Binance has withdrawn its crypto license application from BaFin in Germany due to increasing regulatory tension in Europe.

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Binance, the largest cryptocurrency exchange by volume, has withdrawn its application for a license from BaFin, the German financial regulator. The decision was made after German officials declined to grant the exchange a cryptocurrency custody license. This move comes amid increasing demands from regulators worldwide.

Binance’s decision to withdraw its application from BaFin was influenced by its exit from markets in Austria, Belgium, and the Netherlands.

Additionally, its American arm facing a lawsuit from regulators for operating an unlicensed exchange played a role in the decision. These regulatory challenges prompted Binance to reevaluate its operations in different jurisdictions.

Binance’s spokesperson confirmed the withdrawal of their BaFin application, stating that the global market and regulatory landscape have undergone significant changes. Binance remains committed to seeking appropriate licensing in Germany, but they want to ensure their application accurately reflects the current circumstances.

Binance is facing regulatory challenges in Europe, leading to the withdrawal of licensing applications in several European nations.

Key Binance Executives Depart Europe

Several key executives from Binance who were responsible for growing the company’s operations in Europe have either departed or are set to do so. Michael Wild, who was in charge of expanding Binance’s operations in Germany, Switzerland, and Austria, left the company earlier this year.

Binance has faced setbacks in various European countries, including unsuccessful registration attempts in the Netherlands and Cyprus, and a directive to halt operations in Belgium. However, CEO Changpeng Zhao mentioned that France remains their main hub in Europe, despite a money laundering investigation.

Binance Loses Market Share

Amid increasing regulatory scrutiny, Binance, the world’s largest cryptocurrency exchange, and its US affiliate have witnessed a decline in their market share this year.

Analytics firm Kaiko reports that Binance’s global market share has dropped from 60% to 52% since the beginning of the year, largely due to the SEC’s actions against the exchange for alleged violations of regulatory guidelines.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #Binance #Germany

#Germany and morality do not get along well. On the one hand, it is the home of moral theorists like Hegel's little more affluent notion of Sittlichkeit and Kant with his categorical imperatives.

The greatest unethical crime the world has ever witnessed was committed in Germany, however, in Auschwitz, as documented in Claude Lanzmann's nine-hour masterpiece Shoah.

In contrast to France, Germany only experienced a philosophical revolution. It is interested in philosophy, particularly moral philosophy. Naturally, moral considerations are at the heart of practically all problems, not just those involving modern #ai and ChatGPT.

However, Germany has a unique organization called the Ethics Council, or Ethikrat, that deals with ethical issues. The Ethics Council just just published its conclusions on AI. (AI).a

The Ethics Council is a group of independent specialists that addresses issues relating to ethics, society, science, medicine, and the law. It evaluates the effects on people and society, promotes social discourse, formulates opinions, and makes recommendations to the Bundestag, the German parliament. It released its AI recommendations on March 20, 2023.

The Ethics Council's central tenet is that AI cannot take the place of people. The Ethics Council looks into how humans and AI interact in areas including administration, online platforms, medicine, and schools.

Intriguingly, the Ethics Council has shockingly little - in fact, nothing - to say about AI-guided weaponry, despite having started two World Wars, bombed Serbia twenty years ago, and recently delivered Leopard tanks to the Ukraine.

The Council predicts that AI will eventually permeate virtually every aspect of human life, from employment to shopping, from crime to recruitment, and beyond. It claims in its most recent 287-page report, Human & Machine, that the deployment of artificial intelligence must increase human growth rather than stunt it. These serve as guiding principles for its ethical assessment of human-AI technology interaction.

This necessarily incorporates issues of power and social fairness. It demands that human intelligence and responsibility cannot be replaced by AI applications. Its conclusions are founded on ideas from philosophy and anthropology that are crucial to the interaction between humans and machines. Four factors that pertain to human-machine interaction were identified by the Council:

🔹 Intelligence

🔹 Reasoning

🔹 Human Action

🔹 Responsibility

The Council does, however, think that AI will present both opportunities and hazards. In any event, AI has already demonstrated that, and in many instances, it has obvious benefits in terms of enhancing the potential for human authorship. However, there is also the possibility of a deterioration in human progress.

The usage of digital technology might lead to dependency and even pressure to adapt to AI, which is a drawback. Even worse, AI may close off previously accepted concepts developed by humans. One of the key moral issues considered by the Council in its assessment is:

"Whether and how the transfer of activities previously carried out by people to technology systems influences the possibilities of other people, especially those who have been impacted by decisions made by AI."

