🚀 FCA Reports High Rejection Rate For Crypto Registrations In 2023-24

According to CoinDesk, the Financial Conduct Authority (FCA) revealed that 87% of crypto companies applying for licensing under the U.K.'s money laundering rules in the 2023-24 fiscal year failed to meet approval standards. Out of 35 applications, only four were approved, including Binance's payments partner BNXA, a PayPal U.K. unit, and Komainu, a crypto custody joint venture of Nomura. The remaining applications were either refused or rejected due to missing key components necessary for assessment.

The FCA has been overseeing the crypto sector and registering firms under its anti-money laundering rules since 2020. The regulator stated, 'Over 87% of crypto registrations were rejected, withdrawn or refused. We help firms applying for authorisation by communicating our expectations and issuing guidance on good and poor practice. This is helping firms understand what is required – 44 crypto firms now have money laundering registration.' Despite this, the FCA is still awaiting legislation that will allow it to fully authorize companies to operate in the country. The new Labour government, elected in July, has paused crypto plans, potentially delaying this process further.

Since January 2020, the FCA has received 359 applications from crypto companies, with only 44 successfully registered. Some companies that failed to receive full FCA approval have criticized the registration process, citing long wait times, lack of feedback, and perceived unfair treatment by the regulator. These delays have led some crypto firms to leave the U.K. and seek registration in other countries to serve U.K. customers from abroad.

#FCA #crypto #registrations #UK #licensing #moneylaundering #applications #Binance #PayPal #Komainu #cryptoindustry #regulation #cryptocompanies #legislation #cryptoassets #financialconductauthority

🚀 Fractal Bitcoin Could Impact Miner Revenues

According to Cointelegraph, Fractal Bitcoin, a sidechain scaling solution for Bitcoin (BTC) using the Bitcoin core code, presents a dual-edged opportunity for miners. This solution, which is merge-mined alongside Bitcoin, allows miners to use the same hardware to mine both Bitcoin and Fractal Bitcoin simultaneously. This could potentially enhance miner profits in the post-halving environment without the need for retooling facilities for AI or high-performance computing.

However, the introduction of Fractal Bitcoin also poses a risk to miner revenues. By supporting the BRC-20 token standard and offering a faster, cheaper scaling solution for the Bitcoin base layer, Fractal Bitcoin could reduce network fees generated by the demand for non-fungible tokens on the Bitcoin network, thereby decreasing miner profits.

Despite a decline in the initial hype around Bitcoin Runes, ordinals, BRC-20 tokens, and inscriptions, these tokenized assets continue to provide a significant source of revenue for Bitcoin miners. Following the halving event in April 2024, the minting of Bitcoin Runes contributed 1,200 BTC in network fees to miners by the end of that month, initially offsetting the decreased block subsidy. Since then, Bitcoin Runes have generated approximately $162.4 million in fees, excluding other tokenized assets on the Bitcoin network.

The potential success of Fractal Bitcoin and other Bitcoin layer-2 solutions could mirror the revenue collapse experienced by Ethereum's layer-1 network. Since the launch of the Dencun upgrade in March 2024, which significantly reduced fees for Ethereum’s layer-2 transactions, Ethereum network fees have steadily declined. This reduction led to a surge in Ethereum layer-2 networks and increased competition to offer the fastest and cheapest scaling solutions. Consequently, fees on the Ethereum base layer have plummeted by 99% since the Dencun upgrade went live earlier this year.

#Bitcoin #FractalBitcoin #cryptocurrency #mining #blockchain #tokenization #BRC20 #NFT #layer2 #networkfees #halving #Ethereum #Dencun

🚀 Vitalik Buterin Discusses Google Sign-In And Dueling On Social Media

According to Cointelegraph, Ethereum co-founder Vitalik Buterin recently sparked discussions on social media with his views on Google’s automatic sign-in feature and the concept of dueling to the death. Buterin, who frequently uses the Farcaster platform to engage with users on various topics, hosted an impromptu AMA (ask me anything) in mid-August. During this session, the topic of third-party authentication services, such as Google Sign-in, was raised. Buterin expressed concerns about the normalization of using such services in the cryptocurrency and blockchain industries, stating, “I think that’s really bad.” However, he also suggested that sign-in services could act as bridges to secure systems through account abstraction. On September 4, Buterin responded to skepticism about his Google-to-crypto bridge concept, acknowledging its disadvantages but maintaining that it could still be beneficial for adoption. In addition to his thoughts on Google Sign-in, Buterin has also been active on social media discussing ways to tokenize cities to empower people over landowners. However, one of his more popular posts recently has been about the trending topic of dueling to the death. On the X social media app, a user named @thinkingwest posted a thread about the history of duels, particularly focusing on dueling with pistols. Buterin commented on the discussion on Farcaster, suggesting that prediction markets could offer a more peaceful way to back words with genuine risk. Meanwhile, on X, the platform’s owner responded enthusiastically to the dueling discussion, mentioning his collection of dueling pistols.

