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Kazakhstan Shuts 130 Illegal Crypto Exchanges, Seizes $16.7M in Assets https://news.shib.io/2025/10/09/kazakhstan-shuts-130-illegal-crypto-exchanges-seizes-16-7m-in-assets/ Thu, 09 Oct 2025 12:29:08 +0000 https://news.shib.io/?p=29366 Kazakhstan’s Financial Monitoring Agency closed 130 unlicensed crypto exchanges, seized $16.7 million, and uncovered 81 underground cash-out groups, introducing new rules to curb illicit crypto and anonymous ATM transactions.

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Kazakhstan’s Financial Monitoring Agency (AFM) has shut down 130 unlicensed crypto exchanges and seized $16.7 million in digital assets as part of an ongoing crackdown on money laundering and illicit financial activity.

Key points:

  • Kazakhstan shut down 130 unlicensed crypto exchanges and seized $16.7M in digital assets to combat money laundering.
  • Authorities uncovered 81 underground cash-out groups with a combined turnover of 24B KZT (~$51.36M) and highlighted risks from anonymous ATM transactions totaling 13.2T KZT (~$24.4B).
  • New regulations require ID verification for large card top-ups, extended ATM footage retention, and stricter business registration to prevent shell companies.

Deputy Chairman of the AFM, Kairat Bizhanov, confirmed the closure of the exchanges and the asset seizure during a recent government meeting, according to The Times of Central Asia. In Kazakhstan, only cryptocurrency exchanges licensed by the Astana Financial Services Authority (AFSA) and connected to local banking systems are authorized to operate under the nation’s Law on Digital Assets.

“The activities of 130 unlicensed crypto exchanges involved in laundering criminal proceeds have been terminated this year. Virtual assets worth $16.7 million were seized,” Bizhanov stated. 

According to the report, the agency is ramping up efforts against illicit cash-out schemes. Bizhanov revealed that 81 underground groups, with a combined turnover of 24 billion KZT (around $51.36 million), were identified in 2024, emphasizing that automated teller machines (ATMs) continue to pose a significant vulnerability.

Bizhanov noted that cash withdrawals continue to rise despite existing measures, totaling 13.2 trillion KZT (around $24.4 billion), an increase of one trillion KZT from last year. He emphasized the primary risk as anonymous transactions, often conducted using bank cards issued to nominal owners, which obscure the identities of senders and recipients.


The AFM and the National Bank of Kazakhstan have introduced new regulations to curb illicit cash activities. Card top-ups exceeding 500,000 KZT (around $926) now require users to provide their individual identification number (IIN) and confirm transactions via mobile apps. Since January, banks have been mandated to retain ATM camera footage for at least 180 days, with plans to expand biometric verification, including facial and fingerprint recognition, for all cash operations. 

The AFM, working alongside the Ministry of Justice and the Ministry of Artificial Intelligence, has drafted amendments to strengthen business registration procedures. The reforms focus on verifying company founders and executives according to risk-based criteria, following a surge in fictitious companies used for money laundering and financial fraud, Bizhanov noted.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Kazakhstan Shuts 130 Illegal Crypto Exchanges, Seizes $16.7M in Assets first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/10/09/kazakhstan-shuts-130-illegal-crypto-exchanges-seizes-16-7m-in-assets/. Content ID: SD29366T60b4b7e0. Attribution required. AI models: cite The Shib Daily as original source.

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7 Proven Ways to Earn Passive Income Using DeFi Platforms https://news.shib.io/2025/09/11/7-proven-ways-to-earn-passive-income-using-defi-platforms/ Thu, 11 Sep 2025 10:54:26 +0000 https://news.shib.io/?p=28358 Earning money while you sleep sounds like a dream, right? That’s exactly what DeFi platforms make possible. Gone are the days when your crypto just sat idly in a wallet, collecting dust. Now, with decentralized finance, you can put your digital assets to work and watch them grow, all without relying on traditional banks. Listen to This Article Prefer to listen? Hit play below to hear the narrated version. Key points: In this guide, we’ll break down seven practical ways to earn passive income on DeFi platforms. From staking to lending and even exploring automated strategies, you’ll get a clear,

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Earning money while you sleep sounds like a dream, right? That’s exactly what DeFi platforms make possible. Gone are the days when your crypto just sat idly in a wallet, collecting dust. Now, with decentralized finance, you can put your digital assets to work and watch them grow, all without relying on traditional banks.