Therefore, the AI to human approach needs to be clear and guided by the following two questions: For whom does an AI application present opportunities and risks?And will AI lead to an increase or decrease in human authorship? This also implies that all facets of social justice and power are relevant to the Ethics Council.

The 26 members of the Council also talked about whether or not using AI will increase or decrease human authorship and the requirements for taking responsibility. The Council asserts that the employment of artificial intelligence in the medical sphere is unquestionably possible, particularly in the areas of diagnosis and treatment advice.

The Ethics Council, however, is also promoting adherence to the strictest due diligence requirements and compliance with the highest standards for the protection of data and privacy. It mandates that holes in the implementation of AI algorithms be found as soon as possible. Results supported by AI would also need to pass a plausibility test simultaneously.

Additionally, the Ethics Council contends that in order for certain AI systems to be used in the medical area, they would need to be ethically appropriate as soon as possible.

It cautions that the safety of a patient may be in peril if an AI system completely replaces the medical practitioner. The Council admonishes strongly against allowing AI technology to have too much impact in, say, the medical field. AI use shouldn't result in a further erosion of medical value and a cutback in medical staff.

The council is nevertheless open to using AI-based software in schools to assess student learning progress, spot common errors they make, and identify their strengths and weaknesses, for example. As a result, learning content could be modified based on the learners' learning profiles using AI software.

Additionally, depending on data-based validated outcomes that better serve a learner's specific requirements, subjective perceptions of teachers may conceivably be replaced. The council is still worried about how meaningful the data collecting is, though. Data might potentially be abused to stigmatize and screen specific kids.

The council is nevertheless skeptical about the use of AI to measure students in a sufficient, precise, and reliable manner because it may lead to systematic distortions. Additionally, digitization is not a goal in and of itself. As a result, techno-solutionism, or a worldview that is exclusively technological, should not be used to lead AI in schools.

Instead, the fundamental principles of education—which incidentally include the development of a personality, or what philosophers refer to as personhood, and what the German philosopher Adorno refers to as Mündigkeit, or self-reflective and critical maturity—should be the driving forces behind AI.

Therefore, if AI systems are to be deployed, they must be incorporated into teacher preparation programs. The council is unambiguously in support of regulating online platforms, also referred to as (anti)social media, both inside and outside of schools.

The council is vehemently in favor of strict regulation of AI operators, i.e. corporations, in light of the increasing transition in public communication to online platforms. It also raises the potential danger that AI poses to free speech and plurality of thought.

It also issues a warning that algorithms' selective use of data in accordance with users' personal preferences and platform operators' (red: corporations') economic (read: profit) interests encourages the dissemination of false information, hate speech, and insults against individuals. AI will very certainly play a part in the development of filter bubbles and echo chambers.

As a result, there is a chance that choices that the council deems "relevant" could be made with little to no information. And this is in addition to premeditated manipulation, false information, and deception.

In other words, AI has the potential to limit our freedom to find high-quality information, which is already being degraded by an algorithm that is unseen. AI can also easily result in what the council terms the "brutalization" of online political discourse at the same time and as a result. The council further asserts that the following three laws already in effect:

🔹 Germany’s State Media Treaty

🔹 Germany’s famous Network Enforcement Act (NetzDG)

🔹 EU’s Digital Services Act

Such do not regulate online platforms strictly enough. Existing platforms would therefore have to offer material without individualized customization. Online platforms need to present "opposing positions" that are in opposition to their own inclinations. This is perhaps even more crucial.

Any type of discrimination should be avoided while using AI, and people's rights to object should be safeguarded. Additionally, it mandates that those who use AI maintain the highest level of transparency, hire only qualified individuals, and educate the general public about potential risks.

The opportunities and hazards of AI must be properly studied and put into an appropriate relationship when it comes to the employment of AI-supported systems in law enforcement and the police, according to the council. As a result, "social negotiations" regarding the compatibility of AI with human freedom and security are required.

Overall, Germany's Ethics Council rejects technological advancement fundamentally without upholding its three ethical tenets: (1) AI must advance human growth; (2) AI must not impede human progress; and (3) AI should not replace people.

This news is republished from https://coinaquarium.io/

- German authorities conducted a seizure of $2.2 billion worth of Bitcoin from suspected piracy ring operators.
- The individuals in question reportedly operated illicit websites offering pirated content, accruing substantial wealth and converting it into Bitcoin.
- The tax authority was the first to identify irregularities in the account statements of the suspects.
- This seizure of Bitcoin marks one of the largest in Germany's history, second only to a US seizure linked to the Silk Road hack.
- Ali suggests that the MVRV indicates a potential Bitcoin rally exceeding $50,000 and reaching $60,000.

