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Viral Philanthropic App Dreamr® Announces the Return of Charlie Rocket’s Dream Machine Tour
September 18, 2021 5:00 pm

PRESS RELEASE. Social media dream builder Charlie Rocket and Dreamr Labs announce 2nd nationwide tour with $1 million traveling giveaway kicking off at Life is Beautiful Festival in Las Vegas, 9/17

Click to tweet: Hit the road with Charlie Rocket and @dreamr_app as they travel the country building dreams and giving away $1 million in DMR tokens! Download the Dreamr app at https://www.dreamr.app/ and declare your dream. No dream is too small. ✨

LAS VEGAS (SEPTEMBER 11, 2021) – Dreamr, the community-driven app platform and ecosystem created for users to declare their dreams that recently went viral (as seen with Oprah, TMZ, Entertainment Tonight, and more), and Dreamr social media sensation Charlie “Rocket” Jabaley announce the return of its nationwide Dream Machine Tour – a 45-day traveling tour that will make stops in multiple cities, kicking off locally in Las Vegas at Life is Beautiful Festival this weekend.

Launching Friday, September 17th, Charlie Rocket and the “Dream Machine” tour bus will make magic happen and dreams come true once again, traveling across the country from Las Vegas to Miami to help people actualize their dreams. To celebrate the announcement of the tour, Dreamr will give out $1 million worth of DMR Platform Tokens to app users and people they meet along the way – furthering its mission to make the pursuit of dreams practical. Cities and stops along the tour will be selected based on a combination of real-world collisions and inspiring stories shared on the Dreamr app. With help from those in positions to give, from friends and neighbors to celebrities who have previously caught wind of Charlie’s social media shares which include the likes of Will Smith, Steve Harvey, and Mike Tyson – this tour is sure to be one that changes many Dreamr app users’ fates, with $22,222 a day given out to those bold enough to state their dreams across 45 days.

The Dream Machine Tour will visit Downtown Las Vegas on Saturday, September 18th during the Life Is Beautiful Festival where its next dream will come to fruition. A 21-year-old musically talented young man who has recently fallen on hard times and became homeless reached out to Charlie Rocket, who is set to surprise him with a once-in-a-lifetime opportunity to collaborate on a song with Grammy-nominated Aloe Blacc, which he will perform on the Rising Star Stage at Downtown Container Park at 9 pm during the Life is Beautiful Music Festival to help him launch his career.

The Dreamr team has helped over 900 people build a foundation to live their dreams via social media sensation Charlie Rocket’s Dream Machine Tour. Recent notable dreams include dreamrs like Richard Hutchins, an artist who after several setbacks found himself homeless, and a young man with Cerebral Palsy named Matthew Fernandez. With the help of Dreamr, Richard’s paintings and sketches were featured at a successful gala and the richardhutchinstudio.com was created, selling over $100,000 worth of prints in 5 days while Matthew was able to launch a clothing line, Violets Are Kinda Purple, which garnered over $250,000 in sales within hours counting a variety of A-list celebrities as patrons.

Download the Dreamr App and start Declaring Your Dreams today!

ABOUT DREAMR

Dreamr® is an ecosystem of social networking and financial tools designed specifically to make practical the pursuit of our biggest dreams. The dreamr platform is a positive and powerful space for users to declare their dream and build a supportive community of new, like-minded connections. With web3 integration, the community-based network is thoughtfully designed into an easy-to-use mobile app experience. Founded in July 2015 and operated in stealth until 2019, the dreamr app officially launched on iOS & Android in September 2020. Its team of technologists, entrepreneurs, and creatives have come together around a mission to make the pursuit of our biggest dreams and aspirations more practical for everyone – already raising nearly $2 million to build upon the vision of a digital ecosystem comprised of mobile networking & decentralized financial tools.

As a brand, Dreamr is known for infusing a community-first, philanthropic spirit into everything it does. The Dreamr team achieves this by gamifying the process of social networking through its primary networking feature, Dream Connect. With the removal of vanity metrics, the thoughtful approach focuses on allowing anyone’s dream the ability to gain traction across the network. Financial tools in development to help users monetize their dream-network include the new DMR token, Dreamr Crowdfunding, P2P Service Marketplace, and P2P payments.

