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Russia AGAIN Delays Crypto Decision + 16 More Crypto News

Sead Fadilpašić
Last updated: | 5 min read

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Source: iStock/nzphotonz

Regulation news

  • Russia has yet again delayed its decision on forthcoming cryptocurrency legislation. The head of the parliamentary committee responsible for drawing up the legislation had previously said the bills were ready for executive approval. But per an MK report, the committee’s crunch talks – slated for September 18 with the deputy prime minister – are no longer happening. As reported, politicians said they are facing a binary choice – legalize cryptocurrencies, or issue a total, China-style crackdown

Cryptocurrency exchange news

  • Authorities in the Philippines have suspended the Golden Millennial Quickpay cryptocurrency exchange in the deregulated fintech Cagayan Economic Zone, under suspicion of fraud. Insider reports that Chinese investors appear to have been the target of a scam involving some of the exchange’s Chinese employees.
  • South Korean exchange Korbit has announced it will reboot its customer asset management services offerings and plans a number of airdrop events for new and existing customers, reports EToday. The exchange was facing an uncertain future as its operator NXC Corp had been looking to sell. However, the NXC owner has recently announced his company is no longer up for sale, and intends to restructure the company instead.
  • Also in South Korea, Upbit says it will “consult” its customers about potential dangers of investing in cryptocurrencies in an attempt to “fight fraud.” The exchange says it will brief customers about common scams and let them know how to identify companies that fraudulently claim that they are affiliated with Upbit, reports Paxnet News. The exchange earlier this month announced it was delisting nine privacy tokens.
  • In an effort to focus more on the Chinese market, Binance’s co-founder and chief marketing officer He Yi said that the exchange will add OTC (over-the-counter) trading in a month, and will support fiat on-ramp via OTC for Chinese yuan, reported Coindesk. Additionally, they plan to introduce a payment service that would enable users of from 170 countries to buy crypto with fiat.

Adoption news

  • Arab Bank Switzerland, a private European bank, said it launched a new range of digital asset services, including custody and brokerage of bitcoin and ethereum.
  • Mobile crypto wallet app Abra announced a new partnership with ECPay allowing more ways for Abra users in the Philippines to add money to their Abra wallet through any of ECPAY’s 6,000 retail outlets across the Philippines, including all 7-Eleven stores.
  • A tech startup Farmer Connect announced a blockchain collaboration with a group of leading companies from the global coffee supply chain, which includes the Colombian Coffee Growers Federation, ITOCHU Corporation, and five others. Farmer Connect has worked with IBM on an app, called “Thank My Farmer” that gives its users detailed information about the coffee they are drinking, including its origin.
  • A subsidiary of South Korean conglomerate CJ has struck a blockchain deal with Amazon Web Services (AWS) to promote a blockchain-powered digital copyright platform. CJ operates a number of entertainment and music enterprises and says it has developed a copyright management system that makes use of blockchain and cloud technology, reports Seoul Finance.
  • LG Electronics says it is developing a blockchain-powered solution that will help prevent the hacking of autonomous vehicles (AVs). EToday reports that LG’s solution will help prevent malicious actors from attacking AVs’ black box systems. The company also plans to use blockchain technology in conjunction with IoT (Internet of Things) technology and in the financial sphere.
  • Hong Kong-based venture capital company CMCC Global launched its Liberty Bitcoin Fund, described as an institutional grade, single-asset passive tracker of bitcoin. The press release states that it’s available only to accredited investors, to which it offers purchase and safekeeping of the cryptocurrency, as well as weekly liquidity.
  • Tel Aviv-based cybersecurity startup GK8 has developed the technology that enables real-time blockchain transactions of digital assets completely offline. The Globes reports that the company, which raised USD 4 million, created “the world’s first and only secured cold wallet with hot wallet functionalities.” The technology is allegedly operational and already at work to assist secure management digital assets for clients such as eToro.
  • A cryptocurrency payment company Alchemy partnered up with online marketplace builder Arcadier and digital fiat payment technology company QFPay, to launch Asia’s first hybrid crypto and fiat payment solution, reports APN. The so-called Alchemy Hybrid Payment Solution can installed on smartphones, tablets and point-of-sales terminals, and it should help merchants accept payments with more than 30 cryptocurrencies from leading fiat digital wallets in Asia.

Mining news

  • Argo Blockchain, a listed, UK-based provider of enterprise scale cryptocurrency mining services, said that after it has installed 1,000 new Antminer T17 Bitmain mining machines, the total number of machines in production has increased from 5,000 to 6,000. The additional 6,000 machines are on order and are expected to be installed over the next two quarters.
  • The FBI has arrested an attorney and founder of blockchain consulting firm Alchemist, Steven Nerayoff, and his colleague Michael Hlady, charging them with extortion. The U.S. Attorney’s Office said that the duo allegedly threatened to destroy a Seattle-based crypto startup if the company doesn’t pay them millions of dollars in ETH. If convicted for this “age-old extortion scheme […] with a modern day twist”, as FBI Assistant Director-in-Charge described it, Nerayoff and Hlady will face up to 20 years in prison.
  • In a Craig Wright, aka Faketoshi case, a Florida Federal Court document shows Wright and the Kleiman estate requesting a 30-day on all deadlines in an effort to reach a settlement. (Read more: Craig Wright ‘to Pay Billions’ as Judge ‘Rejects’ His Testimony).
  • The U.S. regulatory watchdog the Securities and Exchange Commission (SEC) sued ICOBox and its founder Nikolay Evdokimov for unregistered offering and broker activity. Per the press release, ICOBox conducted an illegal USD 14 million securities offering of its ICOS tokens, while, by facilitating an ICO, they acted as a broker, but have not registered as one.