Monat: Mai 2024

• Binance US wins appeal to reinstate its Florida money-services business license.
• Court ruled OFR lacked legal justification for the emergency suspension order.
• Binance US suspension posed financial risks to over 170,000 Florida account holders.

Binance US has successfully appealed the suspension of its money-services business license in Florida.

The Florida First District Court of Appeal ruled that the emergency suspension order issued by the state Office of Financial Regulation (OFR) lacked sufficient legal justification.

Binance US suspension was unjustified

The suspension, initiated following Binance CEO Changpeng Zhao’s guilty plea on November 21, 2023, to federal charges of violating U.S. Anti-Money Laundering laws, was deemed unjustified by the court.

The court noted that the relevant state law uses the term “may,” indicating discretion rather than a mandatory action, for suspending a license.

In its ruling the court has said that it requires the OFR to provide additional reasoning beyond merely citing the statute and to explore less severe alternatives to outright suspension.

The court’s decision further emphasized that the suspension posed significant financial risks to over 170,000 Florida account holders.

The court stated, “For Petitioner to immediately comply with the ESO, it would be necessary to liquidate the digital asset holdings of every customer [which] threatens financial harm because of digital asset price fluctuations.”

Binance US resumes operations in Florida

The suspension in Florida was one of the first among several states following Zhao’s plea, with similar actions in Alaska, Maine, North Carolina, and Oregon.

In addition, the status of Binance US’s operations remains uncertain in Georgia and Ohio, while it has never operated in Hawaii, Minnesota, New York, Texas, and Vermont.

Although the ruling is subject to appeal, Binance US can resume its operations in Florida for now.

The crypto exchange has, however, temporarily paused new user onboarding in Florida while continuing to serve its existing customers in the state.

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• MetaMask integrating native Bitcoin support, bridging Ethereum-Bitcoin gap.
• Although no exact timelines, the integration is expected within a month.
• Currently, MetaMask uses Wrapped Bitcoin (WBTC) to bridge Bitcoin to Ethereum’s decentralized applications.

MetaMask, renowned as the most-used Ethereum (ETH) wallet, is poised to transcend one of the biggest tribal divides in the crypto sphere by extending support to Bitcoin (BTC).

The move, anticipated within the next month, will mark a significant step towards interoperability in the ever-expanding world of cryptocurrencies.

This news comes at the backdrop of Metamask’s integration with Coinbase Onramp allowing Coinbase users with an active Coinbase account to seamlessly buy and transfer crypto directly to their MetaMask wallet by selecting the Coinbase Pay option.

Bitcoin addition part of MetaMask’s multi-chain approach

This development underscores MetaMask’s commitment to embracing a multi-chain approach in the Web3 landscape.

Currently, MetaMask does not directly facilitate Bitcoin transactions but utilizes Wrapped Bitcoin (WBTC), an Ethereum-compatible ERC-20 token, to bridge Bitcoin to Ethereum’s decentralized applications.

However, the forthcoming integration of native Bitcoin functionality within MetaMask holds the potential to streamline user interactions across different blockchain ecosystems, fostering greater interoperability and expanding the utility of both Ethereum and Bitcoin for users worldwide.

With over 30 million monthly active users, MetaMask serves as a vital gateway into the world of decentralized applications (dApps) and non-fungible tokens (NFTs) on the Ethereum blockchain.

As Ethereum continues to pioneer innovations like smart contracts, MetaMask has played a crucial role in facilitating user navigation within this smart contract-based environment.

Now, with plans to incorporate Bitcoin functionality, MetaMask is poised to broaden its utility and appeal to a wider audience of cryptocurrency enthusiasts.

No exact timeline for the integration

While the exact timeline for the integration remains uncertain, sources familiar with the matter suggest that access to native Bitcoin functionality could arrive within the MetaMask platform in the coming month.

However, the specific features and capabilities of Bitcoin support are yet to be finalized. It is anticipated that initial functionalities may be limited, with expansions and enhancements rolled out gradually over time.

MetaMask’s parent company, ConsenSys, led by Ethereum co-founder Joe Lubin, has expressed excitement about the prospect of embracing the multi-chain world of Web3.

A spokesperson for MetaMask emphasized the company’s ongoing commitment to enhancing usability and security while exploring new integrated features for its self-custodial wallet.

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• Hong Kong authorities have order Worldcoin (WLD) to cease biometric data collection in the country.
• Despite regulatory setbacks, Worldcoin’s user base has grown to 10 million users.
• The price of WLD temporarily dropped below $5 following the ban

Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) has issued a directive to halt the operations of Worldcoin (WLD) within its jurisdiction.

