|All Time High:
|The price of #PAY today is $0.00951 USD.
The lowest PAY price for this period was $0, the highest was $0.00951, and the current live price for one PAY coin is $0.00951354.
The all-time high PAY coin price was $6.21.
Use our custom price calculator to see the hypothetical price of PAY with market cap of BTC or other crypto coins.
|The code for TenX crypto currency is #PAY.
TenX is 6.6 years old.
|The current market capitalization for TenX is $1,912,394.
TenX is ranking upwards to #822, by market cap (and other factors).
|There is a modest daily trading volume on #PAY.
Today's 24-hour trading volume across all exchanges for TenX is $41,101.
|The circulating supply of PAY is 201,018,255 coins, which is 98% of the maximum coin supply.
|Note that there are multiple coins that share the code #PAY, and you can view them on our PAY disambiguation page.
More TenX (#PAY) News
|Rich Dad Poor Dad Author Robert Kiyosaki Advises Investors to Pay Attent...
Robert Kiyosaki, the author of Rich Dad Poor Dad, has advised investors to closely monitor Bitcoin's upcoming halving, emphasizing that the event is fast approaching. The famous author recently revealed that he is $1 billion in debt but does not see it as his problem. He further shared that he uses debt as money to buy assets, including bitcoin, emphasizing that he does not trust the U.S. dollar.Robert Kiyosaki Urges Investors to Pay Attention to Bitcoin Halving
The author of Rich Dad Poor Dad, Robert Kiyosaki, has highlighted the upcoming Bitcoin halving in April as a key event for investors to watch. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
In a post on social media platform X Wednesday, the famous author explained that one contributing factor to the financial status of the poor and middle class is their social circle. 'If you want to be rich it is essential to have rich friends or at minimum friends who want to be rich,' he suggested. Kiyosaki ended his post with a message about the upcoming Bitcoin halving. 'A Bitcoin halving is fast approaching. Please pay attention to Bitcoin halving, gold, and silver in January, February, and March,' he wrote.
Kiyosaki has long recommended gold, silver, and bitcoin. He shared in an Instagram reel on Nov. 30 that he is more...
|Dogecoin Is Bullish? Crypto Analyst Gives Reasons Why Investors Should P...
Crypto analyst Jaydee has made a bullish case for Dogecoin (DOGE) as he outlined several reasons why a significant price breakout may be on the horizon for the foremost meme coin. DOGE’s price saw a 370x gain the last time the indicators Jaydee highlighted materialized.
Why Crypto Investors Should Pay Attention To DOGE
In a post on his X (formerly Twitter) platform, Jaydee noted three things that usually happen on the charts prior to DOGE experiencing a price breakout. The first indicator he mentioned was the Moving Average Convergence Divergence (MACD). According to him, There is always a MACD bullish cross before DOGE sees a parabolic move.
If so, then the Dogecoin rally may happen soon enough, as the crypto analyst mentioned that this indicator has been checked, suggesting that the bullish cross already happened. The second indicator he highlighted was the Average Sentiment Oscillator (ASO). There is usually an ASO cross before the meme coin makes a significant move to the upside.
However, unlike the MACD bullish cross, which seems to have already happened, this indicator is yet to materialize, as Jaydee stated that he is still awaiting this. This indicator looks like the only thing that is holding the potential DOGE breakout since the last and third indicator the crypto analyst referenced has already been “checked,” too.
This third indicator is DOGE’s price breaking out of its multi-year trendline. From the accompanying chart, which the ana...
|This Is How Much Binance and CZ Will Actually Have to Pay to Settle With...
Major crypto exchange Binance will pay $2.7 billion in disgorgement and penalty to the Commodity Futures Trading Commission (CFTC), thereby concluding the regulator's enforcement action against the company.
Binance founder and former CEO Changpeng Zhao (CZ) will also pay $150 million to the regulatory watchdog.
CFTC's Case Against Binance Comes to an End
In a press release on Dec. 18, 2023, the CFTC announced that the United States District Court for the Northern District of Illinois entered a previously proposed consent order against Binance and its former CEO.
While the company will disgorge $1.3 billion of ill-gotten transaction fees and another $1.3 billion civil monetary penalty to the regulator, Zhao will pay a personal civil monetary penalty of $150 million.
In March, the CFTC filed a lawsuit against Binance and Zhao, slamming various allegations against them, including soliciting US customers while deliberately ignoring the country's regulatory requirements. The regulator also alleged that Binance, Zhao, and other top executives helped US clients bypass compliance controls.
However, the former CEO refuted the CFTC's accusations, while Binance sought to dismiss the case, arguing that the agency was going beyond its jurisdiction by attempting to regulate foreign entities and individuals operating and residing outside of the United States.
