Crypto-friendly Custodia Bank Faces Setback As Fed Denies Application For Supervision

The Crypto-friendly Custodia bank, founded by Caitlin Long, a well-known figure in the crypto industry, has been denied its application to come under the supervision of the U.S. Federal Reserve (Fed), according to an <a href="https://www.federalreserve.gov/newsevents/pressreleases/files/orders20230324a1.pdf" target="_blank" rel="noopener nofollow">official announcement.</a> 
The Board had previously announced the denial of the application. Still, the announcement confirmed that the order outlining the decision was not immediately available due to the need to review it for confidential information. 

<h2>Fed&#8217;s Decision Based On Custodia&#8217;s Ties With Crypto?</h2>
The order of the Federal Reserve Board notes “concerns” about Custodia Bank’s proposed business plans, which focus entirely on the crypto sector. The Board believes that banks with business plans focused on a narrow sector of the economy may pose heightened risks, as they may be more “susceptible” to economic or regulatory challenges.
Furthermore, the recently released denial by the Fed notes that the Board’s concerns are further elevated concerning Custodia Bank. The financial institution believes that the crypto-friendly bank is an &#8220;uninsured depository institution,&#8221; not backed by the Federal Deposit Insurance Corporation (FDIC), and may pose greater risks to depositors and the overall financial system. 
In addition, according to the released Fed’s denial of the crypto-friendly bank, the Custodia Bank proposed the issuance of Avits, which are dollar-denominated tokens designed to function as a programmable “electronic negotiable instrument” and as deposits for purposes of federal banking law. 
According to the press release by the Fed, they note that Custodia Bank does not refer to Avits as “stablecoins” but that they would likely function similarly to stablecoins like Tether USDT and USDC. 
This proposed issuance of Avits by Custodia Bank may have been seen as a potential risk by the Fed, given the concerns around stablecoins and their potential use for “illicit purposes.” 
Custodia Bank&#8217;s Response To The Fed
After the reiterated conclusion by the Fed, Custodia Bank emitted its response. The financial institution and its founder Caitlin Long made several claims about the need for fully solvent banks and the Federal Reserve’s handling of bank-run risks and the crypto industry. 
Custodia Bank proposed a model that would hold $1.08 in cash to back every dollar customers deposit, which may be seen as a more conservative and risk-averse approach to banking. 
Custodia Bank&#8217;s statement also highlights that there is a dire need for fully solvent banks that are equipped to serve “fast-changing” industries in an era of rapidly improving technology, referring to the need for banks that can adapt to the demand and changes of customers in industries like fintech and the crypto-asset. 
<img decoding="async" class="wp-image-223774 size-full" src="https://bitcoinist.com/wp-content/uploads/2023/03/Screenshot_13.jpg" alt="crypto" width="732" height="374" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/Screenshot_13.jpg 732w, https://bitcoinist.com/wp-content/uploads/2023/03/Screenshot_13-640x327.jpg 640w" sizes="(max-width: 732px) 100vw, 732px" />
The statement by Custodia Bank also suggests that Custodia has not been intimidated by what it perceives as coordinated “attacks” and press leaks of confidential information by the Fed. 
The notice also suggests that the recently released order denying Custodia Bank’s application for membership in the Federal Reserve System resulted from numerous procedural “abnormalities, factual inaccuracies, and a general bias against the crypto industry.”
Additionally, the claims by the Custodia Bank suggest that the bank may need to turn to the courts to vindicate its rights and compel the Fed to &#8220;comply with the law&#8221; in response to the denial of its application for membership in the Federal Reserve System. 

<img decoding="async" loading="lazy" class="wp-image-223775 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-980x464.png" alt="crypto" width="980" height="464" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-980x464.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-640x303.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-768x363.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-1536x727.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-750x355.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001-1140x540.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSDT_2023-03-24_17-33-01_49001.png 1813w" sizes="(max-width: 980px) 100vw, 980px" />
Featured image from Unsplash, chart from TradingView.com

Binance Halts Spot Trading After Matching Engine Glitch

Binance, the world&#8217;s largest cryptocurrency exchange by trading volume, earlier today, on March 24, temporarily halted spot trading due to a matching engine glitch that disrupted the platform.
<h2>Bug Detected, Withdrawal And Depositing Halted</h2>
The CEO of Binance, Changpeng Zhao, popularly known as &#8220;CZ,&#8221; said they detected a bug during an analysis of a trailing stop order recovery. As a result, the exchange temporarily had to pause deposits and withdrawals, saying the decision was also part of their standard operating procedure (SOP).  
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA. 
Deposits &amp; withdrawals are paused as a SOP (standard operating procedure). Funds are <a href="https://twitter.com/hashtag/SAFU?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#SAFU</a>. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f64f.png" alt="🙏" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/mvtGQ3JlMA" rel="nofollow" target="_blank">https://t.co/mvtGQ3JlMA</a>
&mdash; CZ <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1639235255054860290?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 24, 2023</a></blockquote>

Crypto spot traders buy or sell assets without using leverage positions. That means users can directly swap crypto or fiat for other crypto assets and vice versa. Spot trading is distinct from derivatives trading, where traders can open Bitcoin or BNB positions, for example, using leverage or borrowing money from the exchange for a bigger risk.
<a href="https://www.tradingview.com/x/XFNN7Rzs/" rel="nofollow noopener" target="_blank"><img decoding="async" class="size-medium" src="https://www.tradingview.com/x/XFNN7Rzs/" alt="BNB Price On March 24| Source: BNBUSDT On Binance, TradingView" width="1280" height="595" /></a>
In response to an inquiry about halting withdrawals, CZ stated that the state of orders in the matching engine directly affects funds available for withdrawal in user accounts because the logic checks with the matching engine as a security procedure before processing withdrawals.

After identifying the issue with <a class="editor-rtfLink" href="https://twitter.com/cz_binance/status/1639244720537841664" target="_blank" rel="noopener nofollow">Engine 1</a>, Binance restarted it. However, the reconciliations and engine sync-ups would require time, as the bug occurred 57 minutes after the hourly snapshots.
The Binance CEO further noted that the platform had achieved 100% uptime in 2022. In the future, the Binance team will run pre-trading tests. Even so, depositing would be enabled, followed by internal transfers, then a 30 min &#8220;cancel-only period&#8221; would be permitted. Afterward, crypto trading would resume.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Est 60 min ish ETA. Our team&#39;s doing pre-trading tests now. For those new with us, our resume SOP is roughly as follows:
Announcement with exact times (soon).Deposit enabled (done now).Internal transfers enabled (done now).30 min of cancel-only mode (not yet)Resume trading… <a href="https://t.co/ZtkhTkD1CD" rel="nofollow" target="_blank">https://t.co/ZtkhTkD1CD</a>
&mdash; CZ <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1639257080996548609?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 24, 2023</a></blockquote>

<h2>Binance Stress Test</h2>
Binance is no stranger to the uncertainty triggered by such a situation. 
In December 2022, Binance saw massive withdrawals of USDC, which CZ called a &#8220;stress test.&#8221; The &#8220;stress test&#8221; came amid growing concerns about its reserves when investors were already wary of centralized exchanges due to the swift collapse of FTX.