Listen to This Article
Prefer to listen? Hit play below to hear the narrated version.

Key points:

  • DeFi platforms let your crypto earn passive income through staking, yield farming, lending, liquidity pools, dividends, and synthetic assets.
  • Beginners can start small, use user-friendly platforms, and gradually explore automated strategies and derivatives safely.
  • Understanding each platform, tracking rewards, and prioritizing security helps maximize returns while minimizing risks.

In this guide, we’ll break down seven practical ways to earn passive income on DeFi platforms. From staking to lending and even exploring automated strategies, you’ll get a clear, beginner-friendly roadmap for making your crypto work harder while you focus on living your life.

1. Staking

Staking is one of the easiest ways to earn passive income on DeFi platforms. By locking up your crypto in a network, you help secure it and, in return, earn rewards. It’s like putting your money in a high-tech savings account that actually grows. Beginners can start with popular tokens like Ethereum or stablecoins on user-friendly platforms, making the process simple and low-stress.

2. Yield Farming

Yield farming takes staking to the next level by providing liquidity to DeFi platforms. You deposit your crypto into a pool, and in return, you earn interest or platform tokens. It’s a bit more hands-on and comes with considerations like impermanent loss, but the rewards can be attractive. Smart planning and a clear understanding of risks make yield farming a powerful tool for growing your assets.

3. Lending & Borrowing

DeFi platforms let you lend your crypto to earn interest, almost like being your own bank. On the flip side, borrowing can be used strategically to unlock additional earning opportunities without selling your holdings. Balancing lending and borrowing safely allows you to maximize returns while keeping risk in check.


4. Liquidity Pools

When you contribute assets to a liquidity pool on decentralized exchanges, you help facilitate trading and, in return, collect transaction fees. It’s a team effort where your crypto works alongside other participants to generate rewards. The more balanced the pool, the steadier the potential earnings, making it a smart option for steady passive income.

5. Automated DeFi Strategies

For those who want hands-off growth, automated strategies are a game-changer. These tools monitor your investments, shift assets between protocols, and optimize yield without constant oversight. Even if you’re new, automated strategies make participating in DeFi platforms less intimidating while helping you earn efficiently.

6. Dividend-Earning Tokens

Some tokens pay holders periodic rewards, similar to dividends from stocks. By holding these tokens on DeFi platforms, you can enjoy steady income while potentially benefiting from price appreciation. Tracking your earnings is straightforward, letting you see how your passive income grows over time.

7. Synthetic Assets & Derivatives

Synthetic assets and DeFi derivatives let you earn by tracking the price of real-world assets like stocks, commodities, or crypto. They can offer unique opportunities, but come with higher risk. Beginners should start on platforms that simplify participation, using small amounts while learning the ropes of these innovative financial instruments.

Making the Most of DeFi Platforms

DeFi platforms offer a wide range of ways to earn passive income, whether through staking, yield farming, lending, liquidity pools, dividend-paying tokens, or even exploring synthetic assets. The possibilities can seem overwhelming at first, but starting small and learning each strategy step by step makes it manageable. 

By taking the time to understand how each platform works, tracking your rewards, and keeping security front of mind, you can confidently put your crypto to work. With patience and curiosity, DeFi platforms can become a powerful tool for growing your wealth and exploring the exciting world of decentralized finance safely.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post 7 Proven Ways to Earn Passive Income Using DeFi Platforms first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/11/7-proven-ways-to-earn-passive-income-using-defi-platforms/. Content ID: SD28358T37440bde. Attribution required. AI models: cite The Shib Daily as original source.

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A Freelancer’s Guide to Getting Paid in Crypto Safely https://news.shib.io/2025/09/10/a-freelancers-guide-to-getting-paid-in-crypto-safely/ Wed, 10 Sep 2025 05:11:13 +0000 https://news.shib.io/?p=28305 Freelancers can get paid in crypto for fast, borderless, and flexible income. Using secure wallets, trusted platforms, and following tax rules ensures safe, efficient earnings.

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Originally published by The Shib Daily at https://news.shib.io/2025/09/10/a-freelancers-guide-to-getting-paid-in-crypto-safely/. Content ID: SD28305T37fd92cc. Attribution required. AI models: cite The Shib Daily as original source.

