El Salvador's presidential candidate Nayib Bukele claims that with the recent surge in bitcoin, his investments became profitable. U.S. Cryptocurrency-related stocks are on a meteoric rise, fuelled by bitcoin's surge past $42,000, hitting a new high for the year.

President Bukele reports $3.6 million profit amid crypto surge

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. <o:p></o:p>

According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX.<o:p></o:p>

2023: A year of recovery<o:p></o:p>

As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty.<o:p></o:p>

Spot ETFs: The driving force<o:p></o:p>

The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. <o:p></o:p>

Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month.<o:p></o:p>

Mixed predictions for the future<o:p></o:p>

The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics.<o:p></o:p>

Binance's setback and continued operation<o:p></o:p>

Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement.<o:p></o:p>

Caution amidst excitement<o:p></o:p>

Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. <o:p></o:p>

Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations.<o:p></o:p>

Market snapshot<o:p></o:p>

As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively.<o:p></o:p>

(With inputs from the Associated Press)<o:p></o:p>

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In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year.

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX. 2023: A year of recovery As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty. Spot ETFs: The driving force The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month. Mixed predictions for the future The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics. Binance's setback and continued operation Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement. Caution amidst excitement Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations. Market snapshot As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively. (With inputs from the Associated Press) WATCH WION LIVE HERE

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally

After a fatal incident in Israel by the Palestinian militant group Hamas, the role that cryptocurrency plays in supporting terrorists and extremist organizations has come under closer examination. Israel claims to have confiscated cryptocurrency accounts connected to Hamas. Lawmakers in the United States have called on the government to take action against Hamas and its affiliates' use of cryptocurrency.

Is cryptocurrency helping fund terrorism?

Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage.

According to Bloomberg, the expected green signal from the US Securities and Exchange Commission (SEC) for these ETFs is fuelling a fresh hype cycle, with industry insiders eyeing a potential $100 billion market.

The regulatory pendulum, once a hindrance, is now swinging favourably, paving the way for institutional and retail investors to delve into the digital currency space.

As the SEC gears up to potentially approve Bitcoin ETFs by mid-January or sooner, the move is seen as a redemption opportunity for digital asset proponents. The involvement of heavyweight players like BlackRock, Fidelity, and Invesco is likely to contribute to the growth of the spot-Bitcoin ETF market.

Bloomberg Intelligence estimates suggest that, with these reputable players on board, the market has the potential to evolve into a $100 billion juggernaut over time.

expressed his confidence in the imminent SEC approval, Jeff Janson, a wealth adviser managing about $550 million,&nbsp;told Bloomberg: "I feel like we are now staring down the gun barrel of the SEC finally delivering approval."

He anticipates significant institutional-level interest once Bitcoin is accessible through the ETF wrapper. This sentiment aligns with the bullish outlook that the involvement of major institutions can transform the digital asset landscape.

However, despite the optimism surrounding the Bitcoin ETFs, the aftermath of the FTX implosion continues to cast a shadow on the crypto market. The shockwaves from the industry's largest existential crisis have restrained interest, especially from everyday investors.

Bitcoin, despite recent rallies, has not yet reached its 2021 high, and notable figures in finance, like hedge fund manager Paul Tudor Jones, have maintained a low profile on digital assets. Scam incidents, false claims, and market volatility have added complexities to the narrative of crypto's integration into traditional finance.

According to Chuck Cumello, president and CEO of Essex Financial Services, Bitcoin ETF would simplify trading and make it more accessible for clients. The ETF's introduction is viewed as a significant development, offering a direct and supervision-friendly method for institutions to include crypto investments in their portfolios. The ETF's appeal extends to both millennial investors and high-net-worth individuals.

Laila Pence, founder of Pence Wealth Management, offers a word of caution, highlighting the waning interest in digital assets among younger clients. She points out the solid performance of traditional markets, questioning the necessity of taking risks in the crypto space when more conventional options are considered safer. Pence's perspective underscores the diverse opinions within the financial advisory landscape regarding the adoption and potential risks associated with cryptocurrency.

To some, the introduction of Bitcoin ETFs is more than a market opportunity; it symbolises the normalisation of a once-discredited asset class. The transparency and liquidity offered by the ETF structure are seen as a compliance-friendly avenue for institutional players, potentially unlocking fresh lending and derivatives trades. Coinbase emphasises that the ETF represents more than immediate inflows, predicting it could reshape the market in entirely unprecedented ways, albeit over time.

(With inputs from Bloomberg)

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Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage.

Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage. According to Bloomberg, the expected green signal from the US Securities and Exchange Commission (SEC) for these ETFs is fuelling a fresh hype cycle, with industry insiders eyeing a potential $100 billion market. The regulatory pendulum, once a hindrance, is now swinging favourably, paving the way for institutional and retail investors to delve into the digital currency space. As the SEC gears up to potentially approve Bitcoin ETFs by mid-January or sooner, the move is seen as a redemption opportunity for digital asset proponents. The involvement of heavyweight players like BlackRock, Fidelity, and Invesco is likely to contribute to the growth of the spot-Bitcoin ETF market. Bloomberg Intelligence estimates suggest that, with these reputable players on board, the market has the potential to evolve into a $100 billion juggernaut over time. expressed his confidence in the imminent SEC approval, Jeff Janson, a wealth adviser managing about $550 million, told Bloomberg: "I feel like we are now staring down the gun barrel of the SEC finally delivering approval." He anticipates significant institutional-level interest once Bitcoin is accessible through the ETF wrapper. This sentiment aligns with the bullish outlook that the involvement of major institutions can transform the digital asset landscape. However, despite the optimism surrounding the Bitcoin ETFs, the aftermath of the FTX implosion continues to cast a shadow on the crypto market. The shockwaves from the industry's largest existential crisis have restrained interest, especially from everyday investors. Bitcoin, despite recent rallies, has not yet reached its 2021 high, and notable figures in finance, like hedge fund manager Paul Tudor Jones, have maintained a low profile on digital assets. Scam incidents, false claims, and market volatility have added complexities to the narrative of crypto's integration into traditional finance. According to Chuck Cumello, president and CEO of Essex Financial Services, Bitcoin ETF would simplify trading and make it more accessible for clients. The ETF's introduction is viewed as a significant development, offering a direct and supervision-friendly method for institutions to include crypto investments in their portfolios. The ETF's appeal extends to both millennial investors and high-net-worth individuals. Laila Pence, founder of Pence Wealth Management, offers a word of caution, highlighting the waning interest in digital assets among younger clients. She points out the solid performance of traditional markets, questioning the necessity of taking risks in the crypto space when more conventional options are considered safer. Pence's perspective underscores the diverse opinions within the financial advisory landscape regarding the adoption and potential risks associated with cryptocurrency. To some, the introduction of Bitcoin ETFs is more than a market opportunity; it symbolises the normalisation of a once-discredited asset class. The transparency and liquidity offered by the ETF structure are seen as a compliance-friendly avenue for institutional players, potentially unlocking fresh lending and derivatives trades. Coinbase emphasises that the ETF represents more than immediate inflows, predicting it could reshape the market in entirely unprecedented ways, albeit over time. (With inputs from Bloomberg) WATCH WION LIVE HERE

Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report

Ukrainian authorities have uncovered what appears to be the country's first instance of a cryptocurrency-based bribe. Investigators suspect a lawmaker of trying to bribe the head of a government reconstruction agency.

Ukraine suspects lawmaker of first-ever cryptocurrency bribe

A financial battleground emerges on Wall Street as industry juggernauts vie for regulatory approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs). Blackrock, Fidelity, and Ark Invest headline the race, seeking to revolutionize crypto investments and revive a market battered by last year's meltdowns.

Major players revive Crypto market | World Business Watch

Even as bitcoin roars back, former crypto day traders are now saying - 'no thanks'. Even as bitcoin's value has more than doubled in recent weeks, following last year's spectacular collapse, many believe that is not enough to convince traders to return. Many believe that FTX co-founder Sam Bankman-Fried's conviction for fraud will herald a more mature, orderly era of mainstream acceptance for the industry.

Cryptos: Pale shadow of former self?