However, while billions were shifted from the exchange in days, Binance remains one of the most capitalized and continues to meet withdrawal requests.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.
I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4aa.png" alt="💪" class="wp-smiley" style="height: 1em; max-height: 1em;" />
1/2 <a href="https://t.co/uF9lLPDSyS" rel="nofollow" target="_blank">https://t.co/uF9lLPDSyS</a>
&mdash; CZ <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1602676998094069760?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 13, 2022</a></blockquote>

This is also not the first time Binance is halting coin withdrawals. After the Silicon Valley Bank (SVB) bank run, Binance temporarily halted withdrawals in stablecoin USDC. The exchange said this was because the swap between the Paxos-issued Binance USD stablecoin and USDC needed US banks to be open.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows &amp; the increasing burden to support the conversion. 
This is a normal risk-management procedural step to take while we monitor the situation.
&mdash; Binance (@binance) <a href="https://twitter.com/binance/status/1634361554543030273?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 11, 2023</a></blockquote>

Paxos, the issuer of BUSD stablecoin, was ordered by the New York Department of Financial Services (NYDFS), not to mint new tokens. 
Paxos Trust continues to manage BUSD dollar reserves. It maintains that BUSD will always be backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts.

Binance Employees Reportedly Help Chinese Customers Bypass KYC Verification

While Binance, the world’s largest cryptocurrency exchange in the industry has thrived to be as secure and transparent as possible following the FTX saga, some of its employees have reportedly been doing some elicit acts to dent the company’s reputation. 
According to an <a href="https://www.cnbc.com/2023/03/23/binance-employees-volunteers-tell-users-how-to-evade-china-crypto-ban.html" target="_blank" rel="noopener nofollow">investigation</a> conducted by CNBC, some employees at the exchange have been helping Chinese customers to bypass the Know-Your-Customer (KYC) verification process despite the region’s ban on the crypto market. 
<h2>Employees Allegedly Help Bypass Verification Process</h2>
CNBC&#8217;s report alleged that Binance’s billion-dollar worth of security protocol is being manipulated by some users in <a href="https://bitcoinist.com/republic-of-china-crypto-assets/" target="_blank" rel="noopener">China</a> with the help of some workers in the exchange. These acts were reportedly seen taking place in the Binance official Chinese language chat rooms which contain above 220,000 users.
The reports highlighted that the techniques that can be used to evade the exchange&#8217;s KYC residency and verification systems were shared in the group chats. These shared techniques and chats came from accounts identified as <a href="https://bitcoinist.com/binance-halts-deposits-withdrawals/" target="_blank" rel="noopener">Binance</a> employees or Binance-trained volunteers known as “Angels.”
Related Reading: <a href="https://bitcoinist.com/binance-ceo-why-do-the-same-banks-keep-falling/" target="_blank" rel="noopener">Binance CEO: Why Do The Same Banks Keep Falling?</a>
Some of the techniques shared included forging bank documents or offering false addresses while others contained basic manipulation tips of the crypto exchange&#8217;s systems. 
Additionally, the employees, volunteers, and customers also reportedly shared video guides and documents on how to falsify their country of residence in order to obtain Binance’s debit card.
<h2>Binance’s Response To The Alleged Act</h2>
As a response to the act, reported by CNBC, a Binance spokesperson noted, “We have taken action against employees who may have violated our internal policies, including wrongly soliciting or making recommendations that are not allowed or in line with our standards.”
The spokesperson further added that “Binance employees are explicitly forbidden from suggesting or supporting users in circumventing their local laws and regulatory policies, and would be immediately dismissed or audited if found to have violated those policies.”
<a href="https://bitcoinist.com/binance-ceo-why-do-the-same-banks-keep-falling/" target="_blank" rel="noopener">Binance CEO Changepeng Zhao “CZ”</a> who is usually most active on Twitter to address almost every situation concerning his exchange hasn’t made any comments about the CNBC investigation. <img decoding="async" loading="lazy" src="https://www.tradingview.com/x/QJBIUteX/" alt="Binance Coin price chart on TradingView" width="2768" height="1372" />
BNB price is moving sideways on the 4-hour chart. Source: BNB/USDT on <a href="https://www.tradingview.com/chart/HSuSIPeM/?symbol=BINANCE%3ABNBUSDT" target="_blank" rel="noopener nofollow">TradingView.com</a>Notably, this news comes amid China’s ban on cryptocurrencies since 2021. With the country&#8217;s recent outlawing of crypto exchanges, an act such as Chinese users subverting KYC to access Binance could have some consequences.

Meanwhile, the region is still pushing for the adoption of its central bank digital currency (CBDC) digital yuan. Last month, <a href="https://bitcoinist.com/digital-yuan-gifts-in-china/" target="_blank" rel="noopener">China brought more digital yuan (e-CNY) exposure</a> through diverse commercial and government-sponsored activities, as well as digital yuan donations made by the government to increase the currency’s adoption.
The exchange&#8217;s native token BNB has since been enjoying an upward rally over the past few weeks. However, it has slowed down in the past week as the digital asset fell 2.58% in the last seven days to trade at $323 at the time of writing.
Featured image from Shutterstock, Chart from TradingView

Tether Claims $1.6 Billion In Excess Reserves To Back Its Stablecoin

The number one stablecoin by market cap has announced it will reach $1.6 billion in excess reserves of Tether (USDT). The firm estimates this figure for the March quarter. 
Tether Chief Technology officer Paolo Ardoino disclosed that it expects an estimated $700 million in profit within the said period pushing the reserves higher. Ardoino further revealed that this money would remain in Tether to support USDT capitalization. 
<h2>Tether Expects to Make More Profit this Quarter</h2>
In a CNBC <a href="https://twitter.com/CNBC/status/1639169839565778948" target="_blank" rel="noopener nofollow">report</a>, the Tether CTO revealed that the firm made $700 million in December 2022 quarter. According to the report, Tether’s assets exceeded its liabilities during the quarter. Notably, after subtracting the liabilities from its assets, the company had $960.6 million left.

While speaking with CNBC, Ardoino stated that Tether&#8217;s excess reserve will record an additional $700 million this quarter. The figure will supposedly push the reserve to $1.66 billion marking the first time it achieves a figure above $1 billion.
<img decoding="async" class="wp-image-223730 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-980x554.png" alt="Tether Claims $1.6 Billion in Excess Reserves to Back Its Stablecoin" width="980" height="554" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-980x554.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-640x362.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-768x434.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-750x424.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01-1140x645.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/03/USDT_2023-03-24_19-11-01.png 1480w" sizes="(max-width: 980px) 100vw, 980px" />
Regarding how Tether makes money, users pay a $1,000 withdrawal fee; the minimum amount a user can withdraw is $100,000. Secondly, Tether reportedly makes money by investing in precious materials and digital tokens. It also issues loans to many institutions, thereby earning interest. 
Moreover, the challenges USDC faced when Silicon Valley Bank (SVB) crashed also pushed up <a href="https://coinmarketcap.com/currencies/tether/" rel="nofollow noopener" target="_blank">USDT</a> usage. Recall that Circle announced it had $3.3 billion of its USDC reserve stuck in SVB. 
After the announcement, USDC de-pegged from the USD, causing panic and a selling frenzy among investors. Many USDC holders moved their coins to USDT, exchanging them even below the market value to cut costs.

The loss in USDC and the banking crisis prompted the Tether CTO to recommend USDT as a safer alternative. In Arduino’s words, the stablecoin is making money while the traditional banks are falling. 
According to CNBC’s Ryan Browne, Arduino was asked if Tether could withstand an event like the Silicon Valley bank crash. In response, he referred to the instability of Credit Suisse and other banks, asking why people still question Tether’s reserve when recording massive gains.
<h2>A Brief On Stablecoin And Regulators </h2>
This new development is an excellent achievement for the USD-backed stablecoin, which means more user trust. Recall that these asset classes have always faced regulators&#8217; <a href="https://www.wsj.com/articles/stablecoins-attract-scrutiny-in-secs-drive-to-control-crypto-12179e04" target="_blank" rel="noopener nofollow">scrutiny</a> due to claims of a 1:1 peg ratio to fiat currencies such as USD or precious stones such as Gold.