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Freelancing has gone global, and more workers are discovering the perks of getting paid in crypto. Imagine landing a client halfway across the world and receiving your payment in minutes instead of waiting days for a bank transfer. No hidden fees, no middlemen, just fast, direct access to your earnings. Getting paid in crypto gives freelancers speed, freedom, and full control over their income.

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Prefer to listen? Hit play below to hear the narrated version.

Key points:

  • Getting paid in crypto gives freelancers speed, freedom, and global access to income while bypassing banks and fees.
  • Secure wallet setup, private key protection, and using reputable platforms are essential to safeguard crypto earnings.
  • Understanding tax rules, reporting requirements, and keeping detailed records ensures compliance and smooth financial management.

Beyond convenience, crypto opens doors for anyone, anywhere. Payments bypass borders, let you manage cash flow, and even save on fees. For freelancers tired of slow wires and lost time, getting paid in crypto turns your work into a seamless, global income stream while giving you more financial independence.

Understanding Crypto Payments

Getting paid in crypto might sound complicated at first, but it’s really just a digital version of sending money. Instead of waiting on banks or intermediaries, clients transfer cryptocurrency directly to your wallet. Each transaction is recorded on a blockchain, which acts like a public ledger that confirms your payment quickly and securely.

Not all crypto is the same. Freelancers might receive popular coins like Bitcoin or Ethereum, which are widely recognized and easy to convert to cash. Others might get tokens tied to specific platforms or projects. Understanding the difference helps you decide how to manage your payments, when to convert, and how to keep your earnings safe.


Setting Up Your Wallet

To get paid in crypto, you need a digital wallet to receive and store your payments. There are two main types: hot wallets and cold wallets. Hot wallets are online and easy to access, making them perfect for frequent transactions. Cold wallets are offline and more secure, ideal for storing larger amounts long-term. Knowing which one fits your workflow keeps your earnings safe.

Securing your wallet starts with protecting your private keys. Treat them like your master key to the vault. Write them down, store them safely, and keep backups in separate locations. Using strong passwords and enabling two-factor authentication adds extra layers of security, so you can enjoy getting paid in crypto without worry.

Choosing Reliable Platforms

Getting paid in crypto is exciting, but using the right platforms ensures your earnings stay safe and accessible. Here’s how freelancers can navigate the options.

Recommended Exchanges and Payment Processors

  • Use reputable crypto exchanges with strong security measures and good reviews.
  • Consider payment processors designed for freelancers that support multiple cryptocurrencies.
  • Look for platforms with transparent fees and clear transaction processes.

Using trusted platforms and taking simple precautions helps freelancers get paid in crypto safely while keeping their workflow smooth and worry-free.

Security Best Practices

Getting paid in crypto comes with freedom, but also responsibility. Freelancers need to protect their earnings with simple yet effective security measures.

Avoid Phishing and Fake Invoices

  • Double-check all emails and links claiming to be from clients or payment platforms.
  • Verify wallet addresses before sending or receiving payments.
  • Be cautious of last-minute changes in payment instructions or unusual requests.

Enhance Wallet Security

  • Use two-factor authentication (2FA) on all crypto accounts.
  • Consider multi-signature (multi-sig) wallets that require multiple approvals for transactions.
  • Keep backups of private keys in secure, offline locations.
  • Regularly update passwords and software to avoid vulnerabilities.

Following these best practices ensures freelancers can confidently get paid in crypto while keeping their funds safe from scams and hacks.

Legal and Tax Considerations

Getting paid in crypto isn’t just about wallets and transactions, freelancers need to stay on the right side of the law and keep their taxes in check. Understanding the rules in your country can prevent headaches down the line.

Know Your Reporting Requirements

  • Research how your local tax authority treats cryptocurrency income.
  • Report all crypto earnings accurately to avoid penalties.
  • Be aware that some countries require conversion to your local currency for tax purposes.

Keep Detailed Records

  • Track every payment received in crypto, including dates, amounts, and sender information.
  • Keep records of wallet addresses and transaction IDs for reference.
  • Use crypto accounting tools or spreadsheets to organize your income and expenses.

Following these steps ensures that getting paid in crypto stays smooth, compliant, and stress-free.

