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Binance introduces Web3 education to the Australian Federal Police

Crypto exchange, Binance has been at the forefront of spreading knowledge and information about crypto, especially to law enforcement agencies. Recently, the exchange platform introduced blockchain and cryptocurrency education to the Australian Federal Police.

According to Binance, the crypto educational workshop which had in attendance representatives from the Australian Federal Police is part of its global contribution to collaborate and help law enforcement agencies to curb crypto crimes and protect users in the industry.

Since 2020, there has been huge support for blockchain by the Australian Government with a $5.6 million grant given to blockchain firms in the same year. In a quest to curb potential crypto theft, the Police department created a cryptocurrency unit in September 2020.

Stefan Jerga, the head of the new unit, noted that the increase in the use of crypto for criminal activities was alarming and there is a need to have a dedicated team to tackle it. 

“It’s targeting assets, but it’s also providing that valuable, investigative tracing capability and lens for all of our commands across all of our businesses,” Jerga stated.

After advocating for crypto education for years, Binance introduced the Global Law Enforcement Training Program in September 2022 to educate law enforcement agencies all over the world on the fundamentals of cryptocurrency and how to handle illegal activity related to it.

According to Binance, the training will be implemented by a team of experienced professionals such as security experts and former law enforcement officers that have assisted in dealing with criminal platforms such as Silkroad and Hydra. The design is a one-day training program with physical workshops on the blockchain, cryptocurrencies, legal issues, and anti-money laundering policies.

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El Salvador to launch bitcoin embassy in Texas

El Salvador is planning to open a Bitcoin embassy in Texas, according to the country’s ambassador to the U.S. The El Salvadoran ambassador, Milena Mayorga mentioned on Twitter recently that she had met with Texas Deputy Secretary of State Joe Esparza to discuss the idea.

The Texas Secretary of State also confirmed in an interview that they met with El Salvador’s ambassador to the U.S. to discuss opportunities for cultural and commercial exchange. 

However, it is not yet clear exactly what the embassy will do other than educate the public on the world’s biggest cryptocurrency. 

In an effort to promote the use of cryptocurrency throughout Europe, El Salvador created a “Bitcoin office” in Lugano, Switzerland, last year. It also signed a Memorandum of Understanding (MoU) on economic cooperation with the city. 

The countries announced at the time that the Swiss initiative is intended to support initiatives to drive the adoption of Bitcoin and other cryptocurrencies across their respective regions and foster the exchange of students and talents between El Salvador and Lugano.

El Salvador became the first company to make Bitcoin legal tender, along with the U.S. dollar in September 2021. 

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Seychelles-Based Crypto Exchange Acquires Fluidcoins, A Nigerian Crypto Payment Gateway

Blockfinex, a cryptocurrency exchange company with Barbados and Seychelles registrations, recently paid an undisclosed sum for a 100% stake in Fluidcoins, a startup providing a cryptocurrency payment gateway in Nigeria. This is an acquihire because Fluidcoins’ founding team will continue to develop the product. The CEO and founder of Blockfinex, Danny Oyekan, confirmed the acquisition news that was first reported by TechCabal. The transaction was made possible by Dan Holdings Limited, the parent organization of Blockfinex and a web3 ecosystem and venture fund. 

This acquisition was motivated by a decision to scale the wallet as a service and cryptocurrency payment processing businesses globally, according to Oyekan. All Fluidcoins businesses, including Flip and Fluidshops, are included in the acquisition. The Flip by Fluidcoins cryptocurrency wallet, which was released about five months ago, enables users to send peer-to-peer social payments, buy airtime, top-up virtual calls, and earn interest on their stablecoin investments.  In contrast, Fluidshop is a free online store designed for business owners, freelancers, entrepreneurs, and owners of digital products. They can advertise their goods and services, generate revenue, and accept payments in cryptocurrencies, especially stablecoins.

Blockfinex also stated that it would use this acquisition as a springboard to introduce BlockPay, a new service that would be offered in the US, Africa, and the UAE. BlockPay will offer API Wallet-as-a-Service and act as a payment processor. Additionally, it will keep facilitating payments for Fluidcoins’ current customers, including Accrue, The Peer, and GetEquity, among others.