 

Media Contacts:

Megan Fazio, Neon PR

info@neonpublicrelations.com

702-673-0667

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
September 18, 2021 4:30 pm
Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion

In mid-September, the total-value locked (TVL) in decentralized finance (defi) continues to climb higher, as the value held on Ethereum, Binance Smart Chain, Avalanche, Solana, and more blockchains has risen dramatically to $171 billion today. On the Ethereum network, there’s 270,783 bitcoin held in TVL worth more than $13 billion and $15 billion has been swapped across 14 different Ethereum-based decentralized exchange (dex) platforms. $23.8 billion has been swapped across a variety of blockchain protocols, according to a recently published defi weekly report.

Defi Growth Remains Exponential

A number of crypto assets like bitcoin (BTC) and ethereum (ETH) have increased in value during the last month, but for the most part, crypto-assets like solana (SOL) and avalanche (AVAX) stole the show during the last 30 days.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
Across 14 different Ethereum-based dex platforms, there’s been $15 billion in swaps during the last seven days. Data recorded by Dune Analytics.

Decentralized finance (defi) solutions continue to grow exponentially and statistics from Dune Analytics indicate that $15 billion has been swapped on 14 Ethereum-based dex platforms. Uniswap captured more than 62% of that $15 billion worth of global trade volume by commanding $9,620,102,739 in swaps during the last week.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
Defillama.com statistics indicate that Pancakeswap has $5.55 billion TVL and Sushiswap with more chain connectivity, has $5.46 billion TVL.

While Uniswap has a lot of volume, the Binance Smart Chain dex Pancakeswap has a TVL of around $5.55 billion according to metrics recorded on Saturday. Sushiswap has $5.46 billion and it has far more connections than just the BSC network. The total dex weekly trade volume across a number of blockchains according to Coin98 Analytics is $23.8 billion.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
Weekly dex metrics by Coin98 Analytics, which leverages data from Debank, and Dune.

Metrics show that there’s $171 billion in TVL stretched across a myriad of blockchains. Ethereum still dominates the TVL by a long shot but a number of other chains have been moving up the ladder in terms of activity during the last month.

Data from Coin98 Analytics’ latest defi report indicates that the total number of Polygon wallets has surpassed 68.3 million. Coin98 Analytics findings also show that “Optimism and Arbitrum addresses increased by 2 and 6 times, respectively.”

“Although the number of Optimism addresses [has] far exceeded that of Arbitrum, the past week signifies a strong rise of Arbitrum against Optimism,” Coin98 Analytics said. “Specifically, the total number of Arbitrum addresses reached 121,000, while the number of Optimism addresses fell behind at 103,000,” the report adds.

Over $7 Billion Across Bridges, Lending TVL on Ethereum Reaches $44 Billion, Large Quantity of Bitcoin Is Leveraged on Ethereum

Dune Analytics’ “Bridge Away (L1 Ethereum)” statistics show that there’s $7.71 billion TVL on Harmony Bridges, Near Rainbow Bridge, Optimism ERC20 Bridges, Arbitrum Bridges, Solana Wormhole, Fantom Anyswap Bridge, Polygon ERC20 Bridge, and the Avalanche Bridge. On Friday, the project Wormhole announced that its ETH – SOL token bridge is now live.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
Layer 2 (L2) fee data for September 18, 2021, according to L2fees.info.

L2fees.info indicates that an ether transfer using Loopring is $0.25, a transfer across Polygon Hermez is also $0.25, Zksync is $0.27, Arbitrum One costs $1.64 and Optimism costs around $3.06 on Saturday. Meanwhile, L2fees.info shows that the median fee to send ethereum (ETH) on September 18 is over $5 per transfer.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion
Metrics by Coin98 Analytics, which leverages data from Debank, and Defillama.

