11 - 2023 | MachinaTrader.com

PayPal Faces SEC Subpoena Over USD Stablecoin: A New Milestone in the Intersection of Traditional Finance and Digital Currencies

PayPal, the digital payment giant, has received a subpoena from the Securities and Exchange Commission (SEC) regarding its U.S. dollar stablecoin, PYUSD. This development highlights the growing intersection between traditional finance and digital currencies. PayPal made waves in August when it became the first major company in its field to embrace digital currencies for payments […]

Hong Kong Regulator Issues Circulars to Regulate Digital Asset Tokenization

Hong Kong’s Securities and Futures Commission (SFC) has issued two circulars to regulate digital asset tokenization, as the city aims to become a leading Web3 hub in Asia. The circulars provide instructions to intermediaries involved in tokenized securities activities and outline the criteria for tokenizing investment products authorized by the SFC. The SFC considers tokenized […]

PayPal Subpoenaed by SEC Over USD-Pegged Stablecoin

PayPal, the popular payment platform, has been served a subpoena by the United States Securities and Exchange Commission (SEC) regarding its stablecoin called PayPal USD (PYUSD). The SEC’s Enforcement division sent the subpoena to PayPal, according to a report by Reuters. This development comes three months after PayPal launched its PYUSD stablecoin, which is backed […]

Swiss Bank SGKB Partners with SEBA Bank to Offer Bitcoin and Ethereum Services

St. Galler Kantonalbank, Switzerland’s fifth-largest cantonal bank, has entered the world of digital assets through a strategic partnership with SEBA Bank. This move signifies a significant step in the adoption of cryptocurrencies within the Swiss banking industry. SGKB has launched digital asset custody and trading services for select clients, starting with Bitcoin and Ethereum. This […]

Abu Dhabi Global Market Introduces Groundbreaking Regulations for Web3 Organizations

The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. These regulations, known as the Distributed Ledger Technology (DLT) Foundations Regulations, are the first of their kind and are designed specifically for the operation of blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations expanding into DLT. The […]

Hong Kong Government Remains Committed to Web3 Vision Despite Crypto Scandal

The recent alleged scandal involving crypto exchange JPEX in Hong Kong has not deterred the government from pursuing its Web3 vision for the region. Despite the financial scandal and allegations of fraud, the government remains determined to grow the Web3 market. Hong Kong plans to tighten its crypto regulations in response to JPEX’s actions, with […]

SBF Trial Concludes with Closing Arguments as Jury Prepares to Deliberate

The trial of Sam Bankman-Fried (SBF) reached a critical point as both the prosecution and defense presented their closing arguments to the jury. The prosecution portrayed SBF as a serial liar motivated by greed, accusing him of knowingly misappropriating billions in customer deposits. They emphasized the weight of the evidence presented throughout the trial and […]

Turkey to Introduce Stringent Laws on Crypto-Assets in Effort to Address Financial Regulations

Turkey is set to introduce stringent laws governing crypto-assets as part of its efforts to strengthen financial regulations and address concerns raised by the Financial Action Task Force (FATF). The country aims to be removed from the FATF’s ‘grey list’ of nations with inadequate measures against money laundering and terrorist financing. Finance Minister Mehmet Simsek […]

Lazarus Group Deploys New Malware to Target Crypto Exchange

Lazarus Group, a notorious cybercrime organization, has recently targeted a cryptocurrency exchange using a new form of malware called “KANDYKORN.” The attack began when members of the group posed as blockchain engineers and convinced the exchange’s engineers to download a program disguised as an arbitrage bot. Once executed, the program downloaded a malicious file called […]

deBridge Launches IaaS Solution for Seamless Ethereum-Solana Cross-Chain Communication

deBridge, a web3 interoperability layer, has launched an Infrastructure as a Service (IaaS) solution to address the challenges of interoperability between the Ethereum and Solana ecosystems. This turnkey solution offers a subscription-based service that enables cross-chain movements on Ethereum and Solana Virtual Machines. The IaaS facilitates the transfer of authenticated messages via deBridge and promotes […]