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🟠 Binance Revolutionizes Polygon Network With STEPN (GMT) Integration!
Binance has successfully completed the integration of STEPN (GMT) on the Polygon network. This integration opens up new possibilities for crypto enthusiasts, as deposits and withdrawals for STEPN (GMT) are now live on the Polygon network, offering seamless and efficient transactions. The integration of STEPN (GMT) on the Polygon network marks a significant milestone in the cryptocurrency ecosystem. STEPN (GMT) is a highly anticipated token, and its addition to the Polygon network brings tremendous benefits to users seeking faster and cost-effective transactions. By leveraging the capabilities of the Polygon network, Binance ensures that users can experience enhanced speed and efficiency when depositing and withdrawing STEPN (GMT). Polygon’s robust infrastructure and low transaction fees make it an ideal platform for managing crypto assets seamlessly. Binance users can now conveniently deposit and withdraw STEPN (GMT) on the Polygon network. This allows them to take advantage of the benefits offered by Polygon’s Layer 2 scaling solution, which significantly reduces congestion and optimizes transaction times. Traders and investors can now explore new avenues for interacting with STEPN (GMT) while benefiting from the unique features offered by Polygon’s blockchain technology.
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📣 The Number Of Worldcoin’s World App Wallets Exceeds 1 Million: Data
Worldcoin’s World App, a revolutionary project co-founded by OpenAI CEO Sam Altman, is making significant strides in the digital world, with its recent launch garnering impressive numbers and global attention. The system promises a secure and private means of proving one’s humanness online, and its popularity has been soaring since its inception. According to data from Dune, the number of World App wallets has surged past the one million mark and currently stands at an impressive 1,015,783. Worldcoin, co-founded by Sam Altman alongside Alex Blania and Max Novendstern, is not merely a cryptocurrency; it goes beyond that definition. The founders describe it as a global decentralized identity and financial network encompassing a unique ID, a cryptocurrency (WLD), and a multi-functional app. A significant milestone was reached on July 24, when Worldcoin launched the WLD token and listed it on multiple exchanges. Remarkably, the project‘s fully diluted valuation (FDV) has exceeded $30 billion, a substantial leap from its $3 billion valuation in March 2023. This remarkable growth has piqued the interest of the crypto community, fueling the Fear of Missing Out (FOMO).
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🔵 Aave V3 Supported For Deployment Sincerely Coinbase Layer 2 Base Mainnet
In a major move aimed at expanding its presence in the budding DeFi ecosystem, the Aave community has initiated a significant vote on the ARFC proposal for “Aave V3 Deployment on Base.” The proposal seeks to deploy Aave V3 on Base after the Base mainnet goes live, accompanied by a selection of prominent assets, namely wETH, wstETH, cbETH, and USDC, to serve as collateral options. The deployment of Aave V3 on Base Mainnet holds great promise for both platforms, as it paves the way for a mutually beneficial collaboration. For Base, adopting Aave V3’s codebase signifies a significant step towards enhancing the on-chain experience by incorporating a diverse range of DeFi platforms. It also introduces a trusted flagship lending protocol, adding to the platform’s credibility. By tapping into Base’s infrastructure, Aave aims to capture future growth and unlock new opportunities in the DeFi space. This integration would provide valuable revenue streams and access to Base’s vast user base of over 110 million users and assets exceeding $80 billion. After a recent major assault on Curve Finance, Aave accepted an urgent motion to deactivate CRV borrowing on Ethereum. The prohibition is intended to prevent traders from abusing Curve flaws and indulging in malicious shorting of borrowed CRV, which might result in repeated liquidations.
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🇰🇪 Worldcoin Sparks Frenzy In Kenya: Free Tokens for Eye-Scanning Verification
The new cryptocurrency Worldcoin has sparked immense interest among Kenyans, as the platform rewards users with free WLD tokens in exchange for verifying their humanity through retinal scans, according to Daily Nation. Launched just five days ago on Monday, July 24, the Worldcoin app utilizes special machines, known as Orbs, stationed in 35 countries, including Kenya, to perform the eye-scanning verification process. The allure of receiving free tokens has drawn a surge of young people to at least 13 Quickmart Outlets in Nairobi, where these Orb devices are located. Eager participants can scan their eyeballs, and upon successful verification, they are rewarded with WLD tokens. These tokens can then be transferred to popular crypto exchanges, such as Binance, and used to purchase various other cryptocurrencies. The value of the first 25 WLD tokens stands at around Sh7,786 ($55), offering early adopters a tangible incentive to participate in the scheme. James Makau, a bodaboda driver from Ruaka, shared his success story, having earned Sh6,461 ($45.6) from scanning his iris and subsequently converting his tokens into Kenyan shillings by trading them for USDT, a different cryptocurrency.