However, the regulators&#8217; attention <a href="https://techcrunch.com/2022/05/11/terras-ust-crash-will-make-life-harder-for-crypto-as-regulation-looms/" target="_blank" rel="noopener nofollow">increased</a> following the crash of TerraUSD/UST in 2022. The stablecoin was supposedly pegged to the USD but didn’t own cash in reserves to back up the claim. It only depended on other mechanisms to maintain the peg. As it crashed, investors lost billions of dollars. 
Following UST’s crash, regulators mandated that stablecoin issuers disclose their reserve amounts and components more transparently to prove they have USD amounts equivalent to the coins in circulation. 
Featured image from Pexels and chart from Tradingview.com

Ripple CTO David Schwartz Calls Out SEC for Lack of Clarity On Crypto Regulations

The recent Wells notice from the SEC to Coinbase has sparked another reaction from Ripple. In a <a href="https://twitter.com/JoelKatz/status/1639100403810996224" target="_blank" rel="noopener nofollow">recent tweet</a>, Ripple&#8217;s CTO, David Schwartz, criticized the US Securities and Exchanges Commission for not clarifying cryptocurrency regulatory guidelines before attacking crypto firms.
Schwartz’s comment was in response to Paul Grewal, chief legal officer to Coinbase’s statement asking the SEC to provide rules for crypto in the United States. The Wells Notice comes amid several enforcement actions by the SEC on crypto firms alleging unregistered securities offerings.
<h2>Ripple And Coinbase Challenge Seek SEC To Provide Clear Guidelines For Crypto</h2>
Coinbase recently received a Wells notice from the SEC alleging the exchange&#8217;s staking services offer unregistered securities. As a formal notification, the Wells Notice suggests the regulator is availing Coinbase an opportunity to respond to its allegation before deciding to take legal action.

However, through its chief legal officer, Coinbase complained about the SEC not giving them room and guidelines when they sought to register their business operations. The exchange also noted that the watchdog did not provide ample information in the notice to respond.
Meanwhile, Coinbase frequently affirmed that no asset listed on its platform or staking services is security. Following Grewal’s statements in a recent <a href="https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal" rel="nofollow noopener" target="_blank">blog post</a>, Coinbase appears ready to face the SEC to defend its case.
While the controversy around this case continues to escalate, Ripple’s chief legal officer Stuart Alderoty released a comment via a <a href="https://twitter.com/s_alderoty/status/1638708343417217024" rel="nofollow noopener" target="_blank">tweet</a> yesterday. The lawyer quoted an old saying &#8220;the enemy of my enemy is my friend.&#8221; This statement somehow implies that Alderoty might be throwing in weight for Coinbase. 
The Ripple CTO Schwartz&#8217;s comments come after Paul Grewal called out the SEC to provide reasonable rules for crypto, noting that Coinbase is willing to follow. Grewal thinks the SEC has been unreasonable in their moves on crypto assets, noting that legislation will serve better in defining crypto regulations than enforcement actions.
<img decoding="async" class="wp-image-223738 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-980x571.png" alt="Ripple CTO David Schwartz Calls Out SEC for Lack of Clarity on Crypto Regulations" width="980" height="571" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-980x571.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-640x373.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-768x447.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-750x437.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31-1140x664.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/03/XRPUSDT_2023-03-24_19-46-31.png 1437w" sizes="(max-width: 980px) 100vw, 980px" />
However, the recent Wells notice has not frailed Coinbase’s operations. The exchange affirmed that its activities would continue as usual while it works to clarify things with the SEC. Coinbase noted that it is open to any opportunity to get crypto regulatory transparency in court.
<h2>SEC’s Views On Cryptos As Securities Appear Lacking </h2>
Coinbase maintains that its staking services are legal and no assets listed on its platform are security. According to Grewal, the crypto exchange has repeatedly engaged with SEC officials to get clear regulatory guidelines for its services. Coinbase affirmed its stance on the SEC by citing a <a href="https://www.reuters.com/legal/sec-objections-voyager-binance-deal-criticized-by-us-judge-2023-03-02/" rel="nofollow noopener" target="_blank">ruling</a> against the SEC by federal bankruptcy judge Michael Wiles in the recent Voyager case.

The judge&#8217;s findings in the cases make it clear that the SEC&#8217;s views on crypto as a security lacks clear facts, Grewal noted. 
According to the lawyer, Judge Wiles&#8217; ruling stated that the regulators have not agreed on whether cryptocurrencies are commodities subject to the CFTC oversight or securities under securities laws. These statements further buttress David Schwartz and Coinbase’s criticism of the SEC.
Featured image from Voi and chart from Tradingview.com

Aptos Labs and Universal Pictures release Web3 game of vampire movie ‘Renfield’

<ul>
<li dir="ltr">Aptos Labs has partnered with NBCUniversal&rsquo;s Universal Pictures to release a Web3 game for the Dracula movie Renfield.</li>
<li dir="ltr">Players stand a chance to win several prizes, including digital collectibles.</li>
<li dir="ltr">Renfield will be released in theaters on 14 April 2023.</li>
</ul>
Layer 1 blockchain platform <a href="https://coinjournal.net/aptos/">Aptos</a> has announced a new Web3 game based on the &ldquo;Renfield&rdquo;, a horror-comedy starring Nicholas Cage and Nicholas Hoult.
The Hollywood venture for Aptos comes as part of a collaboration with NBCUniversal, the parent company of Universal Pictures, the Aptos Labs team <a href="https://twitter.com/Aptos_Network/status/1639267505414832130" rel="noopener noreferrer" target="_blank">revealed</a> on Friday.

<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Aptos goes to Hollywood &#128526;
We're bringing movies to the Web3 era with FREE RENFIELD The Game, based on the horror-comedy Renfield!
&#129499;&#127918; We joined forces with <a href="https://twitter.com/NBCUniversal?ref_src=twsrc%5Etfw">@NBCUniversal</a> to pull fans deeper into Dracula&rsquo;s universe.
Cinema magic meets Web3 innovation &ndash; brought to life by&hellip; <a href="https://t.co/74M4rEhmSQ">pic.twitter.com/74M4rEhmSQ</a>
&mdash; Aptos (@Aptos_Network) <a href="https://twitter.com/Aptos_Network/status/1639267505414832130?ref_src=twsrc%5Etfw">March 24, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 dir="ltr">Renfield the Web3 game is on Aptos</h2>
Renfield is a vampire-themed movie that has Nicholas Cage starring as the centuries-long Count Dracula, and Aptos&rsquo; game offers players a chance for an immersive experience into the vampire&rsquo;s universe, with a chance to win various prizes.
&ldquo;NBCUniversal chose Aptos to bring FREE RENFIELD to life with digital collectibles, so fans can savor every last drop of the Renfield universe,&rdquo; the Aptos team tweeted.
Among the prizes on offer with the free Renfield game are movie-inspired digital collectibles, custom Dracula inspired-jewelry, 24 carat gold bug jewelry, vintage Dracula film posters and a rare 1967 Dracula horror-themed pinball machine.
According to Aptos Labs, the game is currently open to residents in 50 states in the United States, including the District of Columbia. Only legal residents aged 18 or older are allowed. Renfield will be in theaters on 14 April 2023.

