Breaking Crypto News from the Blockchain Area. Many exciting things have been occurring in the virtual currency world recently, such as PayPal finally showing its support for cryptocurrency and the CEO of Binance denying rumors that its US subsidiary is aimed to avoid laws. Look below for a rundown of the most recent cryptocurrency news stories worldwide.
PayPal and its New-Found Crypto Love
Most conventional banks have been on high alert ever since cryptocurrency emerged. Legacy institutions cannot stop the meteoric rise and widespread adoption of cryptocurrencies like Bitcoin and Ethereum.
As an example, consider PayPal. The company recently revealed that it will include features that let users pay with virtual currency.
In the beginning, the service will only be available to users in the US. It will contain Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, among others. The financial institution will let customers do more than just shop; they will also be able to own, trade, and purchase digital assets. The CEO of PayPal had previously lauded the resiliency, accessibility, speed, and inclusivity of cryptocurrencies.
A 19-year-old Indicted for Stealing Cryptocurrencies Through SIM Swapping
Kyell Bryan, a 19-year-old, and Jordan Milleson, a friend of Bryan’s, were indicted for illegally acquiring virtual currency through a SIM-swapping operation. Through the plan, they obtained $16,847 worth of cryptocurrency from a crypto investing firm.
Milleson used fake websites to steal victims’ login credentials to pull off the operation. Bryan gained complete access to the victims’ cryptocurrency accounts by exchanging SIM cards since most of these accounts require the user’s mobile phone for two-factor authentication.
Unfortunately, Bryan retaliated because Milleson chose to bench Bryan after receiving the payments. The federal district court in Maryland presented the two with numerous charges, including wire fraud and the purpose of defrauding victims through unlawful access to private computing devices.
JPMorgan Harnesses BTC’s Popularity to Prop JPM Coin
Another piece of recent crypto news is that experts at the global financial bank JPMorgan have predicted. That the price of Bitcoin would soon skyrocket, perhaps tripling in value. They also mentioned that one investing option was exchanging Bitcoin for gold.
Regrettably, JPM Coin’s digital asset was promoted by heaping compliments on Bitcoin. The bank also announced the launch of Onyx, a crypto-focused business department with more than 100 employees. Just before the Bitcoin praise.
According to JP Morgan Chase’s Takis Georgakopoulos, who oversees the bank’s bulk payments unit, an unidentified tech company is already using JPM Coin for international money transfers.
CZ denies claims Binance US was Born to Circumvent Regulations
Changpeng Zhao, better known as CZ in the crypto community and CEO of Binance, addressed allegations made in a Forbes story published on October 29. Michael Del Castillo, the author of the piece, allegedly asserts in the most recent crypto news that the US outfit is a means to elude the long arm of US regulators. Castillo stated that he possessed a video presentation that revealed the exchange’s complex strategy to operate within the country while evading rules.
According to CZ, Binance is not affiliated with the video creator. And the company’s activities in the nation are “within the boundaries of the law.”