Meanwhile, the latest development concludes all charges by the CFTC against Binance and Zhao, signaling the end of a legal battle bet...
|FTX Files Amended Plan to Pay Creditors Amid Soaring Legal Expenses
On Dec. 18, it was reported that FTX had filed its latest proposal to return billions of dollars to its customers and creditors.
Moreover, the plan did not indicate whether the exchange would be restarted. It will be sent to creditors for a vote before being submitted to court for final approval.
The payout plan calls for billions of dollars to be distributed as cash after the firm liquidated a lot of its crypto holdings, according to Bloomberg.
According to the amended Chapter 11 plan of reorganization filed on Dec. 16, customer claims for crypto assets should be valued at the time of the exchange’s collapse in November 2022.
FTX Legal Fees Raise Eyebrows
CHEV partner Adam Cochran said that this “should be illegal,”
“So if you had 1 BTC they’ll be paying you $17k instead of 1 BTC - even though most of their recovery has been in crypto or stock assets that went up?! This should be illegal. Your title rights should be protected first.”
He added that it was shameful not to recognize property rights because the asset is digital. “If you tax it like property, treat it like property,” he said.
Another thing that has raised eyebrows is FTX’s ongoing legal expenses.
On Dec. 17, Casa HODL co-founder Jameson Lopp commented on the firm’s monumental legal fees. He observed that the customer shortfall and legal fees were similar amounts at around $1.4 billion.
FTX has a phalanx of lawyers...
|CoinList to Pay OFAC $1.2 Million in Settlement Over Allegations of Viol...
Cryptocurrency exchange and token listing platform CoinList agreed to pay the Office of Foreign Assets Control (OFAC) of the United States Department of Treasury over $1.2 million in settlement relating to violations of the agency's Russia/Ukraine sanctions.
According to OFAC, while CoinList mostly abided by several compliance measures, the platform still opened accounts for users resident in Russia with Crimea addresses.
OFAC Says CoinList Sanctions Violations 'Non-Egregious'
In an enforcement release on Dec. 13, 2023, OFAC claimed that CoinList processed 989 financial transactions for 89 users between April 2020 and May 2022, who, upon account opening, provided addresses in Crimea, with most of them filling in Russia as their country of residence.
Crimea, which is widely recognized as Ukraine territory, has been annexed by Russia since 2014. Russia is currently facing various international sanctions imposed by the United States and other major economies since its invasion of Ukraine.
As stated in the release, the number of transactions processed over two years for Crimea users was worth $1,252,280, with OFAC stating that 'there is no indication the transactions would have been licensable or involved humanitarian activity.'
OFAC, meanwhile, claimed that CoinList knew or should have known that it was offering services to customers living in Crimea, adding that the platform 'failed to exercise due caution or care for its sanctions compliance obligations when it faile...
|KuCoin to Exit New York and Pay $22 Million in Settlement Deal: Report
Major crypto exchange KuCoin has reportedly settled with New York authorities to stop offering its services in the local market, along with a payment of $22 million.
The settlement deal comes months after the New York Attorney General (NYAG) sued KuCoin for selling unregistered securities to users in the state.
KuCoin Leaves New York
According to a report by Reuters, the $22 million payment comprises $5.3 million to the state of New York and $16.7 million worth of crypto refunded to nearly 180,000 NY investors.
Commenting on the latest development, NYAG Letitia James said:
'Crypto companies should understand that they must play by the same rules as other financial institutions.'
KuCoin CEO Johnny Lyu also announced the settlement on X, stating that affected users should expect an email or SMS in the next few days.
'Under our agreement, users required to retire from KuCoin will receive an email or SMS in about 10 days and onwards. If you don't receive either of these, you're alright. Rest assured - your asset security is always guaranteed and remains our top priority during this process.'
In March 2023, James brought a lawsuit against KuCoin, alleging that the crypto exchange sold Ether (ETH), the second-largest cryptocurrency by market capitalization, along with Terra (LUNA) and TerraUSD (UST) on its platform.
The lawsuit labeled the tokens as securities and commodities, with the attorney general stating that KuCoin listed and sold them without registering with the necess...
|Nigerian Crypto Firm Bitmama to Pay $1 Million for Startup That Raised $...
The Nigerian crypto platform Bitmama is reportedly set to acquire the African remittances startup Payday for $1 million. Reports of Payday's acquisition come almost a year after the startup raised $3 million in a funding round. Bitmama's Pivot From Crypto
The Nigerian crypto platform Bitmama is set to acquire the cross-border payment startup Payday for a reported sum of $1 million. The acquisition deal, which puts Payday’s value at $30 million, allows Bitmama to broaden its product offering to include cross-border remittances without having to start this service from scratch.
According to a Dec. 5 Techcabal report, Bitmama’s yet-to-be-consumated acquisition deal comes nearly a year after the previously high-flying Payday successfully raised $3 million in a funding round. Commenting on the deal, Favour Ori, founder and CEO of Payday, said:
'The deal is a work in progress. If the deal goes through, the result will be a strong team with much more efficiency.'
