IRS to summon users who don’t report and pay tax on crypto transactions

With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax.  U.S. Attorney Damian Williams, Deputy Assistant Attorney General David Hubbert and IRS Commissioner Charles Rettig announced that U.S. judge Paul Gardephe authorized the IRS to issue a “John Doe summons,” a term used when the IRS investigates unknown taxpayers. The summons compels the New York-based M.Y. Safra Bank to submit information about taxpayers that might have…

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Binance partners with Ukrainian supermarket chain to accept crypto through Pay Wallet.

Binance announced Friday that it has partnered with the Ukrainian supermarket chain VARUS, saying it will enable cryptocurrency payments for grocery purchases through its Binance Pay Wallet.  The grocery store is one of the largest companies in Ukraine with over 111 stores across 28 cities in the country. The company said that this partnership will allow its customers to access instant cryptocurrency payments and fast delivery in 9 cities in Ukraine, namely; Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. The companies have also announced a “reward fund…

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Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto

Binance marked its presence among the Middle East investors by running various licensed operations in Abu Dhabi, Dubai and other regions. Targeting efforts in United Arab Emirate’s (UAE) mainstream corporate sector, Binance partnered with business lender Virtuzone, allowing new entrepreneurs to repay loans using cryptocurrencies. Virtuzone joins the list of mainstream businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies after integrating Binance Pay into its payment gateway. In addition, by providing businesses the option to repay seed and other forms of…

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US court gives Voyager green light to pay bonuses to key employees

A New York bankruptcy court has given embattled cryptocurrency brokerage Voyager Digital the green light to pay retention bonuses to key staff members. The firm filed a motion with the United States Bankruptcy Court on Aug. 2 seeking approval for its Key Employee Retention Plan (KERP) which entailed $1.9 million worth of payments to 38 key employees that have been identified as crucial to the exchange’s ongoing operation. Creditors of the firm, which filed for bankruptcy in July 2022, had initially opposed Voyager’s KERP payments in a court filing on…

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BendDAO contract drained overnight with 15 ETH left to pay lenders

Lending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders.  Researcher NFTStatistics.eth dissected the issue in a Twitter thread, highlighting that NFT borrowers in the platform should now pay 100% interest on the ETH they borrowed. In addition, the debt positioned against the NFTs is also on the rise. Furthermore, the researcher noted that many of the NFTs that have been…

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Argo Blockchain keeps cashing out BTC to pay the debt to Galaxy Digital

Cryptocurrency mining firm Argo Blockchain continues to sell its Bitcoin (BTC) holdings to cut its debt to Michael Novogratz’s crypto investment firm Galaxy Digital. Argo sold another 887 Bitcoin in July to reduce obligations under a BTC-backed loan agreement with Galaxy Digital, the firm announced on Friday. With the average BTC price of $22,670, the sales totaled $20.1 million, accounting for a significant part of the maximum outstanding loan balance of $50 million in Q2 2022. As of July 31, 2022, Argo held an outstanding balance of just $6.72 million…

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FOMO Pay taps Ripple’s liquidity solution for treasury management

Singapore-based institutional digital payment solution provider FOMO Pay has become the latest fintech firm to integrate Ripple’s liquidity solution called on-demand liquidity (ODL). FOMO Pay would use the popular crypto enterprise technology to improve its cross-border treasury settlements. Earlier, the firm used the traditional payment system for cross-border settlement of euro and United States dollar trades, which took up to two days. However, with ODL integration, the firm aims to achieve an instant settlement with very low transaction costs. Louis Liu, founder and CEO of FOMO Pay said: “We are excited…

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Workers in volatile economies most likely to take pay in crypto: Report

Residents in nations with volatile economies are more likely to receive their pay in crypto, according to global hiring platform Deel.  In its “State of Global Hiring Report” shared with Cointelegraph on July 21, the firm found that despite the 2022 bear market, crypto represented 5% of all global payments withdrawn from the platform every month, up from 2% in the second half of 2021.  Residents in nations with volatile economic situations and currencies were most likely to take their payments in crypto, according to the report. These included countries in Latin…

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Crypto.com rolls out Google Pay integration as Big Tech continues to embrace crypto

Global cryptocurrency wallet and exchange platform Crypto.com added Google Pay as a payment option for Android users to buy cryptocurrencies on Thursday. Google Pay is estimated to have over 100 million users who could make use of the latest payment gateway to cryptocurrency markets. Users that have set up their Google Pay accounts to be linked with a credit or debit card will be able to choose the payment option when on the Crypto.com app. The exchange lists over 250 cryptocurrencies accessible to some 50 million users worldwide. Crypto.com has been…

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Total BAYC thefts crack $18.5 million, “Ape Now, Pay Later” loans come for NFTs and more

A Dune analytics platform user has found that more than $18.5 million worth of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) Nonfungible tokens (NFTs) have been marked as stolen or flagged for suspicious activity on Opensea to date.  According to data from Dune, a user known as “Beetle” discovered that 130 BAYC and 268 MAYC NFTs were reported for suspicious activity, alongside 153 Azuki’s, 202 CloneX and 70 Moonbirds. The total market worth of stolen NFTs from these notable collections amounts to just over $25 million.…

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