Crypto Guides, Knowledge & Insights

PayPal Adds Cryptocurrency Withdrawals and Deposits

PayPal has announced that its customers can now move cryptocurrency to and from their personal wallets.　　PayPal Enables Crypto Withdrawals, Deposits　　PayPal said in a newsroom announcement that beginning today, June 7, it will support “the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”　　It noted that the feature is “consistently ranked by users as one of the most requested enhancements” to its cryptocurrency services.　　The new option allows users to withdraw cryptocurrency to crypto addresses, third-party exchanges, and hardware wallets. Additionally, the new feature allows users to deposit crypto into their PayPal account and send crypto to friends and family.　　Those capabilities apply to PayPals supported assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).　　The feature will initially be available to select users in the United States and will be extended to all U.S. customers in future weeks.　　Small Steps Toward Full Crypto Support　　PayPal began offering a crypto trading feature in October 2020, but initially gave users few options beyond exchanging different coins. Those limitations attracted widespread criticism.　　The company later allowed users to spend their cryptocurrency with PayPal-accepting merchants starting in March 2021. However, the introduction of commercial payments did not provide a way for users to withdraw funds to

2022-06-08Deep Dive

Hong Kong Regulator Warns of Securitization Risks for NFTs

The Securities and Futures Commission (SFC) of Hong Kong recently issued a statement on the financial and legal risks surrounding non-fungible tokens (NFTs). It claims that such tokens are not only prone to the typical security vulnerabilities of crypto, but could also constitute financial assets bound by SFC regulation.　　 From Collectibles to Financial Assets　　According to the regulator‘s statement on Monday, NFTs “generally” do not fall under the SFC’s regulatory purview. These include NFTs created as “genuine” digital representations of collectibles, such as digital images, artwork, music, and videos.　　However, the commission claims that there are other NFTs that “cross the boundary” between collectibles and financial assets. Some, for example, are “fractionalized” or “fungible”, causing them to resemble securities and/or collective investment schemes (CIS).　　“Where an NFT constitutes an interest in a CIS, marketing or distributing it may constitute a regulated activity,” stated the regulator. “Parties carrying on a regulated activity, whether in Hong Kong or targeting Hong Kong investors, require a license from the SFC unless an exemption applies.”　　Authorization requirements may also be triggered if an arrangement related to an NFT involves public offers to participate in a CIS.　　NFTs saw their first true surge in popularity in 2021, mainly recognized as simple

2022-06-07Deep Dive

105 Countries Are Exploring Central Bank Digital Currencies, CBDC Tracker Shows

There are now 105 countries that are exploring central bank digital currencies (CBDCs). Among them, 50 countries are in an advanced phase of digital currency exploration (development, pilot, or launch).　　105 Countries Are Exploring CBDCs　　The Atlantic Councils Geoeconomic Centre has released a major update to its Central Bank Digital Currency (CBDC) Tracker. According to the tracker: 105 countries, representing over 95 percent of global GDP, are exploring a CBDC … A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch).　　Furthermore, the tracker details that “10 countries have fully launched a digital currency, with Chinas pilot set to expand in 2023.”　　Among the G20 countries, 19 are exploring a CBDC, with 16 already in the development or pilot stage. They include South Korea, Japan, India, and Russia.　　Last month, the Bank of International Settlements (BIS) released a report stating that 9 out of 10 central banks globally are exploring CBDCs. The BIS said, “the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDCs.”　　Some countries are further ahead than others, such as China. The Chinese central bank, the Peoples Bank of China (PBOC), has been actively testing and giving away its digital yuan.　　India is also

2022-06-07Deep Dive

North Korean Hackers Used Binance for Laundering Millions of Dollars Worth of Crypto: Reuters

