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…

TL;DR Breakdown Binance.US fixed problems with withdrawing USD but warns of possible problems in the future. Some banking partners might cease offering the service to take USD. Customers are told to resend their requests and think about stablecoins to trade one crypto for another. Description Binance.US, one of the most popular crypto exchanges in the US, has recently taken steps to address worries about the ability to withdraw USD and put out a warning about the possibility of stopping service. As the rules about cryptos continue to change, the exchange wants to ensure it stays in line while giving its … Read more Binance.US, one of the most popular crypto exchanges in the US, has recently taken steps to address worries about the ability to withdraw USD and put out a warning about the possibility of stopping service. As the rules about cryptos continue to change, the exchange wants to ensure it stays in line while giving its users clarity and help. Customers of Binance‘s US-based subsidiary, Binance.US, have been advised that the company’s issues with USD withdrawals have been…

TL;DR Breakdown The US Supreme Court has ruled in favor of Coinbase, allowing companies to direct customer and employee disputes into arbitration, putting federal lawsuits on hold during appeals. Coinbase’s win sets a precedent for the cryptocurrency industry and may impact other lawsuits against the exchange. The ruling marks the first time a crypto company argued before the Supreme Court, highlighting the growing significance of the crypto industry in the legal landscape. Description In a significant victory for Coinbase Global Inc., a unit of the prominent cryptocurrency exchange, the US Supreme Court has ruled in favor of the company, reinforcing the ability of businesses to direct customer and employee disputes into arbitration. This decision, voted 5-4 by the justices, establishes that lawsuits filed in federal court must be … Read more In a significant victory for Coinbase Global Inc., a unit of the prominent cryptocurrency exchange, the US Supreme Court has ruled in favor of the company, reinforcing the ability of businesses to direct customer and employee disputes into arbitration. This decision, voted 5-4 by the justices, establishes that lawsuits…

TL;DR Breakdown Onecoin victims’ lawyer, Dr. Jonathan Levy, is urging Bulgarian authorities to reopen an inquiry into the fraudulent $4 billion crypto scheme He is asking Sofia officials to consider the latest developments in the case Description Onecoin victims’ lawyer, Dr. Jonathan Levy, is urging Bulgarian authorities to reopen an inquiry into the fraudulent $4 billion crypto scheme and recover assets to compensate his clients. The lawyer has asked Sofia officials to consider the latest developments in the case, including a murder that happened recently in South Africa involving a Bulgarian crime … Read more Onecoin victims’ lawyer, Dr. Jonathan Levy, is urging Bulgarian authorities to reopen an inquiry into the fraudulent $4 billion crypto scheme and recover assets to compensate his clients. The lawyer has asked Sofia officials to consider the latest developments in the case, including a murder that happened recently in South Africa involving a Bulgarian crime figure linked to One Coin’s founder, Ruja Ignatova. Lawyer calls for further Onecoin investigation Levy, the U.K. lawyer representing Onecoin victims from several countries, has written a letter to the…

TL;DR Breakdown Asia is fast becoming the new center of gravity for crypto markets as the United States SEC moves to dismantle the DeFi market in the country.  Asian crypto markets shine despite the sanctions put by China and India – two countries with the largest populations in the region. The pivot toward Asia was underway even before the SEC under Chair Gary Gensler launched a wide-reaching clampdown in 2023. Description Amidst a backdrop of mounting regulatory scrutiny and a recent crackdown on crypto in the United States, Asia has emerged as a thriving hub for crypto traders seeking a haven for their digital assets. As the global crypto landscape undergoes significant shifts, regulatory clarity and growing adoption of digital currencies in countries across Asia have … Read more Amidst a backdrop of mounting regulatory scrutiny and a recent crackdown on crypto in the United States, Asia has emerged as a thriving hub for crypto traders seeking a haven for their digital assets. As the global crypto landscape undergoes significant shifts, regulatory clarity and growing adoption of digital currencies in…

TL;DR Breakdown Cryptocurrency is gaining popularity in underprivileged African nations, despite the recent global downturn in the market. Awareness of crypto in the continent is high, with 66% of the population familiar with it, but ownership lags, offering growth potential. Government support and education are crucial for increased crypto adoption, use, and understanding. Description In a fascinating financial twist, cryptocurrency, once perceived as the domain of wealthy nations and high-income individuals, is increasingly finding a home in Africa’s underprivileged nations. Africa’s engagement with digital assets is escalating, despite the global market’s recent downturn and the stumbling of crypto giant FTX. Digital assets: The unlikely heroes Contrary to expectations, nations … Read more In a fascinating financial twist, cryptocurrency, once perceived as the domain of wealthy nations and high-income individuals, is increasingly finding a home in Africa’s underprivileged nations. Africa’s engagement with digital assets is escalating, despite the global market’s recent downturn and the stumbling of crypto giant FTX. Digital assets: The unlikely heroes Contrary to expectations, nations such as Namibia and Angola, generally regarded as impoverished, are outpacing their more…

