Schlagwort: crypto news

Key takeaways

• Fintech firm Revolut is set to terminate its cryptocurrency services to users in the United States.

• The firm cited the current regulatory environment as the reason behind its exit.

Revolut to halt crypto services in the US

UK fintech firm Revolut has revealed that it would no longer provide cryptocurrency services to its users in the United States. 

The firm said it made this decision due to the regulatory environment in the US. starting September 2nd, Revolut’s customers in the US will no longer be able to purchase cryptocurrencies.

The company informed its US users via email a few hours ago. However, its users will still be able to sell their crypto assets until October 2nd. Starting from October 3rd, users will no longer be able to buy, sell, or hold crypto assets on Revolut. 

While commenting on this latest cryptocurrency news, a Revolut spokesperson said;

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.” 

Metropolitan Commercial Bank is Revolut’s banking partner in the United States.

Non-US customers will continue to enjoy crypto services

Revolut said the decision doesn’t affect its users outside the United States. Its users in other parts of the world can register and use Revolut’s cryptocurrency services. 

This latest development comes roughly a month after Revolut delisted Polygon (MATIC), Solana (SOL) and Cardano (ADA) in the United States. These tokens are regarded as unregistered securities by the U.S. Securities and Exchange Commission (SEC).

US users that fail to sell their crypto holdings before October 2nd will see their assets get liquidated on October 3rd. Users will receive the same market price for each token at that time, the company confirmed. 

The post Revolut to terminate US crypto services due to regulatory challenges appeared first on CoinJournal.

• Binance announced on Monday it had received the Operational Minimum Viable Product (MVP) license issued by Dubai’s Virtual Assets Regulatory Authority (VARA).
• The exchange secured the landmark license via its subsidiary Binance FZE.
• Binance will now offer cryptocurrency exchange services to qualified institutional and retail customers.

Binance has become the first cryptocurrency exchange to secure the Operational Minimum Viable Product license in Dubai.

According to an announcement the company published on Monday, the milestone was achieved through Binance FZE, the exchange’s Dubai-based subsidiary.

#Binance FZE, our Dubai based subsidiary, is the world’s first exchange to receive the Operational Minimum Viable Product licence in Dubai.

Eligible users can now access regulated virtual asset services, such as fiat on and off ramp services via Binance FZE.

More here 👇

— Binance (@binance) July 31, 2023

VARA-approved crypto license

The operational MVP license is issued by Dubai’s Virtual Assets Regulatory Authority (VARA) and will allow Binance to offer virtual asset exchange services to qualified customers.

 “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection,” Richard Teng, Head of Regional Markets at Binance, said.

VARA issued the operational MVP license to the world’s largest crypto exchange by trade volume after approving the provisional and preparatory MVP licenses in March and September 2022 respectively.

Binance has underscored the importance of the license by noting that its commitment to the onboarding remediation outlined in the VARA regulatory framework, including in stringent Know-Your-Customer (KYC) and customer due diligence.

“With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA,” Alexander Chehade, the General Manager at Binance Dubai, said in a statement.

The strong footing Binance has in Dubai and the UAE adds to the exchange’s recent efforts to expand its services across the globe within the context of regulatory compliance. But the company has also been in the crosshairs of several regulatory bodies, including in the United States where the SEC filed a securities violations lawsuit against it and the CEO Changpeng Zhao.

Binance has also had to exit from a number of jurisdictions, including Canada and the Netherlands due to various regulatory hurdles.

The post Binance becomes first exchange to secure operational MVP license in Dubai appeared first on CoinJournal.

SEC Commissioner Hester Peirce says SEC’s warning to accounting firms could discourage “good-faith efforts” towards transparency.

Paul Munter, the Chief Accountant at SEC, cautioned that crypto platforms are likely to misrepresent non-audit work as full audit.

SEC Commissioner Hester Peirce has criticized a recent statement by the US Securities and Exchange Commission (SEC) directed towards accounting firms engaged in proof of reserves “audits” and other accounting related work.

SEC’s take on crypto “audit” reports

In particular, Peirce took issue with the warning published on July 27 by Paul Munter, the Chief Accountant in the SEC’s Office of the Chief Accountant (OCA). Munter had cautioned that accounting firms working with cryptocurrency should be wary of the “potential pitfalls’ related to the assurance work these firms undertake for crypto companies – particularly crypto trading platforms.

