Cryptocurrency

Even the UK’s Royal Mint is Now Involved With NFTs – and so Should You be

Published

2 years ago

April 7, 2022

The UK Treasury asking the Royal Mint to create a non-fungible token is the evidence you need that you should consider including the new emerging asset class into your investment portfolio.

The bold assessment from James Green, the Europe and Latin America Director of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, follows the Chancellor of the Exchequer, Rishi Sunak, on Monday announcing that he had asked the 1,136-year-old institution to create an NFT so it could be issued this summer.

“This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK,” the Treasury said on Twitter, posting a picture of the royal coat of arms.

An NFT is a digital asset that can be an image, audio clip, or GIF and whose ownership is recorded on a tamper-proof digital ledger known as a blockchain.

Over the last year, the NFTs market has exploded, with a digital-only piece of art selling for $69 million in 2021.

Since then, an ever-growing number of celebrities and artists, and fashion, music, tech and sports brands have been creating, buying and selling tokens.

James Green says: “NFTs – the hottest new asset class – are often wrongly seen as the niche domain of young, tech gurus in Silicon Valley, hipster artists, and on-trend social media influencers.

“But the decision taken by the Treasury to get a clunky, old establishment institution such as the Royal Mint involved in the digital asset space underscores how the market is much more than a niche, fad or bubble.

“It highlights that NFTs are on the cusp of becoming a mainstream investment opportunity and, as such, is evidence that investors should now be considering including them into their portfolios.”

He continues: “These digital assets are immutable and exchangeable, offering a store of value and potentially decent source returns. They shouldn’t be ignored by those wanting to seek to build their wealth by future-proofing their portfolios.”

With the NFT market exploding, earlier this month, deVere Group launched dV Gems, a non-fungible token (NFT) platform that aims to give investors access to the emerging asset class and streamline digital ownership.

At the time of the launch, the deVere Group CEO, Nigel Green, noted: “Uniquely positioned to help investors see value and opportunity in a digital financial era, dV Gems will provide immediate access to the decade’s hottest emerging asset class – an asset class that will become a standard feature of investment portfolios within a few years.”

He added: “This platform will help clients and prospective clients spot the winners of the future. We’ll guide you to understand the new market and why we believe NFTs have a massive part to play in the future of financial investing.”

James Green concludes: “Even the Royal Mint, an institution founded in 886 AD, knows that NFTs are coming into the mainstream. And so should investors.

“These digital assets deserve proper consideration as a serious opportunity as they begin to reshape the investment landscape.”

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

1 day ago

May 1, 2024

Samed Olukoya

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

Cryptocurrency

U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

1 week ago

April 24, 2024

Samed Olukoya

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

Cryptocurrency

SEC Philippines Urges Removal of Binance App from Google Play Store and Apple App Store

Published

1 week ago

April 23, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) of the Philippines has intensified its regulatory oversight over cryptocurrency trading platforms, particularly targeting Binance, one of the world’s largest digital asset exchanges.

In a bold move, the SEC Philippines has formally requested the removal of the Binance app from both Google Play Store and Apple App Store.

The action, disclosed through letters addressed to Google and Apple on April 19, 2024, underscores the SEC’s concerns regarding unauthorized investment solicitation activities facilitated by the Binance platform.

SEC Chairperson Emilio B. Aquino emphasized that allowing access to the Binance app and website poses a significant threat to the security of funds belonging to Filipino investors.

This move represents a significant escalation in the Philippines’ regulatory efforts to safeguard investors and maintain financial stability within the cryptocurrency market.

The SEC’s decision to target Binance reflects growing concerns globally regarding the lack of oversight and potential risks associated with digital asset trading platforms.

Binance, known for its extensive range of cryptocurrency trading services, has faced increasing scrutiny from regulators worldwide.

While the company has made efforts to comply with regulatory requirements in various jurisdictions, concerns persist regarding the adequacy of investor protection measures and compliance protocols.

The SEC Philippines’ call for the removal of the Binance app from major app stores highlights the regulator’s determination to enforce strict oversight and uphold investor confidence in the country’s financial markets.

The move is likely to have implications not only for Binance but also for other cryptocurrency exchanges operating in the Philippines and beyond.

Investors and industry stakeholders are closely monitoring developments, awaiting further updates on the SEC’s regulatory actions and their potential impact on the cryptocurrency ecosystem in the Philippines.

As regulatory scrutiny intensifies, market participants are urged to exercise caution and stay informed about evolving regulatory requirements and compliance obligations in the digital asset space.