Another interesting stat for defi this week discovered by Coin98 Analytics, is the lending total-value locked on Ethereum today is roughly $44 billion. Also, out of seven different bitcoin (BTC) projects that use the Ethereum network, there’s 270,783 bitcoin held in TVL worth more than $13 billion today.

This measurement includes projects like WBTC, TBTC, SBTC, IMBTC, PBTC, HBTC, and RENBTC. 76% of the 270K bitcoin or $13 billion worth of wrapped or synthetic BTC is used by the Wrapped Bitcoin (BTC) project and its participants.

What do you think about the growing activities tied to the decentralized finance (defi) space? Do you envision defi slowing down any time soon? Let us know what you think about this subject in the comments section below.

Valuation of Stablecoin DAI Market Swells — DAI Market Cap Increased More Than 800% in 12 Months
September 18, 2021 2:30 pm
The Valuation of the Stablecoin DAI Market Swells - DAI Market Cap Increased More Than 800% in 12 Months

Recently Bitcoin.com News covered the stablecoin tether and how the crypto asset’s market valuation jumped more than 1,500% in just over 500 days. In addition to this exponential increase, the decentralized stablecoin DAI’s market capitalization has also swelled significantly as DAI’s market valuation jumped more than 800% during the last 12 months, increasing from $696 million to $6.3 billion today.

Makerdao’s Stablecoin Rises 800% Since September 2020

On Saturday, September 18, 2021, there’s approximately $127.29 billion worth of stablecoins and they currently command $62 billion worth of today’s trade volume. There is no doubt that stablecoins have become huge over the last three years and news outlets and research studies often refer to tether’s (USDT) massive growth.

The thing about tether (USDT) is that there are humans calling the shots when it comes to the stablecoin project’s operations. The stablecoin DAI, on the other hand, is operated by the Makerdao project which is a decentralized autonomous organization (DAO). There are of course people behind the minting of DAI stablecoins, but it is based on participants adding value and overcollateralization to the service.

The Makerdao website says that DAI helps financial freedom “with no volatility” by offering a “price-stable currency that you control.” The website says that users can read the whitepaper to understand how it works and generate DAI on their own terms.

The Valuation of the Stablecoin DAI Market Swells - DAI Market Cap Increased More Than 800% in 12 Months

During the last 12 months, the overall DAI supply has increased a great deal, jumping 808.90% since September 18, 2020. At that time, the DAI market cap was only $696 million but today it’s over $6.3 billion.

Coingecko’s stablecoins by market cap stats show that DAI is the fourth largest stablecoin by market capitalization today. DAI is behind tether ($69.5B), USDC ($29.4B), and BUSD ($12.8B). BUSD’s circulating supply is a touch more than half of DAI’s overall supply.

Monthly Stats Show Decentralized Stablecoin Market Cap Increased by Over 10%

On Saturday, DAI saw roughly $279 million in 24-hour global swaps so far and records show that more than 400 decentralized applications (dapps) and centralized exchanges leverage the DAI stablecoin today. DAI is utilized a great deal in decentralized finance (defi) across liquidity pools, swaps, and cryptographic lending apps.

DAI and the Makerdao protocol are not without controversy and in April 2019 the stablecoin struggled to hold its $1 peg. Dai tokens themselves are very dependent on excess collateral and if the price of ether suddenly crashed, back then it could leave DAI holders uncollateralized at a certain price range.

However, after a black swan incident did just that on March 12, 2020, otherwise known as ‘Black Thursday,’ Makerdao developers had to craft new ideas like leveraging other coins for collateral besides ether to offset risk. Unfortunately, for the users who wanted compensation for their undercollateralized investments, a governing vote decided not to reimburse these users.

This decision ultimately led to a class-action lawsuit against the creators of the Makerdao project. Meanwhile, the Makerdao community has moved on and the DAI stablecoin continues to see growth in issuance. Over the last 30 days, the DAI stablecoin has increased its valuation by 10.3%.

What do you think about the DAI stablecoin increasing more than 800% in a year? Let us know what you think about this project in the comments section below.