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⚪️ Series of Exploits Hit Curve Finance’s Liquidity Pools
Curve Finance, a prominent decentralized finance (DeFi) protocol, has been facing a wave of attacks on its liquidity pools, resulting in substantial losses for multiple projects. The recent incidents, involving Conic Finance, JPEG’d, Metronome, and Alchemix, have raised concerns within the DeFi community. The string of attacks began with Conic Finance on July 21, where assets were drained due to a connection with LP Tokens on Curve Finance. Subsequently, on July 30, the Lending NFT JPEG’d project reported an exploit involving the pETH-ETH liquidity pool on Curve Finance, resulting in an $11 million loss. The same day, Metronome also suffered a $1.6 million loss following a similar exploit. Additionally, Alchemix’s alETH became a victim, experiencing an estimated $13.6 million loss linked to a liquidity pool on Curve. The exact reasons behind these exploits have not been fully disclosed at this time. However, the community has speculated two primary factors. First, vulnerabilities in versions 0.2.15/0.2.16/0.3.0 of the VyperLang programming language are suspected. These versions lack the Re-Entrancy anti-attack filter, enabling hackers to execute rounding attacks and withdraw funds from liquidity pools.
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📣 Worldcoin Released Security Audit Reports, 92.6% Security Issues Fixed
Proof of Humanity protocol Worldcoin released its audit reports on July 28 as criticism of its data collection practices continues to mount. Worldcoin published a security audit report on its official blog that starting April 2023, audit firms Nethermind and Least Authority conducted two independent security audits of the protocol. Among them, Nethermind focused on examining the smart contract of the agreement and found a total of 26 issues. The Least Authority focused on examining the cryptographic usage of the protocol, found three problems, and made six recommendations. All issues are “solved or planned to be solved.” Worldcoin first surfaced in 2021 when it announced that it would give away free tokens to any user who verified their humanity, which they could do by scanning their irises with a device named “The Globe”. The project was co-founded by Sam Altman, the co-founder of AI developer OpenAI. The project started going public on July 25 after nearly two years of development and beta testing. The crypto community was split when the project launched, with some participants seeing it as the beginning of a dystopian future where privacy would be eliminated.
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🔻 Worldcoin's Launch Propels Optimism to Record-Breaking Daily Transaction Volume
The Ethereum layer two (L2) network, Optimism, is reaping the benefits from Worldcoin’s (WLD) debut as the token integrated with the L2 blockchain before its introduction. As of 11:03 a.m. Eastern Time on Friday, archived records show that 285,527 distinct addresses possess WLD, and thus far, WLD has recorded 887,482 transactions. As a result, Optimism’s daily transfers have soared to new levels. For example, according to Dune Analytics data, Optimism’s daily transactions reached 808,942 transfers on July 26, 2023. Transacting on Optimism is significantly more cost-effective compared to Ethereum. Currently, the average transfer fee on Optimism stands at $0.334 per transaction. Meanwhile, Ethereum’s average cost exceeds $2 per transfer. Initially, WLD was slated to be hosted on Ethereum; however, the Worldcoin team announced Optimism integration shortly before the token’s launch. Although Optimism has yet to surpass Ethereum’s daily transaction rate, its L2 counterpart Arbitrum did outpace Ethereum last February. Arbitrum’s transaction growth was propelled by soaring Ethereum fees that month. Similar to how WLD tokens boosted Optimism transactions, Arbitrum’s native cryptocurrency launch also helped drive its daily transfers to record-breaking heights.
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📉 AI tokens see lowest weekly trading volume since January
Interest in AI-related cryptocurrencies appears to be waning, with Kaiko Research noting sharp declines in trading activity since the beginning of the year. Data released Thursday on the the top six AI coins by market capitalization — The Graph, Render, Injective, Oasis Network, SingularityNET and Fetch.ai — showed volumes reaching the lowest levels since January, signaling a dramatic decline in interest. AI-related tokens are linked to projects that use artificial intelligence as a tool to improve security, user experience, power decentralized exchanges, or image and text generation services, amongst other things. Following the November launch of ChatGPT, AI-related cryptocurrencies gained popularity, prompting a wave of AI/web3 product development and resulting in a strong rally of the top tokens in 2023. The Graph, a leading AI crypto protocol, saw its token soar 122% from a low of $0.1046 in November to its 2023 peak of $0.2323 on February 7. However, GRT has since plunged 53% to around $0.11 as of July 28. Enthusiasm after Monday's launch of Worldcoin's WLD token, meanwhile, failed to lift other AI-related cryptocurrencies.
