Coinbase is preparing to delist stablecoins in Europe that fail to meet the EU’s Markets in Crypto-Assets Regulation (MiCA) by the end of 2024. However, uncertainty surrounds the regulatory status of Tether’s USDT, the world’s largest stablecoin. While Coinbase has yet to confirm whether USDT will be affected, there are reports that Tether could struggle to comply with MiCA’s requirements.
The European Securities and Markets Authority (ESMA) has not provided clear guidance on USDT’s compliance. Tether has raised concerns over MiCA’s reserve management rules, which the company believes could disrupt its business model and introduce risks to both local banking systems and stablecoins.
Tether CEO Paolo Ardoino hinted that the company might shift its focus towards developing markets, like Argentina, rather than navigating the regulatory complexities of the European Union.
Bitcoin’s bullish trajectory remains strong, with the cryptocurrency expected to reach $100,000 soon, regardless of the upcoming US election, according to Dan Tapiero of 10T Holdings. Speaking at a conference in Salt Lake City, Tapiero explained that Bitcoin’s rise is inevitable, driven by global trends and growing institutional interest.
The presidential race between Donald Trump and Kamala Harris highlights different attitudes towards crypto, with Trump promising to make the US a crypto hub and remove SEC Chair Gary Gensler. Harris, though quieter on the issue, recently emphasised blockchain’s importance. Despite these political shifts, industry experts believe Bitcoin will benefit from the election either way, citing concerns over US debts and deficits as a potential driver.
With the April Bitcoin halving boosting prices historically, the fourth quarter looks promising. The election may pass, but blockchain technology’s role in reshaping finance remains far more significant than any political outcome, Tapiero noted.
In 2019, Irish authorities seized $380 million worth of Bitcoin from convicted drug dealer Clifton Collins, who had accumulated the funds through his cannabis business. However, the Irish Criminal Assets Bureau has been unable to access the digital currency because Collins lost the access codes, which were written on a piece of paper stored in a fishing rod case. The case was lost following a break-in at one of his properties, leaving the authorities unable to unlock the 12 wallets containing the funds.
Originally valued at $58 million, the Bitcoin has significantly increased in value due to market growth, but remains inaccessible. Despite ongoing efforts, the digital keys have not been recovered. Authorities hope that future technological developments could provide a way to unlock the funds.
Meanwhile, Ireland is strengthening its cooperation with EU countries to ensure unified enforcement of cryptocurrency regulations under the Markets in Crypto-Assets Regulation (MiCA).
Gate.io has made a $10 million strategic investment in The Open Network (TON) blockchain, aimed at strengthening collaboration with the TON Foundation and supporting the expansion of Telegram-based projects. The exchange will play a key role in TON’s governance and development, including the introduction of a CeFi-driven Telegram mini-app and Gate Wallet within the messaging platform.
The initiative also sees Gate Group joining the TON Society’s Hackers League hackathon, one of the largest events of its kind, with a $2 million prize pool. The hackathon, spanning 19 cities, aims to drive innovation and global participation in TON-based projects.
With its fast, low-cost blockchain technology and extensive Telegram user base, TON offers a promising platform for Web3 applications and startups, positioning itself for widespread adoption and network growth..
The FBI has successfully orchestrated a crypto sting operation using a token it created to investigate market manipulation. The NexFundAI Token, launched on the Ethereum blockchain, was part of the operation that led to the indictment of 18 individuals and entities for their involvement in fraudulent activities.
The investigation uncovered a sophisticated scheme involving pump-and-dump operations and wash trading, which artificially inflated token prices. Over $25 million worth of cryptocurrency was seized, and several trading bots responsible for manipulating markets across 60 different tokens were shut down.
This operation, known as “Operation Token Mirrors,” is seen as a warning to crypto investors about the risks of market manipulation. Authorities, including the FBI and SEC, are continuing to investigate those involved in fraudulent crypto schemes.