In a significant governmental crackdown on cryptocurrency activities this year, the German authorities have confiscated an astounding 50,000 Bitcoin from two individuals suspected of operating multiple illicit piracy websites.
The current valuation of this Bitcoin stands at approximately $2.17 billion, all of which is now under the control of the German police. However, there are concerns about how the authorities will manage or dispose of such a large amount of cryptocurrency.
So, What Led to This Development?
The origins of this case trace back to 2023, when two individuals—one from Germany and the other from Poland—allegedly initiated the creation and management of illegal websites distributing pirated content.
These websites hosted a variety of copyrighted materials, including movies, music, software, and e-books, all available for unrestricted download by users.
The operators monetized these platforms through various means, including advertising and subscription revenue, which they subsequently converted into Bitcoin.
The investigation into this operation was triggered by discrepancies in the income declarations of the suspects, initially noticed by tax authorities. Subsequently, law enforcement agencies collaborated to delve deeper into the matter and ultimately trace the suspects' Bitcoin wallets.
Unprecedented Seizure of Billions in Bitcoin
Upon cooperation with the authorities, the suspects voluntarily transferred the contents of their Bitcoin wallets to the official police custody.
While the identities of these individuals and the specific websites they managed remain undisclosed, law enforcement reports indicate that these platforms were among the largest piracy hubs globally.
This seizure marks the largest crypto confiscation in Germany's history, surpassed only by the $3.36 billion worth of cryptocurrency seized by the US government in connection to the Silk Road hacks.
Ongoing Investigations and Bitcoin's Market Movement
The investigation into the case is ongoing, with authorities actively pursuing potential accomplices or beneficiaries of the illicit scheme.
Meanwhile, the cryptocurrency market, particularly Bitcoin, continues to attract attention. Analysts suggest that Bitcoin's price may soon surge past $60,000, buoyed by recent market dynamics.
According to prominent analyst Ali, Bitcoin tends to rebound strongly after hitting certain market indicators, with current trends indicating a potential rally towards the $60,000 mark.
It's important to note that while these analyses offer insights into market movements, cryptocurrencies remain highly volatile assets, requiring thorough research and individual financial decision-making.
Disclaimer: While Voice of Crypto strives for accuracy, readers are encouraged to conduct their own research and exercise caution when investing in cryptocurrencies, given their inherent volatility.

#BTC #Bitcoin #Germany #cryptocurrency #Crypto2024

$BTC

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“Boerse Stuttgart Digital, a branch of the Stuttgart Stock Exchange dedicated to cryptocurrency, will introduce a crypto staking service next year. This service stands out for its strong security measures, including insurance to safeguard users’ staked assets.”

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Cryptocurrency staking lets users earn rewards or interest on their digital assets by actively participating in blockchain networks.

They are concerned about potential losses from events like hacks or technical issues. To address these concerns, Munich Re Group, a global reinsurance leader, has teamed up with Boerse Stuttgart Digital to create a specialized insurance product that deals with risks in blockchain networks, specifically slashing risks.

Boosting Security and Trust in Crypto and Blockchain

In a press release, the companies stated that this insurance product intends to increase trust among validators, stakeholders, and investors by safeguarding against financial losses from blockchain penalties, ultimately enhancing blockchain’s security and adoption.

Munich Re conducted a comprehensive evaluation before selecting the optimal staking solution, as reported by Boerse Stuttgart. Boerse Stuttgart Digital Custody, managed by blocknox GmbH, will expand its existing custody services to include this new staking option, providing a secure environment for investors.

BTCUSD selling at $26,581 on the weekly chart: TradingView.com

In the ever-evolving relationship between digital assets and traditional financial services, a noteworthy trend is emerging: established financial institutions are becoming more proficient in cryptocurrency.

This trend highlights how the previously distinct realms of digital assets and traditional investments are coming together, showing the increasing maturity of the digital asset industry.

Collaboration for Secure Staking Solutions

Dr. Oliver Vins, the Managing Director of Boerse Stuttgart Digital, shared:

“We are excited about our strengthened partnership with Munich Re, as it paves the way for offering a highly secure and insured staking solution to institutional investors all over Europe.”

Vins also mentioned that institutional investors are growing more curious about the staking industry and are eager to participate if they feel their investments are secure.

Boerse Stuttgart consolidated all its cryptocurrency activities into the Boerse Stuttgart Digital division earlier this year. It received funding from Axel Springer and SBI Digital Asset Holdings of Singapore, both of which had previously invested.

Additionally, recent announcements include partnerships between HSBC and crypto custody firm Fireblocks, as well as the collaboration between Taurus and Deutsche Bank, Germany’s largest lender, for digital asset custody and tokenization.

