Crypto Guides, Knowledge & Insights

Russia Warming Up To Bitcoin: Court Orders Country’s Largest Bank to Unblock Crypto Trader’s Account

Russia, a country still grappling with various aspects of regulating cryptocurrencies may be softening up its stance on the asset class, as recent events indicate.　　A court in Yekaterinburg, Russias fourth-largest city, the Sverdlovsk regional court, yesterday ordered Sberbank to unlock the account of one of its clients whose account was blocked for trading Bitcoin.　　Pavel Revdinets, a Bitcoin trader, had his accounts and cards blocked for possibly being involved in money laundering after the bank noticed what they considered to be unusual transactions. Sberbank also asked Pavel R. to submit documents explaining the source of funds and the meaning of the operations being carried out.　　The customer provided all the necessary documents, explaining to the bank that the unusual transactions were Bitcoin trades. As his accounts were not reopened after his compliance, he proceeded to file a lawsuit against the bank. The initial case in which he filed a lawsuit with the Revdinsky City Court against Sberbank to unblock his bank cards, accounts, resume remote banking services, and compensate for moral damage were dismissed by the court.　　His efforts at appealing the ruling however have paid off as the regional court, having re-evaluated the case, overturned the former ruling in his favor, directing

2021-08-04Deep Dive

HSBC the Latest U.K. Bank to Block Payments to Binance

HSBC has informed customers that it will stop credit card payments to Binance “wherever possible.” Its the third major U.K. bank to limit payments to the exchange.　　HSBC Blocks Binance　　Yet another U.K. bank has stopped users making payments to Binance.　　HSBC started informing customers Tuesday that they would no longer be able to make credit card payments to the exchange, citing a warning issued by the U.K. Financial Conduct Authority (FCA) in June.　　In the message, HSBC stated that it took the decision due to concerns about the possible risks to its customers. The announcement is similar to one issued by Santander at the beginning of July, citing the same FCA warning and using the same “wherever possible” phrasing.　　After Barclays and Santander, HSBC is now the third major U.K. bank to halt credit card payments to Binance. The move is not entirely unexpected; HSBC indicated an aversion to cryptocurrencies in May when CEO Noel Quinn told Reuters that the bank would not deal with the asset class. HSBC had previously blocked customers from buying shares in MicroStrategy because they constituted “a virtual currency product” in the banks eyes.　　Over the past few months, Binance has faced mounting regulatory pressure worldwide. In response, the exchange

2021-08-04Deep Dive

CoinJar Unveils First Crypto MasterCard In Australia

Australian crypto exchange CoinJar has released the first crypto MasterCard in the country. A post on CoinJars website confirmed that this card can be used just like a fiat MasterCard. Users get to spend their crypto with a fully-featured card both online and in-stores.　　CoinJar users can use their cards in stores and places where MasterCards are accepted. Users can either get a physical card to spend their digital currencies with. The cards can also be gotten digitally through both Google and Apple Pay and use their cards online. CoinJar offers up to 30 different cryptocurrencies that can be spent on the cards.　　“CoinJar Card is the next step in our mission to make crypto both accessible and useful, to everyone, every day.” – Asher Tan, CoinJar CEO　　 Pay As You Go　　CoinJar offers a full digital wallet along with the cards. This helps users to spend their cryptocurrencies on the goal. Transactions are instant and secure with whatever device the user has. Or wearables, e.g, Apple Watch.　　MasterCards already wide merchant base provides CoinJar MasterCard users access to countless outlets where they can use their crypto cards. Spending on the card attracts a 1% transaction fee. However, this transaction fee is returned to

2021-08-04Deep Dive

Buy Your Sandwich With Bitcoin: Quiznos Launches BTC Payment Pilot at Select Restaurants

