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Grayscale Investment moves to sell all ETHPOW tokens

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Grayscale Investment moves to sell all ETHPOW tokens

Grayscale Investment moves to sell all ETHPOW tokens Christian Nwobodo · 3 hours ago · 2 min read

ETHE and GDLC funds will transfer ownership of 3,100,629 ETHPoW tokens to Grayscale Investment. The tokens will be sold when deep liquidity is developed for ETHW trading.

2 min read

Updated: September 17, 2022 at 11:15 pm

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Cover art/illustration via CryptoSlate

Grayscale Investment has announced plans to sell ETHPoW tokens it received from the PoW hard-fork following Ethereum’s transition to proof-of-stake (PoS).

Shortly after the Merge on Sept. 15, miners hard-forked Ethereum to launch the Ethereum PoW network. As proposed,  ETHPoW tokens were distributed to eligible ETH holders.

Two funds owned by Grayscale Investment received a cumulative sum of 3,100,629 ETHPoW tokens. Grayscale Ethereum Trust(ETHE) received approximately 3,059,976 ETHPoW tokens, while Grayscale Digital Large Cap Fund (GDLC) received  40,653 ETHPoW tokens.

The ETHE and GDLC funds will transfer ownership of their ETHPoW tokens to Grayscale Investment by the close of business on Sept. 26. Grayscale Investment is expected to retain custody of the tokens until it is able to sell them.

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Our funds $ETHE & $GDLC have passively received the rights to forked ETHPoW tokens. To the extent it is practicable, we will look to sell these tokens & distribute net cash proceeds to record date shareholders.
Read our release for important details: https://t.co/0subq36to0

— Grayscale (@Grayscale) September 16, 2022

If exchange listing and deep liquidity are developed for ETHPoW tokens, Grayscale will move to sell its holdings and redistribute the proceeds to shareholders.

Grayscale added that it is not able to determine the value of the ETHPoW tokens as little liquidity has been created for trading across crypto exchanges.

Spot trading opened for ETHW token

Shortly after the merge, several major crypto exchanges launched spot trading for EthereumPoW (ETHW) token.

FTX announced its spot trading for ETHW and so far has executed $28.7 million worth of trades. Other exchanges that have opened spot trading for ETHW tokens include Bybit, MEXC Global, Bitfinex, Kraken, and Huobi.

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OKX moved to launch USDT-marginal perpetual trading for ETHW. According to Coinmarketcap data, OKX is handling 38.19% of ETHW trading, which amounts to approximately $39.7 million.

As of press time, ETHW’s price is trading at $11, indicating an over 80% fall from its 24-hour high of $60.68.

AIFC

Bank Buys Bitcoin In Kazakhstan, Country To Develop Crypto Exchange

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Bank Buys Bitcoin In Kazakhstan, Country To Develop Crypto Exchange

A financial institution and a coin trading platform in Kazakhstan have teamed up to carry out what they say is the country’s first such joint transaction for the acquisition of cryptocurrency. Meanwhile, Kazakhstan’s leadership has declared readiness to further develop crypto exchange in the nation’s financial hub.

First Banking Operation With Crypto Assets Opens Door for Legal Coin Purchases in Kazakhstan

Almaty-headquartered Eurasian Bank and the Kazakhstan-based crypto exchange Intebix have reported conducting what they presented as the first crypto-related transaction in the country involving a digital asset trading platform, a banking institution, and a customer. The deal, in which cryptocurrency was acquired with local fiat, was announced at the Digital Bridge 2022 forum.

“This precedent makes it possible for Kazakhstanis to legally purchase cryptocurrencies for tenge, while Eurasian Bank’s proprietary solution made it possible to set one of the lowest fees in the world for such a transaction,” the bank said in a press release. Intebix Exchange Director Talgat Dosanov went even further, claiming:

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This is the first cryptocurrency exchange-bank-client transaction in the entire Eurasian continent.

In May of this year, regulators approved pilot regulations permitting crypto transactions in Kazakhstan, under certain conditions. In order to participate in the project, crypto exchanges are required to obtain a license while banks need to adhere to the adopted rules. The government maintains that the framework meets international standards in terms of transaction oversight and security.

The process of buying crypto with Kazakhstani tenge was demonstrated to the country’s head of state. President Kassym-Jomart Tokayev expressed his administration’s readiness to support the further development of the project to facilitate crypto asset exchange in the Astana International Financial Center (AIFC), the Central Asian nation’s financial hub, if the trial is successful.

Kazakhstan intends to become a leading player in the field of new digital technologies, the cryptocurrency ecosystem and regulated digital mining, Tokayev emphasized. “If this financial instrument shows further demand and security, then it will certainly receive full legal recognition,” he was quoted as saying.

The pilot project at the AIFC was launched this past summer when registered crypto exchanges were allowed to open accounts with domestic banks. Two trading platforms, Intebix (operating under the Biteeu brand in the EU and Australia) and Ataix Eurasia, as well as Halyk Bank, Altyn Bank, and Eurasian Bank are participating in the tests. The pilot will run until the end of 2022.

