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Crypto.com teams up with PayPal to simplify US crypto purchases

  • com integrates PayPal for US users to simplify crypto purchases.
  • The partnership allows seamless transfers and topping up Crypto.com Visa Cards.
  • The PayPal feature on Crypto.com is currently only available in the US but is expected to expand to more markets in future.

Crypto.com has announced a strategic partnership with PayPal, further expanding its offerings by integrating PayPal as a payment method for US users to purchase cryptocurrencies.

This collaboration marks a significant step towards bridging traditional financial systems with the evolving world of digital currencies, aiming to make crypto more accessible to mainstream users.

US citizens can use PayPal on Crypto.com

The integration allows users to link their PayPal accounts with Crypto.com wallets, enabling seamless transfers and transactions. US users can now fund their crypto purchases directly through PayPal, making it easier than ever to buy a wide range of cryptocurrencies.

In addition to simplifying crypto purchases, this partnership also supports topping up the Crypto.com Visa Card using PayPal, offering users more flexibility in managing their digital assets.

Eric Anziani, President and COO of Crypto.com, highlighted the importance of this development, stating that integrating traditional and digital payment capabilities is critical to the continued mainstreaming of cryptocurrencies. Anziani emphasized that PayPal’s involvement exemplifies the ongoing efforts to provide consumers with a comprehensive and convenient crypto experience.

The growing presence of PayPal in crypto

This partnership comes at a time when PayPal’s presence in the cryptocurrency market is growing rapidly. The market cap of PayPal’s stablecoin, PayPal USD (PYUSD), recently surpassed $1 billion, reflecting strong market confidence and adoption.

PayPal’s stock has also surged over 26% this month, underscoring the company’s strategic push into the crypto space.

Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, reiterated the company’s commitment to offering consumer choice. He noted that PayPal has long believed in providing consumers with choice, and our work with Crypto.com is another step in that journey.

While the PayPal feature is currently only available in the US, there are plans to expand it to other markets, further enhancing the global adoption of cryptocurrencies.

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Telegram CEO Pavel Durov released from custody, taken to court

Telegram founder Pavel Durov has been taken to court following his arrest and detention in police custody for 96 hours.

According to France 24, police transferred Durov to court as the four-day timeline for authorities to hold an individual before presenting them in court elapsed on Wednesday, August 28. The Telegram founder had been at the anti-fraud offices in Paris since his arrest last weekend.

Durov’s arrest has elicited an outcry across the globe, with many terming it an afront on free speech. Tether CEO Paolo Ardoino called it “very concerning.”

Charges against Durov

The 39-year old billionaire is being accused of violations related to his Telegram app, largely around the lack of moderation. Allegations also include complicit in fraud schemes and drug trafficking among other charges.

Durov, born in Russia, holds French and United Arab Emirates citizenship. He founded Telegram a decade ago, with the encrypted messaging app seeing exponential growth since to count a reported user base of over 950 million people.

In recent months, Telegram has emerged as a top destination for crypto tap-to-earn games, with the TON blockchain integration a key component of this growth.

His arrest saw the Toncoin (TON) token plummet by more than 20%.

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OpenSea gets Wells Notice from SEC

  • The US Securities and Exchange Commission has issued a Wells Notice to OpenSea, the largest NFT marketplace.
  • OpenSea co-founder Devin Finzer says the NFT platform will fight the SEC’s lawsuit

OpenSea said in a blog post on Aug. 28 that the SEC’s Wells Notice indicates the regulator – widely criticised for is regulation by enforcement action in the crypto space, is considering a lawsuit against the NFT platform.

The SEC’s lawsuit against OpenSea will join a host of others, including against Uniswap, Robinhood and the crypto exchanges Kraken, Binance and Coinbase. SEC also charged Abra this week for its Earn program.

SEC into uncharted waters, OpenSea says

While the SEC has in recent months ramped regulatory crackdown on cryptocurrencies, OpenSea says the potential lawsuit against it over allegations of “collectibles, digital art, game items” being securities is a new low.

“By targeting NFTs, the SEC is diving into new, uncharted waters, with potentially harmful consequences for consumers, creators, and entrepreneurs alike,” OpenSea wrote in a blog post.

Devin Finzer, the co-founder and CEO of OpenSea, shared a similar reaction via X. According to Finzer, the SEC’s move is shocking. However, the platform is prepared to “stand up and fight.”

OpenSea also asserts that non-fungible tokens are fundamentally creative goods. As digital art or collectibles cannot be regulated in the same way as collateralized debt obligations.

“In addition to standing our own ground, we’re pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear,” Finzer said.

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CoinSwitch takes legal action against WazirX

  • CoinSwitch sues WazirX over $9.7M in stuck assets after a $230M cyberattack.
  • WazirX seeks a 30-day moratorium to restructure and address frozen withdrawals.
  • WazirX has allowed partial INR withdrawals, but crypto withdrawals remain paused.

CoinSwitch, a leading cryptocurrency exchange in India, has initiated legal proceedings against its competitor, WazirX, following a cyberattack in July that resulted in the theft of approximately $230 million worth of assets.

The legal action comes as WazirX seeks a 30-day moratorium from Singapore’s High Court to restructure its operations and address user withdrawals, which remain largely frozen.

CoinSwitch fitting for $9.7M stuck in WazirX’s platform

The cyberattack on WazirX, which took place on July 14, has sent shockwaves through the cryptocurrency community, particularly in India. The attack led to the theft of $230 million worth of cryptocurrency assets, primarily Ethereum-based ERC-20 tokens stored in WazirX’s hot wallets.

In the immediate aftermath, WazirX suspended all withdrawals, leaving users unable to access their funds and sparking widespread concern and frustration.

WazirX, which claims to be India’s largest cryptocurrency exchange, has since allowed partial INR withdrawals, but crypto withdrawals remain paused indefinitely.

CoinSwitch has stepped in to retrieve its assets, worth approximately $9.7 million, that are stuck on the WazirX platform. The funds include Rs 12.4 crore in Indian rupees, Rs 28.7 crore in ERC-20 tokens, and Rs 39.9 crore in other tokens, accounting for about 2% of CoinSwitch’s total holdings.

Despite numerous attempts to resolve with WazirX, CoinSwitch claims that the rival exchange has been unresponsive, leaving them with no option but to pursue legal action.

CoinSwitch has, however, assured its users that their funds remain safe, stating that it has utilized its own treasury to ensure a 1:1 ratio for every user’s crypto holding on its platform. The company also plans to publish its proof of reserves for the second time this year to maintain transparency.

WazirX is seeking a court-approved breather

In response to the escalating situation, WazirX has filed for a 30-day moratorium with Singapore’s High Court, which, if approved, would grant the exchange temporary relief from its financial obligations.

This breathing space, as WazirX’s parent company Zettai, which operates WazirX in India, described it, is essential for the platform to progress with its restructuring plans.

The restructuring is aimed at addressing users’ cryptocurrency balances and facilitating their recovery.

While the filing is not equivalent to bankruptcy protection, it is a strategic move to prevent insolvency and ultimately reopen withdrawals.

A hearing date for the moratorium request has not yet been scheduled, leaving WazirX’s future uncertain as it navigates both the legal challenge from CoinSwitch and the need to restore its users’ trust.

CoinSwitch’s legal action and WazirX’s response highlight the precarious nature of the cryptocurrency industry, where platform security and user trust are paramount.

As the situation develops, the outcome of these legal and restructuring efforts will have significant implications for the broader crypto community in India and beyond.

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