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Binance has secured its 21st global license in Brazil by acquiring Sim;paul, a licensed broker-dealer, allowing it to enhance services while adhering to local regulations. This milestone highlights Brazil's growing role in cryptocurrency regulation and Binance's commitment to compliance and innovation. Despite facing legal challenges in various jurisdictions, Binance's strategic expansion continues to position it as a leader in the global digital asset landscape.
Services like mixers and tumblers are increasingly linked to money laundering, as highlighted by Chainalysis. Bitcoin's energy-intensive proof-of-work mining has raised environmental concerns, yet a shift towards renewable energy sources is underway, with estimates suggesting that nearly 57% of Bitcoin mining now utilizes clean energy. Despite ongoing skepticism regarding its value and role in illicit activities, Bitcoin continues to gain institutional interest and is viewed as a significant digital store of value.
In 2023, Credit Suisse's collapse shocked the global banking sector, but its history of scandals suggested an inevitable downfall. Duncan Mavin, author of *Meltdown: Greed, Scandal, and the Collapse of Credit Suisse*, highlights the relentless nature of the bank's crises and a toxic culture that thwarted recovery efforts by executives.
In December 2024, losses from crypto hacks, scams, and exploits fell to $28.6 million, the lowest monthly total for the year, according to CertiK. The most notable incidents included a $2.1 million exploit of the DeFi platform GemPad and a $1 million hack of the FEG token bridge. Overall, 2024 saw $2.3 billion stolen across 165 incidents, a 40% increase from 2023, attributed mainly to breaches in centralized exchanges and custodians.
In 2023, Credit Suisse's collapse sent shockwaves through the global banking sector, a culmination of scandals dating back to its founding 167 years ago. Bloomberg editor Duncan Mavin, author of *Meltdown: Greed, Scandal, and the Collapse of Credit Suisse*, discusses the bank's lesser-known crises that contributed to its downfall. Mavin's insights reflect over a decade of covering banking malfeasance, with Credit Suisse frequently at the center of the narrative.
Secretive practices among Swiss officials, including undocumented "non-meetings," hampered the government's response to the Credit Suisse crisis, leading to confusion and a lack of preparedness for the bank's eventual collapse in 2023. A parliamentary report revealed that this culture of discretion left key ministers uninformed, ultimately tarnishing Switzerland's reputation as a financial safe haven. The investigation highlighted the detrimental effects of informal discussions, which delayed necessary interventions and contributed to the chaotic sale of Credit Suisse to UBS.
A couple faced significant delays with UBS while trying to transfer CHF 230,000 to LGT Switzerland, enduring weeks of unfulfilled requests and poor customer service. After 11 weeks of frustration, the woman terminated her account, citing non-execution of the payment order and inadequate support for long-standing clients.
In 2024, Switzerland recorded 25 successful ATM bomb attacks, a decrease from previous years but with a notable rise in explosive methods. The Federal Public Prosecutor's Office is pursuing around 100 cases linked to cross-border criminal activity, resulting in multiple arrests. In response to security concerns, BCJ plans to relocate ATMs away from residential areas, with new installations expected by February 2025.
In a week marked by significant developments in the crypto space, the Bitget Token surged over 81% following a merger, while Vitalik Buterin adopted a viral pygmy hippopotamus with an 88 Ether donation. Meanwhile, James Howells continues his legal battle to recover a hard drive containing $773 million in Bitcoin lost in a landfill. South Korea imposed sanctions on 15 North Koreans linked to cyber thefts, as crypto hacks in 2024 reached $2.3 billion, a 40% increase from the previous year.
Bitpace, founded in 2016, aims to simplify crypto payments for businesses and consumers. In light of the MiCA regulation, Chief Revenue Officer Meryem Habibi highlights the importance of zero-volatility solutions like stablecoins to navigate compliance challenges while fostering growth. By providing a reliable infrastructure, Bitpace has seen a 480% increase in transactional volume year-over-year, demonstrating the potential for crypto adoption in sectors such as remittances and e-commerce.
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