Recent News on Cryptocurrency, Blockchain, and Finance | Yellow.com

Wisconsin has officially become the first state to buy bitcoin, according to a new filing with the U.S. Securities and Exchange Commission. The state’s authorities decided to risk with $161 million the state pension fund, Gizmodo notes. They didn’t buy Bitcoin directly. Instead the opted to go with ETFs. According to the SEC filing, the State of Wisconsin Investment Board bought 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth about $98 million and $63 million of Grayscale’s spot Bitcoin ETF (GBTC). Bitcoin ETFs were only approved by the SEC this past January. They allow institutional investors to invest in bitcoin without actually holding the crypto directly. ETFs were widely speculated as the means of Bitcoin adoption by non-geeky investors. And it seems to be working out just perfectly, with many suggesting this could be just the start of other state pension funds investing in crypto. The most famous large institutional investment in bitcoin started in El Salvador in 2021 when President Nayib Bukele purchased the crypto for his country and declared the cryptocurrency to be legal tender. El Salvador currently holds about 5,748 BTC worth roughly $360 million. But bitcoin is an incredibly volatile asset. Those same holdings would have been worth about $155 million a year ago and there’s no guarantee bitcoin’s price will continue to climb steadily.

Cypher protocol contributor “Hoak” confessed to stealing nearly half a million dollars in community funds to feed a growing gambling habit in a public statement on Twitter. Hoak’s public confession appears to have been triggered by a simmering investigation that began on the Cypher Protocol Discord server. Cypher Protocol is a cross-margin decentralized exchange on the Solana blockchain. The users have already reached out to law enforcement. According to figures shared by Cypher Protocol, the stolen funds included $314,674 in USDT, USDC, and Solana (SOL) that were sent to Binance by a wallet associated with Hoak. There is more to it. Later the same wallet amassed over $184,077 in ETH, USDT, USDC and some other tokens. “I know likely nothing I say or do will make things better—perhaps other than rotting in jail,” the pseudonymous developer with gambling addiction wrote. “To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else. Whatever comes next is in God’s hands.”

Bitcoin will stay in $55K to $75K zone for now, says Mike Novogratz, the founder and CEO of Galaxy Digital. He thinks crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current quarter. “Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher,” Novogratz said during Galaxy Digital’s Q1 earnings call, Cointelegraph reports. Novogratz also mentioned he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs nor did he seem concerned by Bitcoin’s recent downward slide. According to Novogratz, there is a broader trend of adoption among traditional financial institutions. “We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said. Novogratz’s take is pretty straightforward. Asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows” or alternatively we see a favorable outcome from the upcoming U.S. presidential election. As Yellow.com stated before, Novogratz is one of those high-profile Bitcoin optimists. As of now, Novogratz claims Bitcoin will reach $500,000 by the end of 2024.

