09 Aug 2021 · 3 min read
Poloniex Settles With the SEC, New Digital Yuan Giveaway + MOre News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Poloniex has agreed to pay nearly USD 10.4m to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities, the US Securities and Exchange Commission (SEC) announced. Without admitting or denying the SEC’s findings, Poloniex agreed to the entry of a cease-and-desist order and agreed to pay disgorgement of USD 8.5m, prejudgment interest of USD 403,995, and a civil penalty of USD 1.5m. The order establishes a Fair Fund for the benefit of victims, it added.
- Brian Brooks has resigned from his position of the CEO of Binance.US, citing unspecified “differences over strategic direction”. This will not impact their customers "in any way," Binance CEO Changpeng Zhao said. Brooks was appointed as the CEO this spring.
- A new digital yuan pilot giveaway has been announced in China as the nation creeps ever closer to a full rollout for the central bank digital currency (CBDC). Per Cebnet, the new giveaway will be made in conjunction with a major private sector player, the e-commerce giant Jindong (aka JD.com). Its masterminds will invite millions of users based in Shanghai and Suzhou to apply to take part in a lucky draw to be held this coming weekend via the JD app. The winners will be given digital CNY tokens that they must use on the platform from August 16-29.
- Banking giant Standard Chartered’s crypto brokerage Zodia Custody plans to offer its services to institutional investors in Ireland, per Independent.ie. It plans to set up operations in that country ahead of a deeper push into the EU market and is seeking approvals from the Central Bank of Ireland.
- Indonesian crypto assets platform Pintu said it has closed a USD 35m Series A+ funding round led by investor Lightspeed Ventures. The round was named Series A+ (instead of something like B) because its focus on product development and execution is still the same, they added.
- Tether (USDT) has released an assurance report that claims it has a total backing of USD 62.7bn, roughly the same as the total market capitalization for the stablecoin. The report was conducted by auditor Moore Cayman on June 30, 2021, and it shows that of the total backing, USD 30.8bn comes from commercial paper and certificates of deposit, while 10% of the backing comes from cash and bank deposits.
- Hybrid crypto-fiat gateway solution Alchemy Pay said that the company will be launching Virtual Crypto-Linked Cards. The cards, which can be linked to digital wallets such as Google Pay and PayPal, support over 40 cryptoassets and will be accepted across millions of merchants on the Visa and Mastercard networks, including popular eCommerce platforms such as Amazon and eBay.
- Argo Blockchain has announced a 180% increase in revenue to GBP 31.1m (USD 43.1m) in the first half of 2021, compared to the same period last year. The total bitcoin (BTC) and BTC equivalent mined in this period was around BTC 883 (USD 40.5m).
Non-fungible tokens news
- Auction house Christie’s is offering an auction on September 17, called “No Time Like Present,” featuring the reportedly first non-fungible token (NFT) sale in Asia offered by an international auction house. The sale will include art from various NFT producers, like a group of rare CryptoPunks created by Larva Labs, as well as Yuga Labs’ Bored Ape Yacht Club (BAYC) and Larva Labs’ latest creation Meebits.
- A group of legal industry professionals have launched the Crypto Fraud and Asset Recovery (CFAAR) network, with the purpose of developing and sharing best practice in the crypto sphere and placing the UK and common law jurisdictions at center stage for global crypto dispute resolution, they said. The network is seeking global professionals in the crypto sector to join a community that they said will host regular meetings, seminars, roundtables, conferences, and social events to provide opportunities for developing skills, ideas, and networks globally.
- Israel’s national intelligence agency Mossad has posted a job listing for an expert in cryptocurrencies who has at least three years of experience in the fintech space. The role’s description indicates that it includes “leading, initiating, planning and accompanying systems development activities,” but there are no clear indications of what else it might entail.