When the deal is finalized, Bitmama is expected to take over Payday’s customer deposits and the remittance firm’s liabilities.
Ruth Iselema, who founded Bitmama in 2019, explained how her platform’s pivot away from its crypto-only approach convinced Ori to approach. She also suggested that Bitmama’s desire to become a leading remittance service provider made the deal to buy Payday even more lucrative.
Meanwhile, Payday’s downfall may be linked to the founder’s extravagance an...
|Residents of Swiss City of Lugano to Pay Taxes With Bitcoin
Citizens of the Swiss city of Lugano can now settle their tax bills and other community fees with bitcoin and the stablecoin tether. By adding crypto to payment options, Lugano joins three other Swiss cities and cantons which already accept crypto payments. Accelerating the Use of Bitcoin
The Swiss city of Lugano announced on Dec. 5 that it has added cryptocurrencies to its list of acceptable payment options. This means that city residents can now settle tax bills and all other community fees with Bitcoin (BTC) or the stablecoin USDT.
Previously, Lugano residents could only use this payment option for transactions made on the city's online platform. However, according to a statement from Bitcoin Suisse, previous restrictions have been removed. Residents can now use crypto to settle regardless of the nature of the service rendered or the amount invoiced.
Commenting on the city of Lugano's decision to accept crypto payments, Armin Schimd, the chief product officer at the crypto-native pioneer and trusted gateway Bitcoin Suisse said:
We are delighted to support the city of Lugano in accelerating the use of Bitcoin technology as the foundation to transform the city's financial infrastructure. It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post office counters or e-banking platforms.
According to a statement, Lugano has bec...
|Zipmex Wants to Pay Creditors 3.35 Cents Per Dollar for Their Claims: Re...
The troubled cryptocurrency exchange Zipmex has proposed repaying its creditors 3.35 cents per dollar for their initial claims as part of its restructuring efforts.
People familiar with the matter told Bloomberg that the figure could rise to as much as 29.35 cents per dollar depending on recoveries made from the exchange's amended restructuring plan as it seeks to settle a debt of more than $97 million.
Zipmex to Pay 3.35 Cents Per Dollar
As expected, Zipmex's major creditors are against the exchange's proposal and have requested an independent review of its assets and liabilities. They intend to vote on the current restructuring plan by early December.
Zipmex's co-founder and CEO Marcus Lim said the number reported by journalists was inaccurate but refused to disclose the details of the proposed scheme.
The latest development comes a few days after Zipmex temporarily suspended all crypto trading and deposits in Thailand to comply with regulatory requirements from the Securities and Exchange Commission (SEC). Customers have been asked to contact customer support for withdrawals if their assets remain on the platform after January 31, 2024.
Zipmex got stuck in troubled waters in July 2022 and has been looking for a way out. The exchange froze withdrawals after it was caught up in the contagion triggered by the Terra ecosystem's implosion. Its case was worsened by a $53 million exposure to the failure of crypto lenders Babel Finance and Celsius Network.
The distressed exchange ...
|Crypto Payment Provider Alchemy Pay Secures Iowa Money Services License
The Singapore-based payment gateway Alchemy Pay has been granted the money services license by the U.S. state of Iowa. Both this license and the money transmitter license obtained from Arkansas nearly two months earlier underline Alchemy's 'dedication to compliance.'Alchemy Now in the Same League as Established Payment Providers
Alchemy Pay, a crypto on-ramp and payment gateway, recently said it has been granted the money services license by the U.S. state of Iowa’s banking division. In a statement, the Singapore-based payment gateway said it secured the Iowa license just a few months after obtaining the money transmitter license (MTL) in the state of Arkansas.
According to the gateway’s Nov. 23 statement, obtaining both licenses puts Alchemy in the same league with key players in the U.S. crypto market such as Coinbase, X (formerly Twitter), and Moonpay. Robert McCracken, the ecosystem lead at Alchemy, said the license acquisitions demonstrate his firm’s desire to remain compliant whilst improving user experience.
'The acquisition of our second Money Services License in the United States underlines Alchemy Pay's global payment capabilities and our dedication to compliance. We continue to obtain licenses in countries and regions around the globe, improving our user's experience, and strengthening our network coverage,' McCracken said.
In addition to the two licenses, the payment provider said it has completed the application process for MTL licenses in more...
|CZ to Step Down, Binance to Pay $4.3b in a Settlement with DOJ: Reports
Binance founder Changpeng Zhao (CZ) will plead guilty to floundering anti-money laundering (AML) provisions as part of a settlement deal with the U.S. Department of Justice (DOJ), according to a Tuesday report from the Wall Street Journal (WSJ).
He has also agreed to step down as CEO of his exchange and pay a $50 million personal fine, while Binance has agreed to pay a $4.3 billion fine for its legal violations.
