall that the Department of Justice (DOJ) announced a $4.3...

Crypto investment platform Abra settled in principle with Texas securities regulators, part of which requires the company to allow its customers to withdraw their assets. Abra was previously accused of deceiving customers and violating securities laws through the offering of its interest-bearing products. Abra to Return Crypto Assets to Investors The Texas State Securities Board (TSSB) announced the settlement with Abra – a company comprising four entities controlled by CEO...

TL;DR The SEC is seeking Ripple’s financial records for evidence in their legal case. The company has previously secured favorable court rulings, including a decision on the nature of some of its XRP sales. The United States Securities and Exchange Commission (SEC) filed a new motion compelling Ripple to hand over essential documents such as the company’s financial statements for 2022 and 2023 and its post-complaint XRP sales contracts. The regulator argued that those records...

Roughly a week after the United States Securities and Exchange Commission (SEC) approved the first wave of spot Bitcoin exchange-traded funds (ETFs), BTC investor demand in the country has slumped. According to a weekly report from market intelligence platform CryptoQuant, the weak BTC demand from U.S. investors is evident in crypto exchange Coinbase’s premium turning negative for the first time in 2024 amid high selling activity from short-term holders. BTC Investor Demand...

Earlier this week, a long wait for the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States ended after the Securities and Exchange Commission (SEC) approved 11 products for listing and trading on several national exchanges. The journey began ten years ago, and there are industry participants who laid the foundation for the SEC’s decision, which now represents a major step toward legitimizing the crypto asset class. The First Application and Rejection In...