PayPal finally allows external crypto withdrawals,
regulators investigate Binance over BNB issuance
and what do billionaires think about crypto investments?
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
PayPal is finally allowing cryptocurrency holders
to transfer their digital assets
from its platform to other wallets and exchanges.
The option to move crypto from PayPal to external wallets
was the feature most often requested by users
since the fintech giant went live
with its crypto buy, sell and hold service in October 2020.
US regulators are investigating
whether Binance broke any securities rules
by selling its own digital token, BNB,
which is now the world’s fifth largest coin.
Investigators are examining
whether the 2017 initial coin offering
amounted to the sale of a security
that should have been registered with the agency.
In response, Binance has stated
that it’s working with authorities to meet all requirements.
Litecoin will be delisted
from South Korean crypto exchanges
Bithumb and Upbit
due to modifications made to the coin.
The exchanges stated they were
shutting down market support for the 20th-largest cryptocurrency
because of its newly activated Mimblewimble Extension Blocks.
The modification enables greater privacy
when conducting transactions,
which conflicts with South Korean anti-money laundering regulations.
The SEC and South Korea
have launched separate investigations into Terraform Labs,
the company behind the recently collapsed TerraUSD and Luna coins.
In the US, the SEC is reportedly probing Terraform Labs
on whether its marketing of the UST stablecoin
violated federal investor protection regulations.
Meanwhile, the Seoul Metropolitan Police Agency
is also investigating a Terraform employee
for allegedly embezzling bitcoin from the company’s treasury.
The State of New York has released regulatory guidance
for US dollar-backed stablecoins issued by regulated entities.
This first-of-its-kind US requirement
states that a stablecoin must be fully backed by reserves
as of the end of every business day,
and the issuer must have a redemption policy
that gives the holder the right to redeem the stablecoin for US dollars.
Market makers Citadel Securities and Virtu Financial
have joined hands with retail brokerage firms Fidelity Investment
and Charles Schwab to build a cryptocurrency trading platform.
The new platform will enable
access to a deep pool of liquidity for digital assets
that can provide a major boost to crypto trading for retail investors.
Rapper Jay-Z and Block CEO Jack Dorsey
have announced the Bitcoin Academy,
a program to teach financial literacy
in Brooklyn's Bedford-Stuyvesant neighborhood where Jay-Z grew up.
The Bitcoin Academy will consist of
a series of online and in-person classes
open to anyone
and provide participants with a mobile hotspot
and a nominal amount of Bitcoin for hands-on learning.
A recent survey by Forbes of the world’s wealthiest people
revealed that nearly 30%
are either directly or indirectly invested in cryptocurrencies.
In contrast, only 16% of average American adults
had any investments in cryptos.
Sam Bankman-Fried, the founder of FTX
who put his name openly on the survey,
told Forbes that he held between 76 and 100%
of his 20 billion dollar net worth in crypto.
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That’s what’s happened this week in crypto,
see you next week.
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