NewsBriefs - BitMEX pleads guilty to violating Bank Secrecy Act

Jul 10, 9:38 PM Cointelegraph

BitMEX pleads guilty to violating Bank Secrecy Act

Crypto exchange BitMEX admitted guilt for violating the Bank Secrecy Act by operating without a proper Anti-Money Laundering program from 2015 to 2020. The US Department of Justice stated that BitMEX facilitated large-scale money laundering and sanctions evasion. The exchange faces potential fines and prison time for responsible parties. This case highlights the importance of crypto companies complying with US laws when operating in the US market.

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• Jul 28, 9:33 PM Cointelegraph

  Compound Finance proposals spark governance attack allegations

  Compound Finance faces community discord over recent governance proposals. The Golden Boys voting bloc passed proposal 289, requesting 499,000 COMP (about $24.1 million) for their goldCOMP treasury. Critics allege this is a governance attack, citing concerns over fund control and voting rights delegation. Proposal 290 aims to transfer the Timelock Admin as a precautionary measure. The situation highlights the challenges of decentralized governance in crypto protocols.

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• Jul 28, 2:30 PM Beincrypto

  Hong kong legislator to explore adding Bitcoin to financial reserves

  Hong Kong legislator Johnny Ng plans to explore adding Bitcoin to the city's financial reserves. This follows Trump's announcement of a US strategic Bitcoin reserve. Ng sees Bitcoin as "digital gold" and aims to discuss its feasibility with stakeholders. He also emphasized Hong Kong's need to accelerate Web3 ecosystem development and attract global talent. This aligns with Hong Kong's efforts to establish itself as a crypto hub, contrasting with China's crypto crackdown.

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• Jul 27, 4:10 PM Cointelegraph

  Cantor Fitzgerald launches $2 billion Bitcoin lending program

  Cantor Fitzgerald's CEO Howard Lutnick announced a $2 billion Bitcoin financing business at Bitcoin 2024. The program will offer leverage to Bitcoin owners, marking a significant move by a major financial services firm into the crypto lending space. This initiative could potentially signal bullish sentiment for other financial institutions and the broader crypto market.

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• Jul 27, 3:00 PM Coindesk

  Democratic lawmakers push for crypto-friendly party platform

  Over a dozen US House Democrats and congressional candidates are advocating for a pro-crypto stance within their party. They've sent a letter requesting a forward-looking approach to digital assets, supportive language in the official platform, a crypto-friendly VP candidate, and replacing SEC Chair Gary Gensler with a pro-crypto chief. Key supporters include Reps. Josh Gottheimer, Ro Khanna, Wiley Nichel, and Ritchie Torres. This move signals growing crypto support within the Democratic party.

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• Jul 26, 5:31 PM Cointelegraph

  Marathon digital adds $100 million in Bitcoin to holdings

  Marathon Digital Holdings, the world's largest Bitcoin miner, added $100 million in Bitcoin to its holdings, bringing its total to over 20,000 Bitcoin. The firm's CEO announced they will now "go full HODL" and keep Bitcoin as their strategic treasury reserve asset. This move comes as Bitcoin approaches $70,000, with analysts noting accumulation trends but cautioning about potential near-term sell pressure from Ether ETF launches.

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• Jul 26, 3:37 PM Crypto Briefing

  Michigan pension fund invests $6.6 million in Bitcoin through ARK 21Shares ETF

  The State of Michigan Retirement System has invested $6.6 million in Bitcoin via the ARK 21Shares spot BTC ETF. This investment represents 0.004% of the pension fund's $143.9 billion assets under management. The move follows similar actions by other US pension funds, including Wisconsin's $99 million Bitcoin investment through BlackRock's IBIT ETF. Jersey City is also considering Bitcoin ETF investments. Despite Michigan's official website warning about crypto risks, institutional Bitcoin exposure is likely to increase as more 13-F forms are filed with the SEC.

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• Jul 26, 12:39 PM Beincrypto

  Kamala Horris meme coin surges after Obama endorses Harris

  KAMA token jumped 30% following Obama's endorsement of Kamala Harris for president. Harris's odds on Polymarket improved to 38%, closing in on Trump. The endorsement sparked crypto community interest, with KAMA outperforming Trump-inspired meme coins. However, investors should be cautious of KAMA's volatility as a meme coin. Obama's support comes after Biden's withdrawal from the race, positioning Harris as the leading Democrat candidate.