Binance's Massive Penalty
As detailed by the WSJ, Binance’s alleged crimes included conducting an unlicensed money-transmitting business and failing to maintain an effective AML program.
Meanwhile, CZ is charged with failing to implement an effective AML program under the Bank Secrecy Act.
The company will pay $1.81 billion within 15 months, and another $2.51 billion as part of its DOJ deal, according to Reuters.
The DOJ began its probe into Binance in 2018, only for the IRS and DOJ to start seeking answers from the company in 2021.
Last month, members of Congress began pushing the DOJ to start laying some against the firm. Charges against Binance were first filed on November 14 but only unsealed on Tuesday.
What’s Next for Binance?
CZ has spearheaded Binance since it was founded in July 2017, growing it to be the world’s largest cryptocurrency exchange by trading volume.
A recent study also showed that he was, until now, the most popular man in the crypto community.
A number of fellow Binance executives have already departed the company this year af...
|Binance Asked To Pay $4 Billion By DOJ To Settle Investigations: Report
The U.S. Department of Justice (DOJ) has requested that crypto exchange giant Binance pay $4 billion as a resolution to its lengthy investigation of the company.
Such negotiations include the possibility that Binance CEO Changpeng Zhao (CZ) is charged with crimes possibly including money laundering, bank fraud, and sanctions violations.
According to Bloomberg, an announcement on a settlement deal could arrive as early as the end of November. If accepted by Binance, it would be one of the largest penalties of all time for a crypto-related case.
The agreement would “strike a balance” between punishing Binance sufficiently while allowing it to continue to operate and not cause crypto markets to plummet, said three people familiar with the matter. BNB rose 4% to $257 following the report.
The sources contacted by Bloomberg chose to remain anonymous while discussing the confidential topic.“A settlement with a monitoring provision in place could be a compromise that protects investors and allows Binance the option to evolve into a more institutional and compliant future direction,” said Matt Walsh, founding partner at crypto venture firm Castle Island Ventures, according to Bloomberg.
Despite the massive price tag, some believe a settlement deal could be bullish for crypto markets.
“The payment will be settled and the bull market can get going,” said @cousincrypt0 on X on Monday. “Binance was the last bit of FUD bears had in their chambe...
|Uniswap's New Fee Structure: Are You About To Pay More For These Tokens?
Recently, Uniswap, a prominent decentralized exchange, made headlines by introducing a 0.15% swap fee on specific tokens. While generating buzz and curiosity, this decision has raised several questions regarding its impact on traders.
Decentralized exchanges (DEX) facilitate peer-to-peer trading without intermediaries. The absence of centralized entities has advantages but also presents challenges, especially regarding fee structures.
Uniswap's latest update to alter its fee structure is a significant shift with potential implications for its large user base.
Uniswap Fee Structure: Analyzing The Financial Impact
According to data shared by Colin Wu, a blockchain-focused reporter, the daily fees from this change on Uniswap V3 could range between $388,000 and $444,000.
Providing deeper insight into the platform's operations, Wu mentions that approximately 35% to 40% of the entire transaction volume on Uniswap occurs on the front end.
These figures, while substantial, are just the tip of the iceberg. Specific tokens targeted for this new fee include popular tokens such as ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.
However, according to the Chinese reporter, this fee will only apply when these tokens are traded through Uniswap Labs interfaces on the mainnet and its supported Layer 2 networks.
Currently, about 35%-40% of the transaction volume in Uniswap is completed through front end, H/T @1kbeetlejuice. Ethereum Uniswap V3 in the past 24h is $810m...
|Why You Should Pay Attention To The XRP Price Predictions
Over the last month, a number of XRP price predictions have dominated crypto headlines. Some of these predictions have been greatly exaggerated, but there have been some that have come up on the more realistic side. Whether or not these XRP price predictions have been probable, there are some merits to actually paying attention to them.
XRP Price Predictions Signaling Investor Outlook
Price predictions are not new to crypto and they can often be a way to gauge how investors, especially traders are looking at a cryptocurrency. In recent times, the focus has mainly been on the XRP price, and with most of the predictions being bullish, it indicates widespread bullishness across the community.
A good portion of this bullishness can be attributed to Ripple’s win over the US Securities and Exchange Commission (SEC) back in July. Following the ruling, the price of XRP jumped over 60%, reaching its highest point in a month.
Even though the US SEC has contested Judge Analisa Torres’s ruling and filed an interlocutory appeal, it has not eliminated the long-term bullish outlook for the XRP price. This is because multiple legal experts have talked about the SEC’s interlocutory filing and the consensus has mainly been a low chance of success.
Additionally, if Ripple were to emerge victorious in the interlocutory appeal as well, it would cement XRP’s status as a non-security. This would bolster the already renewed fate and signal the entrance of more institutional ...
|Shiba Inu Adoption: Texans Allowed to Pay Their Solar Panel Bills in SHI...