We Are All Satoshi: Statue of Bitcoin Creator Satoshi Nakamoto Unveiled in Hungary
September 18, 2021 12:30 pm
We Are All Satoshi: Statue of Bitcoin Creator Satoshi Nakamoto Unveiled in Hungary

A statue of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been unveiled in Budapest, Hungary. “The statue is made of bronze, the face is made of a special bronze-aluminium composite, thus every visitor can see their own face when looking at Satoshi. We are all Satoshi.”

Statue Representing ‘We Are All Satoshi’ in Honor of Bitcoin’s Creator

A statue of bitcoin’s pseudonymous creator, Satoshi Nakamoto, was unveiled Thursday in the capital of Hungary, Budapest. It is located in Graphisoft Park. According to the initiative’s website:

The goal of the statue is to honor Satoshi Nakamoto … his work is truly something to be remembered. Not just because of its significance in the world of IT, but because of its value for humanity in general.

“Satoshi’s statue represents a general human figure, since we do not know the gender, race, age, height of the mysterious developer,” the website describes. “Satoshi is wearing a hoodie, with the Bitcoin logo on its chest. The statue is made of bronze, the face is made of a special bronze-aluminium composite, thus every visitor can see their own face when looking at Satoshi. We are all Satoshi.”

We Are All Satoshi: Statue of Bitcoin Creator Satoshi Nakamoto Unveiled in Hungary
Statue of Satoshi Nakamoto in Hungary. Source: statueofsatoshi.com

The basic idea for a Satoshi statue came from András Györfi, editor of Hungarian crypto news site Kripto Akadémia. He said the statue is an effort to raise awareness of blockchain technology and cryptocurrencies.

The statue is the work of two Hungarian sculptors, Gergely Réka and Tamás Gilly. They sought to portray a human form while staying true to the anonymity of Satoshi Nakamoto.

Gilly told the Associated Press:

It was a big challenge. It is very difficult to make a portrait sculpture of a person that we don’t know exactly what they look like. I hope that through the language of sculpture I have managed to convey the basic idea of Bitcoin, that it belongs to everyone and no one at the same time.

What do you think about this statue of Satoshi Nakamoto? Let us know in the comments section below.

Korean Government Says 28 Crypto Exchanges Have Met Regulatory Requirements to Continue Operations
September 18, 2021 10:30 am
Korean Government Says 28 Crypto Exchanges Have Met Regulatory Requirements

The deadline for cryptocurrency exchanges to meet the requirements to continue operations under new crypto regulations in South Korea is rapidly approaching. A total of 28 cryptocurrency exchanges have reportedly been cleared by the regulators to remain open. However, only four crypto exchanges have met the requirements to offer trading in Korean won.

28 Cryptocurrency Exchanges Meet Regulatory Requirements

South Korea’s financial authorities have released a list of 28 cryptocurrency exchanges that have met the regulatory requirements to stay open past Sept. 24 under the country’s new crypto regulations.

The amended Act on Reporting and Using Specified Financial Transaction Information requires cryptocurrency exchanges to obtain Information Security Management System (ISMS) certification by Sept. 24 and report to the Financial Intelligence Unit (FIU), a division of the Financial Services Commission (FSC). Crypto exchanges that fail to do so must cease operations by Sept. 24.

Jeon Yo-seop, head of FIU’s Planning and Coordination Office, explained that given the approaching deadline:

It is unlikely that there will be additional certified virtual asset trading platforms.

The 28 exchanges that have been ISMS-certified include Gopax, Upbit, Korbit, Coinone, Bithumb, Hanbitco, Casherest, Tennten, Dove Wallet, Flybit, Gdak, Aprobit, Huobi, Coin&coin, Probit, Borabit, Coredax, and Okbit.

However, in order for crypto exchanges to offer trading in Korean won (KRW), they must also partner with banks to offer customers real-name verification deposit/withdrawal accounts.

So far, only the country’s top four crypto exchanges — Upbit, Bithumb, Coinone, and Korbit — have been able to secure partnerships with banks, which have been reluctant to partner with crypto exchanges due to risks including money laundering.

