Barclays Blocks Customers From Sending Funds to Binance

Barclays has reported it no longer supports wiring funds to Binance, one of the largest cryptocurrency exchanges in terms of daily volume. The bank announced its issues with wiring funds to Binance in a resolution message to the customers today. The banking giant cites the warning that the Financial Conduct Authority (FCA) issued against Binance last week. The measure affects more than 24 million Barclays customers at a worldwide level.

Barclays Blocks Wires To Binance

Barclays, one of the leading banking institutions in the UK, announced they would no longer support wiring funds to Binance. The bank made this announcement effective immediately and told customers it was meant to protect their money. Barclays based this measure on the warning that the FCA issued last week on the cryptocurrency exchange. The bank stated:

This action does not impact on the ability for customers to withdraw funds from Binance. The decision has been taken following the FCA warning to consumers.

Last week, the FCA stated Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.” As a result of this, many institutions are studying which will be the best resolution on this subject. However, Barclays is not the first bank that has acted directly by blocking payments to crypto trading platforms. Last month, Natwest also established a limit on daily transfers to cryptocurrency exchanges. This due to the alleged fraud numbers associated with these operations. TSB, another UK bank, said it would be studying to exert similar measures.

The recent measure taken by Barclays would affect more than 24 million customers worldwide. These customers are now unable to move their funds to Binance to buy cryptocurrencies. While the company has no offices in the UK, it uses a series of payment processors to route fiat money from its customers to its platform. Reports note that these affiliates would not be able to process these payments now.

Binance Under Scrutiny

Binance has been under scrutiny by world regulators recently. The exchange is facing a criminal complaint filed in Thailand. According to the Thai Securities and Exchange Commission (SEC), the exchange has no authorization to operate there. Similar warnings have been emitted against the exchange in the Cayman Islands, the Canadian province of Ontario, South Africa, and Japan.

Also, there were reports about Binance being investigated by the Department of Justice (DOJ) last May under money laundering assumptions. The exchange has worked to strengthen its systems to comply with existing regulations. Recently, it was announced that it would be one of the first exchanges to adopt Traveler, a tool that automates the Financial Action Task Force’s (FATF) Travel Rule compliance. The company also hired a former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks at the end of April.

What do you think about Barclays blocking customers from sending funds to Binance? Tell us in the comments section below.

Ethereum Price Prediction: ETH/USD Market Appreciates Gradually

Market Appreciates Gradually – July 4

The trading activity featuring Ethereum and the US fiat currency now appreciates gradually after the recent panic sell-trading situations. The crypto’s valuation, as of writing, stands at about $2,320 at a positive percentage rate of around 4.14.

Market Appreciates Gradually: ETH Market
Key Levels:
Resistance levels: $2,500, $3,000, $3,500
Support levels: $2,000, $1,800, $1,600

/USD – Daily Chart

On the ETH/USD daily trading chart, it shows currently that a bullish candlestick is forming tightly against the sell signal side of the bigger SMA to signify that the crypto market appreciates gradually. The 50-day SMA is positioning to point to the east closely above the 14-day SMA trend-line as the bearish trend-line drew downward to touch the bigger SMA in a supportive manner. The Stochastic Oscillators are in the overbought region, with the lines trying to cross northbound indicate that buying pressure is relatively ongoing.

Will the valuation of the ETH/USD increase further as the crypto market currently appreciates gradually?

It is being showcased on the chart that the ETH/USD currently appreciates gradually; the kind of momentum that bulls have gathered seems not strong enough to launch another buy entry at this time. Only those entries that might have placed below the level of $2,000 may allow running further, probably until the next immediate resistance level of $2,500 before considering profit takings.

On the downside, rejection is expected to come up around the level of $2,500. In the aftermath days’ trading sessions, a downward force should take form by featuring a bearish candlestick around that trading position to signify a re-emergence of downward movement of the market again. Traders needed to be cautious of repositioning their stances while playing alongside the presumed market’s scenario.

