The long-awaited [Ethereum merge](/news/article/ethereum-merge-date) has transformed the blockchain into Proof-of-Stake (PoS). On Thursday, the upgrade was completed, which was welcomed by crypto investors all around the globe. 

Gary Gensler, the chair of the [Securities and Exchange Commission (SEC)](https://www.sec.gov/), has also followed the developments. He hinted that Ethereum might be considered security after the upgrade. Gensler also warned that the securities laws might also apply to Ether staking. He shared his points while speaking to the media after testifying before the Senate Committee. 

## Ether staking could trigger securities laws

According to the SEC chair, any digital coin or intermediary that investors can ‘stake’ will be identified as ‘security’ through the Howey Test. The Wall Street Journal [reported](https://www.wsj.com/articles/ethers-new-staking-model-could-draw-sec-attention-11663266224) that Gensler remarked, “From the coin’s perspective … that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others.”

Though the chair has not mentioned any particular cryptocurrency, the remarks were made the same day as the Ethereum Merger. Many speculate that he was referring to Ether staking as its consensus mechanism has changed from Proof-of-Work to [Proof-of-Stake](/news/article/pos-vs-pow).

Gary Gensler also explained that staking is quite similar to lending. About this, his comments were, “[it] looks very similar—with some changes of labelling—to lending.”  

## SEC stance on securities

A security asset generally includes bonds and stocks. The service providers related to this type of assets in the United States must disclose them per the defined securities laws of the 1930s. That’s why any crypto exchange or brokerage also has to comply with these laws. If any asset is deemed a security, regulators might take legal action against the service provider. 

Previously, the regulating body has charged several firms for violating [securities laws](https://www.history.com/topics/us-government/securities-and-exchange-commission). The [SEC vs Ripple labs](/news/article/xrp-court-case-update) is a highly anticipated lawsuit in the crypto space. 

The regulators deemed the XRP token as a security and charged the firm for irregularities. 

The conclusion of this case might affect several other tokens too. The regulators also penalised BlockFi with a $100 million fine as it failed to register its interest accounts. 



Securities laws may apply to Ether staking, warns SEC

Bahrain is set to trial its first Bitcoin payment solution. The Central Bank of Bahrain (CBB) approved [OpenNode’s](https://www.opennode.com/) proposal for setting up a BTC payment infrastructure in the country. It is a BTC payment processor testing its infrastructure at the CBB’s [Regulatory Sandbox](https://www.cbb.gov.bh/fintech/). 

Lately, this gulf state has been working on transitioning its economy to rely more on blockchain and crypto. This move may further help its economy to reap [cryptocurrency benefits](/news/article/impact-of-cryptocurrency-on-society) and provide a better environment for doing business via cryptocurrencies.
  
## OpenNode to test BTC framework at Central Bank of Bahrain

On Tuesday, in a formal [press release](https://www.prnewswire.com/news-releases/opennode-to-test-bitcoin-payments-in-bahrain-301622510.html), the company announced that it would be providing a payout solution for Bitcoin in the country through the Central Bank of Bahrain. In 2017, CBB set up a regulatory sandbox for FinTech startups to bring regularised financial innovation to the country. Now, OpenNode will be using it to test its Bitcoin payment framework. 

According to the press release, the company identified no solution for BTC processing in the Middle East. However, there is a ‘growing interest’ in crypto among the investors in the region. 
The firm decided to establish its infrastructure in Bahrain to strengthen its economy further. Moreover, the firm intends to prove how Bitcoin means ‘better business’.

## Remarks from OpenNode’s CEO

Afnan Rahman is the Chief Executive Officer and the co-founder of the firm. While sharing his views on this trial, he declared it a “watershed moment for the people of Bahrain, the Middle East, and the Bitcoin Economy as a whole.”
Further, Rahman mentioned that his company is a leading solution for Bitcoin infrastructure, serving different governments, countries, and financial institutions to embrace BTC settlements for business. Also, he claimed that their framework provides a standard lightning network for transactions. 

## From petroleum-reliant economy to crypto economy

The Kingdom of Bahrain is a Persian Gulf state whose economy mainly relies on oil and gas. However, it aims to transform its economy through tourism and technological innovation. This also includes relying on blockchain technology and cryptocurrencies. 

Previously, the country made several attempts to reshape its economy into a crypto-friendly one. This included registering several exchanges like [Binance](/news/tag/binance-tag). It also listed CoinMENA, a crypto exchange compliant with the Sharia laws.
  
