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Singapore Mulls New Crypto Rules, KuCoin Denies Rumors, Meta Closes Novi + More News

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Source: AdobeStock / martinhosmat083

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Regulation news

  • The Monetary Authority of Singapore (MAS), the central bank and financial regulator of Singapore, “has been carefully considering the introduction of additional consumer protection safeguards” that might include “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,” Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS, said in a reply to a parliamentary question. He also stressed that “there is a need for regulatory coordination and cooperation globally.” “These issues are being discussed at various international standard-setting bodies where MAS actively participates,” he added.
  • Chinese giants Tencent Holdings, Baidu, JD.com, and Ant Group, among others, agreed to enforce a “self-discipline initiative” that promises identity checks for users, adherence to the country’s ban on cryptoassets, and a promise not to establish secondary marketplaces to fight speculation, per the South China Morning Post. The agreement, which is not legally binding, is an acknowledgment from the industry of regulations that already exist in China for blockchain-based assets, it added.

Exchanges news

  • KuCoin CEO Johnny Lyu denied the rumors claiming that the exchange has “any exposure to LUNA, 3AC, Babel, etc.” – referring to a number of troubled entities. Lyu added that there is “no “immense suffer” from any “coin collapse,” no plan to halt withdrawal,” and that “everything on KuCoin is operating well.” Per the data he shared, KuCoin finished a USD 150m fundraising at a USD 10bn valuation in May, and it is still hiring and being active despite the bear market.
  • Coinbase said that they have been driving a concerted effort to strengthen their presence in Europe: they met with policymakers in the UK, established a regional Centre of Excellence in Ireland, and strengthened operations in DACH (Germany, Austria, and Switzerland) with their first hire in Switzerland, and are expanding their footprint across additional European markets.

Scams news

  • A hacker compromised the Twitter and YouTube profiles of the British Army on Sunday “to push people toward cryptocurrency scams,” per CNBC. The Twitter account’s name was changed to “pssssd,” and its profile and banner pictures were changed to resemble an NFT collection called The Possessed. Earlier Sunday, the account was renamed Bapesclan — the name of another NFT collection. The YouTube account name, meanwhile, was changed to Ark Invest, pretending to be the investment firm of bitcoin (BTC) bull Cathie Wood. Both accounts have since been returned to their owner.

Wallets news

  • Meta, Facebook‘s parent company, will shut down Novi, the company’s digital wallet payments pilot, on September 1. Users need to withdraw any remaining balance in their Novi accounts before then, by choosing to transfer it to their bank accounts or withdraw it as cash where applicable, said the company.

Investments news

  • DeFi platform WonderFi Technologies has acquired the Canadian Coinberry crypto exchange. 25% (2 of 8) of all regulated crypto-trading platforms in Canada are now under the WonderFi umbrella with more planned acquisitions to come in Canada and possibly internationally, per the emailed announcement. Founded in 2017, Coinberry services over 225,000 Canadian clients, they said.
  • Digital asset investment firm CoinShares announced that it has acquired digital asset manager Napoleon Asset Management, licensed under the AIFM Directive since March 2019, following receipt of approval from the Autorité des Marchés Financiers (AMF). The transaction was signed and completed on June 30. The acquisition allows CoinShares to offer AIFM-compliant products and services, in addition to its position as an issuer of crypto Exchange Traded Products (ETPs).

Mining news

  • A US-owned resources company Black Mountain Energy revealed its plan to use “flared-off” gas from fracking wells to mine cryptocurrency in a process it says will curb emissions, according to ABC News. The company is investigating options to roll out the project at its Valhalla Project fracking site in the Kimberley’s Canning Basin in conjunction with Wyoming-based start-up, Highwire Energy.

Career news

  • Alex Atallah, co-founder of major NFT marketplace OpenSea said that he will step away from the company on July 30 but remain on the board. Atallah said that he was ready to turn his attention back to his “primary passion: building something from zero to one.”

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