Crypto businesses that do not have banking partners to provide real-name verification deposit/withdrawal accounts must terminate the trading in the KRW market even if they have received ISMS certification. That means 24 out of the 28 exchanges will be crypto-only exchanges.

Financial authorities in South Korea have also distributed business closure guidelines to the cryptocurrency industry. Exchanges must notify users of the expected closing date and how they can withdraw their funds at least seven days before the closing date. They must also provide a window of at least 30 days from the closing date to allow users to withdraw their funds. Korean authorities are also reportedly monitoring crypto exchanges that are likely to shut down to ensure they return funds to customers.

What do you think about the 28 crypto exchanges meeting regulatory requirements? Let us know in the comments section below.

LBank Exchange Lists NBL (Nobility)
September 18, 2021 9:00 am

PRESS RELEASE. INTERNET CITY, DUBAI – LBank Exchange, a global digital asset trading platform, will list NBL on September 15, 2021. For all users of LBank Exchange, the NBL/USDT trading pair will be officially available for trading at 22:00 (UTC+8) on September 15, 2021.

Esports industry has grown rapidly in recent years, and now, crypto space is trying to further reshape it. As a revolutionary new BSC utility token, Nobility (NBL) focuses on disrupting the esports industry with its unique smart contract capabilities, offering the industry a fairer, more balanced, and sustainable revenue system. Nobility’s NBL token will be listed on LBank Exchange at 22:00 (UTC+8) on September 15, 2021.

What is NBL?

Nobility (NBL) is a revolutionary esports platform and utility token on Binance Smart Chain (BSC). It focuses on revolutionizing the esports landscape by organizing and providing tournaments with large prize pools, helping content creators earn more from playing the game they love, and more use cases that will fill glaring holes within the community.

Nobility aims to solve the problems involving the current limitations of the esports gaming industry by innovating onto the industry the use of blockchain technology combined with the advantages of decentralized finance to create a fair, balanced and sustainable model for all market participants. By being listed on LBank Exchange, NBL will be able to reach out to a wider audience of investors around the world and have a greater chance of being adopted in the global esports gaming industry.

What are the tokenomics of NBL?

The total supply of NBL token is 100 billion, 40.3% of it was for initial burn, and the time period of liquidity lock is 1 year. There is a 11% fee that includes all swaps and transfers on the network. Unlike other projects, users of NBL get reflection rewards in BUSD instead of the token itself.

The 11% token fee is broken down and allocated in the following structure:

  • 7% is redistributed by weight to all holders in BUSD via a method known as a friction-less yield. No need to claim, no need to request. It just appears in user’s wallet.
  • 2% is automatically added to the liquidity pool for increased market stability.
  • 2% is captured into Nobility Use wallet. This balance will be used for, including, but not limited to, Esports tournament prize pools, marketing, business development, charity donations, scholarship funding, manual burns, community events, and giveaways.

The listing of NBL on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

 

Learn More about NBL Token:

Official Website: https://nobilitytoken.com/

Litepaper: https://docs.nobilitytoken.com/nobility-litepaper/

 

Listing Announcement on LBank Exchange: https://support.lbank.site/hc/en-gb/articles/4406346681625-NBL-Nobility-will-be-Listed-on-LBank

 

About LBank Exchange

LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users in more than 50 countries around the world.

Social media:

l Facebook

l Twitter

l LinkedIn

 

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

marketing@lbank.info

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Securities Watchdogs File Orders Against Crypto Lender Celsius
September 18, 2021 8:30 am
Securities Watchdogs File Orders Against Crypto Lender Celsius

A news release published by the New Jersey government web portal indicates that the cryptocurrency lending platform Celsius has been sent a cease and desist order from the New Jersey Bureau of Securities. Furthermore, the Texas State Securities Board has ordered Celsius to appear at a hearing and is also threatening with a cease and desist. Regulators are not taking too kindly to platforms that offer high-yield interest rates on various cryptocurrencies.

