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Stay informed with free updatesJust sign up for cryptocurrency myFT Digest — delivered straight to your inbox.HSBC has a history of money laundering blunders. The company was fined in the US a decade ago for its role in enabling drug cartels in Latin America, and in the UK in 2021 for a series of failures, including serving a criminal gang leader. Ta. Therefore, it is understandable that fellow bank Standard Chartered is reluctant to accept Hong Kong's crypto exchanges as customers. “Come on, come on,” Binance’s then-chief compliance officer Samuel Lim said of some customers in a 2020 chat, according…
Blockchain could help stop “out-of-control” artificial intelligence (AI) being misused by President Vladimir Putin to spread fake news about the Ukraine war, an expert has claimed.The sophistication of AI technology has advanced rapidly in recent months, with the rise of programs like ChatGPT. Beyond fake news, the integration of blockchain and AI may also help curb the rise of so-called deepfakes.Credit: GettyThis technology could help stop tyrants like Putin from exploiting AI.Credit: AFPWhile this has helped some people speed up work processes and plan vacations, it has also been used to promote fake news, and the US, EU and UK…
Immediately after the US Federal Reserve announced a pause in interest rate hikes, Bitcoin plummeted, dropping to its lowest level in months. Most altcoins are faring even worse, with ETH, XRP, ADA, DOT, LTC, AVAX, and many other coins down 5-7%. BTC falls below $25,000 The past week hasn't been all that great for BTC, despite a rebound on Tuesday following the SEC's lawsuit against Binance and Coinbase. As the weekend approached, Bitcoin plummeted again from $27,000 to below $26,000. The weekend itself was somewhat positive as BTC was around $26,000. The first few days of the new week were…
Major cryptocurrencies faced new pressure on Thursday as the industry grapples with new challenges on multiple fronts.Bitcoin (BTC-USD), the largest digital coin, fell 4% to its lowest level in three months. Other major cryptocurrencies also fell, with Ethereum (ETH-USD) and BNB (BNB-USD) down more than 5%, and a stablecoin called Tether below the key price of $1.These declines have brought the total market value of all crypto assets to its lowest level since the banking industry turmoil began in March, according to CoinMarketCap.Listed cryptocurrency companies also fell, including the stock price of Coinbase Global (COIN). Other crypto stocks sold off…
Editor's note: We earn commissions from Forbes Advisor partner links. Commissions do not influence editors' opinions or ratings. Cryptocurrency is no longer a new investment asset on the block. This means that in 2023, income earned from cryptocurrencies will receive a lot of attention from the IRS. Unfortunately, tax rules for cryptocurrencies are still a bit complicated. The IRS has clearly stated that virtual currency may be subject to either income tax or capital gains tax depending on how it is used. How are cryptocurrencies taxed? First, there is no obligation to pay taxes on cryptocurrencies if you simply “hold”…
Editor's note: We earn commissions from Forbes Advisor partner links. Commissions do not influence editors' opinions or ratings. The Upgrade Bitcoin Rewards Visa® is no longer available to new applicants. Please visit the publisher's website for more information on available benefits. Card details are collected independently by Forbes Advisor and are not reviewed or approved by card issuers. Crypto rewards credit cards are a modern incentive-style payment option that rewards users with cryptocurrencies instead of cash back. These cards are designed for people of varying degrees of crypto enthusiasts, from those who want to dabble in cryptocurrencies but don't have…
After more than a year of raising interest rates at every meeting, the Fed earlier today kept its policy rate unchanged at its target rate of 5% to 5.25%.Bitcoin and Ether, the two largest digital assets, have fallen sharply following this news. BTC fell more than 3% and ETH fell 5%.Widespread selling occurred about two hours after the rate decision.Cryptocurrency market falls after Fed leaves interest rates unchangedFew were surprised by the Fed's choice to maintain current interest rates. The Chicago Mercantile Exchange's FedWatch tool, which attempts to predict Fed moves using federal funds futures prices, showed a 98% chance…
It's hard to imagine two technologies that reflect the zeitgeist more than artificial intelligence (AI) and cryptocurrencies, so it's no surprise that these two fields have come together in the form of AI cryptocurrencies. We looked at some of the largest AI cryptocurrencies by market capitalization, according to CoinMarketCap*. First, here's a primer on what they are. Featured partnersheritageOver 1 million investors trust Mudrex with their crypto investmentssafetyMudrex is the Government of India. A recognized platform where your 100% guaranteed deposits are stored in an encrypted walletFeeEnjoy zero crypto deposit fees and the highest commission rates in the industry.Multi-award-winning brokerListed…
Signs of recovery in corporate and consumer sentiment According to data from the Organization for Economic Co-operation and Development, the euro area's GDP grew by 0.1% quarter-on-quarter in the first quarter of 2023. Among the eurozone's major economies, Spain (preliminary figures) and Italy both posted 0.5%, France 0.2%, while Germany stagnated.1 Overall, it would be no exaggeration to say that the euro area economy has stagnated. However, against the backdrop of gloomy predictions of a severe winter recession that were circulating just a short while ago, the economic situation in the euro area might be considered good news. Current consumer…
The Securities and Exchange Commission's (SEC) Monday effort to freeze Binance US funds is a “draconian and unduly burdensome” measure, the global cryptocurrency exchange's U.S. affiliate said on Monday. insisted.”If the court takes up the merits of the SEC's complaint, it should dismiss the complaint. The SEC is seeking unnecessary and unwarranted relief, a relief that is “carefully calibrated'' to “preserve.'' Far from demanding it.”[] “The status quo…the SEC’s proposed remedies would effectively end BAM’s operations,” Binance.US’ motion asserted.BAM Trading Services is the name of the organization that operates Binance.US. According to the SEC, the company is owned by BAM…