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Genesis sues Roger Ver for $20M over unsettled crypto options trades.
Roger Ver, commonly known as “Bitcoin Jesus,” has 20 days to answer the summons from Genesis unit GGC International before being required to pay by default.
Bitcoin Cash advocate Roger Ver has sued by a unit of crypto lending firm Genesis over unsettled crypto options amounting to $20.8 million.
GGC International, a part of the bankrupt crypto lender, filed the suit against Ver in the New York State Supreme Court on Jan. 23, claiming that the BCH proponent has failed to settle crypto options transactions that expired back on Dec. 30.
Ver was given a total of 20 days to answer the summons. Should the BCH advocate fail to answer within that time frame, he will be obliged to pay the total amount by default. At the time of writing, the BCH proponent has not yet responded to the case.
The Genesis website states that GGC International is a company based in the British Virgin Islands. The firm is owned by Genesis Bermuda Holdco Limited, under Genesis Global Holdco, an entity included in the bankruptcy filing.
Roger Ver had not responded to Cointelegraph’s request for comment at the time of writing.
Last year, Ver also made headlines for allegations of defaulting on a debt. CoinFLEX CEO Mark Lamb claimed that Ver owes the firm $47 million USD Coin and was bound by a written contract. On June 28, Ver also denied these claims without directly mentioning the company.
On Jan. 20, the crypto lender filed for Chapter 11 bankruptcy in the Southern District of New York. The firm began a court-supervised restructuring to move the business forward. The process will be led by a special committee that aims to provide an outcome that is optimal for both Genesis clients and Gemini Earn users.
Meanwhile, Genesis creditors are setting their sights on Digital Currency Group (DCG), the parent company of Genesis Global. On Jan. 24, Genesis creditors filed a securities class action lawsuit against DCG and its founder and CEO, Barry Silbert. The creditors alleged that the firm violated federal securities laws by offering unregistered securities.
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Binance SWIFT banking partner set to ban USD transfers below $100K.
Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT payment system.
Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers.
The service disruption will impact users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The disruption will take effect on February 1.
Binance announced the news to its “Binancians” by email on January 21, stressing that they’re now “actively seeking” a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers.
The cryptocurrency exchange added that this was the banking partner’s decision and that Binance wouldn’t be the only trading platform impacted by the change:
“This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.”
Binance did however stress that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.
The cryptocurrency exchange added that SWIFT-based transfers would remain in operation for non-USD bank transfers, such as the Euro.
Binance confirmed the change wouldn’t impact its “Corporate Accounts.”
The banking partner involved is Signature Bank, according to a Jan. 21 report by Bloomberg. The bank set the minimum transaction limit of $100,000 in effort to decrease its exposure to the digital asset market, Bloomberg explained.
While payment service disruption wasn’t Binance’s decision, the trading platform has suspended transfers in recent times.
Binance recently imposed a temporarily suspension on Solana-based USDT and USDC deposits on November 17.
While the exchange also temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days ahead of the Ethereum Merge.
Immediate Edge Review 2023 - Scam or Legit?
Immediate Edge markets itself as an online trading platform for cryptocurrencies, forex, and other assets. According to the website, this platform can be used by beginners and experts alike to improve the trading experience and generate more profit from the market.
Immediate Edge is somewhat vague about exactly what its platform offers. So, is this trading platform legit? In our Immediate Edge review, we’ll take a closer look at this service’s claims and help traders decide if it’s right for them.
Immediate Edge advertises a trading platform that can smooth out the experience of trading in volatile markets. The platform’s website says that Immediate Edge can help beginner traders make better decisions. It also says that it can help expert traders save time when trading.
The website doesn’t provide much detail about the tools this trading platform offers. It doesn’t mention any technical charting features that traders can use. It’s also not clear whether Immediate Edge is an algorithmic trading platform.
The Immediate Edge website provides very little information about how this trading platform works. It only advertises that the platform enables traders to monitor the market and make better trading decisions.
The site also states that expert traders can save time while trading. This suggests that Immediate Edge offers research tools to help users find trading opportunities or offers an automated crypto trading bot.
Users can sign up for Immediate Edge for free. There is a $250 minimum deposit required to activate live trading. The website advertises a demo account that could be a good way to test out Immediate Edge and find out whether the platform suits a particular trader’s strategy and goals.
The Immediate Edge website markets that users can choose the assets they want to trade. This is true for many technical trading platforms, which allow users to monitor charts and watchlists for a variety of popular assets.
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CBDCs not worth the costs and risks, says former BoE advisor.
Tony Yates, the former senior adviser of the Bank of England, argues that CBDCs are not worth the headache.
Central banks worldwide are pushing forward with digital asset projects despite the various crypto industry implosions of the past 12 months. China has rolled out its central bank digital currency (CBDC) to several cities and made it available for use at the Winter Olympics.
Many other central banks, including the Bank of England, are considering how to roll out a CDBC, while Nigeria’s CBDC has had poor uptake so far. India has already launched a pilot scheme, while Mexico has confirmed the launch of a digital peso.
However, Tony Yates, former senior adviser to the Bank of England, advises against CBDCs in a recently published opinion piece for the Financial Times. According to Yates, “The huge undertaking of digital currencies is not worth the costs and risks.”