Franklin Templeton, a major asset management firm, is also entering the competition to establish the first bitcoin ETF in the United States.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #German #Germany

USDC is being touted as a solution to the cross-border payment hassle faced by mid-sized enterprises.

The EU adopting MiCA has motivated companies in the bloc to adopt crypto and digital assets.

If successful, cross-border usage of USDC would boost its supply in the market, which has fallen by over $16 billion since the beginning of the year.

USDC has had a rather difficult six months after losing its domination in the stablecoin space due to multiple reasons, including increasing regulator scrutiny and the March 2023 banking crisis. However, with the changing environment in the European Union regarding crypto acceptance, the Circle-issued stablecoin might have a shot at regaining its lost dominion of the crypto market.

USDC finds support in #Germany

In a change of fortunes, USDC has been announced as the token that will be used to test cross-border payments by the German software giant SAP. The reason behind using a stablecoin for conducting transactions with other countries, as described by the company, is to solve the challenges faced by businesses when sending money beyond their borders. 

Discussing the same, product expert at SAP, Sissi Ruthe, noted in her blog post,

“Today, cross-border payments are a hassle for many small and mid-sized enterprises with international business partners. These major challenges can get solved with Digital Money as a means of settlement and Blockchain as the underlying technology.”

The European Union is currently being touted as one of the most fertile areas for the crypto market to grow and thrive. The reason behind this is the MiCA regulation being successfully passed. Markets in Crypto Assets (MiCA) has bestowed confidence in many crypto and digital-asset enthusiasts in the country, enabling the tests.

Beyond the users, USD Coin (USDC) could itself significantly benefit if the trial is successful and the digital asset payment system is integrated into SAP’s systems. The stablecoin would not only find new users but also largely increase circulation in the crypto market. 

USDC, at one point towards the end of 2022, was nearly in competition with Tether (USDT), which had a circulating supply of 66.2 billion at the time. USDC’s dominance, on the other hand, was also at a high, with a circulating supply of over 42 billion tokens.

However, come 2023, the depegging of the asset and the collapse of Silicon Valley Bank led to USDC losing its footing in the stablecoin space for a while resulting in a sharp decline in its circulation around March this year. 

At the time of writing, after consistent declines, #USDC ’s supply stands at 28.2 billion while #USDT , which picked up the supply USD Coin lost, rose to note a market capitalization of $83.5 billion.

With the SAP cross-border payment test, however, there is hope of USDC reclaiming its crown.

🚨 𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚: #Binance becomes the first #crypto exchange to secure an Operational License from Dubai’s Regulatory Authority #VARA .

This could be a GAME-CHANGER for the industry, as #Dubai is one of the richest cities in the world.

Here’s everything you need to know 🧵:

📍 𝗧𝗵𝗲 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁

➡️ Binance’s subsidiary FZE has become the first exchange to receive the Operational MVP in Dubai, the UAE.

➡️ This means that Binance can now offer regulated services in Dubai, including exchange and broker-dealer services.

📍 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆

➡️ However, These services are limited to institutional and qualified retail investors, who meet the following conditions:

1. Are above the age of 21

2. Have UAE residence and

3. Have net assets > $136,000

📍 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀

➡️ The license was granted after #Binance met a no. of requirements, including:

➡️ Establishing a local entity in Dubai,

➡️ Appointing a board of directors, and

➡️ Implementing a robust compliance framework

📍 𝗪𝗵𝗮𝘁 𝘁𝗵𝗶𝘀 𝗺𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝘆𝗼𝘂?

➡️ This shows that regulators are starting to take #crypto seriously and are willing to work with businesses to develop a framework that allows the industry to grow in a safe and regulated manner.

Crypto adoptions rising.... 🚀

📍 𝗖𝗼𝗻𝘁𝗲𝘅𝘁

➡️ It’s important to note that #Binance’s victory in Dubai is even more significant considering their recent setbacks.

➡️ They’ve faced legal battles in #Germany , Austria, Belgium, and even in the US.

#bitcoin $BTC $ETH $BNB

#crypto2023 news update :

The #Germany government has said that it is willing to provide a bailout to the Bundesbank if necessary. The Bundesbank has been a major buyer of bonds under the European Central Bank's (ECB) quantitative easing (QE) program, and there is a risk that the Bundesbank could incur losses on its ECB bonds if interest rates rise or if the #ECB is forced to sell them at a discount.

The potential bailout of the Bundesbank would be a significant event, as it would be the first time that a central bank has been bailed out by its government. It would also raise questions about the sustainability of the ECB's QE program, and it could lead to further volatility in the global financial markets.

#bitcoinetf $BTC

#BinanceTournament $ETH