The debacle between the global cryptocurrency exchange Binance and Zanmai, the operator behind the Indian cryptocurrency exchange WazirX, continues in a new blog post from Binance banning the latter from utilizing its services. On Feb. 3, Binance released a post that acknowledged the ongoing “public debate” with Zanmai over its claims of Binance involvement in running WazirX. Binance said on Jan. 26 it gave WazirX the ultimatum of retracting its statements and continuing using Binance wallet services or terminating its usage. According to the announcement, Zanmai made no retraction and now has until Feb. 3, 2023, 23:59 UTC, to remove …

An economic bubble is a time of fast economic expansion that is driven by speculative enthusiasm and excessively high asset prices. A bubble is characterized by an increase in demand for an asset, such as commodities, stocks or real estate, which drives up its price. A number of factors, including easy access to credit, low interest rates and investor optimism, frequently combine to create financial bubbles. The asset’s price rises as more individuals invest in it, luring even more capital. Its price eventually falls below a level that can be sustained, which causes a sell-off and a sharp collapse in …

Crypto mining firm Core Scientific made a deal with the New York Digital Investment Group (NYDIG) to pay off an outstanding debt of $38.6 million by handing over more than 27,000 mining machines used as collateral. In a court filing, the company said that the mining rigs were no longer essential to its operations and any future plans. The firm is now waiting to get the approval of the United States Bankruptcy Court for the Southern District of Texas, which is in charge of the proceedings. While the company accepted that the move will have a short-term negative impact on …

Major cryptocurrency exchange Binance is coming back to South Korea with a new acquisition of the local crypto trading platform Gopax. Binance has acquired a majority stake in the troubled crypto exchange Gopax, re-entering South Korea after exiting the market two years ago, Bloomberg reported on Feb. 3. The funding for the transaction reportedly came from a Finance-initiated investment project known as the Industry Recovery Initiative, to which Binance pledged $1 billion. Binance chief business officer Yibo Ling said that Binance has acquired a “meaningful” equity position at Gopax without disclosing the terms of the deal. The acquisition comes a …

Bankrupt crypto exchange FTX has acknowledged a recent spate of third-party scams and frauds aimed at swindling its already-embattled customers. On Feb. 3, FTX issued an alert to its customers regarding recent attempts by fraudsters to scam their customers, including asking them for money, fees, payments or account passwords. “We are aware of active third-party scams and frauds seeking to take advantage of FTX customers,” the company warned. FTX added that its debtors and agents will never ask customers to pay fees or provide account passwords in connection with the “return or prospective return of customer assets,” and encouraged potential …

The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress. As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month. While some crypto miners have been forced to sell Bitcoin due to distress, Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon. Schumacher said Marathon has been diamond-handing its Bitcoin until …

The Australian government is bolstering its market regulator's digital asset team as part of a “multi-stage approach” aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms. A Feb. 2 joint statement by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones explained that the new measures are aimed at protecting consumers dealing with cryptocurrency. The treasurers said the multi-stage approach would involve three elements, including strengthening enforcement, bolstering consumer protection, and establishing a framework for its token mapping reform. This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz — Stephen Jones MP (@StephenJonesMP) February 2, …

CryptoZoo and Logan Paul have been named as defendants in a newly filed class-action lawsuit, which alleges they stole millions of dollars worth of purchaser's cryptocurrency via a "fraudulent venture." In a court filing on Feb. 2 in the District Court of the Western District of Texas, plaintiff Don Holland alleged that Paul and executives at CryptoZoo "executed a 'rug pull'" by promising purchasers of the nonfungible tokens (NFTs) exclusive access to crypto assets among other benefits but ultimately abandoned the project and kept the funds. "As part of Defendants’ NFT scheme, Defendants marketed CZ NFTs to purchasers by falsely …

Crypto bank Silvergate is reportedly being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX exchange and its affiliates. The probe is investigating Silvergate’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried’s businesses, according to “people familiar with the matter” as reported by Bloomberg on Feb. 3. The California-based crypto bank is not accused of any crime, but investigators are attempting to discover how deep the dealings with FTX and Alameda went. Silvergate was heavily impacted by the collapse of FTX in November, reporting a $1 billion loss last quarter. …

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022. Trade Minister Zulkifli Hasan shared the new target launch date on Feb. 2 at the opening of Crypto Literacy Month in Jakarta, noting that the government is currently reviewing which companies meet their criteria to become part of the exchange, according to local reports. There are five active crypto exchanges which are currently registered with the country's regulators, and according to Zulkifli the ministry’s crypto exchange could encompass all of them. While these …

Software analytics company MicroStrategy recorded a paper loss of over a billion dollars on its Bitcoin (BTC) holdings in 2022 but says it has no plans to stop trading the digital asset. MicroStrategy released its 2022 Q4 and year-end earnings on Feb. 2 showing the recorded impairment charges on its BTC holdings, net of gains on sale, was nearly $1.3 billion over the full year 2022. Despite the paper losses, on a Feb. 2 earnings call MicroStrategy’s chief financial officer, Andrew Kang, said: “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or …

Billionaire investor Ray Dalio has described fiat currency as being in serious “jeopardy” as an effective store of wealth but doesn’t believe Bitcoin (BTC) and stablecoins will be the solution either. Dalio, the founder of hedge fund firm Bridgewater Associates explained on CNBC Squawk Box on Feb. 2 that the mass money printing of the United States ollar and other reserve currencies has him questioning whether they are forms of “effective money.” “We are in a world in which money as we know it is in jeopardy. We are printing too much, and it's not just the United States, it …