The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

CryptoCompare has caught with the operators of several cryptocurrency tax tools to get into the common mistakes people make when it’s time to do their taxes, their thoughts on current regulations, and exchanges’ role in crypto taxes, among other things.

Cryptocurrency exchange Binance has announced it’s closing down its dedicate Jersey branch, Binance Jersey. The trading platform’s volumes have been rather low, and it has been inactive on social media.

The U.S. Department of Justice has said that an “extensive” bitcoin mining operation in Bulgaria was seized as part of a crackdown on a transnational criminal organization, QQAAZZ.

Sponsored: Crypto.com Exchange is listing EGLD on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of EGLD at 50% off. The event commenced on Tuesday, 20 October 6:00am UTC on the Crypto.com Exchange.

Top stories in the Crypto Roundup today:

Most Crypto Investors Don’t Pay Related Taxes, Tax Tool Operators Believe
Binance is Shutting Down its Dedicated Jersey Branch
Bitcoin Mine Seized in Crackdown on Transnational Crime Organization
Sponsored: Crypto.com Exchange is listing EGLD at 50% OFF

Most Crypto Investors Don’t Pay Related Taxes, Tax Tool Operators Believe

In our survey, 44.4% of respondents said they believe less than 10% of crypto users pay taxes on cryptocurrencies, while another 44.4% said the figure is between 10% and 30%. 11.1% said the figure could go as high as 50%.

Most respondents revealed their software had limited range when it comes to jurisdiction, with countries like the US and UK getting support, while others are only provided with “generic” reports.

When it comes to current cryptocurrency regulations, our respondents showed mixed feelings. While some do think governments are making a good job, others believe “taxation of small transactions used for regular payments is hindering the adoption.”

A future in which we will be able to use cryptocurrencies to pay for taxes was generally accepted “if you believe in cryptocurrencies taking off, paying taxes in crypto is inevitable.” Others weren’t so positive, and pointed out the most liquid cryptoassets are “still very volatile.” Another respondent “said paying taxes in crypto is not really a solution for anything.”

Binance is Shutting Down its Dedicated Jersey Branch

Deposits on Binance Jersey will be halted on October 30, and trading and other services will cease on November 9. The exchange’s shutdown is expected on November 30. The trading platform was initially launched in January 2019 to provide users with a fiat-to-crypto exchange supporting euros and British pounds.

Binance’s main platform, however, now supports GBP deposits via the U.K.'s Faster Payments scheme, as well as SEPA payments for the euro. It also offers trading pairs against both currencies. Binance will maintain other local arms, such as its Turkey and Uganda divisions.

Bitcoin Mine Seized in Crackdown on Transnational Crime Organization

The U.S. Department of Justice has said that an “extensive” bitcoin mining operation in Bulgaria was seized as part of a crackdown on a transnational criminal organization, QQAAZZ.

In a press release, the Department of Justice detailed 14 QQAAZZ members were indicted, in addition to court actions that began in 2019 and earlier this year against 6 other members. The alleged members are accused of participating in a money-laundering operation that employed the use of cryptoassets, bank accounts, and other methods.

QQAAZZ reportedly uses so-called “bank drops,” which are persons that own a bank account, receive stolen money in it, and cash out the funds through it. These bank drops help cybercriminals launder funds stolen from others.

DCR Focus on Governance Drives Market Performance in Africa

DCR, the native cryptocurrency of the Decred network, which prioritizes decentralized governance and decision making on the blockchain, has seen its overall health climb 10 points over the last three weeks, driven by a 14.91% rise in Market Maturity, according to Flipside Crypto.

Decred’s recent performance is largely driven by a gain in momentum in Africa, which boosted demand for the cryptocurrency’s DCR token. AppsAfrica has highlighted Decred’s governance infrastructure, while Decred’s community lead in Africa, Akin Sawyerr, spoke to CoinDesk about the potential of decentralized finance and governance to rebuild the economies of African countries.

Decred’s focus on governance puts it in an interesting position to help countries with struggling civil institutions and volatile currencies, as on the blockchain rules are codified, auditable, and fixed. While countries with weak fiat currencies have turned to cryptoassets for a few years now, we’re seeing some turn to blockchain’s decentralized governing structure.

Crypto.com Exchange is listing EGLD at 50% OFF

Crypto.com Exchange is listing EGLD on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of EGLD at 50% off. The event commenced on Tuesday, 20 October 6:00am UTC on the Crypto.com Exchange.

Allocation:

Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO staked on the Crypto.com Exchange.

Subscription:

Participants will be able to subscribe for EGLD by contributing an amount of CRO tokens not exceeding their respective maximum allocation. Staked CRO tokens may not be used to subscribe for EGLD in this event.
Participants will need to trade the minimum volume required at their CRO staked level in the past 30 days in order to be eligible to subscribe.
The past 30-day trading volume is calculated daily at 00:50:00 UTC. For more information regarding exact cutoff times, refer to our FAQ here.

NOTE: The trading volume can take up to 1 hour to calculate at most. To avoid any delays, we advise you to satisfy the trading requirement well in advance of the subscription timelines.

Event Timeline:

20 Oct 6:00am UTC: Sales Begins (EGLD/CRO subscription price fixed)
21 Oct 6:00am UTC: Sales Ends
28 Oct 6:00am UTC: Acceptance Period Begins (unused CRO will be refunded immediately if you reject the allocation)
29 Oct 6:00am UTC: Acceptance Period Ends (CRO refunds will be distributed for forfeited participants)