🐕 Shiba Inu ($SHIB), Polkadot ($DOT), and More Added to Binance’s Proof of Reserves Verification System
The meme-inspired cryptocurrency Shiba Inu ($SHIB) and the native token of the “blockchain of blockchains” Polkadot ($DOT) have been added, along with other tokens, to Binance’s Proof of Reserves verification system. Binance’s Proof of Reserves system essentially allows users to verify through a cryptographic tool called a Merkle Tree to verify that the cryptocurrency has their assets in reserve, backing their deposited funds on the platform. 🔗 Read more

🏦 Brazil's oldest bank says you can now pay your taxes with crypto
Banco do Brasil, the South American country's oldest bank, says it's now possible to do what many blockchain enthusiasts have long wanted — the ability to pay the taxman in crypto. Through a partnership with Bitfy, a startup that was funded by the bank's VC arm, clients can use the app to instantly convert crypto in their account into the local currency to pay and settle a tax bill. 🔗 Read more

📰 This Week In Crypto (CW 6)
1. Kraken reaches $30M settlement with SEC over staking as IRS seeks user information
2. FTX CEO testifies on ‘pure hell’ post-bankruptcy days at exchange
3. Binance to temporarily suspend bank transfers in US dollars
4. Genesis creditors to expect 80% recovery under proposed restructuring plan
5. Ethereum co-founder Joe Lubin says no chance ETH is classed as security

CW5 (last week)

🛑 Breaking: Paxos Terminates Partnership with Binance, Stops Minting BUSD
Paxos, the premier regulated blockchain and tokenization infrastructure provider, has announced that it will end its relationship with Binance for the BUSD stablecoin brand. The decision, which comes in close coordination with the New York Department of Financial Services (NYDFS), will take effect on February 21, 2023. Paxos maintains that customer safety has always been its top priority. And this will not change in the wake of the recent announcement, the firm said. BUSD stablecoin will continue to be fully supported by Paxos, with all BUSD tokens issued backed 1:1 with US dollar reserves, held in segregated accounts. 🔗 Read more

💲Paxos 'categorically disagrees' with SEC in calling BUSD a security
The stablecoin issuer said it got an SEC Wells notice pertaining to BUSD after the regulator alleged Paxos listed the stablecoin as an unregistered security. "We will engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary," the company said in an emailed statement to The Block. "To be clear, there are unequivocally no other allegations against Paxos." Paxos will stop issuing BUSD following an order from the New York Department of Financial Services. 🔗 Read more

☢️ On the 13th of January, the New York State Department of Financial Services instructed Paxos to stop producing new BUSD.

In the aftermath, Binance CEO Changpeng "CZ" Zhao has affirmed that users have begun to migrate to other stablecoins. Binance intends to make adjustments to its products, including transitioning from using BUSD as the primary trading pair. Despite these changes, Binance will continue to support BUSD in the near future.

ℹ️ Is it advisable to switch to other stablecoins and is there even a risk of BUSD losing it's peg?

🚀 Find answers at CE Pro ➜Click to join

🪙 Binance CEO: Crypto industry will probably move to non-dollar stablecoins
The crypto industry will “probably” start using euro, yen, or Singapore dollar-based stablecoins in the future, reducing its reliance on United States dollar-based stablecoins, according to Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in a Feb. 14 Twitter Spaces event in answer to a question about the crypto industry using gold as a standard of value instead of the U.S. dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why U.S. dollar-backed stablecoins are “still important.” 🔗 Read more

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🚀 Bitcoin (BTC) breaks $25k mark, a day after breaching $24k
Bitcoin (BTC) has broken another level within a span of 24 hours. The largest cryptocurrency by market cap breached the $25,000 mark, a day after the coin broke another key level. The coin reached a high of $25,256 on Coinbase, as per the data presented on Trading View. The coin’s price has retracted ever since it peaked at this level. According to CoinMarketCap, Bitcoin was trading at $24,790 at press time and saw an uptrend of over 8% in the past 24 hours. The cryptocurrency registered a market cap of over $482 billion and had a market dominance of 42.8%. 🔗 Read more

☠️ Terra founder Do Kwon charged with fraud over its $40 billion crypto crash
The US Securities and Exchange Commission is suing the creator of the collapsed Terra blockchain protocol for securities fraud following last year’s meltdown that sent reverberations throughout the cryptocurrency industry. According to the SEC’s complaint, Terraform Labs and its co-founder Do Kwon “perpetuated a fraudulent scheme that led to the loss of at least $40 billion of market value.” Last September, South Korea issued a warrant for Kwon’s arrest, while Interpol reportedly issued a “red notice” for him or a call to international law enforcement agencies to “locate and provisionally arrest a person pending extradition, surrender, or similar legal action.” Despite Kwon insisting that he’s “not on the run,” the complaint notes that “his current address is unknown.” South Korean police reportedly traveled to Serbia in an attempt to track him down earlier this month. 🔗 Read more

