Crypto News Headlines (15-Feb-2023)

Communications network Push Protocol will expand to BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, as part of a broader plan to gain more users.

According to DeFiLlama, BNB Chain is the third largest blockchain network with more than $5 billion total value locked, and an estimated 230 million unique wallet addresses.

“Until now, Push Protocol’s web3 notification services have been limited to Ethereum and Polygon,” said Harsh Rajat, project lead and founder of Push Protocol, in a statement to CoinDesk. “We know that BNB Chain is hugely popular with retail investors and are excited to expand our offering to this entirely new segment,”

Push Protocol enables cross-chain notifications, transactional data, or software-based messaging on on-chain wallets and decentralized finance (DeFi) applications to a user’s wallet address.

Authorities in the U.K. have raided several sites around the city of Leeds in a cryptocurrency ATM crackdown. The raids followed a joint investigation between the country’s top financial regulator, the Financial Conduct Authority (FCA), and West Yorkshire Police’s Digital Intelligence and Investigation Unit.

The FCA announced Tuesday that it “has used its powers to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs.”

Emphasizing that “Crypto exchange providers, which includes crypto ATM operators, in the U.K. must be registered with the FCA and comply with the U.K. money laundering regulations,” the FCA stressed:

No crypto ATM operators currently have FCA registration.

Stablecoin giant Tether saw its flagship token, USDT, grow by nearly $1 billion in the aftermath of a regulatory crackdown against one of its rivals, BUSD.

The token’s market cap started out at $68.47 billion on Tuesday, before rocketing upwards to roughly $69.23 billion at about 9:10 a.m. EST, according to data from CoinMarketCap.

Meanwhile, the Paxos-issued BUSD has experienced a nearly equivalent decline from $16.14 billion on Monday to $15.46 billion on Tuesday. Paxos, the company behind the token, confirmed that it would stop minting new units of the stablecoin beginning next week, following orders from the New York Department of Financial Services (NYDFS).

Altcoin Daily shared a photo of Elon Musk wearing a Dogecoin (DOGE) t-shirt at the Super Bowl today.

The price of the meme coin has seemingly responded positively to the sighting of Musk with the DOGE shirt. As such, it has risen by 2.59% over the last 24 hours according to CoinMarketCap. Despite the 24-hour gain, DOGE’s price is still down 9.06% over the last week. As a result, the price of DOGE is trading at $0.08404 at press time.

The meme coin’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.24% and 3.18% respectively.

Perhaps the most significant statistic that investors and traders should take note of is the daily trading volume for DOGE, which, at press time, is up more than 230%. This surge in DOGE’s trading volume has propelled the daily trading volume to $703,246,418.

Australia-based Bitcoin BTC tickers down $22,786 mining company Iris Energy has revealed it will nearly triple its mining capacity with the addition of thousands of mining rigs.

On Feb. 13 the firm said it purchased an additional 4.4 exahashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners, bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s.

Based on the S19j Pro’s maximum hash rate of 100 terahashes per second (TH/s), the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations.

Daniel Roberts, Iris’ co-founder and co-CEO, said the purchase “is a significant milestone” for the company, adding it has been a “challenging period for both the industry and markets more generally.”

Digital assets trading platform Talos will work with crypto payment services provider BCB Group to provide clients of both firms with access to a suite of front-, middle- and back-office trading services, the companies said in a statement Wednesday.

BCB, based in London, is a banking partner for investors in foreign exchange and crypto, allowing them to load fiat currency and cryptocurrencies for payments, operations and trading purposes. Talos’ end-to-end trading platform offers market connectivity, smart order routing and execution algorithms.

Talos raised $105 million in a Series B funding round last May, with investments from financial services giants Citigroup (C), Wells Fargo (WFC) and BNY Mellon (BK). The fundraising round gave the company a $1.25 billion valuation.

It announced three key hires in September as part of its global expansion, with Frank van Zegveld joining the firm as head of sales for the Europe, Middle East and Africa region.

The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his latest predictions on bitcoin, gold, and silver. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Sunday:

Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000, silver at $500, and bitcoin at $500,000.

“Why? Because faith in U.S. dollar, fake money, will be destroyed. Gold & silver [are] God’s money. Bitcoin [is] people’s $. Take care,” the famous author added. Kiyosaki previously explained that gold, silver, and BTC are real money whereas the U.S. dollar is fake money.

While the Securities and Exchange Commission’s lawsuit against Binance stablecoin issuer Paxos creeps forward, a growing list of crypto policies appear poised to be set in courtrooms.

Even as those disputes play out, however, the stablecoin market seems to have already picked winners and losers.

The industry has been operating for years without much of a regulatory framework in the U.S., leaving open questions about how staked crypto will be taxed, whether the Treasury Department can sanction an Ethereum mixer, or if Gemini’s Earn program should have been registered as a security.

Now, in anticipation of a lawsuit from the SEC that asserts that Binance USD is an unregistered security, Paxos has stopped issuing BUSD tokens. It will, however, continue using the reserves backing the stablecoin to redeem them over the next year.

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has repeatedly warned investors, with his latest tweet stating, “giant crash coming. Depression possible” According to the Rich Dad Poor Dad author, this would be fuelled by the fact that the feds will print billions in what Kiyosaki calls “fake money.”

Kiyosaki further believes that by 2025, Bitcoin will hit $500,000, followed by $5000 and $500 price marks for gold and silver, respectively. He explained this would be “because faith in the US dollar, fake money, will be destroyed,” adding that bitcoin is the people’s money and gold and silver are “God’s money.”

The author issued a similar warning on February 10. Kiyosaki tweeted on Friday that everything, including gold, silver, and bitcoin, will plummet, citing that more than 144,000 individuals lost their jobs in the U.S. IT sector in 2022 and 66,000 more were let go in 2023.

As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to the journalists:

The fears of the crypto community about the possible repercussions of the recent court deal between the United States Securities and Exchange Commission (SEC) and Kraken are starting to materialize. Following their American counterparts, South Korean regulators intend to examine the crypto-staking operators in the country.

“The position is that there is nothing to be a problem because nothing has been done.”