ETH/BTC Price Analysis

There has now been that Ethereum’s price currently appreciates gradually against Bitcoin in the comparison. The ETH/BTC price analysis chart shows some variant smaller candlesticks being formed closely on the north side of the smaller SMA. The 50-day SMA indicator and the bullish trend line tightly conjoined below the 14-day SMA trend line. And, they all point toward the north to indicate that the base crypto is on an appreciating motion pairing with the flagship counter crypto. The Stochastic Oscillators are in the overbought region in an attempt to cross the lines northbound further. Yet, that signifies that ETH may still have a better chance of trending furthermore pairing with Bitcoin in the near session.

 

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BIS Economist Recommends 'Technology-Neutral' Crypto Regulation, Low-Cost Supervision of Decentralized Markets

An economist with the Bank of International Settlements has found that cryptocurrencies are not sought as an alternative to fiat currencies or regulated finance, therefore a “technology-neutral regulation to this asset class” is recommended. The economist discussed “embedded supervision,” adding that “The main aim is low-cost supervision of decentralized markets.”

BIS Economist Suggests Regulatory Approach for Cryptocurrencies

The Bank of International Settlements (BIS) published a working paper Thursday on “The socioeconomic drivers of US cryptocurrency investments.” It is authored by Raphael Auer, a principal economist for innovation and the digital economy at the BIS, and David Tercero-Lucas from Universitat Autònoma de Barcelona (UAB).

In the 52-page report, the authors state that based on an in-depth analysis of representative data on crypto owners:

We disprove the hypothesis that cryptocurrencies are sought as an alternative to fiat currencies or regulated finance … Investors in cryptocurrencies show no more concern about the security of cash or commercial banking than the rest of the population.

The study also revealed: “Cryptocurrency investors tend to be educated, young and male. People who have experience using digital finance are more likely to invest in cryptocurrencies.”

Emphasizing that investors continue to view cryptocurrencies as “a niche digital speculation object,” the authors detailed that “A clarifying regulatory and supervisory framework for cryptocurrency markets may be beneficial for the industry.” They added:

From a policy perspective, the overall takeaway of our analysis is that as the objectives of investors are the same as those for other asset classes, so should be the regulation.

The report stresses that “Better regulation may also be beneficial – quintessential in fact – for the industry.”

It proceeds to discuss applying “technology-neutral regulation to this asset class, while at the same time harnessing the potential of the technology itself in the supervision process.” The authors suggested:

One promising option that supervisory and regulatory agencies could pursue is ‘embedded supervision’ … The main aim is low-cost supervision of decentralised markets, which may be particularly relevant amidst recent deliberations of the need for adequate prudential oversight of the cryptocurrency industry.

By embedded supervision, “we understand implementing a supervisory framework for cryptocurrencies that allows for compliance to be automatically monitored by reading the market’s ledger,” the report clarifies.

What do you think about the BIS report’s findings? Let us know in the comments section below.

Russia’s Famous Hermitage Museum Aims to Raise Funds With NFTs

The Hermitage Museum in Saint Petersburg is considering issuing NFTs for works of art from its rich collection and is holding talks with Binance on the matter. The museum’s management expects the tokens to bring extra funding, provided Russian authorities exempt NFTs from current digital assets regulations.

Hermitage Museum in Talks With Binance for Artwork NFTs

The world-renowned State Hermitage Museum in Russia is negotiating with leading cryptocurrency exchange, Binance, on the issuance and sale of non-fungible tokens (NFTs) of artwork. On June 24, Binance launched its NFT marketplace which features various forms of digital artwork and collectibles. The coin trading platform also announced its “100 Creators” program presenting NFT content from local talent around the world.

For the Hermitage to issue its tokens, Russia’s legislation governing the sector may require some clarification. Marina Tsyguleva, head of the museum’s legal department, said that this type of token may be taken out of the scope of the digital assets regulations, as the Central Bank of Russia has proposed, according to her statement. Quoted by the Interfax news agency, Tsyguleva revealed:

We are in the process of discussing our collaboration with Binance.

