The U.S could end crypto staking, a failed hedge fund starts an exchange to trade bankruptcy claims, and luxury rehab centers offer treatment for crypto addiction. These stories and more this week in crypto.
Ether Falls Following SEC Crackdown on Staking
The price of ether fell 8%, as fears began to spread about a U.S. regulatory crackdown on crypto staking protocols. The SEC charged Kraken with selling unregistered investment contracts, since staking customers are promised regular returns and payouts. In response Kraken has shut down its US staking program and will pay a $30 million settlement to the agency.
Fintech Giant Revolut Offers Crypto Staking
Meanwhile, Revolut, one of Europe’s largest digital banks, just started to offer customers across 30 European countries the chance to stake their crypto holdings. The launch of its crypto staking service for a number of proof-of-stake tokens, including Ethereum, Cardano, Polkadot, and Tezos is part of Revolut’s plan to expand its crypto-related services.
New Exchange to Trade Bankruptcy Claims
The founders of failed crypto hedge fund Three Arrows Capital, have created Open Exchange, a trading platform for crypto bankruptcy claims. With a $20 billion market of claimants looking for a resolution to money lost at bankrupt crypto firms like FTX, Celsius, BlockFi, Mt. Gox and 3AC itself, Open Exchange aims to monetize claims by providing a marketplace to trade them.
Binance Halts USD Bank Transfers
Global crypto exchange Binance temporarily suspended USD bank transfers, including deposits and withdrawals in U.S. dollars through bank accounts for non-US customers. A spokesperson said it is only affecting one out of every ten thousand of its monthly active users and they are working hard to restart that service as soon as possible. Binance.US services where US residents can trade are unaffected.
P2P Market LocalBitcoins Shuts Down
LocalBitcoins, one of the earliest and most popular peer-to-peer bitcoin trading platforms, announced it would be shutting down in the coming weeks, citing unfavorable market conditions. New signups are suspended already, trading and deposits will halt this week and users will be able to withdraw their funds for the next 12 months.
Self-Proclaimed Bitcoin Inventor Loses Copyright Claim
Self-proclaimed Bitcoin inventor, Craig Wright, has lost his court case to block the operation of Bitcoin because it breaches his intellectual property rights. Wright was told by a UK judge that Bitcoin can’t be copyrighted in the same way as a literary work and Wright could not show how the network’s blocks were first recorded.
UAE Bans Privacy Coins in New Regulation
The United Arab Emirates issued a new rule that all activities related to privacy coins such as Monero are prohibited in the region. The new regulation defines an anonymous cryptocurrency as a type of virtual asset which prevents the tracing of transactions or record of ownership. The news comes as no surprise as other regions, including the European Union have made similar indications already.
Brave Browser Adds Support For Solana
Web3 browser, Brave has added support for Solana dApps in its mobile browser to add security and eliminate the need to switch between apps for transactions. Users can now connect with Solana NFT marketplaces and cryptocurrency exchanges. Brave began its relationship with Solana in 2021.
Luxury Rehabs Centers for Crypto Addicts
Luxury rehab centers have been popping up around the world, promising to treat crypto addiction as more and more investors have found themselves struggling to control their trading. One firm offering such services describes its facility as a safe space enabling health and fulfillment while charging upwards of $75,000 for a month-long stay.
That’s what’s happened this week in crypto, see you next week.