544:Coinbase Considers UAE::SEC Cost Ripple $200M::Binance Halts BTC withdrawals, Twice

Overnighters,

Episode 544:
Coinbase Considers UAE
SEC Cost Ripple $200M
Binance Halts BTC withdrawals, Twice
and More

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The TL;DL -

Liechtenstein plans to accept Bitcoin as payment for government services. The tiny European country is the latest to show growing acceptance of cryptocurrencies, and its decision is likely to have a positive impact on the markets.

Estonia tightens cryptocurrency regulations, reducing the number of registered firms by 80%. The new law requires cryptocurrency firms to keep substantial capital reserves and have genuine ties to Estonia. As a result, many firms have withdrawn their licenses or been rejected by the country's Financial Intelligence Unit (FIU). The FIU says the law will help to "professionalize" the cryptocurrency industry and make it more difficult for criminals to use cryptocurrency to launder money.

China’s Supreme Court Clarifies Crypto Status. The ban has led to a sharp decline in the price of cryptocurrencies and a decrease in the hash rate of the Bitcoin network. It is unclear whether the Chinese government will eventually lift the ban, but it is crucial to stay up-to-date on the latest developments in China's cryptocurrency policy.

South Korean lawmaker under investigation for suspicious crypto transactions. South Korea's financial watchdog has reported a series of crypto transactions by an opposition party lawmaker to local prosecutors, sparking domestic outrage over a potential conflict of interest. The lawmaker, Rep. Kim Nam-kuk, allegedly withdrew 800,000 WEMIX tokens from late February to early March 2022, just months after co-sponsoring an amendment to the Income Tax Act that deferred taxation on virtual assets. The investigation is ongoing, and the case has harmed the South Korean crypto market.

Coinbase is meeting with policymakers and regulators in the UAE this week, as the company looks to expand into the region. CEO Brian Armstrong has praised the UAE for its progressive crypto regulations, and the company is hoping to set up a regional hub in the country.

Binance halted Bitcoin withdrawals for the second time in two days on May 8, citing a backlog of pending transactions and high network fees. The exchange said it was replacing the pending transactions with a higher fee so that they would be picked up by mining pools. The recent withdrawal halts are likely to harm the cryptocurrency markets, as Bitcoin's price has fallen around 3.5% from its weekly high.

Ripple CEO Brad Garlinghouse said on May 8 that the company spent $200 million defending itself against a lawsuit brought by the SEC. The lawsuit alleges that Ripple sold XRP tokens as an unregistered security, but Ripple denies the allegations. The case is ongoing and could have a significant impact on the U.S. crypto industry.

(5/8/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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