- Australian Markets Regulator Sues Promoter of Crypto Token Qoin
Australia’s markets regulator initiated court action against BPS Financial alleging the company behind crypto asset Qoin ran misleading promotional advertisements, according to a press release.
The Australian Securities and Investments Commission (ASIC) said the advertisements made “false, misleading or deceptive representations” that consumers will be able to exchange Qoin tokens “for other crypto-assets or fiat currency (such as Australian dollars) through independent exchanges” and that there was “an increasing number of merchants” who would accept it, according to the release.
However, “there have been periods of time where it was not possible to exchange Qoin tokens through independent exchanges,” ASIC said. Qoin also gave the impression that its ecosystem was growing even as the number of merchants fell, according to ASIC.
- Compound Unanimously Votes to Pause Activity for 4 Cryptocurrencies
After two days of voting, the DAO powering Compound Finance has approved “proposal-131,” which will prevent users from being able to lend relatively illiquid assets on the protocol.
In this case, Illiquid assets are cryptocurrencies that cannot be readily sold or exchanged without a substantial loss in value.
Generally, these types of assets are volatile and can be easily manipulated.
This initiative to remove illiquid assets is also expected to protect the protocol against market manipulation like the $100 million exploit on Mango Markets, claims the proposal.
https://decrypt.co/112828/australian-regulator-cracks-down-crypto-firm-false-misleading-claims
- Israel’s Stock Exchange Unveils Plan to Create Digital Asset Platform and Venture Into Crypto
The Tel-Aviv Stock Exchange (TASE: TASE), the only public stock exchange in Israel, announced Monday its new strategic plan for the years 2023-2027. The plan was approved by the stock exchange’s board of directors.
One of the four strategic goals listed was “Creating a platform for digital assets using blockchain (DLT) and venturing into crypto.”
The announcement details, “TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts,” elaborating:
TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more.
- US Federal Judge Approves Celsius’s Procurement Process Plan
According to The Block, a federal bankruptcy judge has authorized Celsius’ plans for the bidding process, putting the platform’s assets up for sale before the end of the year on a schedule. The rules outline the stages for a sale of the platform’s assets, however Celsius may yet make a stand-alone plan to restructure.
Judge approves Celsius’ schedule for a possible salehttps://t.co/LyaoG9oQxd
— The Block (@TheBlock__) October 24, 2022
The retail asset business, which consists of the earn accounts and coin balances, the retail and institutional lending portfolio, the swap services, the staking platform, the payment feature, the decentralized finance arm, and any crypto assets it still owns, will be put up for bid. Celsius plans to do this. The “remaining assets,” which would include the mining company, will also be up for sale.
The ruling issued today establishes timeframes and dates connected to potential sales, permits Celsius to designate a stalking horse bidder if it so wishes, and establishes the framework for sales by instructing the lender to write a sale order that would need to be approved by the court and creditors.
https://www.binance.com/en/news/flash/7248626
- Global Bitcoin payments market projected to reach $3.7B by 2031: Research
The global Bitcoin (BTC tickers down $19,319) payments market will reach $3.7 billion by 2031, registering a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector expansion, Allied Market Research forecasted in a report published on Oct. 24.
According to the document, operational demand for efficiency and transparency in payments systems, along with data security services growth and a surge in demand for remittances in emerging economies, are among the major factors supporting growth in the sector in the coming years. The report also stated:
“Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period.”
- Chinese Intelligence Officers Used Bitcoin in Scheme to Undermine Investigation, US Officials Allege
Two intelligence officers working for the People’s Republic of China allegedly tried bribing a U.S. government official with bitcoin in an effort to collect information about a prosecution against an unnamed company, the Department of Justice announced Monday.
According to a press release and an unsealed deposition, Guochun He and Zheng Wang tried to collect information about an ongoing legal effort against the company, which appears to be Huawei Technologies, a multinational tech company headquartered in Shenzhen, China. Prosecutors are alleging the pair tried to obstruct the investigation, including by attempting to bribe a U.S. law enforcement official with $61,000 worth of bitcoin.
U.S. Attorney General Merrick Garland tied the announcement to two other actions taken by prosecutors in New York and New Jersey, who announced charges against a number of individuals working for the Chinese government on various surveillance and harassment allegations.
- Chinese Intelligence Allegedly Tried to Bribe U.S. Official With Bitcoin
The U.S. Department of Justice has accused two Chinese intelligence officers of obstruction of justice for allegedly attempting to bribe a U.S. government employee with $61,000 in Bitcoin to steal documents related to an investigation into Chinese tech giant Huawei.
“The Justice Department will not tolerate attempts by any foreign power to undermine the rule of law upon which our democracy is based,” U.S. Attorney General Merrick Garland said during a press conference announcing the arrest of the two operatives.
https://decrypt.co/112814/chinese-intelligence-allegedly-tried-to-bribe-u-s-official-with-bitcoin
- Africa Focused Crypto Exchange Yellow Card Granted VASPs License in Botswana
The Africa-focused cryptocurrency exchange platform, Yellow Card, recently revealed it had received a virtual asset service provider (VASP) license to operate in Botswana. The licence, which was issued by Non-Bank Financial Institutions Regulatory Authority (NBFIRA), makes Yellow Card the first crypto exchange to be granted permission to operate in the Southern African country.
Remarking on his company’s latest milestone, Chris Maurice, the CEO and founder of Yellow Card, spoke of how the license opens the door for more opportunities. He said:
This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company – we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well.
- Tesla Lost $170 Million On Bitcoin In The First Nine Months Of 2022
Tesla Lost $170 Million On Bitcoin In The First Nine Months Of 2022
Profits for the EV producer increased 169% from $3.3 billion in the first nine months of 2021 to $16.3 billion year over year. Tesla claims that the amount of Bitcoin company has on hand is only about $218 million.
Digital assets are categorized as intangible, long-lived assets in accounting. Since Tesla does not make upward revisions for price increases until a sale, any decline in their fair values will necessitate the recognition of impairment costs. Losses can be offset against profits to lower tax obligations in this advantageous tax regime, while capital gains are not taxed until the time of sale.
Elon Musk, the CEO of Tesla, is well-known in the cryptocurrency community for his support of digital assets, fondness for memecoins like Dogecoin, and his $44 billion ambition to acquire Twitter, the largest social media platform. The wealthy tech star has promised to “remove the spam and scam bots from the site” throughout the ongoing acquisition since, in his words, “They significantly degrade the product.” We’d have 100 billion Dogecoins if I had one for each cryptocurrency fraud I encountered.
https://www.binance.com/en/news/flash/7248445
- Gold vs BTC correlation signals Bitcoin becoming safe haven: BofA
Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC tickers down $19,285) as a safe haven, a new study suggests.
The rise in the correlation between Bitcoin and gold (XAU) is one of the major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America.
Bitcoin’s correlation with gold — which is commonly viewed as an inflation hedge — has been on the rise this year, hitting its highest yearly levels in early October. The growing correlation trend started on Sept. 5 after remaining close to zero from June 2021 and turning negative in March 2022, BofA strategists Alkesh Shah and Andrew Moss said in the report.
“Bitcoin is a fixed-supply asset that may eventually become an inflation hedge,” the strategists wrote. The growth in BTC/XAU correlation is not the only indicator signaling growing investors’ confidence in Bitcoin as a store of value though.
https://cointelegraph.com/news/gold-vs-btc-correlation-signals-bitcoin-becoming-safe-haven-bofa