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🆘 CoinsPaid Battles Hackers In $37M Crypto Attack With Support By Estonian Authorities
CoinsPaid, the world’s leading cryptocurrency payments provider, disclosed a staggering $37 million hack, attributing the cyber attack to the infamous Lazarus Group, a North Korea-linked hacking organization, Bloomberg reported. The incident was promptly reported to Estonian police for investigation, with the company working closely with law enforcement and enlisting the assistance of various blockchain security firms to minimize the fallout from the exploit, which occurred on July 22. While CoinsPaid refrained from detailing the exact method used to siphon the funds, the breach forced the platform to temporarily suspend its operations for four days. Fortunately, the hack did not compromise any customer funds, but it did inflict significant damage to its internal systems and balance sheet. Despite the massive sum stolen, the company believes the hackers had even grander ambitions, aiming for a much larger haul. In response to the breach, the company filed an official report with Estonian authorities and embarked on a preliminary investigation with the help of blockchain security firms like Chainalysis, Match Systems, and Crystal. The hack on CoinsPaid is part of a larger trend in the cryptocurrency industry.
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🟠 Binance Pool Launches Bitcoin Cash Mining Service
Binance Mining Pool has declared the official launch of its Bitcoin Cash (BCH) mining service. The mining service will utilize the Full Pay Per Share (FPPS) settlement method, offering users a seamless and efficient mining experience. With this new service, users can now participate in the BCH mining process and reap daily rewards automatically deposited into their fund wallets. The FPPS settlement method ensures that miners receive a fixed payout for each valid share submitted, regardless of whether the block is eventually found or not. Changpeng Zhao expressed his excitement about the new venture, stating:“We are thrilled to expand our mining offerings to include Bitcoin Cash. Binance Mining Pool has always been committed to providing our users with top-notch services and opportunities to participate in the blockchain ecosystem. With the addition of BCH mining using the FPPS settlement method, we believe it will further strengthen the mining community and the overall crypto landscape.”. One of the key highlights of this new mining service is the automated reward distribution. Starting from 10:00 (UTC) daily, mining rewards earned by participants will be automatically deposited into their respective fund wallets.
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💰 Sui Foundation Cuts Ties With MovEx Team For Flouting Contractual Rules Amidst Controversy
The Sui Foundation made a significant announcement regarding its termination of the partnership with the MovEx team. The decision came after MovEx was found to have violated contractual lock-up regulations associated with the SUI tokens it received as compensation for its work on DeepBook. As per the terms of the agreement, MovEx was subject to a lock-up period during which it was not allowed to initiate transactions involving the received SUI tokens. Reports indicate that MovEx received a total of 2.5 million SUI tokens from the Sui Foundation in exchange for its contributions to the DeepBook project. However, instead of adhering to the contractual lock-up conditions, MovEx made three separate transactions, each involving 625,000 SUI tokens, to three different wallets. Notably, the final 625,000 SUI tokens from the initial transfer still remain in the original wallet. The breach of contract raised serious concerns as MovEx failed to inform the Sui Foundation about the transactions that violated the lock-up regulations, and the Sui Foundation did not provide consent for such actions. As a consequence of these actions, the Sui Foundation decided to terminate its association with the MovEx team.
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💰 Ripple runs CBDC pilot with Pacific island nation of Palau
Ripple partnered with the Republic of Palau on a U.S. dollar-backed stablecoin pilot. The stablecoin will be minted on the XRP Ledger and will be distributed first to Palau government employees. "Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access," Palau President Surangel Whipps Jr said, according to a press release. Palau's pilot project involves an initial distribution of the U.S. Dollar-backed Palau Stablecoin (PSC) to government employees. The PSC has been nicknamed 'Kluk' and will be deployed on the XRP Ledger (XRPL), using Ripple's Central Bank Digital Currency (CBDC) Platform. "The Republic of Palau Stablecoin (PSC) aka 'Kluk' is a prototype digitization of the US Dollar under development in partnership with Ripple, using the XRPL blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are paid for in Palau," Palau ministry of finance Jay Hunter Anson said on Tuesday. Ripple Labs and the Republic of Palau are scheduled to issue a joint press release about the pilot on Thursday, 9:00 a.m. Palau Time (PWT).
