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Crypto Flipsider News – September 20th – Coinbase Signs $1.36M Contract, More Scrutiny for Binance, PayPal Completes International Expansion, Turkey Wages War Against Cryptocurrency, Ancient Bitcoin Stash Awakens


Crypto Flipsider News – September 20th – Coinbase Signs $1.36M Contract, More Scrutiny for Binance, PayPal Completes International Expansion, Turkey Wages War Against Cryptocurrency, Ancient Bitcoin Stash Awakens

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  • Coinbase (NASDAQ:) Signs $1.36 Million Contract With U.S. Homeland Security + More Scrutiny for Binance
  • PayPal (NASDAQ:) Completes International Expansion + Revolut Pays for Space Using Crypto
  • Turkey to Wage War Against Cryptocurrency
  • Ancient $27.7 Million Stash Awakens

Coinbase Signs $1.36 Million Contract With U.S. Homeland Security + More Scrutiny for Binance

The leading crypto exchange, Coinbase has signed a $1.36M contract with United States homeland security. Coinbase also signed an earlier $29,000 contract for forensics software with this same agency.

With the recent contract, Coinbase will provide U.S Homeland Security blockchain analytics software. Coinbase also offers software to U.S. Secret Service (Inland Revenue) and Coinbase.

Binance, the world’s largest crypto exchange has had worse luck than Coinbase as regulatory scrutiny increases. Binance’s US subsidiary is under investigation for market manipulation and insider trading.

According to a report, the Commodity Futures Trading Commission (CFTC) is investigating whether Binance or its employees profited by “taking advantage of its customers, citing people with knowledge of the matter who asked not to be identified because the probe is confidential.”

Flipsider:

  • Coinbase has been faced with harshness from the Securities and Exchange Commission, with five U.S. states sending lawsuits to Coinbase to stop its Lend program.

Why You Should Care

The new Coinbase contract shows that governments are warming up to cryptocurrencies and blockchain tech. As the sector matures, however, more regulation could be required.

PayPal Completes International Expansion + Revolut Pays for Space Using Crypto

Just weeks after PayPal announced its first expansion outside the United States, the global payment giant has completed the first international rollout of their crypto offering.

Following the launch, all eligible PayPal account holders in the United Kingdom can choose from four cryptos — Bitcoin, , , and through their PayPal account.

Revolut and WeWork have announced that Revolut is the first fintech company to use crypto for office space.

Revolut has more than $1B in cryptocurrency. Over 2,000 people will be accommodated in the new office. Employees will be able to choose the time and place they wish to visit the new office.

Flipsider:

  • The Bank of Russia has announced that it is working with commercial banks to ‘slow down’ payments to crypto exchange

Why You Should Care

While PayPal and Revolut remind us of the growing adoption of cryptocurrencies, several countries have moved to ban the use of digital currencies, including China, Nigeria, Turkey, Algeria, Egypt, and Bolivia.

Turkey to Wage War Against Cryptocurrency

In the heat of crypto regulation, the president of Turkey, Recep Tayyip Erdogan, has declared war on cryptocurrencies. At a meeting of students in Mersin, the president made this statement.

Crypto payments were banned by the Turkish central banking in April. Companies cannot now transact with digital assets in Turkey.

Turkey will continue to use its own currency, according to Erdogan. Turkey’s currency, the Lira is their national identity, Erdogan says.

Flipsider:

  • While Turkey is waging war on cryptos, the citizens remain keen on crypto. In late March, Google (NASDAQ:) searches for the term “Bitcoin” soared more than 500%

Why You Should Care

The war on cryptocurrencies in Turkey will limit the use of cryptocurrencies by its citizens. But, Turkey’s central bank has set up a platform that allows users to search for and test digitalized Liras.

Ancient $27.7 Million Bitcoin Stash Awakens

The awakening of dormant crypto wallets is not new in the crypto space. Blockchain.com claims that an inactive Bitcoin wallet moved over $27.7 million. A $5 million ten-year-old stash of Bitcoins was moved earlier this year.

Today, the wallet that held 616.2 BTCs and had been inactive for almost nine years was suddenly brought online. BTC prices have risen by $13 million to $45k in the nine years since it was shut down.

Flipsider:

  • Japanese crypto exchange, Liquid, was hit by a major hack in August as hackers stole an estimated $97 Million in crypto

Why You Should Care

The $27.7 million Bitcoin stash was worth $8,195 when it was first deposited – a staggering increase of over 358,655%. We are reminded of the value of making a long-term, secure investment.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.