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The global crypto market cap is $1.08 trillion with a 24-hour volume of $40.25 billion. The price of Bitcoin is $28,199.27 and BTC market dominance is 51.2%. The price of Ethereum is $1,547.54 and ETH market dominance is 17.3%. The best performing cryptoasset sector is Yield Farming, which gained 5%.
Coinbase argued that blockchain is a tool that could be used to fight terrorism funding.
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U.S. cryptocurrency exchange Coinbase wrote that the “overwhelming majority of terrorist funding still relies on traditional financial systems, like cash,” in an Oct. 17 blog post.
The exchange made this statement in response to claims that the crypto industry actively facilitated transactions for malicious players. In the past week, heightened concerns emerged amid recent events, particularly Palestine’s Hamas group’s actions in Israel. Reports suggested that Hamas had accumulated a significant sum in crypto to fund their unanticipated attack.
While crypto stakeholders, including Tether (USDT) and Binance, have touted their roles in helping the authorities rein in the illegal use of crypto for terrorism financing, Coinbase argued that crypto’s immutable ledger system made these types of transactions easier to trace, unlike cash payments, which are harder to track between institutions and geographies.
Paul Grewal, Coinbase’s chief legal officer, said:
“It’s disappointing that some would capitalize on a tragedy to scapegoat crypto while ignoring significant terror finance elsewhere.”
Coinbase furthered that blockchain is a tool that could be used to fight terrorism funding, adding that:
“No currency of any type – whether it’s fiat, gold, or crypto – should ever be used to support Hamas or any other terrorist organizations. “
The crypto exchange concluded the post by advising the government to create clear rules to keep the industry in the United States and other regulated jurisdictions. It said:
“Reports of Hamas funding linked to digital assets are connected to offshore entities not subject to US laws, including anti-money laundering and sanctions regulations, making it easier for them to engage in such conduct.”
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
The main witnesses for the day were Professor Peter Easton, an esteemed accounting expert from the University of Notre Dame, FBI accountant Paige Owens, and a former FTX employee, Eliora Katz.
Buterin said his Ethereum transfers are donations to ‘charity or nonprofit or other project.’
EU strengthens crypto tax norms with new directive to improve cooperation between national tax authorities.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
Compulsory process threat looms over SEC chair Gensler in intensifying oversight dispute with House committee.
Unverified rumors of BlackRock’s Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
Tech giants may be forced to disclose when customers rent large amounts of power if the order materializes.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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