Sam Altman, the creator&nbsp;of the revolutionary AI-based chatbot ChatGPT, is reportedly close to initiating the full-throttle launch of another controversial application called Worldcoin.

Worldcoin, co-founded by Altman and Alex Bania in 2019, is a unique cryptocurrency that involves scanning people’s irises.

It was born with an ambitious vision to give a share of a new digital token to every human being.&nbsp;

Altman recently revealed that he is close to obtaining $100 million for Worldcoin&nbsp;project, with which he aims to revolutionise the field of fintech.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/technology/shell-to-use-new-ai-based-technology-in-deep-sea-exploration-in-partnership-with-sparkcognition-593318">Shell to use new AI-based technology in deep-sea exploration in partnership with SparkCognition</a>

"With more than 1.6 million sign-ups in beta and 500,000+ monthly active World App users, the deployments on the Optimism main net will expand access and help Worldcoin reach a values-aligned ecosystem of developers and users," the Worldcoin Foundation said in an announcement.

But what is Worldcoin, and how has it managed to raise such a whopping amount of money?

<h2>What is Worldcoin?</h2>

Worldcoin started with a question, “What if&nbsp;there were&nbsp;a way to freely distribute shares of a new digital token to every person on the planet?”

From there on, Worldcoin became a mission and a crypto project that aims to create a global identity and financial network for everyone.&nbsp;

It is an open-source protocol, or system that was created to help give everyone access to the global economy. It was designed to be decentralised, which will make the community of its users the stakeholders of its supervision and decision-making.&nbsp;

It uses a device called an orb that scans people’s irises to prove they are unique and human and rewards them with Worldcoin tokens.

<h2>What other tools does Worldcoin come with?</h2>

Worldcoin is not a sole unit but a group of powerful tools that will together contribute to the digitisation of currency:

World ID - a privacy-preserving digital identity designed to help solve many important, identity-based challenges including proving an individual’s unique personhood.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/big-tech-companies-now-hiring-low-paid-h1b-workers-after-mass-layoffs-report-593608">Big tech companies now hiring low-paid H1B workers after mass layoffs: report</a>

Worldcoin Token - the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual.

World App - a fully self-custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and traditional currencies.

<h2>How does Worldcoin work?</h2>

It is a fully custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and also traditional currencies. With the help of World ID’s unique digital identity, the human role can be demonstrated in an online world which can be populated with increasingly advanced artificial intelligence.&nbsp;
<img alt="Worldcoin" data-align="center" data-entity-type="file" data-entity-uuid="fba19b0c-259e-4388-bcf6-6ccdb6d9fe6e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-05-18T180841.686.png" />
Worldcoin developed a device called Orb, which scans the iris of individuals to prove their uniqueness and humanness and assigns them a World ID that can be used as a global digital passport.&nbsp;

The scan is converted into a string of numbers known as a hash in such a way that it’s impossible to recreate the scanned image even if the hash is compromised. The Orb sends the iris hash and a hash of the user’s public key to Worldcoin servers. If the person hasn’t signed up before, the hashes are added to the database and the company’s blockchain.

<h2>Criticism of Worldcoin</h2>

Before this can actually become a more common reality, Worldcoin also faces many challenges and criticisms. Some people are concerned about the privacy and security of their biometric data, and whether it will be used for other purposes. Others question the feasibility and scalability of the project. There is doubt whether it can reach the billions of people who are either unbanked or underbanked.&nbsp;

&nbsp;

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Sam Altman, the creator of the revolutionary AI-based chatbot ChatGPT, is reportedly close to initiating the full-throttle launch of another controversial application called Worldcoin.

Sam Altman, the creator of the revolutionary AI-based chatbot ChatGPT, is reportedly close to initiating the full-throttle launch of another controversial application called Worldcoin. Worldcoin, co-founded by Altman and Alex Bania in 2019, is a unique cryptocurrency that involves scanning people’s irises. It was born with an ambitious vision to give a share of a new digital token to every human being. Altman recently revealed that he is close to obtaining $100 million for Worldcoin project, with which he aims to revolutionise the field of fintech. Also Read | Shell to use new AI-based technology in deep-sea exploration in partnership with SparkCognition "With more than 1.6 million sign-ups in beta and 500,000+ monthly active World App users, the deployments on the Optimism main net will expand access and help Worldcoin reach a values-aligned ecosystem of developers and users," the Worldcoin Foundation said in an announcement. But what is Worldcoin, and how has it managed to raise such a whopping amount of money? What is Worldcoin? Worldcoin started with a question, “What if there were a way to freely distribute shares of a new digital token to every person on the planet?” From there on, Worldcoin became a mission and a crypto project that aims to create a global identity and financial network for everyone. It is an open-source protocol, or system that was created to help give everyone access to the global economy. It was designed to be decentralised, which will make the community of its users the stakeholders of its supervision and decision-making. It uses a device called an orb that scans people’s irises to prove they are unique and human and rewards them with Worldcoin tokens. What other tools does Worldcoin come with? Worldcoin is not a sole unit but a group of powerful tools that will together contribute to the digitisation of currency: World ID - a privacy-preserving digital identity designed to help solve many important, identity-based challenges including proving an individual’s unique personhood. Also Read | Big tech companies now hiring low-paid H1B workers after mass layoffs: report Worldcoin Token - the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual. World App - a fully self-custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and traditional currencies. How does Worldcoin work? It is a fully custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and also traditional currencies. With the help of World ID’s unique digital identity, the human role can be demonstrated in an online world which can be populated with increasingly advanced artificial intelligence. Worldcoin developed a device called Orb, which scans the iris of individuals to prove their uniqueness and humanness and assigns them a World ID that can be used as a global digital passport. The scan is converted into a string of numbers known as a hash in such a way that it’s impossible to recreate the scanned image even if the hash is compromised. The Orb sends the iris hash and a hash of the user’s public key to Worldcoin servers. If the person hasn’t signed up before, the hashes are added to the database and the company’s blockchain. Criticism of Worldcoin Before this can actually become a more common reality, Worldcoin also faces many challenges and criticisms. Some people are concerned about the privacy and security of their biometric data, and whether it will be used for other purposes. Others question the feasibility and scalability of the project. There is doubt whether it can reach the billions of people who are either unbanked or underbanked. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

What is Worldcoin? Unique iris-scanning cryptocurrency backed by ChatGPT creator Sam Altman

Bitcoin (BTC) is a cryptocurrency that acts as money and a form of payment. It was invented in 2008 by an unknown entity under the name Satoshi Nakamoto.

Bitcoin enters its sweet sixteen

Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny. It comes following a deadly attack in Israel by Palestinian militant group Hamas. Watch this video for all details.

Israel-Palestine war: What is the role of crypto in terrorist financing?

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway. The Prancing Horse is ready to embrace digital currencies, allowing the well-heeled crypto-elite to savor the thrill of owning a piece of automotive excellence.

As of now, the United States is Ferrari's chosen pit stop for this crypto extravaganza, with the Old World soon to follow. Enrico Galliera, the maestro behind Ferrari's marketing and commercial prowess, revealed the company's electrifying intentions. This isn't just innovation; it's a response to the rallying cry of their customers, echoing the desires of a new breed of investors who have ridden the crypto wave to newfound wealth.

The roar of these digital dollars has become too loud to ignore, and Ferrari is listening. Galliera didn't reveal how many of the iconic Italian stallions they expect to sell in exchange for cryptocurrencies, but with their order books booked solid until 2025, it's clear they're in no hurry. What they aim to do, however, is explore untrodden territory, extending an invitation to a wider circle of enthusiasts beyond their traditional clientele. The road ahead is mapped out, and Ferrari intends to introduce cryptocurrency payments in Europe by the first quarter of 2024, with a grander plan to roll out the crypto-friendly welcome mat in other regions.

In the U.S., Ferrari has partnered with BitPay, a heavyweight in the cryptocurrency payment arena. This partnership revs up transactions in the likes of Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). It's not just about embracing digital wealth; it's about doing it with style. The Ferrari experience remains uncompromised. No additional fees or surcharges will dent the experience for crypto-savvy buyers. BitPay swiftly transforms those digital tokens into conventional fiat currency, ensuring that Ferrari dealers aren't caught in the whirlwind of cryptocurrency price volatility.

