🦎🚀 Trying to tame the Kraken 🐙

Friday, February 10, 2023

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Friday, Friday

Gettin' down on Friday!

The Securities and Exchange Commission (SEC) has hit cryptocurrency exchange Kraken with a $30 million fine for violating securities laws.

In an announcement, the SEC claims that Kraken failed to register the offer and sale of their crypto asset staking-as-a-service program. Kraken has agreed to stop offering its staking services to U.S. clients, while it will continue to offer it to its global user base.

In today's news, Aave launches its stablecoin on Ethereum testnet, LocalBitcoins to shut down, and Paxos probed by NYDFS.

Read on!

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It's time to GHO

Aave has launched its native stablecoin GHO on the Ethereum Goerli testnet.

As a stablecoin, its price is fixed one-to-one with the U.S. dollar. It is fully decentralized, as well as over-collateralized and minting is done with assets supplied as collateral on lending platform Aave.

With GHO deployed on testnet, the codebase is now available on Github before its expected release on the Ethereum mainnet.

Decrypt

Under the microscope

Paxos Trust Company is reportedly under investigation by the New York Department of Financial Services (NYDFS).

The motive for the probe is unclear at the moment, though the NYDFS has noted that it is working to protect consumers from risks associated with investing in cryptocurrencies. Paxos is the firm behind the Paxos Dollar (USDP), PAX Gold (PAXG), and Binance USD (BUSD).

Cointelegraph

GoodbyeBitcoins

LocalBitcoins is set to cease operations this month after operating for 10 years.

One of the longest-running P2P bitcoin exchanges, LocalBitcoins cited the "very cold crypto-winter" as a reason for the shutdown. Trading will be suspended on February 16, after which users will only be able to withdraw.

The exchange offered peer-to-peer and escrow services for users looking to buy and sell bitcoin, and was hugely popular in the early days of crypto.

CoinDesk