Best Twitter threads of the day – August 3rd

Related articles

• Chinese suppliers fuel illicit Fentanyl trade with cryptocurrency payments

  TL;DR Breakdown Chinese chemical suppliers are fueling the illicit fentanyl trade by providing precursor chemicals to drug cartels worldwide. Over 90% of these Chinese suppliers accept cryptocurrency payments, with Bitcoin being the most popular choice. The use of cryptocurrencies in the fentanyl trade poses challenges for law enforcement, and efforts are being made to disrupt the financial activities of fentanyl traffickers. Description Chinese chemical suppliers have emerged as key facilitators in the illicit fentanyl trade, providing necessary precursor chemicals to drug cartels worldwide. According to a recent report by Elliptic, a leading crypto analytics platform, over 90 China-based companies were identified as suppliers of fentanyl precursors, with about 90% of them accepting cryptocurrency as payments. China’s ban … Read more Chinese chemical suppliers have emerged as key facilitators in the illicit fentanyl trade, providing necessary precursor chemicals to drug cartels worldwide. According to a recent report by Elliptic, a leading crypto analytics platform, over 90 China-based companies were identified as suppliers of fentanyl precursors, with about 90% of them accepting cryptocurrency as payments. China’s ban on Fentanyl export ineffective Following…

  Article 2023年6月26日

• KuCoin implements mandatory KYC checks to strengthen security and compliance

  TL;DR Breakdown KuCoin, a leading cryptocurrency exchange, will implement mandatory know-your-customer (KYC) checks starting from July 15, 2023, to enhance security and comply with global regulations. New customers will be required to complete the KYC process to access KuCoin’s services, while existing customers who don’t comply will have restricted access to certain features. The strengthened KYC framework aims to safeguard user assets, address security challenges, and align with the industry trend of increasing KYC policies. Description Cryptocurrency exchange KuCoin has announced its plans to introduce mandatory know-your-customer (KYC) checks, effective July 15, 2023, as part of its ongoing efforts to enhance security and comply with global regulations. This strategic move aims to bolster the security level of user accounts and foster a safer trading environment for all cryptocurrency users. Safeguarding user … Read more Cryptocurrency exchange KuCoin has announced its plans to introduce mandatory know-your-customer (KYC) checks, effective July 15, 2023, as part of its ongoing efforts to enhance security and comply with global regulations. This strategic move aims to bolster the security level of user accounts and foster a…

  Article 2023年7月1日

• Bybit pre-approved as crypto custody provider in Kazakhstan

  TL;DR Breakdown Cryptocurrency exchange Bybit secures “in-principle” approval to operate as a digital asset trading facility and provide custody services in Kazakhstan. The approval comes with certain pre-conditions that need to be fulfilled before the exchange can begin servicing locals in Kazakhstan. In a significant step towards global expansion, Bybit, a leading player in the cryptocurrency exchange arena, has recently announced that it has secured preliminary approval to operate as a digital asset trading facility and provide custody services in Kazakhstan. This preliminary, or “in-principle,” approval from the Astana Financial Services Authority (AFSA) paves the way for Bybit’s entry into the burgeoning digital currency market of this Commonwealth of Independent States (CIS) country. Betting on the CIS region Bybit’s co-founder and CEO, Ben Zhou, has expressed his bullish perspective on the CIS region, highlighting it as a promising ground for the development and growth of the crypto sector. This viewpoint is based on the increasing traction of digital currencies and their underlying blockchain technology across these countries. The approval from AFSA places Bybit in a strong position to capitalize on…

  Article 2023年6月1日

• Here are the points missed in U.S. debt ceiling debate

  TL;DR Breakdown Government debt contributes to household sector growth. Rising debt, public and private, has correlated with growth since the 1980s. Debt-stimulated growth increases wealth inequality and economic drag. Debt—public and private alike—has always played a central role in economic growth, but when it reaches overwhelming levels, it can hamper the economy, dilute real incomes, and lead to a chasm in wealth distribution. Capital owners usually fare better as debt often inflates asset values, albeit temporarily until the bubble pops. The U.S. Debt Ceiling Discourse: Beyond the Rhetoric The recent U.S. debt ceiling saga was marked by Republicans’ fixation on the nation’s deficit, with their negotiation efforts often diverted towards highly political matters like cutting off funds for the Internal Revenue Service. The fact remains that the portion of the federal budget that was up for negotiation only comprised 15% of total spending. Thus, instead of the federal debt rising to 119% of GDP in a decade, it will now rise to 115%. This might seem like a minute adjustment, but the debate overshadowed a significant aspect of the discussion—the…

  Article 2023年6月13日

• US Lawmakers seek risk assessment on El Salvador’s Bitcoin adoption

  TL;DR Breakdown US lawmakers show concern following El Salvador’s Bitcoin-friendly policy. The lawmakers want a bill to regulate Bitcoin risks. As El Salvador continues to attract more tourists due to its Bitcoin-friendly policies, US lawmakers are raising concerns about potential risks posed by the nation’s adoption of the cryptocurrency. US lawmakers Jim Risch (R-Idaho) and Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, reintroduced a bipartisan bill requesting a State Department report on the impact of El Salvador’s Bitcoin adoption on bilateral economic relations and law enforcement cooperation. US lawmakers wary of El Salvador’s Bitcoin-friendly stance The Accountability for Cryptocurrency in El Salvador (ACES) Act, initially introduced in February last year by Risch, Menendez, and Bill Cassidy (R-La.), aims to shed light on the consequences of Bitcoin becoming legal tender in El Salvador. The US lawmakers are particularly interested in understanding the risks associated with cybersecurity, economic stability, and democratic governance in the country. El Salvador gained global attention in 2021 when it became the first country to adopt Bitcoin as a legal tender. President…

  Article 2023年6月8日