Crypto Exchanges Huobi and KuCoin Let Customers of Sanctioned Russian Banks Trade Cryptocurrencies

Two major crypto exchanges still allow customers of sanctioned Russian banks to transact on their platforms, according to a report from digital asset data analytics firm Inca Digital.
The report found that Huobi and KuCoin enable people to trade crypto using debit cards issued by sanctioned Russian banks such as Sberbank.
In an interview with Bloomberg, Inca Digital CEO Adam Zarazinski expressed concern that "this could be a violation of US and European sanctions," adding that the transactions often involve Tether, a stablecoin that has faced its own scrutiny from regulators.
Zarazinski also noted that "Tether is frequently used by Russians to move money out of the country" and "it is absolutely used by these two exchanges in particular to provide crypto banking services to sanctioned Russian banks."

Animoca Brands Chairman Urges Marketplaces to Support Creator Royalties

Chairman of Animoca Brands, Yat Siu, a prominent investor in the web3 ecosystem, has urged marketplaces to support creator royalties.
In an interview with The Block at NFT Paris, Siu emphasized the importance of remunerating artists and creators in crypto, stating that they should have the autonomy to set their own terms without needing permission from larger players.
Siu is critical of models, such as Blur's, that reward traders for creating liquidity instead of compensating creators for their content, calling it "kind of insulting" and "an infringement."
He believes that the next bull run will be "driven by culture" and that royalties are essential to feed back into companies and creators, enabling them to continue defining the ecosystem.

Platypus Finance Hacking Suspects Arrested By French Police

Decentralized finance protocol running on Avalanche, Platypus Finance, has confirmed that two individuals suspected of hacking their system have been arrested by the French National Police.
The suspects were traced with the help of a "KYC-verified Binance account" used to cash out the stolen funds.
The company stated that they provided French law enforcement authorities with information to track down the alleged hackers with the assistance of an "on-chain analyst" and the popular crypto exchange, Binance.
Platypus stated that blockchain security firm "BlockSec" played a vital role in the recovery of the stolen assets.
The firm managed to identify "$2.4 million in USDC stablecoin" deposited in the attacker's contract by finding a loophole and retrieving the stolen assets.

Industry Leaders Oppose IMF’s views on cryptocurrencies

Key industry leaders have come up in arms against the International Monetary Fund’s statement that cryptocurrencies in general should not be granted legal tender status saying that Central banks world over are losing their grip on world finance and that a blanket ban would limit options for improving poor monetary policy, hyper-inflation, and volatility by shutting the door on potential solutions.
According to Dmitry Ivanov, CMO at crypto payments ecosystem CoinsPaid, the IMF’s position is against the tenets of financial freedom and negates the entire concept of decentralization that digital currencies like Bitcoin are aiming to institutionalize.
“The goal of the IMF is clear, and it is to centralize crypto and control it like the US Dollar. Doing this will help achieve the aim of creating a framework for taxation, eliminating legal risks, supervision, and monitoring of crypto market participants,” he said.

Coinbase To Suspend Trading Of Stablecoin BUSD For Failing to Meet Listing Requirements

Cryptocurrency exchange Coinbase on Monday announced that it will suspend trading of stablecoin Binance USD on March 13 this year, due to non-compliance with the platform's listing requirements.
The decision was made following a recent review of assets listed on the exchange, in which BUSD was found to fall short of the criteria for inclusion.
Coinbase stated that it regularly monitors the assets on its platform to ensure that they meet its listing standards.
The suspension of BUSD trading will take effect on or around 12pm ET.
BUSD is a stablecoin pegged to the US dollar that was launched by Binance, another major cryptocurrency exchange, in 2019.

Bitcoin Trading Volume Surges in 2023: Is Crypto Entering a Bull Market?

Daily trading volume for Bitcoin has seen a consistent increase in 2023 compared to last year, according to a recent research report.
The report states that the daily trade volume for BTC dipped to yearly lows towards the end of 2022 due to poor sentiment among retail investors following the collapse of FTX.
However, this sentiment has reportedly picked up significantly at the start of 2023, with daily BTC volume crossing $14 billion at times during February.
The report also highlights that the overall level of volumes is higher than the end of 2022, anchored to the $10 billion daily volume number as opposed to about half that to close last year.

SEC Subpoenas Robinhood Over Crypto Trading Services

Robinhood Markets Inc. has revealed that it is currently facing an investigation by the US Securities and Exchange Commission (SEC) regarding its cryptocurrency business.
According to a regulatory filing released on Monday, the Menlo Park-based brokerage received a subpoena in December last year in relation to its cryptocurrency listings and custody.
The SEC's action against Robinhood came amid a wave of regulatory action after cryptocurrency exchange FTX filed for bankruptcy.
The SEC has been taking a closer look at the cryptocurrency market and its investigation into Robinhood's crypto business is expected to center on whether the company provided adequate disclosures to its customers regarding its trading services.

Digital Currency Group Reports $1.1 Billion Loss in 2022 Amid Crypto Market Turmoil

Connecticut-based cryptocurrency giant Digital Currency Group (DCG) on Monday reported a loss of $1.1 billion in 2021 due to a decline in cryptocurrency prices and the restructuring of Genesis, its lending platform.
According to the company's Q4 investor report, the Three Arrows Capital (TAC) default also had an impact on Genesis, Coindesk reported.
DCG held total assets of $5.3 billion as of December 31, 2022, with cash and cash equivalents of just $262 million.
DCG's Q4 revenues were $143 million, with losses of $24 million, and consolidated revenues for the full year were $719 million.
Despite the losses, DCG claims to have hit a "milestone" in the restructuring of Genesis and has reached a nonbinding term sheet agreement with some of the main creditors.

Crypto Markets Hold Steady: Bitcoin and Ether See Modest Gains

Despite the latest job data showing a persistently tight labor market, crypto markets traded mostly sideways on Monday.
While some major tokens saw slight increases, others experienced minor declines.
However, Bitcoin and Ether managed to resist the trend, with both seeing modest gains of 0.10% and 0.15%, respectively, based on TradingView data.
Despite average trading volume, selling pressure remained consistent throughout the day. As a result, both BTC and ETH maintained their positive momentum.
The CME FedWatch tool is currently indicating a 75% chance of the Federal Open Market Committee (FOMC) raising interest rates by 25 basis points at its March 22 meeting.
This represents a decrease from the 85% probability assigned just a week earlier, suggesting a greater likelihood of a more significant 50 basis point hike.