Crypto Guides, Knowledge & Insights

Coinbase Suspends Offering Loans Against Bitcoin Via Its Borrow Service

Coinbase (NASDAQ: COIN) has announced the suspension of new loans offered through its borrowing service, Coinbase Borrow. According to a statement released on May 3, the service will be discontinued from May 10. Existing customers with outstanding loans will not be affected by the suspension.　　This decision follows ongoing legal disputes between Coinbase and the US Securities and Exchange Commission (SEC). The suspension of new loans through Coinbase Borrow has been seen as a move to avoid further regulatory issues as the exchange seeks to resolve its disputes with the SEC.　　Coinbase, the popular crypto exchange, has decided to suspend the issuance of any new loans through its borrowing service, Coinbase Borrow. The exchange announced on Wednesday, May 3, that the service will no longer be available starting from May 10. However, existing customers with outstanding loans will not be affected.　　Coinbase has been in a legal battle with the U.S. Securities and Exchange Commission (SEC), which has accused the exchange of violating federal securities laws by selling unregistered tokens. Coinbase, on the other hand, has blamed the SEC for not providing sufficient clarity on crypto regulations. In response to the suspension of Coinbase Borrow, a spokesperson for the exchange told Bloomberg that

2023-05-04Deep Dive

SUI Gets Binance Listing; IOU Price Set To Skyrocket

The native token of the Layer 1 blockchain, Sui Network, known as SUI (IOU), is scheduled to be listed on Binance, the largest crypto exchange in the world. According to the announcement, Binance will introduce trading of SUI and list it in six pairs, which are SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY, starting from May 3, 2023.　　As the mainnet launch of Sui Network approaches, its native token SUI has gained attention from the cryptocurrency community and has been listed on several exchanges such as OKX, Bybit, and Kucoin. However, it should be noted that while Binance has announced the listing of SUI and its 6 pairs, the exchange has not yet revealed plans to launch SUI perpetual contracts, unlike the APT futures.　　At the time of writing, Suis average trading price was $3, as reported by WikiBITs data, indicating a 7% increase in price over the past 24 hours.　　Looking for more information about cryptocurrencies？ WikiBIT offers you a one-stop service! Not only can you access numerous hot news topics, but you can also search for relevant trading firms and obtain their information, such as their ratings, user reviews, and whether they are regulated. Additionally, you can also use WikiBIT to

2023-05-03Deep Dive

Binance Set to Begin Operations in Japan with Rebranded Sakura Exchange BitCoin

Leading cryptocurrency exchange Binance is gearing up to launch its services in Japan in June, following the acquisition of local Sakura Exchange BitCoin (SEBC). The announcement made on Friday confirmed that SEBC would cease operations at the end of May and subsequently rebrand as Binance Japan.　　SEBC has requested that its customers liquidate their cryptocurrency holdings and withdraw fiat currency to their bank accounts before the transition. If customers fail to do so, SEBC will automatically liquidate all crypto holdings on June 5 and return the funds to the linked bank accounts. SEBC, unlike other exchanges, does not support the withdrawal of crypto assets from its platform. The exchange will also terminate all fiat and crypto deposits from the end of April. SEBC currently supports trading with 11 trading pairs.　　Navigating the Heavily Regulated Japanese Crypto Market Binances acquisition of 100 stakes in Sakura Exchange BitCoin last November marked its entrance into the Japanese cryptocurrency market, which is known for its stringent regulations. Crypto exchanges operating in Japan must obtain local licenses, and new listings require approval from the Japan Virtual Currency Exchange Association.　　SEBC, based in Tokyo, is regulated by the Japan Financial Services Agency (JFSA), allowing Binance to bypass the need

