Maker cuts off Aave’s DAI supply as fallout from Celsius continues

MakerDAO has voted to cut off lending platform Aave’s ability to generate DAI for its lending pool without collateral as the risks of Celsius’s liquidity crisis loom large over the entire crypto ecosystem. The decentralized autonomous organization (DAO) made the decision as a means of mitigating the Maker protocol’s exposure to the beleaguered staking and lending platform in case Celsius goes belly up and implodes the stETH peg as well. stETH is a token representing an amount of ETH that is staked on the Lido staking platform. Its peg to…

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Russia’s updated crypto mining bill cuts tax amnesty for Bitcoin miners

In less than a month, the draft of a crypto mining bill in the Russian parliament has lost several key points, such as the obligation for mining operators to join a special registry and a one-year tax amnesty for all those who’ve registered. As the reasoning goes, the previous draft would lead to federal budget losses.  The fresh draft of the law “On mining in Russian Federation,” dating to May 20, appeared in the database of the lower chamber of the Russian parliament, the State Duma. The document bears several…

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Iceland cuts power to new Bitcoin miners

National Iceland electrical company Landsvirkjun has cut the amount of power it will provide for some industries, including aluminium smelters and Bitcoin miners. A representative from the island’s power utility reported it has been forced to reduce energy allocations to southwestern Bitcoin miners and various industrial facilities due to a series of issues including a problem at a power station, low hydro-reservoir levels and accessing energy from an external supplier. Mining operations have long been attracted to the country due to its abundance of geothermal energy which is harvested to…

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HSBC UK reportedly cuts credit card payments to Binance

Banks in the United Kingdom continue to crack down on Binance cryptocurrency exchange, with banking giant HSBC reportedly becoming the latest bank to cut payment channels to the platform. A series of alleged HSBC clients reported on Twitter this Monday that HSBC UK had suspended credit card payments to Binance. According to an alleged announcement on the service suspension, HSBC UK made the decision “due to concerns about possible risks” to its customers. “We take our duty as a responsible lender seriously and want to do everything we can to protect…

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Binance cuts withdrawal limits, rolls out tax reporting tool

Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system. The company officially announced Tuesday a major update to its Know Your Customer (KYC) policies, significantly reducing maximum withdrawal amounts for users that have not completed full identity verification. Effective immediately for new Binance accounts, users that have completed only basic account verification would not be able to withdraw more than 0.06 Bitcoin (BTC) per day, worth roughly $2,400 at the time…

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NatWest cuts payment channels to Binance, citing regulatory uncertainty

NatWest, a major United Kingdom-based retail and commercial bank, has blocked all credit and debit card payments to crypto exchange Binance until further notice, multiple users on social media reported on Thursday. “With an increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the United Kingdom, we want to make sure that your money is safe,” NatWest reportedly said in a customer notice. The move has triggered widescale outrage in the crypto community, with many disgruntled NatWest clients expressing their discontent with the bank willing to decide…

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NYDIG cuts Bitcoin fee to 0.3% for investors as Morgan Stanley opens floodgates

Bitcoin (BTC) institutional investment firm NYDIG has staged an abrupt price cut for investors using it to gain exposure to BTC price action. In a press release on March 24, the company confirmed that effective immediately, its access fee had been reduced to 0.3%. Bitcoin buyers pick their premium The move comes just days after NYDIG’s FS Select NYDIG Bitcoin Fund became one of three products selected by Morgan Stanley to be offered to its wealthy institutional clients. A potentially timely maneuver, the fee reduction may have consequences for competitors,…

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UK advertising watchdog cuts ‘irresponsible and misleading’ Bitcoin ad

The United Kingdom Advertising Standards Authority has upheld a complaint lodged against cryptocurrency exchange Coinfloor for its publication of a Bitcoin (BTC) advertisement in a regional news outlet. The ad, published in the Northamptonshire Telegraph on Dec. 3, 2020, was deemed to have targeted retirees, according to the complainant, who claimed the ad was misleading and socially irresponsible. The ad led with the title “There is no point keeping your money in the bank…” and featured an image of a woman, aged 63, describing her decision to convert part of…

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