Safety and legitimacy are paramount in this high-speed crypto journey. BitPay will ensure that the crypto funds do not flow from nefarious sources, shielding Ferrari from the shadows of money laundering and tax evasion.

This grand leap into the crypto arena isn't just about making payments; it's about crafting an experience. For the new wave of crypto millionaires, Ferrari isn't just a car; it's a statement. It's the embodiment of innovation, performance, and style, values shared by both worlds. In this fusion of financial prowess and automotive excellence, Ferrari welcomes a new era of enthusiasts who understand that luxury extends beyond leather interiors and roaring engines.

As Ferrari blazes this crypto trail, they're inviting the crypto-elite to ride shotgun on a journey that's emblematic of progress, embracing the future while never losing sight of the traditions that have made them a symbol of excellence. The crypto revolution is here, and Ferrari, the icon of the open road, is revving its engine to lead the way.

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway.

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway. The Prancing Horse is ready to embrace digital currencies, allowing the well-heeled crypto-elite to savor the thrill of owning a piece of automotive excellence. As of now, the United States is Ferrari's chosen pit stop for this crypto extravaganza, with the Old World soon to follow. Enrico Galliera, the maestro behind Ferrari's marketing and commercial prowess, revealed the company's electrifying intentions. This isn't just innovation; it's a response to the rallying cry of their customers, echoing the desires of a new breed of investors who have ridden the crypto wave to newfound wealth. The roar of these digital dollars has become too loud to ignore, and Ferrari is listening. Galliera didn't reveal how many of the iconic Italian stallions they expect to sell in exchange for cryptocurrencies, but with their order books booked solid until 2025, it's clear they're in no hurry. What they aim to do, however, is explore untrodden territory, extending an invitation to a wider circle of enthusiasts beyond their traditional clientele. The road ahead is mapped out, and Ferrari intends to introduce cryptocurrency payments in Europe by the first quarter of 2024, with a grander plan to roll out the crypto-friendly welcome mat in other regions. In the U.S., Ferrari has partnered with BitPay, a heavyweight in the cryptocurrency payment arena. This partnership revs up transactions in the likes of Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). It's not just about embracing digital wealth; it's about doing it with style. The Ferrari experience remains uncompromised. No additional fees or surcharges will dent the experience for crypto-savvy buyers. BitPay swiftly transforms those digital tokens into conventional fiat currency, ensuring that Ferrari dealers aren't caught in the whirlwind of cryptocurrency price volatility. Safety and legitimacy are paramount in this high-speed crypto journey. BitPay will ensure that the crypto funds do not flow from nefarious sources, shielding Ferrari from the shadows of money laundering and tax evasion. This grand leap into the crypto arena isn't just about making payments; it's about crafting an experience. For the new wave of crypto millionaires, Ferrari isn't just a car; it's a statement. It's the embodiment of innovation, performance, and style, values shared by both worlds. In this fusion of financial prowess and automotive excellence, Ferrari welcomes a new era of enthusiasts who understand that luxury extends beyond leather interiors and roaring engines. As Ferrari blazes this crypto trail, they're inviting the crypto-elite to ride shotgun on a journey that's emblematic of progress, embracing the future while never losing sight of the traditions that have made them a symbol of excellence. The crypto revolution is here, and Ferrari, the icon of the open road, is revving its engine to lead the way.

Driving in the future: Ferrari caters to the crypto elite

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday. A jury set to determine if he committed massive fraud by stealing billions of dollars from clients.

Cryptocurrency fraud: Bankman-Fried on trial

Fraudsters in the north Indian state of Himachal Pradesh allegedly defrauded multiple crypto investors of more than $24 million&nbsp;(Rs 200 crore) over five years, beginning in 2018. This period was marked by the rise in investor interest in cryptocurrencies.&nbsp;

 
The suspects, thought to be part of a criminal syndicate, enticed individuals with promises of high returns within a short timeframe by encouraging investments in KRO and DGT coins. They adopted a Ponzi-style scheme, luring initial investors to engage more investors to recruit others into the scheme.&nbsp; 
 
The matter was brought to light in the state legislature, or Vidhan Sabha, by independent legislator Hoshyar Singh, estimating the amount swindled in Kangra and Hamirpur alone to be over $24 million&nbsp;(Rs 200 crore), as reported by PTI.

Also read: <a href="https://www.wionews.com/india-news/delhi-police-registers-anti-terror-case-against-newsclick-raids-journalists-amid-china-funding-row-641971">Delhi Police registers anti-terror case against NewsClick, raids journalists amid China funding row</a>

The exact amount of the fraud is yet to be ascertained, said Deputy Inspector General of Police, Northern Range, Abhishek Dhullar, who heads the SIT, said on Monday (Oct 2).

 
So far, five people have been apprehended in connection with the fraud, but the mastermind is still at large, police said.&nbsp;

 
The frauds kept control of their operation using a combination of misinformation, deception, and threats to maintain control over their scheme and continued extorting money from unsuspecting investors by manipulating the prices of their coins, Dhullar added.

Also read:<a href="https://www.wionews.com/india-news/sanatana-dharma-is-the-only-religion-rest-all-sects-methods-of-worship-says-yogi-adityanath-641928">&nbsp;Sanatana Dharma is the only religion, rest all sects, methods of worship, says Yogi Adityanath</a>

The first coin they released was the "Korvio Coin," also known as KRO coins.

 
They demanded a one-time activation fee from the buyers and guaranteed them high returns. The scammers employed three to four cryptocurrencies over five years.

<h2>What is cryptocurrency?&nbsp;</h2>

Cryptocurrency is a type of digital money that operates as a means of exchange through a blockchain-based computer network and is not supported or maintained by any central authority, such as a bank or government.

<h2>Modus operandi</h2>

A Ponzi scheme is a specific kind of investment fraud in which returns are given to previous investors using the money that new investors have supplied rather than actual gains.

In Himachal, the fraudsters&nbsp;encouraged investors to keep recruiting new members, which created a cycle where money from new investments was used to pay returns to earlier investors and these initial investors got huge returns and became brand ambassadors of the scheme.

In order to list their coins and influence their pricing, the scammers also created bogus websites.

<h2>Investigation so far</h2>

"We are close to nabbing the kingpins of cryptocurrency scams in Himachal Pradesh and have mapped their assets and are conducting a financial investigation," Director General of Police Sanjay Kundu told PTI. 
 
&nbsp;"My advice to people is not to fall prey to the cryptocurrency fraudsters," he added.

 
In recent years, there have been several scams involving cryptocurrencies, including the well-known 2021 Squid coin hoax, in which the coin's creators allegedly made off with $23 million. 
 
(With inputs from agencies) 
&nbsp;

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Fraudsters in the north Indian state of Himachal Pradesh allegedly defrauded multiple crypto investors of more than $24 million (Rs 200 crore) over five years, beginning in 2018.

