Chain News Daily Today TheBitTimes.com

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Bitcoin was launched about fifteen years ago, aiming to revolutionize finance. However, most businesses are still yet to fully embrace crypto payments. Admittedly, there are billion-dollar crypto service platforms which are remarkable stories in their own right. However, integration of regular businesses and blockchain services is still a work in progress. This gap is what Banxe seeks to fill. Exploring Banxe Banxe re-imagines banking in the crypto era.  From the perspective of a typical business operator, crypto is too inconvenient a payment option to utilize. The logistics of crypto to fiat conversion and related security concerns with handling crypto make for a tough sell. For individual accounts, Banxe allows clients to manage their digital assets and fiat from one location. More importantly, the Mastercard debit card is ...

Saulius Galatiltis, CEO of a Binance crypto-to-fiat payment affiliate, has stepped down in an ongoing exodus of executives from the digital asset titan. Galatiltis served as Bifinity’s chief executive from January 2022 to October 2023, per his LinkedIn profile. The Lithuania-based payment processor allowed customers to convert their fiat currencies into crypto tokens on Binance’s exchange, focusing on European users.  This is the latest departure from Binance-related entities as of Oct. 19 following a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging securities fraud. The suit indicted Binance Global, Binance.US, and CEO Changpeng Zhao. Binance’s Asia-Pacific director, Leon Foong, left the company on Aug. 31, a few weeks after general counsel Hon Ng and chief strategy officer Patrick Hillmann resigned.  Stéphanie Cabossioras, Binance France’s Managing Director, stepped down amid regulatory scrutiny aimed at Zhao’s company across multiple jurisdictions in N...

The new MPI license comes one year after Coinbase’s initial in-principle approval in Singapore, enabling it to expand digital payment token services. The United States-based crypto currency exchange Coinbase is expanding operations in Singapore by securing major regulatory approval from the country’s central bank. Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the firm announced on Oct. 1. The new license, coming one year after Coinbase’s initial in-principle approval in Singapore, enables the company to expand its digital payment token services to individuals and institutions in the country. According to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SGD ($4.4 million) limit of monthly transactions for two or more payment services, oth...

Over the last decade, Mt. Gox has repeatedly backtracked on plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Mt. Gox’s infamous 2014 security breach — that lost 850,000 Bitcoin (BTC) of investors’ funds — resulted in its users embarking on a seemingly never-ending, decade-long pursuit of closure via funds reimbursement. Over the years, Mt. Gox has backtracked on its numerous plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Latest notice concerning the change of repayment deadlines. Source: Mtgox.com However, with Mt. Gox postponing its repayment deadlines by one more year, from Oct. 31, 2023, to Oct. 31, 2024, the wait for redressal extends into the 11th year for Mt. Gox investors. Mt. Gox 2014: The year of the largest Bitcoin hack - (Avg. BTC price $420) Days after Mt. Gox lost 850,000 BTC in the February 2014 breach, leaked documents r...