🦠 Platypus salvages $2.4 million in hacked funds with BlockSec's help
After the Platypus protocol was hacked yesterday, at least $2.4 million in USDC stablecoin was returned to the exploited platform with help from blockchain security firm BlockSec. Of the almost $9.1 million in stolen funds from Platypus, it was revealed that the attacker could only cash out $270,000, according to MetaSleuth, a visualization tool from Blocksec. Some $8.5 million of stolen funds are frozen in the contract they were transferred to, and another $380,000 from a second attempted exploit were accidentally sent back to Aave, on-chain data show. 🔗 Read more

📊 Unlike Merge, Ethereum's Shanghai Upgrade Could Bring Ether Price Volatility
The next major catalyst for the crypto market is Ethereum's Shanghai upgrade scheduled in March, which will open up withdrawals of more than 16.5 million ether (ETH) staked in the blockchain. The impending upgrade comes months after the Ethereum blockchain underwent a technological overhaul, dubbed the Merge, switching to a proof-of-stake consensus mechanism from a proof-of-work setting. Traders might remember that ether, the second-largest cryptocurrency by market value, did not see much volatility after the Merge took place on Sept. 15 and conclude that the upcoming upgrade will be a non-event. However, such conclusions may prove inaccurate, according to OrBit Markets, an institutional liquidity provider in digital assets options. 🔗 Read more

📰 This Week In Crypto (CW 7)
1. Paxos ‘categorically disagrees’ with the SEC that BUSD is a security
2. SEC sues Do Kwon and Terraform Labs for fraud
3. Federal judge hints at denying Sam Bankman-Fried any internet access as condition of bail
4. El Salvador to open a ‘Bitcoin Embassy’ in the United States
5. Celsius chooses NovaWulf’s bid to exit from bankruptcy

CW6 (last week)

🚀 Bitcoin market cap ‘flips’ payments giant Visa for the 3rd time
While the collapse of FTX shaved $100 billion off of BTC’s market cap in just four days last year, BTC has managed to fully recover and stack on another $65 billion. A 48% Bitcoin price surge since the start of the year has pushed BTC's market cap past that of payment processing giant Visa once again. With the BTC price currently at $24,365, its market cap of $470.16 billion is now marginally above that of Visa, which has a market cap of $469.87 billion, according to CoinMarketCap. 🔗 Read more

🔥 SOL Sees Ultra Bullish Push As Solana Confirms Helium Migration Date
Earlier today, the Solana network team confirmed that the Helium network would finally be migrating to Solana on March 27th, sending SOL and HNT prices soaring. The confirmation came after Helium shared updates on the transition via a blog on Friday. In the blog, Helium described the migration to the Solana blockchain and deployment of Oracles as the “most significant upgrade to helium”, noting that it would greatly boost its scalability and reliability. “After months of meticulous planning and technical development, the Helium Foundation is proud to formally propose March 27, 2023, as the migration date to the Solana blockchain,” read the Feb 17 blog. 🔗 Read more

💳 Mastercard to allow crypto payments in Web3 via USDC settlements
A partnership between Web3 payment protocol Immersve and payments giant Mastercard will allow users to make crypto payments on digital, physical and the metaverse worlds. Once the transaction is successful from the user’s end, USD Coin tokens — a United States dollar-backed stablecoin issued by Circle — will get converted to fiat and be used to settle transactions on Mastercard’s network. The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on a third party for collateral. Instead, Immersve will partner with a third-party settlement provider and allow its users to use USDC for all purchases. 🔗 Read more

✅ The Ultimate Wallet Checklist
Your Ultimate Guide to Choosing, Setting Up, Securing, and Using a Cryptocurrency Wallet

Are you new to the world of cryptocurrency wallets and not sure where to start? Look no further! Our Ultimate Guide will help you choose, set up, secure, and use a cryptocurrency wallet. Discover the different types of wallets and what to consider when selecting one, learn how to create a strong password and backup your wallet, and find out how to fund, use, and keep your wallet safe.

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📣 The War On Stablecoins: SEC's Efforts To Control Crypto Market
Stablecoins face regulatory uncertainty. This report gives you an overview of the current situation and the actions I am taking.
🔗 Link

🛑 U.S. Congressman introduces bill to block CDBC roll out
United States Congressman Tom Emmer has introduced a new bill seeking to block the Federal Reserve (the Fed) from issuing a central bank digital currency (CBDC). The bill dubbed ‘CBDC Anti-Surveillance State Act’ seeks to protect U.S. citizens’ financial privacy,’ Emmer said in a tweet on February 22. “Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of a dangerous surveillance tool,” Emmer said. The bill seeks to bar the Fed from issuing the digital dollar to anyone, alongside using a CBDC to implement monetary policy and control the economy. 🔗 Read more