Gemini Trust Co. has filed a lawsuit against Genesis Global Capital, seeking to recover $1.6 billion in collateral for Gemini customers. The lawsuit alleges that Genesis improperly withheld collateral that was supposed to backstop loans made through Gemini’s Earn program. The collateral consists of over 30 million shares of the Grayscale Bitcoin Trust (GBTC). Gemini […]
The Federal Reserve Board is actively researching a central bank digital currency (CBDC) and related technologies, according to Vice Chair Michael Barr. The focus of their research is on the system architecture, including ledgers, tokenization, and custody models for an intermediated CBDC. Barr emphasized that a digital dollar would require a congressional mandate, but learning […]
The U.S. Deputy Treasury Secretary, Wally Adeyemo, has warned digital asset companies about the need to prevent illicit financial flows. Speaking at London’s Royal United Services Institute, Adeyemo highlighted that some companies in the crypto industry are more focused on technological innovations and overlook the potential consequences of unlawful funds. He emphasized the importance of […]
A new bill aimed at combating economic crime in the UK is making its way through the legislative process. The Economic Crime and Corporate Transparency Bill has been approved by UK lawmakers and is expected to have a significant impact on the fight against illicit activities. The bill focuses on regulating illicit cryptocurrency assets, marking […]
Music streaming service Spotify has announced a profitable third quarter in 2023, attributing its success to a surge in user numbers and a price increase. The company reported a profit of 65 million euros, a significant improvement from the 166 million euro loss during the same period last year. Spotify experienced a growth of 6 […]
The Securities and Exchange Board of India (SEBI) has taken action against social media influencers who provide financial advice without the necessary knowledge or experience. In a significant move, SEBI recently banned a finfluencer named Mohammad Nasiruddin Ansari, also known as ‘Baap of Chart,’ along with two others from the securities market. Ansari allegedly attracted […]
Decentralized cryptocurrency exchange dYdX has launched its own layer 1 blockchain, called dYdX Chain, with the creation of its genesis block. The blockchain operates using native DYDX tokens and is built on Cosmos’ software development kit. It utilizes the CometBFT consensus protocol and follows a proof-of-stake (PoS) model. Validators stake DYDX tokens to secure the […]
Zodia Markets, a digital asset exchange backed by Standard Chartered, has obtained registration as a Virtual Asset Service Provider (VASP) in Ireland. This approval was granted by the Central Bank of Ireland (CBI), following similar registrations in Abu Dhabi and the UK. With this regulatory approval, Zodia Markets can now expand its services in Europe, […]
Elon Musk’s venture, X, formerly known as Twitter, has set its sights on becoming a central financial hub. Musk envisions X as a comprehensive platform that covers all aspects of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts. During an all-hands meeting, Musk outlined his vision and roadmap […]
Zodia Markets, a digital asset exchange backed by Standard Chartered, has obtained registration as a Virtual Asset Service Provider (VASP) in Ireland. This approval was granted by the Central Bank of Ireland (CBI), following similar registrations in Abu Dhabi and the UK. With this regulatory approval, Zodia Markets can now expand its services in Europe, […]