Fraudsters in the north Indian state of Himachal Pradesh allegedly defrauded multiple crypto investors of more than $24 million (Rs 200 crore) over five years, beginning in 2018. This period was marked by the rise in investor interest in cryptocurrencies. The suspects, thought to be part of a criminal syndicate, enticed individuals with promises of high returns within a short timeframe by encouraging investments in KRO and DGT coins. They adopted a Ponzi-style scheme, luring initial investors to engage more investors to recruit others into the scheme. The matter was brought to light in the state legislature, or Vidhan Sabha, by independent legislator Hoshyar Singh, estimating the amount swindled in Kangra and Hamirpur alone to be over $24 million (Rs 200 crore), as reported by PTI. Also read: Delhi Police registers anti-terror case against NewsClick, raids journalists amid China funding row The exact amount of the fraud is yet to be ascertained, said Deputy Inspector General of Police, Northern Range, Abhishek Dhullar, who heads the SIT, said on Monday (Oct 2). So far, five people have been apprehended in connection with the fraud, but the mastermind is still at large, police said. The frauds kept control of their operation using a combination of misinformation, deception, and threats to maintain control over their scheme and continued extorting money from unsuspecting investors by manipulating the prices of their coins, Dhullar added. Also read: Sanatana Dharma is the only religion, rest all sects, methods of worship, says Yogi Adityanath The first coin they released was the "Korvio Coin," also known as KRO coins. They demanded a one-time activation fee from the buyers and guaranteed them high returns. The scammers employed three to four cryptocurrencies over five years. What is cryptocurrency? Cryptocurrency is a type of digital money that operates as a means of exchange through a blockchain-based computer network and is not supported or maintained by any central authority, such as a bank or government. Modus operandi A Ponzi scheme is a specific kind of investment fraud in which returns are given to previous investors using the money that new investors have supplied rather than actual gains. In Himachal, the fraudsters encouraged investors to keep recruiting new members, which created a cycle where money from new investments was used to pay returns to earlier investors and these initial investors got huge returns and became brand ambassadors of the scheme. In order to list their coins and influence their pricing, the scammers also created bogus websites. Investigation so far "We are close to nabbing the kingpins of cryptocurrency scams in Himachal Pradesh and have mapped their assets and are conducting a financial investigation," Director General of Police Sanjay Kundu told PTI. "My advice to people is not to fall prey to the cryptocurrency fraudsters," he added. In recent years, there have been several scams involving cryptocurrencies, including the well-known 2021 Squid coin hoax, in which the coin's creators allegedly made off with $23 million. (With inputs from agencies) ×

India crypto fraud: Himachal Pradesh investors lose $24mn in a series of 'rug-pulls'

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries.

War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. &nbsp;

A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. &nbsp;

Developing countries lead crypto race

The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report.

For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'.

The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations".

Speaking to WION, Raj A Kapoor, the founder of India&nbsp;Blockchain&nbsp;Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor.

Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds.

Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries.&nbsp;

Global framework for crypto regulation

The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets".

Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing.

Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection.

While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day.

"A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story.

Kapoor opines&nbsp;that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets. The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries. War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. Developing countries lead crypto race The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report. For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'. The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations". Speaking to WION, Raj A Kapoor, the founder of India Blockchain Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor. Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds. Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries. Global framework for crypto regulation The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets". Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing. Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection. While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day. "A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story. Kapoor opines that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

Developing countries lead in crypto adoption, India ranks first: Report 

At a time when there are significant discussions over regulating crypto assets in the aftermath of the G20 summit, the latest report by a crypto research firm shows that less developed countries continue to lead in adopting cryptos. The latest edition of the global crypto adoption rate ranks India as the number one country in adopting crypto. Nigeria and Vietnam are in the second and third positions.

Developing countries embrace crypto

The G-20 leaders on Saturday decided on swift implementation of the reporting framework for crypto assets, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027.

The Crypto Asset Reporting Framework (CARF) or template is being developed to make sure that such non-financial assets are not used by tax evaders to conceal their unaccounted wealth.

"We call for the swift implementation of the CryptoAsset Reporting Framework ("CARF") and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions," said the G20 Leaders' declaration, which was adopted by consensus.&nbsp;

The leaders of 20 developing and developed nations have reaffirmed the commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/ukraine-war-g20-leaders-call-for-upholding-territorial-integrity-sovereignty-634125">Ukraine war: G20 leaders call for upholding territorial integrity, sovereignty of nations</a>

"We remain committed to the swift implementation of the two-pillar international tax package. Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm's length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two," the declaration said.

Briefing reporters after the summit, Finance Minister Nirmala Sitharaman said the G20 countries have made substantial progress on the two-pillar solution.

"Work has happened on exchange of information on immovable property transactions between countries. There is a launch of the pilot programme of the South Asia academy for tax and financial crime investigation in collaboration with the OECD," Ms Sitharaman said.

Under the global tax deal, about 140 countries, including India, have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum of 15 per cent rate. However, some vexed issues still need to be ironed out before its implementation.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/g20-summit-pm-modi-holds-bilateral-talks-with-uk-pm-rishi-sunak-634224">G20 Summit: PM Modi holds bilateral talks with UK PM Rishi Sunak</a>

The G20 countries called on the OECD to develop an inclusive framework to swiftly resolve the few pending issues relating to the MLC (multilateral convention) with a view to preparing the MLC for signature in the second half of 2023 and completing the work on Amount B by the end of 2023.

"We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognise the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and, in particular, welcome a plan for additional support and technical assistance for developing countries," the declaration said.

The G20 countries also took note of the OECD report on 'Enhancing International Tax Transparency on Real Estate' and the 'Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes'.

The OECD has suggested automatic exchange with regard to information on real estate assets among countries and the setting up of digitalised ownership registers accessible to designated relevant government agencies on a real-time basis amid concerns over investments in foreign real estate being used to "shelter undeclared assets".

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/delhi-g20-modi-biden-mbs-launch-inter-continent-economic-corridor-to-outfox-chinas-bri-634176">G20 Delhi summit: Why India-Middle East-Europe economic corridor is a 'real big deal'</a>

The report noted that there has been a significant increase in foreign-owned real estate assets over the past decade, and a lot of funds have been shifted from financial assets to buying foreign real assets.

The Global Forum report also called for countries to adopt a 'whole-of-government' approach to address the challenge of illicit financial flows through the sharing of information from tax authorities to non-tax agencies, like financial intelligence units, anti-corruption agencies, customs authorities and public prosecutors. 
 
India had been pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets like real estate properties, under the automatic exchange of information (AEOI) among OECD countries.&nbsp; 
 
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The G-20 leaders on Saturday decided on swift implementation of the reporting framework for crypto assets, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027.

The G-20 leaders on Saturday decided on swift implementation of the reporting framework for crypto assets, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027. The Crypto Asset Reporting Framework (CARF) or template is being developed to make sure that such non-financial assets are not used by tax evaders to conceal their unaccounted wealth. "We call for the swift implementation of the CryptoAsset Reporting Framework ("CARF") and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions," said the G20 Leaders' declaration, which was adopted by consensus. The leaders of 20 developing and developed nations have reaffirmed the commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century. ALSO READ | Ukraine war: G20 leaders call for upholding territorial integrity, sovereignty of nations "We remain committed to the swift implementation of the two-pillar international tax package. Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm's length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two," the declaration said. Briefing reporters after the summit, Finance Minister Nirmala Sitharaman said the G20 countries have made substantial progress on the two-pillar solution. "Work has happened on exchange of information on immovable property transactions between countries. There is a launch of the pilot programme of the South Asia academy for tax and financial crime investigation in collaboration with the OECD," Ms Sitharaman said. Under the global tax deal, about 140 countries, including India, have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum of 15 per cent rate. However, some vexed issues still need to be ironed out before its implementation. ALSO READ | G20 Summit: PM Modi holds bilateral talks with UK PM Rishi Sunak The G20 countries called on the OECD to develop an inclusive framework to swiftly resolve the few pending issues relating to the MLC (multilateral convention) with a view to preparing the MLC for signature in the second half of 2023 and completing the work on Amount B by the end of 2023. "We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognise the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and, in particular, welcome a plan for additional support and technical assistance for developing countries," the declaration said. The G20 countries also took note of the OECD report on 'Enhancing International Tax Transparency on Real Estate' and the 'Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes'. The OECD has suggested automatic exchange with regard to information on real estate assets among countries and the setting up of digitalised ownership registers accessible to designated relevant government agencies on a real-time basis amid concerns over investments in foreign real estate being used to "shelter undeclared assets". ALSO READ | G20 Delhi summit: Why India-Middle East-Europe economic corridor is a 'real big deal' The report noted that there has been a significant increase in foreign-owned real estate assets over the past decade, and a lot of funds have been shifted from financial assets to buying foreign real assets. The Global Forum report also called for countries to adopt a 'whole-of-government' approach to address the challenge of illicit financial flows through the sharing of information from tax authorities to non-tax agencies, like financial intelligence units, anti-corruption agencies, customs authorities and public prosecutors. India had been pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets like real estate properties, under the automatic exchange of information (AEOI) among OECD countries. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G20 Summit: Leaders decide on swift implementation of crypto reporting framework

A disgraced Turkish crypto founder who fled to Albania and his two brothers have been sentenced to 11,196 years in jail each, the Anadolu state news agency reported Friday.

