#support

PayPal suspends crypto buying services in the UK Starting October 1, 2023, PayPal will no longer support cryptocurrency purchases for it's users from the United Kingdom. This action is consistent with the company's obligation to comply with local financial legislation. While the measure is planned to last until the start of 2024, PayPal remains hopeful about restoring the service. During the suspension, users are free to either hold their existing cryptocurrencies without any associated fees or sell them if they choose.

Coinbase, the cryptocurrency exchange, has joined forces with Peoples Trust Company. This collaboration facilitates access to the Interac e-Transfers system, streamlining deposit and withdrawal processes for its Canadian user base. What's more, they're gifting users a one-month free gateway into the Coinbase One subscription. This means no trade-related fees, amplified staking profits, and swift client support. "Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework," voiced Nana Murugesan, the International Development VP at Coinbase.

Company’s CTO Paolo Ardoino has shared his excitement about a mobile app designed to facilitate international purchases settlements B2B, B2C and C2C based on USDT and XAUT payments. Notably, the app will also incorporate support for Bitcoin Lightning. Paolo stated that he envisions this app as the future of trade finance. Having personally reviewed the code, his experience as a developer has left him genuinely impressed. Currently, the app is in its testing stages, with more specifics yet to be unveiled.

American Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham have once again introduced a proposal to tackle money laundering through cryptocurrencies. The Institute of Banking Policy wasted no time and promptly voiced its support for this bipartisan legislation, which seeks to tighten regulations on digital assets to ensure they fully comply with existing financial system rules

US House Financial Services Committee members, led by Chair Patrick McHenry, are seeking clarity from the SEC and FINRA about how Prometheum secured a special purpose broker-dealer (SPBD) license. They're probing if the SEC used Prometheum as a model firm to support Gary Gensler's stance that existing laws suffice for crypto regulation in the U.S. Despite Prometheum's claims of being pivotal for regulated digital asset offerings, the lawmakers pointed out that the firm hasn't served any customers yet. Also they raised concerns about potential ties between Prometheum and the Chinese Communist Party. The committee has requested related documents and communication records by Aug. 22.

Amid the unresolved dispute between Coinbase and the SEC, a number of esteemed legal academics have weighed in, penning a court statement in support of the cryptocurrency exchange. Their stance is clear: an asset should only be deemed an investment contract if it promises profits, earnings, or assets from investments. Scholars assert that the court must strictly follow this legal definition, otherwise, it may jeopardize belief in existing securities laws.

Several leading venture capital companies such as Temasek, Sequoia Capital, and Softbank, are now facing legal challenges over alleged complicity in FTX fraud. The claimants in the lawsuit accuse the investors of using their power and financial resources to support the exchange's activities, despite numerous legal violations and misappropriation of customer funds by FTX. For instance, before the eventual bankruptcy of the exchange, Temasek affirmed that their rigorous eight-month scrutiny of financial aspects and compliance standards yielded no troubling findings.

Brian Armstrong has publicly urged US residents to actively support the 21st Century Financial Innovation and Technology Bill, which promises to bring much-needed clarity to cryptocurrency regulation. Armstrong emphasized that it is ordinary Americans who can have a decisive impact on the outcome of the vote by sending an email to their representatives asking them to support the bill. In a more detailed statement, Coinbase added that the bill, in addition to protecting consumer rights and enhancing national security, has the potential to spur job creation in the US.

Coinbase CEO Brian Armstrong has recently deleted a substantial number of his tweets from the years 2015 to 2018. Additionally, the digital archive of the World Wide Web, known as the WayBackMachine, has also removed its archive of his tweets. These tweets from that period covered a range of topics, including Brian expressing his support for increasing Bitcoin’s block size, referring to altcoins as distractions, discussing “replay attacks” on Coinbase, highlighting Ethereum’s price surge after its listing on Coinbase, questioning the full collateralization of Tether, and endorsing USDC, among other things. As a result of the deletions, these tweets now only exist in the form of screenshots that were captured and shared by others during that time.

Affected by the Azuki “Elementals” NFT incident (similar artworks, errors in the artwork, and collector dissatisfaction), the NFT market fell sharply again in the past 24 hours. BAYC fell 16%, MAYC fell 20%, and Azuki fell 11%. Earlier this year, Azuki NFTs gained significant popularity, surpassing even BAYC NFTs. Meanwhile, AzukiDAO has proposed to recover 20,000 ETH from Azuki founder ‘Zagabond’. The proposal suggests hiring a lawyer to take legal action against Zagabond for their alleged involvement in multiple “rug” projects. The aim of the clawback is to retrieve $39 million worth of ETH that was earned from the controversial launch of “Elementals” NFT collection. As of now, the action has received support from 88.3% of AzukiDAO (BEAN) token holders, with 11.65% opposing it. The voting period for the proposal will conclude at 6:38 am UTC on July 3rd.