Kategorie: Crypto Business

• Binance said it had frozen the account in response to a law enforcement request.
• Baking Bad claims it’s been unable to contact the said law enforcement and doubts if there’s such a request.

Binance has responded to accusations of freezing a major client’s account, with $1 million in it, by stating that the action followed a law enforcement request.

On Thursday, Tezos tool contributor Baking Bad tweeted that Binance has “blocked” their corporate account since 1 July without offering any explanations. The exchange had also gone ahead to set the account’s balances to zero, according to @TezosBakingBad.

“We have all the materials to begin the investigation and inform the community,” they noted.

Binance has refuted the claims, noting via statement posted on the exchange’s official Twitter account:

“The account in question was restricted as the result of a law enforcement request, which @TezosBakingBad is well aware of, as he was already advised of this multiple times and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22,”

No response raised doubts about the account freeze

Baking Bad acknowledges the contact made with Binance’s support, saying they had indeed “sent about five requests” using the law enforcement form provided. However, they hadn’t received any response, even as the stated deadline fast approaches, and believe no such request to Binance to freeze the account was made.

We haven’t received any details about the LA request, even some reference number/letter date. We haven’t received any response from the LA either thus we are making a conclusion that there’s likely no such request.

— Baking Bad (@TezosBakingBad) August 25, 2022

But noting it has nothing to do with the lack of contact or seizure of funds, Binance said what it has done with regard to the matter is “cooperate… the same as any other exchange” [would].

Asking Baking Bad not to mislead the community and that doing so wouldn’t change anything, Binance added:

“There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process.”

Neither Binance nor Baking Bad have disclosed the law enforcement in question, but there is reference to an EU entity and Binance EU.

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Bitcoin Depot expects to list on the Nasdaq under the ticker BTM early next year.

US-based crypto ATM provider Bitcoin Depot will go public in the US by early 2023, according to details the firm shared via a news release.

Bitcoin Depot’s next growth phase comes after it struck a deal estimated at $885 million in equity value with a special purpose acquisition company GSR II Meteora Acquisition Corp. (NASDAQ: GSRM).

Bitcoin Depot Inc. to list on Nasdaq

The company’s deal with the blank check firm will see it listed on the Nasdaq as Bitcoin Depot Inc., trading under the ticker symbol “BTM.”

Brandon Mintz, the CEO and founder of Bitcoin Depot noted that the announcement marks a new milestone for the ATM provider as it looks to help more people access and buy Bitcoin and other cryptocurrencies.

“We are always looking to expand our reach so as many people as possible can access cryptocurrency to control their own money and conduct easier and simpler financial transactions,” he added.

Bitcoin Depot, North America’s largest Bitcoin teller machine operator, was launched in 2016.

The company has expanded over the years to currently count more than 7,000 crypto ATM kiosks across the United States and Canada. Partnerships with some of the leading retailers in the region has helped customers buy Bitcoin at over 8,000 locations.

Users can locate any of the ATM kiosks using the company’s mobile app, which also allows them to seamlessly handle transactions and link these to a crypto wallet.

While the firms expect to have closed the deal by Q1 of 2023, this will depend on regulatory and stockholder approvals.

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NearPay has launched its virtual cryptocurrency cards and its wallet apps available for both iOS and Android devices.

NearPay, a crypto finance protocol, announced on Friday, August 26th, that it has officially launched virtual crypto cards and its Wallet for iOS and Android to bring the modern digital banking experience to the world of crypto. 

According to the team, the NearPay Wallet is now available on all platforms, including Web, iOS and Android. NearPay allows users to purchase cryptocurrencies using their credit card or bank transfer. 

The app also allows users to send, receive and exchange cryptocurrencies or make withdrawals directly to bank accounts. Furthermore, users can instantly receive a Visa debit card, which allows them to spend cryptocurrencies for online purchases with automatic conversion to fiat. 

However, the NearPay team explained that the service is currently available to residents of the European Economic Area (EEA) and the UK. 