2023-05-02Deep Dive

Crypto Exchange Binance Claims to Be A Victim of ChatGPT Smear Campaign

Binance, the worlds largest cryptocurrency exchange, has become the target of the AI-powered platform ChatGPT. Binance alleges that an individual has been using AI to spread false information about the exchange.　　In an interview with Fortune magazine, Binance disclosed that it had received multiple requests regarding the official status of its co-founder Changpeng Zhao as a member of the Chinese Communist Party. Additionally, congressional offices have made inquiries about a conversation that reportedly took place on the OpenAI platform ChatGPT, in which Binances founder CZ was said to have built a social media platform for the China National Petroleum Corporation.　　The Chief Strategy Officer of Binance, Patrick Hillman, publicly criticized ChatGPT for disclosing the contents of their conversation. Hillman accused ChatGPT of obtaining information from a fraudulent LinkedIn profile of CZ and a non-existent Forbes article.　　The Details of the chat with ChatGPT　　During a casual conversation with the OpenAI chatbot platform, Binances Chief Strategy Officer, Patrick Hillman, inquired about the possibility of Changpeng Zhao being a member of the Youth League Committee of the China National Petroleum Corporation (CNPC). In response, ChatGPT referred to publicly available information and confirmed that Changpeng Zhao was a member of the CNPC during his employment at the

2023-05-02Deep Dive

XRP Lawsuit: How New US Supreme Court Move Could Help Ripple

The future of the cryptocurrency market may be significantly impacted by a new consideration by the US Supreme Court, given the industrys challenges in navigating a tightening regulatory environment in the country. As reported by WikiBIT, the Supreme Court has agreed to review a proposal to limit the powers wielded by federal regulatory agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These agencies have previously taken enforcement actions against various crypto businesses, including popular exchanges like Binance, Coinbase, and Kraken.　　The XRP Vs SEC lawsuit and the Grayscale spot Bitcoin ETF are among the legal disputes that could be significantly affected by a change in the US regulatory power structure. This change may be brought about by the ongoing Supreme Court consideration that aims to revoke an old ruling, which grants rule-making powers to regulatory agencies.　　XRP Lawsuit Impact　　Commencing in October 2023, the US Supreme Court will review a case that could potentially overturn a previous ruling granting agencies such as the SEC the authority to interpret their own powers. The aim is to create new operational regulations for financial watchdogs and other agencies. 　　Consequently, if the SECs power to define which cryptocurrencies are

2023-05-02Deep Dive

Binance CEO “CZ” Warns Justin Sun & Whales Over Misusing SUI Airdrop

Binance CEO Changpeng “CZ” Zhao has issued a warning to Tron founder Justin Sun regarding the Binance Launchpools SUI airdrop, stating that Binance will take action if Sun attempts to misuse it. This statement comes after Sun transferred millions of TUSD stablecoins to Binance.　　　　Justin Sun has responded, claiming that he has no intention of participating in any exchange promotions and that the TUSD transfer was merely part of providing liquidity between leading TUSD exchanges.　　Binance Pledges To Take Action Against Justin Sun　　In a tweet on May 1, Binance CEO CZ stated that the Binance Launchpools SUI token airdrops are intended for retail customers, not for Justin Sun or any whales. He warned that if Sun tries to obtain SUI tokens using the TUSD he transferred to Binance, they will know about it through transparent blockchain data.　　　　In response, Sun clarified that the main purpose of depositing TUSD was to provide liquidity and trading volume between leading TUSD exchanges. He stated that he has no intention of participating in any exchange promotions.　　Sun also argued that the transfers provided stability to the TUSD price and enough liquidity to the exchanges. However, he acknowledged that some team members unknowingly participated in exchange campaigns and plans

2023-05-01Deep Dive

Bitcoin Declines Amid JPMorgan, PNC’s First Republic Bank Buyout Bid

According to reports, U.S. financial regulators are working on a buyout deal for First Republic Bank (NYSE: FRC) with three major banks, as the banking crisis spreads. On Sunday, the Federal Deposit Insurance Corporation (FDIC) received several bids from JPMorgan Chase, PNC, and Citizen. However, the price of Bitcoin (BTC) declined as the deal approached completion.　　JPMorgan To Rescue First Republic Bank　　Three major banks, JPMorgan Chase, PNC Financial Services Group, and Citizens Financial Group, emerged as top bidders in the auction for the struggling First Republic Bank, according to reports. It is expected that the Federal Deposit Insurance Corporation (FDIC) will soon announce the details of the deal and takeover of the failing bank. Reuters also reported that the FDIC attempted to revise the buyout bid based on certain criteria, including the lenders assets. However, neither the FDIC nor First Republic Bank has made any official comments on the matter.　　The First Republic Bank Buyout deal comes at a time when the U.S. banking sector has already seen the collapse of Silicon Valley Bank and Signature Bank in a similar fashion.　　Data shows that First Republic Banks (NYSE: FRC) share price has fallen by 75% over the past week and by 97% in

