Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the back-and-forth between Binance and the US Securities and Exchange Commission (SEC) intensifies as the regulator claims Binance.US is not cooperating with them as the exchange has seen a flurry of departures.
SEC claims Binance.US is not cooperating as judge denies latest request
Since suing Binance.US on 13 charges last June, the SEC believes the US crypto exchange is not cooperating with its investigation over alleged refusal to handover related documents amongst other complaints.
However, despite its assertions, Federal Judge Zia Faruqui has denied the SEC’s recent request to access Binance’s US arm’s technology infrastructure.
More recently, the SEC has accused Binance.US of not cooperating with them on the charges placed against them, claiming the exchange’s international custody service, Ceffu, violates the regulator’s deal to halt assets from being moved overseas.
‘Not much innovation will come from PayPal’ stablecoin states Tether Founder
William Quigly, Co-Founder of Tether – the issuer of the USDT – believes that PayPal’s recently launched stablecoin PYUSD will not bring ‘much innovation’ to the stablecoin sector.
Whilst Quigly acknowledges that PayPal – in whom he was an investor – and other private stablecoin issuers are a “benefit to society”, he believes that PYUSD will not be a driver of innovation.
He shared: “He shared: “I don’t think much innovation will come from PayPal. I think PayPal will see this principally as a cost saving. They may or may not pass on a portion of that to their end users.”
Deutsche Bank to bring about a new wave of German crypto adoption?
In an important development for the German crypto sector, the country’s largest financial institution Deutsche Bank has announced its new crypto custody service.
Enabled through a partnership with Swiss crypto company Taurus, the deal would allow institutional clients to store a set amount of cryptocurrencies and tokenized digital assets with the bank.
Paul Maley, Deutsche Bank’s Global Head of Securities Services, commented: “As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike.”
Stablecoin settlements viable in UK and Europe via Noda
BVNK has combined with Noda, the Open Banking payments provider, to bring stablecoin settlements to customers in the UK and Europe.
The deal will see Noda enable businesses in ecommerce, travel, gaming, and financial services to accept direct bank payments online via Open Banking as an alternative to card payments.
Stablecoin traction accelerated for Noda in 2022 as fast settlement times made them an increasingly alluring prospect for consumers.
BetConstruct enables multi-pay crypto payment capabilities
BetConstruct has updated its payments provisions with the launch of its Multi-Wallet Solution, which now enables cryptocurrency capabilities.
In its latest push, the Multi-Wallet provides a means for players to use funds from various wallets regardless of whether these are fiat currencies or cryptocurrency, as opposed to exchanging on other platforms.
BetConstruct stated: “This marks a significant enhancement for players and operators to elevate the gaming experience to unprecedented heights. Moreover, integrating with players’ preferred crypto wallets, like Metamask, is now easier.”