According to OCA, it is possible for crypto firms to take the non-audit work presented by accounting providers and offer it to customers and the public as audits. The SEC’s chief accountant noted:

“Certain crypto asset trading platforms, with others in the crypto industry, have marketed to investors their retention of third parties, sometimes accounting firms, to perform some sort of review of certain parts of their business, often presented as a purported “audit.””

Munter noted that suggestions to the effect that “non-audit arrangements are at parity with, or even more “precise” than, a financial statement audit,” were false.

According to Munter, any accounting firm that finds itself at odds with their crypto client over misrepresentations related to non-audit work, has to make this known to the public. They can also report this to the SEC, he added.

Peirce acknowledges the need for crypto exchanges and accounting partners must strive for clarity and transparency when it comes to their proof of reserves reports. 

However, she is not supportive of the warning by the OCA. Discouraging this cooperation could mean mainstream accounting and audit firms keep off crypto – likely to the detriment of consumers.

“Crypto platforms [and] their accountants should be clear about what proof of reserves is and isn’t & customers should understand the limitations, but why would we want to discourage good-faith efforts to provide more transparency?” she argued.

The post Hester Peirce criticizes SEC’s warning to accounting firms working with crypto appeared first on CoinJournal.

• France’s privacy watchdog reportedly questions Worldcoin’s biometric data collection.
• Worldcoin, created by OpenAI CEO Sam Altman, launched on Monday.
• Users have to scan their irises to get a World ID and crypto token WLD.

IIn latest crypto news, France’s privacy watchdog is reportedly examining legal issues around recently launched Worldcoin (WLD), particularly its biometric data collection.

According to a Reuters report on July 28, the Commission nationale de l’informatique et des libertés (CNIL), had indicated it has questions over Worldcoin’s requirements that include users scan their irises using an orb.

The CNIL has said it opened investigations after Worldcoin collected data from users in France, per details published in the Reuters report.

Worldcoin offers access to a digital ID and free cryptocurrency (in countries where regulation allows) to people who sign up to a “proof of personhood.” Data shows the project created by OpenAI CEO Sam Altman has seen increased sign ups since its launch on Monday.

The project says one unique person is scanning their eyeballs for the World ID every 7.6 seconds.

Since Worldcoin launched, proof of personhood demand has surged. On average, a unique human is now verifying their World ID every 7.6 seconds & new records are being set daily.

Thank you for your patience with the project as more work is done to better meet worldwide demand. pic.twitter.com/gPmr0oQWCR

— Worldcoin (@worldcoin) July 28, 2023

France’s action comes days after the UK’s The Information Commissioner’s Office also announced it was looking into Worldcoin.

The post France’s privacy watchdog questions Worldcoin’s data collection appeared first on CoinJournal.

• The digital ruble bill was passed by the lower and upper parliaments before the president signed it into law.
• Russia is following in the footsteps of its neighbour, China, which is way ahead with its digital Yuan project.
• The use of the digital ruble will be a voluntary choice for Russian citizens.

According to an official government document, President Vladimir Putin signed the bill establishing the digital ruble into law on July 24, advancing Russia’s central bank digital currency (CBDC) project

After the president’s signature, the digital ruble law is now officially set to go into effect on August 1, 2023, with all but one rule prepared for enforcement.

Russia’s State Duma — the country’s lower parliament house — passed the digital bill, which was originally registered in December 2022, in the third final reading on July 11. The bill was then passed by the Federation Council, or Senate, on July 19.

Russia’s first CBDC pilot schedule

The first CBDC pilot with actual consumers will officially be launched in August by the Russian central bank thanks to the new legislation. Previously, the government had planned to launch trials with 13 local banks, including powerhouses like Sberbank, in April.

The central bank of Russia will be in charge of overseeing all stored assets and will serve as the primary operator of the digital ruble infrastructure, per the recently signed law.

The digital ruble is not intended for investment; rather, it is intended to be used as a means of payment and money transfer. The digital ruble is intended to function as the third form of currency alongside cash and non-cash rubles.

On July 24, Elvira Nabiullina, the governor of the Bank of Russia, reportedly said that the use of the CBDC will not be mandated for Russian citizens and that it will be their choice whether to do so. She said:

“No one is going to force anyone into the digital ruble… But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”

According to the deputy governor of the Bank of Russia, Olga Skorobogatova, the government doesn’t anticipate mass adoption of the CBDC before 2025 or even 2027.

The post Vladimir Putin signs Russia’s digital ruble bill into law appeared first on CoinJournal.