New Jersey Regulators Send Cease & Desist to Celsius Over ‘Earn Rewards Accounts’

U.S. regulators from the Securities and Exchange Commission (SEC), politicians, and securities watchdogs from single states have targeted centralized exchanges, decentralized finance (defi), and more specifically platforms that offer yields.

In recent times, Blockfi had issues with regulators in New Jersey and Vermont, Texas, Alabama, and Kentucky. The state watchdogs had problems with the firm’s Blockfi Interest Accounts (BIA). Even Coinbase CEO Brian Armstrong had words to say about the SEC threatening to sue the Nasdaq-listed firm.

Now a newly published cease and desist order from New Jersey Bureau of Securities (NJBOS) chief Christopher Gerold is targeting the cryptocurrency lending platform Celsius. Similar to Blockfi, the Celsius Network says that it offers up to 13% APY on cryptocurrency assets.

NJBOS Gives Celsius Until October, Texas Hearing Scheduled for February 2022

“Put your crypto to work and earn on your coins, paid out every Monday,” the web portal details. Similar to the complaints filed with Blockfi, Gerold and the NJBOS say the “order is to protect the investing public.”

“The Celsius Earn Rewards accounts are not registered with the Bureau or any other securities regulatory authority,” the cease and desist order stresses. Therefore, these accounts Celsius offers are “not protected by the Securities Investor Protection Corporation (SIPC).” The order adds:

[A] lack of a protective scheme or regulatory oversight subjects Celsius investors to additional risks not borne by investors who maintain assets with most SIPC-member broker-dealers, banks and savings associations, and credit unions.

According to the NJBOS filing, Celsius must stop soliciting New Jersey customers by October. In the order stemming from the Texas State Securities Board (TSSB) the regulator says the firm is “not licensed as a Money Service Business in Texas.” The Celsius Earn Accounts are “also not protected by Securities Investor Protection Corporation, otherwise known as the SIPC.” Interestingly, Texas has given Celsius a hearing date that’s much further away and will be held on February 14, 2022.

What do you think about the Celsius cease and desist order stemming from the New Jersey Bureau of Securities? What do you think about the company’s problems with Texas? Let us know what you think about this subject in the comments section below.

Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients — Denies User Speculation
September 18, 2021 7:00 am

One of the African continent’s leading cryptocurrency exchanges, Luno, has told its Nigerian users that it is “in the process of reinstating deposit and withdrawal functions on our platform.” According to an email that was sent to Nigerian users, this reinstatement is expected to happen “in the coming weeks.”

Luno Not in Direct Communication With CBN

As a report by The Guardian noted, this announcement by Luno is coming some seven months after the Central Bank of Nigeria (CBN) directed banks to exclude cryptocurrency entities from the banking ecosystem. Consequently, some users in Nigeria have speculated that this announcement means the CBN is about to reverse this decision.

However, Owen Odia, Luno’s country manager for Nigeria, denied that this was the case. He suggested in a statement to Bitcoin.com News that the mere sending of the emails does not mean the exchange is privy to CBN discussions about the lifting of its directive to banks.

The Luno manager, however, did confirm that Luno has been working with other Nigerian stakeholders as it tries to find a solution that “prioritises the safety of its customers.”

He explained:

With regards to Luno’s engagement with the CBN, we have not been in direct conversation with them regarding this. However, we have engaged relevant stakeholders in Nigeria who can collectively work with the government and regulatory bodies, to find a quick and suitable resolution.

Odia emphasizes that while Luno is not in a position to comment on the CBN’s plans concerning its directive, his organization remains hopeful that “this situation will be resolved.”

Crypto Regulatory Framework in the Works

Following the CBN’s abrupt decision to lockout cryptocurrency entities from the banking system, Luno became one of the few exchanges that pledged to assist Nigerian authorities in their quest to find the right regulatory framework for crypto. While there have been no reports of real progress on this front, Luno’s announcement still suggests that the exchange might have reached some kind of compromise with Nigerian regulators.

