Tag: web3

Banks Should Be Allowed to Offer Crypto, Says Coinbase

Summary: Coinbase is telling U.S. regulators to chill out and let the banks offer crypto services. The exchange sent letters to the OCC, Federal Reserve, and FDIC to ask them to make crystal clear that banks can legally hold, trade, and partner with crypto companies.Right now, there’s too much red tape, and Coinbase says it’s unfair.

Coinbase is particularly calling out an OCC rule that acts like a secret approval process for banks wanting to get into crypto. They want it gone. The exchange also wants the Fed and FDIC to confirm that state-chartered banks can legally trade and custody crypto for customers. Their chief policy officer, Faryar Shirzad, argues that banks should be able to work with third-party providers to offer crypto services just like they do with traditional finance.

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Legal heavyweights back Coinbase on this. Three major law firms—Arnold & Porter Kaye Scholer, Cleary Gottlieb, and WilmerHale—say banks already have the right to offer crypto services, but regulators are being vague. Meanwhile, Congress is looking into “Operation Choke Point 2.0,” where regulators allegedly pressured banks to cut off crypto firms. Coinbase claims the FDIC even told banks to “pause” crypto-related activities behind closed doors.

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With Trump back in office, Coinbase is betting big on friendlier policies. Executives will testify before Congress this week, hoping lawmakers will step in and give banks the green light to fully embrace digital assets.

Trivago and Travala Link Up: Crypto Payments Now a Travel Option

In a nutshell, Trivago just did a big thing in the travel world: It partnered with Travala, a Web3 travel booking platform, which allows users to book upwards of 2.2 million properties using crypto. That is huge for ease of spending Bitcoin, Ethereum, and other forms of digital currencies on actual travels.

Trivago, one of the biggest hotel search engines, is now giving its users access to Travala’s crypto-powered booking system. If someone picks a Travala-listed hotel on Trivago, they’ll be redirected to complete their booking and pay with one of over 100 cryptocurrencies. This is a huge step in making crypto a legit way to pay for everyday things, not just an investment or a speculative asset.

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Trivago has millions of users, so this partnership is exposing tons of people to crypto payments in a super practical way. Travala’s CEO, Juan Otero, pointed out that this isn’t just about bookings—it’s about pushing crypto adoption forward. The fact that 78% of Travala’s 2024 bookings were paid in crypto shows that people are already on board with the idea.

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Experts say mainstream crypto adoption depends on real-world use cases like this. Justin Hyun from The Open Network Foundation believes easy-to-use applications, like Telegram Mini Apps, could be the key to getting 500 million more users into crypto. If more companies follow Trivago’s lead, using digital assets could become just as normal as swiping a credit card.

Taiwan Just Banned DeepSeek—Here’s Why

Overview: Taiwan has officially banned its government agencies from using DeepSeek, a Chinese AI startup, citing major security risks. The Ministry of Digital Affairs claims DeepSeek’s AI services could lead to data leaks and potential cyber threats. Other countries, including Italy, South Korea, and France, are also keeping a close eye on DeepSeek’s data handling practices.

Taiwan is doubling down on cybersecurity, especially when it comes to Chinese tech. The government has already banned risky communication and IT products for 6 years now, but now, AI is the latest battleground. DeepSeek’s new chatbot, R1, has been making waves, claiming to be just as powerful as top US AI models but at half the cost.That is nice, but Taiwan is not buying it. Concerned by the cross-border data transfer and the espionage threat it poses, the officials take no chances.

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It isn’t just Taiwan that’s raising an alarm: from South Korea, Ireland to even Italy, regulators of personal data protection, in one form or another, have raised various questions regarding the policy on DeepSeek data. Italy went a step further this week, straight-up banning DeepSeek from processing Italian user data and removing its AI from the App Store and Google Play. France and Australia are also looking into the issue. With AI regulation heating up globally, this could be the start of even stricter crackdowns on Chinese tech.

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Kraken to Drop USDT & 4 More Stablecoins in Europe—Here’s Why

Summary: Kraken is officially pulling the plug on Tether (USDT) and four other stablecoins in Europe, thanks to strict new crypto rules under MiCA. The delisting will happen in phases, with a final deadline of March 31 of this year. Users in the EEA region (which includes Germany, France, and Spain) will have time to swap their assets before they get automatically converted into a compliant alternative.