Eurasian Bank also announced a plan to issue a crypto card this year. It will be linked to an Intebix wallet and holders will be able to pay in tenge while spending their digital coins. The banking institution is currently working out the details with the National Bank of Kazakhstan. Eurasian Bank ranks seven among Kazakhstan’s banks in terms of assets and is a leader in the retail banking market.

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AIFC, Bank, Banking, banks, Bitcoin, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Eurasian Bank, Exchange, Exchanges, financial hub, framework, Intebix, Kazakhstan, Kazakhstani, mining, pilot project, purchase, Regulations, rules, Transaction

Do you expect a rapid increase of crypto-fiat banking operations in Kazakhstan? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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commodity exchange

Russian Exchanges Ready To Launch International Crypto Payments, Lawmaker Reveals

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Russian Exchanges Ready To Launch International Crypto Payments, Lawmaker Reveals

The largest exchanges in Russia are ready to begin operating with cryptocurrencies right after authorities legalize cross-border settlements in crypto, according to a leading member of the Russian parliament. The stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the high-ranking official added.

Russia’s Top Exchanges Waiting for Moscow’s Green Light on Cryptocurrency Payments

Major Russian exchanges are prepared to start working with cryptocurrencies as soon as government institutions create the legal conditions for crypto settlements, the head of the Financial Market Committee at the State Duma, the lower house of parliament, has announced.

Moscow Exchange, St. Petersburg Exchange, and the St. Petersburg International Commodity Exchange are actively working to develop the market and are ready to immediately get involved in the process, since the infrastructure is already there, Anatoly Aksakov said in an interview with Parlamentskaya Gazeta, the official newspaper of the Federal Assembly.

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Also quoted by the crypto news outlets Bits.media and RBC Crypto, the Russian deputy pointed out that legislation designed to regulate the matter is currently being discussed. The necessary bills can be adopted as early as November, the lawmaker indicated.

Russia turned its attention to cryptocurrencies as a way to circumvent financial restrictions imposed by the West over its military invasion of Ukraine. The Russian government now views them as a tool that can ensure uninterrupted cross-border payments.

In mid-September, Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to elaborate by December a joint position on the federal legislation needed to regulate the issuance and circulation of digital coins, including their mining and use in international settlements.

Last week, news came out that the two regulators have already reached a general agreement on a bill authorizing the employment of cryptocurrency in foreign trade deals. Russian media reports also unveiled that financial authorities in Moscow are already developing a mechanism to facilitate such crypto payments.

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commodity exchange, cross-border payments, cross-border settlements, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Exchanges, international settlements, moex, moscow exchange, Payments, Russia, russian, Settlements, stock exchanges

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Do you expect Russia to quickly adopt laws allowing the use of cryptocurrencies in cross-border settlements? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crime

Binance launches new program to help law enforcement fight cyber crime

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Binance launches new program to help law enforcement fight cyber crime

Binance launches new program to help law enforcement fight cyber crime Zeynep Geylan · 8 hours ago · 2 min read

The Global Law Enforcement Training Program will help authorities to detect and prosecute cyber criminals.

2 min read

Updated: September 28, 2022 at 12:48 am

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Cover art/illustration via CryptoSlate

Binance on Sept. 27 unveiled its new Global Law Enforcement Training Program, which will help law enforcement detect cyber financial crime and assist in prosecuting malicious actors.

This program is the industry’s first global coordinated effort. According to the announcement, the Binance investigations team has grown exponentially over the year and is ready to share its expertise.

Individuals from the Binance investigations team with global hands-on practice in the topic will lead the program. These individuals include security experts, former law enforcement agents, analysts, and operatives who helped take down global cyber-criminal organizations such as Hydra.

The announcement also mentioned a standard one-day training program that includes in-person workshops explaining the fundamentals of crypto and blockchain with particular emphasis on the regulatory environment they operate in.

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Binance investigations expansion

The announcement states that Binance’s investigations team has hosted and participated in over 30 workshops on fighting cyber and financial crime over the past year. The team also contacted law enforcement officials from numerous countries, including the U.K., France, Germany, Canada, South Korea, and the Philippines.

Binance’s Global Head of Intelligence and Investigations, Tigran Gambaryan, said:

“As more regulators, public law enforcement agencies, and private sector stakeholders look closely at crypto, we are seeing an increased demand for training to help educate on and combat crypto crimes. To meet that demand, we have bolstered our team to conduct more training and work hand-in-hand with regulators across the globe.”

The team previously aided Uniswap and Curve DNS when they were exploited by cybercriminals in July and August, respectively.

Binance’s recent endeavors

The exchange giant has been taking steps to dive deeper into the regulatory side of the crypto sphere.

To promote responsible regulation of the crypto industry, Binance launched a Global Advisory Board (GAB) on Sept. 22. The GAB included various experts in the field, including a former U.S. senator and global business leaders.

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Binance CEO Changpeng Zhao described GAB’s mission by saying:

“With the [board], we’re supercharging our ability to manage regulatory complexity by tapping into the highest level of expertise available in the world.”

One day later, the exchange announced that it hired its rival exchange Kraken‘s compliance chief. Steven Christie left his position at Kraken to serve Binance as senior vice president of compliance. In addition to sharing the news, Zhao added that the exchange was looking to hire more people to work on its compliance team.

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