2023-05-01Deep Dive

Polygon partners with Google Cloud as Filecoin breaks into cloud market

Google Cloud and Polygon Labs have formed a significant collaboration, while Filecoin has revealed its intentions to offer cloud services of its own.　　Google Cloud to will provide access to Polygon　　Polygon Labs and Google Cloud have formed a strategic alliance that spans multiple years. The announcement was made by both companies on April 27. As part of the partnership, Google Cloud will provide customers with easy access to Polygon blockchain nodes through its managed node hosting service.　　Furthermore, Google Cloud will provide cloud services to support Polygons new zkEVM scaling solution. According to Polygon Labs, utilizing Google Cloud to execute the networks zero-knowledge proofs is significantly faster and cheaper than the current approach.　　Additionally, by the end of the third quarter of 2023, the partnership will offer features related to Polygon Supernets, which is a dedicated app-chain.　　In addition, Google Cloud will provide funding for new startups backed by Polygon, which includes $200,000 worth of credits. This is part of a wider range of benefits that Google Cloud announced on April 25 for other startups related to Web3.　　The announcement about the partnership states that Google Cloud already provides some support for Polygon. For example, Polygons proof-of-stake nodes can be accessed through the Google Cloud

2023-04-28Deep Dive

Bitcoin Fraud Unraveled: CFTC Secures Record $3.47 Billion Judgment Against South African Mastermind

In a jaw-dropping turn of events, the Commodity Futures Trading Commission (CFTC) announced a staggering $3.47 billion judgment against Cornelius Johannes Steynberg, a South African fraudster who orchestrated one of the largest Bitcoin (BTC) scams in history. This penalty marks a new record high in CFTC cases, sending shockwaves through the financial world.　　Hailing from Stellenbosch, South Africa, Steynberg is the mastermind behind Mirror Trading International Proprietary Limited (MTI), which is currently in the process of liquidation. He is now facing severe consequences for his fraudulent schemes, including a permanent ban from engaging in any CFTC-regulated activities and registering with the organization.　　This high-stakes drama began when the CFTC filed a complaint in June 2022, leading to a default judgment and permanent injunction issued by Judge Lee Yeakel of the U.S. District Court for the Western District of Texas. Steynbergs fraudulent enterprise operated from May 2018 until March 2021 and involved an elaborate international multilevel marketing scam that lured unsuspecting victims into investing their hard-earned Bitcoin (BTC) in an unregistered commodity pool.　　Steynberg and MTI falsely claimed that their proprietary “bot” or software program would generate profits through off-exchange, retail forex trading. In reality, they misappropriated all the Bitcoin (BTC) they received from

2023-04-28Deep Dive

The CEO of Coinbase thinks moving to the UK from the US is a possibility.

Brian Armstrong says Coinbase may leave the U.S. if regulatory clarity doesnt come — opening potential to shift Coinbase to the U.K.　　Coinbase CEO Brian Armstrong said moving the exchanges headquarters to the U.K. is “on the table” if the U.S. regulatory landscape does not improve.　　War on crypto　　U.S. regulators have had a frosty relationship with crypto companies since at least before 2020.　　But 2023 saw a step up in the frequency of enforcement actions — leading many to believe U.S. authorities were waging a covert war on crypto.　　Partner at Castle Island Ventures, Nic Carter, was the first to talk about “a well-coordinated effort to marginalize the industry” publicly. Carter was referring to a deliberate attempt to de-bank the crypto industry — drawing parallels with Operation Chokepoint.　　Operation Chokepoint was a program that began in 2013, bypassing laws and democratic due process — with specific “undesirable” industries “choked” by the banking system.　　Carter and others believe Operation Chokepoint was resurrected this year to stifle the cryptocurrency industry.　　In April 2022, Ripple CEO Brad Garlinghouse said regulators actions would only serve to drive technological innovation from U.S. shores. Garlinghouse was quoted as saying Ripple would “leave the United States entirely” should it lose the ongoing SEC lawsuit.　　On

2023-04-28Deep Dive

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