Mastercard, Binance to launch their second prepaid crypto card in Latin America. Crypto adoption and usage in Brazil are higher than the global average. Credit card giant MasterCard has teamed up with the world’s largest crypto exchange Binance to launch another prepaid crypto card in Latin America. On Jan. 30, Binance announced the launch of the Binance Card in Brazil. The new card is issued by Dock, a payment institution regulated by the Brazilian Central Bank. It will allow new and existing Binance users in the country with valid national IDs to make purchases and pay bills with crypto assets. The card is in a beta testing phase and will be “widely available in the coming weeks,” according to Binance. Brazil is the second country Binance has launched the product following Argentina in August 2022. According to the announcement, Brazil is among the top ten markets for Binance globally.
Bithumb ordered to pay outage damages to investors by South Korean court. A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange. The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved.
Crypto.com delists USDT for Canadian users following OSC ban. Registered cryptocurrency exchanges in Ontario, Canada, cannot list USDT due to regulatory prohibition. According to user reports circulating on social media on Jan. 10, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) for Canadian users, effective Jan 31. The exchange has told itcustomers that if they do not withdraw or convert their USDT assets by the deadline, then their Tether will be automatically converted into USD Coin (USDC). It wrote: “You may incur a retrieval fee if deposits of USDT are made from external wallets after this suspension period, and fund retrieval may not be possible in some cases.” In August, Crypto.com announced that the Ontario Securities Commission had accepted the firm's pre-registration undertaking for operations in Canada. As part of regulatory requirements, cryptocurrency exchanges operating in the Canadian province of Ontario are prohibited from listing digital assets banned by the OSC, which includes USDT. Similarly, Coinsquare, a cryptocurrency exchange regulated by the Investment Industry Regulatory Organization of Canada (IIROC), currently does not list USDT as one of its available trading assets.
FTX did not hold back on company expenses in the Bahamas, according to court documents. FTX’s Bahamian company spent a staggering amount of money on luxury hotels and accommodation, flights and food in the nine months before the exchange’s collapse, court filings have revealed. According to bankruptcy court documents reviewed by Business Insider, FTX Digital Markets went through $40 million between last January and September, before filing for bankruptcy in November because of “liquidity issues.” More than $15 million went on luxury hotels and accommodation, with $5.8 million of that at one resort - the Albany Hotel. This is the luxury resort is where Sam Bankman-Fried lived in his $30 million penthouse until his arrest, the report added. Around $3.6 million went on the Grand Hyatt, a four-star hotel that hosted British royalty in March. There was also $800,000 spent at the five-star Rosewood resort. Furthermore, almost $7 million was spent on meals and entertainment, with around half of that on catering services, according to the documents. Nearly $4 million was spent on flights and over $500,000 was spent on postage and delivery.
Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective - comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022. The Dec. 14 report found the depegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5 billion, while the subsequent collapse of Three Arrows Capital and Celsius in June saw weekly-realized losses peak at $33 billion. In comparison, weekly realized losses during the FTX saga peaked at $9 billion in the week starting Nov. 7, and have been reducing weekly since.
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