TL;DR Breakdown SEC approves the Volatility Shares 2x Bitcoin Strategy ETF (BITX), the first leveraged Bitcoin futures ETF in the US. Signals a cautious shift in the SEC’s stance on cryptocurrencies, potentially opening the door for more crypto-based ETFs. Approval reinforces the legitimacy of Bitcoin futures, but SEC warns investors about associated risks. Description The United States Securities and Exchange Commission (SEC) has approved the Volatility Shares 2x Bitcoin Strategy ETF (BITX), marking the debut of the first leveraged Bitcoin futures ETF in the country​. This decision comes at a pivotal time as Bitcoin’s value recently surpassed the $31,000 milestone, a surge likely buoyed by major traditional investment companies … Read more The United States Securities and Exchange Commission (SEC) has approved the Volatility Shares 2x Bitcoin Strategy ETF (BITX), marking the debut of the first leveraged Bitcoin futures ETF in the country​. This decision comes at a pivotal time as Bitcoin’s value recently surpassed the $31,000 milestone, a surge likely buoyed by major traditional investment companies like BlackRock filing applications for spot Bitcoin ETFs​. Stuart Barton, the CEO of…

TL;DR Breakdown The U.S. June PMI report indicates steady growth in the services sector, despite increasing business costs. The manufacturing sector sees a contraction, with decreased demand and suppliers reducing prices. Description The U.S. June Purchasing Managers’ Index (PMI) reveals a mixed economic scenario. While the services sector continues its strong run, manufacturing faces a dip. Despite some economic headwinds, the U.S. private sector is chugging along steadily. Here’s an in-depth exploration of the key findings from the report. A steady pulse in the service sector Amid … Read more The U.S. June Purchasing Managers’ Index (PMI) reveals a mixed economic scenario. While the services sector continues its strong run, manufacturing faces a dip. Despite some economic headwinds, the U.S. private sector is chugging along steadily. Here’s an in-depth exploration of the key findings from the report. A steady pulse in the service sector Amid economic uncertainty, the services sector remains a robust contributor to U.S. growth. With a PMI score of 54.1, this sector witnessed a solid upturn in June, second only to May’s 13-month high. Fueled by confident…

TL;DR Breakdown The Belgian Financial Services and Markets Authority (FSMA) orders Binance to stop cryptocurrency services in Belgium. FSMA action is due to the exchange’s failure to prove that it operates from within the European Economic Area (EEA). Binance is required to return all cryptographic keys and virtual currencies held for Belgian clients. Description Crypto titan Binance has been given a cease-and-desist order by the Belgian Financial Services and Markets Authority (FSMA). Belgium’s leading financial watchdog has taken action, stating that Binance has been offering and executing exchanges between digital and fiat currencies and providing custody wallet services, all while operating from countries outside the European Economic Area (EEA). … Read more Crypto titan Binance has been given a cease-and-desist order by the Belgian Financial Services and Markets Authority (FSMA). Belgium’s leading financial watchdog has taken action, stating that Binance has been offering and executing exchanges between digital and fiat currencies and providing custody wallet services, all while operating from countries outside the European Economic Area (EEA). Regulatory action The FSMA’s mandate stems from Binance’s inability to adequately prove their…

TL;DR Breakdown Amazon Web Services (AWS) has introduced a fund of $100 million to bolster startups focusing on generative AI. Generative AI, like ChatGPT or Midjourney, can create new content instead of classifying data or predicting outcomes.  The AWS Generative AI Innovation Center would connect customers with AWS experts in AI and ML to help them build and launch generative AI products, services, and processes. Description Amazon, the multinational conglomerate known for its technological prowess, has recently announced its ambitious plan to invest $100 million in generative artificial intelligence (AI) startups. This substantial commitment reflects the company’s dedication to driving innovation in the field of AI and fostering the growth of cutting-edge technologies.  Under the umbrella of Amazon Web Services (AWS), … Read more Amazon, the multinational conglomerate known for its technological prowess, has recently announced its ambitious plan to invest $100 million in generative artificial intelligence (AI) startups. This substantial commitment reflects the company’s dedication to driving innovation in the field of AI and fostering the growth of cutting-edge technologies.  Under the umbrella of Amazon Web Services (AWS), the…