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🇺🇸 SEC charges Quantstamp over $28 million ICO
A blockchain security company will have to pay about $3.4 million to settle Securities and Exchange Commission charges for conducting an unregistered initial coin offering. The firm released a white paper in 2017 describing its plans to create a protocol on the Ethereum blockchain to “provide automated security audits of smart contracts,” the agency said on July 21 in a statement. Quantstamp raised close to $28.35 million in ether and stablecoin USD through the sale of its QSP token to more than 5,000 investors back in 2019, the SEC said. The SEC referenced the Howey Test, which it often cites when determining whether a cryptocurrency is a security and subject to securities laws. The test stems from a 1946 US Supreme Court case involving orange groves and decided what qualifies as an investment contract. The test has four prongs, including whether there is an expectation of profits that is derived from the efforts of others, a common enterprise or an investment of money. Quantstamp settled without admitting or denying the SEC’s charges. The SEC also established a fair fund to return money paid by Quantstamp back to investors. Quantstamp emphasized the large market potential for the smart contract security auditing product it planned to develop.
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🇯🇵 Japanese Prime Minister Fumio Kishida Embraces Web3’s Game-Changing Potential at WebX Conference
Japanese Prime Minister Fumio Kishida took center stage at Asia’s largest global conference, “WebX,” hosted and organized by CoinPost Corporation. Web3 carries immense potential to reshape the traditional framework of the Internet and instigate far-reaching societal changes. Recognizing the power of this emerging technology, Prime Minister Kishida and his administration are committed to fostering an enabling environment that propels the promotion of Web3 and its myriad possibilities. Prime Minister Kishida expressed his earnest hope that major Japanese corporations would seize the opportunity presented by the WebX conference to unveil ambitious projects aimed at establishing a valuable economic zone within a diverse space. Such endeavors hold the promise of not only driving economic growth but also amplifying Japan’s global presence in the ever-evolving digital realm. Web3 industry stands poised to reclaim its position at the forefront of innovation and capture renewed attention and vitality. As the Japanese government actively endeavors to facilitate the growth of this groundbreaking sector, the stage is set for an array of novel and ambitious projects to come to fruition.
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🆘 Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack. The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem. ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached. The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks. Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.
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🏦 Huobi Announces Delist CVNT, TNB, SOS and KCASH Due to Low Transaction Volumes
Huobi has declared the delisting of four tokens – CVNT (Content Value Network), TNB (Time New Bank), SOS (Opendao), and KCASH (KCASH). The delisting announcement has stirred discussions within the crypto community, with some investors expressing surprise at the decision, while others see it as a necessary step to ensure the exchange’s credibility and security. Delisting low-activity tokens is not uncommon in the crypto industry, as exchanges often undertake such measures to safeguard their users and maintain a healthy trading environment. Huobi stated that the decision came after a thorough evaluation of the tokens’ performance and liquidity. The exchange emphasized that delisting these tokens would help maintain the platform’s integrity and prevent potential risks associated with trading illiquid assets. Following the announcement, the affected tokens experienced a temporary drop in prices as investors rushed to sell their holdings in response to the news. However, the broader market impact was relatively minor, indicating that the four tokens had a relatively small influence on the overall cryptocurrency market. CVNT, TNB, SOS, and KCASH, which were once promising projects with unique use cases, faced challenges in gaining traction and maintaining consistent trading volumes.
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🇦🇪 Binance Becomes First Exchange Granted Operational MVP License In Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Binance FZE, the Dubai subsidiary of cryptocurrency exchange Binance, the Operational Minimum Viable Product (MVP) license. This milestone achievement marks Binance FZE as the first exchange to receive such a license in Dubai, allowing the company to operate virtual asset exchange and broker-dealer services, initially catering to institutional and qualified retail investors in the region. The path to obtaining the operational MVP license involved a series of successful milestones. Binance secured a provisional MVP license in March 2022 and followed up with a preparatory MVP license in September of the same year. With this latest development, the exchange is now permitted to engage in two licensed activities – virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai. The issuance of this operational MVP license reflects Binance’s commitment to building a compliant exchange in collaboration with local regulators and within the unique regulatory framework for Virtual Asset Service Providers (VASPs) in Dubai. It also enables eligible users in the city to access authorized services, including converting virtual assets to fiat safely, adhering to VARA-designated standards compliant with the intergovernmental Financial Action Task Force.
