Monat: September 2023

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Binance could delist multiple stablecoins as MiCA takes effect next year

Key takeaways

  • A Binance executive has warned that the exchange could delist multiple stablecoins soon.

  • The delisting will be fueled by the EU’s MiCA regulation taking effect next year.

Binance to delist  multiple stablecoins

A Binance executive has warned that the cryptocurrency exchange could delist multiple stablecoins from its platform. 

The delisting could happen as the cryptocurrency exchange attempts to decipher the implications of the EU’s Markets in Crypto Assets (MiCA) regulation.

At the moment, it is still unclear how MiCA will apply to decentralized stablecoins and other foreign stablecoin issuers. However, officials from the European Banking Authority (EBA) have pointed out that the regulation immediately applies to coins already on the market.

MiCA was approved last June and will make the EU the first major region in the world to roll out a comprehensive crypto regulation. The regulation would allow crypto exchange and wallet providers to operate across the EU using a single license. 

MiCA’s regulation on stablecoins is set to come into effect in June 2024. Marina Parthuisot, Head of Legal at Binance France, told an online public hearing hosted by the EBA that

“We are heading to a delisting of all stablecoins in Europe on June 30, given that no project has yet been approved. This could have a significant impact on the market in Europe compared to the rest of the world.”

Binance continues to face regulatory pressure

This latest cryptocurrency news comes as Binance continues to face regulatory pressure in the US and other parts of the world. The company’s CEO, Changpeng “CZ” Zhao, hailed MiCA’s clear rules. However, the exchange has exited some European countries, including the Netherlands, Cyprus and Germany, due to regulatory challenges. 

The crypto exchange is still locked in a court case with the United States Securities and Exchange Commission (SEC). Earlier this week, a US court denied the SEC’s request to look into Binance.US’s documents. 

The case continues to affect Binance.US’s performance, with its daily trading volume significantly down in recent months. 

The post Binance could delist multiple stablecoins as MiCA takes effect next year appeared first on CoinJournal.

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CHANCER eyes new milestone days after first product update

  • Chancer presale has surpassed $2.1 million, adding over $400k in less than a week.
  • Meanwhile, the crypto market remains ranged after reaction to Fed rate hike decision.

While crypto largely mirrored stocks amid a broader market retreat following the Federal Reserve’s latest policy decision, a notable feat looked bang on cards for Chancer (CHANCER). Days after releasing the first update for the highly anticipated project, Chancer’s presale has stormed past $2.1 million raised.

Amid growing interest in crypto and projections for the global sports betting industry, is Chancer the platform for the long-term crypto bet?

Crypto mirrors stocks as markets retreat after Fed decision

Bitcoin slipped below $27k again on Thursday, trading towards lows of $26,770 at the time of writing as cryptocurrencies shed nearly 1% of the total market cap to about $1.09 trillion. Bitcoin initially fell 1.3% to trade at $26,749, while Ethereum shed 1% to touch lows of $1,600.

US stocks closed lower on Wednesday after the Fed hinted at a higher for longer path in its interest rates decision. The sentiment across the market was largely downbeat as investors also awaited the Bank of England’s policy decision.

In a comment on the stock market reaction, Mohamed A. El-Erian, President, Queen’s College, Cambridge and advisor at Allianz, said:

“The FederalReserve didn’t hike its interest rates but the markets raised theirs in reaction to what they heard at the Fed press conference: Yields on US government bonds surged across the board this afternoon, with the 2-year at its highest level since 2006 and the 30-year since 2011.”

Despite the declines, investors are confident the next bull cycle is shaping up. Some analysts say investors might see altcoins as a good play ahead of this. Also observed is a keen interest in new projects deemed to have the strongest product offering – the crypto sports betting and gamefi space being one of the hottest today.

What is Chancer?

Chancer is a blockchain-based project looking to offer the world’s first decentralised social betting platform. Unlike traditional betting platforms, Chancer will allow users to create their own bets or participate in a peer-to-peer (P2P) marketplace. Basically, it’s a new prediction markets platform that removes the centralization of legacy bookmakers – nothing like “house” on Chancer.

The platform is powered by CHANCER, a utility token that will offer access to passive income opportunities like staking.

Chancer presale hits $2.1 million

On September 12, Chancer announced an update to its product development, with reference to the roadmap and whitepaper highlighting progress towards key milestones.

As Paul Kelbie, Chancer’s head of product, noted in a statement, there’s a lot of progress in terms of building out the betting mechanics, leaderboards and social sharing. According to him, most of the “foundational work” has been done and Chancer is poised for the second phase of its product development ahead of the beta launch.

The update has the community buzzing and that has reflected in the CHANCER presale – investors have purchased over $400k worth of the native token in just over a week. From $1.7 million raised on September 12, the presale page shows over $2.1 million. This moves Chancer closer to the targeted $3 million raise, funds that will help bring the blockchain-based betting platform to the market.

Interested crypto enthusiasts and sports betting aficionados can find out how to buy Chancer here.

The post CHANCER eyes new milestone days after first product update appeared first on CoinJournal.

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Alchemy Pay secures Money Transmitter License in Arkansas, US

  • The Alchemy Pay platform supports payments in 173 countries.
  • In January 2023, Alchemy Pay earned recognition as an official service provider by Visa,
  • In June 2023, Alchemy Pay was included as one of the compliant service providers within Mastercard’s Site Data Protection program.

Alchemy Pay, a cryptocurrency payment gateway, is significantly expanding its global presence following the successful acquisition of a significant payment license in the United States. On September 20, the company officially announced that it had secured a Money Transmitter License in the state of Arkansas.

The license was granted by the Arkansas Securities Department and empowers Alchemy Pay to offer a wide range of financial services, including the sale and issuance of payment instruments, stored value, prepaid access, as well as the receipt and transmission of money, virtual currency, and monetary value.

The news resulted in a significant surge in the price of Alchemy Pay (ACH) token. The token briefly jumped above $0.016 before pulling back to $0.01542 at press time.   

Crypto-to-fiat transactions in Arkansas

The license positions Alchemy Pay alongside other cryptocurrency firms authorized to facilitate crypto-to-fiat transactions in Arkansas, such as Coinbase, Block (led by Jack Dorsey), MoonPay, bitFlyer exchange, and others. Obtaining the Money Transmitter License is a significant milestone for Alchemy Pay as it actively seeks local regulatory approvals in key global markets. The company previously secured licenses in regions, such as Indonesia and Lithuania.

According to Alchemy Pay’s announcement, the company is currently pursuing Money Transmitter Licenses in additional states across the United States.

Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized their commitment to compliance, highlighting the substantial investments in securing licenses in various countries and regions. He stated that the company is now poised to expand its presence, extend its services to US users, and continue its mission of bridging the gap between the fiat and crypto global economies.

The expanding Alchemy Pay global presence

Established in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates transactions between traditional fiat currencies like the US dollar and the euro and popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

The Alchemy Pay platform currently supports payments in 173 countries, including prominent jurisdictions and regions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and many others.

The post Alchemy Pay secures Money Transmitter License in Arkansas, US appeared first on CoinJournal.