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Huobi Suspends Crypto Derivatives In China, Bitcoin Mining In Iran + More News

Huobi Suspends Crypto Derivatives In China, Bitcoin Mining In Iran + More News
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. ____

Exchanges news

  • Crypto exchange Huobi has suspended crypto derivatives trading for customers in China, according to the updated user agreement. The derivative trading services are also prohibited for users in Taiwan, Israel, Iraq, and the UK (for retail users), among others, in addition to users in the US, Canada, Hong Kong, Japan, and certain other countries are being prohibited to use the platform.

Mining news

  • The Iranian Ministry of Industries, Mining and Trade has issued licenses for 30 cryptomining units, according to the local Financial Tribune. These are located in different provinces across the country.

Regulation news

  • In a recent presentation, Eric Rosengren, President of the US Federal Reserve Bank of Boston, has listed tether (USDT) among the “financial stability challenges” the US central bank is watching. Tether was called a “new disruptor” and listed among other potential disruptions.
  • Crypto lending platform Celsius is migrating its main business activity and headquarters from the United Kingdom to the United States and, where applicable, to several other jurisdictions, said the announcement. They have also withdrawn their application from the UK Financial Conduct Authority’s (FCA) temporary registration regime for cryptoasset firms, and will focus on obtaining the relevant licenses in the US.

Adoption news

  • Rating agency Fitch said that El Salvador’s law that makes bitcoin (BTC) legal tender means that banks face higher risks, including that of violating rules against money laundering and terrorism financing, Reuters reported. The possibility of using BTC for all obligations, including bank loans, could funnel the crypto traffic through this country, which “may increase the risks that proceeds from illicit activities pass through the Salvadoran financial system,” Fitch said.
  • Derivatives marketplace CME Group announced that their Micro Bitcoin futures volume surpassed 1 million contracts on Friday, June 25. Worth one-tenth of a bitcoin, the strong uptake is due to customer demand and even more institutional interest than previously anticipated, they added.
  • Crypto service Crypto.com announced its partnership with financial firm Circle. Crypto.com users can now transfer USD from their bank accounts and receive USD coin (USDC) at a 1:1 ratio in the Crypto.com App and Exchange, they said.

Investment news

  • Crypto wallet service Mercuryo has announced a new USD 7.5m Series A round led by venture capital firm Target Global. The funds will be used to expand into new markets and launch business solutions enabling any company to become a fintech company without dealing with the complications, the team added.

Legal news

  • The Court of Appeal of Paris has upheld the five-year prison term for Russian Alexander Vinnik, convicted in France on money laundering charges through the now-non-existent crypto exchange BTC-e, perTASS. However, he was exempted from a fine of EUR 100,000 (USD 119,120).

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