According to an investigation conducted by Reuters, the Lazarus Group, a notorious cybercrime group sponsored by North Korea, laundered roughly $5.4 million with the help of Binance, the worlds largest cryptocurrency exchange, back in 2020.　　The ill-gotten funds were stolen from Eterbase, a little-known cryptocurrency trading platform based in Slovakia.　　The hackers opened a bunch of anonymous accounts, so the Binance exchange was not aware of those illicit transactions.　　Over a five-year period from 2017 to 2021, Binance processed more than a whopping $2.35 billion worth of criminally tainted cryptocurrency transactions. The exchange, however, has disputed the calculations.　　The Lazarus Group first came into prominence in the early 2010s after launching a cyber-espionage campaign against the South Korean government. It then attracted widespread media coverage after hijacking film studio Sony Pictures and leaking its confidential data, including some copies of then-unreleased movies. The famous hacking group was also behind the WannaCry ransomware campaign that infected hundreds of thousands of computers in 2014.　　After crypto went mainstream in 2017, the Lazarus Group started targeting cryptocurrency exchanges like Coinlink.　　As reported by U.Today, U.S. authorities found out that hackers from the “hermit kingdom” were behind the $625 million Ronin hack that took place earlier this year. Part of

2022-06-07Deep Dive

71% of Salvadorans Did Not Benefit From the Bitcoin Law, Survey Says

A recent survey has offered some insight into the real opinions Salvadorans have about the implementation of the Bitcoin Law in the country. The survey, carried out by the University Institute of Public Opinion of the José Simeón Cañas Central American University, found that most Salvadorans believe the inclusion of bitcoin as legal tender, through the approval of the Bitcoin Law last year, has not improved their personal economic situation.　　Salvadorans Disregard Bitcoins Importance to Their Finances　　The inclusion of bitcoin as legal tender in their country and all the changes that the Bitcoin Law has brought about are still not seen as beneficial by most Salvadorans according to a recent survey. The study, carried out by the Institute of Public Opinion of the José Simeón Cañas Central American University, published on July 2, has revealed some facts about the negative vision that citizens of the country have on this subject.　　When asked about which benefits the Bitcoin Law, which approved the use of bitcoin as legal tender in the country, had brought to the familiar economy of Salvadorans, 71.1% of the 1,272 citizens surveyed answered that it had brought no benefits at all for them. 12.8% believed that this measure had brought

2022-06-07Deep Dive

Shiba Inu Finally Listed by Europe's Largest Exchange

Bitstamp, Europes largest exchange, announced that it has listed the Shiba Inu cryptocurrency earlier today.　　Users will be able to trade the popular meme coin against the U.S. dollar and the euro.　　The trading platform is enabling transfers as early as this Monday.　　Order books will become available in limit-only mode starting from Tuesday. Users limit orders will then be matched within the same day.　　Full trading will kick off as soon as there is a sufficient level of liquidity.　　Bitstamp, which was launched all the way back in 2011, has acknowledged Shiba Inu as one of the biggest success stories.　　The exchange initially announced a SHIB listing in December. However, it was then postponed indefinitely due to technical issues.　　In mid-December, the Luxembourg-headquartered crypto exchange reassured Shiba Inu fans that it had not changed its mind about the listing.　　It took Europes top crypto trading platform almost half a year to finally deliver on that promise.　　Bitstamp is known for its relatively conservative listing policy and strict regulatory compliance.　　Last August, former Bitstamp CEO Julian Sawyer dismissed the idea of listing meme cryptocurrency Dogecoin.　　Sawyer left the job last month. JB Graftieaux was appointed the exchanges new global CEO after previously heading its European operations.　　For more blockchain news, please download