Looking to trade crypto securely and privately without the hassle of KYC? We've scoured the crypto landscape and compiled a list of the top 15 no-KYC exchanges for 2024. Dive in to discover the best platforms for anonymous trading! In the shadowy world of cryptocurrencies, privacy is both a treasure and a commodity. As we wade deeper into the digital financial ecosystem, the tug-of-war between regulatory compliance and anonymity intensifies. Enter the realm of Non-KYC (Know Your Customer) exchanges—a haven for those who value their privacy and freedom above all. This guide will equip you with everything you need to navigate these murky waters, from understanding KYC, weighing its pros and cons, to listing the top 10 exchanges that let you trade under the radar. What is KYC Know Your Customer (KYC) is a mandatory process for financial institutions to verify the identity of their clients. This procedure is designed to prevent illegal activities such as money laundering, terrorism financing, and fraud. KYC involves collecting personal information from clients, including identification documents, proof of address, and sometimes even a source of funds. KYC regulations were introduced in the wake of the 9/11 attacks to bolster the fight against financial crimes. By ensuring that every participant in the financial system is identifiable, regulators can track suspicious activities and curb illegal financial flows. Banks, brokerages, and other financial institutions are required to implement KYC protocols, making it a global standard. In the cryptocurrency space, KYC has become a contentious issue. On one hand, it provides a layer of security and legitimacy, ensuring that the market is not used for nefarious purposes. On the other hand, it challenges the very ethos of decentralization and anonymity that cryptocurrencies were built upon. KYC processes typically involve several steps: customer identification, customer due diligence (CDD), and ongoing monitoring. Customer identification is the initial step where the exchange collects personal data. CDD involves verifying this data against government databases and other reliable sources. Ongoing monitoring ensures that the customer's transactions are consistent with their profile and do not exhibit suspicious patterns. Despite its benefits, KYC has significant drawbacks, particularly for privacy-conscious individuals. The process can be intrusive, requiring detailed personal information that many are unwilling to share. Moreover, the storage of such sensitive data raises concerns about security and potential breaches. Benefits and Downsides of KYC: The Double-Edged Sword Benefits of KYC: Enhanced Security. KYC protocols help in identifying and mitigating risks related to fraud and illicit activities. Regulatory Compliance. Adhering to KYC norms ensures compliance with local and international laws, avoiding legal repercussions. Market Integrity. KYC fosters a more transparent and trustworthy market environment, attracting institutional investors. Customer Trust. Users are more likely to trust exchanges that adhere to regulatory standards, knowing their funds are in a secure environment. Downsides of KYC: Privacy Invasion. KYC requires divulging personal information, which can be uncomfortable for many users. Security Risks. Centralized storage of sensitive data poses a risk of hacking and data breaches. Exclusion. Individuals without proper documentation or those in restrictive countries may find it difficult to access KYC-compliant platforms. Delay and Complexity. The KYC process can be time-consuming and cumbersome, delaying access to trading activities. Top 10 Non-KYC Crypto Exchanges of 2024: The Wild West Navigating the crypto markets without undergoing KYC can be liberating, but it requires caution. Here’s a detailed look at the top 10 exchanges that allow you to trade with minimal or no KYC requirements. And thus buy and sell crypto anonymously. Bisq Bisq is a decentralized exchange (DEX) that operates on a peer-to-peer network. It allows users to trade Bitcoin and other cryptocurrencies directly with each other without needing a central authority. Bisq prides itself on privacy and security, with no KYC requirements. Transactions are secured through multi-signature wallets and security deposits. It’s one of the best options to sell crypto anonymously. Hodl Hodl Hodl Hodl is a global, non-custodial P2P Bitcoin exchange that does not require KYC for trading. It uses multi-signature technology to secure trades, ensuring that funds are never held by the exchange. Users can buy and sell Bitcoin directly with each other, with the platform providing an escrow service to facilitate trustless transactions. LocalCryptos LocalCryptos is a peer-to-peer marketplace that supports the trading of multiple cryptocurrencies without requiring KYC. The platform uses end-to-end encrypted messages and non-custodial wallets to maintain user privacy and security. It also offers a reputation system and escrow service to ensure safe trading and anonymous crypto exchange. Paxful Paxful is another P2P marketplace where users can buy and sell Bitcoin and other cryptocurrencies without KYC, though some higher limits may require verification. Paxful offers a variety of payment methods and uses an escrow system to protect both buyers and sellers. The platform also has a robust reputation system to help users identify trustworthy traders. ShapeShift ShapeShift offers a non-custodial way to swap cryptocurrencies without needing to create an account or undergo KYC. The platform supports a wide range of cryptocurrencies and aims to provide a seamless, private trading experience. Users simply connect their wallet, choose the currencies they want to trade, and complete the crypto transaction anonymously. Uniswap Uniswap is a popular decentralized exchange that operates on the Ethereum blockchain. It allows users to trade ERC-20 tokens directly from their wallets without requiring KYC. The platform uses an automated market-making system to facilitate trades, ensuring liquidity and ease of use. Changelly Changelly is a crypto exchange that allows for instant swaps between a variety of cryptocurrencies without mandatory KYC for smaller amounts. The platform prioritizes user privacy and provides an intuitive interface for quick and easy trades. For larger transactions, KYC might be required. Godex Godex supports the anonymous crypto exchange of over 200 cryptocurrencies. It does not require account creation or KYC, making it a convenient option for users seeking privacy. Godex focuses on providing fast and secure transactions with competitive rates. SimpleSwap SimpleSwap offers a straightforward and anonymous way to exchange cryptocurrencies without registration or KYC. The platform supports a wide range of coins and provides competitive rates. Users simply select the cryptocurrencies they want to swap, enter their wallet addresses, and complete the trade. TradeOgre TradeOgre is a lesser-known exchange that specializes in privacy coins like Monero and Pirate Chain. It does not require KYC for trading and offers a simple, no-frills interface. TradeOgre is ideal for those who prioritize privacy and are looking for a platform with minimal requirements to buy and sell crypto anonymously. Conclusion: To KYC or Not to KYC? In the end, the choice between KYC and Non-KYC exchanges boils down to individual priorities. And your willing to buy and sell crypto anonymously. If you value regulatory compliance and security, KYC exchanges are the way to go. However, if privacy and anonymity are your top concerns, Non-KYC exchanges provide a viable alternative. While the latter offers freedom and discretion, it comes with its own set of risks and challenges. As the crypto landscape evolves, staying informed and vigilant is the key to navigating this digital frontier. Choose wisely, trade safely, and may your crypto journey be as smooth as it is profitable.