The residents of Texas can now settle their solar panel bills in various cryptocurrencies, including the popular memecoin Shiba Inu (SHIB).
Numerous analysts have previously argued that mass adoption is among the essential factors in increasing the price of the coin.
Paying Bills in SHIB
The offering became available after the blockchain payment system FCF Pay partnered with Chariot Energy (a solar energy company based in Houston, Texas). Locals are allowed to use hundreds of crypto assets, such as Shiba Inu, by following three simple steps.
They need to select the aforementioned firm as the payee and fill in their billing information (name, email, and residential address). Lastly, individuals need to confirm the details and send the necessary payment.
FCF Pay clarified that choosing crypto as a settlement option does not hide risks for customers since the company can't access people's wallets.
It also revealed that the option is currently available only in the Lone Star State. 'If you want to look into buying/setting up solar panel in your house and you are NOT in Texas. Obtain an FCF crypto card and pay with crypto from your preferred company,' the organization stated.
FCF Pay added support to Shiba Inu's native token in April last year. The first-ever memecoin Dogecoin (DOGE) is also part of its list of available tokens.
Adoption is the Key to SHIB's Rise?
There are multiple examples of entities that have allowed clients to use Shiba Inu's token ...
|SEC Charges Stoner Cats Over $8M Unregistered NFT Offering: Mila Kunis-B...
The Securities and Exchange Commission (SEC) charged Stoner Cats 2 LLC (SC2) with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs) that raised about $8 million from investors to finance an animated web series. SEC Slaps Stoner Cats 2 With Charges: NFTs Deemed Unregistered Securities in $8M Offering
According to the SEC order issued on Wednesday, SC2 offered and sold more than 10,000 NFTs for around $800 each on July 27, 2021, selling out in just 35 minutes. The marketing campaign highlighted benefits like the ability to resell the NFTs on the secondary market, the SEC said.
SC2 also emphasized the expertise of its Hollywood producers, knowledge of crypto, and involvement of famous actors, leading investors to expect profits from rising resale value if the web series succeeded. The project was crafted by the American actress and producer, Mila Kunis for the animated series produced by Orchard Farm Productions.
SC2 configured the NFTs to earn 2.5% royalties on secondary sales and encouraged trading, the SEC said. Investors subsequently spent over $20 million on at least 10,000 secondary market transactions. But SC2 violated securities laws by offering the crypto assets to the public without registering the offering, the SEC’s court order concluded.
“It’s the economic reality of the offering – not the labels you put on it or the underlying objects – that guides the determination of what’s...
|US Court Orders Collapsed BTC Investment Firm to Pay Over $1.7 Billion i...
A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over $1.7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds.Forex Fraud Allegations
United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over $1.7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission's (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud.
According to the Commission's Sept. 7 press statement, MTI, which is presently in liquidation, was also found liable for 'registration violations and failure to comply with CPO [commodity pool operator] regulations.' Meanwhile, the statement further revealed that Judge Ezra’s order had resolved the CFTC’s case against MTI.
As previously reported by Bitcoin.com News, the same U.S. Federal Court had previously issued a default judgment against the former MTI CEO Johann Steynberg. In addition to the restitution, the court also imposed a civil monetary penalty of $1.73 billion — the highest in CFTC’s history.
CFTC to Go After Fraudsters 'Wherever They...
|Kenyan Fintech Startup Kotani Pay Receives $2 Million Pre-Seed Funding
The Kenyan fintech startup Kotani Pay has raised $2 million in a pre-seed funding round which was led by P1 Ventures. The capital raised will be used to fund the startup's expansion into five African countries. Felix Macharia said his firm is working with central banks, some of whom 'are actually getting excited about some of these use cases and are getting involved.'New Capital to Fund Kotani Pay's Africa Incursion
The Kenya-based digital currency on- and off-ramp service provider, Kotani Pay, recently raised a $2 million pre-seed funding round, a report has said. The round was led by the San Francisco-based seed investor P1 Ventures with the participation of Digital Currency Group/Luno and Flori Ventures.
According to a Techcrunch report, Kotani Pay will use the capital raised to fund its expansion into five African countries: Ivory Coast, Nigeria, Rwanda, Senegal, and Tanzania. The successful capital raise also enables Kotani Pay to make good on its promise to make cross-border remittances much easier for the African continent’s unbanked population.
In addition to seeking to make the transfer of remittances across borders easier, the Kenyan startup is involved in efforts aimed at bringing financial services to Africa’s refugee population. Kotani Pay has also developed software which enables feature phone users to send funds via its platform.
Working With Regulated Entities
While the fintech startup’s use of blockchain and stablecoins when moving funds ac...
|Shopify to Accept USDC Payments Via Solana Pay Integration
Solana Labs announced the integration of its decentralized payment protocol - Solana Pay - with e-commerce giant Shopify as a new payment option. The move will enable millions of businesses operating on the Shopify platform to leverage Solana Pay for their payment needs.