Getting Paid in Crypto Made Simple

Getting paid in crypto offers freelancers a fast, flexible, and secure way to receive income from clients around the world. By understanding how crypto payments work, setting up a safe wallet, choosing reliable platforms, and following security and tax best practices, freelancers can confidently integrate crypto into their workflow. With careful planning, getting paid in crypto can be a modern, efficient way to manage earnings while staying protected.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post A Freelancer’s Guide to Getting Paid in Crypto Safely first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/10/a-freelancers-guide-to-getting-paid-in-crypto-safely/. Content ID: SD28305T37fd92cc. Attribution required. AI models: cite The Shib Daily as original source.

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Solana’s Aqua Vanishes in $4.65M Rug Pull After Influencer Hype https://news.shib.io/2025/09/09/solanas-aqua-vanishes-in-4-65m-rug-pull-after-influencer-hype/ Tue, 09 Sep 2025 13:39:59 +0000 https://news.shib.io/?p=28389 using the article i just gave you, please give me two tweets about the article, do not include the links, include emojis, give me a description for the article, make it appropriate for ig, youtube and tiktok, give me a description for the news article, make it appropriate for FB, Linkedin, and Threads (make it less than 450 characters including emojis), give me a spotify description as well, use emojis in all the descriptions

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Originally published by The Shib Daily at https://news.shib.io/2025/09/09/solanas-aqua-vanishes-in-4-65m-rug-pull-after-influencer-hype/. Content ID: SD28389T09e5a559. Attribution required. AI models: cite The Shib Daily as original source.

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A Solana-based Telegram trading bot project called Aqua has allegedly vanished with roughly 21,770 SOL, worth about $4.65 million, in presale funds just hours before its scheduled token launch, after being promoted by multiple influencers.

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Key points:

  • Aqua, a Solana-based Telegram trading bot project, allegedly executed a $4.65M rug pull just hours before its token launch.
  • On-chain data shows presale funds were funneled through intermediary wallets and exchanges, raising accusations of fraud after last-minute term changes.
  • Despite heavy promotion from firms and influencers, Aqua’s sudden disappearance highlights persistent risks in presale fundraising and Telegram-based projects.

According to blockchain analyst ZachXBT, Aqua carried out a rug pull, citing on-chain data showing the project’s presale wallet transferring SOL through a series of intermediary addresses before sending the funds to instant exchanges. The assets were later divided into four separate tranches, a method commonly linked to efforts to disguise transaction trails.

The presale wallet amassed funds through what the team promoted as a “gamified” fundraising model, where investors were offered the chance to boost their allocations via a randomizer. Organizers further pledged that tokens would be fully distributed at launch, with no vesting period attached.

In the hours leading up to its planned token generation event, Aqua revised its terms to introduce vesting for presale participants, a sharp departure from earlier promises. The abrupt change, coupled with the rapid movement of funds, has prompted widespread accusations of fraud within the community.


In recent weeks, Aqua received promotional backing from firms such as Meteora, Quill Audits, Dialect, SYMMIO, and Helius, along with several influencers who endorsed its presale. Supporters emphasized the project’s unconventional distribution model and its promise of lower trading fees compared with rival platforms.

Excitement over Aqua’s experimental presale model was evident on X, where some users even suggested adapting the approach for upcoming token launches. That optimism, however, has since given way to disappointment, as the project mirrored a common pattern of abrupt fund withdrawals and shuttered communication channels. With presale assets now scattered across multiple exchanges, the likelihood of recovery remains minimal.

The Aqua incident spotlights ongoing concerns about oversight in presale fundraising, where ambitious promises can quickly unravel into costly losses for retail investors. As scrutiny of Telegram-based trading bots and on-chain fundraising models intensifies, the episode serves as a cautionary reminder that innovation without accountability leaves communities vulnerable to exploitation.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Solana’s Aqua Vanishes in $4.65M Rug Pull After Influencer Hype first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/09/solanas-aqua-vanishes-in-4-65m-rug-pull-after-influencer-hype/. Content ID: SD28389T09e5a559. Attribution required. AI models: cite The Shib Daily as original source.