#VitalikButerin #GoogleSignIn #cryptocurrency #blockchain #Farcaster #AMA #accountabstraction #tokenizecities #dueling #socialmedia #predictionmarkets #ETH

🚀 Near Protocol Co-Founder Joins Ringfence As Advisor

According to Odaily, Ringfence announced on Platform X that Illia Polosukhin, co-founder of Near Protocol, has been appointed as an advisor to the company. Ringfence will also collaborate with NEAR.AI, with both parties committed to enabling users to control their data and determine how AI utilizes this information.

Illia Polosukhin, known for his extensive expertise in blockchain and artificial intelligence, co-authored the groundbreaking paper 'Attention is All You Need.' This collaboration aims to leverage Polosukhin's knowledge to advance Ringfence's mission of data sovereignty and responsible AI usage.

#NearProtocol #Ringfence #IlliaPolosukhin #AI #DataSovereignty #Blockchain #NEARAI #ResponsibleAI

🚀 Brazil Central Bank Selects Participants For Second Phase Of Digital Currency Pilot

According to CoinDesk, Brazil's central bank (BCB) has announced the selection of 13 participants for the second phase of its central bank digital currency (CBDC) pilot, known as Real Digital. The BCB will oversee 11 projects, while the local Securities and Exchange Commission (CVM) will supervise two. This phase, called Drex, received 42 proposals, the bank stated in a recent announcement.

In this second phase, the infrastructure created for the pilot will test the implementation of financial services through smart contracts managed by third-party participants. Among the selected projects, Visa will collaborate with Brazilian brokerage XP and digital bank Nubank to optimize the foreign exchange market. Spanish banking giant Santander will work on projects involving automobile operations and lending and decarbonization.

Other notable local financial entities participating in this phase include Bradesco, Itaú Unibanco, and the local stock exchange B3. The BCB also mentioned that it plans to open a new call for firms interested in participating in the Drex pilot in the third quarter of 2024. The goal is to test the implementation of smart contracts by the end of the first half of 2025.

In May 2023, the BCB had selected 14 participants for the first phase of the Real Digital pilot.

#Brazil #CentralBank #DigitalCurrency #CBDC #RealDigital #Pilot #SmartContracts #Visa #Nubank #XP #Santander #Bradesco #ItaúUnibanco #StockExchange #B3 #Drex #FinancialServices #Decarbonization #ForeignExchange #2024 #2025

🚀 Telegram Founder Pavel Durov Addresses Arrest In France

According to Cointelegraph, Telegram founder Pavel Durov has spoken publicly for the first time since his arrest in France in August. Durov expressed surprise over the arrest, noting that Telegram has a legal representative in France to handle regulatory requests and inquiries. As a French citizen, he mentioned that authorities had multiple ways to contact him without involving law enforcement, highlighting his regular visits to the French Consulate in Dubai.

Durov emphasized that Telegram is committed to its mission of free speech and expression. He stated that the company is willing to exit markets that do not align with its principles, asserting that their motivation is not financial but driven by the desire to uphold basic human rights, especially in regions where these rights are under threat.

This is an ongoing story, and more details will be provided as they emerge.

#Telegram #PavelDurov #Arrest #France #FreeSpeech #HumanRights #RegulatoryCompliance #ExpressYourself

🚀 Celestia Unveils Roadmap To Scale Block Size To 1 Gigabyte

According to Cointelegraph, Celestia, a layer-1 data availability network, has released a technical roadmap aimed at scaling its block size to 1 gigabyte. The announcement, made in a Sept. 5 blog post, outlines the network's goal to significantly increase data throughput within its rollup ecosystem. Blocks, which are bundles of transaction data on the blockchain, are central to this initiative.

Celestia's focus on expanding block size is part of a broader industry effort to enhance blockchain scalability, reduce transaction costs, and improve data storage and retrieval efficiency. The network competes with other protocols like EigenDA, Avail, and Ethereum's mainnet. With 1 gigabyte blocks, Celestia claims it will surpass Visa's transaction processing capacity, which stands at approximately 24,000 transactions per second (TPS). This advancement could enable new onchain applications, such as verifiable web apps and fully-onchain gaming, which were previously considered unfeasible.

On the same day, EigenDA announced a partnership with cloud platform Conduit to temporarily increase its block size from 2 megabytes to 16 megabytes. This move aims to reduce operating costs for layer-2 scaling chains by eightfold. Additionally, Ethereum's Dencun upgrade in March introduced 'blobs,' temporary offchain data stores designed to lower costs for layer-2 scaling networks like Arbitrum and Base by avoiding the need to post large volumes of data directly onchain.