<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
It&rsquo;s the real f*cking Dracula and he&rsquo;s one sucky boss&#129499;&#127996;&zwj;&#9794;&#65039;! Watch the new trailer for <a href="https://twitter.com/hashtag/RenfieldMovie?src=hash&amp;ref_src=twsrc%5Etfw">#RenfieldMovie</a>, only in theaters April 14th. Get your tickets today: <a href="https://t.co/g9Sw3BlHBf">https://t.co/g9Sw3BlHBf</a> <a href="https://t.co/d0OsauyFtd">pic.twitter.com/d0OsauyFtd</a>
&mdash; Universal Pictures (@UniversalPics) <a href="https://twitter.com/UniversalPics/status/1638563963683352577?ref_src=twsrc%5Etfw">March 22, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Aptos Labs has over the past several months grown to be one of the biggest platforms for Web3 gaming developers.
In February this year, they debuted a new Software Development Kit (SDK) offering game developers tools that enhance interoperability and transparency in the gaming ecosystem. This followed its partnership with NPIXEL, a leading South Korea-based game developer, in November 2022.
The platform also has partnerships with digital payments provider MoonPay and Google Cloud.

The post <a rel="nofollow" href="https://coinjournal.net/news/aptos-labs-and-universal-pictures-release-web3-game-of-vampire-movie-renfield/">Aptos Labs and Universal Pictures release Web3 game of vampire movie &#8216;Renfield&#8217;</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

Nasdaq Eyeing Q2 2023 Release For Bitcoin And Crypto Custody Platform

The exchange giant is joining Fidelity and BNY Mellon in the pursuit of their own cryptocurrency custody platform.

Portuguese NFT Marketplace Joins Shiba Inu Craze, Enables SHIB Payments

The second largest meme coin, Shiba Inu, has gained more traction recently. Though its launch was inspired by Dogecoin (DOGE), Shiba Inu has gradually risen with more functionalities for users. SHIB is attracting more attention from different sectors globally with its operations and performance.
In a new development, Shiba Inu is moving into the Portuguese market. An NFT marketplace Tokapi has announced adopting SHIB for exclusive NFT transactions through BitPay.
<h2>Tokapi Integrated SHIB As A Payment Option</h2>
Portugal-based NFT marketplace, Tokapi, is <a href="https://twitter.com/tokapi_official/status/1638918534720831490?" target="_blank" rel="noopener nofollow">partnering</a> with one of the prominent crypto payment processors, BitPay. The NFT marketplace has included Shiba Inu (SHIB) among the popular crypto payment options besides Bitcoin (BTC) and Ethereum (ETH). This means that customers on the Tokapi platform can purchase NFTs with SHIB through BitPay services. 
Related Reading: <a href="https://bitcoinist.com/chatgpt-can-now-browse-the-internet/" target="_blank" rel="noopener">ChatGPT Can Now Browse The Internet – What This Means For Crypto</a>
The collaboration with BitPay aligns with Tokapi’s plans to expand cryptocurrency payment options. Also, it provides NFT collectors and enthusiasts with more flexible options for purchasing NFTs. With this newest addition, Tokapi now has sixteen crypto assets as payment options on its platform. 
Tokapi is an NFT marketplace headquartered in Lisbon, Portugal. It offers a user-friendly platform to buy and sell digital collectibles. The marketplace covers music, digital art, clothing, and real estate.

Additionally, the NFT marketplace announced the availability of SeerLight&#8217;s exclusive NFT edition by Ronald Kuang, the famous LA-based Illustrator and Animator. Tokapi stated that customers could only purchase the NFT collection exclusively using Ethereum (ETH).
Also, Kuang’s two other popular NFT editions, Mirage and Hunters in the Snow, are available on Tokapi platform. Mirage was inspired by the prominent KHM&#8217;s architecture, while Pieter Bruegel’s original work inspired the latter.
<h2>SHIB Price Action</h2>
Shiba Inu is one of the crypto tokens with increasing growth recently. Launched in 2020, Shiba Inu ranks as the second-largest meme coin after DOGE. 
At the time of press, SHIB is trading at $0.00001065 after plummeting by 1.36% over the past 24 hours. According to data from <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="nofollow noopener" target="_blank">CoinMarketCap</a>, Shiba Inu boasts a market cap of $6.25 billion, ranking as the 14 top crypto asset. Also, SHIB has a 24-hour trading volume of over $205 million, showing a drop of 34.93%. Its market dominance is 0.54%.
<img decoding="async" class="wp-image-223723 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-980x555.png" alt="Portuguese NFT Marketplace Joins Shiba Inu Craze, Enables Users to Buy NFTs With SHIB" width="980" height="555" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-980x555.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-640x362.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-768x435.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-750x424.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28-1140x645.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/03/SHIBUSDT_2023-03-24_18-40-28.png 1479w" sizes="(max-width: 980px) 100vw, 980px" />
The price of SHIB dropped over the past seven days and 30 days by 1.33% and 16.56%, respectively. However, SHIB surged by 23.87% over the past 90 days.
Also, Shiba Inu has witnessed a spike in social activity. According to the <a href="https://twitter.com/LunarCrush/status/1638109206438989824?" rel="nofollow noopener" target="_blank">report</a> from Lunar Crash, SHIB’s social activity reached a three-month high of 47,880. Currently, SHIB is <a href="https://twitter.com/ShibalnuNews/status/1638656752093634561" rel="nofollow noopener" target="_blank">ranked</a> as the 4th top crypto by Twitter following, with about 3.6 million followers on the official page.
Featured image from Pexels and chart from Tradingview.com

FTX YouTube Influencers Sued for Up to $1B

Litecoin Whale Withdraws $11.4 Million In LTC From Binance, Sign Of More Buying?

Data shows a Litecoin whale has withdrawn $11.4 million in LTC from Binance, a sign that more accumulation may be taking place in the market.
<h2>Litecoin Whale Withdraws Large Stack From Binance As LTC Shows Strong Rise</h2>
According to data from the cryptocurrency transaction tracker service <a href="https://twitter.com/whale_alert/status/1639029957841268737" target="_blank" rel="noopener nofollow">Whale Alert</a>, a large transaction has been spotted on the Litecoin blockchain during the past day. This transfer involved the movement of 122,769 LTC, worth about $11.4 million at the time the transaction went through.
Below are some additional details regarding this massive LTC transfer, that may shed light on some context around it.
<img decoding="async" loading="lazy" class="alignnone wp-image-223695 size-full aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/03/details-2.png" alt="Litecoin Whale" width="779" height="961" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/details-2.png 779w, https://bitcoinist.com/wp-content/uploads/2023/03/details-2-340x420.png 340w, https://bitcoinist.com/wp-content/uploads/2023/03/details-2-535x660.png 535w, https://bitcoinist.com/wp-content/uploads/2023/03/details-2-768x947.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/details-2-750x925.png 750w" sizes="(max-width: 779px) 100vw, 779px" />

As you can see above, the inputs for this large Litecoin transfer came from a wallet attached to the cryptocurrency exchange <a href="https://bitcoinist.com/binance-ceo-why-do-the-same-banks-keep-falling/" target="_blank" rel="noopener">Binance</a>, while the receiver was an unknown wallet.
Unknown wallets are generally addresses that are unaffiliated with any known centralized platform (like an exchange), and thus, are likely to be holders&#8217; personal self-custodial wallets.