Moreover, its regulatory sandbox is attracting many FinTech companies. This also includes [JPMorgan’s](/news/tag/jpm) crypto firm Onyx. With these steps, the country is seeking to become a pioneer in crypto and blockchain technology in the Middle East. 



Central Bank of Bahrain to get BTC payment solution

Investors look forward to the highly anticipated [Ethereum Merge](/news/article/ethereum-merge-news) in the crypto market tomorrow. The Ethereum blockchain will move from Proof-of-Work (PoW) to a much more efficient consensus mechanism, Proof-of-Stake (PoS). This transformation may help the blockchain to become a highly efficient ecosystem as its energy consumption is expected to be reduced by 99.95%. 

The merge will transition the ecosystem into Ethereum 2.0. This [new version](/news/article/ethereum-merge) is expected to be more secure, sustainable, and energy-saving. 

However, investors are still speculating how this merger will turn out. If you are also curious, here are all the details regarding the [Ethereum Merge](https://ethereum.org/en/upgrades/merge/#wen-merge) date and the predicted outcomes. 

## Ethereum Merge date

The expected [Ethereum Merge](/news/article/eth-merge-regulation) date is tomorrow- Thursday, September 15, 2022. The exact timing of the completion of the merger will depend on the network’s hash rate. It will be concluded when the network processes the Terminal Total Difficulty (TTD). 

At the time of this writing, over 20 hours are remaining for the completion. You can also check the precise Ethereum Merge date and timing via the Google countdown. 
 
![eth merge date.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_merge_date_c3ef9f95a2.png)

## The expected outcomes

As mentioned earlier, the reason for transforming the consensus mechanism from PoW to PoS is to limit energy consumption. With this development, its ecosystem is assumed to become 99.95% energy efficient. It may reduce the overall carbon footprint by converting it into an eco-friendly blockchain. 

Energy efficiency may also help the blockchain to become more scalable. This will make it a sustainable ecosystem. Moreover, its transaction speed and security are also likely to be improved with this upgrade. 

![eth merge date 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_merge_date_2_e0afc48601.png)
 
The [Nansen](https://www.nansen.ai/) and Kaiko analytic firms are closely studying the developments of this upgrade. The Kaiko report has shown that since July 2021, the funding rates for ETH have been negative. Furthermore, the traders are moving towards futures markets instead of spot markets. This is to gain more exposure before the upgrade. 

![eth merge date 3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_merge_date_3_febbb27879.png)
 
On the other hand, Nansen’s report studied that crypto whales consistently accumulate ETH, regardless of the market’s downward trends. The report points out that the investors are optimistic about an increase in price after the merger.  




Ethereum Merge: Date, expected outcomes & risks

The Chamber of Digital Commerce is an advocacy group and trade association for cryptocurrencies. On Monday, the firm published a report, [The Crypto Conundrum: Why Won’t the SEC Approve a Bitcoin ETF?](https://digitalchamber.org/crypto-conundrum/) In this report, the organisation has urged the Securities and Exchange Commission of the United States to approve the [Bitcoin ETF.](/news/article/bitcoin-etf-launches) 

The trade association argues that even though the demands for exchange-traded funds (ETF) are met, the SEC is reluctant to approve them. Earlier, the SEC also rejected the [Grayscale ETF application](https://www.coindesk.com/policy/2022/06/30/grayscale-sues-sec-over-bitcoin-etf-application-rejection/). However, the company sued the regulators, and the case is still in court. Amid this, the Chamber of Digital Commerce has made a public argument for bringing Bitcoin spot ETFs to the US. 

## Chamber of Digital Commerce’s stance on Bitcoin ETF

The organisation argues that the US regulators are blocking the way for BTC spot ETFs in the country. Many companies in countries like Canada and Australia are already providing related services to their investors. On the other hand, in the US, regulators have rejected the applications of 16 companies. 

“As the SEC continues to stonewall, the United States falls further behind other countries as capital that would have been invested in the US and managed by local firms employing American citizens is instead deployed in other, more innovation-friendly countries,” the firm explained.

In the report, the organisation further claims that the companies have complied with all the demands of the [SEC](/news/tag/sec), yet their applications are rejected. Moreover, it argues that denying the applications would not help protect the investors. Instead, it will force them to go with non-regulated options.
 
![Chamber of digital commerce Tweet](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Chamber_Of_Commerce_Tweet_c7e20d795f.jpg)

The organisation also made some allegations against the SEC’s chair Gary Gensler. The report argued that expanding the regulatory authority is a move for a “jurisdictional land grab.” Moreover, the report said that Gensler’s position restricts the communication between the regulatory body and the digital asset service providers. 