Since May, Celestia has been gaining market share from Ethereum, rising from around 20% to approximately 40% as of July 31. Unlike Ethereum, Celestia is not limited by execution layer overhead or state bloat, allowing it to scale throughput beyond current monolithic constraints. Despite these advancements, Ethereum is expected to remain the dominant settlement layer in Web3 due to its decentralization, stablecoins, and total value locked (TVL), according to Blockworks' data analytics manager, Dan Smith.

#Celestia #blockchain #scalability #blocksize #1gigabyte #dataavailability #transactions #Ethereum #layer1 #onchain #webapps #gaming #EigenDA #cloudplatform #Dencun #arbitrum #Base #Web3 #DeFi #crypto #TIA

🚀 Telegram Founder Suggests Legal Actions Against Platforms, Not CEOs

According to BlockBeats, on September 6, Telegram founder Pavel Durov stated that if a country has grievances against platforms like Telegram, it should sue the service platform itself rather than its CEO.

#Telegram #PavelDurov #LegalActions #Platforms #CEO #BlockBeats

🚀 Investors Continue To Inject Cash Into US Money Market Funds

According to BlockBeats, investors have injected cash into US money market funds for the fifth consecutive week, signaling strong demand ahead of a potential interest rate cut by the Federal Reserve. Data from the Investment Company Institute shows that approximately $37 billion flowed into US money market funds in the week ending September 4, bringing the recent inflows to around $165 billion. Total assets rose from $6.26 trillion the previous week to a record $6.3 trillion.

Despite the strong demand, there is growing debate about whether money market funds will remain attractive once US policymakers begin to lower interest rates. It is widely expected that the Federal Reserve will cut rates later this month. The high returns driven by elevated interest rates have significantly boosted the size of US money market funds.

#Investors #MoneyMarketFunds #InterestRates #FederalReserve #CashInflows #FinancialMarket #USEconomy

🚀 Fed's Goolsbee Indicates Multiple Rate Cuts Supported by Economic Data

According to Odaily, Federal Reserve official Austan Goolsbee has stated that recent economic data supports the possibility of multiple interest rate cuts. Goolsbee also noted an increase in warning signals related to the labor market.

#Fed #interestRates #rateCuts #AustanGoolsbee #economy #laborMarket

🚀 Venezuelan Opposition Leader Proposes Bitcoin As National Reserve Asset

According to Odaily, Venezuelan opposition leader María Corina Machado has proposed the use of Bitcoin as a national reserve asset. This suggestion was made public through a post on the X platform by Bitcoin Magazine. Machado's proposal aims to leverage the decentralized nature and potential stability of Bitcoin to bolster the country's financial reserves.

#Venezuela #Bitcoin #NationalReserve #MaríaCorinaMachado #Cryptocurrency #Decentralization #FinancialStability #BTC

🚀 Whale Trader Increases ETH Holdings Through Strategic Trades

According to BlockBeats, on September 6, an on-chain analyst named Yu Jin reported that a significant whale trader recently executed a series of strategic trades, resulting in an increase in their Ethereum (ETH) holdings. Approximately 20 minutes prior to the report, the whale used 12.23 million USDT to purchase 5,153 ETH. Initially, the whale had 3,586 ETH, which has now grown to 5,574 ETH through three rounds of trading.

The first trade involved selling 3,586 ETH at $3,667 each, converting them into 13.15 million USDT. The whale then repurchased 5,236 ETH at $2,512 each, resulting in an increase of 1,650 ETH. In the second trade, the whale sold 4,818 ETH at $2,514 each, converting them into 12.11 million USDT. They then bought back 5,093 ETH at $2,378 each, gaining an additional 275 ETH. The final trade saw the whale selling 5,093 ETH at $2,402 each, converting them into 12.23 million USDT. They subsequently repurchased 5,153 ETH at $2,375 each, adding 60 more ETH to their holdings.

These strategic trades demonstrate the whale's ability to capitalize on market fluctuations, significantly increasing their ETH holdings through calculated buying and selling. The whale's actions highlight the potential for substantial gains through well-timed trades in the cryptocurrency market.

#WhaleTrader #ETH #Ethereum #CryptoTrading #Investing #MarketFluctuations #Blockchain #StrategicTrades

🚀 Bitcoin(BTC) Drops Below 56,000 USDT with a 3.69% Decrease in 24 Hours

On Sep 06, 2024, 00:51 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 56,000 USDT and is now trading at 55,996 USDT, with a narrowed 3.69% decrease in 24 hours.

#Bitcoin #BTC #cryptocurrency #USDT #Binance #marketdata #trading #decrease

🚀 Magic Eden Launches New Websites For International And US Users

According to BlockBeats, on September 6, Magic Eden announced the launch of a new website, magiceden.io, aimed at international users. Simultaneously, the company introduced magiceden.us for users in the United States.

