Random: If you were a token what would be your utility? 🤔
Hello, Rebel!
It’s our favourite day of the week.
As always, there are a flurry of activities out here in the crypto-verse, but you trust us to bring you only the most interesting and relevant stories, and that’s exactly what we do every week.
Today’s issue is piping hot, and here are the main stories;
Let’s get the details.
There is an ongoing dent in the charts in what most market analysts describe as a correction.
According to Coinmarketcap, BTC has seen a loss of 6.51% for the week. The slide is attributed to investors taking profits following its surge this year. Although ETH saw an inflow of US$17 million in the past week after the Shanghai upgrade. It is also down by 11.25% for the week and wiping out its gains since the Shanghai upgrade.
Huobi delisted 6 tokens including $ARKN, $ATS and $MMF. Read the official announcement here.
TL: DR
Coinbase is turning the table by suing the Securities and Exchange Commission (SEC). It is an attempt to force the agency to provide a yes or no to their request for a rule specific to digital assets. The lawsuit is a writ of mandamus, which can mandate federal officials to act. And if the SEC declines to make a new rule, Coinbase can file another lawsuit in an attempt to make a federal court force them to do so. The company's chief legal officer, Paul Grewal, wrote in a blog post that the lawsuit wants the court to ask the SEC to share its decision.
Coinbase has also faced legal scrutiny from the SEC and federal prosecutors over insider trading and unregistered securities, and backed a lawsuit against the U.S. Treasury Department over the sanctioning of transaction mixer Tornado Cash.
The SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets.
In other news,
TL: DR
The world’s biggest crypto exchange is not sitting out on the ongoing AI race. Binance has integrated ChatGPT, an AI chatbot, into its education platform Binance Academy to create an AI-driven tool called "Binance Sensei." The tool uses machine learning to generate answers from Binance Academy to help users learn about Web3. Users can prompt the Sensei with a specific question or keywords, and it will provide a concise summary.
The rise of AI technology has also sparked concern over its potential misuse, leading to regulatory scrutiny in various countries, including Italy and China.
While AI is becoming more pervasive in the crypto space, there are concerns about its unchecked capabilities, and regulatory crackdowns may be forthcoming.
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TL: DR
Crypto exchange Bybit will require know-your-customer (KYC) checks for all its services starting May 8, 2023.
Existing users who have not completed KYC by that date will only be allowed to close existing positions or orders, return loans, or withdraw. Bybit did not provide an explanation for the policy change, but regulators worldwide have increased scrutiny of crypto exchanges in recent months.
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In a world where gaming has become more than just entertainment, RBL Labs has released a groundbreaking community-driven quest game, "I Know This Place" (IKTP), on Steam. IKTP is a game that leverages blockchain technology, allowing players to vote on the game's direction and influence its development.
The plot of the game is set in a dystopian city reminiscent of Eastern Europe in the 90’s. Players will assume the role of an unnamed protagonist revisiting his childhood city. They will guide him through locked apartments and decipher captivating riddles to unearth the concealed secrets of his past and the peculiar world that surrounds them. The first chapter is currently accessible in English and Russian, complete with full voiceover and subtitles, and is compatible with Xbox gamepads.
"I Know This Place" is not just a game, but a unique and immersive experience that continually evolves. Players have the opportunity to contribute to the storyline by submitting their riddle ideas, while the game progressively introduces more characters and locations based on community feedback.
Built on the Unreal Engine 4 with DLSS and Raytracing technologies, IKTP delivers striking visuals and seamless gameplay.
"I Know This Place" is now available on Steam. Join the IKTP community and become an integral part of this thrilling journey through a dystopian city. Download and play from Steam. Play on Steam.
TL: DR
The Bank of Korea has been granted the authority to investigate local cryptocurrency exchanges, including conducting on-site inspections and requesting financial records.
This move is aimed at ensuring the stability of prices and controlling the economy, as well as addressing concerns over potential risks such as money laundering and tax evasion. The Federal Service Commission is expected to officially pronounce the bank's position on the matter in a subcommittee meeting on April 25, which may speed up the rollout of the country's digital asset laws.
Digital asset service providers must comply with the government's requirements under the Electronic Financial Transactions Act, including registering with the FSC and complying with AML procedures and cyber security measures.
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