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Binance reportedly plans to reduce its stake in Korean crypto exchange Gopax within the next two months to address regulatory reporting issues. Crypto exchange Binance, the major shareholder of Korean crypto trading platform Gopax, is set to reduce its stake in the exchange within the next one to two months to address issues with reporting changes to virtual asset business operators (VASPs), Korean news outlet News1 Korea has learned. The move is expected to solve regulatory issues after Korean authorities delayed approval of Gopax’s VASP change report submitted in March 2023. Binance’s intention to sell a portion of its stake is seemingly aimed at resolving regulatory concerns. Despite the reduction, Binance could still retain an estimated 80% stake , according to local industry executives. As of the latest update, Binance has not released an official statement on the matter. You might also like: Binance.US hit with regulatory setbacks in Florida and Alaska ...

The IRS proposed the new crypto tax reporting rules in August earlier this year and if approved the new crypto tax regime will come into effect from January 2026. Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on crypto currencies. Grewal urged the community to oppose the proposed regulations as it could set a dangerous precedent for surveillance. Grewal took to X (formerly Twitter) to address the concerns associated with the proposed crypto tax reporting rules and claimed that the proposed regulations go beyond the congressional mandate to establish tax reporting rules. He added that if the proposed regulations become a law, it would put the “digital assets at a disadvantage and threaten to harm a nascent industry when it's just getting started. “ Everyone who cares about fairness and supports American innovation should chime in on Tre...

The firm behind the “Crypto Wealth Report” said it received a spike in the number of crypto-related inquiries by millionaires in the last six months. A report released by London-based investment migration consultancy firm Henley & Partners suggests there were more than 40,000 crypto millionaires in the world holding Bitcoin.  According to the "Crypto Wealth Report” published on Sept. 5, Henley & Partners said there were roughly 88,200 millionaires worldwide with crypto holdings, with 40,500 holding Bitcoin (BTC). The report suggested that of 182 individuals who held more than $100 million worth of crypto, 78 were Bitcoiners. In addition, six out of 22 crypto traders who held more than $1 billion “amassed their fortunes from trading Bitcoin.” Crypto wealth statistics. Source: Henley & Partners Fortunly reported there were roughly 56.1 million millionaires on Earth as of July 2023, suggesting less than 0.2% had significant crypto holdings. The CEO of Henley & Part...

The XRPL saw a significant increase in the total new address count, which reached 138,790, representing a growth of 31.8% compared to the same period last year. Despite lingering concerns over the Ripple vs SEC lawsuit , XRP has demonstrated significant growth in multiple areas of its protocol during the second quarter (Q2) of this year, as revealed by a recent report from crypto analytics platform Messari. Based on data from Messari, XRP's circulating market cap has experienced a Year-to-Date (YTD) increase of 42.5%. This growth was driven by the asset's price surge in the first quarter. However, in the second quarter (Q2), the market cap declined by 10.7% Quarter on Quarter (QoQ), from $27.8 billion to $24.8 billion. Although the XRP network experienced a decline in transaction volume QoQ, there was a notable 12.7% QoQ increase in average daily non-fungible token (NFT) transactions, rising from 13,800 to 15,500. While XRP's XRPL has a strong presence in decentralized ...

CoinShares, a digital asset management firm, has reported a significant influx of institutional capital into the crypto markets, indicating a positive shift in investor sentiment. This information comes from CoinShares’ most recent Digital Asset Fund Flows Weekly Report. According to the report , the crypto market s have seen the highest inflows for 2023, following BlackRock’s application for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). You might also like: BlackRock nears bitcoin ETF filing, partnering with Coinbase custody The week witnessed the most significant weekly inflows since July 2022, amounting to $199 million. This influx corrected nearly half of the outflows observed over the previous nine consecutive weeks. The report further stated that exchange-traded product (ETP) trading volumes were 170% of the average for the current year, totaling $2.5 billion for the week. CoinShares attributes this renewed o...

Bitcoin proponents accused New York Times of overstating emissions by mining companies and omitting the facts about the growing adoption of renewable energy sources for BTC mining. New York Times's latest report on Bitcoin (BTC) mining , titled “The Real-World Costs of the Digital Race for Bitcoin,” has irked many BTC proponent s. A number of Bitcoin proponent s took to Twitter to call out certain aspects of the report calling it "cheery picking data." The NYT article calls Bitcoin mining a “voracious" appetite and claims BTC mining uses as much energy as all residences in New York City. Daniel Batten, a Bitcoin environmental, social, and governance (ESG) analyst, pointed towards two major instances of cherry-picking data and neglecting the increased use of renewable energy in the mining sector. Batten noted that the NYT article overstates actual fossil fuel use for mentioned BTC miners by multi-folds and the mentioned emission levels for these miners are oversta...