Initially, USDC payments will be accepted via the integration, but more crypto-assets will added down the line.
Solana Pay x Shopify
According to the official press release, Solana Pay will essentially eliminate bank fees, chargebacks, and holding times while allowing immediate, direct payment settlement of USD stablecoins compatible with Solana.
Furthermore, merchants and consumers using Solana Pay will also be able to benefit from Web3-enabled commerce experiences, such as token-gated offers, simple cross-border payments, as well as NFT-based loyalty programs.
Commenting on the development, Solana Foundation's Head of Commerce Business Development, Josh Fried, said,
'Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience and increased utility of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify.'
Launched in February 2022, Solana Pay is an open-source protocol built on top of the layer-1 blockchain Solana. The initial payment option for its integration with Shopify will include USDC, the second-largest stablecoin with a market capitalization of nearly $26 b...
|SOL Tallies 5% Gains In One Day After Shopify Integrates Solana Pay
Following the recent downtrend in the crypto market, Solana's native token, SOL, recorded heavy losses in the past few days. But now the token's price moves on the daily chart showed the formation of a green candlestick yesterday after many days of posting vivid red ones.
According to current stats, SOL's price has decreased by over 7% in the past week. But from August 23, the coin started an uptrend reflected in its 24-hour price change of 5.75% today, August 24. Notably, the recent news about Shopify's integration of Solana Pay seemingly reignites investors' confidence in SOL.
Millions Of Businesses On Shopify Can Now Use Solana Pay
Solana Labs launched its decentralized payment platform, Solana Pay, on the layer-1 blockchain in February 2022 and now, Solana Pay’s plug-in is now available on Shopify. Given its stability and close value to USD, it was chosen as the first to appear on the platform.
However, Shopify's business development and partnerships head, Josh Fried, revealed that more crypto assets such as BONK and SOL will soon be available.
Fried also shared with an online news site, TechCrunch, that transactions on Solana Pay are very affordable, given how low the ecosystem charges.
Credit card processing fees usually cost a business between 1.5% and 3.5% per transaction, but using the Solana Pay option is practically “fee-free.
Also, he applauded Solana Pay as a crypto app worth using, saying, 'Some people a...
|Why This Solana Pay Integration Could Onboard Millions Into Crypto
A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases.
Solana Enters The Mainstream With Shopify Cooperation? Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low volatility and familiarity with the US dollar.
However, in the future, other cryptocurrencies could become a part of the integration, including the native currency of the Solana ecosystem SOL. As Techcrunch noted, Shopify is one of the prominent marketplaces with $444 billion worth of global economic activity or 10% of the total US e-commerce.
Thus, the Solana ecosystem will have the capacity to reach millions of users looking for alternative payment options when shopping online. Fried stated the following regarding the new integration:
Some people argue the killer app for crypto hasn’t arrived, but it has: it’s payments. (Everyone) should be doubling down on this.
The Solana Foundation member also highlighted the benefits for merchants who decided to adopt the new features on Shopify. Legacy payment rails cost merchants between 1.5% to 3.5% per transaction, compared to SOL’s $0.00025, which is “practically fee-free.”
In addition to these benefit...
|Crypto Exchange Bittrex Settles With SEC — Agrees to Pay $24 Milli...
Cryptocurrency exchange Bittrex has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC). Bittrex and Bittrex Global agreed to pay $24 million. The SEC's director of enforcement alleged that for years, Bittrex worked with token issuers to 'scrub' their online statements 'to evade the federal securities laws.'Bittrex Settles With SEC
The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto trading platform Bittrex Inc., its co-founder and former CEO William Shihara, and Bittrex's foreign entity Bittrex Global GmbH have reached a settlement with the regulator. The SEC charged Bittrex entities and Shihara in April.
Specifically, the SEC explained that Bittrex and Shihara 'agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.' Meanwhile, Bittrex Global 'agreed to settle charges that it failed to register as a national securities exchange.'
The securities watchdog stated that as part of the settlement, subject to court approval, the defendants consented to be permanently enjoined from violating the securities laws. Moreover, the SEC detailed:
Bittrex and Bittrex Global agreed to pay, on a joint and several basis, disgorgement of $14.4 million, prejudgment interest of $4 million, and a civil penalty of $5.6 million, for a total monetary payment of $24 million.
Gurbir S. Grewal, Director of the SEC's Division of Enforcement, commented: 'For years, Bittrex worked with t...
|Embattled Crypto Exchange to Pay a $24 Million Penalty to Settle With SE...
The once-prominent cryptocurrency exchange Bittrex has reportedly agreed to pay $24 million in penalties to resolve its quarrel with the United States Securities and Exchange Commission (SEC).
The agency has previously accused the platform of offering services to American clients without obtaining the necessary registration.