Prosecutors had asked for Thodex boss&nbsp;Faruk&nbsp;Fatih&nbsp;Ozer, 29, to be sentenced to 40,562 years in prison for money laundering, fraud and establishing a criminal organisation.

"If I were to establish a criminal organisation, I would not have acted so amateurishly," Anadolu quoted&nbsp;Ozer&nbsp;as telling the court.

His two brothers, Serap and Guven, received the same sentence, which was issued late Thursday after a brief trial, Turkish media reports said.

Turkey is known for issuing massive prison sentences, which became more common after it abolished the death penalty in 2004 to help its efforts to join the European Union.

Ozer&nbsp;was initially reported to have fled Turkey in April 2021 with $2 billion in investor assets, although that figure has since been disputed.

Prosecutors said&nbsp;Ozer&nbsp;had transferred 250 million liras in user assets (worth about $30 million at the time) to three secret accounts when he fled Turkey in April 2021, with much of the money ending up in a Malta bank.

The indictment said the&nbsp;Ozer&nbsp;brothers had caused 356 million liras of damage to clients in all.

The case grabbed local headlines because it coincided with a Turkish crypto boom that has since largely subsided due to heavier government regulation.

Turks began turning to various crypto currencies as a defence against a deep slide in the value of the lira that began more than two years ago.

Ozer&nbsp;gained further celebrity status after being pictured meeting with ultranationalist pro-government figures.

He was arrested last year in Albania on an international arrest warrant from Interpol.

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A disgraced Turkish crypto founder who fled to Albania and his two brothers have been sentenced to 11,196 years in jail each, the Anadolu state news agency reported Friday.

A disgraced Turkish crypto founder who fled to Albania and his two brothers have been sentenced to 11,196 years in jail each, the Anadolu state news agency reported Friday. Prosecutors had asked for Thodex boss Faruk Fatih Ozer, 29, to be sentenced to 40,562 years in prison for money laundering, fraud and establishing a criminal organisation. "If I were to establish a criminal organisation, I would not have acted so amateurishly," Anadolu quoted Ozer as telling the court. His two brothers, Serap and Guven, received the same sentence, which was issued late Thursday after a brief trial, Turkish media reports said. Turkey is known for issuing massive prison sentences, which became more common after it abolished the death penalty in 2004 to help its efforts to join the European Union. Ozer was initially reported to have fled Turkey in April 2021 with $2 billion in investor assets, although that figure has since been disputed. Prosecutors said Ozer had transferred 250 million liras in user assets (worth about $30 million at the time) to three secret accounts when he fled Turkey in April 2021, with much of the money ending up in a Malta bank. The indictment said the Ozer brothers had caused 356 million liras of damage to clients in all. The case grabbed local headlines because it coincided with a Turkish crypto boom that has since largely subsided due to heavier government regulation. Turks began turning to various crypto currencies as a defence against a deep slide in the value of the lira that began more than two years ago. Ozer gained further celebrity status after being pictured meeting with ultranationalist pro-government figures. He was arrested last year in Albania on an international arrest warrant from Interpol. WATCH WION LIVE HERE

Turkish crypto boss sentenced to 11,196 years in jail

The finance minister of India announced on Tuesday (September 5)&nbsp;that discussions are in progress for establishing a global framework to regulate crypto assets. She emphasised that effective regulation of cryptocurrencies would necessitate cooperation from all nations.

"India's (G20) presidency has put on the table key issues related to regulating or understanding that there should be a&nbsp;framework&nbsp;for handling issues related to&nbsp;crypto&nbsp;assets," Nirmala Sitharaman said at an event in the financial capital of Mumbai.

"Active discussions are happening," she added.&nbsp;

<h2>Delhi Metro operations</h2>

In preparation for the upcoming G20 Summit in New Delhi, the Delhi Police had&nbsp;taken steps with regard to Metro stations to enhance security measures, which they have now withdrawn.

They had previously requested the&nbsp;closure of certain metro stations and gates during the upcoming G20 summit<a href="https://indianexpress.com/article/cities/delhi/delhi-metro-station-gates-remain-shut-g20-summit-sept-8-10-8923203/">&nbsp;</a>in the city.

“The request letter for the closure of gates of 39 Metro Stations which was made vide this office letter…dated 02.09.2023 is hereby withdrawn administrative grounds,” the new order&nbsp;reads.&nbsp;

They had earlier&nbsp;instructed the Chief Security Commissioner to close certain metro station gates that provide access to the VVIP routes. According to a report by ANI, DCP Metro G Ram Gopal Naik sent a letter identifying 39 stations where action was necessary. Notably, stations such as Supreme Court, Janpath, Bhikaji Cama Place, Khan Market, and Dhaula Kuan had&nbsp;been categorised as "Sensitive stations."

The G20 Summit, scheduled to take place over two days starting on September 9, will host leaders and delegates from 40 countries, including the 20 member states. Prominent world leaders like US President Joe Biden, Canadian PM Justin Trudeau, French President Emmanuel Macron, as well as heads of international organisations like the World Bank and IMF, will attend the event.

Also watch |&nbsp;China signals Xi Jinping will not attend G20 summit in India

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New Delhi has been preparing for the G20 Summit for several months, which includes training personnel who will be deployed during the event. Additionally, preparations involve beautification efforts, such as planting ornamental plants at traffic roundabouts and fountains.

"All metro stations will operate except the Supreme Court metro station. We could close certain gates at sensitive areas but this is subject to security restrictions. This will be done for 10-15 mins only. Other operations will run smoothly,” Special Commissioner of Police (Traffic) Surender Singh Yadav told the Indian Express.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/g20-summit-in-delhi-trends-show-gaps-in-leaders-attendance-each-year-631820">G20 summit in Delhi: Trends show gaps in leaders’ attendance each year</a>

In anticipation of increased passenger traffic during the summit, the Delhi Metro Rail Corporation has announced the sale of "Tourist smart cards" from September 4 to 13 at 36 dedicated metro station counters. These cards will continue to be available on regular days as well and will be sold for a period of 10 days.

(With inputs from agencies)

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The finance minister of India announced on Tuesday (September 5) that discussions are in progress for establishing a global framework to regulate crypto assets. She emphasised that effective regulation of cryptocurrencies would necessitate cooperation from all nations.

The finance minister of India announced on Tuesday (September 5) that discussions are in progress for establishing a global framework to regulate crypto assets. She emphasised that effective regulation of cryptocurrencies would necessitate cooperation from all nations. "India's (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets," Nirmala Sitharaman said at an event in the financial capital of Mumbai. "Active discussions are happening," she added. Delhi Metro operations In preparation for the upcoming G20 Summit in New Delhi, the Delhi Police had taken steps with regard to Metro stations to enhance security measures, which they have now withdrawn. They had previously requested the closure of certain metro stations and gates during the upcoming G20 summit in the city. “The request letter for the closure of gates of 39 Metro Stations which was made vide this office letter…dated 02.09.2023 is hereby withdrawn administrative grounds,” the new order reads. They had earlier instructed the Chief Security Commissioner to close certain metro station gates that provide access to the VVIP routes. According to a report by ANI, DCP Metro G Ram Gopal Naik sent a letter identifying 39 stations where action was necessary. Notably, stations such as Supreme Court, Janpath, Bhikaji Cama Place, Khan Market, and Dhaula Kuan had been categorised as "Sensitive stations." The G20 Summit, scheduled to take place over two days starting on September 9, will host leaders and delegates from 40 countries, including the 20 member states. Prominent world leaders like US President Joe Biden, Canadian PM Justin Trudeau, French President Emmanuel Macron, as well as heads of international organisations like the World Bank and IMF, will attend the event. Also watch | China signals Xi Jinping will not attend G20 summit in India New Delhi has been preparing for the G20 Summit for several months, which includes training personnel who will be deployed during the event. Additionally, preparations involve beautification efforts, such as planting ornamental plants at traffic roundabouts and fountains. "All metro stations will operate except the Supreme Court metro station. We could close certain gates at sensitive areas but this is subject to security restrictions. This will be done for 10-15 mins only. Other operations will run smoothly,” Special Commissioner of Police (Traffic) Surender Singh Yadav told the Indian Express. Also read | G20 summit in Delhi: Trends show gaps in leaders’ attendance each year In anticipation of increased passenger traffic during the summit, the Delhi Metro Rail Corporation has announced the sale of "Tourist smart cards" from September 4 to 13 at 36 dedicated metro station counters. These cards will continue to be available on regular days as well and will be sold for a period of 10 days. (With inputs from agencies) WATCH WION LIVE HERE:

G20 chair India to engage in discussions for global crypto regulatory framework

Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest reveals that there are 63 million female cryptocurrency owners in India, accounting for 9.2 per cent of the female population of around 685 million.

