The Ledger: Crypto lenders keep going bust

It has been a hard but revealing week for cryptocurrency lending platforms. After Celsius Network, Voyager, Vauld and others announced withdrawal freezes earlier this year, many of them have come to face liquidity issues.

Shortly after a Vermont watchdog called Celsius insolvent, the company announced that it is filing for bankruptcy.

The company’s boss tersely informed investors and consumers that this was the best and fairest move for everyone involved.

This is the second cryptocurrency lender to go bust after Voyager suffered a similar fate last week. But progress is not slowing down in the cryptocurrency world just because a few companies had it hard.

California is also opening probes into crypto lenders, having suspected that some of them may have been offering unregistered securities.

KuCoin has confirmed that it’s adding automated crypto trading with the help of a fintech company. Cryptocurrency exchanges have been looking to rapidly expand on their product offering to remain competitive and continue to provide consumers with the desired features.

South Africa confirmed that it wants to regulate cryptocurrencies as the nation seeks to establish a regulatory framework that can align the country with global regulation.

Global regulatory efforts have also picked up, with G20 countries confirming that they are seeking to ensure a global harmonization of cryptocurrency regulation.

A public consultation has begun at the behest of the US Treasury in the US, with much of the world now accepting the fact that cryptocurrencies are here to stay.

Many are hoping that should such regulation occur, investors may begin returning to cryptocurrencies. The current crypto crash has stirred a lot of unrest, forcing billions out of the sector.

However, regulatory agreement that encompasses some of the world’s biggest and strongest economies could shift the tide.

Elsewhere, Binance was accused of facilitating cryptocurrency transactions for Iranian customers despite sanctions. Reuters interviewed several consumers who confirmed that they had been able to move money through Binance.

Revolut, a popular fintech company and e-wallet, announced it is launching educational courses on crypto which will also come with a small bonus for anyone that passes a final test.

Of course, crypto has faced some challenges as well. Texas had to suspend cryptocurrency mining because of a new heatwave. Meanwhile, scammers were able to spirit away $8m in a fake airdrop for Uniswap wallets.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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