CRYPTO NEWS

Coinbase Expands European Presence, Obtains Regulatory Approval in the Netherlands

<p>Digital asset services provider, Coinbase announced today that it has secured <a href="https://blog.coinbase.com/coinbase-gains-regulatory-approval-in-the-netherlands-e781efb750df" target="_blank">regulatory approval</a> in the Netherlands. The exchange has become the first major crypto trading services provider to register with the Dutch Central Bank.</p><p>According to the details shared by Coinbase, the latest registration has allowed the company to offer its crypto products and services in the Dutch market. Coinbase has a strong presence in Europe with dedicated hubs in Germany, Ireland and the United Kingdom.</p><p>The crypto firm noted that additional registrations and license applications are in process across major European markets. In July 2022, Coinbase received regulatory approval from Italian authorities.</p><p>“As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken strides to work collaboratively with government, policymakers and regulators to shape the future in a responsible way. Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here,” said Nana Murugesan, the Vice President, International and Business Development at Coinbase.</p><p>European Region</p><p>Europe is among the fastest-growing crypto regions in the world. Countries like Italy, Spain and Germany are home to some of the leading crypto trading firms. Earlier this year, Binance obtained virtual asset services provider (VASP) <a href="https://www.financemagnates.com/cryptocurrency/news/binance-obtains-vasp-registration-in-spain/" target="_blank">registration in Spain</a>. In May this year, the crypto exchange received approval from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-italy-regulators/" target="_blank">Italian regulators</a>.</p><p>According to Glassnode, the BTC balance on Coinbase dropped by approximately 36% in two years.</p>

This article was written by Bilal Jafar at www.financemagnates.com.

Luna Classic Adds Over 50% In 24H After Interpol’s Red Notice Slammed Its Price

Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth.  The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. In addition to his charges,::Listen

Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth. 

The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. In addition to his charges, Do Kwon stands accused of violating the ‘Capital Markets Law,’ with multiple breaches cited. 

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022

This issue has created conversations in the crypto market regarding the future of Terra firm and the algorithmic stablecoins. This article details events surrounding Do Kwon and how he made it into Interpol’s most wanted List. 

Earlier Developments Leading To Kwon’s Red Notice 

Earlier this year, the Terra ecosystem collapsed, unheard of in an evolving Defi space. The crash hurt the crypto market, with other financial markets feeling its effects. Crypto Analysts believe that investors lost over $45 billion in wealth. 

After the crash, he relocated Terra Headquarters from South Korea to Singapore due to being under investigation for tax evasion charges in South Korea. In an interview, the Terra founder said he would cooperate with investigative agencies in the Terra crash and has nothing to hide. Further, Do Kwon acclaimed that he is a man with an “extremely high bar of integrity.”

However, South Korean prosecutors explicitly refute Do Kwon’s statement claiming he was not cooperating and was obviously on the run. As a result, Interpol has issued a Red Notice on the Terra founder in over 196 countries.

LUNC’s price is currently hovering around $0.00031. | Source: LUNCUSD price chart from TradingView.com
Terra Classic Price Crash And Reversal

Following the news of Interpol’s Red Notice on Do Kwon, the downtrend price of Terra Classic continued. Taking effect of the notice, the $LUNC price declined by nearly 20% immediately after the news, leaving investors disturbed. 

The crash of the Terra Classic token has also led to the collapse of a high-profile crypto hedge fund called Three Arrows Capital. This issue has also impacted several crypto lenders offering LUNC in the market. 

But unexpectedly, the $LUNC has reversed in price action as there is an uptrend in the price. Per coinmarketcap.com, LUNC has gained over 50% in the last 24 hours and currently trades at $0.0003074. Investors should be wary as it could lead to a classic pump and dump scheme. The crypto community awaits further development in price as the search for Do Kwon intensifies.

What Is The Future Of LUNC

A spokesperson for South Korea explained that the Red Notice against Kwon would set a wrong precedence for the crypto industry and may cripple future innovations in the market.

Related Reading: Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

The collapse of Terra stablecoin will lead to greater regulatory scrutiny in the crypto market. Reports from last week indicate the House of Financial Services Committee has issued a bill introducing a two-year ban on creating and issuing algorithmic stablecoins like Terra. 

Featured image from Pixabay and chart from TradingView.com

Coinbase Expands European Presence, Obtains Regulatory Approval in the Netherlands

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