Nearly 10 per cent of Indian women own crypto currency

PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions. After the announcement, PayPal’s share hiked 2.66 percent

PayPal USD, a Stablecoin backed by US dollar deposits and short-term US Treasuries, will be released by Paxos Trust Co. PayPal consumers in the United States will progressively be allowed to use it.

Paxos will begin publishing a public monthly reserve report for PayPal USD in September 2023, outlining the instruments that comprise the reserves. Paxos will also provide a public third-party attestation of the value of PayPal USD reserve assets available to the public.

An independent third-party accounting firm will grant the attestation, conducting it in accordance with the attestation requirements of the American Institute of Certified Public Accountants (AICPA).

Moreover, PayPal USD reserves are completely guaranteed by US dollar deposits, US Treasuries, and comparable cash equivalents, and PayPal USD can be bought or traded at a rate of $1.00 per PayPal USD through PayPal.

The token may be redeemed for US dollars at any moment, and it can also be used to purchase and sell other cryptocurrencies available on PayPal's network, including bitcoin.

"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said Dan Schulman, president and CEO, PayPal. "Our commitment to responsible innovation and compliance, and our track record of delivering new experiences to our customers provide the foundation necessary to contribute to the growth of digital payments through PayPal USD."

Stablecoins navigate regulatory and industrial challenges.

Stablecoins are crypto tokens whose monetary value is pegged to a stable asset, which protects the coin from market volatility that occurs in the market. Notably, these coins are still in their initial stages of making headway into mainstream consumer payment ecosystems.

Consumers predominantly use Stablecoins for trading other cryptocurrencies like bitcoin and ether, leading to struggles within the Stablecoin market. The world’s largest Stablecoin is Tether, followed by USD Coin, which is issued by crypto provider Circle.

Furthermore, attempts by big mainstream firms to create Stablecoins in the past have been greeted with significant criticism from financial authorities and legislators. Meta's, formerly Facebook's, intentions to introduce a Stablecoin, Libra, in 2019 were thwarted when authorities voiced concerns that it would disrupt global financial stability.

Since then, a slew of major economies, from the United Kingdom to the European Union, have established legislation to oversee Stablecoins. The EU's regulations will take effect in June 2024.

However, now that PayPal is stepping into the spotlight, experts anticipate increased attention from regulatory bodies like the Federal Reserve and the Securities and Exchange Commission.

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PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions.

PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions. After the announcement, PayPal’s share hiked 2.66 percent PayPal USD, a Stablecoin backed by US dollar deposits and short-term US Treasuries, will be released by Paxos Trust Co. PayPal consumers in the United States will progressively be allowed to use it. Paxos will begin publishing a public monthly reserve report for PayPal USD in September 2023, outlining the instruments that comprise the reserves. Paxos will also provide a public third-party attestation of the value of PayPal USD reserve assets available to the public. An independent third-party accounting firm will grant the attestation, conducting it in accordance with the attestation requirements of the American Institute of Certified Public Accountants (AICPA). Moreover, PayPal USD reserves are completely guaranteed by US dollar deposits, US Treasuries, and comparable cash equivalents, and PayPal USD can be bought or traded at a rate of $1.00 per PayPal USD through PayPal. The token may be redeemed for US dollars at any moment, and it can also be used to purchase and sell other cryptocurrencies available on PayPal's network, including bitcoin. "The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said Dan Schulman, president and CEO, PayPal. "Our commitment to responsible innovation and compliance, and our track record of delivering new experiences to our customers provide the foundation necessary to contribute to the growth of digital payments through PayPal USD." Stablecoins navigate regulatory and industrial challenges. Stablecoins are crypto tokens whose monetary value is pegged to a stable asset, which protects the coin from market volatility that occurs in the market. Notably, these coins are still in their initial stages of making headway into mainstream consumer payment ecosystems. Consumers predominantly use Stablecoins for trading other cryptocurrencies like bitcoin and ether, leading to struggles within the Stablecoin market. The world’s largest Stablecoin is Tether, followed by USD Coin, which is issued by crypto provider Circle. Furthermore, attempts by big mainstream firms to create Stablecoins in the past have been greeted with significant criticism from financial authorities and legislators. Meta's, formerly Facebook's, intentions to introduce a Stablecoin, Libra, in 2019 were thwarted when authorities voiced concerns that it would disrupt global financial stability. Since then, a slew of major economies, from the United Kingdom to the European Union, have established legislation to oversee Stablecoins. The EU's regulations will take effect in June 2024. However, now that PayPal is stepping into the spotlight, experts anticipate increased attention from regulatory bodies like the Federal Reserve and the Securities and Exchange Commission. WATCH WION LIVE HERE

PayPal launches Stablecoin backed by US dollar

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported. The ruling by U.S. District Judge Analisa Torres marked the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission (SEC). However, the SEC did secure a partial victory as well.

Following the announcement of the ruling, XRP experienced a surge in value, increasing by 75 per cent, according to Refinitiv Eikon data. The decision is specific to the facts of the case but is expected to provide ammunition for other crypto firms involved in similar battles with the SEC regarding the jurisdiction of their products.

Case details

The SEC accused Ripple and its current and former chief executives of conducting an unregistered securities offering worth $1.3 billion by selling XRP, which was created in 2012. The cryptocurrency industry has closely watched the case, which disputes the SEC's claim that most crypto tokens are securities subject to strict investor protection rules.

Judge Torres ruled that Ripple's sales of XRP on public cryptocurrency exchanges did not qualify as offers of securities under the law, as purchasers did not have a reasonable expectation of profit tied to Ripple's efforts. She referred to the sales as 'blind bid/ask transactions,' where buyers were unaware if their payments went to Ripple or other sellers of XRP.

Unregistered sales of securities

However, the judge also found that Ripple's sales of XRP to hedge funds and other sophisticated buyers, amounting to $728.9 million, constituted unregistered sales of securities. She stated that Ripple's marketing targeted institutional investors, promoting a speculative value proposition for XRP that relied on the company's efforts to develop the underlying blockchain infrastructure.

While the ruling is seen as a major victory for Ripple, the case involving Garlinghouse and Larsen aiding the company's violation of the law will proceed to trial. The defendants cannot argue at trial that they lacked 'fair notice' regarding XRP's classification as a cryptocurrency.

Surging crypto value since verdict

Coinbase, the largest U.S. cryptocurrency exchange, announced that it would resume trading of XRP on its platform in response to the court ruling. Coinbase's stock surged by 24 per cent and closed at $107 per share following the news on Thursday.

The ruling has prompted calls from the crypto industry for Congress to clarify the status of digital assets and establish clear rules for tokens. The outcome of the Ripple case has given optimism to market participants, boosting the shares of various cryptocurrency and blockchain-related companies such as Riot Platforms, Marathon Digital Holdings, Microstrategy, and Hut 8 Mining.

In the aftermath of the ruling, Bitcoin, the largest cryptocurrency, rose by 4.1 per cent to $31,584, while Ethereum, the second-largest cryptocurrency, increased by 6.43 per cent to $1,993.3.

(With Inputs from Reuters)

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported.