China has started trial of digital yuan, also known as e-CNY. Some state employees are now getting their salary in e-CNY. But apparently something went wrong. According to a report by the South China Morning Post (SCMP) reviewed by Coindesk, most early users immediately transfer the digital yuan balances to their bank accounts to spend as cash. “I prefer not to keep the money in the e-CNY app, because there’s no interest if I leave it there,” Sammy Lin, one participant in the pilot, said. “There are also not so many places, online or offline, where I can use the e-yuan.” China's digital yuan, also known as e-CNY, is an example of a central bank digital currency (CBDC). Almost all developed countries are at least exploring the development of a CBDC as a digital complement to cash. China was one of the first to explore the uncharted waters of the CBDC. The e-CNY has been undergoing trials across China since 2019, though there is no timeline for a national launch. The CBDC is also fraught with privacy concerns as it incorporates elements of blockchain technology so transactions are all theoretically traceable. That means consumers prefer to use online payment tools such as Alipay and WeChat Pay. Paying in physical cash also remains an option, though this is far less prevalent. But as the trial have already shown people are prone to stick to the cash, Which kind of undermine the whole idea of CBDC.

Venice AI, a privacy focused open-source tool, is free for Morpheus token holders. Erik Voorhees sees Venice AI as means to fight for digital freedom. Cryptocurrency exchange ShapeShift founder Erik Voorhees announced the public launch of his latest venture, Venice AI. It is a privacy-focused generative AI chatbot. Acknowledging the important work done by OpenAI, Anthropic, and Google in pushing the field of generative AI forward, Voorhees said consumers should still have the choice to use open-source AI. “I saw where AI is going, which is to be captured by large tech companies that are in bed with the government,” Voorhees told Decrypt. “And that really worried me, and I see how powerful AI is, how consequential it can be—an amazing realm of new technologies.” According to Voorhees, the antidote to that is open-source decentralization, i.e. not giving monopoly power over this stuff to anyone. Venice AI does not store user data and can’t see user conversations, Voorhees said, explaining that Venice AI sends users’ text input through an encrypted proxy server to a decentralized GPU that runs the AI model, which then sends the answer back. “The whole point of that is for security,” Voorhees said. Voorhees launched the ShapeShift cryptocurrency exchange in 2014. In July 2021, the exchange said it would transition to an open-source decentralized exchange (DEX), with control of the exchange transferring from Voorhees to the ShapeShift DAO. Then a number of scandals occured leading to an ultimate demise of the Voorhees creation. ShapeShift announced in March that it would shut down after becoming embroiled in a battle with the U.S. Securities and Exchange Commission. The exchange agreed to pay a $275,000 fine and abide by a cease-and-desist order to settle allegations that the exchange allowed users to trade digital assets without registering as a broker or exchange with the agency.

Bitcoin wallet software company Exodus Movement is pretty upset after the Securities and Exchange Commission (SEC) moved to delay the company’s planned listing on a U.S. stock exchange. The SEC postponed the crypto company’s listing on the NYSE American, the New York Stock Exchange’s sibling market.  “While we are deeply disappointed, Exodus will continue to empower customers all over the world to control their own wealth using our best-in-class self-custody crypto wallet,” the company’s statement reads. Exodus CEO JP Richardson said: “While we are surprised and confused by this last-minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends.” Exodus, which offers an extremely popular self-custodial software wallet for a number of cryptocurrencies, went public in 2021 and was due to list its common stock on NYSE American under the ticker EXOD.  Exodus’ common stock was set to be tokenized on Algorand, the crypto network behind ALGO, the 64th biggest digital asset. That would make Exodus the only company in the U.S. to have its common stock tokenized on a blockchain.  According to Decrypt, Wall Street’s top regulator, the SEC, has come down hard on the digital asset industry over the past few years. It has sued a number of top American crypto exchanges—including Coinbase and Kraken—for allegedly offering unregistered securities, and has further warned other crypto startups that enforcement actions are coming.