The Hermitage Museum hopes to use the NFTs to attract additional funding. However, it remains unclear whether the tokens fall under the existing regulations. The law “On digital financial assets,” the main piece of legislation regulating the Russian crypto space right now, went into force on Jan. 1, 2021, but it does not cover all aspects of the crypto sphere.

Russian Digital Assets Legislation Needs Refinement

Crypto experts and even Russian lawmakers agree that the digital assets law’s definitions need to be clarified and refined. It currently allows the issuance and circulation of tokens, also referred to as “digital rights,” as well as security tokens, utility tokens, and stablecoins.

Tsyguleva further explained that the cultural institution can only sell non-exclusive rights to its works of art. This creates certain difficulties when entering the NFT market but does not rule out the possibility completely. The NFTs can be used to raise funds for restoration projects, for example, the museum’s representative added.

The Hermitage Museum plans to hold Russia’s first art exhibition of NFT tokens, according to an announcement released earlier this year. The event will be organized as part of the “Hermitage 20/21” project, RBC reported. The museum said that the use of non-fungible tokens is the most relevant agenda in the field of contemporary art.

What do you think about the initiative of the Hermitage Museum in Russia to issue NFTs for works of art? Tell us in the comments section below.

Bitcoin Miner Greenidge Generation Plans to Develop South Carolina Mining Facility

On Friday, the bitcoin mining operation Greenidge Generation Holdings announced the company is expanding to South Carolina in order to develop the firm’s next bitcoin mining facility. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022.

Bitcoin Miner Greenidge Generation Plans to Expand to South Carolina

Spartanburg, South Carolina, the 12th most populous city in the state will be home to bitcoin miners by Q4 2021 or Q1 2022, according to Greenidge Generation Holdings.

The Dresden, N.Y.-based firm signed a letter of intent with LSC Communications that says Greenidge aims to expand its bitcoin mining operations to a property owned by the Atlas Holdings’ portfolio company LSC. The terms of the deal will begin with a ten-year lease of a retired printing plant.

Greenidge details that the printing plant at one time drew approximately 80 megawatts (MW) of energy but it believes the Spartanburg facility has “potential beyond that capacity.” The company will leverage the site’s existing electrical framework and also utilize clean nuclear power.

“This is an important step in Greenidge’s strategy to build upon our unique expertise in environmentally sound bitcoin mining at additional locations across the country,” Jeff Kirt, the CEO of Greenidge explained in a statement.

Flare Gas and 500 MW by 2025

Like many bitcoin mining industry firms, Greenidge has continued to expand operations. Back in March, Greenidge announced plans to be publicly listed via Nasdaq through a merger with Support.com. The year prior, the company launched a fleet of mining rigs at the 65,000 square-foot natural gas utility plant in Dresden New York.

During the merger, the bitcoin mining operation Greenidge said it hopes to have 500 MW online by 2025. Furthermore, Greenidge also stressed on Friday that the company plans to “invest a portion of its mining profits in renewable energy projects across the country.”

The Greenidge Generation power plant in Dresden, NY. “Using natural gas to generate electricity, Greenidge Generation runs at new levels of thermodynamic efficiency, achieving historic lows in the cost of producing power,” the company says. “A pipeline brings natural gas directly to the plant, eliminating the trucking and handling procedures involved in burning coal.”

The Greenidge Generation power plant located in New York’s Finger Lakes region leverages flare gas or excess gas to power the firm’s fleet of bitcoin miners. Similarly, companies like Upstream Data, Crusoe Energy Systems, and EZ Blockchain work with systems that leverage flare mitigation mechanisms.

“We have a superior team with proven expertise in this emerging field,” Kirt said. “LSC’s Spartanburg site, with its favorable energy mix, capacity potential, and business-friendly climate, is the ideal next location for us. The site’s existing electrical infrastructure should allow us to commence our data mining buildout almost immediately,” the Greenidge executive added.

What do you think about Greenidge’s expansion to South Carolina? Let us know what you think about this subject in the comments section below.