The US could end crypto staking, a failing hedge fund is launching an exchange to swap bankruptcy claims, and luxury rehab centers are offering treatment for crypto addiction. These stories and more this week in crypto.
Ether falls after SEC crackdown on staking
Ether prices fell 8% as fears began to spread over a US regulatory crackdown on crypto protocols. THE The SEC accused Kraken with the sale of non-registered investment contracts, since staking clients are promised regular returns and payments. In response, Kraken terminated its US staking program and will pay the agency a $30 million settlement.
Fintech Giant Revolut offers crypto staking
Meanwhile, Revolut, one of Europe’s largest digital banks, just started offering customers from 30 European countries have the opportunity to stake their crypto holdings. The launch of its crypto-staking service for a number of proof-of-stake tokens, including Ethereum, Cardano, Polkadot, and Tezos, is part of Revolut’s plan to expand its crypto-related services.
New Exchange to Trade Bankruptcy Claims
The founders of bankrupt crypto hedge fund Three Arrows Capital, have created Open Exchange, a trading platform for crypto bankruptcy claims. With a $20 billion market of seekers looking for a solution to money lost in bankrupt crypto firms like FTX, Celsius, BlockFi, Mt. Gox, and 3AC itself, Open Exchange aims to monetize claims by providing a market to trade them.
Binance suspends USD bank transfers
Binance global crypto exchange temporarily suspended USD bank transfers, including US dollar deposits and withdrawals via bank accounts for non-US customers. A spokesperson said this only affects one in ten thousand of its monthly active users and they are working hard to restart this service as soon as possible. Binance.US services where US residents can trade are not affected.
Closure of the LocalBitcoins P2P market
LocalBitcoins, one of the first and most popular peer-to-peer bitcoin trading platforms, announcement it would close in the coming weeks, citing unfavorable market conditions. New registrations are already suspended, trading and deposits will stop this week, and users will be able to withdraw their funds for the next 12 months.
Self-proclaimed Bitcoin inventor loses copyright claim
Self-proclaimed inventor of Bitcoin, Craig Wright, lost his case to block the operation of Bitcoin because it violates its intellectual property rights. Wright was told by a UK judge that Bitcoin cannot be copyrighted in the same way as a literary work and Wright was unable to show how network blocks were first recorded .
UAE bans privacy coins in new regulation
The United Arab Emirates issued a new rule that all activities related to private coins such as Monero are prohibited in the region. The new regulation defines an anonymous cryptocurrency as a type of virtual asset that prevents transactions from being traced or ownership being recorded. The news is not surprising as other regions, including the European Union, have already made similar indications.
Brave Browser supports Solana
Web3 browser, Brave added support for Solana dApps in its mobile browser to enhance security and eliminate the need to switch between apps for transactions. Users can now connect to Solana NFT marketplaces and cryptocurrency exchanges. Brave began their relationship with Solana in 2021.
Luxury Rehab Centers for Crypto Addicts
Luxury rehabilitation centers have been popping up around the world, promising to treat crypto addiction as more and more investors struggle to control their trading. One company offering such services describes their facility as a safe space for health and thriving while charging over $75,000 for a month-long stay.
That’s what happened this week in crypto, see you next week.