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🔵 Today marks Ethereum's eighth birthday
Today marks eight years since the Ethereum Foundation announced the rollout of its network. On July 30, 2015, former Ethereum Foundation CCO Stephen Taul wrote an official blog post, announcing that the network’s genesis block had been "loaded." "The Dev team joins me in thanking each and everyone of you for your support during the past year and half. It’s incredible to see the progress that has taken place since that humble first commit on Christmas Eve 2013," the blog said. Since that day, Ethereum has grown to become the second-largest blockchain ecosystem, with its native asset, ether, boasting a market capitalization of $227 billion. Ethereum was co-founded by an array of prominent crypto figures, including Vitalik Buterin, who continues to actively contribute to the network. Other co-founders include Gavin Wood, Anthony Di Iorio, and Joseph Lubin. "The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality.". Vitalik Buterin published the introductory Ethereum white paper in 2014.
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🇵🇪 Peru Takes Action Against Crypto Money Laundering and Terror Financing
In a bid to tackle the growing concerns of money laundering and terrorist financing related to cryptocurrencies, the government of Peru has taken a significant step forward by issuing a new decree that mandates the regulation of the crypto industry. The decree, which closely follows the recommendations of the Financial Action Task Force (FATF), requires all crypto exchanges operating in Peru to comply with stringent anti-money laundering (AML) regulations, according to Coingraph. Under the new regulations, virtual asset service providers, including individuals and companies within Peru, are now obligated to report crucial information to the Financial Intelligence Unit (UIF-Peru). This move is aimed at bolstering the country’s financial system and safeguarding it from illicit activities that might exploit the anonymity often associated with cryptocurrencies. One of the key focal points of the decree is the FATF’s “travel rule,” which underscores the need for implementing robust Know Your Customer (KYC) standards within the cryptocurrency ecosystem. By adhering to the travel rule, exchanges are required to collect and share customer data, thereby enhancing transparency and thwarting potential financial crimes.
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🟠 Binance Denies Being Monitored by German Regulators: Report
Germany’s financial regulator advised Binance to withdraw its license application because of concerns about founder Changpeng Zhao (CZ) and the cryptocurrency company’s complex structure, according to people familiar with the decision and an internal Binance document viewed by the Wall Street Journal. According to a July 28 report from The Wall Street Journal, BaFin advised Binance that CZ may not have passed a “fit and proper” test under the financial watchdog’s regulatory guidelines. According to the regulator’s requirements for a license application, managing directors CZ must have the necessary professional credentials, be in good standing, and commit enough time to carry out their duties in order to manage an institution. A spokesperson for Binance told Cointelegraph that The Wall Street Journal’s story was incorrect and said the exchange had actively pulled back and cooperated with regulators. The exchange should have given specific feedback on CZ-related details at the time of publication. Currently, Binance and its CEO are facing legal actions brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly violating securities laws and corresponding transaction instructions.
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🇺🇸 US Lawmakers Challenge Apple’s Crypto App Store Policies
US lawmakers, Republican Congressman Gus Bilirakis and Democratic Congresswoman Jan Schakowsky, have jointly addressed a letter to Apple CEO Tim Cook, expressing concerns about the App Store’s restrictive policies regarding cryptocurrency-related applications. The bipartisan initiative aims to seek clarity on how the guidelines may be influencing emerging technologies like blockchain and non-fungible tokens (NFTs), potentially hindering the progress of the United States in this rapidly evolving field. Representative Bilirakis and Congresswoman Schakowsky, who also hold positions as Chairman and Ranking Member of the Innovation, Data, and Commerce Subcommittee, raised doubts about the tech giant’s intentions with regard to these emerging technologies. They suspect that the guidelines may inadvertently be used to suppress innovations in the blockchain and NFT space, which could have adverse effects on the country’s leadership in the tech industry. The letter to Tim Cook specifically calls for transparency and requests documents relating to Apple’s policies concerning its iOS App Store. The lawmakers emphasize the importance of supporting and fostering blockchain, NFTs, and other distributed ledger technologies to ensure the continued growth of the US technology sector.