In order to support more than 600 cryptocurrencies, Blockfinex will now use Fluidcoins’ Wallet-as-a-Service product. Fluidcoins Checkout will also be expanded to support more businesses globally.

By “providing them with the tools to participate in the DeFi economy, accept online and offline stable-coin payments, and accept international payments,” Fluidcoins, a 2021 startup founded by Lanre Adenowo, claims to be creating a crypto economy for African businesses. The CEO and CTO of the business are Adenowo. 

Utility is one of the biggest barriers to cryptocurrency adoption, and how it can be incorporated into practical applications is a recurrent issue. As a response, Fluidcoins has made crypto payments as simple as fiat payments on the payment side. For instance, Paystack for cryptocurrency is Fluidcoins. This, in Oyekan’s opinion, is a key selling point for the company. “As we move to the crypto utility phase, facilitating traditional businesses and consumers alike to make payments for real world services with crypto is going to be a game changer for the crypto industry over the long term.”

After Flutterwave’s acquisition of Disha the previous year, this deal is the first acquisition reported for Nigeria in 2023. The deal is the first in the nation’s crypto ecosystem, which is most significant. 

Many crypto believers entered the VC space as a result of the 2021 cryptocurrency bull run. Even some of the largest VCs have raised money specifically for web3 and cryptocurrency. Due to the surge in investor interest, startups developing in the web3 or cryptocurrency sectors have collectively raised hundreds of millions of dollars in venture capital. But a 2022 bear run shattered enthusiasts’ confidence; investors reexamined their interest in cryptocurrencies; startups started to find it difficult to raise money; and users started looking elsewhere for the next big thing. An already nascent interest in the sector suffered even more harm as a result of the recent FTX collapse.

Like many businesses in the market today, Fluidcoins had trouble securing additional funding to expand its offering. Adenowo claimed that Fluidcoins had only raised about $150,000, which had sustained it for the previous 18 months. Despite agreeing that it’s the logical next step to keep the lights on as the company is running out of cash, he chose not to comment on this acquisition. 

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KenGen is ready to provide geothermal energy to Kenyan bitcoin miners

To help bitcoin mining businesses meet their high energy demands, KenGen, a subsidiary of the Kenya Electricity Generating Company PLC, is prepared to offer them its extra geothermal energy.

The majority of KenGen’s energy comes from renewable resources. The business claimed that bitcoin miners were contacting it to purchase its energy.

Due to Africa’s untapped potential for renewable energy, bitcoin companies are interested in setting up shop there. Recently, the world has become motivated to stop oil and gas exploration in order to protect the planet from the nearly irreversible climate changes as a result of the COP26 conference held in Glasgow, Scotland, United Kingdom. 

Given that there are no bitcoin mining companies in Africa, the businesses that have contacted KenGen are likely from the United States and Europe.

To help bitcoin mining businesses meet their high energy demands, KenGen, a subsidiary of the Kenya Electricity Generating Company PLC, is prepared to offer them its extra geothermal energy. KenGen, an electricity generation company, is prepared to supply bitcoin mining businesses with any extra geothermal energy they require to meet their high energy needs. 

The world’s largest adoption of bitcoin is in the United States. However, in March 2022, President Biden issued an executive order with the aim of regulating cryptocurrency in its most powerful form.

In order to reduce Bitcoin’s and other proof-of-work cryptocurrencies’ energy use and carbon footprint, the Biden-Harris administration is developing policy recommendations.

In the US, the conditions for operating cryptocurrency miners are deteriorating. As a result, more miners are choosing to settle in Africa.

The main geothermal power plant in Olkaria, Naivasha, will have miners set up in the company’s energy park, according to KenGen. The station is located 123 km from Kenya’s capital, Nairobi.

According to Peketsa Mwangi, KenGen’s director of geothermal development, the company has sufficient space and is close to a power source, both of which contribute to the stability of the energy park.