Transfers like these, where coins move from an exchange to an offsite personal wallet, are called &#8220;<a href="https://bitcoinist.com/bitcoin-outflows-huge-spike-whales-shopping-spree/" target="_blank" rel="noopener">exchange outflows</a>.&#8221; Usually, investors withdraw their coins from these platforms to their personal addresses for holding onto them for extended periods of time. Because of this reason, exchange outflows can provide a bullish effect on the price of the asset.
In the current case, since the movement of coins involved is so large, it&#8217;s likely that a <a href="https://bitcoinist.com/shiba-inu-whale-moves-24-t-shib/" target="_blank" rel="noopener">whale</a> entity was behind it. Whales are investors that hold large reserves of an asset, and thus, can move a high volume of coins at once.
This gives them the power to sometimes cause noticeable effects on the price, so their behavior can generally be something to keep an eye on.
Here, the whale has withdrawn a large number of coins from Binance, which could be a sign that the holder freshly bought these coins and is now taking them out to HODL.

Interestingly, this same whale also made an outflow just a couple of days back, as the below details show.
<img decoding="async" loading="lazy" class="alignnone wp-image-223696 size-large aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/03/details-3-875x660.png" alt="Litecoin Outflow" width="875" height="660" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/details-3-875x660.png 875w, https://bitcoinist.com/wp-content/uploads/2023/03/details-3-557x420.png 557w, https://bitcoinist.com/wp-content/uploads/2023/03/details-3-768x579.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/details-3-750x566.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/details-3-1140x860.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/03/details-3.png 1172w" sizes="(max-width: 875px) 100vw, 875px" />

Recently, the price of Litecoin has shown a rapid uptrend and has outperformed most of the assets. During such times, deposits to exchanges aren&#8217;t uncommon to see as some whales rush to strike while the profit-taking opportunity is still hot.
But as this whale seems to have rather made some large withdrawals while this price surge has taken place, it could imply that the investor has a strong bullish conviction in the price and believes that the rally will continue even further.
Obviously, this would only hold true if these withdrawals were indeed made with accumulation in mind. If they were instead made with selling through peer-to-peer (P2P) trades in mind, however, the asset could feel a bearish effect instead.
<h2>LTC Price</h2>
At the time of writing, Litecoin is trading around $92, up 9% in the last week.
<img decoding="async" loading="lazy" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/kBZQWDSG/" alt="Litecoin Price Chart" width="1533" height="911" />

NASDAQ to launch its crypto custody services by the end of Q2: Bloomberg

Key takeaways
<ul>
<li dir="ltr">
NASDAQ said custody is the first step in its digital asset push.
</li>
<li dir="ltr">
The stock exchange operator plans to launch its crypto custody service before the end of next quarter.
</li>
<li dir="ltr">
More traditional financial institutions are making a push into the cryptocurrency space.
</li>
</ul>
<h2 dir="ltr">NASDAQ&rsquo;s crypto custody service will launch next quarter</h2>
Nasdaq Inc. is planning to launch its custody services for digital assets by the end of the second quarter of 2022. This latest development is according to a&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-03-24/nasdaq-eyes-crypto-custody-launch-by-end-of-second-quarter#xj4y7vzkg" rel="noopener noreferrer" target="_blank">report by Bloomberg</a> on Friday.
The stock exchange market operator joins a host of other traditional financial firms that are making their way into the cryptocurrency space. According to the report, NASDAQ is pushing ahead to get the necessary technical infrastructure and regulatory approvals in place.
Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, revealed this during an interview in Paris. The NASDAQ exec added that the firm has applied to the New York Department of Financial Services for a limited-purpose trust company charter, a licence that would allow it to oversee the business.&nbsp;
This&nbsp;<a href="https://coinjournal.net/news/" rel="noopener noreferrer" target="_blank">latest cryptocurrency news</a> comes after the firm revealed its intention to enter the crypto space. In September 2022,&nbsp;<a href="https://coinjournal.net/news/nasdaq-focused-on-crypto-custody-services-but-no-plans-for-crypto-platform-yet/" rel="noopener noreferrer" target="_blank">NASDAQ announced</a> that it would offer custody services for Bitcoin (BTC) and Ether (ETH) to institutional investors.
The firm went ahead to hire Ira Auerbach, a former Gemini employee, to head the new Nasdaq Digital Assets unit
<h2 dir="ltr">More financial institutions could enter the crypto market soon</h2>
The recent collapse of Silvergate and Signature banks has left a space in the cryptocurrency space, and experts believe more traditional financial companies, such as NASDAQ, could enter to fill the gap.&nbsp;
NASDAQ&rsquo;s entry into the cryptocurrency space could prove a positive signal for mainstream cryptocurrency adoption, a situation that could help attract more companies to the market.&nbsp;

The post <a rel="nofollow" href="https://coinjournal.net/news/nasdaq-to-launch-its-crypto-custody-services-by-the-end-of-q2-bloomberg/">NASDAQ to launch its crypto custody services by the end of Q2: Bloomberg</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

Coinbase CEO says SEC’s notice wasn’t entirely unexpected

<ul>
<li dir="ltr">Coinbase disclosed a Wells Notice from the US Securities and Exchange Commission (SEC).</li>
<li dir="ltr">A Wells Notice usually comes before an enforcement action.</li>
<li dir="ltr">Coinbase CEO Brian Armstrong says the company isn&rsquo;t surprised with the SEC&rsquo;s move.</li>
</ul>
<a href="https://coinjournal.net/exchanges/coinbase/">Coinbase</a> CEO Brian Armstrong has commented on the company&rsquo;s announcement that it had received a Wells Notice from the US Securities and Exchange Commission (SEC), saying via Twitter Spaces that the exchange wasn&rsquo;t entirely surprised at the regulator&rsquo;s action.
<h2 dir="ltr">Coinbase had 30 meetings with SEC, without feedback</h2>
As <a href="https://www.cnbc.com/video/2023/03/24/coinbase-ceo-says-sec-notice-wasnt-entirely-unexpected.html" rel="noopener noreferrer" target="_blank">reported</a> on CNBC on Friday morning, Armstrong and other executives say they had engaged with the SEC before.
&ldquo;Over a series of 30 meetings in the last nine months, we met with the SEC and shared details of the business and answered every question,&rdquo; the Coinbase CEO said.
According to Armstrong, Coinbase spent millions of dollars in legal fees as they tried to explain everything about its business, including digital asset listings and staking rewards. He added that the SEC did not provide feedback over the nine months, noting that the agency cancelled, at the last minute, a meeting it had set up for that purpose.
&ldquo;That was the first feedback we got in 30 meetings. The day before that meeting they cancelled the meeting [and] we didn&rsquo;t know why. And then a few weeks later &ndash; boom, we get served with the Wells Notice,&rdquo; he added.
On Thursday, Armstrong <a href="https://twitter.com/brian_armstrong/status/1638654496879575040" rel="noopener noreferrer" target="_blank">tweeted</a> that the SEC reviewed Coinbase&rsquo;s business and approved its IPO.&nbsp;
<h2 dir="ltr">Coinbase stock plummets&nbsp;</h2>
The Wells Notice is a signal that the securities regulator is considering enforcement action against the largest US-based cryptocurrency exchange. Accordingly, investor reaction to the news saw the publicly-listed company&rsquo;s shares plunge to lows of $61.87.
The Coinbase stock was down nearly 15% over the past five days.