Former professional kickboxer turned social media provocateur Andrew Tate published a new video on Twitter. He claims that he has cashed out $500,000 in Bitcoin to invest in GameStop and meme coins to spite hedge funds. And obviously, to continue his holy war against crypto capitalists. “There’s a hedge fund manager who, when he wakes up tomorrow morning—if GameStop opens at the current price—he’s gonna lose $13 billion dollars,” Tate said in the video. According to Decrypt, Tate’s Reddit-inspired hypothesis is similar to the 2021 theory surrounding the same stock. With the return of Roaring Kitty—the internet figure who spearheaded the movement—it seems meme stock mania is in full swing. Financial analyst turned stock and meme influencer Roaring Kitty has roared back onto social media a few days ago. His apparent return to Twitter on Sunday didn’t even directly mention GameStop—the stock whose rollercoaster ride sparked global headlines and a documentary film—but nonetheless prompted the price of GME to double briefly. It also led to a colossal 1,900% surge in a Solana-based tribute coin also named GME. Tate is clearly on to take advantage of this peculiar situation. “I’m cashing half a million dollars of Bitcoin right now and I’m going all-in, maximum leverage, all-in on all these stocks,” Tate claimed. “I’m taking Wall Street down, watch me,” he continued. A well known provocateur, Tate claims he doesn’t care if he loses it all. All for the sake of the downfall of the unnamed hedge fund manager. «I lost a lot of money attacking The Matrix during Gamestop. Always been part of the resistance», Tate concludes.

CEO Elizabeth Stark said that Lightning Labs, the developer behind Bitcoin's Lightning Network, just tested a transaction with an asset created using its Taproot Assets protocol. It is clear now that a protocol designed to enable stablecoins to be issued on the Bitcoin blockchain is working, Stark said. "The idea is to have crypto dollars and stablecoins" on the Bitcoin blockchain, she explained speaking at the Financial Times Crypto and Digital Assets Summit this week. "I really care deeply about solving real problems for real people, as opposed to meme coins or gambling," Stark added. The ability to position stablecoins and other assets atop Bitcoin will facilitate new use cases and bring more people on to the internet of money and digital assets, she continued. Stark also highlighted a post-halving wave of developer interest in Bitcoin, with "many builders coming back" to the blockchain.  She pointed to developers building out decentralized finance (DeFi) on Bitcoin, as well as projects such as bitVM, which enables developers to build Turing-complete Bitcoin contracts. The Lightning Network is a second-layer protocol designed to facilitate fast, low-cost transactions on blockchain networks, particularly Bitcoin. The protocol allows users to create payment channels between each other, enabling them to conduct numerous transactions off the main blockchain. These transactions are only recorded on the blockchain once the channel is closed, significantly reducing the load and associated fees on the network. The concept of the Lightning Network was first introduced in a white paper by Joseph Poon and Thaddeus Dryja in 2015. Development of the Lightning Network gained traction in the following years, with several teams and companies contributing to its progress. Notable organizations like Lightning Labs, Blockstream, and ACINQ played key roles in its development and implementation. The first implementations of the Lightning Network were launched on the Bitcoin mainnet in early 2018, allowing users to start experimenting with real transactions on the network.

India's Financial Intelligence Unit, which operates under the country's Finance Ministry, has approved the registration of offshore cryptocurrency exchanges, Binance and KuCoin.  This is the first time that the country's anti-money laundering unit has approved crypto-related entities. Prior to this, more than 9 offshore entities, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, were banned in India.  However, KuCoin has since paid a fine of $41,000 and resumed operations.  Binance's financial penalty is yet to be determined after a hearing with the FIU.  Earlier, back in December 2023, India's Financial Intelligence Unit issued compliance show cause notices to the 9 offshore crypto exchanges under its Prevention of Money Laundering Act.