Lebanon turns to crypto amid bank closures; FTX seeks to raise $1B; Zilliqa launches web3 gaming console

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The biggest news in the cryp­tos­phere for Sept. 22 includes Binance’s new­ly-set Glob­al Advi­so­ry Board that’ll fos­ter respon­si­ble reg­u­la­tion of the cryp­to sec­tor, the agree­ment Russia’s finan­cial watch­dog and largest bank reached to use cryp­to for inter­na­tion­al pay­ments, and the indef­i­nite close-up of the banks in Lebanon which pushed the Lebanese to turn to crypto.

Cryp­toSlate Top Stories

Binance sets up global advisory board to drive responsible regulation of crypto

Binance announced the launch of its Glob­al Advi­so­ry Board (GAB) to sup­port respon­si­ble reg­u­la­tion of crypto.

Binance’s CEO Chang­peng Zhao said the new endeav­or indi­cates Binance’s com­mit­ment to estab­lish­ing healthy engage­ment with the reg­u­la­tors world­wide and sup­port­ing them as they work to cre­ate a reg­u­la­to­ry frame­work for the cryp­to industry.

Russia’s financial regulators agrees on crypto use for international payments

Accord­ing to Russia’s Finance Min­ster Deputy Alex­ei Moi­seev, the country’s finance min­istry and its largest bank agreed to allow cryp­to usage in inter­na­tion­al payments.

Moi­seev said that the duo is work­ing togeth­er to draw up an agree­able reg­u­la­tion for cryp­to by Dec. 19.

Lebanese people turn to crypto, decentralization as banks close down indefinitely

The finan­cial cri­sis in Lebanon has been wors­en­ing by the day. On Sept. 15, the gov­ern­ment froze all bank deposits and closed them off for a week. How­ev­er, on Sept. 22, just as the banks were about to re-open, the Asso­ci­a­tion of Banks in Lebanon (ABL) announced that the banks would remain closed indefinitely.

In the mean­time, young Lebanese peo­ple who already had high cryp­to adop­tion due to the ongo­ing finan­cial cri­sis had turned entire­ly to cryp­to. Seek­ing finan­cial relief, these young­sters are lead­ing the cryp­to rev­o­lu­tion in the country.

FTX looking to raise $1B in funding at $32B valuation

Exchange giant  FTX  is prepar­ing to hold a bud­get round to raise $1 bil­lion. If this hap­pens, the exchange’s val­u­a­tion will reach $32 bil­lion. Temasek, Soft­Bank, and Tiger Glob­al are amongst the investors who agreed to fund FTX in this round.

The exchange held a fund­ing round in Jan­u­ary 2022, where it raised $400 mil­lion from var­i­ous investors. How­ev­er, this time, FTX CEO Sam Bankman-Fried (SBF) is look­ing for sup­port to con­tin­ue his invest­ment efforts to stop fur­ther con­ta­gion of the win­ter con­di­tions in the market.

Zilliqa launches web3 gaming console with in-built miner and crypto wallet

Zilliqa (ZIL) announced its new Web3 gam­ing con­sole with min­ing capa­bil­i­ties. The new con­sole will be released in ear­ly 2023 and will aim to onboard new users into the blockchain gam­ing space.

Zilliqa Web3 Gaming Console
Zilliqa Web3 Gam­ing Console

The beta test­ing peri­od for the con­sole will begin in Octo­ber 2022, and users will be able to pre-order in the first quar­ter of 2023.

Helium community votes to migrate to Solana, scores new T‑Mobile partnership

Helium’s (HNT) com­mu­ni­ty decid­ed to migrate the wire­less net­work to Solana’s (SOL) layer‑1 blockchain, with an over­whelm­ing major­i­ty of 81.4%. Heli­um devel­op­ers said that Solana migra­tion would ben­e­fit scal­a­bil­i­ty and adoption.

India considering GST on crypto transactions amid evaluation of sector’s legality

The Indi­an gov­ern­ment is work­ing to imple­ment a new tax­a­tion pol­i­cy on cryp­to. Indi­an reg­u­la­tors are prepar­ing to imple­ment goods and ser­vices (GST) tax on all cryp­to trans­ac­tions, which could change between 18% and 28%.

Coinbase denies The Wall Street Journal’s proprietary trading allegations

Wall Street Jour­nal report­ed about Coin­base on Sept. 22, claim­ing that the exchange cre­at­ed a trad­ing group and used $100 mil­lion of its funds to trade crypto.

Coin­base came for­ward the same day to reject the alle­ga­tions and said that the jour­nal con­fused Coinbase’s client-dri­ven activ­i­ties with pro­pri­etary trad­ing. A com­pa­ny spokesper­son said:

“Coin­base does not, and has nev­er, had a pro­pri­etary trad­ing busi­ness. Any insin­u­a­tion that we mis­led Con­gress is a will­ful mis­rep­re­sen­ta­tion of the facts. “

Korean tax authorities seize $185M worth of crypto from tax evaders since 2021

Since 2020, North Kore­an author­i­ties have been seiz­ing the assets of delin­quents and sell­ing them if their tax­es remained unpaid.

A recent report revealed that the author­i­ties had seized approx­i­mate­ly $185 mil­lion worth of cryp­to from tax delin­quents since 2021. The high­est amount tak­en from one per­son was $8.87 million.

UK’s new bill aims to help law enforcement seize, freeze crypto

The UK intro­duced a new bill that aims to make it eas­i­er for law enforce­ment agen­cies to freeze and seize cryp­to assets.

Accord­ing to a state­ment, the Eco­nom­ic Crime and Cor­po­rate Trans­paren­cy Bill will strength­en the UK’s image as a place for legit­i­mate busi­ness­es to thrive and dri­ve out dirty mon­ey from the country.

Research Highlight

Research: Decade old whales selling Bitcoin hoard again; last time was during LUNA collapse

Cryp­toSlate analy­sis detect­ed move­ment in cryp­to wal­lets hold­ing more than 1,000 Bit­coins (BTC) that were stag­nant for about a decade. Look­ing at Spent Vol­ume Age Bands (SVAB) for Bit­coin, ana­lysts revealed that both sev­en to ten years old whales and those old­er than ten years are sell­ing their coins.

The last time the mar­ket saw such a sell-off trend by the whales was dur­ing the Ter­ra (LUNAcol­lapse in May.

Bitcoin SVAB 7 to 10 year old whales
Bit­coin SVAB 7 to 10-year-old whales

Espe­cial­ly whales that have been motion­less for sev­en to ten years record­ed their fifth and sixth high­est trans­ac­tion of the year. While the ones over ten years old didn’t break any records, a sig­nif­i­cant move­ment towards cash­ing out is also vis­i­ble on their charts.

More­over, the num­ber of whales has also decreased even though the Bit­coin price con­tin­ues to down­trend. Since whales tend to read the mar­ket bet­ter than any “young­sters” and hold out dur­ing the worst storms, their decreas­ing num­ber and sell­ing out tokens may indi­cate a bear­ish sen­ti­ment in the market.

Crypto Market

Bit­coin (BTC) record­ed an increase of 1.75% in the last 24 hours, increas­ing to $19,340. Ethereum (ETH) also increased by 0.26% to reach $1.328.

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