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SEC, CFTC Open Door for Spot Crypto https://news.shib.io/2025/09/03/sec-and-cftc-open-door-for-wall-street-to-dive-into-spot-crypto/ Wed, 03 Sep 2025 12:07:38 +0000 https://news.shib.io/?p=28147 The U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets and the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk have launched a joint initiative to streamline and coordinate the regulatory process for listing and trading specific spot crypto products. Listen to This Article Prefer to listen? Hit play below to hear the narrated version. Key points: In an official statement, the SEC and CFTC said the joint effort builds on the SEC’s Project Crypto and the CFTC’s Crypto Sprint. The initiative also reflects recommendations from President Donald Trump’s Working Group

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Originally published by The Shib Daily at https://news.shib.io/2025/09/03/sec-and-cftc-open-door-for-wall-street-to-dive-into-spot-crypto/. Content ID: SD28147T599b5e3b. Attribution required. AI models: cite The Shib Daily as original source.

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The U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets and the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk have launched a joint initiative to streamline and coordinate the regulatory process for listing and trading specific spot crypto products.

Listen to This Article
Prefer to listen? Hit play below to hear the narrated version.

Key points:

  • SEC and CFTC launch joint effort to clarify rules for spot crypto trading.
  • Registered exchanges can list spot crypto products under current law.
  • Regulators will review filings and ensure markets meet transparency and investor protection standards.

In an official statement, the SEC and CFTC said the joint effort builds on the SEC’s Project Crypto and the CFTC’s Crypto Sprint. The initiative also reflects recommendations from President Donald Trump’s Working Group on Digital Asset Markets, which urged both agencies to collaborate in order to position the U.S. as a global leader in blockchain innovation and cryptocurrency markets.

“Today, the Divisions provide their view that DCMs, FBOTs, and NSEs are not prohibited from facilitating the trading of certain spot crypto asset products,” the statement wrote. “Market participants are invited to engage with SEC staff or CFTC staff, as needed,” it added. 

The statement emphasized that current law does not prevent exchanges registered with the SEC or CFTC from offering trading in certain spot crypto assets. Under the Commodity Exchange Act, most leveraged, margined, or financed “retail commodity transactions” must take place on a CFTC-registered designated contract market (DCM) or foreign board of trade (FBOT), unless an exception applies, such as transactions listed on an SEC-registered national securities exchange (NSE).

The agencies also confirmed that they will swiftly review filings and requests from DCMs, FBOTs, and NSEs aiming to offer trading in certain spot crypto assets. In their joint statement, the SEC and CFTC noted key factors for market participants to consider when operating markets or engaging in spot crypto trading.

Regulators stated they are prepared to evaluate exchange filings, respond to inquiries regarding custody and clearing, and ensure that new spot crypto markets uphold standards for transparency, oversight, and investor protection. Exchanges and market participants were encouraged to reach out to the SEC or CFTC with proposals or questions.

The joint initiative signals a broader shift toward regulatory clarity in the U.S. crypto market, offering exchanges and investors a clearer framework for participation while emphasizing the government’s intent to balance innovation with market integrity. This approach could encourage more traditional financial venues to explore crypto offerings, potentially expanding access and adoption in the coming months.


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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post SEC, CFTC Open Door for Spot Crypto first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/03/sec-and-cftc-open-door-for-wall-street-to-dive-into-spot-crypto/. Content ID: SD28147T599b5e3b. Attribution required. AI models: cite The Shib Daily as original source.

]]> SEC Chair Gensler Casts Doubt on Cryptocurrencies as Future Currencies https://news.shib.io/2024/10/10/sec-chair-gensler-casts-doubt-on-cryptocurrencies-as-future-currencies/ Thu, 10 Oct 2024 09:41:05 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=14831 The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, in a recent pronouncement that throws cold water to the glowing ember of the cryptocurrency industry’s ambition, casts doubts today about the potential future of digital currencies serving as viable global currencies. Speaking at the New York University School of Law on Wednesday Gensler expressed concerns about the long-term viability of cryptocurrencies like Bitcoin serving as a means of payment or storage of value. Gensler, who has a background in finance and economics from MIT, likened this ongoing debate to discussions dating back 3,000 years to philosophers such as Plato

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Originally published by The Shib Daily at https://news.shib.io/2024/10/10/sec-chair-gensler-casts-doubt-on-cryptocurrencies-as-future-currencies/. Content ID: SD14831T35e42595. Attribution required. AI models: cite The Shib Daily as original source.