The post <a rel="nofollow" href="https://coinjournal.net/news/coinbase-ceo-says-secs-notice-wasnt-entirely-unexpected/">Coinbase CEO says SEC’s notice wasn’t entirely unexpected</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

US DOJ Probes Credit Suisse And UBS Bank For Evading Russian Sanctions

Following Russia&#8217;s invasion of Ukraine, the US Department Of Justice (DOJ) has been applying sanctions to stop financial institutions from facilitating Russian residents. In its recent actions, many financial firms, including crypto companies, have faced legal action by US authorities resulting in hefty fines. 
This time, DOJ is investigating two Swiss financial firms, Credit Suisse Group AG and UBS Group AG, to check whether the financial channels helped Russian users evade implied sanctions. According to Bloomberg, the US authority recently issued subpoenas (a court order asking someone to appear in court) to these banking firms requesting information.

Additionally, the <a href="https://www.bloomberg.com/news/articles/2023-03-23/credit-suisse-ubs-among-banks-facing-doj-russia-sanctions-probe" target="_blank" rel="noopener nofollow">report </a>affirms that subpoenas were sent out before <a href="https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46" target="_blank" rel="noopener nofollow">UBS&#8217;s takeover</a> of Credit Suisse, adding that many other large institutions received subpoenas from US authorities in the same round.
The DOJ&#8217;s investigations into the platforms are to determine whether the bank&#8217;s personnel facilitated sanctioned users and how they screened them over the past few years. Any identified to violate federal laws will be subject to further scrutiny by US authorities. 
<h2>Credit Suisse Served Russians At Its Best Before War</h2>
Before the war between Ukraine and Russia started, Credit Suisse was known to be a reputable platform serving Russians. Notably, when it was at its peak of success, the Swiss Bank earned between $500 million to $600 million in a year from Russian users by managing around $60 billion in assets.
And when the Swiss financial firm Credit Suisse closed its operations with Russia in May 2022, it was holding above $33 billion from Russian individuals. The firm managed a large division of wealth compared to its competitor UBS having less than 50% of these funds.
Previously, BNP Paribas<a href="https://www.reuters.com/article/us-bnpparibas-currency-idUSKBN1FF21P" target="_blank" rel="noopener nofollow"> pleaded guilty</a> to charges of processing transactions with the companies from sanctioned areas and agreed to pay $9 billion in fines. Sanctioned areas Paris-based BNP Paribas facilitated at the time included Iran, Sudan, and Cuba. 
<img decoding="async" src="https://www.tradingview.com/x/77sK6C50/" alt="Total Crypto Market Cap chart (Sanctions)" width="979" height="538" />
<h2>US Continues To Impose Sanctions In Battle With Russia</h2>
The US authorities have consistently imposed sanctions on Russia for some previous years. Even the Treasury Department <a href="https://home.treasury.gov/news/press-releases/sm0338" target="_blank" rel="noopener nofollow">designated </a>Russian Oligarchs and Vlamdire Putin&#8217;s inner circle, relying on multiple companies, to ramp up sanctions on those. 
Following the Ukraine-Russia conflict, the DOJ <a href="https://en.wikipedia.org/wiki/Task_Force_KleptoCapture#:~:text=Task%20Force%20KleptoCapture%20is%20a,the%20Russian%20invasion%20of%20Ukraine." target="_blank" rel="noopener nofollow">established </a>a special task force named &#8216;KleptoCapture.&#8217; The team was aimed at enforcing sanctions implied on Russian oligarchs.

According to a report Treasury Department published starting this month, the authority has confiscated more than $58 billion from oligarchs around the globe. The seizure includes six properties in New York and Florida worth $75 million and two luxury yachts in San Diego and Fiji collectively worth $600 million. All these assets were owned by a single oligarch, Viktor Vekselberg.

Coinbase stock down 25% as regulators move in and crypto environment worsens again

<h2 dir="ltr">Key Takeaways</h2>
<ul>
<li dir="ltr">Coinbase was issued with a Wells notice this week and now awaits formal charges from the SEC</li>
<li dir="ltr">Regulators continue to move in on US crypto companies, hurting Coinbase&rsquo;s prospects</li>
<li dir="ltr">The exchange laid off its second round of employees in January, shut down activities in Japan due to &ldquo;market conditions&rdquo;, and saw its share price plummet throughout 2022</li>
</ul>

<a href="https://coinjournal.net/news/tag/coinbase/">Coinbase</a> just can&rsquo;t catch a break.&nbsp;
I wrote a <a href="https://coinjournal.net/news/what-is-wrong-with-coinbase-ceo-selling-2-of-stake-a-deep-dive/">deep dive</a> on the struggling crypto exchange last October, when founder and CEO Brian Armstrong sold 2% of its stake. But things have only gotten worse since then.&nbsp;
It laid off 20% of its workers in January (I analysed what this meant for the company <a href="https://coinjournal.net/news/what-is-happening-at-coinbase-another-20-of-employees-laid-off/">here</a>), six months after it had already cut 18%. It also <a href="https://coinjournal.net/news/coinbase-terminates-japan-operations-why-is-share-price-still-up-50-in-two-weeks/">terminated</a> its Japanese operations in January, citing &ldquo;market conditions&rdquo;.&nbsp;
Despite this, the stock had been rebounding in 2023 as a softer forecast of the future path of interest rates was benefitting the tech sector at large. And then, the SEC waded in to end the party this week.&nbsp;

<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1638654192138199041?ref_src=twsrc%5Etfw">March 22, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 dir="ltr">SEC alleges Coinbase is violating securities law</h2>
The SEC issued Coinbase a Wells notice, warning that it was potentially violating US securities law. The share price has fallen 24% in the two days since. &nbsp;
 <div class="flourish-embed flourish-map" data-src="visualisation/13184904">
 <script src="https://public.flourish.studio/resources/embed.js"></script>
 </div>
 
&ldquo;Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company&rsquo;s spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet,&rdquo; Coinbase said in a regulatory filing. &ldquo;The potential civil action may seek injunctive relief, disgorgement, and civil penalties.&rdquo;
The market now awaits the exact charges becuase a Wells notice, as Armstrong noted in his tweet above, typically precedes legal action.&nbsp;
Coinbase chief legal officer Paul Grewal also waded in, noting that Coinbase was confident in the face of the charges.&nbsp;
&ldquo;Although we don&rsquo;t take this development lightly, we are very confident in the way we run our business &ndash; the same business we presented to the SEC in order for us to become a public company in 2021,&rdquo; he posted.&nbsp;
<h2 dir="ltr">Regulatory environment continues to worsen for crypto</h2>
Despite Coinbase&rsquo;s defiance, at least in public, the reality is that this marks just the latest move by US regulators to clamp down on crypto.&nbsp;
Recent months have seen the dramatic shutdown of the Binance-branded stablecoin BUSD, a top 10 cryptocurrency, a fine for leading exchange Kraken relating to disclosures around its staking problem, and now this Wells notice for Coinbase.&nbsp;
Then there is the banking turmoil. While not caused by crypto, the shutdown of SVB, Silvergate and Signature means the main crypto banks have evaporated into thin air. That starves the industry of vital fiat on-ramp and is an unquestioned headwind going forward.&nbsp;
Whether you view any of the above as unfair or not, the bottom line for Coinbase is that the country in which it is headquartered, the United States, is a significantly more hostile environment for the crypto industry than it was a few months ago. That is obviously bad news for investors, and for the business as a whole.&nbsp;
<h2 dir="ltr">What happens next?</h2>
Going forward, it is hard to know what will happen. It does appear, however, as if regulators are intent to rein crypto in after the series of scandals that shook the market (and caused billions of losses for customers) last year, including LUNA, Celsius and most recently FTX.&nbsp;
Before this latest move, the Coinbase share price had been reaping the positivity around a bounceback for Bitcoin, which is currently trading at $28,000, nearly double what it was in the aftermath of the FTX collapse in November.&nbsp;
That follows the wider tech resurgence, as the market is betting that the Federal Reserve is largely done with interest rate hikes and the uber-tight monetary policy of the last year.&nbsp;
Ultimately, Coinbase&rsquo;s fate will be tied to those macro conditions, as well as the Bitcoin price, as it always is. But so too will it depend on regulators pulling back from their punitive stance over the last few months, and right now that doesn&rsquo;t appear likely.&nbsp;

The post <a rel="nofollow" href="https://coinjournal.net/news/coinbase-stock-down-25-as-regulators-move-in-and-crypto-environment-worsens-again/">Coinbase stock down 25% as regulators move in and crypto environment worsens again</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

What is a Wallet? Guide to storing Bitcoin

After you receive bitcoin, you’ll need to store it in a secure digital wallet. This guide helps you understand what a wallet is and how there are different wallets to suit your needs.