The order follows concerns raised by the PCPD regarding Worldcoin’s collection of biometric data, particularly iris scans, as part of its identity verification process.

The PCPD deemed this data collection excessive, unnecessary, and unfair, in violation of Hong Kong’s Personal Data (Privacy) Ordinance.

Investigation reveals contravention of data protection principles

The PCPD’s investigation, initiated in January 2024, uncovered several contraventions of data protection principles by Worldcoin.

Notably, participants were required to provide face and iris images for identity verification to receive Worldcoin tokens.

However, the PCPD found this data collection to be unnecessary and excessive, raising concerns about privacy risks associated with the storage and handling of sensitive biometric data.

Additionally, Worldcoin’s failure to provide adequate information in Chinese, the primary language for many participants, further compounded the regulatory issues.

As a result of these findings, the Privacy Commissioner for Personal Data, Ms. Ada CHUNG Lai-ling, has served an enforcement notice on Worldcoin Foundation, directing it to cease all operations involving the scanning and collection of biometric data in Hong Kong.

Failure to comply with this directive could result in further regulatory action against the cryptocurrency project.

Impact on Worldcoin (WLD) price

Following the announcement of Hong Kong’s ban on Worldcoin’s biometric data collection, the value of Worldcoin (WLD) temporarily dropped to $4.93 before resurging to $5.12 at press time.

With the sudden plunge below $5 sent shockwaves across the community of WLD holders, who are  closely monitoring the situation amidst regulatory scrutiny and concerns over data privacy practices.

Notably, the ban adds to the challenges faced by Worldcoin, which has already encountered regulatory obstacles in other jurisdictions such as Kenya, Spain, Portugal, and Buenos Aires.

However, despite the regulatory setbacks, Worldcoin’s user base continues to grow, with its World App wallet reaching 10 million users in less than a year.

Tools for Humanity (TFH), which is the company behind the Worldcoin project, has made efforts to address privacy concerns, including the recent open-sourcing of its ORB technology and enhancements to user data control features.

The post Worldcoin (WLD) drops below $5 following Hong Kong’s ban appeared first on CoinJournal.

• The robust rebuttal from Uniswap against the SEC’s allegations has sent shockwaves through the crypto market.
• The price of Uniswap (UNI) surged to a high of $9.67 following the news of the tough response.
• As UNI price rises, another new altcoin Kangamoon (KANG) is also making waves as its presale nears $7M.

The Uniswap (UNI) price is soaring following Uniswap Labs’ formidable response to the SEC’s Wells Notice. Although the token has slightly pulled back, it surged by more than 30% immediately after the news of the response broke.

The response has not only bolstered investor confidence in the decentralized finance (DeFi) sector but also ignited positive sentiment for other altcoins, notably Kangamoon (KANG), which is currently in the midst of its presale.

The 40-page response to SEC’s Wells Notice

Uniswap Labs filed a comprehensive 40-page response to the SEC’s Wells Notice, vehemently contesting the agency’s claims that Uniswap’s operations may violate US securities laws.

The decentralized crypto exchange argued against potential lawsuits, urging the SEC to reconsider its stance. Uniswap refuted the SEC’s assertions, labeling them as “weak” and citing court rulings that contradicted the agency’s legal arguments.

Moreover, Uniswap challenged the SEC’s expansive interpretation of securities laws, emphasizing that the agency’s allegations were based on unreasonable extensions of key definitions such as securities, exchanges, and contracts.

The platform also highlighted that the majority of its trading volume did not involve securities, as per the SEC’s own standards, and that most of its users were from outside the US, potentially exempting them from US securities laws.

The new meme coin making waves alongside Uniswap (UNI)

As Uniswap continues its legal battle with the SEC, another project, Kangamoon, is making waves in the crypto space with its unique approach to meme coins and community engagement.

Kangamoon aims to establish itself as a prominent meme coin while integrating elements of SocialFi and Play To Earn (P2E).

The project promises an immersive gaming experience where players can earn rewards in the form of $KANG tokens and exclusive NFTs by participating in challenges and competitions.

Currently in its presale phase, Kangamoon has already raised a significant amount of nearing the $7 million mark.

Notably, the presale offers early investors an opportunity to acquire $KANG tokens at a favorable price before the official launch of the platform. It has garnered attention from investors and enthusiasts alike, drawn to its innovative concept and potential for community-driven growth.

Participants in the Kangamoon presale can look forward to claiming their tokens once the presale concludes.

