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Alabama issues show-cause notice to BlockFi seeking ban on BIAs

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The Alabama Securities Commission (ASC) has issued a show-cause notice to BlockFi intending to stop the sales of cryptocurrencies within the state. BlockFi, for its part, was quick to confirm receipt of the order, while also clarifying its position on Twitter.

“We are aware of the show cause order issued by the Alabama Securities Commission. We have active dialogues with regulators worldwide, including those in Alabama, to share details about our products, which we believe are lawful and appropriate for crypto market participants.”

New Jersey-based BlockFi sells interest-earning cryptocurrency accounts known as BlockFi Interest Accounts [BIAs]. According to the ASC, the company raised a minimum of $14.7 billion through the sale of these BIAs, which could be considered “the sale of unregistered securities in violation of the Securities Law.”

The order thus required BlockFi to explain “why they should not be directed to cease and desist from selling unregistered securities in Alabama.” According to ASC Director Joseph Borg, there are already several entities registered with the ASC, as required by the law, to sell securities to the people in the state. He added,

“Most of those registered to sell securities live outside of Alabama, but anyone offering securities must be registered before making an investment offer to an Alabama resident.”

The show-cause notice accused BlockFi of posing as a “U.S regulated entity” whereas, in reality, it has not been registered with the agency or any other securities regulator. Despite the notice, however, BlockFi remains firm on its position, stating that the BIAs are not a security.

“Our stance hasn’t changed – the BlockFI Interest Account is not a security.”

The timing of this is surprising, especially since just recently New Jersey’s regulators ordered BlockFi to stop offering BIAs, while also offering the cryptocurrency platform an extra week until 29 July before it did so.

CEO of BlockFi Zac Prince informed the community about New Jersey’s Bureau of Securities [NJ BOS] postponing the effective date of the ban. He added,

“We remain firm in our belief that the BlockFi Interest Account is not a security.
We are fully operational for all of our existing clients in New Jersey and worldwide, who continue to have access to all products, services, and assets on the BlockFi platform.”

As the regulatory noose tightens around crypto-businesses, the impact of lack of regulatory clarity becomes more apparent. While many laughed when Ripple was dragged to the court for selling “unregistered securities,” its impact on the remaining crypto-market was long predicted.

Now that the others are suffering too, the Founder of Crypto Law John E Deaton was quick to ask Anthony Pompliano, a Board member of BlockFi, to unite against the cause.

The crypto-community in the United States may have to rally together to achieve clarity with the regulators soon, or a long list of lawsuits against crypto-businesses may be inevitable.

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Source: https://ambcrypto.com/alabama-issues-show-cause-notice-to-blockfi-seeking-ban-on-bias

Blockchain

Binance Teams up with Russian Museum to Tokenize Da Vinci and Van Gogh Masterpieces

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Binance NFT marketplace and the Saint Petersburg-based State Hermitage Museum joined forces to create and release a limited edition of non-fungible tokens with digital copies of world-known masterpieces. The collection will consist of works by Vincent van Gogh, Leonardo da Vinci and many more.

NFT Copies of Renown Paintings

The cryptocurrency exchange Binance announced that it would partner up with one of the largest Russian museums – the State Hermitage Museum – to issue NFTs of respected work of arts such as Lilac Bush (Vincent van Gogh), Madonna Litta (Leonardo da Vinci), Corner of the Garden at Montgeron (Claude Monet), and Composition VI (Wassily Kandinsky).

Binance will launch the auction at the end of August 2021. Each artwork will consist of two NFT copies: the first will be stored in the Saint-Petersburg Museum, while the second will be sold on the Binance NFT marketplace. As part of the collaboration, the Hermitage will collect all the earnings from the project.

Mikhail Piotrovsky – the director of the museum – will personally sign each copy providing the limited series of work with authenticity and uniqueness. The project would aim to outline the democratic nature of the State Hermitage and show that digitalization would inevitably be the next step in the world of collecting artworks.

Mikhail Piotrovsky
Mikhail Piotrovsky, Source: Wikipedia

“New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership… This is an important stage in the development of the relationship between person and money, person and thing,” added Piotrovsky.

In her turn, Helen Hai – Head of Binance NFT – commented on the mutual partnership:


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“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We highly appreciate the opportunity to cooperate with The State Hermitage; together we are making history.”

According to the announcement, any user of the platform can participate in the auction. Binance’s NFT marketplace will employ the same account network as Binance.com, so new customers will need to register with the exchange first.

Golden Tickets for A Celebrity Poker Tournament: NFT Trend Continues

As CryptoPotato reported last week, the world’s first fully licensed blockchain-based peer-to-peer poker platform – Virtue Poker – teamed up with Binance NFT marketplace to offer a one-of-a-kind non-fungible token.

The partnership, named “The Phil Ivey Golden Ticket NFT,” will feature the first and only Phil Ivey Binance Smart Chain based NFT and will grant an entry into a Celebrity Poker Tournament that includes NBA Hall of Fame player Paul Pierce, Ethereum Co-Founder Joe Lubin, Hollywood actor Vince Vaughn, and YouTube star Mr. Beast.

As announced, anyone who wants to win a seat at the poker table can participate in the auction today, July 27th, starting at 12 pm UTC.

