- Chase Bank bans cryptocurrency-related payments for UK users starting next month; Binance exits Russia and sells to CommEX (September 28)
headlines
Chase will ban cryptocurrency-related payments for UK users starting October 16
British banking giant Chase will ban cryptocurrency-related payments for UK customers from October 16, according to an email sent to customers. “If we believe you are making a payment related to a crypto asset, we will reject it,” the email said, adding that customers are free to use a different bank or provider to invest in cryptocurrencies. Chase said it banned crypto payments because fraudsters are increasingly using crypto assets to steal large sums of money from people - a reason cited by other British banks that have previously imposed similar restrictions.
cryptocurrency
The Federal Reserve Banks of Boston and New York released a staff report comparing stablecoins such as USDT and USDC to money market funds. According to the report, stablecoins and money market funds follow similar patterns during their operation, and stablecoins may inject instability into the broader financial system. The report states: “Stablecoins are vulnerable to runs during widespread crypto market disruptions and extraordinary stress events. If stablecoins continue to grow and become more closely tied to major financial markets, such as short-term funding markets, they may It will become a source of instability in the broader financial system.” The researchers also pointed out that stablecoins appear to have a “$0.99” threshold, and once below this threshold, redemptions will accelerate and a run may occur.
Binance exits Russia and sells to CommEX
According to an official announcement, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. All assets of existing Russian users are safe and reliably protected. Noah Perlman, Chief Compliance Officer of Binance, said: “Going forward, we recognize that operating in Russia is not consistent with Binance’s compliance strategy. We remain confident in the long-term growth of the global Web3 industry and will focus our efforts on more than 100 other countries and regions. The user migration process will be carried out sequentially. Binance and CommEX will work together to inform users on how to migrate their assets to CommEX. The new user registration portion for Russian KYC authentication will be redirected to CommEX immediately and will be scaled up gradually. Over the next few months, Binance will gradually cease all trading services and business lines in Russia. Every effort will be made to maintain a smooth user experience during the transition period. While the financial details of the transaction will not be made public, it is important to note that with this sale, Binance exits the Russian market entirely. Unlike similar deals in Russia by other international companies, Binance will not receive an ongoing revenue share from the sale, nor will it have any option to buy back its shares in the business.
Arbitrum Odyssey is back online with first week of missions on GMX
Arbitrum announced on the Conduct margin trading, share GMX referral links on social media, etc. Arbitrum reminds users that after completing a GMX task, it will take a few days to prove eligibility to claim the NFT badge, as eligibility information will need to be manually updated this week. It was previously reported that Arbitrum Odyssey will cooperate with Galxe, a Web3 community activity platform, for a period of 7 weeks. Complete missions and explore 13 projects on Arbitrum One to earn custom badges.
Project News
UniSat Wallet announces the launch of brc 20-swap testnet
UniSat Wallet has announced the launch of the brc 20-swap testnet, where users can mint BRC-20 tokens, deposit, trade and increase liquidity.
Walmart to sell Pudgy Penguins NFT toy line in 2,000 U.S. stores
Walmart partners with NFT project Pudgy Penguins to sell Pudgy toys. The toys will be sold in 2,000 Walmart stores across the U.S., with prices ranging from $2.99 to $11.97. Every Pudgy toy comes with access to Pudgy World – a multiplayer digital social platform where users can build their “Forever Pudgy” character, play mini-games and interact with other users. Pudgy World is built on the zkSync Era. (The Block) It is reported that Pudgy Penguins completed US$9 million in financing last year, led by 1kx, with participation from the founders of DFG, Jsquare, Big Brain Holdings, Old Fashion Research, Kronos Research and LayerZero Labs.
Sui announces 12 shortlisted projects for Sui Liquid Staking Hackathon Demo Day
Sui announced the shortlisted projects for the Demo Day of the Sui Liquid Staking Hackathon. The shortlisted liquid staking protocols include: Aftermath Finance, DegenHive, Haedal Protocol, Interest Protocol, SUISA, Volo; the shortlisted LST DeFi and tools include: Aftermath Finance, Bucket Protocol, Desig, kanalabs, Legato, Wisp Swap. Sui Liquid Stake Hackathon Demo Day will be held from 12:00-15:00 on September 29th, and the results of the competition will be announced on October 2nd. Awards include allocating 25 million pledged SUI to corresponding applications or obtaining value $125,000 SUI.