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🇺🇸 SEC official warns accounting firms about legal liability for crypto 'audits'
A senior Securities and Exchange Commission official warned accounting firms that they could be held legally liable for statements made by crypto companies that tout partial reviews of their finances as “audits.”. “Following the recent waves of scandal and insolvency in the crypto industry, there has been a renewed focus on the firms, including accounting firms, that have been retained by companies in the crypto-asset space—in particular, crypto asset trading platforms,” said SEC Chief Accountant Paul Munter in a prepared statement on Thursday. Accounting firm Mazars ceased work with crypto clients after public criticism around a partial review of Binance’s books late last year, which Binance owner and CEO Changpeng ‘CZ’ Zhao touted as an “audited proof” of reserves. The report came in the wake of FTX’s collapse following revelations that it did not have enough reserves to support the company’s FTT native token. Mazars also pulled the partial financial report that Zhao touted from its website. SEC’s lengthy enforcement filings from last month against Zhao, Binance, and Binance US is an allegation that an auditor found Binance US did not have enough assets to cover customer redemptions. The non-public report suggested they were held with Binance as of Dec. 1, 2022.
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🇳🇱 Crypto.com Gains Official Approval In The Netherlands
Crypto.com proudly announced today that it has achieved registration approval from De Nederlandsche Bank (DNB) to offer crypto services in the Netherlands. The registration confirmation signifies a significant achievement for Crypto.com, demonstrating its unwavering commitment to responsible engagement with regulators and compliance with regulatory standards. By collaborating closely with regulatory bodies, the platform seeks to propel the crypto and blockchain industry forward responsibly. This crucial milestone comes as a result of a thorough evaluation of Crypto.com’s business operations and compliance measures, aligning seamlessly with the stringent guidelines of the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Kris Marszalek, the CEO of Crypto.com, expressed the company’s dedication to upholding compliance and fostering a constructive relationship with regulators. He stated, “Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”
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📣 THORChain Introduces Streaming Swaps For Optimal Price Execution
In a recent official announcement, the decentralized cross-chain transaction protocol THORChain unveiled a groundbreaking feature called “Streaming Swaps.” This new functionality aims to provide users with improved price execution for large transactions by breaking them into sub-swaps executed over a specific period of time. By doing so, THORChain seeks to address the needs of patient swappers and enhance capital efficiency without altering the Total Value Locked (TVL) of the pools. Streaming Swaps offer users the flexibility to choose between two types of swaps: time-optimized or price-optimized. The feature operates on a Time-Weighted Average Price (TWAP) trade model but with a crucial limitation of 24 hours, ensuring economic security for Layer 1 assets (e.g., BTC, ETH) transactions. The key concept behind Streaming Swaps is the ability to access the time domain when swapping. Unlike conventional swaps, where liquidity needs must be met instantly, streaming swaps allow liquidity requirements to be expanded across multiple moments in time. Arbitrage opportunities can then correct the price during the swap, resulting in significantly better price execution for users.
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📣 Starknet Foundry 0.2.0 Revolutionizes Contract Development!
StarkWare has announced the much-anticipated release of Starknet Foundry 0.2.0. This latest version comes with crucial updates and improvements, focusing on fixing import usage issues in test files and refining the logic of the test collection process. As a result, all tests in the package must now be imported into lib.cairo or the middle submodule, streamlining the development of Starknet contracts. The Starknet Foundry project was unveiled by StarkWare co-founder, Eli Ben-Sasson, during the EthCC conference held in Paris. The open-source toolkit is designed to revolutionize the landscape of Starknet contract development, offering developers a powerful set of tools to build and deploy decentralized applications on the StarkNet network. The 0.2.0 release addresses key concerns and bottlenecks faced by developers during the testing phase. The import usage issues in test files have been thoroughly resolved, ensuring smoother integration and compatibility with the broader ecosystem. Additionally, the logic of the test collection process has been overhauled, simplifying the workflow and making it more efficient for developers to manage their tests effectively. By mandating the import of all tests into lib.cairo or the middle submodule, Starknet Foundry 0.2.0 fosters a more organized and structured approach to contract development.
