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Kazakhstan’s officials say American crypto exchange Coinbase is violating local laws. Cryptocurrency exchange Coinbase has been blocked in Kazakhstan as the country is trying to oblige all trading companies to comply with its local regulatory environment. According to a report from a local news outlet, Kursiv, the authorities restricted access to Coinbase after the Ministry of Culture and Information of the Republic of Kazakhstan received a notice from the Ministry of Digital Development. The latest accused Coinbase of violating the local Law on Digital Assets, which went into effect in February 2023 and requires crypto trading companies to receive a license from the Astana International Financial Center (AIFC). As noted by Kursiv, cryptocurrency exchanges like Binance, Upbit, and Bybit have already obtained the license and offer services in the region. You might also like: Analyst points to Coinbase’s future after disappointing quarter In addition to Coinbase, Ka...

Fred Ehrsam, co -founder and managing partner of Paradigm, is stepping down to a general partner role, allowing him to focus on other areas of interest. Ehrsam announced via an Oct. 24 post on X, emphasizing that while he will remain engaged with Paradigm, his involvement in the company’s daily managerial operations will be reduced. “I’ll continue to work with our investing and research teams, work with portfolio companies, and fight for good crypto policy.” Fred Ehrsam, co-founder and managing partner of Paradigm The co -founder also expressed his ongoing commitment to work alongside Matt Huang, the other co -founder of Paradigm, and the rest of the team. You might also like: Big names in crypto challenge the SEC’s rules “This change allows me to carve out some time to explore areas of science that are of personal passion for me,” he added. Reflecting on his career, Ehrsam acknowledged his success in co-founding two significant c...

Singapore’s Monetary Authority has granted the subsidiary of Switzerland-based crypto bank Sygnum a Major Payment Institution [MPI] licence. In just a span of just four months, Sygnum Singapore has managed to upgrade its status from in-principle approval to a full license. In fact, the company now intends to expand its regulated offering to the Asia–Pacific [APAC] markets. One of the regions it is eying is Hong Kong. The latest Sygnum Singapore development comes on the heels of Coinbase obtaining its MPI license from Singapore’s central bank. In fact, in its official statement, the firm emphasised that 25% of Singaporeans consider crypto as the future of finance. Moreover, 32% of them have either been current or past owners of crypto. The stats evidently point out to the fact that Singapore has naturally become a significant location for this industry.  The post further revealed that Singapore is also home to over 700 Web3 companies, making it a key market for the growth...

Coinbase is one of the largest crypto exchanges in the world. However, the popular platform is not having the best of times at the moment. The exchange was recently hit with a massive $350 million patent infringement lawsuit. If that was not enough, Wells Fargo, one of the biggest financial institutions in the world, has asked investors to sell Coinbase stock, while on CNBC. JUST IN: Wells Fargo says rising competition and macro pressure will hurt Coinbase $COIN stock. — Watcher.Guru (@WatcherGuru) September 29, 2022 The financial giant says that “rising competition and macro pressures will hurt the stock.” Moreover, even Jim Chanos said that the company did not have a good business model. The $350 million lawsuit was filed by Veritaseum Capital LLC. The firm alleges that Coinbase infringed upon a patent awarded to Reggie Middleton, who is a founder of Veritaseum. The lawsuit claims that Coinbase “had previous knowledge, should have know...

This week's Crypto Biz explores the latest on Binance's global on-ramps and off-ramps, Coinbase-Circle re -alignment , Shopify's take on USDC and China's blockchain data exchange. Global regulatory landscapes are once again proving to be a turning point for crypto companies, demanding constant adaptation to navigate shallow regulatory waters across the world, particularly in the United States. In the latest developments, Coinbase and Circle decided to dissolve the Centre Consortium in a strategic realignment driven by demand for regulatory clarity on stablecoins, possibly as an anticipation of upcoming legislation coming from the U.S. Congress. A legal alternative to remaining operational was also sought by Binance.US this week. The exchange announced a partnership with MoonPay featuring the dollar-pegged stablecoin Tether (USDT) as its new “base asset” for all transactions, allowing a path for users to transact in U.S. dollars while possibly sidestepping potential re...

In the wake of the Securities and Exchange Commission ( SEC )’s lawsuit against Coinbase , many are wondering why the crypto exchange was allowed to go public if it was offering unregistered SEC urities. Coinbase went public in April of 2021, with opening bids for shares climbing to over $400. But the enthusiasm was short-lived – the price halved within two months. Issues regarding future revenue, trading fees, and competition seemed to nip at Coinbase’s heels, despite glowing documentaries and a broader market rally by the end of 2021. However, these were only the financial and fiscal problems the company was facing. Regulatory scrutiny and the S-1 All companies planning to go public are required by law to file an S-1 with the SEC. This form discloses basic financial information, risks, and concerns for the company going forward. One of the most important paragraphs in Coinbase’s S-1 can be found between pages 29 and 30, when it openly admits it could find itself in hot water w...

JPMorgan recently released a research report on Tuesday, in which the financial giant addressed Coinbase’s Q4 adjusted loss per share. COIN’s loss per share of $2.46 is less than the anticipated $2.85 loss per share by JPMorgan , as per the report. The report also highlighted that the EPS of $2.46 is higher than Bloomberg’s estimate of $2.17 per share. “Coinbase is well positioned to deliver notable year-on-year improvement in EBITDA at current expense levels with the marked improvement in overall crypto volumes in 2023 thus far combined with somewhat better than anticipated costs cutting going into 1Q23,”  said analysts. Also read: Scam ChatGPT Tokens Hit the Crypto Market — What You Need To Know Source: Coinbase JPMorgan raises Coinbase price target to $57 The price target set by JPMorgan Chase analysts for Coinbase (COIN) shares for the fiscal year ending in December had dropped from $60 to $52. The American multinational financial institut...