Cryptocurrency

Top headlines: EVs brace for trial by fire, ATF duty hits airline

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. On the other hand, the Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021….

Crypto lending platform Celsius lays off 150 employees amid worst

Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing “extreme market conditions”. According to Israeli media outlet Calcalist, it has now sacked around 150 of its employees. “We are focused…

Indian cryptocurrency exchange Vauld suspends withdrawals, tradin

Vauld, the Coinbase-backed Indian cryptocurrency exchange, said on Monday it is suspending all withdrawals, trading and deposits as it battles financial challenges. Darshan Bathija, Vauld’s co-founder and CEO, in a blog post on the company’s website talked about the financial difficulties of business partners and customer withdrawals in excess of $197.7 million since June 12…

Chinese tech firms pledge to ban NFTs, cryptocurrency marketplace

Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces. According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation. Platforms that sell digital collectibles “shall require…

European Union approves rules to tame ‘Wild West’ cry

Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile “Wild West” market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering….

Coinbase sold software to US authorities to track crypto transact

Cryptocurrency exchange Coinbase has provided sophisticated tools to the US Immigration and Customs Enforcement (ICE) agency to help it track transactions across Bitcoin, Ether and other cryptocurrencies. According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36…