The project’s team has assured that detailed instructions for token claiming will be provided through various channels, including the official website, social media platforms, newsletters, and Telegram.

Conclusion

The surge in Uniswap (UNI) price following Uniswap Labs’ response to the SEC’s Wells Notice has injected optimism into the cryptocurrency market, benefiting projects like Kangamoon whose presale is underway.

As both crypto projects navigate regulatory challenges and strive for success, they exemplify the resilience and innovation inherent in the crypto space.

The post Kangamoon presale nears 7M as Uniswap (UNI) price jumps on response to SEC’s Wells Notice appeared first on CoinJournal.

• UK’s FCA approves Bitcoin and Ethereum ETPs.
• The ETPs will launch on the London Stock Exchange on May 28.
• Bitbot stands to benefit from the crypto ETPs approval, which is a mjor boost for the entire crypto industry.

Bitcoin and Ethereum exchange-traded products (ETPs) are set to debut on the London Stock Exchange (LSE) after the UK Financial Conduct Authority (FCA) approved the ETPs by WisdomTree.

Simultaneously, Bitbot, the world’s first AI-powered Telegram trading bot, is gaining traction in the crypto trading community, poised to leverage this momentum for its burgeoning platform.

Approved Bitcoin and Ethereum ETPs to begin trading on May 28

On May 22, the FCA approved WisdomTree’s physical Bitcoin ETP (WBTC) and Ethereum ETP (WETH). The crypto ETPs are set to begin trading on May 28 according to reported ETF Stream.

This approval follows the retail ban on crypto trading and the sale of crypto derivatives enacted in January 2021, restricting these new financial instruments to professional and institutional investors.

Alexis Marinof, head of Europe at WisdomTree, highlighted that this regulatory green light would simplify access to crypto-backed products for UK-based institutional investors who previously had to navigate overseas exchanges.

The FCA’s decision aligns with global trends where governments are gradually integrating cryptocurrency into traditional financial markets.

The approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) set a precedent, driving billions into these funds weekly.

Other regions, like Hong Kong, have also ventured into crypto ETFs, although with varying degrees of success.

These developments underscore the growing acceptance and institutionalization of digital assets worldwide.

Bitbot’s strategic position

Amidst these advancements, Bitbot stands at the forefront of the AI and Telegram bot revolution, two rapidly growing trends in the crypto industry.

Bitbot transforms market data into actionable insights, enabling decisive trading moves through an intuitive Telegram interface. With over 1.2 million social media engagements, 2,498 media mentions, and a reach of 3.2 million people, Bitbot is already making significant waves in the crypto trading sector.

AI’s impact on the crypto sector is profound, valued at $27.75 billion and AI-driven solutions are enhancing fraud detection and risk management, crucial for the widespread adoption and long-term growth of cryptocurrencies.

Concurrently, Telegram trading bots have facilitated over $19 billion in trades, generating $100 million in fees, marking their emergence as a substantial force in the industry.

Bitbot leverages these trends, offering lightning-fast execution, high concurrency management, and robust security through a non-custodial model.

Furthermore, Bitbot’s roadmap outlines its strategic plans to enhance its platform and expand its offerings. The current phase focuses on the formation of the founding team, smart contract development, community formation, marketing drives, alpha testing, and BITBOT token presale round.

The next steps include the $BITBOT token launch, listings on decentralized exchanges (DEXes), partnerships with top influencers, and the official launch of the Telegram bot.

Future plans for Bitbot include developing a native mobile app, enabling cross-chain support, enhancing community features, and boosting liquidity.

In a nutshell, Bitbot aims to offer a comprehensive trading experience, allowing users to trade directly from Telegram while maintaining full control of their assets. This non-custodial model ensures users own their keys and crypto, providing a high level of security.

The $BITBOT token offers several perks, including earning 50% of bot trading fees and token taxes. It also provides access to private pre-sales and exclusive token deals.

Conclusion

The debut of Bitcoin and Ethereum ETPs on the London Stock Exchange will represent a major milestone in the institutionalization of cryptocurrency investments in the UK.

For Bitbot, this development provides a significant boost as it positions itself as a leading player in the AI and Telegram bot trading space.

With its innovative features, strategic roadmap, and strong community focus, Bitbot is well-placed to capitalize on the growing acceptance of cryptocurrencies and the increasing demand for sophisticated trading tools. For investors advantage, they can invest in the project by purchasing the BITBOT token in the current presale stage for $0.0189 per token before the price rises to $0.02 in the next presale stage.

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