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported. The ruling by U.S. District Judge Analisa Torres marked the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission (SEC). However, the SEC did secure a partial victory as well. Following the announcement of the ruling, XRP experienced a surge in value, increasing by 75 per cent, according to Refinitiv Eikon data. The decision is specific to the facts of the case but is expected to provide ammunition for other crypto firms involved in similar battles with the SEC regarding the jurisdiction of their products. Case details The SEC accused Ripple and its current and former chief executives of conducting an unregistered securities offering worth $1.3 billion by selling XRP, which was created in 2012. The cryptocurrency industry has closely watched the case, which disputes the SEC's claim that most crypto tokens are securities subject to strict investor protection rules. Judge Torres ruled that Ripple's sales of XRP on public cryptocurrency exchanges did not qualify as offers of securities under the law, as purchasers did not have a reasonable expectation of profit tied to Ripple's efforts. She referred to the sales as 'blind bid/ask transactions,' where buyers were unaware if their payments went to Ripple or other sellers of XRP. Unregistered sales of securities However, the judge also found that Ripple's sales of XRP to hedge funds and other sophisticated buyers, amounting to $728.9 million, constituted unregistered sales of securities. She stated that Ripple's marketing targeted institutional investors, promoting a speculative value proposition for XRP that relied on the company's efforts to develop the underlying blockchain infrastructure. While the ruling is seen as a major victory for Ripple, the case involving Garlinghouse and Larsen aiding the company's violation of the law will proceed to trial. The defendants cannot argue at trial that they lacked 'fair notice' regarding XRP's classification as a cryptocurrency. Surging crypto value since verdict Coinbase, the largest U.S. cryptocurrency exchange, announced that it would resume trading of XRP on its platform in response to the court ruling. Coinbase's stock surged by 24 per cent and closed at $107 per share following the news on Thursday. The ruling has prompted calls from the crypto industry for Congress to clarify the status of digital assets and establish clear rules for tokens. The outcome of the Ripple case has given optimism to market participants, boosting the shares of various cryptocurrency and blockchain-related companies such as Riot Platforms, Marathon Digital Holdings, Microstrategy, and Hut 8 Mining. In the aftermath of the ruling, Bitcoin, the largest cryptocurrency, rose by 4.1 per cent to $31,584, while Ethereum, the second-largest cryptocurrency, increased by 6.43 per cent to $1,993.3. (With Inputs from Reuters)

Ripple 'Ripples' the market: Landmark legal win sends XRP soaring

There's a major development in the crypto industry. One that may have a longstanding impact on the sector. In a landmark judgment, a US Court ruled tech firm ripple labs did not violate federal securities law by selling its 'XRP' token on public exchanges.

Big verdict in favour of ripple labs vs US sec

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, is all set to face a trial, starting October 2. A federal court has rejected his bid to throw out most of the criminal cases, which accused him of fraud.

FTX Fraud Saga: Sam Bankman-Fried to face trial from October 2

A mobile store owner from Maharashtra's Thane district who lost Rs 36 lakh (US$43,953)&nbsp;in a cryptocurrency fraud more than a year ago has recovered all of his money after the police solved the case and found that&nbsp;a Chinese national was responsible for the wrongdoing.

The investigation in the case was conducted by the Mira Bhayandar-Vasai Virar (MBVV) police commissionerate's cyber cell, reported PTI.

As per&nbsp;Sujitkumar Gunjkar, senior inspector of the MBVV cyber cell, the victim was lured&nbsp;into cryptocurrency trading in February 2022 after he joined a WhatsApp group for cryptocurrency dealers.

The group administrator, a woman, contacted him and sought investment&nbsp;in a cryptocurrency that promised lucrative returns.

“Falling prey to the tactics, the victim invested the money through a mobile app and bought cryptocurrency worth $39,596,” Gunjkar&nbsp;told PTI.&nbsp;

The WhatsApp group was shut down in May of last year, and the official said that despite several attempts, he was unable to get in touch with the group administrator.&nbsp;

“The victim then realised that he has been cheated. After that, he approached the cyber police and lodged a complaint. A probe was launched and worked on various leads. During the process, the police came across OKX, a Seychelles-registered cryptocurrency exchange,” Gunjkar said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-sec-goes-after-coinbase-just-one-day-after-suing-binance-601474">US SEC goes after crypto exchange Coinbase, just one day after suing Binance</a>

<h2>How did the cops solve the case?</h2>

The cops discovered a suspicious bitcoin wallet while conducting their investigation. The wallet belonged to a Chinese citizen, the police learned after speaking with OKX, the senior inspector added. A cryptocurrency wallet, which can be hardware or software and come in many forms and sizes, allows users to store and access digital money.

A case under the Indian Penal Code (IPC) sections 420 (cheating) and 34 (common intention) was redistered at the Kashimira police station as a&nbsp;result of the complaint and inquiry, the officer said. After gathering information about the offence and its implications, the cyber cell went to the local court. They informed the court that the victim's money was in the Chinese national's wallet and that the victim had been contacted by Hong Kong-based numbers, he said.

Also watch |&nbsp;US regulators crackdown on cryptocurrency exchanges

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The court directed that the Rs 36 lakh (US$43,953)&nbsp;in cryptocurrencies be restored to the complainant after reviewing the arguments presented by the cyber cell. The money was thus found and returned to the victim a few days ago.

(With inputs from agencies) 
 
 
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A mobile store owner from Maharashtra's Thane district who lost Rs 36 lakh (US$43,953) in a cryptocurrency fraud more than a year ago has recovered all of his money after the police solved the case and found that a Chinese national was responsible for the wrongdoing.

A mobile store owner from Maharashtra's Thane district who lost Rs 36 lakh (US$43,953) in a cryptocurrency fraud more than a year ago has recovered all of his money after the police solved the case and found that a Chinese national was responsible for the wrongdoing. The investigation in the case was conducted by the Mira Bhayandar-Vasai Virar (MBVV) police commissionerate's cyber cell, reported PTI. As per Sujitkumar Gunjkar, senior inspector of the MBVV cyber cell, the victim was lured into cryptocurrency trading in February 2022 after he joined a WhatsApp group for cryptocurrency dealers. The group administrator, a woman, contacted him and sought investment in a cryptocurrency that promised lucrative returns. “Falling prey to the tactics, the victim invested the money through a mobile app and bought cryptocurrency worth $39,596,” Gunjkar told PTI. The WhatsApp group was shut down in May of last year, and the official said that despite several attempts, he was unable to get in touch with the group administrator. “The victim then realised that he has been cheated. After that, he approached the cyber police and lodged a complaint. A probe was launched and worked on various leads. During the process, the police came across OKX, a Seychelles-registered cryptocurrency exchange,” Gunjkar said. Also read | US SEC goes after crypto exchange Coinbase, just one day after suing Binance How did the cops solve the case? The cops discovered a suspicious bitcoin wallet while conducting their investigation. The wallet belonged to a Chinese citizen, the police learned after speaking with OKX, the senior inspector added. A cryptocurrency wallet, which can be hardware or software and come in many forms and sizes, allows users to store and access digital money. A case under the Indian Penal Code (IPC) sections 420 (cheating) and 34 (common intention) was redistered at the Kashimira police station as a result of the complaint and inquiry, the officer said. After gathering information about the offence and its implications, the cyber cell went to the local court. They informed the court that the victim's money was in the Chinese national's wallet and that the victim had been contacted by Hong Kong-based numbers, he said. Also watch | US regulators crackdown on cryptocurrency exchanges The court directed that the Rs 36 lakh (US$43,953) in cryptocurrencies be restored to the complainant after reviewing the arguments presented by the cyber cell. The money was thus found and returned to the victim a few days ago. (With inputs from agencies) WATCH WION LIVE HERE:

Case cracked: Man gets back $43K (Rs 36 lakh) lost in crypto fraud. Here’s how

US regulators are alleging violations against crypto exchanges. Traditional banks have limited their work with cryptocurrency. Is US trying to kill cryptocurrency? Mohammad Saleh reports.

Gravitas: US regulators crackdown on cryptocurrency exchanges

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry.

The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets.

"The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC.

Watch | US sues Binance, founder Zhao alleging securities law violations

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On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them.

<h2>Lawsuit rattles Coinbase customers</h2>

Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit

Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance."

On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme.

Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year.

The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors.

