Digital payments titan PayPal has announced it’s adding more cryptocurrency services through the introduction of an off-ramp, allowing users in the United States to convert their cryptocurrency to US dollars directly from their wallets.

Cryptocurrency exchange Luno is set to halt certain clients in the UK from investing in cryptocurrencies, according to an announcement from the company’s head of public policy, Nick Taylor.

The estate of the once-giant cryptocurrency exchange, which filed for bankruptcy in November after collapsing to a bank run, has disclosed assets totaling approximately $7 billion.

Top stories in the Crypto Roundup today:

• PayPal Launches Crypto Off-Ramp for US Users
• Luno to Pause Crypto Investing for Some UK Clients Over FCA Rules
• FTX Holds $7 Billion in Assets, Plans to Sell Crypto to Pay Creditors
• E-CNY Transaction Volume Surges as China Onboards New Utilities for CBDC

PayPal Launches Crypto Off-Ramp for US Users

Digital payments titan PayPal has announced it’s adding more cryptocurrency services through the introduction of an off-ramp, allowing users in the United States to convert their cryptocurrency to US dollars directly from their wallets.

The move comes shortly after the payments giant launched an on-ramp allowing U.S. users to buy cryptocurrencies directly with PayPal through integrations with MetaMask and Ledger. The new off-ramp is available to wallets, decentralized applications, and non-fungible token (NFT) marketplaces.

The move allows Web3 merchants to connect to "robust security controls and tools for fraud management, chargebacks and disputes.”

It’s worth noting that last month PayPal announced the launch of its own stablecoin PYUSD with Paxos.

Luno to Pause Crypto Investing for Some UK Clients Over FCA Rules

Cryptocurrency exchange Luno is set to halt certain clients in the UK from investing in cryptocurrencies, according to an announcement from the company’s head of public policy Nick Taylor.

With the U.K.'s Financial Conduct Authority (FCA) slated to usher in new promotion regulations on October 6, the rules will come into effect on October 8. The FCA’s new rules seek to treat cryptocurrencies like “restricted mass market investments,” and require transparent warnings on promotions, while prohibiting incentives.

Per Taylor, the FCA’s new rules mean all compliant cryptocurrency firms in the UK are “making a number of changes to their platforms,” which to Luno means the firm is “pausing the ability to invest through the platform for some customers for the time being.”

While the FCA’s new rules officially take effect on October 8, an extended grace period of three months has been offered for companies seeking additional time for compliance.

PayPal has also announced it plans to suspend cryptocurrency purchases in the UK as a result of these new rules, with plans to resume them in 2024.

FTX Holds $7 Billion in Assets, Plans to Sell Crypto to Pay Creditors

The estate of the once-giant cryptocurrency exchange, which filed for bankruptcy in November after collapsing to a bank run, has disclosed assets totaling approximately $7 billion.

According to a recent court filing, the holdings include $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC). The documents also detail billions in payments the firm made to senior executives, including founder Sam Bankman-Fried.

FTX’s collapse came after a bank run was triggered by reports exposing discrepancies concerning its financial statements. John J. Ray III, the newly appointed CEO, has expressed stringent criticisms of the financial controls at FTX.

The filings reveal the company has secured $1.5 billion in cash, in addition to the $1.1 billion it had on November 11. It holds $3.4 billion in crypto, valued at the end of August. This does not factor in their collection of over 1,300 lesser-known tokens, including MAPS and serum (SRM).

Bankman-Fried, along with other senior executives such as Nishad Singh and Caroline Ellison, reportedly received a combined sum of $2.2 billion in various forms - cash, crypto, equity, and real estate - in the months predating FTX's bankruptcy.

Such transactions bear significance as U.S. legislation might permit the retrieval of these payouts, redirecting them to the pool accessible to creditors. The filing also reveals FTX’s real estate holdings included 38 properties in the Bahamas valued at $200 million.

FTX has sought approval from a New York court to liquidate its crypto assets, so that it can repay its creditors in cash.

E-CNY Transaction Volume Surges as China Onboards New Utilities for CBDC

According to recent information from the Governor of China's Central Bank, the Digital Yuan's transaction value soared to 1.8 trillion RMB, equivalent to $248 billion, by June 2023.

Additionally, the e-CNY witnessed a rise in usage, with the number of transactions escalating to 950 million, a staggering 1600% rise in transaction volumes and a 164% rise in transaction count since the last reported data in August 2022.

The surge in transaction volume and count coincides with an increased effort from the government to bring new utility to the digital currency.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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