PBoC announced new crypto ban / KY issued cease and desist to Celcius / CySEC issued new crypto policies

Plus: Lightning Network activity surged following the launch of Twitter's tipping feature.

Inside.com Part of   Network September 24, 2021

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The global crypto market cap is $2.89T 5.85%▼ with a 24-hour market volume of $128.41B 16.69%▲. Bitcoin's dominance is currently 42.16% 0.14%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $42,309.95 5.46% ▼ 2 Ethereum ETH $2,899.73 8.00% ▼ 3 Cardano ADA $2.25 0.89%▼ 4 Binance Coin BNB $351.20 8.13%▼ 5 XRP XRP $0.9298 6.96% ▼ *Prices as of 3:20 p.m. ET.

The People’s Bank of China (PBoC) issued an advisory framing new regulatory measures for crypto trading activities. Among other things, the PBoC stated that the trading of fiat currencies for crypto, as well as crypto-for-crypto trading, would be considered illegal activity. More: The new framework will require exchanges like Huobi, OKEx, and Binance to cease fiat yuan deposits for crypto trading immediately. Crypto derivatives trading will also be made an illegal activity in China, even if the exchange operates outside of the country. Unlike previous advisories, the latest notice from the PBoC was co-signed by the People’s Supreme Court and the Public Security Ministry.

The total crypto market cap dropped 5% following the announcement from the PBoC. The latest announcement continues a trend of selling pressure following the potential collapse of Evergrande. More: Bitcoin (BTC) fell 4.2%, and Ethereum fell 7.7% to a three-week low. Crypto mining stocks like Riot Blockchain and Marathon Digital also fell following the news. Market sentiment tracker Crypto Fear & Greed Index moved from neutral to negative over the past week. Mad Money’s Jim Cramer aired several concerns in the crypto market over the Evergrande crisis and its alleged ties to Tether (USDT).

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Bitcoin (BTC) Lightning Network activity surged following Twitter’s integration of BTC tipping. The number of new channels increased 8.4% over the past 24 hours. More: Twitter’s new tipping feature integrated Lightning Network-enabled BTC payment app Strike on the social platform. Twitter tipping lets users send BTC instantly and for free to anyone in the world. Lightning Network adoption has increased over the past couple of months with projects like Substack and Paxful integrating the Layer-2 solution onto their platforms.

▲ TOP GAINERS # Name Price 24h % 1 Celer Network CELR $0.1555 11.41% ▲ 2 Ren REN $0.974 11.28% ▲ 3 Terra LUNA $38.84 8.48% ▲ 4 Tezos XTZ $6.85 5.25% ▲ 5 Waves WAVES $26.15 4.95% ▲ ▼  TOP LOSERS # Name Price 24h % 1 Huobi Token HT $9.66 21.86%▼ 2 OKB OKB $14.04 17.96%▼ 3 Filecoin FIL $63.24 15.23%▼ 4 Synthetix SNX $10.34 13.61%▼ 5 NEAR Protocol NEAR $7.82 12.94%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:20 p.m. ET.

Kentucky issued an emergency cease and desist notice to Celcius (CEL) to halt the offering of interest-bearing accounts. The regulatory action mirrored actions taken by New Jersey, Texas, and Alabama. More: Kentucky securities regulators are preventing Celcius from offering interest-bearing accounts in a crackdown against crypto lending platforms. The Kentucky Department of Financial Institutions stated that the product exposes customers to “unprecedented” risk. Regulators allege that Celsius is offering “securities in the form of investment contracts” for depositing assets with the company. Five state regulators have additionally taken action against crypto lending platform and Celcius rival BlockFi.

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The SEC cited a law enforcement exemption to a recent Freedom of Information Act (FOIA) request on Tether (USDT). The use of the exemption suggests that the SEC may be investigating the stablecoin provider. More: The request was sent by The New Republic writer Jacob Silverman for all documents, emails, memos, and reports referencing Tether and Tether Operations Limited. The SEC clarified that invoking 5 U.S.C. § 552(b)(7)(A) does not necessarily mean an action is being taken against Tether. An earlier FOIA request for the same information answered in July did not find any information related to Tether. This may suggest that an enforcement investigation was launched within the past two months.

The Cyprus Securities and Exchange Commission (CySEC) issued a policy statement recognizing crypto companies as crypto service providers. The new framework will create a registration requirement and permit the authorization of crypto firms in Cyprus. More: All crypto companies will be required to comply with the E.U. AMLD5 money laundering regulations. Companies will be additionally categorized by business offerings under the new framework. Cyprus-based legal consulting firm G. Vrikis & Associates published an overview of the key features of the policy statement. Providing regulatory clarity positions Cyprus as a safe haven for crypto companies looking to operate within the E.U.

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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The only platform built to manage all things identity — helping businesses stay compliant, fight fraud, and build trust.

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