Digital Financial News

Aave’s Lens Protocol, a social layer for web3, has raised $15 million in funding to develop decentralized blockchain-backed social media. 

Bitcoin, the leading cryptocurrency, experienced a recent dip that saw its price reach a bottom at $26,200. 

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In a statement posted on Twitter, the crypto giant says it encourages customers to withdraw their USD via ACH by 13 June, when its banking partners are expected to close channels.Says Binance.US: "The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry."Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work."The firm says it is therefore becoming a crypto-only exchange until it can secure more stable banking partners.Earlier this week, the SEC sued Binance and its CEO Changpeng Zhao, alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception".The regulator has also filed for a temporary restraining order to freeze certain assets tied to Binance.US.

As crypto markets come to the close of a tumultuous week, the meme coin vertical continues to skyrocket, as capital flees SEC enforcement actions, and in latest pump MOON coin has surged +1,000%.

Bitcoin and Ethereum, two of the leading cryptocurrencies, have been in the spotlight recently due to significant developments surrounding the US Securities and Exchange Commission (SEC) lawsuit, the bankruptcy of FTX exchange, and the acquisition deal involving BitGo. 

The Ukrainian central bank has explained its vision of crypto regulations, with the nation looking to move closer to EU models.

Binance.US is halting USD deposits and has warned users to withdraw all US dollar funds by June 13th, although its dollar withdrawal service is currently not working. 

Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.

Crypto credit card adoption is on the rise in Brazil, issuers have claimed, with more Latin American users than ever reportedly buying and spending tokens.

Just days after suing two of the largest crypto exchanges in the world, SEC chief Gary Gensler was scathing in his criticism of crypto firms, saying that most crypto tokens are subject to U.S. securities laws and crypto platforms need to comply.

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Schroders Plc, an asset management firm with over $900 billion in assets under management, is venturing into crypto and is actively searching for a third-party custodian to support its digital asset expansion.

A new dawn is breaking in the gaming industry, driven by the transformative power of blockchain technology. As this industry — expected to hit $200 billion in 2023 — continues to grapple with the scourge of fraud, blockchain is emerging as a potent ally, armed with its inherent traits of decentralization, transparency and immutability. Moreover, blockchain is not merely a tool to combat fraud but also an innovation set to revolutionize the gaming experience itself.

Though it is beginning to recede in memory, the bear market of 2022 dealt a major blow to public confidence in blockchain technology’s potential for practical use and mass adoption. The collapse of blockchain platform, Terra, and the dissolution of crypto hedge fund, Three Arrows Capital and global exchange, FTX, damaged the financial well-being and reputation of the entire ecosystem. 

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In the aftermath of Gary Gensler's latest SEC enforcement actions against the crypto industry, capital is surging to rotate out of top cryptocurrencies ensnared by the SEC v. Binance and SEC v. Coinbase lawsuits.

Set to come into force in October, the new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto. Those promoting crypto must also put in place clear risk warnings and ensure adverts are clear, fair and not misleading, similar to the rules introduced by the FCA last year to tackle misleading financial advertisements of high-risk investments. The UK's Advertising Standards Authority has previously banned several crypto firms’ promotions for being misleading and irresponsible.

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Institutional crypto trading platform LMAX Digital said it has traded $1tn in cryptocurrencies since its launch five years ago.