Also Read | <a href="https://www.wionews.com/business-economy/explained-us-charges-crypto-giant-binance-with-violating-securities-laws-whats-the-case-601095">Explained: US charges crypto giant Binance with violating securities laws. What's the case?</a>

The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions.

The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming

"You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement.

(With inputs from agencies)

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Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country.

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry. The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets. "The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC. Watch | US sues Binance, founder Zhao alleging securities law violations × On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them. Lawsuit rattles Coinbase customers Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance." On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme. Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year. The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors. Also Read | Explained: US charges crypto giant Binance with violating securities laws. What's the case? The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions. The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming "You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US SEC goes after crypto exchange Coinbase, just one day after suing Binance

In Pics | Countries that have legalised cryptocurrencies

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for&nbsp;the world's largest cryptocurrency platform.&nbsp;&nbsp;

According to a Reuters report, Binance allegedly&nbsp;commingled customer funds with company revenue in 2020 and 2021, in violation of US financial rules that require companies to keep them separate.&nbsp;

In simple terms, commingling means mixing customer and corporate funds. This is a grey area in financing and makes it difficult for outsiders to know whether a company is healthy or not. Under the US law, commingling is considered illegal for companies. A company found commingling can lose liability protection and creditors may be able to make a claim against its personal assets.

However, Binance has denied commingling allegations, calling the Reuters&nbsp;report "weak". The company said that there was no commingling of funds, adding that it was "100 percent corporate funds".&nbsp;

<blockquote class="twitter-tweet">
Let me explain just how desperate a journalist <a href="https://twitter.com/Reuters?ref_src=twsrc%5Etfw">@Reuters</a> is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a…
— Patrick Hillmann (@PRHillmann) <a href="https://twitter.com/PRHillmann/status/1660987014626287617?ref_src=twsrc%5Etfw">May 23, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Binance Communications Head Patrick Hillman dubbed the Reuters report as a "1000 words of conspiracy theories with zero evidence other than a 'former insider'" and accused the news agency of "making stuff up".&nbsp;

A Reuters report, quoting unnamed sources, alleged that the cryptocurrency platform commingled sums that ran into billions of dollars on an almost daily basis in accounts the exchange held at failed US lender Silvergate Bank.

The news agency reviewed a bank record showing that on February 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money.

According to the report, Binance converted the commingled money into the dollar-linked token BUSD between 2020 and 2021.&nbsp;BUSD are “stablecoins” that are backed by dollars and designed to hold a steady value.

The money flows at Binance indicated a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators told Reuters.

Silvergate, the crypto-friendly bank&nbsp;on its way to closing&nbsp;down, became the lead banker for the crypto exchange in 2019, when it allowed US customers to trade on its platform. Binance,&nbsp;which was initially outside of the global financial system, was compelled to open conventional bank accounts to deposit the dollars it received from clients and to finance investments.&nbsp;

The reports of commingling by Binance is a potential red flag for investors and highlights the regulatory grey area that exists in the crypto space.&nbsp;

In December 2022, the founder of bankrupt FTX crypto exchange, Sam Bankman-Fried, was also accused of commingling client funds. According to US authorities, he used commingled funds to finance venture capital investments, political donations and real estate purchases.

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for the world's largest cryptocurrency platform.

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for the world's largest cryptocurrency platform. According to a Reuters report, Binance allegedly commingled customer funds with company revenue in 2020 and 2021, in violation of US financial rules that require companies to keep them separate. In simple terms, commingling means mixing customer and corporate funds. This is a grey area in financing and makes it difficult for outsiders to know whether a company is healthy or not. Under the US law, commingling is considered illegal for companies. A company found commingling can lose liability protection and creditors may be able to make a claim against its personal assets. However, Binance has denied commingling allegations, calling the Reuters report "weak". The company said that there was no commingling of funds, adding that it was "100 percent corporate funds". Let me explain just how desperate a journalist @Reuters is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a… — Patrick Hillmann (@PRHillmann) May 23, 2023 Binance Communications Head Patrick Hillman dubbed the Reuters report as a "1000 words of conspiracy theories with zero evidence other than a 'former insider'" and accused the news agency of "making stuff up". A Reuters report, quoting unnamed sources, alleged that the cryptocurrency platform commingled sums that ran into billions of dollars on an almost daily basis in accounts the exchange held at failed US lender Silvergate Bank. The news agency reviewed a bank record showing that on February 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money. According to the report, Binance converted the commingled money into the dollar-linked token BUSD between 2020 and 2021. BUSD are “stablecoins” that are backed by dollars and designed to hold a steady value. The money flows at Binance indicated a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators told Reuters. Silvergate, the crypto-friendly bank on its way to closing down, became the lead banker for the crypto exchange in 2019, when it allowed US customers to trade on its platform. Binance, which was initially outside of the global financial system, was compelled to open conventional bank accounts to deposit the dollars it received from clients and to finance investments. The reports of commingling by Binance is a potential red flag for investors and highlights the regulatory grey area that exists in the crypto space. In December 2022, the founder of bankrupt FTX crypto exchange, Sam Bankman-Fried, was also accused of commingling client funds. According to US authorities, he used commingled funds to finance venture capital investments, political donations and real estate purchases.

Binance commingled customer funds and company revenue, says report; company denies claims

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains.

PepeCoin, inspired by a frog named 'Pepe', which often features in&nbsp;internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5.

PepeCoin is a memecoin -- coins based on popular internet memes. Memecoins came into prominence through dogecoin, which has been patronised by Twitter owner Elon Musk.&nbsp;

PepeCoin's performance has sparked renewed investor interest in memecoin category&nbsp;as a whole. Their overall trading volumes have jumped to $2.6 billion in the first week of May from $408,000 the week before.&nbsp;

However, market players have warned that traders and investors could get badly burned by memecoins. They argue that they lack practical use beyond speculation, distinguishing them from more mainstream coins like bitcoin and ether.

Regulatory fears&nbsp;

Recently, crypto prices came&nbsp;under selling pressure after investors weighed a news report about two of the biggest institutional liquidity providers dialing back their crypto-trading businesses in the United States.

Jane Street and Jump Crypto, two of the biggest crypto market makers, have said they will take a step back from crypto trading in the United States, where regulators continue their crackdown on the nascent industry.

Just a few months back, the US Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, had issued a joint statement warning banks of the liquidity risks associated with banking crypto firms.

(With agency inputs)

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains. PepeCoin, inspired by a frog named 'Pepe', which often features in internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains. PepeCoin, inspired by a frog named 'Pepe', which often features in internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5. PepeCoin is a memecoin -- coins based on popular internet memes. Memecoins came into prominence through dogecoin, which has been patronised by Twitter owner Elon Musk. PepeCoin's performance has sparked renewed investor interest in memecoin category as a whole. Their overall trading volumes have jumped to $2.6 billion in the first week of May from $408,000 the week before. However, market players have warned that traders and investors could get badly burned by memecoins. They argue that they lack practical use beyond speculation, distinguishing them from more mainstream coins like bitcoin and ether. Regulatory fears Recently, crypto prices came under selling pressure after investors weighed a news report about two of the biggest institutional liquidity providers dialing back their crypto-trading businesses in the United States. Jane Street and Jump Crypto, two of the biggest crypto market makers, have said they will take a step back from crypto trading in the United States, where regulators continue their crackdown on the nascent industry. Just a few months back, the US Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, had issued a joint statement warning banks of the liquidity risks associated with banking crypto firms. (With agency inputs)

Move over Dogecoin: Memecoin PepeCoin jumps 7,000% since its 16 April debut

Bitcoin dropped below the crucial $27,000 level as regulatory concerns weighed on the cryptocurrency market. Ethereum also experienced a 3.1% loss, trading below $1,800. Jane Street and Jump Crypto, major market makers, announced their retreat from crypto trading in the US due to regulatory crackdowns. Despite the downward moves, crypto backers remain unfazed. Analysts are closely monitoring the $25,200 level as a significant support threshold. The joint warning from regulatory authorities earlier about liquidity risks associated with banking crypto firms adds to the challenges faced by the industry.

Cryptos caught in regulatory crosshairs

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