Russia continues sending mixed messages about the legal status of cryptocurrency, with a parliament official urging the launch of crypto trading on the country’s largest stock exchange. The Moscow Exchange (MOEX) is the best match for hosting a regulated crypto exchange in Russia, according to Anatoly Aksakov, head of the Russian Banking Association and a financial committee within the State Duma. At a recent press conference, Aksakov stressed the importance of building a crypto exchange under the strict requirements of the Russian central bank, local news agency Prime reported on Thursday. The lawmaker pointed out that MOEX is likely to …

Luxembourg-based cryptocurrency exchange Bitstamp has scrapped plans to implement an inactivity fee after widespread outcries from users online. The exchange had previously announced at the end of June that it would enforce a €10 ($1fee on inactive users on its platform with account balances valued at €200 ($204.08) or less from the beginning of August. The inactivity fee was due to be applied to users of Bitstamp Limited and Bitstamp Global Ltd from Aug. 1 and for customers of Bitstamp Europe S.A. from Aug. 6. Bitstamp users based in the United States were exempt from the proposed fee, according to …

Local think tank Infrawatch PH has sent a letter to the Philippines' Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits. The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being posted casually on social media platforms. Terry Ridon, the convenor for Infrawatch PH, said that Binance disregards Philippine regulations, as the exchange performs virtual asset service provider (VASP) functions in the country without the license. In response to the letter, a Binance spokesperson told Cointelegraph that the exchange …

In this week’s newsletter, read about Binance’s partnership with the most-followed TikToker Khaby Lame. Check out how Vincenzo Sospiri Racing will use NFTs to authenticate car parts and how NFTs will gradually appear on Facebook and other Meta-owned apps. Meanwhile, an NFT licensing platform that aims to connect Bored Ape Yacht Club (BAYC) owners to brands has noted that hundreds have signed up. And, don’t forget about this week’s Nifty News roundup featuring a console for Web3 gaming. Binance taps TikTok star Khaby Lame to drive Web3 adoption Last week, exchange platform Binance announced a partnership with TikTok star Khaby …

Bitcoin (BTC) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making the most of the current fall and are on a buying spree. Proof of this comes from Glassnode data, showing that wallets holding less than one Bitcoin scooped up 60,460 Bitcoin in June, at “the most aggressive rate in history.” In a recent report, Glassnode analysts said that the activity on the Bitcoin network shows that “all speculative entities, and market tourists have been completely purged from the …

Blockchain analysis firm Glassnode recently characterized the 2022 bear market as the worst on record. This seems to be the case due to events such as the war in Ukraine and rising inflation, coupled with serious problems among centralized crypto exchanges. Yet, the bear market hasn’t negatively impacted all players in the crypto ecosystem. Hardware wallet providers seem to be benefiting from the massive amount of crypto withdrawals from centralized exchanges. Pascal Gauthier, CEO of hardware wallet crypto firm Ledger, told Cointelegraph that the company’s revenue dropped about 90% during the 2018 crypto winter, but this hasn’t been the case …

The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction. Trading volumes on Indian crypto exchanges saw an eventual reduction of 90-95% ever since the country introduced a law that would tax investors 30% on unrealized gains. With two consecutive taxes ready to eat away at their holdings, …

Days after pausing trading, withdrawals and deposits, crypto exchange Voyager Digital is filing for bankruptcy under Chapter 11 in the Southern District Court of New York. Voyager’s Chapter 11 bankruptcy filing indicated that it is on the hook for anywhere from $1 billion to $10 billion in assets to more than 100,000 creditors. The troubled crypto exchange wasted no time after the United States holiday to file for bankruptcy on Tuesday. In a Wednesday statement, Voyager explained that the move is part of a “Plan of Reorganization.” When implemented, the plan would enable clients to reaccess their accounts again, and …

A subsidiary of the Huobi cryptocurrency exchange called HBIT Inc has received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN). The Seychelles based Huobi said on Tuesday that the license creates a foundation for it to carry out crypto-related business in the U.S. in the future, as part of its strategic goals of “globalization and compliance.” The exchange is a major player, with more than $1 billion in volume in the past 24 hours, according to CoinGecko. Before the great crypto crackdown by Chinese authorities, most Huobi users came from China, but according …

On Tuesday, special purpose acquisition company (SPAC) FinTech Acquisition Corp. V announced that it terminated its purposed takeover of Israeli cryptocurrency exchange eToro via a bilateral agreement. In explaining the decision, Fintech V chairman of FinTech V Betsy Cohen said: "eToro continues to be the leading global social investment platform, with a proven track record of growth and strong momentum. Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party's control, we wish [CEO] Yoni and his talented team continued success." Last year, eToro and Fintech V announced the SPAC takeover valuing …

Major cryptocurrency exchange BitMEX is working to increase compliance with the European sanctions against Russia by preparing to enforce major restrictions for its Russian users. BitMEX is changing its restricted jurisdictions policy to be compliant with various restrictive measures of the European Union, Cointelegraph has learned. The BitMEX crypto exchange notified a group of potentially affected users about the upcoming changes via email on Monday. According to an email seen by Cointelegraph, Russian citizens or residents will no longer be able to access BitMEX services from the European Union after July 11, 2022. That means that such users will not …

The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized. The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland. Meanwhile, crypto investors seem to be waiting for clues from the …