Crypto.com has filed a lawsuit against the US Securities and Exchange Commission (SEC), accusing the agency of overreaching its legal authority by classifying most crypto transactions as securities. The lawsuit follows a Wells Notice issued by the SEC in August, signalling potential enforcement action. Crypto.com argues that the SEC’s inconsistent regulatory approach, exempting Bitcoin and Ether, undermines the crypto sector’s future in the US.
In its legal filing, Crypto.com claims the SEC bypassed essential procedural steps, including the notice and comment rulemaking process. The exchange aims to halt what it views as the agency’s ‘unlawful’ crackdown on cryptocurrency. Alongside the lawsuit, Crypto.com has petitioned the SEC and Commodity Futures Trading Commission (CFTC) for clearer regulation of cryptocurrency derivatives.
Several crypto firms, including blockchain technology company Consensys, have also sued the SEC this year after receiving Wells Notices.
Alchemy Pay has announced that its Virtual Card service is now compatible with Samsung Pay, making cryptocurrency payments faster and more convenient for users. This new feature allows cardholders to connect their virtual crypto cards to Samsung Pay, adding to the previously available Google Pay option. By linking their card, users can now seamlessly pay with cryptocurrency both online and in-store at millions of global locations.
With this integration, Alchemy Pay is making digital assets more accessible to everyday shoppers, offering flexibility to spend crypto on major platforms such as Amazon, Netflix, and eBay. Cardholders simply add their Virtual Card to Samsung Pay and can start making payments immediately.
Alchemy Pay is focused on expanding its payment capabilities and plans to collaborate with major card networks like Visa and Mastercard soon. This is part of a broader strategy to enhance crypto payments for both experienced users and newcomers alike.
David Kagel, an 86-year-old former California attorney, has been sentenced to five years probation and ordered to pay nearly $14 million after admitting to his role in a crypto Ponzi scheme. Kagel, who is currently in hospice care, pleaded guilty to conspiracy to commit commodity fraud, according to a ruling by Las Vegas Federal Court Judge Gloria Navarro.
Prosecutors revealed that Kagel, along with two accomplices, ran the fraudulent scheme from December 2017 to June 2022, luring investors with promises of high returns through a crypto bot trading programme. Victims were convinced their investments were secure, with claims of guaranteed profits and no risk. Kagel even drafted letters on his law firm’s official letterhead to build trust among investors, falsely claiming to hold significant amounts of Bitcoin in escrow.
Kagel’s law license had been revoked by the California Supreme Court in 2023 after misappropriating client funds, with previous suspensions in 1997 and 2012. His co-conspirators, David Saffron and Vincent Mazzotta, have pleaded not guilty and await trial next year.
Coinbase has warned Gen Z users about the increasing threat of online scams, particularly those targeting cryptocurrency investors. In a recent blog post, the platform highlighted four major risks – social media fraud, romance scams, fake websites, and recovery schemes. The company stressed the importance of personal responsibility when securing crypto assets, as users are their own safeguards in the decentralised crypto world.
Among the scams discussed, fraudsters frequently use social media platforms like Instagram and TikTok to lure victims by impersonating public figures or promoting fake investment opportunities. Romance scams, also known as ‘pig butchering’ scams, were another key threat, with scammers building fake relationships to steal funds from their victims. A recent scam in Vietnam saw victims lose over $700,000 through a fraudulent investment platform.
Coinbase also pointed out the dangers of fake websites that mimic legitimate companies to trick users into providing sensitive information or funds. The platform encourages users to stay vigilant and report suspicious activity to law enforcement or platforms like Coinbase, helping prevent others from falling victim to similar fraud.
South Korea is preparing to impose foreign exchange rules on cross-border transactions involving stablecoins, especially those tied to the dollar. The Ministry of Economy and Finance revealed plans to ensure the security of stablecoin transactions, focusing on cross-border uses. The Financial Services Commission will address these regulations in the upcoming phase of the country’s Virtual Asset User Protection Act.
The regulatory framework will initially focus on stablecoins tied to South Korea’s won before expanding to include foreign currency-backed tokens. It mirrors recent regulatory moves in Japan and the EU. With a strong emphasis on user protection, South Korea’s new laws will enforce stricter security standards for virtual asset service providers, including insurance mandates and penalties for non-compliance.