CBDCs are already in place in most countries as most countries already have digital versions of cash, coins and notes. Yates, therefore, questions the motivations behind global rollouts of CBDCs, calling them “suspect.”
CBDCs could be a way of quashing crypto, including decentralized currencies such as Bitcoin. However, “Cryptocurrencies are such bad candidates for money,” he explains, adding:
“They don’t have money supplies managed by humans to generate steady paths for inflation and are hugely expensive and time consuming to use in transactions.”
Yates’ take on Bitcoin is unsurprising. He has tweeted several times about Bitcoin, claiming that most of Bitcoin’s use is “illicit” and “speculative.”
Since Bitcoin use a public ledger available for everyone, its use for illicit purposes has decreased steadily over the years to less than 1% of total transactions, reports show.
On top of that, the layer-2 Lightning Network allows instant remittance payments, while other cryptocurrencies and even stablecoins continue to grow in use cases and development.
For Yates, introducing CBDCs is akin to “making central bank reserves more widely available than just to counterparties.” But in a world where the reserve currency is the U.S. dollar, the competition for a new global CBDC is counterproductive.
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Crypto lender Nexo wants to sue Bulgaria after office raids.
Nexo has denied reports that the firm has experienced massive outflows amid office raids and an ongoing investigation against the firm.
Troubled cryptocurrency firm Nexo is planning to sue the Bulgarian government after massive raids at the company’s offices in Sofia.
Nexo has complained about the actions of the law enforcement authorities in response to the investigation against the firm, the Bulgarian News Agency reported on Jan. 13.
The company is reportedly preparing to file a lawsuit against the authorities to seek compensation for damages caused by the abrupt police interruption. One report suggested that investigators did not provide a search warrant for hours, while inspectors never identified themselves.
Nexo believes the raids conducted in its offices yesterday were against the law and demonstrated the “total incompetence of those conducting this shameful action.” Nexo also described the actions against the firm as “local Bulgarian arbitrariness,” which allegedly aimed to “destroy and loot a prosperous business.”
The firm also emphasized that Nexo doesn’t offer any services for Bulgarian residents due to potential issues with the local government. The company also reiterated that it has been compliant with Anti-Money Laundering requirements and sanctions against Russia, in addition to cooperating with major crypto intelligence firms like Chainalysis.
The firm expressed confidence that it will win the lawsuit, which will provide Nexo with compensation for the damage caused by the investigation, stating:
“The compensations that Bulgaria will pay after the claims are filed and won by Nexo will be another record-breaking amount of hundreds of millions, but, unfortunately, they will be at the expense of the Bulgarian taxpayer.”
Siyka Mileva, a spokesperson for Bulgaria’s chief prosecutors, said that the investigation against Nexo involved more than 300 police officers, prosecutors and national security agents. She also noted that the probe is currently limited to Bulgaria, with local police officers searching 15 addresses related to Nexo as of Jan. 12. Other reports indicated that some foreign agencies were also involved in the investigation.
Turkish automaker Togg onboards Metaco for crypto custody and governance.
The partnership with Metaco will include using its digital asset custody and orchestration system, Harmonize, to safeguard the custody and governance of Togg’s digital assets.
Turkish automotive company Togg announced a partnership with Metaco — a digital asset custody and orchestration system provider — to secure its open mobility ecosystem built on Avalanche.
Togg’s mobility-as-a-service platform aims to deliver smart contract-powered use cases — including tokenization of mobility services, assessment of CO2 footprint and nonfungible token ownership — for users in Turkey and Europe.
The partnership with Metaco will see the use of its digital asset custody and orchestration platform, Harmonize, to safeguard the custody and governance of Togg’s digital assets. Sharing insights on the initiative, Togg CEO Mehmet Gürcan Karakaş stated:
“Blockchain-enabled digital tokens allow data and other assets to be stored and transferred in a fast, secure, and green way. By leveraging technology from Metaco, we make this possible.”
Hosted over IBM Cloud, Metaco’s platform provides Togg with total control of its encrypted data, workloads and encryption keys. According to the announcement, Harmonize is equipped with compliance standards used by Tier 1 banks dealing with digital assets.
German car manufacturer BMW recently onboarded two blockchain firms to improve its customer loyalty program in Thailand. On Dec. 29, 2022, BMW announced partnerships with blockchain infrastructure firm Coinweb as its decentralized architecture provider and BNB Chain for settling transactions.
The initiative’s first phase focuses on integrating decentralized tech into automating BMW’s daily manual operations. The project’s second phase would see Coinweb develop a customized Web3 application for BMW’s customer loyalty program.
MAPay and its crypto subsidiary MPayz, a global healthcare technology firm with a focus on decentralized payment networks, unveiled its partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India, to provide NFT technology that will store personal health data on the blockchain for the first time. Built on Algorand, the first deployment will introduce upwards of 100 million NFTs for this purpose.
MAPay will use its proprietary NFT technology to enable secure, decentralized storage. This application for NFTs will help eliminate intermediaries in the healthcare system that routinely cause bottlenecks, introduce risk, and drive up costs for all parties – including patients; public, private, and government health providers; insurance companies; and banks. See the full press release here:
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