The .US site will continue to offer the products that users are familiar with and love, while the .IO site will enable the platform to develop and quickly roll out more features.

#MagicEden #launch #internationalusers #USusers #blockchain #crypto #NFT

🚀 Fuel Network's Discord Compromised, Users Warned of Phishing Links

According to Foresight News, the modular network Fuel has announced via Twitter that its official Discord server has been compromised. The project team is actively working to resolve the issue and has urged users to ensure the safety of their funds by avoiding phishing links.

Foresight News also advises users to refrain from connecting to phishing websites to prevent potential asset losses. The team is taking necessary measures to address the security breach and restore the integrity of their Discord server. Users are encouraged to stay vigilant and follow official updates for further information.

#FuelNetwork #DiscordCompromise #PhishingWarning #SecurityBreach #StayVigilant #CryptoSafety

🚀 Fed Officials to Speak Before Pre-Meeting Silence Period

According to Odaily, Friday marks the last day before the Federal Reserve officials enter their pre-meeting silence period. Federal Reserve's Williams and Governor Waller are scheduled to speak after the release of the employment report, providing the final opportunity to set expectations for the upcoming meeting. With economic growth and inflation slowing, adjusting the interest rate from the current 5.3% to around 4.5% seems more reasonable. If there are no signs that July's weak employment will continue into August, some Fed officials may resist a significant rate cut of 50 basis points. However, officials who were open to a rate cut at the July meeting might support a 50 basis point cut in September if the unemployment rate rises again and job growth further slows.

#FederalReserve #InterestRates #EmploymentReport #EconomicGrowth #Inflation #RateCut #PreMeetingSilence #JobGrowth #UnemploymentRate

🚀 Telegram Updates FAQ, Removes Privacy Assurance Statement

According to Odaily, Telegram has quietly updated its Frequently Asked Questions (FAQ) section, removing a statement that previously assured users of the privacy of all chats and group conversations. The deleted statement read, 'All Telegram chats and group chats are private conversations between participants. We do not process any requests related to them.' This change was highlighted by @tier10k on the X platform.

#Telegram #Privacy #FAQ #Updates #Messaging

🚀 DeFi And Social dApps See Significant Growth In August

According to Odaily, a report from DappRadar reveals that the number of daily unique active wallets (dUAW) for DeFi and social decentralized applications (dApps) saw a significant increase in August. The average dUAW across the entire dApp industry reached a record 17 million, marking a 9% rise from the previous month.

Decentralized exchanges Raydium and Uniswap v2 were among the most active applications in the blockchain sector during August, with 18.8 million and 4.8 million monthly unique active wallets, respectively. This made them the second and fourth most active applications in the blockchain space for the month.

Social dApps accounted for 23% of the industry, with 3.9 million dUAW in August, coming in just behind gaming applications, which held a 24% share.

#DeFi #dApps #blockchain #uniqueactivewallets #Raydium #Uniswap #socialdApps #gamingapplications #Augustgrowth #RAY

🚀 Penpie Attackers Transfer 9600 ETH to Tornado Cash

According to Odaily, CertiK Alert has reported that the attackers behind the Penpie incident have transferred 9600 ETH, equivalent to approximately $23 million, to Tornado Cash through multiple addresses.

#Penpie #ETH #TornadoCash #CertiK #Cryptocurrency #Hacking #Blockchain

🚀 Telegram Expands Moderation To Private Chats Amid Legal Scrutiny

According to CoinDesk, Telegram has significantly changed its approach to moderating illegal content on its platform following the arrest of CEO Pavel Durov in France. Durov was detained for allegedly failing to control law-breaking activities on the messaging app. In response, Telegram has extended its moderation capabilities to include private chats, allowing users to flag illegal content for review. This marks a departure from the app's previous policy, which treated private groups as off-limits for moderation.

The policy shift, quietly updated on Telegram's FAQ page, could alter the app's reputation as a haven for illegal activities, a claim made by French authorities. Last month, Durov was arrested in France for allegedly permitting criminal activities to proliferate on the platform. Although Durov has dismissed the charges as baseless, he is required to stay in France until his trial.

In a Telegram post earlier on Thursday, Durov acknowledged that the app's rapid growth had inadvertently made it easier for criminals to exploit the platform. He assured users that changes would be implemented to prevent such abuses. Durov emphasized his commitment to safeguarding the platform for its over 950 million users, stating that he is still trying to understand the situation in France but is attentive to the concerns raised.

#Telegram #Moderation #PrivateChats #IllegalContent #PavelDurov #LegalScrutiny #UserSafety #MessagingApp #PlatformChanges #CriminalActivities