Suspected AnubisDAO Rug Pull Wallet Address Begins Moving Funds, Deposits 3,000 ETH to Tornado Cash
AnubisDAO was a dog-themed crypto project that suffered a suspected rug pull in October 2021.
New York AG’s Office Seeks Additional Authority Over Crypto Firms
In a May 5 announcement, the NY AG’s office planned to submit a bill called the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, in the state's 2023 legislative session.
Crypto ATMs Operating Without Financial Conduct Authority Registration Are Illegal, Says UK Regulators
FCA has announced the inspection of sites across the country “suspected of hosting illegally operated crypto ATMs.”
UK Financial Watchdog Announces Inspections Against Sites With Suspected Illegal Crypto ATMs
The United Kingdom’s Financial Conduct Authority said it had coordinated with local authorities in the cities of Exeter, Nottingham and Sheffield to raid facilities suspected of operating unregistered cryptocurrency ATMs.
Voyager Digital Plans to Liquidate Assets, Wind Down After Sale Dreams Crushed
Lawyers for Voyager Digital say the bankrupt crypto lender will self-liquidate its assets and wind down operations after failing to clinch a deal on a sale to either FTX US or Binance.US.
Coinbase Faces Existential Risk as SEC Increases Scrutiny on Crypto
Coinbase, one of the largest cryptocurrency exchanges in the world, is facing an existential risk as the US Securities and Exchange Commission (SEC) increases its scrutiny of the company's activities. The SEC has reportedly sent Coinbase a Wells notice, which is a formal warning that the agency is planning to sue the company over its planned launch of a lending product called Coinbase Lend.
China’s Crypto Stance Unchanged by Moves in Hong Kong, Says Exec
Despite Hong Kong's progress with cryptocurrency adoption, mainland China has not changed its anti-crypto stance in terms of local regulations, according to CPIC Investment Management CEO Chenggang Zhou. While some Chinese state-affiliated banks have opened bank accounts to serve crypto clients in Hong Kong and CPIC launched two cryptocurrency funds in April, Zhou emphasized that CPIC operates as a Hong Kong entity regulated by the Securities and Futures Commission and that Hong Kong regulations allow them to invest in different markets or asset classes, including cryptocurrencies. Zhou doesn't expect the Chinese government to change its crypto policies in the foreseeable future, and Lesperance & Associates founder David Lesperance noted that the crypto market in mainland China is "still effectively shut down."
Fintech Giant Stripe Launches On-Ramp Crypto Service
Stripe, an Irish-American fintech company, has launched a Stripe-hosted fiat-to-crypto onramp, which will simplify the purchase of cryptocurrencies for customers in the US. This solution will help Web 3.0 companies that have been experiencing a cold start problem. Stripe accepts stablecoins like USDC for simple payouts, enabling crypto firms to operate a streamlined onboarding process and reduce their exposure to fraud. Stripe is joining other fintech giants like MoonPay, Transak, and Simplex, which allow users to purchase cryptocurrencies instantly. Web 3.0 companies can redirect their users to purchase crypto on the Stripe-hosted onramp or customize their crypto-purchasing widget on their official website. Fintech companies are gradually making a strategic impact in the crypto space, with digital bank Revolut expanding its service to Brazil and PayPal introducing a new feature that allows users to transfer crypto between the platform and other wallets.
Coinbase Q2 2023 Outlook Highlights Potential Market Trends for Crypto Investors and Traders
Coinbase has released its Q1 2023 Shareholder Letter, which includes its Q2 2023 outlook. The average crypto market cap in April 2023 was $1.3 trillion, up 17% from Q1's average, but crypto asset volatility was 25% lower. Coinbase generated approximately $110 million in total transaction revenue in April 2023. For Q2 2023, Coinbase expects a sequential decline in subscription and services revenue due to a decline in the USDC market cap, and a sequential increase in General and Administrative expenses due to higher legal expenses, rent expenses, and Sales and Marketing expenses associated with their NBA partnership.
Kenya Considers Tax on Crypto, NFT Transfers and Online Influencers
Kenya's lawmakers are considering the introduction of a 3% tax on cryptocurrency and nonfungible tokens (NFTs) transfers and a 15% tax on monetized online content, according to a newly introduced bill.
