Newsfeed

The Securities and Futures Commission (SFC) in Hong Kong has issued a public warning regarding fraudulent websites impersonating licensed crypto exchanges in the region. On March 4, the SFC alerted the public about suspicious websites posing as HSKEX and OSL Digital Securities Limited, two licensed crypto trading platforms. The fraudulent websites were added to the SFC's Suspicious Virtual Asset Trading Platforms Alert List after reports emerged of users experiencing difficulties withdrawing funds and encountering excessive fees and taxes on the fake platforms. In response, the Hong Kong Police Force has taken action to block access to these fraudulent websites. Investors are urged to exercise caution and conduct thorough due diligence before engaging with any virtual asset trading platform to avoid falling victim to scams. This warning comes amidst a significant increase in virtual asset-related crimes in Hong Kong, nearly tripling since 2021, although specific statistics on arrests...

Minister of Treasury and Finance Mehmet Şimşek has provided insights into Turkey's cryptocurrency regulation efforts, indicating that new legislation is likely to proceed through Parliament following the upcoming election. In a joint broadcast with Habertürk TV and Bloomberg HT, Şimşek emphasized the government's approach of regulation over prohibition, stating that many developing nations have sought guidance from Turkey on the proposed draft. Highlighting the international perspective, Şimşek mentioned an upcoming visit by the Financial Action Task Force (FATF) delegation in April-May for an on-site inspection. He expressed optimism that Turkey could be removed from the FATF's gray list by June 2024, provided political factors do not intervene. In addressing market stability, Şimşek reassured that the government is focused on maintaining a balanced approach, avoiding tax regulations that could disrupt the markets. He emphasized ongoing efforts to ensure fairness in taxation across...

Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has urged the Ministry of Finance to review cryptocurrency taxation policies, signaling the increasing significance of crypto in the country's economy. Executive members at Bappebti cite crypto's anticipated integration into the financial sector as a reason for reassessing the 0.11% value-added tax and 0.1% income tax on crypto transactions. Despite generating approximately $2.49 million in government revenue from crypto taxes in January alone, Bappebti emphasizes the need for annual reviews of these taxes to align with standard tax evaluation practices. Implemented in April 2022, these taxes aimed to treat crypto as a commodity rather than a currency, in line with the Trade Ministry's definition. As Indonesia witnesses a rise in crypto adoption, with the number of crypto holders surpassing 12.4 million in 2023, the government's response to taxation will impact the regulatory landscape and market dynamics, shaping the...

Binance, the world's largest crypto exchange, faces mounting challenges as Nigeria's House of Representatives Committee on Financial Crimes demands CEO Richard Teng's appearance by March 4th. The Central Bank of Nigeria accuses Binance of involvement in money laundering and terrorism financing, prompting the committee's call to action. Committee Chairman Ginger Onwusibe emphasized the constitutional mandate to protect Nigerians from financial crimes, warning of consequences if Teng fails to comply. Nigeria, grappling with recession and tax collection challenges, aims to safeguard its finances and investors from predatory practices. The move against Binance follows a historic $4.3 billion fine imposed by a US federal judge for lapses in internal controls, including failure to report suspicious transactions. Nigeria's actions signal a broader international crackdown on Binance, with the Nigerian Communications Commission ordering telecom companies to block access to the exchange....

Elon Musk has filed a lawsuit against OpenAI and its CEO, Sam Altman, alleging a breach of their founding principles. Musk contends that OpenAI's recent partnership with Microsoft and its shift towards commercial interests contradict its original mission of promoting open-source artificial general intelligence (AGI) for the benefit of humanity. The lawsuit, filed in San Francisco Superior Court, accuses OpenAI of breach of contract, breach of fiduciary duty, and unfair business practices. Musk demands that OpenAI revert to its open-source ethos and seeks an injunction to prevent the exploitation of AGI technology for profit. He highlights the release of GPT-4 in March 2023 as a significant departure from OpenAI's principles, citing its closed-source nature as serving Microsoft's financial interests. Musk's critique of OpenAI's board composition and the events surrounding Altman's reinstatement as CEO reflects broader skepticism about the organization's governance and alignment with...

