Here's your Thursday edition of Cryptonews Crunch, featuring the latest stories on why Canadian crypto exchanges are introducing an annual buy limit for certain cryptocurrencies, Phantom announces a new feature that will burn spam NFTs sent by scammers, and episode 153 of the Cryptonews Podcast.
In line with regulations, Canadian crypto exchanges are introducing measures to cap the annual buy limit for selected cryptoassets at CAD 30,000 (USD 23,250) per year. Canadian crypto exchange Newton said in a statement in which it explains the new limits to its users that, "over the past several months," they have been "quietly" working on our registration with the Ontario Securities Commission, as well as the securities regulatory authorities in other Canadian provinces and territories. Users will be able to see these limits on the Newton app when they go to place a trade. The limits exclude Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The limits do not apply to the users who live in British Columbia, Alberta, Manitoba, or Quebec, according to the platform.
Solana-based wallet provider Phantom has announced a new feature that will burn spam NFTs sent by scammers. The wallet provider said scammers are taking advantage of Solana’s low transaction fees and airdrop spam NFTs to users. These unwanted NFTs ask users to click a link in order to receive a free gift. After clicking the link, users are taken to a site where they are "asked to approve a transaction to “mint” or “claim” a free NFT," which will lead to the loss of funds. In a bid to tackle this issue, Phantom has announced the Burn NFT feature. Users can remove the unwanted NFTs by selecting the Burn Token function. Users will also receive a small deposit of SOL each time they use this feature.
As reported last year, regulators sent letters to 27 crypto exchanges that they argued actively target South Koreans. They told the firms that they could be hit with sanctions if they continued to actively seek South Korean customers. Although a large number of South Korean crypto investors continue to use overseas crypto exchanges using VPNs and other workarounds, regulators have warned exchanges off actively looking for South Korean customers. Per KBS, the Financial Intelligence Unit (FIU) asked law enforcement authorities to launch formal investigations into the group of 16 exchanges. anyone found to be involved in the unreported sale or purchase of cryptoassets in South Korea can be punished with jail time of up to five years, in addition to fines of up to USD 38,000.
Data obtained by TV-ad measurement company ISpot.tv shows that crypto companies - including Crypto.com, Coinbase, and FTX- have dramatically decreased their expenditure on television marketing in the past months, Bloomberg reported. In February 2022, the month of the Super Bowl, industry players spent USD 84.5m on such activities. A month later, the number fell from this high, going down to only about USD 18m. Last June, crypto businesses spent USD 3m on TV ads, and the figure reported for July 2022, at a mere USD 36,000, illustrates how little the sector is now willing to spend on television advertising. It is noteworthy that the July 2022 figure was the lowest monthly total since January 2021.
Paolo Ardoino is the CTO of Bitfinex and Tether, who also recently launched Keet.io, a Peer-to-Peer Chat App, built with the Holepunch platform that allows anyone to create apps that don’t use any servers. Paolo is also a certified meme-lord and has one of the best accounts on crypto Twitter.
Crypto.com wallet customers can now purchase everyday items, such as petrol, coffee, and sandwiches across 175 On The Run fuel and convenience store sites across Victoria, South Australia. and Western Australia using their crypto by using the Crypto.com App to scan a QR code on their phone. Peregrine Corp, the owner of OTR, plans to roll out the capability to another 250 retail sites across the country, said the announcement.
Brazilian investment bank BTG Pactual launched a crypto trading platform. Called Mynt, the platform will offer its users access to Bitcoin, Ether, Solana, Polkadot, and Cardano, the company said in a press release.
The CEO of a major Canadian institutional investor recently said he’s written off the company’s stake in Celsius, Bloomberg reported. Charles Emond, CEO of the Caisse de Depot et Placement du Quebec, discussed investing USD 150m into the troubled crypto lender, which filed for Chapter 11 bankruptcy last month, and said even though the due diligence was “quite extensive”, it is not a guarantee of success. He added that he has “empathy” for thousands of investors whose funds Celsius had locked up.
Non-custodial lending protocol Yupana.Finance said that it is providing credit protocol benefits to the Tezos community, enabling them to borrow, lend, and earn rewards. The press release stated that the developers of Madfish, a software development company in the Tezos ecosystem, have tested Yupana "extensively" and that it is already launched on the Tezos mainnet.
Singapore-based crypto staking firm RockX has been recognized by Staking Rewards, a central information hub and data aggregator for crypto staking, as a Verified Staking Provider with effect from July 20, 2022. Offering non-custodial staking services for all major Proof-of-Stake public blockchains, RockX is one of 22 providers globally that have applied for and obtained verification, while four out of these are based in Asia, said a press release shared with Cryptonews.com.
Crypto platform Wirex has introduced new payment methods, to make it easier for users to top up and withdraw funds from their accounts. The methods include SEPA Instant and Faster Payments, allowing customers in the UK and the EEA to transfer GBP and EUR between Wirex and bank accounts more easily, it said.
Blockchain interoperability protocol Celer Network was forced to shut down its cBridge product after coming under a Domain Name System (DNS) hijacking attack. To mitigate the potential threat, the company asked its users to revoke the approval for a number of contracts, including Polygon, Avalanche, and others. Following this, the team stated that cBridge frontend user interface (UI) is now up again with additional monitoring in place.
Tether, the issuer of the USDT stablecoin, said that it is updating its assurance and attestation processes, and officially began working with BDO Italia, the Italian member firm of BDO global organization, the top five ranked global independent public accounting firm, in July 2022 for its quarterly attestations. Tether will also focus on moving towards releasing its attestations from a quarterly basis to monthly reports.
The Sandbox’s Alpha Season 3 will launch on August 24, the company confirmed in a press release today. It said that this will be the biggest Alpha Season to date, as it includes 98 experiences over 10 weeks, meaning players will get new content every day.
Never lose your seed phrase again! The CRYPTOTAG hardware wallet is fireproof, waterproof, and resistant to corrosion, erosion, and physical damage - it is the most durable backup seed storage solution.