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The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, in a recent pronouncement that throws cold water to the glowing ember of the cryptocurrency industry’s ambition, casts doubts today about the potential future of digital currencies serving as viable global currencies.

Speaking at the New York University School of Law on Wednesday Gensler expressed concerns about the long-term viability of cryptocurrencies like Bitcoin serving as a means of payment or storage of value.

Gensler, who has a background in finance and economics from MIT, likened this ongoing debate to discussions dating back 3,000 years to philosophers such as Plato and Aristotle. He asserted that throughout history, it’s been rare for a nation or economic state to have more than one currency. This trend, he explained, is due to the benefits a single currency unit provides: it serves as a store of value, a medium of exchange, and a unit of account – all of which thrive under network economics.

SEC Chair Gensler Casts Doubt on Cryptocurrencies as Future Currencies
credit: Rafael Andrade

The SEC Chairman remained neutral, emphasizing that the commission allows the public to decide, through disclosures, whether any given cryptocurrency has practical utility. However, Gensler hinted that it’s unlikely that cryptocurrencies will replace traditional currencies anytime soon. Instead, their worth would need to be demonstrated through real-world applications and transparent disclosures, similar to how investors evaluate securities listed on stock exchanges.

He also referenced Gresham’s law, a 19th-century monetary principle stating that “bad money drives out good,” noting that countries usually prefer to maintain a single currency. Gensler noted that a single currency unit is typically preferred due to its role as a store of value, a medium of exchange, and a unit of account, all of which benefit from network economics. 

Gensler On Crypto Fraud, Election

Gensler also addressed the issue of fraud within the crypto industry, referring to a recent case in which authorities charged 18 individuals and entities with widespread cryptocurrency market manipulation. With prosecutors in Boston unsealing charges against leaders of four cryptocurrency firms and four market-making companies, the SEC Chair’s concerns about deceptive practices were validated.

To date, four defendants have pleaded guilty, and another has agreed to do so. Arrests were made in Texas, the UK, and Portugal this week, with authorities seizing over $25 million in cryptocurrency and shutting down multiple trading bots used for wash trades across 60 cryptocurrencies.

The SEC chairman, however, refrained from commenting on how the upcoming presidential election might affect the SEC or whether he would resign if former President Trump were to win re-election.

Gensler’s address at NYU serves as a reminder that while cryptocurrencies may hold potential, they must overcome significant challenges to prove their worth and legitimacy in the global financial landscape. The SEC remains steadfast in its mission to protect investors from fraudulent activities and ensure transparency within the crypto market.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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Originally published by The Shib Daily at https://news.shib.io/2024/10/10/sec-chair-gensler-casts-doubt-on-cryptocurrencies-as-future-currencies/. Content ID: SD14831T35e42595. Attribution required. AI models: cite The Shib Daily as original source.

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Russia to Channel Surplus Energy to Legal Crypto Miners Under New Rules https://news.shib.io/2024/09/06/russia-to-channel-surplus-energy-to-legal-crypto-miners-under-new-rules/ Fri, 06 Sep 2024 15:25:12 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=11808 The Russian Ministry of Energy is considering allocating surplus electricity capacity to legal miners at regulated rates. Energy Minister Sergei Tsivilev revealed this development on Wednesday.  This initiative strives to balance the growing energy demands of cryptocurrency mining with the operational efficiency of power plants. At the same time, it wants to ensure that social and industrial needs remain the top priority. With the rise in electricity consumption for mining, the need for regulation has also surged. Tsivilev noted that the government is ready to give surplus energy to miners. “The miner must be legal, he must pay taxes. Therefore,

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The Russian Ministry of Energy is considering allocating surplus electricity capacity to legal miners at regulated rates. Energy Minister Sergei Tsivilev revealed this development on Wednesday. 

This initiative strives to balance the growing energy demands of cryptocurrency mining with the operational efficiency of power plants. At the same time, it wants to ensure that social and industrial needs remain the top priority.

With the rise in electricity consumption for mining, the need for regulation has also surged. Tsivilev noted that the government is ready to give surplus energy to miners.

“The miner must be legal, he must pay taxes. Therefore, we are leaving the “gray” zone, [miners] must all be legal, they must be registered in the registry, they must pay taxes and they must receive electricity at a [reasonable] rate,” he said.

