Daily Crypto News | August 1st, 2022

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Welcome to Barmy’s Daily Crypto News – August 1st, 2022

1. Ethereum Vitalik Buterin Is Not In Favor Of Corporate Metaverse Attempts

This past weekend, Vitalik Buterin talked about the metaverse after retweeting a statement made by Dean Eigenmann, the co-founder of Dialectic and a blockchain auditor, who stated he didn’t think the metaverse “will happen in the ways VCs are currently funding.” In agreement with the evaluation, Buterin retweeted Eigenmann’s tweet on Saturday.

Buterin believes the metaverse will materialize, but none of the business initiatives currently underway to consciously construct the metaverse will succeed. Almost 10,000 people have liked and almost 1,500 have retweeted Buterin’s tweet about the metaverse just 24 hours.

2. The Battle Over The $2 Billion Venezuelan Gold Stash Is Still Ongoing

The story of the Venezuelan gold kept in the Bank of England’s vaults appears to be coming to a close. The opposition leader Juan Guaido, who suggested a different administration for the nation back in 2019, is in charge of the 31 tonnes of gold, according to the High Court of London.

The judgment claims that the Supreme Tribunal’s decisions, which disregarded Guaido’s right to manage this gold, were disregarded as a result of the government of England’s recognition of Guaido as Venezuela’s interim president.

A move “toward protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people,” according to Guaido’s team, who hailed this as a success. The Maduro administration was preparing an appeal, calling the judgment a “unfortunate ruling.” Guaido will not be able to move this gold, even with this ruling, until the issue has been entirely resolved.

3. Uruguay’s Central Bank Summons Binance For Saving Products

Several regulators from nations throughout the world are focusing on cryptocurrency savings products. These are the targets of the Central Bank of Uruguay, which recently summoned Binance because of its selection of products there. The institution claims that Binance is providing them as savings-focused alternatives without being registered with or given permission by regulators.

The institution clarified: “The call to the general public for the application of their savings can only be done through financial intermediation institutions authorized to collect deposits in the market or as an issuer registered in the stock market registry.”

The cryptocurrency exchange responded promptly to this letter and, according to Bloomberg Linea, is already in contact with the Central Bank of Uruguay to discuss the matter. The business has the option of defending itself and outlining its position on the investment goods.

4. US And UK Regulators Cooperate On Further Crypto Laws

The U.K.-U.S. Financial Regulatory Working Group released a joint statement last week, which was published by the U.S. Department of the Treasury.

On July 21, the group had a meeting. HM Treasury, the Bank of England, the Financial Conduct Authority, the U.S. Treasury Department, the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) sent representatives and senior staff to the meeting (SEC).

In order to further promote financial stability, investor protection, fair, orderly, and efficient markets, as well as capital formation in both jurisdictions, the financial regulatory working group was established in 2008, according to the statement.

5. BTC-e’s Vinnik To Become ‘Hostage’ in US Amid Ukraine Conflict

The return of convicted money launderer Alexander Vinnik to Greece is anticipated to be approved by a French court the following week. The Russian native was detained by Greek officials in 2017 and turned over to France two years later, where he was also accused of extortion and identity theft. Taking into consideration the time he spent in detention before the trial, he has now completed serving a five-year term there.

On a warrant from the United States, where he is also accused of laundering at least $4 billion through the infamous BTC-e exchange, including money from the Mt Gox breach, Vinnik was arrested in Thessaloniki, where he had arrived on holiday with his family. He is also suspected by American prosecutors of working with Russian intelligence.

By decree of the then-justice minister Kostas Tsiaras, Greece authorized his extradition to the United States before transferring him to France. Vinnik’s legal team is now concerned that he will be sent to the United States as soon as he is allowed to return home.

Former speaker of the legislative Zoe Konstantopoulou, his Greek attorney, has been attempting to stop this progression. She cautioned that the Russian IT specialist, 43, will essentially become a “hostage” of the geopolitical conflict surrounding Russia’s invasion of Ukraine in the United States.

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