The biggest news in the cryptosphere for Sept. 22 includes Binance’s newly established Global Advisory Board that will encourage responsible regulation of the cryptocurrency sector, the deal reached between Russia’s financial watchdog and the largest bank to use cryptocurrencies for international payments, and the indefinite closure. of the banks in Lebanon that pushed the Lebanese to turn to cryptocurrencies.

CryptoSlate Top Stories

Binance Establishes Global Advisory Board to Drive Responsible Crypto Regulation

Binance announced the launch of its Global Advisory Board (GAB) to support the responsible regulation of cryptocurrencies.

Binance CEO Changpeng Zhao said that the new effort indicates Binance’s commitment to establishing a healthy engagement with regulators around the world and supporting them as they work to create a regulatory framework for the cryptocurrency industry.

Russian Financial Regulators Agree to Use of Cryptocurrencies for International Payments

According to Russia’s Deputy Finance Minister Alexei Moiseev, the country’s Finance Ministry and its largest bank have agreed to allow the use of cryptocurrencies in international payments.

Moiseev said that the duo are working together to draft an acceptable regulation for cryptocurrencies before December 19.

Lebanese Turn To Crypto And Decentralization As Banks Shut Down Indefinitely

The financial crisis in Lebanon has worsened day by day. On September 15, the government froze all bank deposits and closed them for a week. However, on September 22, just as the banks were about to reopen, the Association of Banks of Lebanon (ABL) announced that the banks would remain closed indefinitely.

Meanwhile, Lebanese youth who already had high crypto adoption due to the ongoing financial crisis had fully turned to crypto. Seeking financial relief, these youngsters are leading the crypto revolution in the country.

FTX seeks to raise $1 billion in funding at a $32 billion valuation

Exchange giant FTX is preparing to hold a budget round to raise $1 billion. If this happens, the valuation of the stock market will reach 32,000 million dollars. Temasek, SoftBank and Tiger Global are among the investors who have agreed to fund FTX in this round.

The exchange held a funding round in January 2022, where it raised $400 million from various investors. However, this time around, FTX CEO Sam Bankman-Fried (SBF) is looking for support to continue his investment efforts to stop further contagion from winter conditions in the market.

Zilliqa Launches Web3 Gaming Console With Built-In Miner And Crypto Wallet

Zilliqa (ZIL) announced its new Web3 gaming console with mining capabilities. The new console will launch in early 2023 and will aim to bring new users into the blockchain gaming space.

Zilliqa Web3 game console

The beta testing period for the console will begin in October 2022, and users will be able to pre-order in the first quarter of 2023.

Helium Community Votes to Migrate to Solana and Wins New Partnership with T-Mobile

The Helium (HNT) community decided to migrate the wireless network to the Solana Layer 1 Blockchain (SOL), with an overwhelming majority of 81.4%. Helium developers said migrating from Solana would benefit scalability and adoption.

India Considers GST on Crypto Transactions Amid Sector Legality Assessment

The Indian government is working to implement a new tax policy on cryptocurrencies. Indian regulators are preparing to implement Goods and Services Tax (GST) on all crypto transactions, which could change between 18% and 28%.

Coinbase Denies The Wall Street Journal Proprietary Trading Accusations

The Wall Street Journal reported on Coinbase on Sept. 22, stating that the exchange created a trading pool and used $100 million of its funds to trade crypto.

Coinbase came forward the same day to reject the accusations, saying the magazine mistook Coinbase’s client-driven activities for proprietary trading. A company spokesperson said:

“Coinbase does not have, and has never had, a proprietary trading business. Any suggestion that we misled Congress is a deliberate misrepresentation of the facts. “

Korean Tax Authorities Seize $185 Million in Crypto From Tax Evaders Since 2021

Since 2020, the North Korean authorities have been seizing the assets of criminals and selling them if their taxes have not been paid.

A recent report revealed that authorities had seized approximately $185 million worth of cryptocurrency from tax criminals since 2021. The highest amount taken from one person was $8.87 million.

New UK Bill Aims to Help Law Enforcement Seize and Freeze Crypto

The UK has introduced a new bill that aims to make it easier for law enforcement agencies to freeze and seize crypto assets.

According to a statement, the Economic Crimes and Corporate Transparency Bill will strengthen the UK’s image as a place for legitimate businesses to thrive and drive dirty money out of the country.

Featured Research

Research: Decade-Old Whales Selling Bitcoin Again; the last time was during the collapse of LUNA

CryptoSlate analysis detected movement in crypto wallets with more than 1,000 Bitcoins (BTC) that were stagnant for about a decade. Looking at the Spent Volume Age Bands (SVAB) for Bitcoin, analysts revealed that both seven- to ten-year-old whales and ten-year-olds are selling their coins.

The last time the market saw a sell-off trend by whales was during the Terra (LUNA) crash in May.

Bitcoin SVAB Whales 7 to 10 years

Especially the whales that have been stationary for seven to ten years recorded their fifth and sixth highest transactions of the year. Although those over ten years of age did not break any records, a significant movement towards collection is also seen on their charts.

In addition, the number of whales has also decreased despite the fact that the price of Bitcoin continues to decline. Since whales tend to read the market better than any “junior” and hold out during the worst of storms, their declining numbers and token selling may indicate bearish sentiment in the market.

crypto market

Bitcoin (BTC) posted a 1.75% gain in the last 24 hours, rising to $19,340. Ethereum (ETH) also rose 0.26% to hit $1,328.

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Posted in: Bitcoin, Ripple, Solana, Zilliqa, Binance, Coinbase, FTX, India, Korea, Russia, USA, Wrapped

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This post Lebanon Turns To Crypto Amid Bank Closures; FTX Seeks To Raise $1B; Zilliqa Launches Web3 Gaming Console

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