Diners at select Quiznos locations will be able to buy their meal in Bitcoin at the point of sale, thanks to a new partnership with Bakkt.　　Bakkt Holdings recently announced a partnership with Quiznos to launch the pilot for their new Bitcoin payment system. This will allow Bakkt users to purchase food at some Quiznos locations in Denver using the digital asset.　　Quiznos: Buy a Sandwich With Bitcoin　　Bakkt users will be able to utilize the pilot in certain Quiznos stores across Denver starting this month. This includes the high-traffic Denver airport location.　　Chief Revenue Officer at Bakkt, Sheela Zemlin, expanded on the significance of the new system being adopted by Quiznos:　　“This is an exciting tentpole moment for us as we connect the next generation of customer experiences to the digital economy… Through this partnership, we are introducing unique experiences to Quiznos customers by enabling them to take advantage of new ways to interact with digital assets and bringing bitcoin utility to the mainstream consumer market.”　　Upon monitoring the performance of the new pilot, Bakkt may “expand the partnership” to Quiznos locations across the country, according to Zemlin. According to ChainXY, there are now 216 Quiznos restaurant locations across the U.S.　　President of REGO Restaurant Group

2021-08-04Deep Dive

SEC Chief Gensler Demands Additional Powers From Congress To Fully Regulate Crypto

The United States Securities and Exchange Commission (SEC) Chief Gary Gensler called the crypto marketplace ‘full of frauds and abuse’ on Tuesday. He has urged Congress to grant the SEC additional powers in order to cultivate ‘comprehensive and coordinated’ anatomy that addresses risks in the crypto market while extensively protecting the investors.　　Speaking about crypto at the Aspen Security Forum, Gensler asserted that the SEC will completely regulate the crypto marketplace to its maximum extent while also protecting the investors from thievery and scams.　　Crypto Exchanges Need for Proper Regulation　　The financial regulators in the United States have struggled to regulate the fast-growing world of cryptocurrency and digital assets. Unlike in the securities and derivatives markets, no single regulator administers the crypto exchange activities. And, as the global market capitalization of crypto has exploded to more than a trillion dollars, so has the scam rate grown.　　According to the SEC chief, large parts of the crypto industry work outside of the legal framework that seek to safeguard consumers, promote financial stability, reduce frauds, and maintain national security. “There exist voids in this space, we require additional Congressional powers to prevent transactions, products, and platforms from falling between regulatory voids. We also need more resources

2021-08-04Deep Dive

Google running crypto ads again as new policy goes into effect

Google is running crypto ads again after its updated financial products and services policy went into full effect on August 3.　　The multinational giant banned crypto and Initial Coin Offering (ICO) related advertisements back in June 2018, and the updated policy allows regulated crypto entities to market their services once again. ICOs have been left out in the cold, however.　　Googles crypto ad policy revision was first outlined in June and stipulates that “advertisers offering cryptocurrency exchanges and wallets” targeting U.S. consumers are allowed to advertise their services and products if they meet specific requirements.　　The move will provide additional sales for Google‘s parent company Alphabet, although crypto ads will likely be just a drop in the ocean of the company’s $147 billion in advertisin revenue.　　Googles strict requirements are designed to weed out shady advertising and blatant crypto scams. Advertisers must be registered with the Financial Crimes Enforcement Network (FinCEN) as a “money services business and with at least one state as a money transmitter, or a federal or state-chartered bank entity.”　　The firm will not allow ads for ICOs, DeFi trading protocols or the promotion of purchasing, selling or trading cryptocurrencies. Celebrity crypto endorsements are also banned, which may help in part with

2021-08-04Deep Dive

German Luxury Brand Philipp Plein Starts Accepting Bitcoin, Dogecoin and Other Cryptocurrencies

