Category Archives: Cryptocurrency News

Japan intends to reduce the tax burden for crypto firms

The Japanese government intends to ease the tax burden on local crypto firms and exclude paper profits from the tax base. In the middle of this year, the Japan Crypto Asset Business Association (JCBA) and the Japan Virtual and Crypto Asset Exchange Association (JVCEA) petitioned the Financial Services Agency (FSA) to reduce the tax burden of local cryptocurrency companies. The initiative group has asked the regulator to exclude taxation of paper profits from cryptocurrency assets…

Changpeng Zhao: “99% of cryptocurrency users will not be able to store assets on their own”

Binance CEO Changpeng Zhao believes that the vast majority of users do not have the knowledge to store cryptocurrencies on their own and therefore may lose assets. Changpeng Zhao supports self-custody, but emphasizes that it must be “do the right thing.” During a recent conference, Zhao noted that often users do not pay enough attention to storing wallet keys, which leads to the loss of either keys or assets in addresses. “For most people, I…

Tether will stop issuing loans secured by USDT

In response to a recent media attack, Tether, the issuer of the USDT stablecoin, said it would reduce secured loans in USDT reserves to zero over the next year. Tether explained that stablecoin-backed loans work similarly to loans from private banks that use collateral. However, unlike banks that operate with fractional reserves, Tether loans are more than 100% secured, the company claims. “Tether is managed professionally and conservatively, and this will once again be demonstrated…

Sam Bankman-Fried Arrested by Bahamas Police at US Government Request

FTX founder Sam Bankman-Freed has been arrested by the Royal Bahamas Police Force after being formally notified by the U.S. government of a criminal case against him. Sam Bankman-Fried, the former head of bankrupt cryptocurrency exchange FTX, was arrested by Bahamian authorities on Monday evening at the request of the US government. Manhattan U.S. Attorney Damian Williams confirmed that he filed charges against Bankman-Fried on Monday, Dec. 12, with the contents of the indictment to…

Binance has suspended the withdrawal of some assets

The largest cryptocurrency exchange in the world announced that it has temporarily blocked some of the accounts that managed to earn on the recent abnormal volatility of a number of cryptocurrencies. Binance explained its actions as “anomalous price movements in certain trading pairs”: “We are aware of anomalous price movement in some trading pairs on Binance, including assets like SUN, ARDR, OSMO, FUN, and GLM. This activity is not related to account hacking or API…

PlanB: “Bitcoin prepares for a 5800% rally”

A popular cryptocurrency analyst under the pseudonym PlanB, the author of the “stock-to-flow” model, again emphasized his confidence in the massive growth of Bitcoin in 2023 or at least 2024. The “stock-to-flow” model is built on the ratio of the amount of an available asset and its price. Considering that Bitcoin periodically undergoes halvings, the model speaks of a large-scale growth of the first cryptocurrency. The analyst emphasized that he was confident in this model.…

Gate.io is going to invest $100 million to restore the crypto market

Cryptocurrency exchange Gate.io has launched an industry-wide liquidity support fund with an initial commitment to spend $100 million. With the help of the fund, the exchange intends to mitigate the negative effects of the prolonged crypto winter and the recent turmoil in the cryptocurrency market. The company is confident that the market is threatened with liquidity problems, as investors move their funds from exchanges to self-service. First of all, the trading platform plans to support…