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• Jul 26, 6:47 AM Nikkei Asia

  Franklin Templeton and SBI team up to bring Bitcoin ETFs to Japan

  SBI Holdings and Franklin Templeton are partnering to create a digital asset management company in Japan, preparing for potential crypto ETF approvals. SBI will hold a 51% stake in the venture. The new firm aims to offer crypto ETFs and digital asset securities upon regulatory approval. This move follows the success of spot Bitcoin ETFs in the US, which have seen over $16 billion in inflows since January. The partnership combines SBI's local presence with Franklin Templeton's global asset management expertise and recent foray into digital assets.

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• Jul 25, 7:57 PM Cointelegraph

  Cardano network prepares for Chang hard fork with new validator node release

  Cardano's network is set for the Chang hard fork with the release of Node 9.1.0 validator software. This upgrade marks a step towards the Voltaire era of decentralized governance. The hard fork will initiate when 70% of validators upgrade. It introduces on-chain governance mechanisms, including a constitutional committee and delegate representatives. This change is part of Cardano's planned evolution, following previous upgrades like Vasil and Alonzo. Cardano's market cap is around $14 billion.

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• Jul 25, 4:15 PM Cryptoslate

  Marathon Digital acquires $100 million in Bitcoin as other miners sell

  Marathon Digital bought $100 million worth of Bitcoin, increasing its holdings to over 20,000 BTC. The firm is now the second-largest Bitcoin-holding company after MicroStrategy. Marathon has readopted its "hold" strategy, aiming to retain all mined and purchased Bitcoin. This move contrasts with other miners who are currently selling their crypto. The company's CEO, Fried Thiel, expressed confidence in Bitcoin's long-term value as a treasury reserve asset. Marathon's actions reflect growing institutional support and favorable market trends for Bitcoin.

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• Jul 25, 3:50 AM The Block

  Ether drops below $3200 as crypto market pulls back

  Ether fell 7.9% to $3,166, with the overall crypto market down 3.45%. Bitcoin dropped 2.52% to $64,200. Analysts attribute the pullback to profit-taking after recent ETF-driven rallies, Mt. Gox asset distribution news, and US stock market declines. Despite the dip, some expect Ether to rally in the mid to long term as market sentiment improves.

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• Jul 25, 3:19 AM Business Wire

  Bitcoin reward firm Fold to go public on Nasdaq via SPAC deal

  Fold, a Bitcoin financial services company, is set to go public through a merger with FTAC Emerald. The deal values Fold at $365 million pre-money. Fold offers Bitcoin rewards on debit cards and bill payments, having processed over $2 billion in transactions and distributed $45 million in Bitcoin rewards since 2019. The company plans to expand its services, including credit and lending solutions, while maintaining over 1,000 BTC in its treasury. This move positions Fold as a key player in the growing Bitcoin adoption trend.

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• Jul 24, 10:43 PM Cryptoslate

  Lummis plans to propose Fed to adopt Bitcoin as reserve asset

  Senator Cynthia Lummis intends to introduce legislation for the Federal Reserve to hold Bitcoin as a strategic reserve asset. The proposal aims to diversify the Fed's foreign currency holdings with Bitcoin. Lummis seeks support from Senate Banking Committee colleagues and hopes for Donald Trump's endorsement. The US currently holds 210,000 bitcoins valued at over $66,000 per token. The bill faces challenges under the current administration's cautious approach to crypto. If passed, it could significantly impact US financial policy and Bitcoin's value.

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• Jul 24, 3:33 PM Coindesk

  Bitstamp will begin distributing Bitcoin, Bitcoin Cash to Mt. Gox creditors on Thursday

  Bitstamp is set to start distributing Mt. Gox proceeds on Thursday, marking a significant milestone for customers who lost funds in the 2014 hack. The payout includes Bitcoin, Ethereum, and Bitcoin Cash tokens received from Mt. Gox trustees. This distribution comes nearly a decade after the exchange's collapse, offering long-awaited compensation to affected users. UK customers are excluded from the initial distribution phase.

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• Jul 24, 12:00 PM Cointelegraph

  Ferrari to launch crypto payments in Europe following US success

  Ferrari is expanding its crypto payment system to Europe after a successful US launch. The Italian luxury car maker will roll out crypto payments to European dealers by July 2024, with plans for global expansion where legally accepted. Ferrari's system converts crypto to fiat, protecting dealers from price volatility. The move follows partnerships with crypto payment firms like BitPay in the US market.

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