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Denmark, Copenhagen, 24th March, 2023, Chainwire
Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures
Narwhal Finance, the decentralized cross-market perpetual trading platform built on BNB Chain and Arbitrum, announced a $1 million seed round funding led by Animoca Ventures, with participation from Hailstone Ventures and various angel investors.
Narwhal Finance empowers users to engage in leveraged trading across an extensive array of pairs, including crypto, forex, indexes, and stocks, with leverages up to 1000x. Through its copy trading function, users can seamlessly follow top traders, earn substantial profits even with limited market knowledge, and enjoy an exceptional trading experience.
With the vision of becoming the #1 decentralized cross-market trading platform, Narwhal Finance combines the best of DEX experience and social trading to offer users full transparency, confidence, and an effortless trading experience.
&ldquo;We are thrilled to have received such strong support from our investors in this seed funding round,&rdquo; said Coco, Lead Developer of Narwhal Finance. &ldquo;This funding will enable us to execute our vision of providing an exceptional decentralized leveraged trading platform accessible to all. We are grateful for the opportunity to bring our innovative solution to the market and are excited for what the future holds.&rdquo;
As a leading investor in the blockchain industry, Animoca Ventures recognizes Narwhal&rsquo;s potential to disrupt the decentralized perpetual space. &ldquo;We are excited to support Narwhal Finance&rsquo;s journey to revolutionize decentralized leveraged trading,&rdquo; said James Ho, Head of Animoca Ventures. &ldquo;We believe that the team&rsquo;s expertise, combined with the platform&rsquo;s innovative technology, can potentially disrupt the decentralized perpetual trading space. We see tremendous potential in this partnership and look forward to supporting Narwhal Finance as it grows and innovates.&rdquo;
<h2>About Narwhal Finance</h2>
Narwhal Finance is a cross-market decentralized perpetual exchange that offers a unique solution for social trading by enabling leveraged trading of all asset classes through synthetic assets. Liquidity providers on Narwhal earn a yield from trading fees and top traders&rsquo; performance, making it a profitable opportunity for all parties involved.
For more information or media inquiries, please contact marketing@narwhal.finance.
<h3>Contact</h3>
Narwhal Marketing, marketing@narwhal.finance

The post <a rel="nofollow" href="https://coinjournal.net/news/narwhal-finance-secures-1m-in-seed-funding-led-by-animoca-ventures/">Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

Crypto price predictions: OAX, Mask Network, Arbitrum

<a href="https://coinjournal.net/price/">Cryptocurrency prices</a> had a relatively strong performance this week even as the banking crisis escalated.&nbsp;<a href="https://coinjournal.net/bitcoin/">Bitcoin</a> rose to a high of $29,000 for the first time in months while Ethereum sits comfortably above $1,800. The total market cap of all cryptocurrencies jumped to over $1.17 trillion. This coin price prediction article will look at popular altcoins like OAX, Mask Network, and Arbitrum.
<h2 dir="ltr">OAX price prediction</h2>
OAX price was one of the best-performing cryptocurrencies this week as it jumped to the highest level since April 2021. The token has jumped by over 283% from the lowest level this year and over 500% from last year&rsquo;s low. The main catalyst for this week&rsquo;s jump was the decision by Binance to list the OAX.USDT pair in its platform.
<a href="https://twitter.com/OAX_Foundation/status/1639121550430580739">https://twitter.com/OAX_Foundation/status/1639121550430580739</a>
The daily chart shows that OAX has gone parabolic in the past few days. As it rose, the token managed to move above the key resistance at $0.3853, the highest point on February 20th. It has jumped above all moving averages. The token also rose above the key point at $0.3275 (November 30 high).
Therefore, the token will likely drop during the weekend as the bullish momentum fades and as investors start to take profits. If this happens, the key level to watch will be at $0.385 followed by $0.3275. The latter is about 26% below the current level.
<img decoding="async" loading="lazy" src="https://media.igms.io/2023/02/24/1679660757828-eb600f87-7c51-48ae-83a7-e212e937f796.png" style="width: 617px;height: 292.125px" class="fr-fic fr-dib" width="617" height="292.125">
<h3 dir="ltr">How to buy OAX</h3>
<h3>
 Swapzone</h3>

 Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


 <a href="/visit/swapzone-crypto?guid=MTM2MDkx&amp;component=simple-table&amp;language=en&amp;country=US&amp;state=VA&amp;position=1&amp;totalPositions=1" rel="noopener nofollow sponsored">
 Buy oax with Swapzone today </a>
 
<h2 dir="ltr">Mask Network price prediction</h2>
Mask Network was one of the top-performing cryptocurrencies. This performance happened as the developers received 257k tokens from Arbitrum, the second-biggest layer-2 smart contract platform in the world. The allocation happened because Mask had been one of the top promoters of Arbitrum.
On the daily chart, the MASK token has been in a strong bullish trend this year. It cruised above the key resistance at $5.41, the highest point on February 3rd. It also jumped above $5.94 (November 3 high). The token has also jumped above all moving averages. It also seems like it is forming a small double-top pattern at $6.86.&nbsp;
Therefore, MASK crypto price will likely retreat during the weekend as holders start to take profits. If this happens, the token will likely drop and retest the support at $5.
<img decoding="async" loading="lazy" src="https://media.igms.io/2023/02/24/1679660757827-e4057477-5adc-4180-a2e4-433e933186c4.png" style="width: 533px;height: 252.287px" class="fr-fic fr-dib" width="533" height="252.287">
<h3 dir="ltr">How to buy Mask Network</h3>
<h3>
 Binance.US</h3>

 Binance.US provides secure and reliable access to the world&rsquo;s most popular cryptocurrencies, with some of the lowest fees in the industry.


 <a href="/visit/binance-us-crypto?guid=MTM2MDkx&amp;component=simple-table&amp;language=en&amp;country=US&amp;state=VA&amp;position=1&amp;totalPositions=2" rel="noopener nofollow sponsored">
 Buy MASK with Binance.US today </a>
 <h3>
 KuCoin</h3>

 Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

Users can benefit from a beginner-friendly interface and relatively low fees.