Investment and Financing
Ethereum infrastructure company Rated Labs completed a $12.888 million Series A round of financing, led by Archetype, with participation from Placeholder, 1confirmation, Cherry, Semantic, Robot Ventures, Chorus One, Factor, Maelstrom and others. To date, Rated Labs has raised more than $15 million in total funding. Additionally, Archetype founder Ash Egan has joined Rated’s board of directors. Rated Labs currently offers an Ethereum web browser, data API, and oracles, with plans to expand its offerings to multiple L1 chains over the next year, including Polygon, Solana, Cosmos, and Polkadot. (The Block) According to previous news, Rated Labs announced the completion of a US$2.5 million seed round of financing in September 2022, with participation from 1confirmation, Semantic, Placeholder and others. Founded in April 2022 by Elias Simos and Aris Koliopoulos, Rated Labs provides fine-grained data analysis on validators and node operators.
Zunami Protocol, a decentralized stablecoin income protocol, completed angel round financing. Participating investors include Cream Finance. Individual investors include Curve founder Michael Egorov, Mr. Block, Convex members named C 2 tP and Winthorpe on Twitter, and Twitter Named Hubirb and other Stake DAO contributors, AladdinDAO core contributor pauls, etc. This round of financing will be used to develop and audit Zunami V2, which is scheduled to be launched in November. According to previous news in August, Zunami Protocol suffered an attack and the loss exceeded US$2.1 million.
regulatory policy
Judge rules on multiple pretrial motions in SBF case
Judge Lewis Kaplan, who oversees SBFs criminal case, resolved most of the pending restraint or pretrial motions in a 16-page order, ruling that SBF attorneys can question Justice Department witnesses during next months fraud trial about their use of recreational drugs. The problem. In addition, the judge rejected the Justice Department’s motion to prevent the defense team from questioning witnesses on privilege issues, and rejected the SBF team’s motion to suppress evidence related to FTX’s bankruptcy; the judge allowed the Justice Department to present evidence showing that SBF not only created FTT tokens, Alameda was also instructed to hold large amounts of FTT and support market manipulation of the token.
Cryptocurrency venture capital firm Paradigm announced the launch of the Policy Lab on Tuesday, saying it will be a first of its kind gathering of academics, policy experts, lawyers and technologists. “Over the past year, Paradigm has established itself as a policy leader, from fighting for cryptocurrencies in the courts to and fight for everything from convening opinion leaders to publishing policy-focused research.” A blog post added that the group will “conduct research on the most critical policy issues facing cryptocurrencies and other cutting-edge technologies.” Cutting edge research, commentary and advocacy”. As part of the launch, the Policy Lab named two of its first academic fellows, Primavera De Filippi of Harvard Universitys Berkman Klein Center and Agostino Capponi of Columbia University, who will study regulatory equivalence - a term used in Used to describe systems where regulatory equivalence is subject to legal constraints and technical constraints, and how the same policy outcomes can be achieved through regulatory or technical architectures. ” The Policy Lab will also establish a research center dedicated to “uncovering and solving specific policy issues related to the future of the crypto ecosystem.” Seira and Malone wrote in the blog post: “We believe this research (and mechanism) will be important to help It is critical for policymakers to address the new issues created by cryptocurrencies while promoting American innovation. In line with Paradigm’s values, the program is designed to be highly collaborative and will be open to the public. The Policy Lab Research Center intends to accept user submissions, with approved research agenda proposals eligible for funding of up to $5,000. Topics it currently wants to explore include the traditional financial costs associated with hacking and energy consumption. It also There is interest in studying the number of cryptocurrency jobs leaving U.S. states, as well as the economic impact of developers and projects moving overseas.
Character*Voice
Binance co-founder He Yi published an open letter on the , but the Binance team needs to always keep in mind the basic principles of providing excellent products and services. The letter stated that Binance faced a more difficult situation in 2019 than today, but ultimately achieved success in futures, P2P trading, mining pools, public chains, etc., and this time Binance will finally get through it. Overcome current difficulties and achieve a new round of victory.
Coinbase CEO Brian Armstrong posted on the The bank does not seem to respect its policy objectives (ideas). Additionally, Armstrong advised UK cryptocurrency holders to close their Chase bank accounts. Yesterday, it was reported that British banking giant Chase Bank will ban cryptocurrency-related payments for British customers from October 16. Chase said it banned crypto payments because fraudsters are increasingly using crypto assets to steal large sums of money from people.
