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Decentralized exchange Mango Markets is responding to scrutiny from U.S. regulatory bodies by allocating $250,000 worth of USD Coin (USDC) to its course. This move comes on the heels of recent woes, including a hack and ongoing legal proceedings that have led the DAO, or decentralized autonomous organization, to hire an intermediary who will guide the project through its regulatory battles. Allocating resources for a solution Mango Market’s DAO is responding to regulatory inquiries by approving a budget of $250,000 in USD Coin (USDC). This allocation, set for approval on Jan. 6, aims to hire a representative who will assist in addressing concerns raised by U.S. regulators. If approved, Poland-based company Cyberbyte, owned by Mango Markets contributor Adrian Brzeziński, will represent MangoDAO for a one-year term. Responsibilities include engaging legal counsel and working towards resolutions to regulatory matters. The hack and its aftermath Over a year ago, Mango Market...

Bulgarian prosecutors have ended the criminal investigations into crypto lender Nexo. A report published on Friday said authorities had found no evidence of money laundering and tax offences against Nexo and four of its executives. The Bulgarian Prosecutor’s Office closed its criminal investigations against crypto lender Nexo and four of its executives, a local news agency reported on Friday. According to the report, prosecutors found no evidence of criminal activity on the part of Nexo and the four executives Kosta Kanchev, Antoni Trenchev, Kalin Metodiev and Trayan Nikolov. Tax and computer fraud charges against the defendants have also been dropped. Bulgaria police raided Nexo offices in January this year, with authorities alleging potential criminal activity in relation to money laundering, tax offences and unauthorised banking activities. But the prosecution has concluded that Nexo’s products “do not constitute financial instrument...

ESMA says MiCA will take time to be fully implemented. Crypto investors, therefore, remain at risk in the meantime. Bitcoin is trading well under the $29,000 level on Tuesday. All eyes are on Bitcoin after ESMA – the European Securities & Markets Authority cautioned crypto investors on Tuesday. MiCA will take time to be implemented Earlier this year, the European Union approved an extensive set of regulations for crypto assets that it’s calling Markets in Crypto-Assets Regulation. On Tuesday, however, ESMA warned crypto investors that it will likely take until December of 2024 for MiCA to be fully implemented. It is also worth mentioning here that a bunch of crypto firms will be able to remain in business without an EU license in states that grant them a transitional period of 18 months – which means full protections in these EU states will not be available until July 2026. At writing, Bitcoin is trading well under the $29,000 lev...

Nexo is on a mission to maximize the value and utility of digital assets. The Cloud Security Alliance (CSA) is a leading organization dedicated to defining and promoting best practices for a secure cloud computing environment. CSA collaborates with industry experts, associations, governments, and members to provide cloud security-specific research, education, training, certification, events, and products. Nexo, one of the best cryptocurrency apps for beginners, has achieved the Cloud Security Alliance’s Security, Trust & Assurance Registry (STAR) Level 1 Certification, strengthening its commitment to cloud infrastructure security. This certification, obtained after the successful SOC 2 Type 2 audit and ISO 27001 standardization, emphasizes Nexo’s dedication to client data security and transparency. The development is welcome news for Nexo users since the firm paid $45 million as a settlement with the US Securities and Exchange Commission (SEC)...

As reported earlier by Coingape, Republican Congressman Patrick McHenry said their Democratic counterparts could not come to a compromise with respect to the Bill, creating a stalemate. advertisement Mike Novogratz Shares His Take According to the billionaire investor and Galaxy Digital CEO, the Democrats might be shooting themselves in the foot for their attempts to block the stablecoin bill. McHenry has posited earlier that “Americans deserve clarity for payment stablecoins and there has been good faith, bipartisan work to deliver that clarity” but that Democrats are blocking the efforts made thus far. Noting importantly that the blockage is being done at the behest of the White House, Mike Novogratz said Crypto Regulation , including those involving stablecoin s, should not have been treated as a partisan issue. The democrats are shooting themselves in the foot! Crypto should NOT be a partisan issue. They will lose voters as a great deal of...