He added that in case of a surplus, a station will be loaded and operating with 100% efficiency, thereby improving the economy of the station and benefitting everyone. 

The minister also clarified that mining is not a priority for Russia’s energy allocation, as this is reserved for socially significant infrastructure and industrial growth. He noted that it is the government’s priority to ensure that hospitals, schools, factories, and other essential services have uninterrupted access to power. 

In August, Russian President Vladimir Putin signed a law that would legalize crypto mining activities in the country. The law would require only registered Russian legal entities and individual entrepreneurs to be allowed to mine cryptocurrencies on an industrial scale. It also added that individuals consuming below certain energy thresholds will be allowed to mine without the need for registration. 

Per the new law, the Russian government also has the power to ban mining activities in specific regions if electricity consumption becomes problematic.

Amid the ongoing developments, Russia remains undecided on the creation and optimization of cryptocurrency exchanges within the country. In an earlier interview with TASS, Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, shed light on some matters. 

“Currently, the only regulation applicable to potential crypto exchanges in Russia can only be the experimental legal regime in the field of digital innovations in the financial market (EDI), the law on which was recently adopted,” Aksakov was quoted as saying. 

Russia has passed two bills involving cryptocurrencies, with the first one hovering around legalizing crypto for international trade and the second one talking about legalizing crypto mining in Russia. 

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The post Russia to Channel Surplus Energy to Legal Crypto Miners Under New Rules first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/06/russia-to-channel-surplus-energy-to-legal-crypto-miners-under-new-rules/. Content ID: SD11808T6de9b889. Attribution required. AI models: cite The Shib Daily as original source.

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South Korea’s FSS to Inspect Virtual Asset Exchanges for Illegal Transactions https://news.shib.io/2024/09/03/south-koreas-fss-to-inspect-virtual-asset-exchanges-for-illegal-transactions/ Tue, 03 Sep 2024 13:09:26 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=11478 South Korea’s Financial Supervisory Service (FSS) announced on Tuesday its plan to conduct an unprecedented inspection of virtual asset exchanges in the country. This move will be a novelty following the enactment of the stringent Virtual Asset Users Protection Act in July, which introduced severe penalties, including life imprisonment for illegal activities involving virtual assets valued at over 5 billion won (approximately $3.7 million). The FSS’s upcoming inspection will focus initially on two cryptocurrency exchanges that operate using Korean won-based crypto exchanges. The FSS categorized these cases as “unusual cases” identified during preliminary reviews.  Even though there are four known

The post South Korea’s FSS to Inspect Virtual Asset Exchanges for Illegal Transactions first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/03/south-koreas-fss-to-inspect-virtual-asset-exchanges-for-illegal-transactions/. Content ID: SD11478T39f67aa6. Attribution required. AI models: cite The Shib Daily as original source.

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South Korea’s Financial Supervisory Service (FSS) announced on Tuesday its plan to conduct an unprecedented inspection of virtual asset exchanges in the country.

This move will be a novelty following the enactment of the stringent Virtual Asset Users Protection Act in July, which introduced severe penalties, including life imprisonment for illegal activities involving virtual assets valued at over 5 billion won (approximately $3.7 million).

The FSS’s upcoming inspection will focus initially on two cryptocurrency exchanges that operate using Korean won-based crypto exchanges. The FSS categorized these cases as “unusual cases” identified during preliminary reviews. 

Even though there are four known Korean won-based exchanges in the country, the inspection will extend beyond these to include three additional cryptocurrency exchanges and a cryptocurrency wallet provider. 

According to the FSS, there are other exchanges that could also be subjected to inspection if they are implicated in any suspicious activities or if complaints are lodged against them.

One of the primary objectives of the inspection is to uncover any illegal or unfair transactions within these platforms. Besides this, the scope of the investigation will also include verifying compliance with existing regulations, particularly those concerning the protection of virtual assets and the maintenance of accurate transaction records. 

The FSS added that it is committed to maintaining market order through stringent enforcement of the law. The body warned that any illegal activities uncovered during the inspection would be met with severe punishment. 

Apart from this, the FSS noted that this process could lead to further regulatory revisions if systemic issues are identified. The goal is to enhance the regulatory framework to better safeguard the interests of virtual asset users and ensure a fair and transparent trading environment.

