The Ledger: DoJ forms crypto enforcement unit, Binance invests in Forbes

The weekend Super Bowl game was a watershed moment for Coinbase, which managed to not only captivate audiences with its out-sized QR code hovering on a screen for 60 seconds, but also translate this minimalistic advertisement stroke-of-genius into sizable action.

The advertisement has hit a bull’s eye as the Apple App Store, where Coinbase become the second most downloaded app over the days that followed.

The company continued to make headlines this week, after it decided to roll out a pilot feature that would allow Coinbase users in Mexico to cash out their crypto holdings in pesos at select retailers in the country.

This feature is available to consumers in the country for free through March 31, after which it will incur a small fee, which is still much smaller than what mainstream financial institutions offer.

Binance became a major investor in Forbes earlier this week with the crypto exchange committing $200m in the digital and print media publisher. The exchange believes that by teaming up with Forbes it can quickly and efficiently demonstrate the advantages of Web 3 technology which it is looking to introduce to Forbes’ digital initiatives.

Not everyone is as open to crypto investors, it seems. In fact, 68% of financial selectors have admitted that they are reluctant to commit client money to cryptocurrencies and digital assets, a survey by Natixis Investment Managers revealed. However, people who have already committed to the crypto market have remained upbeat.

A survey by Deutsche Bank claims that 80% of current crypto investors are prepared to HODL their crypto funds. This is the act of not selling your funds even if the market value change rapidly, prompting mass fear and investors to flee – not in crypto it seems. A warning about the crypto market came from another watchdog earlier this week.

The Financial Stability Board, a Switzerland-based international body that monitors the economy, argued that crypto could expose mainstream finance to risk. The organization argued that no matter how much banks and other financial institutions are exposed to crypto, they may suffer disproportionate consequences.

Consumers are similarly at risk this week. GamCare, a non-profit organization in the UK has called for a self-exclusion program that specifically targets vulnerable traders and crypto owners. The idea is to limit the cases where retail investors had suffered financial or mental problems as a result of unchecked trading or spending.

Speaking of consumers at risk, the Federal Trade Commission in Australia warned that $139m had been lost to “romance scams” in 2021.

Following the success of the US Department of Justice (DoJ) in capturing a couple from New York that was linked to $4.5bn Bitfinex theft, the DoJ has announced a new crypto enforcement unit. The FBI is also setting up a new team to address crypto criminals, effectively taking the fight back to them. Meanwhile, Bitfinex victims are already lining up to have their funds returned.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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