Kraken isn’t just dropping USDT—it’s also saying goodbye to PayPal USD (PYUSD), Euro Tether (EURT), TrueUSD (TUSD), and TerraClassicUSD (UST). The exchange says it’s all about staying on the right side of European regulations, which are cracking down hard on stablecoins. To help users adjust, Kraken has laid out a clear timeline: margin trading will switch to “reduce-only” mode on February 13, meaning no new positions can be opened. By the end of February, users will only be able to sell, and forced liquidations for margin positions will hit during March.

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By the end of March, spot trading will be fully shut down, and after March 31, any leftover stablecoin balances will be auto-converted into a compliant alternative. Kraken is making it clear—this move only affects users in the EEA. Meanwhile, other big exchanges like Coinbase and Crypto.com are making similar moves, signaling a major shift in how stablecoins will operate in Europe.

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Binance Under Fire Again: France Targets Exchange for Tax Fraud and More

Summary: Binance is again under fire in France over an investigation that implicates alleged tax fraud, money laundering, and even drug trafficking. The French prosecutors do not mince words, and this is the second probe against Binance after the two years ago investigation into illicit financing.

Binance is in hot water again as the French launch yet another investigation into the crypto exchange giant. Prosecutors have opened a formal probe into some pretty serious allegations: tax fraud, money laundering, and even drug trafficking. Although details about it are still scanty, this apparently serves as a sequel to France’s investigation done 2 years ago into the participation of Binance in shady financial dealings.

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Crypto had a tough past 2 years with the meltdown of FTX, which called for scrutiny across the world. Exchanges like Binance and Coinbase entered into the radar of regulators, and lawsuits were flying from all directions. Most prominently, Binance found itself under intense legal heat from the US Department of Justice and the SEC, right up to the historic $4.3 billion settlement with the DOJ.

The company has been in overhaul mode since. Founder Changpeng Zhao (CZ) stepped down as CEO, handed the reins to Richard Teng, and even served prison time before his release in late last year. Despite all this, the SEC isn’t backing down. Now, France is doubling down too.

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With Binance still the largest centralized exchange out there, the stakes couldn’t be any higher: will they weather the storm or is this the beginning of the end?

U.S. Crypto Tax Shake-Up: Zero Taxes, DeFi Drama, and Ted Cruz’s Bold Move

Summary: Eric Trump says that, going forward, U.S. crypto investors could have zero capital gains tax on domestic projects such as XRP and HBAR while placing a heavy 30% tax on all foreign crypto investments. This would lead to a big boost in U.S.-based crypto innovation.

Eric Trump just dropped a bombshell: No more capital gains tax for U.S.-based crypto projects like XRP and HBAR. That’s right—if you’re into these coins, cashing out might soon be way less painful. But hold up—crypto projects outside the U.S. aren’t getting the same love. They’ll still face a harsh 30% tax, which could drive even more innovation to U.S. soil. Big win for local projects, right?

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Meanwhile, in D.C., Ted Cruz is bringing the heat. He’s taking on a new IRS rule that targets DeFi platforms. Starting December, the IRS wants DeFi brokers to snitch—reporting transaction details, names, and addresses on Form 1099. Cruz thinks this is a huge L for privacy, decentralization, and crypto innovation.

Here’s the tea: Cruz, a hardcore anti-CBDC guy, says this IRS rule makes zero sense for decentralized systems. His plan? Scrap it in 60 days using the Congressional Review Act. And since he’s got the Republican majority in Congress, this might actually happen.

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Bottom line: These updates could totally reshape U.S. crypto taxes and regulations. If Cruz succeeds, DeFi could stay true to its roots, and the U.S. could flex even harder as a crypto hub.

India’s ED Investigates Paytm, RazorPay, and PayU in $25M Crypto Scam

Overview: A probe into the $25.5 million crypto scam by the Indian Enforcement Directorate puts big payment players like Paytm, RazorPay, and PayU in the limelight. The investigation, having frozen upwards of more than $5.81M thus far, has reportedly exposed large loopholes in how suspicious transactions were treated.

The HPZ Token scam has India’s financial regulators on red alert. This crypto mining scheme duped people in 20 states, raking in millions before transferring the loot overseas. Now, the ED is investigating eight payment gateways, including big names like Paytm, RazorPay, and PayU, for their part in processing such fraudulent transactions.