The action could be a significant step toward addressing the rising carbon emissions from cryptocurrency mining, which consumes more energy than entire nations like Argentina, which has a population of 45 million. Bitcoin, the largest crypto, consumes over 150 TWh annually. Kenya’s geothermal potential topples 10,000 Megawatts.

Africa’s top producer of geothermal energy is Kenya, with an installed capacity of 863 Megawatts. The majority of this energy comes from KenGen. However, the Rift Valley contains an estimated 10,000 MW of potential production for the entire nation.

KenGen generates 80% of its energy from renewable sources, including hydropower, wind, and solar energy. However, the business hasn’t yet revealed its excess power capacity. Peketsa Mwangi said power requests from the bitcoin miners have varied so far. Some people have asked for the option to start with 20 MegaWatts and increase the power later.

Over 204 TWh of energy are used annually worldwide in the production of bitcoin. Because of this, mining bitcoin annually produces about 22.5 million tonnes of carbon dioxide emissions. The decision by China to ban cryptocurrencies has helped the US become the largest bitcoin miner in the world (35 percent).

Due to its Proof-of-Work system, Bitcoin mining uses a lot of energy. The second-largest cryptocurrency by market cap and price, Ethereum, has adopted the proof-of-stake (PoS) system. According to Ethereum, PoS cuts its energy use by 99 percent.

KenGen claims that providing clean energy from renewable sources lowers carbon emissions brought on by cryptocurrency mining.

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Binance anticipates paying fines to resolve past behavior with US regulators.

The Chief Strategy Officer of Binance expects to pay fines to U.S. authorities to resolve regulatory and law enforcement inquiries into the company’s prior behavior. The executive said that when Binance first started doing business, the company was unaware of the regulations it had to follow in the United States.

According to the Wall Street Journal, Patrick Hillmann, Chief Strategy Officer at Binance, disclosed on Wednesday that the cryptocurrency exchange anticipates paying fines to resolve ongoing regulatory and law enforcement investigations in the United States.

In its early years, he explained, Binance was not familiar with the legal system and rules in the United States that were intended to reduce the risk of bribery and corruption, money laundering, and economic sanctions.

According to the Binance executive, the cryptocurrency exchange is currently collaborating with regulators to determine any potential “remediations” that need to be implemented in order for the business to “make amends” for its prior behavior. He warned that there may be more consequences even though he anticipates a fine. 

“We just don’t know. That is for regulators to decide,” he emphasized.

According to reports, several American authorities are investigating Binance. The US Department of Justice (DOJ) is reportedly looking into the cryptocurrency exchange for potential money-laundering offenses. The U.S. Securities and Exchange Commission (SEC) is reportedly looking into the company regarding the BNB cryptocurrency token, and the Commodity Futures Trading Commission (CFTC) is looking into whether Binance offered cryptocurrency derivatives to U.S. clients without registering.

The Chief Strategy Officer of Binance stated that his company is highly confident and feeling really good about where those discussions are going despite the fact that he was unable to predict the amount of the fines or when Binance might come to a resolution with U.S. authorities. 

He opined, “It will be a good moment for our company because it allows us to put it behind us.”

It was a very confusing time, according to Hillmann, for Binance to comprehend what U.S. regulators expected of them and how they would be monitoring the cryptocurrency industry. American investors are currently unable to access Binance. However, the crypto exchange has a partner platform that serves U.S. crypto traders called Binance US, a separate entity operated by BAM Trading Services.

A number of cryptocurrency companies have recently been targeted by the SEC, including Terraform Labs for defrauding investors, Paxos for releasing the stablecoin Binance USD (BUSD), and Kraken for its staking program.

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Binance launches support for South African rand bank deposits

Binance, one of the world’s leading cryptocurrency exchanges, has expanded its support for South African customers by enabling manual bank deposits in the South African rand. The company had previously only supported Instant electronic funds transfer (EFT), but the addition of manual EFTs will allow customers to transfer their fiat currency from their bank account to the Binance exchange.

Stitch, a South African firm that offers financial API infrastructure, offers both options. Since its founding in February 2021, Stitch has raised $27 million through several fundraising rounds.