 <a href="/visit/kucoin-crypto?guid=MTM2MDkx&amp;component=simple-table&amp;language=en&amp;country=US&amp;state=VA&amp;position=2&amp;totalPositions=2" rel="noopener nofollow sponsored">
 Buy MASK with KuCoin today </a>
 
<h2 dir="ltr">Arbitrum price forecast</h2>
The biggest <a href="https://coinjournal.net/news/">crypto news</a>&nbsp;was Arbitrum&rsquo;s airdrop that launched the ARB token. The token jumped sharply, giving it a market cap of about $2 billion. On Friday, it rose to a high of $1.5685 and then pulled back to a low of $1.40. In most periods, crypto tokens tend to surge on their first days and then retreat as insiders start taking profits. Therefore, the token will likely have a bearish breakout as sellers target the key support at $1.25.
<img decoding="async" loading="lazy" src="https://media.igms.io/2023/02/24/1679660757767-b829c1fb-2cda-4095-9a17-28fb4bd82cd9.png" style="width: 582px;height: 275.48px" class="fr-fic fr-dib" width="582" height="275.48">

The post <a rel="nofollow" href="https://coinjournal.net/news/crypto-price-predictions-oax-mask-network-arbitrum/">Crypto price predictions: OAX, Mask Network, Arbitrum</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

ChatGPT Can Now Browse The Internet – What This Means For Crypto  

ChatGPT, the AI-powered language bot that has taken the world by storm, has just added more firepower to its arsenal thanks to the release of new plugins by OpenAI. These plugins open up a vast array of third-party knowledge sources and databases, including the internet, thus expanding its already impressive functionality.
The integration of these <a href="https://techcrunch.com/2023/03/23/openai-connects-chatgpt-to-the-internet/" target="_blank" rel="noopener nofollow">new plugins</a> could prove to be a game-changer for investors and traders in the crypto industry. However, the impact of this integration on the crypto industry remains to be seen. 
What should we expect?
<h2>Impact Of ChatGPT’s Internet Functionality On Crypto</h2>
The ability of ChatGPT to access the internet in real-time could have significant implications for investors and traders in the crypto industry, and for the market as a whole.
With access to an ever-expanding pool of information, the chatbot can provide investors and traders with real-time insights into market trends and developments. This means that users can stay up to date with the latest news and analysis, potentially allowing them to make more informed and profitable decisions.
In addition, the integration of real-time internet access could enable ChatGPT to identify emerging trends and spot opportunities before they become mainstream. This could give traders a significant advantage over their competitors and lead to increased profits.
<img decoding="async" loading="lazy" class="size-medium wp-image-223684 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/03/a-149-640x356.png" alt="" width="640" height="356" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/a-149-640x356.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/a-149.png 697w" sizes="(max-width: 640px) 100vw, 640px" />

<h2>Potential Risks</h2>
However, there are also potential risks associated with this development. 
One potential risk is the reliability of the information accessed by the bot. Not all information available on the internet is accurate or trustworthy, and relying on such information could lead to poor investment decisions. Therefore, traders and investors should be cautious and ensure that the information they use to make decisions is from credible sources.
Another potential risk is the speed at which the market moves. Real-time information can quickly become outdated in the fast-paced world of crypto trading. Making decisions based on information that is no longer relevant could result in significant losses.
ChatGPT Internet Plugin Details
OpenAI has announced that the new plugin feature for ChatGPT is still in its early alpha phase, and only a limited number of users will have access to it initially. Interested users can join a waitlist to access the feature on ChatGPT Plus, according to the firm&#8217;s <a href="https://openai.com/blog/chatgpt-plugins" target="_blank" rel="noopener nofollow">announcement</a>.

<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/endKVZy1/" width="2047" height="979" />


In addition to the web plugin, OpenAI has also introduced a code interpreter for ChatGPT. This interpreter provides the chatbot with a Python interpreter in a secure, firewalled environment, complete with disk space. 
Users can upload files to ChatGPT and download the results, making it ideal for tasks such as data analysis and visualization, converting files between formats, and solving mathematical problems, according to OpenAI.
-Featured image from Parametric Architecture

How Will Bitcoin Adapt To Banking Uncertainty?

As some of the cryptocurrency industry’s go-to banks failed, Bitcoin’s importance was on display while its on and off ramps suffered.

Bitcoin-Friendly El Salvador Wants To Waive Taxes For Tech Innovation

El Salvador wants to waive taxes to spur technology innovations after becoming the first country in the world to make Bitcoin legal tender two years ago.
<h2>Spurring Technology Innovation</h2>
President Nayib Bukele announced on Friday that he will send a bill to Congress next week to eliminate all taxes on software programming, coding, apps, artificial intelligence (AI) development, and computing and communications hardware manufacturing.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Next week, I’ll be sending a bill to congress to eliminate all taxes (income, property, capital gains and import tariffs) on technology innovations, such as software programming, coding, apps and AI development; as well as computing and communications hardware manufacturing.
&mdash; Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1639070248627208197?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 24, 2023</a></blockquote>

This tax cut is part of Bukele&#8217;s plan to make El Salvador a cryptocurrency hub, and the move is expected to attract more tech companies and startups to the country. By providing incentives for innovation and development, the government hopes to create a thriving tech ecosystem that will contribute to the country&#8217;s economic growth.

El Salvador&#8217;s adoption of Bitcoin as a legal tender has been a controversial move, with critics arguing that it could lead to financial instability and increased money laundering. Others expected a collapse of Bukele&#8217;s government due to <a href="https://www.reuters.com/article/imf-el-salvador-moodys/el-salvador-2023-bond-payment-in-peril-as-imf-relationship-sours-moodys-idUSL1N2U736X" target="_blank" rel="noopener nofollow">strained</a> relationships with the International Monetary Fund (IMF).
However, Bukele has defended the decision as a way to provide financial inclusion for the unbanked population and to promote economic growth in the country. By waiving taxes on technology innovations and supporting the development of a Bitcoin mining industry, the government hopes to position the country as a leader in the crypto space.
<a href="https://www.tradingview.com/x/BAycHSjR/" rel="nofollow noopener" target="_blank"><img decoding="async" src="https://www.tradingview.com/x/BAycHSjR/" alt="Bitcoin Price On March 24| Source: BTCUSDT On Binance, TradingView El Salvador" width="1280" height="595" /></a>
<h2>El Salvador Set To Issue Bitcoin Bonds</h2>
In addition to the tax cut, El Salvador also recently <a href="https://www.bloomberg.com/news/articles/2023-01-11/el-salvador-passes-law-that-would-enable-bitcoin-bond-issuance" target="_blank" rel="noopener nofollow">approved</a> a law for the issuance of bonds backed by Bitcoin. The legislation includes a legal framework for the issuance of a Bitcoin-backed bond, also known as the Volcano Bond.
The bond is named after the country&#8217;s active volcanoes, which will provide the renewable energy needed to power the Bitcoin mining industry that the bond is designed to support.
These securities were first announced by Bukele in November 2021. The goal was to raise $1 billion for the development of a Bitcoin mining industry that runs on renewable energy. However, due to the crypto bear market in 2022, bond issuance had to be postponed several times.

The digital assets bill was finally introduced in the Legislative Assembly in November 2022, where Bukele&#8217;s party, Nuevas Ideas, had a large majority. The bill was passed with 62 legislators voting for it and 16 voting against it.
Bitfinex, a cryptocurrency exchange, earlier this year also <a href="https://blog.bitfinex.com/announcements/el-salvadors-historic-digital-asset-securities-law-passes/" target="_blank" rel="noopener nofollow">announced</a> that it will be an infrastructure provider for the Volcano Token, which is the digital token that will be used to raise capital for the bond issuance. The exchange said the Volcano Token will help El Salvador pay down its sovereign debt, direct funds towards the creation of Bitcoin mining infrastructure, and fund the construction of &#8220;Bitcoin City.&#8221;

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