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The crackdown unveiled frozen funds across the platforms: PayU leads the chart at $1.51M, Easebuzz follows with $387K, and RazorPay stands at $208K. The reports quote these companies to have helped in facilitating the bulk transactions without flagging suspicion. The ED is grilling the companies as to whether or not they filed the Suspicious Transaction Reports with the RBI or the Financial Intelligence Unit.

This scam operated through more than 50 companies in Delhi and Karnataka, with operations spilling over into Maharashtra and Gujarat. ED is now tracing the cash trail, closing in on crypto fraud.

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This bust is a wake-up call to everybody riding the crypto wave in India. Always DYOR, folks.

Ross Ulbricht Walks Free After Trump’s Pardon

Summary: Ross Ulbricht, the founder of Silk Road marketplace, is finally out free after 11 years in prison. Pardoned by Donald Trump, Ross Ulbricht deeply thanks the administration and calls the moment “life-changing” and a “win for second chances.”.

Wow, crypto fam, Ross Ulbricht is finally free from prison. The former owner of Silk Road was granted a full pardon by Donald Trump himself on Wednesday out of his life sentence without parole. In jail since 2015, Ulbricht was convicted of operating a dark web marketplace that could handle anonymous transactions.

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Ulbricht took the moment to thank Trump, saying, “This changes everything for me. I’m beyond grateful for this second chance—a shot at freedom and a future. It’s not just my win; it’s a win for everyone who believes in redemption.”

But the move has sparked heated debates. Critics worry about crypto’s shady rep in illegal trade, while supporters see this as a huge W for justice and freedom. Within the crypto community, the pardon is being hailed as Trump sticking to his promises to back decentralized tech.

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Where the chips will fall from here is anyone’s guess, but for Ulbricht, it’s the start of a new chapter, one that could reshape the crypto narrative.

Jio Launches Blockchain-Powered Jiocoin Reward Program

Blockchain-enabled rewards program, Jiocoin, by Reliance Jio, is aimed at building more engagement among its 450 million subscribers by offering new services.

JioCoins are some digital tokens that accrue to the users for performing certain activities on the Jio apps. These are tied to the user’s mobile number. Based on blockchain, Jiocoin promises protection in transactions, assurance of user privacy, and smooth integration within the Jio digital ecosystem.

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Although the beta version of Jiocoin is out with the Jio Browser application, it was never announced by Reliance. Residents of India who have completed 18 years of age can enroll themselves through BBRP or such other related apps.

Earning them involves the completion of tasks or active engagement within Jio apps; further, these tokens get deposited into a Web3 wallet.The better one uses these apps, the greater the reward. Rewards tokens can be claimed for value-added privileges, including discounts on services from Jio and access to its premium content.

Jio partnered with Polygon Labs to leverage the latter’s blockchain in powering it all with security via Web3 and transparency.This blockchain architecture will ensure that the user is in control of his data and can keep the sanctity of personal information private.

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This has been an important milestone in the journey of Reliance Jio into digital transformation, empowering users with core values of privacy, self-sovereign identity, and innovative blockchain tools leading in the Indian tech space.

Swiss Bank PostFinance Launches Ethereum Staking for Passive Income

Swiss state-owned bank PostFinance is further expanding its crypto offerings with the addition of Ethereum staking. The bank announced on its website that its clients can now create passive income with staking starting from 0.1 ETH.

The new service is available via e-finance and through the PostFinance app, but Ethereum is currently the only one available for staking. The bank pointed to its plans to further extend its crypto offer soon but did not disclose any details.

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“Staking allows customers to deposit cryptocurrencies for a set period to support the blockchain’s security and operations. In return, they earn rewards—essentially a way to generate passive income,” the bank explained.

To start earning, customers need to keep their staked ETH locked in for at least 12 weeks.Rewards will be issued on a regular basis, making the product attractive for users who want to grow their crypto.

Dr. Alexander Thoma, an executive at PostFinance, was equally pleased with the service: its ease of use, security, and transparency. Given its user base is 2.7 million—about one-quarter of Switzerland’s population—the move would increase crypto adoption in the country significantly.

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To crypto enthusiasts in Switzerland, this is another step toward mainstream financial integration.

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