PayPal Finally Allows External Crypto Withdrawals, Regulators Investigate Binance Over BNB Issuance, And What Do Billionaires Think About Crypto Investments? These stories and more this week in crypto.
PayPal allows crypto withdrawal
PayPal finally allows cryptocurrency holders to transfer their digital assets from its platform to other wallets and exchanges. The option to move PayPal crypto to external wallets was the most requested feature by users since the fintech giant went live with its crypto buy, sell and hold service in October 2020.
US probes Binance over BNB
US regulators are investigating whether Binance broke any securities rules by selling its own digital token, BNB, which is now the world’s fifth largest currency. Investigators are looking into whether the 2017 initial coin offering involved the sale of a security that should have been registered with the agency. In response, Binance has stated that it is working with the authorities to comply with all requirements.
Crypto exchanges drop Litecoin
Litecoin will be delisted from South Korean crypto exchanges Bithumb and Upbit due to changes made to the currency. The exchanges stated that they were shutting down market support for the 20th largest cryptocurrency due to their recently activated Mimblewimble extension blocks. The change allows for greater privacy when conducting transactions, which conflicts with South Korea’s anti-money laundering regulations.
Terraform Labs faces global investigations
The SEC and South Korea have launched separate investigations into Terraform Labs, the company behind the recently collapsed coins TerraUSD and Luna. In the US, the SEC is investigating Terraform Labs over whether its marketing of the UST stablecoin violated federal investor protection regulations. Meanwhile, the Seoul Metropolitan Police Agency is also investigating a Terraform employee for allegedly embezzling bitcoins from the company’s treasury.
New York regulates stablecoin issuers
New York State has published regulatory guidance for US dollar-backed stablecoins issued by regulated entities. This US requirement, the first of its kind, states that a stable currency must be fully backed by reserves as of the end of each business day, and the issuer must have an exchange policy that gives the holder the right to exchange the stable currency for US dollars. .
Brokerage firms create a crypto trading platform
Market makers Citadel Securities and Virtu Financial have teamed up with retail brokerage firms Fidelity Investment and Charles Schwab to create a cryptocurrency trading platform. The new platform will allow access to a deep pool of liquidity for digital assets that can provide a significant boost to crypto trading for retail investors.
Jay-Z and Jack Dorsey launch Bitcoin Academy
Rapper Jay-Z and Block CEO Jack Dorsey have announced the Bitcoin Academy, a program to teach financial literacy in the Bedford-Stuyvesant neighborhood of Brooklyn, where Jay-Z grew up.
The Bitcoin Academy will consist of a series of online and in-person classes open to everyone and will provide participants with a mobile hotspot and a nominal amount of Bitcoin for hands-on learning.
Crypto Billionaire Adoption Rate
A recent Forbes survey of the world’s richest people revealed that nearly 30% are directly or indirectly invested in cryptocurrencies. In contrast, only 16% of average American adults had crypto investments. Sam Bankman-Fried, the founder of FTX who openly put his name to the survey, told Forbes that he had between 76 and 100% of his $20 billion net worth in crypto.
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That’s what happened this week in crypto, see you next week.