German luxury fashion house Philipp Plein, which is known for its flamboyant and garish style, has begun accepting a slew of digital assets in an apparent attempt to lure in the crypto nouveau riche following a recent bull run.　　Those who want to splurge their crypto holdings on $6,500 sneakers now have an excellent opportunity to do so. Bitcoin, Ethereum, Dogecoin, Litecoin and Tether are among the supported cryptocurrencies.　　It partnered with crypto payments company Coinfy, which was recently acquired by crypto broker Voyager Digital for $84 million.　　Buyers will be required to provide their know-your-customer (KYC) information if their orders exceed a total of 10,000 euros.　　The “king of bling” turns to crypto　　Philipp Plein, the controversial designer behind one of the biggest fashion brands, recently took to Instagram to share the news with his 2.2 million followers and crown himself the “crypto king.”　　Not exactly known for his humility, Plein emerged as the anti-hero of the fashion world with his in-your-face attitude and extravagant antics that tend to match his outfits.　　Despite attracting plenty of rebuke for his rude behavior and tacky outfits, his polarizing fashion business ended up being a resounding success. The extensive list of celebrities who have worked with Plein includes Paris

2021-08-04Deep Dive

Bitcoin price dips below $38K, with bullish traders eyeing a new higher low next

The hunt to establish firm support higher up the $30,000 channel continues amid confidence that the worst of the longer-term retracement is already over.　　Bitcoin (BTC) briefly fell below $38,000 on Tuesday as signs of a retracement from range highs continued to flow in.　　BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCaution before BTCs price swings lower　　Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping $37,960 on Bitstamp before rebounding.　　Still trading 3.7% lower on the day, the pair had come off local highs above $42,500 on the weekend amid concerns over regulatory moves from the United States this week.　　As Cointelegraph reported, analysts were already hoping that a correction would take Bitcoin several thousand dollars lower in order to create a pattern of higher lows, from which it could continue its upside.　　The target zone, lying around $36,000, was now key to hold in order to prevent what trader Pentoshi called “worst case scenarios.”　　“Deviations wrecking those people who dont plan for them,” he warned Twitter followers alongside a chart showing key price levels.　　“Ill bid on range high reclaim OR in the grey box for a HL. If we fall below the mid range and start closing below then you need to plan for some

2021-08-04Deep Dive

China's attempt to kill Bitcoin failed — Here are 3 reasons why

Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regions after giving BTC miners a two-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.　　The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process. It remains unknown whether China‘s decision was influenced or related to Musk’s remarks, but undoubtedly those events held a negative effect.　　A couple of weeks later, on June 16, China blocked cryptocurrency exchanges from web search results. Meanwhile, derivatives exchange Huobi started to restrict leverage trading and blocked new users from China.　　Finally, on June 21, the Peoples Bank of China (PBoC) instructed banks to shut down the bank accounts of over-the-counter desks and even their social networks accounts were banned. OTC desk essentially act as a fiat gateway in the region so without them it would be difficult to exchange from Bitcoin to stablecoins.　　As these events unfolded, some analysts were reluctant to describe the tactics as nothing other

2021-08-03Deep Dive

Bitcoin Mining Will Be Fully Renewable by 2030, Says Anthony Scaramucci

SkyBridge Capital and MOSS Earth joined forces to buy and retire 38,436 tons of CO2 – an amount aiming to offset Bitcoins network carbon footprint.　　The global investment firm – SkyBridge Capital – partnered with the climate tech company – MOSS Earth – to purchase and respectively retire tokens representing nearly 40,000 tons of CO2. The move would aim to offset the carbon footprint of the Bitcoin network.　　 SkyBridge Ambitions Towards Green Bitcoin　　According to a press release dated August 2nd, SkyBridge Capital teamed with the environmental platform MOSS Earth to buy and immediately retire 38,436 tons of carbon. The transaction would neutralize the estimated CO2 footprint of BTC generated from SkyBridges multi-strategy funds as well as the First Trust SkyBridge Bitcoin Fund.　　The founder and CEO of SkyBridge – Anthony Scaramucci – raised hopes that in less than 10 years, BTC mining can become fully renewable:　　“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”　　In his turn, the CEO and Founder of MOSS Earth – Luis Adaime, praised SkyBridges initiative:　　“SkyBridges initiative to offset the greenhouse gas emissions

2021-08-03Deep Dive

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