The exchange shuttered its US operations and filed for bankruptcy protection shortly after the regulator targeted it.
As reported by Bloomberg, Bittrex and its non-US subsidiary will part with $24 million to settle allegations that it violated several securities rules while providing cryptocurrency services to American users.
The company's co-founder William Shihara called the settlement plan 'a good outcome,' raising hopes that it could help the US authorities create a balance between safeguarding investors and promoting innovation.
Bittrex and Shihara have been coping with severe issues over the past several months caused by the hostile stance of the SEC.
The firm terminated operations in the States at the end of March this year, citing the nation's 'regulatory and economic environment.' Nonetheless, it assured that 'customer funds are safe, here and ready for retrieval.'
A few weeks later, the exchange received Wells Notice from the SEC. The latter alleged that Bittrex operated as an unregistered exchange, broker-dealer, and clearinghouse for securities.
The company filed for Chapter 11 bankruptcy protection in the US approx...
|Quantstamp Agrees to Pay $3.5 Million Fine Following SEC Charges
Blockchain security company Quantstamp has agreed to pay ~$3.5 million in fines to settle charges against it from the U.S. Securities and Exchange Commission (SEC) on Friday – without confirming or denying allegations.
The settlement marks another successful crackdown from the agency against a crypto company for violating securities laws, which industry leaders say lack clarity regarding how they apply to digital assets.
Another SEC Legal Attack
The SEC’s charges – announced on Friday – accused Quantstamp of conducting an “unregistered initial coin offering (ICO)” in the form of its QSP tokens in late 2017.
QSP allows investors to purchase automated smart contract scans through Quantstamp’s protocol. However, the SEC claimed that the manner in which it was first distributed constituted a securities offering.
“Quantstamp raised over $28 million by selling “QSP” tokens to approximately 5,000 investors, including investors in the United States,” wrote the commission. “Quantstamp planned to use the ICO proceeds to develop and market an automated smart contract security auditing platform.”
When determining whether a token is a security, the SEC regularly cites the Howey Test – a decades-old legal precedent for identifying investment contracts. The test is widely understood to contain four prongs, two of which include an “investment of money” in a “common enterprise”.
|UK Judge Rules Craig Wright Must Pay $516K to Proceed with Lawsuit Again...
Craig Wright is not someone to stay out of the spotlight for a long time. In the latest development, the self-proclaimed Bitcoin creator was ordered to pay approximately $516,000 (400,000 British pounds) in security covering legal costs to pursue claims against crypto exchanges Coinbase and Kraken.
The lawsuit against Coinbase and Kraken's parent company Payward was brought by Wright last May for several hundred billion pounds in damages, claiming that only he has the right to use the Bitcoin brand.
In a judgment issued on Tuesday, James Mellor, a judge presiding over the England and Wales High Court, expressed skepticism about Wright's ability to cover his legal expenses. This doubt arose from statements provided by the Australian scientist regarding his financial status to the US court proceedings involving former business partner Ira Kleiman.
Mellor revisited Wright's previous assertions of being financially 'untouchable.' Despite the evidence presented, the judge remains unconvinced of Wright's capacity to afford the legal costs. The judge added that the evidence presented an 'obscure picture' about which individuals or entities owned which Bitcoin assets Wright had easy access.
'I was not satisfied by the evidence from the Cs filed in support of the contention that C2 was resident in the UK or that (assuming such residence) it has any degree of permanence. The nature of whatever business C2 has conducted or does conduct was also obscure.'
In addition to ordering...
|US FTC Orders Celsius to Pay $4.7 Billion in Fines But There's a Catch
Just over a week ago, a confidential source from within the CFTC stated that the regulator had arrived at the conclusion that Celsius and its CEO, Alex Mashinsky, had violated U.S. law.
At the time, the source was unable to confirm when or whether a lawsuit against the platform and its leadership would be filed.
Celsius Settles, C-suite Does Not
Mashinsky has since been reportedly arrested, and the FTC has officially filed a complaint against those involved.
It’s worth noting that the FTC (Federal Trade Commission) and the CFTC (Commodity Futures Trading Commission) are two distinct and separate regulators. However, the two closely cooperate and share privileged information between themselves. Therefore, it’s possible that the CFTC simply decided that this would be a matter more suited for the FTC to take care of and thus turned its findings over.
According to a press release submitted by the FTC on July 13, Celsius Network has already reached a settlement with the regulator, promising to pay penalties worth $4.7 billion.
There is, however, a catch to this deal. Payment of the fine will be suspended in order to allow Celsius to repay creditors. This deal is based on current financial statements provided by Celsius and also warns the indebted platform that any additional funds found in excess of the sum needed to pay off creditors will be confiscated.
“The suspension will be lifted as to Non-Debtor Defendants if, upon motion by the Commission or the Commissio...
|US Court Orders Operator of Digital Asset Trading Scam to Pay $54 Millio...