BITUNIX, a leading cryptocurrency derivatives trading platform, announces its expansion into the Latin American market, providing users with a secure and accessible platform for spot and futures trading. With over 180 cryptocurrencies available for trading and the option for direct purchases using Visa and Mastercard, BITUNIX aims to offer diversified opportunities and easy access to digital assets. Notably, the platform does not require Know Your Customer (KYC) verification and allows withdrawal limits of up to $500,000, providing users with greater privacy and flexibility. To spearhead its growth in the region, BITUNIX welcomes Ana Ojeda, an experienced professional in the cryptocurrency industry, as its Marketing Manager for LATAM. By offering a wide selection of cryptocurrencies and convenient payment options, BITUNIX seeks to attract users seeking diverse trading opportunities and simplified access to digital assets. The platform's decision to forego KYC are controversial to...

The US Securities and Exchange Commission's approval of bitcoin exchange-traded funds (ETFs) has sparked a wave of adoption among major financial institutions. Bank of America's Merrill and Wells Fargo are now offering access to crypto ETFs to their wealth management clients, signaling a shift in attitude towards cryptocurrencies as legitimate investment options. While some institutions initially hesitated to offer bitcoin-backed ETFs, the growing acceptance from mainstream brokerage platforms underscores the increasing accessibility and credibility of cryptocurrencies in the investment landscape. As the total crypto market surpasses $2.23 trillion, spot bitcoin ETFs have amassed over $20 billion in assets under management, with record-high trading volumes observed following the approval of several ETFs by US regulators in January. Looking ahead, Morgan Stanley is reportedly exploring entry into the spot BTC ETF market, suggesting further institutional adoption on the horizon. As...

The European Union is on the brink of implementing the Markets in Crypto-Assets Regulation (MiCA), marking a significant milestone in the regulation of digital assets. While MiCA has been lauded for its focus on transparency, investor protection, and stablecoin regulation, its potential impact on crypto payment development has received less attention. With MiCA's introduction, a unified regulatory environment will replace the fragmented landscape, allowing crypto payment providers to expand seamlessly across EU countries. This regulatory clarity is expected to restore trust in the crypto industry, driving increased demand for crypto payments. Additionally, MiCA's strict regulations on stablecoins, particularly e-money tokens (EMTs), are poised to accelerate their adoption for everyday transactions. By streamlining regulations and providing clarity on price formation and consumer protection, MiCA is expected to encourage businesses to embrace crypto payments as a competitive...

BlackRock, the world's largest asset manager, is set to debut Brazil's first Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust BDR (IBIT39), on the B3 stock exchange. This move marks a significant milestone in providing Brazilian investors with a regulated avenue to gain exposure to Bitcoin. Karina Saade, president of BlackRock in Brazil, expressed enthusiasm for the launch, stating that IBIT39 represents a crucial step in offering top-quality digital asset investment options. The ETF launch comes at a time when interest in crypto investments is surging in Brazil, with the local market witnessing substantial growth. According to Felipe Gonçalves from B3, Brazil's crypto market has shown remarkable expansion, with daily transactions reaching R$30 million by the end of last year. IBIT39 is designed to be accessible to both institutional and retail investors, with a management fee initially set at 0.25%, decreasing to 0.12% once the fund surpasses $5 billion in assets. While...

OpenAI, the prominent artificial intelligence (AI) research organization, has filed a motion to dismiss portions of The New York Times' copyright lawsuit against it, alleging that the newspaper engaged in deceptive practices to gather evidence for the case. According to OpenAI, The NYT employed individuals to manipulate AI systems, including ChatGPT, to generate misleading evidence, a claim vehemently denied by the newspaper's attorney. In a filing submitted to a Manhattan federal court, OpenAI asserted that The NYT induced its technology to reproduce copyrighted material through deceptive prompts, which violated OpenAI's terms of use. However, The NYT's attorney countered that OpenAI's accusations of "hacking" were an attempt to exploit its products to uncover evidence of alleged theft and reproduction of copyrighted content. The lawsuit, initiated by The NYT in December 2023, alleges that OpenAI and its major supporter, Microsoft, unlawfully utilized millions of NYT articles to...