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🇸🇬 Singapore court declares crypto as property in case involving Bybit
Singapore's High Court has deemed crypto as property in a case involving crypto exchange Bybit and a contractor. A court judgement published Tuesday declared crypto assets are property capable of being held on trust. Judge Philip Jeyaretnam also ruled crypto assets were things in action; an intangible property type, like a cash balance at a bank or money due on a bond. Specific to the case, the court determined USDT is property capable of being held on trust. Monetary Authority of Singapore's (MAS) consultation paper on proposed amendments to the payment services from early July. He stated the MAS proposals showed “it is possible in practice to identify and segregate such digital assets." This supported his view that “it should be legally possible to hold crypto assets on trust.". The judgement involved Seychelles-based exchange Bybit and contractor Ho Kai Xin. Bybit brought a case against Ho in October 2023, claiming that she breached her employment contract to transfer over 4.2 million USDT to addresses owned and controlled by her. After receiving the funds it was claimed that Ms Ho went on a spending spree.
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🇩🇪 Binance withdraws crypto license application in Germany
Crypto exchange Binance has withdrawn its application for a license from German financial regulator BaFin, marking its latest European regulatory move. "Binance confirms that it has proactively withdrawn its BaFin application," a Binance spokesperson told The Block. "The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes." The statement comes a month after German publication FinanceFwd reported that BaFin had decided not to grant Binance a crypto custody license. Binance told the news outlet at the time that conversations were still ongoing. Binance is grappling with mounting regulatory challenges, not just in Europe but across the globe. In recent weeks and months, Binance has exited the Netherlands, reregistered entities in Cyprus and the U.K., withdrawn its license application in Austria, was ordered to stop operating in Belgium and is reportedly facing an investigation in France for alleged money laundering. Binance and its CEO, Changpeng Zhao, also face lawsuits from U.S. regulators.
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🟠 Binance boss plans to seek dismissal of CFTC complaint, filing shows
Binance Holdings and its founder are seeking to dismiss a complaint filed in March by the United States Commodity Futures Trading Commission. A Monday court filing shows that Binance entities and Changpeng Zhao, founder and chief executive officer of Binance, plan to submit a motion to dismiss the complaint filed by the CFTC in a Chicago federal court. They are accused of numerous violations including operating an illegal digital asset derivatives exchange in the U.S. As things stand, Binance, Zhao and Lim have until July 27 to submit their responses to the CFTC complaint. They also requested an expansion of the page limit of their memoranda of law, "given the complexity of the CFTC’s Complaint and the number of arguments Defendants anticipate making in support of their Motions to Dismiss," according to the filing. In March, the CFTC sued Binance and Zhao for allegedly breaking derivatives rules and unregistered trading activities in the U.S. The agency said in its complaint that Binance had “taken a calculated, phased approach to increase its United States presence despite publicly stating its purported intent to ‘block’ or ‘restrict’ customers located in the United States from accessing its platform.”
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🇯🇵 Binance Unveils Compliant Japan New Platform Amidst Global Expansion
In an announcement made via video at a conference in Tokyo on Tuesday, Binance CEO Changpeng Zhao (CZ) revealed that the cryptocurrency exchange giant is all set to introduce its comprehensive services on a new platform tailored specifically for Japan. The launch is scheduled for August this year, Bloomberg reported. This development follows Binance’s acquisition of Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange service provider based in Japan, in November of the previous year. The acquisition was a strategic move to establish its presence in the Japanese market while adhering to the regulations set forth by the Japan Financial Services Agency (JFSA). However, the terms of the deal were not publicly disclosed. In line with the company’s commitment to compliance, the exchange officially stated in May that it was developing a platform specifically designed to cater to the Japanese market while ensuring full adherence to local rules and regulations. As part of this initiative, it announced that it would discontinue its existing global platform’s services for Japanese residents, effective from November 30. Users currently operating on the global platform will be given the option to transition to the new local platform.
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🔻 Worldcoin Migrates to Optimism
Worldcoin, the biometric decentralized identity and wallet protocol, has announced it has completed the migration process to switch its operations from Polygon to Optimism, an Ethereum L2 scaling layer. In February, the protocol decided to migrate its World App and World ID apps to Optimism, stating it was “committed to realizing a scalable, inclusive future that unlocks the full potential of crypto and furthers the evolution of identity on the blockchain.”. This migration comprehends the creation of bridges for the World ID protocol from Ethereum to Polygon and Optimism. Also, most World App users’ accounts have been migrated to Optimism. The few remaining will be invited to migrate at the start of the app, a process that will take 90 seconds on average. Worldcoin already has registered more than 2 million signups, coming principally from countries like Barcelona, Berlin, Buenos Aires, New York, Seoul, and Tokyo, which have set up several Orbs, the biometric devices needed to include users by reading their irises and registering their information in the protocol.
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