Crypto enthusiasts in Nigeria are now waiting on Luno’s reinstatement of the deposit and withdrawal function to know if the CBN has reversed its decision.

What are your thoughts about this announcement by Luno? Tell us what you think in the comments section below.

Laos Authorizes Cryptocurrency Mining and Trading Activities
September 18, 2021 4:30 am
laos

Laos has authorized a series of cryptocurrency mining and trading projects in the country, looking for another source of income to supplement the losses caused by the drop in tourism due to COVID-19 related measures. Six companies have been authorized to start cryptocurrency trading and mining operations in the country, according to the office of the prime minister.

Laos Embraces Digital Currencies

Laos has authorized mining and trading operations in its territory, contradicting policies from its central bank that issued warnings against crypto just a month before. The move comes as the small Asian nation tries to find alternative income sources to deal with the aftermath of the Covid-19 pandemic.

The office of the prime minister stated that six companies were now authorized to conduct cryptocurrency-related activities in the country. Now, according to reports, the government will start work to regulate these activities. Laos could also be trying to attract some of the miners ousted from China, by being a close substitute that can also offer plenty of cheap, hydroelectric power currently not being used at its full potential.

Green Mining Potential and Money Laundering Concerns

The origin of this clean energy could also be a big attraction now that people are more aware of the mining industry’s heavy energy consumption. This push for green energy and renewables for mining was, in part, introduced by Elon Musk, who commented that the Bitcoin network energy consumption was “insane,” and suspended bitcoin payments for cars at Tesla.

This might be a lifesaver for Laos, as its own energy consumption is orders of magnitudes lower than what the country produces, making it easy to introduce a mining industry without disrupting the national electrical grid.

However, regulators have concerns. Laos sits in an area that is very famous for the volume of narcotics produced there. Many are worried that the rise in these industries might translate to cryptocurrencies being used for money laundering purposes. Zachary Abuza, a professor at the National War College in Washington, declared to news outlet FT that:

You should always be concerned when countries with poor regulatory records start to get involved in things like cryptocurrency. To say that the Laotian financial system is immature would be a brutal understatement, and we have to be concerned if they are rushing into this.

What do you think about Laos authorizing cryptocurrency mining and trading? Tell us in the comments section below.

Binance Prepares Changes to Work With Regulators Worldwide
September 18, 2021 1:30 am
binance

Binance, the leading cryptocurrency exchange, has announced it is preparing changes to be able to work with regulators more closely. Its CEO, Changpeng Zhao, stated the company is ready to apply the needed revisions to transform the exchange into a regulated financial institution in the future. This is Binance’s answer to a series of regulatory issues it has been facing with regulators from all over the world.

Binance Readies Regulator-Friendly Changes

Binance, the world’s biggest cryptocurrency exchange by trade volume, has announced it is preparing changes to better fit the requirements of regulators. The statements were made by Binance’s CEO, Changpeng Zhao, in an interview with the South China Morning Post published on September 16, where he hinted at a change in how the institution will treat regulatory matters. He stated:

As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.

This is a clear departure from the policy that Binance had applied before, stating it wasn’t headquartered anywhere in the world because Bitcoin wasn’t either. However, it was this same policy that created problems for Binance with regulators, that have complained about the lack of registration for operation in several countries.

Undoing the Damage

From the interview, it’s clear the recent regulatory problems the exchange has been facing have completely changed Zhao’s vision about how things must be done for compliance purposes. He seemed to toss away his previous beliefs, stating:

We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.

This pivot towards compliance is not just empty talk, either. Binance has been actively hiring human resources to step up its compliance game and tighten control over the funds exchanged on its platform. Just yesterday, Binance announced the hiring of Nils Andersen-Röed, a former Europol Dark Web specialist, to further strengthen their investigations and audits team.

Also, last month, Greg Monahan, who was a U.S. Treasury criminal investigator, was appointed as Binance’s Global Money Laundering Reporting Officer, to improve AML policies inside of the exchange.

What do you think about Binance changing to work more closely with regulators worldwide? Tell us in the comments section below.