Unlike the Instant EFT option, the manual EFT option does not require customers to provide their online banking username and password. However, it can take up to 2 days to reflect in their Binance account, and the customer must initiate the EFT from their bank’s app or online banking portal. Furthermore, customers need to complete “know-your-customer” (KYC) verification before making deposits or withdrawals on Binance, as required by South African financial regulations.

Stitch has emphasized that customer banking credentials are secure and that neither it nor the merchants that use its service have access to them. Instead, a randomly generated token representing the credentials is held. The Instant EFT transactions are now verified using Stitch’s own “portal emulation technology,” which ensures that the process is secure and reliable.

For an additional fee, most South African banks offer immediate or real-time clearing payments, which can be selected during manual EFTs. Binance has confirmed that if this option is chosen when making a manual transfer from the bank’s app or website, the deposit will be processed immediately. However, all other options will take up to 2 business days and are subject to standard bank processing hours.

As part of its continued efforts to open up its platform to consumers worldwide, Binance has expanded its support for South African customers. Binance is making it simpler for South African users to invest in cryptocurrencies and take part in the global digital economy by allowing manual bank deposits in the South African rand. The action also indicates South Africa’s rising interest in cryptocurrencies and the likelihood of broader acceptance in the country.

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Mercy Corps Ventures Launches The Crypto For Good Fund II

Mercy Corps Ventures is launching a second year of its Crypto for Good Fund of $1 million. The company announced on Tuesday revealing that the Fund has been set up to test and support Web3 solutions for underserved groups in emerging markets globally.

“The objective of the Fund is to drive global financial inclusion and climate resilience through a series of pilots, building an evidence base to prove the scalability of blockchain-enabled solutions in making a positive impact in emerging markets,” the company stated.

The fund is targeting startups and organizations operating in Africa, South and Southeast Asia, Latin America, the Caribbean, the Middle East, Pacific Islands, and Western Balkans, that innovatively apply Web3 and blockchain technology to build solutions for underserved populations.

According to Mercy Corps Ventures, up to ten eligible enterprises will receive up to $100,000 in grant funding to test their pilot projects applying blockchain and other Web3 technologies to build financial inclusion and/or climate resilience solutions for users. 

Furthermore, the startups will receive mentorship, impact measurement advisory, access to partnership opportunities, knowledge exchange, and brand exposure.

Scott Onder, Managing Director of Mercy Corps Ventures commented on the project saying, “We know that startups are bringing new, innovative solutions to the world’s most pressing challenges. We want to support founders to scale these nascent solutions by offering strategic support and funding to test, validate and accelerate their work to onboard the next generation of users in emerging markets.”

Applicants can submit their pilot proposals here. Applications are open from February 14th to March 31st, 2023.

In the first phase of the Fund, launched in 2022, Mercy Corps Ventures received nearly 200 applications from 50+ countries around the globe. Winners included Empowa, using NFTs to fuel affordable, climate-smart housing in Mozambique, Atlantis DAO, building a decentralized token network for clean water access in India, and Forest Carbon, building equitable carbon offset projects in Indonesia with Web3.

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Brazilians will be able to pay taxes with crypto

Cryptocurrencies are making inroads when it comes to their usability in Brazil. Banco do Brazil, one of the oldest banks in Brazil, and in part owned by the Brazilian government, has added the option for Brazilians to pay state taxes with cryptocurrencies using its platform. 

The bank is using the services of Bitfy, a cryptocurrency payments processor, as a bridge to complete these payments, according to reports.

The company advertises its solution as the first of its kind, stating that the adoption of blockchain technology will optimize public processes, bringing more transparency and credibility to institutions. 

Lucas Schoch, CEO and founder of Bitfy, stated, “We will drive the adoption of the new DeFi economy, developing the necessary infrastructure to increase autonomy and democratize the use and access to the digital asset ecosystem throughout Brazil.”

Bitfy, which received an investment from Banco do Brazil in November looking to integrate tokenization and payment services in its portfolio, also announced the lineup of cryptocurrencies supported for these payments. Among these are bitcoin, Ethereum, Decentraland, Chainlink, Algorand, Solana, ripple, Polkadot, Avalanche, Dash, and Binance coin, which will have to be deposited on the app wallet to be used.