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Source: https://cryptopotato.com/binance-teams-up-with-russian-museum-to-tokenize-da-vinci-and-van-gogh-masterpieces/

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Blockchain

Binance Teams up with Russian Museum to Tokenize Da Vinci and Van Gogh Masterpieces

Published

on

Binance NFT marketplace and the Saint Petersburg-based State Hermitage Museum joined forces to create and release a limited edition of non-fungible tokens with digital copies of world-known masterpieces. The collection will consist of works by Vincent van Gogh, Leonardo da Vinci and many more.

NFT Copies of Renown Paintings

The cryptocurrency exchange Binance announced that it would partner up with one of the largest Russian museums – the State Hermitage Museum – to issue NFTs of respected work of arts such as Lilac Bush (Vincent van Gogh), Madonna Litta (Leonardo da Vinci), Corner of the Garden at Montgeron (Claude Monet), and Composition VI (Wassily Kandinsky).

Binance will launch the auction at the end of August 2021. Each artwork will consist of two NFT copies: the first will be stored in the Saint-Petersburg Museum, while the second will be sold on the Binance NFT marketplace. As part of the collaboration, the Hermitage will collect all the earnings from the project.

Mikhail Piotrovsky – the director of the museum – will personally sign each copy providing the limited series of work with authenticity and uniqueness. The project would aim to outline the democratic nature of the State Hermitage and show that digitalization would inevitably be the next step in the world of collecting artworks.

Mikhail Piotrovsky
Mikhail Piotrovsky, Source: Wikipedia

“New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership… This is an important stage in the development of the relationship between person and money, person and thing,” added Piotrovsky.

In her turn, Helen Hai – Head of Binance NFT – commented on the mutual partnership:


ADVERTISEMENT

“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We highly appreciate the opportunity to cooperate with The State Hermitage; together we are making history.”

According to the announcement, any user of the platform can participate in the auction. Binance’s NFT marketplace will employ the same account network as Binance.com, so new customers will need to register with the exchange first.

Golden Tickets for A Celebrity Poker Tournament: NFT Trend Continues

As CryptoPotato reported last week, the world’s first fully licensed blockchain-based peer-to-peer poker platform – Virtue Poker – teamed up with Binance NFT marketplace to offer a one-of-a-kind non-fungible token.

The partnership, named “The Phil Ivey Golden Ticket NFT,” will feature the first and only Phil Ivey Binance Smart Chain based NFT and will grant an entry into a Celebrity Poker Tournament that includes NBA Hall of Fame player Paul Pierce, Ethereum Co-Founder Joe Lubin, Hollywood actor Vince Vaughn, and YouTube star Mr. Beast.

As announced, anyone who wants to win a seat at the poker table can participate in the auction today, July 27th, starting at 12 pm UTC.

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Source: https://cryptopotato.com/binance-teams-up-with-russian-museum-to-tokenize-da-vinci-and-van-gogh-masterpieces/

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Kazakhstan Reportedly Planning to Enable Banks to Process Cryptocurrency Purchases

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The ruling body of Kazakhstan will reportedly allow local banking institutions to offer cryptocurrency exposure to clients. The implementation will run for one year, after which the government will decide whether to extend it.

Bank Accounts for Crypto Transactions in Kazakhstan

The Kazakhstani news channel Khabar 24 reported that the government plans to officially authorize local banks to open accounts for transactions with digital assets.

Numerous institutions will soon be granted permission to provide businesses and firms with cryptocurrency exposure. This should allow the government of the Asian country will be able to assess the risks and benefits of virtual currencies.

Sergey Putra – an executive from the Data Center Industry – believes that the upcoming move would be a step towards further cryptocurrency adoption for the country. He reminded that Kazakhstan is already a mining hub, and many residents are quite actively trading various digital assets. Putra outlined that the crypto market could bring serious money flow to Kazakhstan, and thus the nation should focus on it:

“It is billions of dollars in daily turnover around the world. And even if Kazakhstan takes some fraction of a percent, this is serious money that will come to Kazakhstan in the form of investments…it will remain here in the form of taxes, in the form of jobs, and salaries. This is a very large industry, which Kazakhstan still bypasses.”

The government will allow trading venues to cooperate with banks legally. All they will need to do is sign a mutual agreement in the capital Astana. The pilot project will reportedly last for 12 months, meaning that local investors will be able to purchase and sell Bitcoin and altcoins safely during this period.


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Cryptocurrency Mining Concentrates in Kazakhstan

The Asian nation showed its intentions to be one of the leaders among the countries mining digital assets. In September last year, Kazakhstan raised $715 million, aiming to expand this sector in the Central Asian nation.

Following the China crackdown this year, numerous companies shifted their businesses away from the country and moved their infrastructure elsewhere.

Such is the example with the investment firm IBC Group. The company, which has significant cryptocurrency mining operations in China, announced its intentions to close down all its Bitcoin and Ethereum mining facilities throughout the country. The organization plans to move its workers to various other nations, with Kazakhstan being one of them.

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Source: https://cryptopotato.com/kazakhstan-reportedly-planning-to-enable-banks-to-process-cryptocurrency-purchases/

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