The cryptocurrency industry has seen a busy week, with several developments emerging across various platforms and projects in several countries. Here are some of the highlights:
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Bali warns tourists against using cryptocurrencies as a form of payment
On May 28, Bali Governor Wayan Koster stated to the local media in which he stated his concerns. He made it clear that travelers who utilize cryptocurrencies or engage in other unlawful activities in breach of their visa permits would face immediate and harsh consequences.
Over 6 million foreign visitors visited Bali each year before the epidemic, and cryptocurrency is now a useful method of paying for travel, housing, meals, and retail therapy.
However, the governor emphasized the seriousness of the issue and the severe consequences that await violators by equating the usage of digital assets to drug addiction.
Russia has canceled its plan to set up a government-funded crypto exchange
Izvestia, a local newspaper, reported that Russian MPs had scrapped plans to pass legislation allowing the government to establish a cryptocurrency platform.
The legislators decided to create a framework that would permit the development of private cryptocurrency trading platforms under the control of the Russian central bank.
According to the sources, the United States and its European allies struck financial penalties on Russia as a result of its invasion of Crimea last year. Cross-border payments will be made possible by private cryptocurrency exchanges that can get over these restrictions.
Bybit leaves Canada following Binance
On Tuesday, Bybit published a blog post informing Canadians that they will no longer be able to set up accounts on its platform as of Wednesday, May 31. Additionally, existing Canadian Bybit customers won’t be able to trade or deposit after July 31. Bybit asked customers to sell their holdings before September 30.
This happens at a time when several other crypto exchanges leave Canada owing to the country’s regulatory environment. To date, some significant departures include Binance, OKX, Paxos, dYdX, and Bittrex.
Wahi brothers and the SEC settled the Coinbase insider trading case
The former Coinbase manager and his brother settled with the SEC on May 30.
Ishan Wahi was a product manager at Coinbase when he and Nikhil Wahi were charged with insider trading in crypto assets.
The case attracted attention since it was among the first to shed light on insider trading in crypto assets.
Binance will delist privacy tokens in Poland, France, or Italy
In countries like France and Italy, the well-known exchange Binance is getting ready to delist all privacy tokens, making cryptocurrencies less private in Europe.
In compliance with national regulatory regulations in those nations, 12 privacy currencies will no longer be offered on Binance. The update was sent through email to users in Poland, France, and Italy.
In an email to French users, Binance said that it was no longer permitted to offer enhanced anonymity crypto assets, or CAE, in several European countries owing to regulatory restrictions.
Tether expands its presence in Georgia
Tether (USDT), has teamed up with cryptocurrency payment processor CityPay.io. As a consequence, the company expands to over 600 locations across Georgia. Hotels and retail outlets among other public locations with a prominent presence.
The data indicates that 2.89% of Georgians actively possess cryptocurrencies. This indicates how crypto-friendly the country is. Currently, Georgia is quite receptive to the concept of taking crypto payments.
To provide a seamless consumer payment experience, CityPay.io works with Wendy’s and Radisson Hotels. Tether continues to strive to provide comfortable ease to payment solutions with its investment in CityPay.io.