This development is possible due to agreements that Bitfy has made with government institutions, expanding the reach of its tax payment tools nationwide. The process of paying taxes with this tool will include the input of a payment number or the scan of a barcode for the payment, which will be processed by Bitfly immediately, exchanging cryptocurrencies for Brazilian reals and transferring them to the institutions.

The announcement brings a new use for cryptocurrencies in the country, after the recent sanction of a cryptocurrency law that opens the door for the inclusion of these assets in more financial activities in Brazil.

Binance is also working to get a share of the crypto payments market in the country, having announced the launch of a prepaid crypto card in January, as part of its expansion push in Latam.

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UAE central bank to launch CBDC for domestic and cross-border payments

The Central Bank of the United Arab Emirates newly launched a Financial Infrastructure Transformation (FIT) program. The same intends to enhance the pace of digital transformation of the financial services sector. 

Specifically, this initiative aims to promote digital transactions and encourage innovation in the space. This, in turn, will sharpen UAE’s prospects to become the financial and digital payment hub.

Explicitly, the program has nine initiatives, and launching a central bank digital currency is one among them. According to the official statement, the CBDC will be launched to cater to the gaps and hindrances associated with international payments. Additionally, it will help drive innovation for domestic payments.

Parallelly, the Government will also launch a card payment platform to facilitate the growth of e-commerce and an instant payments platform to support financial inclusion and enable a cashless society.

The launch of these digital payment infrastructures, including the issuance of a CBDC, is a part of the first stage. Notably, the Government aims to drive financial inclusion, promote payment innovation, security, and efficiency, and achieve a cashless society by doing so.

According to His Excellency Khaled Mohamed Balama, Governor of the CBUAE, the FIT program will support a thriving UAE financial ecosystem and its future growth.

The Governor added, “We will work with our partners to implement the Program, achieve its goals, accelerate the adoption of digital services in the financial sector, and attract the best talent.”

In another recent development, Dubai’s Virtual Assets Regulatory Authority (VARA) recently released a ten-part rulebook outlining various principles and goals. The same entailed rules pertaining to licensing, marketing, issuance of assets, and AML obligations. 

According to the same, the issuance and all activities entailing anonymity-enhancing cryptocurrencies are now forbidden.

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Visa partners with Wirex to issue crypto debit cards to users in over 40 countries

Digital payments company Visa has announced a partnership with crypto payments app Wirex to issue crypto debit cards to users in over 40 countries. A press release making the collaborative effort official was released on Monday, marking a long-term global partnership between the two companies.

The collaboration with Visa will enable the cryptocurrency company to grow its user base in the UK and the Asia-Pacific region (APAC). The company intends to immediately distribute cryptocurrency-enabled debit and prepaid cards to over 40 nations, according to the press release.

The press release also noted, “Membership of Visa enables Wirex to offer new innovative products to utilize crypto in every day improve user experience, and pilot new blockchain initiatives.”

According to the press statement, the announcement builds on the two companies existing relationship. In 2015, Wirex was the first company in the world to develop a crypto-enabled card, allowing users to buy, hold, exchange, and sell multiple traditional and cryptocurrencies, and spend them at over 80 million locations where Visa is accepted. 

Additionally, customers benefit from real-time point-of-sale conversion, exclusive interbank and OTC exchange rates, free international ATM withdrawals, zero monthly fees, free fiat-to-fiat exchanges, and up to 8% Cryptoback™ rewards for every purchase.

Svyatoslav Garal, Regional Managing Director of Wirex APAC, commented on the partnership saying, “It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Visa’s proven commitment to safety, security, and innovation will help us to continue developing a next-generation app and card.”

Matt Wood, Head of Digital Partnerships, Asia Pacific, Visa, also added, “Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.”

Wirex also noted that the company will continue working closely with Visa to expand services and roll out its card program worldwide. The company will soon announce another significant partnership for card issuance in Australia.