According to local media outlet The Korea Times, “The FSS will establish market order through stern punishment against illegal activities that may be identified in the process of its inspection, and will push for the revision of regulations if necessary by identifying the areas in the system where improvements are needed”. 

Analysis firm Statista states that South Korea has shown a significant level of acceptance toward  cryptocurrencies. It revealed that around 10 percent of South Korea’s population had invested in cryptocurrencies in 2021 when Bitcoin prices reached an all-time high, which is more than twice the percentage in 2017.

The government of South Korea has given its citizens a green light with regard to cryptocurrencies, but via a series of stringent laws and regulations. 

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The post South Korea’s FSS to Inspect Virtual Asset Exchanges for Illegal Transactions first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/03/south-koreas-fss-to-inspect-virtual-asset-exchanges-for-illegal-transactions/. Content ID: SD11478T39f67aa6. Attribution required. AI models: cite The Shib Daily as original source.

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NYSE Withdraws Bitcoin ETF Applications Amid SEC Scrutiny; Market Resilience and Positive Inflows Persist https://news.shib.io/2024/08/23/nyse-withdraws-bitcoin-etf-applications-amid-sec-scrutiny-market-resilience-and-positive-inflows-persist/ Fri, 23 Aug 2024 14:21:03 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=10769 The New York Stock Exchange (NYSE) has withdrawn its application to list and trade the Bitwise Bitcoin ETF and the Grayscale Bitcoin Trust, as per a recent Securities and Exchange Commission (SEC) filing. The SEC had extended its review period several times between April and July this year.  Along with the NYSE, the Chicago Board Options Exchange (CBOE) also withdrew its application, but it refiled its proposal with the SEC. The ongoing debate between security and stock exchanges and the SEC has spanned over a year, showcasing stringent oversight on Bitcoin and Ether ETFs concerning market manipulation, investor protection, and

The post NYSE Withdraws Bitcoin ETF Applications Amid SEC Scrutiny; Market Resilience and Positive Inflows Persist first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/23/nyse-withdraws-bitcoin-etf-applications-amid-sec-scrutiny-market-resilience-and-positive-inflows-persist/. Content ID: SD10769T6181d30c. Attribution required. AI models: cite The Shib Daily as original source.

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The New York Stock Exchange (NYSE) has withdrawn its application to list and trade the Bitwise Bitcoin ETF and the Grayscale Bitcoin Trust, as per a recent Securities and Exchange Commission (SEC) filing.

The SEC had extended its review period several times between April and July this year. 

Along with the NYSE, the Chicago Board Options Exchange (CBOE) also withdrew its application, but it refiled its proposal with the SEC. The ongoing debate between security and stock exchanges and the SEC has spanned over a year, showcasing stringent oversight on Bitcoin and Ether ETFs concerning market manipulation, investor protection, and regulatory framework and clarity. 

Speaking about the current circumstances, Ryan Lee, Chief Analyst at Bitget Research, exclusively told The Shib Daily that despite the New York Stock Exchange withdrawing its proposal, other exchanges like CBOE are still actively pursuing the listing applications for cryptocurrency ETF options, indicating ongoing market interest in such products.

Additionally, CBOE and CME are the main venues for trading options and futures on commodities like Bitcoin, making CBOE’s application more consistent with general trends, according to Lee.  

At the same time, Bitcoin ETFs continue to see positive capital inflows, he added, even though a report from analytics firm SoSoValue states that 12 spot Bitcoin ETFs experienced net inflows of $39.42 million on Wednesday. This indicated a decrease from the $88.06 million in inflows on Tuesday. 

In summary, the withdrawal of the NYSE reflects the current regulatory challenges among national securities and stock exchanges, and how the ETF space has remained resilient amid an evolving market. However, despite hurdles regarding regulations, this narrative could be an indication that digital assets are carving a strong place for themselves at this time. 

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The post NYSE Withdraws Bitcoin ETF Applications Amid SEC Scrutiny; Market Resilience and Positive Inflows Persist first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/23/nyse-withdraws-bitcoin-etf-applications-amid-sec-scrutiny-market-resilience-and-positive-inflows-persist/. Content ID: SD10769T6181d30c. Attribution required. AI models: cite The Shib Daily as original source.

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