2022-06-07Deep Dive

Binance Facilitated Crypto Theft for Years, Says Investigative Report

An inquiry into the worlds largest crypto exchange, Binance, financial activities by Reuters, reveals that the exchange platform has aided in laundering no less than $2.35 billion in corrupt funds, over a five year period. In a recurring pattern, as published by Reuters investigation report, Binance has helped launder money originating from scams, hacks, investment frauds, illegal drug sales, a foreign exchange violation case among others in the last five years.　　 Is Binance aiding money laundering through crypto？　　Reuters report details several cases of money laundering on the crypto exchange. Dark net markets laundered $839 million. Crypto scams like the Finiko Ponzi scheme, Cyber storm fraud case, Thodex scam, e.t.c laundered over $1.29 billion. Funds from hacks also amount to $27 million.　　With the inflow of illegal funds under the cover of privacy or anonymity, XMR or Monero, a popular coin traded on the platform has been outed severally for its dirty usage but the coin continues to be traded on the platform.　　The U.S. government also hired crypto researcher Chainalysis, to monitor illegal flows, and it was reported that Binance received criminal funds totalling $770 million in 2019 alone, another report by Crystal Blockchain, showed that a Russian-language site called Hydra, used

2022-06-07Deep Dive

Cryptocurrency trading booms in Kenya

By: Damian Okonkwo　　The use of Cryptocurrency has become increasingly popular in Kenya marked today as the 7th largest country in Africa. The majority of the adult population are increasingly embracing crypto trading across various exchange today.　　According to Finders report on cryptocurrency adoption carried out in 27 different countries globally in January 2022, Kenya was found to rank as the 12th country in the crypto adoption rate. However, a recent study showed that the rate of cryptocurrency transactions carried out in Kenya in the last three months has increased drastically.　　According to the survey, over 9.7% of Kenyan citizens have been exposed to cryptocurrency transactions with an estimated 5 million people owning cryptocurrency. Similarly, the Bitcoin ownership rate in Kenya remains above the global average of 39.1%, with 51.2% confessing they own cryptocurrency.　　Is cryptocurrency trading legal in Kenya today？　　Even though cryptocurrency trading has not been officially legalized in Kenya yet it is not in any way considered illegal to buy cryptocurrency in Kenya, as the Kenyan government has not criminalized it.　　However, the Central Bank of Kenya (CBK) had always warned citizens to stay away from Cryptocurrency trading saying it still does not support cryptocurrency due to the risks involved in it.

2022-06-06Deep Dive

Tesla CEO Elon Musk Has 'Super Bad Feeling' About US Economy

Elon Musks Bad Feeling About the U.S. Economy　　Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters.　　The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company.　　Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “a good thing,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months.　　Morgan Stanley analyst Adam Jonas believes that Musks concerns should be heeded, elaborating:　　Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility.Biden Responds to Elon Musk‘s Comments　　On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment about the U.S. economy.　　“Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,”

2022-06-06Deep Dive

SEC Launches Game-Show Campaign to Educate Investors in 'a Playful Way'

SEC Debuts ‘Game Show-Themed Public Service Campaign’　　The SECs Office of Investor Education and Advocacy unveiled “a game show-themed public service campaign” last week. Titled “Investomania,” the campaign aims “to help investors make informed investment decisions and avoid fraud.”　　The campaign features a 30-second TV spot, interactive quizzes, and 15-second informational videos on crypto assets, margin calls, and guaranteed returns, the SEC detailed, elaborating:　　The campaign encourages investors to research investments and get information from trustworthy sources to understand the risks before investing.　　In the TV spot, the game show host asks two contestants to pick a square on a video game board with investment options. They included internet rumors, celebrity endorsements, stock tips from your uncle, crypto to the moon, fear of missing out (FOMO), meme stocks, tulip bulbs, guaranteed returns, and timing the market.　　One of the 15-second videos was about investing in crypto. In the video, a celebrity encourages investors to take their advice and buy crypto assets.　　The SEC described:　　After the contestants make their choices, the video shows, in a fun and comedic way, the consequences of a good or a bad choice.　　“Sometimes investing may look and feel like a game,” the SEC noted. “Our ‘Investomania’ public service campaign uses a game

2022-06-06Deep Dive

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