Crypto News Headlines (23-Jun-2023)

The European Union debit card provider for Cryptopay has lost its Electronic Money Institution (EMI) license, according to an email sent by the company to its customers on June 22.

Cryptopay was using UAB PayrNet, a licensed EMI in Lithuania, whose license was revoked by Lithuania’s central bank.

The company disclosed the situation and recommended users spend or transfer any funds that have already been transferred to a card immediately. Several options are available for users, including purchasing cryptocurrencies, withdrawing cash from ATMs, transferring funds to a different card, or utilizing the money for purchases at retail stores.

The cryptocurrency custodian, Prime Trust, has become a subject of widespread discussion on crypto forums and social media on June 22. Reports revealed that Prime Trust has suspended withdrawals and deposits, a fact confirmed by customers who utilized the services of Prime Trust. Seattle-based crypto firm Stably shared this information through a blog post. In a letter from Prime Trust, it was stated that the firm received an order from the Nevada Financial Institution Division, and it expressed hope to “return to business as usual as soon as possible.”

This has caused inconvenience for Stably, leading the company to temporarily suspend the majority of its services. On Thursday, the stablecoin issuer TUSD stated that it remained unaffected by the situation, despite having conducted business with both firms. “Prime Trust has suspended all deposits of fiat and digital assets,” TUSD said on Twitter. TUSD is is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD.”

Bitcoin (BTC) will hit new all-time highs in 2023, and October is the favorite month for it, a popular trader says.

In a Twitter update on June 22, Credible Crypto argued that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.

October “fairly logical” for new Bitcoin all-time highs

Bitcoin has put in solid performance this month, and Credible Crypto is increasingly optimistic for continuation. To do so, BTC/USD needs to present increasingly larger green monthly candles to keep it in line with previous impulse periods.

“Whats clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both prior impulsive moves from 3k-14k and from 10k-60k,” he explained.

After being starved for good news for over a year, the crypto market was buoyed last week by spot bitcoin ETF filings by BlackRock, Invesco and WisdomTree.

While crypto traders responded positively, pushing bitcoin (BTC) higher by more than 20% in the past eight days, they may want to be vigilant because some traditional market indicators hint at risk aversion ahead.

One of the lessons of the past three years is that digital assets do not remain disconnected from traditional finance (TradFi) for long, and a notable decline in stocks and risk assets often roils sentiment in the crypto market. To see where those stand, take a look at the Cboe Volatility Index (VIX), also known as Wall Street’s “fear gauge,” and the futures tied to it.

After a grand opening in March, Australian fast-food diner Shiba Wings has seen plenty of customers walking through the doors for their fried delectables.

Their appetite, however, hasn’t translated to crypto payments.

The Shiba Inu $0.000008 themed diner first opened its doors in Australia’s beachside city of Surfers Paradise on March 18.

Speaking to Cointelegraph, the pseudonymous owner of the diner, “Elijah,” said their first week saw roughly 250 Australian dollars ($168) worth of crypto payments. In the months that followed, total crypto payments dropped off, falling to an average of around 50 Australian dollars ($34) per week.

Bankrupt crypto lender BlockFi—a knock-on casualty of FTX’s historic collapse last November—has been granted temporary relief from settling an outstanding penalty of $30 million levied on it by the SEC in February 2022, according to a Thursday court filing.

BlockFi initially agreed to pay the SEC $50 million and another $50 million in fines to 32 states for failing to register as a securities provider.

According to yesterday’s filing, BlockFi’s outstanding balance with the SEC totals $30,284,696.15, but it doesn’t have to be repaid until BlockFi’s debtors are reimbursed.

The Commission argued that its claims on the lender are “general unsecured claims” and are entitled to equal footing with the debtors’ but agreed to forego the penalty “in order to maximize the amount that may be distributed to investors and avoid delay in such distribution.”

The International Monetary Fund (IMF) published an article titled “Interest in Central Bank Digital Currencies Picks Up in Latin America and the Caribbean While Crypto Use Varies” on Thursday. The article is authored by IMF senior economist Rina Bhattacharya, economist Dmitry Vasilyev, and Mauricio Villafuerte, a division chief in the IMF’s Western Hemisphere Department.

The IMF economists highlighted that four Latin American countries (Brazil, Argentina, Colombia, and Ecuador) ranked among the top 20 countries globally in terms of crypto adoption according to Chainalysis. However, they stressed:

Crypto asset adoption also presents numerous challenges and risks, particularly for vulnerable LAC [Latin America and the Caribbean] countries with a history of macroeconomic instability, low institutional credibility, substantial capital flows, corruption, and extensive informal sectors.

The Kaito search engine launched in Beta mode to 35,000 waitlisted users on June 20, according to a company LinkedIn post. It combines large language models (LLMs) with real-time access to data from the web, including Twitter, Discord, Telegram, governance forums, Medium, Mirror, industry research, news, Kaito’s proprietary Twitter Space and podcast transcripts, as well as onchain data. “Even with plugins, ChatGPT today does not connect to many off-chain crypto-specific information silos or on-chain data, thereby unable to meet people’s needs in the [crypto] space,” said Yu Hu, Kaito’s founder and CEO.

The post Startup Kaito Gets $87.5M Valuation in New Funding to Build AI Search Engine for Crypto first appeared on Crypto Flings.

Digital asset exchange platform has secured registration as a virtual asset service provider (VASP) with the central bank of Spain, the company announced on Friday.

The registration, approved after what the company said was a “comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws,” will allow to offer a “suite of its products and services to users in Spain.”

Bank of Spain opened a registry for crypto service providers in 2021, and since then, firms like Binance, Bitstamp and banking platform BVNK have registered with the regulator.

The European Union debit card provider for Cryptopay has lost its Electronic Money Institution (EMI) license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe, Cryptopay told Cointelegraph.

Cryptopay had been using UAB PayrNet, a licensed EMI in Lithuania, to provide its EU customers with debit card services. But PayrNet’s license was revoked by Lithuania’s central bank, leading to the risk that users’ funds may become temporarily stuck on their cards.

An email stated that only funds transferred to a user’s debit card would be affected. Otherwise, “this issue in no way influences your Cryptopay account which shall continue business as usual.”