Welcome to this edition of AsicZ’s Weekly Wednesday Roundup, where we provide you with the latest news and updates from the world of crypto. In this roundup, we’ll explore significant developments that have shaped the crypto industry this week, including postponed key recovery services, educational campaigns, regulatory actions, conference attendance, commemorative events, allegations, and collaborative efforts. Stay informed as we dive into the exciting stories that unfolded in the crypto world.
Ledger Delays Key Recovery Service Launch Amid Public Criticism:
Ledger, a prominent hardware wallet company, has postponed the release of its key recovery service after facing public criticism. The service, called Ledger Recover, would have allowed users to store encrypted backups of their seed phrases with Ledger. However, many users were concerned about the security of the service, and Ledger ultimately decided to delay its release.
The company had initially planned to release the service in April, but it was met with criticism from users who were concerned about government influence affecting the 3rd parties that would custody seed phrases. Ledger responded to the criticism by saying that the service would be secure, but it ultimately decided to delay the release to address the concerns of users.
The delay of the key recovery service is a setback for Ledger, which has been one of the most popular hardware wallet companies. The company has been praised for its security features, but the delay of the key recovery service could raise questions about the security of its products.
Coinbase Launches “Crypto Moving America Forward” Campaign to Educate Public on Blockchain:
Coinbase, the world’s largest crypto exchange, has launched a new campaign to educate the public about blockchain technology. The campaign, called Crypto Moving America Forward, will feature a series of educational videos and articles. Coinbase hopes that the campaign will help to dispel some of the myths about blockchain and encourage more people to learn about this new technology.
The campaign will focus on three key areas:
Education: The campaign will provide educational resources about blockchain technology, including videos, articles, and infographics.
Policy: The campaign will advocate for policies that support the growth of the crypto industry.
Adoption: The campaign will encourage businesses and consumers to adopt blockchain technology.
Coinbase is one of the most well-known crypto companies in the world, and its new campaign could help to raise awareness of blockchain technology among the general public. The campaign could also help to encourage businesses and consumers to adopt blockchain technology, which could help to drive the growth of the crypto industry.
Malaysia Orders Huobi Global to Cease Operations, Citing Lack of Registration:
The Malaysian Securities Commission (SC) has ordered crypto exchange Huobi Global to cease operations in the country. The SC said that Huobi Global is not registered with the commission and is therefore not authorized to offer crypto trading services in Malaysia. Huobi Global has said that it is working with the SC to resolve the issue.
The SC’s decision is a setback for Huobi Global, which is one of the largest crypto exchanges in the world. The company has been operating in Malaysia since 2017, and it has a large user base in the country. The SC’s decision could force Huobi Global to close its operations in Malaysia, which could have a significant impact on the company’s business.
The SC’s decision is also a sign of the growing regulatory scrutiny of the crypto industry in Malaysia. The government has been cracking down on unlicensed crypto exchanges, and it is likely that more regulations will be imposed on the industry in the future.
Hong Kong Crypto Exchanges to Serve Retail in June:
Hong Kong’s Securities and Futures Commission (SFC) has granted three crypto exchanges licenses to serve retail investors. The three exchanges are: AAX, Bybit and FTX.
The SFC’s decision is a major step forward for the crypto industry in Hong Kong. It will allow more people to access crypto trading services and could help to boost the growth of the industry in the region.
The SFC has been cautious about the crypto industry, but it has said that it is open to regulating the industry in a way that protects investors. The SFC’s decision to grant licenses to three crypto exchanges is a sign of the growing acceptance of crypto by regulators in Hong Kong.
Miami Bitcoin Conference Attendance Plummets Amid Ongoing Crypto Winter:
The Bitcoin 2023 conference in Miami, Florida, saw a significant drop in attendance this year. The conference, which was held on May 16-19, had an estimated attendance of 12,000 people, down from 25,000 people in 2022. The decline in attendance is being attributed to the ongoing crypto winter, which has seen the price of Bitcoin and other cryptocurrencies fall sharply.
The Bitcoin 2023 conference was one of the largest crypto conferences in the world, and its decline in attendance is a sign of the challenges facing the crypto industry. The industry is currently in a bear market, and many investors have lost money. This has led to a decline in interest in crypto, and it is likely that the decline in attendance at the Bitcoin 2023 conference is a reflection of this.
Bitcoin Pizza Day Celebrates 10th Anniversary:
On May 22nd, 2010, Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas. At the time, the value of 10,000 Bitcoins was just $25. Today, the value of those same 10,000 Bitcoins would be over $200 million. May 22nd is now known as Bitcoin Pizza Day, and it is a day to celebrate the history of Bitcoin and the growth of the crypto industry.
Bitcoin Pizza Day is a reminder of the early days of Bitcoin, when the cryptocurrency was still in its infancy. It is also a reminder of the potential of Bitcoin, and the fact that it has the potential to revolutionize the way we think about money.
Binance Allegedly Commingled Customer Funds and Company Revenue:
A report by The Block alleges that Binance, the world’s largest crypto exchange, commingled customer funds and company revenue. The report, which is based on internal documents, says that Binance did not keep customer funds in separate accounts and that it used customer funds to cover operating expenses. Binance has denied the allegations, saying that it “has always complied with all applicable laws and regulations.”
The allegations against Binance are serious, and they could have a significant impact on the company. If the allegations are true, it would mean that Binance violated the trust of its customers and that it put their funds at risk. This could lead to a loss of confidence in Binance, and it could also lead to regulatory action against the company.
Securities Commissions to Work Together on Crypto Regulation:
The International Organization of Securities Commissions (IOSCO) and a group of leading securities regulators have announced that they will work together to develop global standards for crypto regulation. The group, which includes the Securities and Exchange Commission (SEC) of the United States, the Financial Conduct Authority (FCA) of the United Kingdom, and the Australian Securities and Investments Commission (ASIC), said that it is committed to “ensuring that crypto assets are subject to effective regulation.”
The decision by IOSCO and the other regulators to work together on crypto regulation is a sign of the growing importance of the crypto industry. The industry is currently worth trillions of dollars, and it is growing rapidly. As the industry grows, it is becoming increasingly important for regulators to ensure that it is properly regulated. This will help to protect investors and prevent the misuse of crypto assets.
As we wrap up this week’s AsicZ Weekly Wednesday Roundup, we have witnessed notable developments in the crypto industry, including Ledger’s postponed key recovery service, Coinbase’s educational campaign, regulatory actions in Malaysia and Hong Kong, the impact of the crypto winter on conference attendance, the commemoration of Bitcoin Pizza Day, allegations against Binance, and the collaborative efforts of securities commissions for crypto regulation. Stay tuned to our blog and be informed of the evolving crypto landscape.
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