The team added that the NearPay Wallet already supports 38 cryptocurrencies, including NEAR, BTC, ETH, and USDT. 

While commenting on this latest development, Ivan Ilin, COO at NearPay said;

“At NearPay, we have taken the best features of modern digital banking and brought them to the world of crypto to create a simple interface that makes managing all your finances, both fiat and crypto, easier than ever. With our newly launched iOS and Android apps our customers can access NearPay Wallet on the go and instantly get virtual crypto cards to spend their assets without converting them in advance“.

NearPay is a cryptocurrency finance protocol that provides the easiest way to exchange, manage, and spend crypto. 

The NearPay Wallet provides a modern digital banking experience for both crypto and fiat assets.

According to Insider Intelligence, payments made using cryptocurrencies are expected to surpass $10 billion in total transaction value globally for the first time in 2022. The report added that 60% of crypto owners are interested in using crypto as a payment method to make online purchases more private or secure.

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• Cowen has hired former Blockchain.com Head of Institutional Development Jackie Rose and ex-Coinbase VP of Digital Asset Sales Chase Campbell.
• The two join the investment bank’s digital assets unit Cowen Digital LLC.
• Rose and Campbell are expected to spearhead Cowen Digital’s institutional growth.

Cowen Inc., a US-based multinational investment bank, has expanded its crypto asset arm Cowen Digital LLC via new crypto-native hires, according to details shared in a news release Thursday.

The two appointments involve former executives at crypto exchanges Coinbase and Blockchain.com, the company said, noting that they will be joining Cowen Digital LLC’s institutional sales team.

Cowen Digital eyes new growth areas

Among the executives joining the team is Director of Institutional Sales, Jackie Rose, the former Head of Institutional Business Development at Blockchain.com joins as the Director of Institutional Sales. 

She also has experience from her previous roles at Park Square Capital, The Carlyle Group, and JP Morgan.

Chase Campbell is the new Vice President of Digital Asset Sales at Cowen Digital, joining from Coinbase where he was the Institutional Sales Associate. Campbell was key to Coinbase’s DeFi, NFTs and crypto mining services as well as across traditional finance, including hedge funds, venture capital firms, asset managers, and endowments.

According to Cowen Digital, Rose and Campbell will be critical to the company’s growth initiatives, especially as it looks to expand across new areas within the ecosystem.  

Cowen launched its digital assets arm in March and eyes further expansion over the next five years amid increased interconnectedness between traditional and decentralised finance.

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• SCBX announced its acquisition of Bitkub in November last year.
• The Thai Securities and Exchange Commission raised issues over Bitkub’s listing of a token last month.

SCBX Pcl, the oldest commercial lender in Thailand, has pulled out of a deal that would have seen the financial behemoth acquire cryptocurrency exchange Bitkub.

The lender announced that it had scrapped the $500 million acquisition plan on Thursday, reportedly over regulatory related hurdles.

SCBX planned a 51% takeover of Bitkub

A report by Reuters noted that the firm, whose parent organisation is the SCB Group, had taken the step to allow the crypto startup time to sort out all the issues around regulatory compliance.

According to SCBX, Bitkub had not resolved “various issues” relating to the recommendations and orders previously given by the Thai Securities and Exchange Commission. The bank said in a statement it was uncertain when or how long it would take the crypto platform to satisfactorily handle the said concerns.

SCBX announced plans to acquire Bitkub in November 2021, putting forth a deal that would give it a 51% stake in the firm. The firm’s subsidiary, SBCS, would have tapped into the deal to expand the lender’s crypto-related business. 

However, the completion of the deal would be subject to regulatory approvals from the SEC and Bank of Thailand, among other agencies. 

Last month, the Thai securities watchdog raised concerns over Bitkub’s listing of the native KUB token, ordering the exchange to review the process.

Bitkub and SCBX have agreed to the termination of the deal, with the exchange noting it would look to address any unresolved issues.

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