Review of the top crypto space news 28.06.2021

Today, the information space around the cryptocurrency sector is simply boiling. From the news from China, which, by the way, should be considered as positive for the crypto sector, then the gloomy predictions of the colossal fall of Bitcoin itself. In a word, everything is just as always.

Well, let’s find out about the most interesting events of the past week:

Japan’s Financial Services Agency Warns Binance on working without a license

Chinese journalist Colin Wu announced that Binance is accused of operating in Japan without a corresponding license.

On June 25, the Japanese Financial Supervision Agency FSA (Financial Services Agency) issued a warning to Binance. They said that one of the largest cryptocurrency exchanges in the world is engaged in business in the field of cryptocurrencies without registration.

The FSA aimed to make a similar warning to the exchange back in 2018. Prior to that, the FSA issued a warning to Bybit.

Last year, it was reported that the Maltese authorities also stated that they had not issued any license to the exchange. They also added that it has nothing to do with the country either geographically or in terms of regulatory issues.

Many in the cryptocurrency Twitter began to insist that Changpeng Zhao solve this problem. In response, CZ called these statements a mixture of truth, FUD and misconceptions.

“Binance is not based in Malta and does not work there, since the exchange exists in the world of blockchains and operates from different parts of the planet”, he said.

The venture capital company Andreessen Horowitz has announced the launch of a $2.2 billion crypto fund.

Despite the gloomy cryptocurrency market and the price of BTC, the cryptocurrency industry continues to attract institutional investors who are willing to invest significant amounts in this promising market, despite its volatility.

According to CNBC, the new investment fund will be designed to invest in startups focused on blockchain, cryptocurrency and decentralized financing.

Along with the announcement of the creation of a new fund, Andreessen Horowitz also announced that he will hire leading experts on cryptocurrency policy and regulation.

The cryptocurrency sector, which is still poorly regulated, will gradually undergo waves of regulation that optimize its growth, allowing new investors to invest with confidence.

For the venture capital company Andreessen Horowitz, this is not the first investment in the crypto sector, it has already invested in NFT, including OpenSea and Dapper Labs.

Now she wants to dive into the decentralized financial sector (DeFi), which is on the rise, and is full of important opportunities for development in the future.

Thanks to this new fund, Andreessen Horowitz now manages more than $3 billion in assets dedicated to the crypto industry.

Encouraging news that should motivate other investment funds to show interest in the blockchain and crypto sector.

President Nayib Bukele Announces That El Salvador To Pay $30 in Bitcoins to Each Citizen

El Salvador, a small country in Latin America with a population of 6 million people, surprised the world by passing a law that will make BTC legal tender in the country.1

Its president, Naib Bukele, continues his mission to integrate Bitcoin and cryptocurrencies in the country, announcing that El Salvador will distribute 3,440 BTC to citizens.

A significant amount, knowing that there are 6 million people living in the country, minors should be deducted from the beneficiaries of this distribution, which is a new surprise for the young president of El Salvador.

Naib Bukele made this announcement on television, where he also wanted to explain how bitcoin payment works, which will be carried out through a mobile wallet.

It should be remembered that 70% of Salvadorans do not have a bank account, so Bitcoin payments should serve this population excluded from the system.

The government of El Salvador wants to accelerate the spread of Bitcoins, and this $ 30 distribution in Bitcoins should force the population to spend this money on cryptocurrency to make it the same used currency as any other. Currently, El Salvador uses the US dollar, not its own national currency.

The president of the country also announced that the Bitcoin wallet mobile application (Chivo Wallet) will work in any place where there is a mobile phone connection.

Just as the United States was able to distribute checks worth more than $1,000 to the population, El Salvador wants to offer its fellow citizens free Bitcoins so that they get acquainted with this cryptocurrency and, especially, so that they learn how to use it.

President Nayib Bukele reminded that the use of Bitcoin is not mandatory, but he hopes that the population will respond positively to this announcement.

The Biggest Bitcoin Exit Scam in history? Billions disappear along with scammers

69,000 Bitcoins disappeared along with two owners of a South African cryptocurrency investment platform. This was reported by the Bloomberg news agency.

On April 13, the AfriCrypt platform was hacked. At least, that’s what the company claimed, but now it turns out that something else is probably going on. Although nothing has been proven yet, but this may be the largest scam with the release of cryptocurrency in history.

Africrypt was founded in 2019 by 20-year-old Amir Keiji and his 17-year-old brother, Race Keiji. Two months ago, after the hacking, all trading on the platform was stopped. Then the company said that it was engaged in returning the stolen money, but the law firm Hanekom Attorneys immediately considered it suspicious.

Before that, there were already suspicious nuances on the platform, such as the promise of huge profits to investors. The law firm reports that they cannot find the brothers, and have applied to the elite South African Police unit. According to reports, the stolen bitcoins have already been sent to the so-called mixers to erase traces.

Last year, such a scam also took place in South Africa with Mirror Trading International. Then 23 thousand coins worth $1.2 billion were stolen. According to Chainalysis, this was the biggest crypto scam of 2020.

SEC Wants Ripple (XRP) Movement To Stop

The controversial lawsuit between Ripple, the company behind the XRP cryptocurrency, and the US Securities and Exchange Commission (SEC) is gaining momentum again. Currently, the SEC is suing Ripple over the illegal sale of securities for XRP. The main question in the lawsuit is whether XRP should be designated as a security due to the centralized nature of the company and the cryptocurrency.

Now the SEC is demanding that a judge reject a motion by Ripple’s lawyers to bring William Hinman, a former SEC director, to court. Hinman once stated that Ethereum or ETN are not effects. Lawyers may want to find out what the criteria are for this, although it seems to be mostly about the degree of centralization.

The Securities and Exchange Commission disputes this desire of lawyers, because the regulatory body is concerned about creating a dangerous precedent. According to the SEC, this may cause an undesirable precedent:

“Allowing the defendants to have Director Hinman’s testimony will likely result in Director Hinman receiving multiple subpoenas from many other individuals who allegedly violated the registration provisions of the securities laws during his tenure at the Securities Commission.”

According to the SEC, this will also create a precedent that will deter potential candidates from holding senior positions in the SEC in the future out of fear that they may be involved in lawsuits:

“Such a result would not only impose a significant burden on Director Hinman, but would also make other qualified individuals reluctant to take senior positions at the SEC, for fear of participating in lawsuits for many years after their term of service expires”.

In addition, the SEC has lashed out at the infamous “XRP Army”, a group of noisy XRP fans. The Securities and Exchange Commission accuses these fans of using social media platforms to spread false rumors about officials of the Securities and Exchange Commission. For example, SEC representatives like Hinman are regularly portrayed by the XRP army as lizard men.

The ongoing fight against mining of military-technical equipment in China has led to a sharp drop in prices for video cards

The Bitcoin hashrate fell sharply over the weekend after the restriction of cryptocurrency mining in Sichuan Province in southwest China. This severe pressure has led to a sharp drop in the prices of video cards in China.

According to the bitinfocharts.com, the hashrate fell to 91.2189 EH / s on Sunday, from 112.625 EH / s last Friday. Data BTC.com they showed that in some large mining pools in China, there is a drop in hashrate. For example, according to BTC.com, Poolin experienced a decrease in the hashrate by 13.46%, while BTC.top recorded a drop of 29.35%.

And it is precisely because of these harsh measures that key components of mining operations, such as video cards, have become much more accessible in the country.

According to SCMP, prices for video cards from companies such as Nvidia and Asus have fallen by two-thirds on e-commerce platforms, amid a large-scale suppression of military-technical cooperation in China