- Binance secures license in Dubai to offer more crypto services
Crypto exchange Binance has secured a license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer a range of crypto-related services to qualified investors in the city, according to a Tuesday announcement.
- India’s central bank will launch a digital version of the rupee
On Tuesday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said that the country’s central bank is dedicated to fostering innovation for financial technology businesses while keeping consumer safety in mind.
- US Judge ordered Tether to produce financial records showing backing of USDT
Tether (USDT) has been ordered by a U.S. judge in New York to produce financial records relating to the backing of USDT as part of a lawsuit that alleges Tether conspired to issue the stablecoin as part of a campaign to inflate the price of Bitcoin (BTC). The order requires Tether to produce general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.
On top of that, this issuer is compelled to produce any records of trades or transfers of cryptocurrency or other stablecoins by Tether, the data about the trades’ timeline as well as details about the accounts it holds at crypto exchanges Bitfinex, Poloniex and Bittrex.
- Fed’s supersized rate hikes: crypto suffers as the central bank pumps interest rates to 0.75 points
The Federal Open Market Committee (FOMC) raised rates by 0.75 percentage points for the third consecutive time this year, showing how serious inflation has become in the U.S.
This has led to a serious drop in financial markets due to the news of the Fed. The cryptocurrency market also fluctuated promptly when the interest rates increased to 75 points. Specifically, the price of BTC fell from 19,900 to 18,700.
The central bank raised its benchmark interest rate by 0.75 percentage point, a measure that has not been taken for decades, marking the fifth hike this year and the third consecutive increase of that size.