Daily Crypto News | December 6th, 2022
Welcome to Barmy’s Daily Crypto News – December 6th, 2022
1. SEBA Bank partners with HashKey to speed up digital asset adoption for institutions
To hasten the institutional adoption of digital assets in Hong Kong and Switzerland, SEBA Bank announced a partnership with the financial services company HashKey Group.
For institutional investors looking to enter the cryptocurrency ecosystem, the two companies want to provide a range of solutions. Both businesses claimed to be committed to compliance and to embracing various regulatory frameworks in their respective countries.
According to Franz Bergmueller, CEO of SEBA Bank, Hong Kong is a pioneering jurisdiction when it comes to licensing for cryptocurrency-related goods and services. SEBA Bank is eager to expand its presence in the nation through HashKey and join the local digital asset ecosystem.
The Hong Kong Securities and Futures Commission recently granted HashKey Group permission to conduct business there. In contrast, SEBA Bank became the first company to be given a digital asset custody license in Switzerland in 2021, enabling it to provide institutional custody services.
2. Nexo plans to gradually cease operations in the United States
Nexo, a cryptocurrency loan and borrowing company, intends to progressively halt operations there “over the following months.”
The choice to depart the United States is “regrettable but necessary,” according to Nexo. Nexo claimed in the post that it has been in discussions with American regulators for 18 months in an effort to figure out how to abide by American financial laws. However, the company and American officials have not reached an agreement as a result of these negotiations.
Their decision follows more than 18 months of sincere communication with US state and federal officials that has reached a standstill. They can no longer provide our clients the assurance that regulators are working in their best interests since it is now regrettably evident to them that, despite claims to the contrary, the US refuses to provide a way ahead for enabling blockchain enterprises.
For the time being, existing clients from other states will still have access to the product. Following the demise of the cryptocurrency exchange FTX, U.S. regulators have come under scrutiny recently. Some American legislators have argued that authorities need to be granted additional authority to oversee cryptocurrency exchanges.
3. SEC and Ripple is approaching its conclusion after a two-year-long battle
After a two-year legal struggle, the most well-known cryptocurrency case involving Ripple and the US Securities and Exchange Commission (SEC) is nearing its conclusion.
The SEC and Ripple each submitted a redacted reply to the other’s opposition to a move for summary judgment on December 2. “The court should grant Defendant’s Motion and should deny the SEC’s Motion,” Ripple said in the letter.
On December 3, Ripple’s general counsel, Stuart Alderoty, tweeted that this was the company’s “last submission” requesting the judge to “grant” judgment in its favor. Alderoty continued to criticize the SEC in a subsequent tweet on December 5, referring to it as a “bouncing regulator” and citing two statements that he said contradicted one another.
When the SEC filed a lawsuit against Ripple in December 2020, alleging that the company had raised $1.3 billion by selling its native cryptocurrency XRP as unregistered securities, the legal conflict between the two parties got underway.
4. Lazarus group has been connected to a new attack scheme
A new assault plan to access systems and steal bitcoin from third parties has been attributed to the Lazarus group, a North Korean hacker group previously related to criminal behavior.
The U.S. government has already sanctioned the North Korean hacker group Lazarus. Volexity, a cybersecurity company based in Washington, D.C., has linked Lazarus to a threat involving the use of a crypto site to infect computers in order to steal data and bitcoin from third parties.
According to a blog post published on December 1, Lazarus registered the domain name “bloxholder.com” in June. This domain would eventually be used to launch a company that provided automated cryptocurrency trading services. Using this website as a front, Lazarus encouraged visitors to download a program that would act as the payload for the Applejeus malware, which was designed to steal private keys and other information from the users’ devices.
5. Spanish Laliga to Use Blockchain System for Soccer Ball Certification
The top soccer league in Spain, Laliga, has declared that it will be among the first institutions to validate goal-scoring balls using blockchain technology. The institution has already collaborated with Gol-Ball, a different business, to put the technology in place.
The technology, which will go into effect following the world cup in Qatar, will track every ball used in every game, sort them out, and show which ones were used to score each goal. Previously, this was not possible because each football was cycled and mixed in with the others.
Former soccer player and Laliga ambassador Samuel Eto’o discussed the significance of this new technology.
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