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UAE Agriculture Authority Prohibits Crypto Mining on Farms

UAE Agriculture Authority Prohibits Crypto Mining on Farms

The Abu Dhabi Agriculture and Food Safety Authority has issued a directive prohibiting the use of farms for cryptocurrency mining activities. This advisory emphasizes that utilizing farms for crypto mining constitutes a “misuse of the farm for purposes other than its intended use.” Violations of this regulation could result in penalties of up to 10,000 UAE dirhams (approximately $2,722). Crypto...

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    Florida State Appeals Court Reverses Binance US Suspension

    Florida State Appeals Court Reverses Binance US Suspension

    Binance US has been granted permission to continue operations in Florida following a decision by the First District Court of Appeal. The court overturned an emergency order issued by Florida’s Office of Financial Regulation (OFR) that had suspended Binance US’s money transmitter license. The First District Court of Appeal ruled unanimously in favor of Binance US, stating that the OFR...

    Hong Kong Orders Worldcoin to Halt Iris Biometric Data Collection

    Hong Kong Orders Worldcoin to Halt Iris Biometric Data Collection

    Hong Kong’s privacy regulator, the Office of the Privacy Commissioner for Personal Data (PCPD), has ordered Worldcoin to cease collecting biometric data within the city. The enforcement notice, issued on May 22, directs Worldcoin Foundation to stop scanning and collecting iris and face images from the public. The PCPD has been scrutinizing Worldcoin due to potential privacy risks. An investigation...

    Tokenization Could Unlock $5 Trillion Market, Driven by Stablecoins and CBDCs: Bernstein Report

    Tokenization Could Unlock $5 Trillion Market, Driven by Stablecoins and CBDCs: Bernstein Report

    Tokenization, the process of transforming real-world assets into blockchain-based tokens, has the potential to unlock a market worth approximately $5 trillion within the next five years, according to a new report by Bernstein. The report, released on Tuesday, highlights that this significant growth could be led by stablecoins, central bank digital currencies (CBDCs), securities, private market funds, and real estate....

    Spot Bitcoin ETFs reach $303M in Net Inflows

    Spot Bitcoin ETFs reach $303M in Net Inflows

    US spot Bitcoin ETFs attracted a combined $303 million in net inflows on May 15, signaling growing institutional interest in Bitcoin. Leading this surge was Fidelity’s ETF, which secured $131 million in net inflows, according to SoSo Value data. Bitwise and Grayscale followed with $86.26 million and $27.05 million, respectively. Surprisingly, the iShares Bitcoin Trust saw no net inflows or...

    OKX Launches Full Crypto Trading Services in Australia

    OKX Launches Full Crypto Trading Services in Australia

    OKX, a major cryptocurrency exchange, has announced the launch of its comprehensive trading services in Australia through a locally regulated entity. This strategic move aims to expand OKX’s presence in the Asia-Pacific region and tap into Australia’s advanced and diverse investor base. At a media event in Sydney on May 14, Oscar Piastri, a McLaren Racing driver and one of...

    Congress Advances FIT21 Bill to Clarify Crypto Regulations

    Congress Advances FIT21 Bill to Clarify Crypto Regulations

    The United States House Financial Services Committee is advancing the Financial Innovation and Technology to the 21st Century Act, or FIT21, which aims to clarify the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in digital asset regulation. The bill, initially proposed in July 2023, will soon be debated in a floor session....

    Binance to Remove BIDR Support Across Multiple Services

    Binance to Remove BIDR Support Across Multiple Services

    Binance, a leading cryptocurrency exchange, has announced the delisting of trade pairs involving the stablecoin backed by the Indonesian Rupiah (BIDR). This change will impact trading pairs for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) across various services offered by the exchange. The exchange has outlined a detailed action plan with specific deadlines for the discontinuation of BIDR services. Not...

    EU’s New Anti-Money Laundering Rules to Impact Crypto Sector

    EU’s New Anti-Money Laundering Rules to Impact Crypto Sector

    The European Union (EU) has adopted stringent anti-money laundering regulations for crypto firms, including exchanges and asset managers. The new rules, part of the Markets in Crypto-Assets (MiCA) regulations, are set to be enforced by the end of the year and will be overseen by Frankfurt’s newly established Office of Anti-Money Laundering and Combating Financial Terrorism (AMLA). Crypto companies will...

    SEC Sues Bitcoin Miner Geosyn for $5.6M Fraud

    SEC Sues Bitcoin Miner Geosyn for $5.6M Fraud

    The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Geosyn Mining and its founders, Caleb Joseph Ward and Jeremy George McNutt, for defrauding investors of $5.6 million. The SEC alleges that the company misrepresented its crypto-mining operations, falsely claiming to have cheap electricity contracts and failing to purchase the mining equipment promised to investors. According to a...

    Hong Kong Set to Launch Crypto ETFs, Eyeing Status as Global Digital Asset Hub

    Hong Kong Set to Launch Crypto ETFs, Eyeing Status as Global Digital Asset Hub

    Hong Kong is poised to strengthen its position as a leading global hub for digital assets by launching several cryptocurrency exchange-traded funds (ETFs), including those based on Bitcoin and Ether. This initiative comes as the region seeks to revitalize its reputation as a top financial center. Leading Chinese fund managers are in the final stages of setting up spot Bitcoin...

    Bitcoin Transaction Fees Stabilize After Surging Post-Halving

    Bitcoin Transaction Fees Stabilize After Surging Post-Halving

    In a significant turn of events, Bitcoin transaction fees have plummeted from a staggering $146 to just over $10 for medium-priority transactions, following the recent halving event that typically influences both transaction costs and miner earnings. Just last week, Bitcoin users experienced a sharp increase in transaction fees, with medium-priority transactions costing upwards of $146 and high-priority transactions peaking at...

    Potential Supreme Court Showdown for XRP Lawsuit, Former SEC Crypto Chief Suggests

    Potential Supreme Court Showdown for XRP Lawsuit, Former SEC Crypto Chief Suggests

    The ongoing legal battle involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security continues to captivate public interest, with the possibility of escalating to the U.S. Supreme Court. Ladan Stewart, former head of the SEC’s crypto litigation unit, discussed this potential at a panel at Columbia Business School, emphasizing...

    New U.S. Legislation Proposed to Regulate Stablecoins

    New U.S. Legislation Proposed to Regulate Stablecoins

    Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming have introduced new legislation aimed at regulating the stablecoin market. The bill, known as the Lummis-Gillibrand Payment Stablecoin Act, was reported by Bloomberg on Wednesday, April 17. It seeks to establish clear regulations for payment stablecoins, which are dollar-pegged digital assets used for transaction settlements. Under the proposed legislation,...

    Germany’s LBBW Bank to Launch Crypto Custody Services with Bitpanda

    Germany’s LBBW Bank to Launch Crypto Custody Services with Bitpanda

    Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has announced its plans to launch crypto custody services, tapping into the increasing demand from its corporate and institutional clients. This move underscores a significant pivot towards integrating cryptocurrencies within traditional banking frameworks. In collaboration with Austrian-based Bitpanda, LBBW aims to introduce an “investment-as-a-service” infrastructure that will support the storage and trading of...