According to the Commodity Futures Trading Commission (CFTC), Michael Ackerman, the operator of an alleged fraudulent digital asset trading scheme, has been issued with an injunction order which bars him from trading in any CFTC-regulated markets or registering with the CFTC. The injunction also requires Ackerman to pay $27 million in restitution to defrauded victims and a civil monetary penalty of $27 million.Only $10 Million Was Used to Trade Digital Commodity Assets
The Commodity Futures Trading Commission (CFTC) announced on June 28 that a default judgment granting a permanent injunction has been issued against Michael Ackerman, the operator of a fraudulent digital asset trading scheme. According to the commission, the injunction granted by Naomi Reice Buchwald, a judge with a U.S. District Court, bars Ackerman from trading on regulated markets and registering with the CFTC.
The statement also revealed that Ackerman, who was sentenced to five years of probation with a year of home confinement in Feb. 2022, will also be required to 'pay $27 million in restitution to defrauded victims.' Ackerman was further hit with a civil monetary penalty of $27 million for operating the fraudulent scheme.
As per the CFTC statement, the case against Ackerman stems from his alleged role in operating a fraudulent scheme which 'solicited and misappropriated funds to purportedly trade digital commodity assets.' Although he managed to successfully extract an estimated $33 million from some 150...
|Jack Dorsey Calls Out Tim Cook: Why Doesn't Apple Pay Support Bitcoin?
Block CEO Jack Dorsey is putting Apple CEO Tim Cook on blast for seemingly not supporting Bitcoin payments, per the app store’s policies.
His comments follow Apple’s recent confirmation that it would be pulling the Bitcoin-based social app, Damus, from its marketplace.
Apple’s Crackdown On Bitcoin
Damus is a decentralized social media app for interacting with Nostr – a Bitcoin-based protocol for exchanging information and messages in a censorship-resistant manner.
The app includes a tipping feature called “zaps” which let users tip one another in Bitcoin over the lightning network. The value exchange is totally peer-to-peer, and Damus takes no cut from such transactions.
Nevertheless, the feature ran afoul of Apple’s terms of service two weeks ago. The company said that it could allow for optional tips and donations, but not for payments that were required in exchange for digital content. “They must use in-app purchase in accordance with guideline 3.1.1,” said the company.
Damus refused to remove this functionality from its app, and tried to explain that zaps did not “unlock” any digital content for users. However, it received the same message from Apple again on Monday, and accepted that its removal from the app store was imminent.
“Their suggested fix is to use apple pay,” tweeted Damus on Tuesday. “Sure, I'll use apple pay when it supports censorship-resistant, peer-to-peer payments to anyo...
|Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imp...
Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained.Chinese Yuan Usage Hits Record High in Argentina
The Argentine customs agency has revealed that over 500 companies in Argentina, spanning various industries such as electronics, auto parts, textiles, oil, and mining, have requested to use Chinese yuan for import payments, Bloomberg reported Friday.
As the scarcity of U.S. dollars persists in Argentina, the use of the Chinese yuan has reached an all-time high in the country. According to officials from the country's central bank, import payments authorized in the Chinese currency have amounted to $2.9 billion. Marcelo Elizondo, a trade economist in Buenos Aires, explained:
The central bank doesn’t have dollars so it needs the emergency aid China is offering … For Argentina, its currency ties to China represents an emergency, but for China it's a point of leverage to take advantage of a geopolitical opportunity.
Whirlpool Corp. is among the companies seeking to utilize China's currency for import payments. The American appliance giant invested $52 million in its new factory outside Buenos Aires last year. Juan Carlos Puente, president of Whirlpool Latin America, was quoted as saying: “We’ve had to stop the factory at some po...
|Right to Pay With Cash Enshrined in Constitution of Slovakia Amid Digita...
A member of the eurozone is amending its constitution in order to guarantee citizens the right to cash payments. The move comes amid growing fears that a digital version of the common European currency may eventually become the only means of payment in the eurozone, despite currently being touted as merely an alternative.Lawmakers in Slovakia Approve Constitutional Provision Preserving Cash Payments
Slovaks will have the right to buy goods and services with cash guaranteed under an amendment to their constitution approved by a sizable majority in the nation’s parliament. According to a report by the Euractiv news portal, 111 out of 150 members of the legislature backed the respective draft law.
The legislation aims to protect physical payments in case that the use of the digital euro becomes mandatory in the eurozone, of which Slovakia is a member. The digital version of the euro area’s single currency is still under development led by the European Central Bank (ECB).
The amendment was proposed by the right-wing, Eurosceptic Sme Rodina (We Are Family) party. “It is very important that there is a provision in the Constitution based on which we can defend ourselves in the future against any orders from the outside, saying there can only be digital euro and no other payment options,” Miloš Svr?ek, one of the law’s authors, was quoted as stating.
EU institutions claim they don’t intend to replace cash with the new central bank digital c...