Chamber of digital commerce pushes for Bitcoin ETF

The WETH vs ETH debate is one of the hottest in the crypto circle. People often think that both tokens have the same value. This brings up the question, why use [WETH](https://weth.io/) rather than ETH?

Ether is the second largest cryptocurrency on the market, built for the [Ethereum blockchain](https://ethereum.org/en/). However, the wrapped Ethereum (WETH) is only a representation of ETH and has the same value. However, it is an ERC-20 token that can be used on numerous blockchains.  

Still confused? Here you can learn how they differ and what is the use of Ethereum’s wrapped version. Let’s dive in!

## Understanding wrapped tokens

Before we move on to WETH vs ETH differences, it is crucial to understand what wrapped tokens are. These tokens are somewhat like stablecoins but backed by another digital currency instead of a fiat currency. 

The central concept behind developing wrapped coins is that they can be used in different ecosystems. They solve one of the biggest problems for crypto developers and investors. They offer them interoperability. 

If you have a native token of a blockchain that is only compatible with the particular blockchain, you would not be able to use it on others. That’s why smart contract coins are employed. As these work on a set standard like ERC20, many other blockchains can support them.

## WETH vs ETH: The difference

Now that you know the concept behind wrapped tokens, it is easier to understand the difference between WETH and ETH. 

Ether is one of the oldest crypto, developed before the token standards. [The Ethereum Request for Comments 20 (ERC20)](https://ethereum.org/en/developers/docs/standards/tokens/erc-20/) technical standard was introduced in 2015, and the digital coin itself does not follow this standard. That’s why other blockchains cannot support the token. 

For this reason, wrapped Ethereum was launched. This allows you to use Ether’s representation on other blockchains. This version helps with the decentralised apps (DApps) on other networks. Also, it helps in NFT trading on different networks. So, even though you cannot use Ether directly, you can use a version on other networks.

## WETH vs ETH: Which is better?

In essence, both these tokens are the same. Ethereum is the second-most valuable crypto with a comprehensive ecosystem. On the other hand, a wrap of Ether can be pretty handy if you have to trade fungible or non-fungible tokens on different ecosystems. That’s why the choice between them would depend on the usage purpose. 

However, if your primary goal is an investment, then going for Ethereum would be ideal. After all, Ether is one of the [altcoins to watch in 2022](/news/article/altcoins-to-watch-2022).

## Bottom line

The wrap of a coin in a smart contract provides compatibility with other blockchains. Though there is no difference between the two coins, wrap versions provided interoperability. Therefore, Ether’s wrap is easy to use on other networks. You can easily convert your ETH to WETH from any cryptocurrency exchange without losing value.



WETH vs ETH: How do they differ?

The [crypto market](/news/article/crypto-market-crashing) has been going through a dreadful winter since the beginning of the year. But amid this, it is also experiencing a global wave of regulatory changes. The governments that were rather dubious about digital assets are now looking for ways to regulate them. And some are even launching their fiat currency-pegged tokens to ensure stability in the market. 

The G7 crypto regulations are notable in this regard. Recently, after the Terra LUNA fiasco, the Group of Seven countries’ finance heads held a meeting to discuss the situation. The meeting established that “[consistent and comprehensive regulation](https://www.reuters.com/technology/g7-countries-urge-swift-regulation-crypto-assets-draft-2022-05-19/)” has become essential for the world economy. For this reason, they also urged the [Financial Stability Board (FSB)](https://www.fsb.org/) to take swift measures to implement regulations. 

Meanwhile, in July, FSB revealed the course of action it will take to mitigate the risks for investors. It highlighted digital asset volatility and structural vulnerabilities and how it affects the traditional market. 

## Prompt initiatives by G7 crypto regulators

Among the G7 countries, the United Kingdom and the United States have seen the most developments. In the US, where the SEC continues to probe digital asset firms for illegal activities, the Biden administration has introduced [a new regulatory act](https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand Section-by-Section %5bFinal%5d.pdf). It establishes the definition of cryptocurrency commodities and securities. Also, it elaborated the role of SEC and CFTC and put forth a legal framework for DAOs, exchanges, and brokerages. 

As the UK is looking to become a global crypto hub, it has advanced crypto regulations and several related policies. FCA has continued its work for registering crypto asset firms in the UK. The country is also exploring the possibility of a central bank digital currency (CBDC), which will be pegged to the pound. Meanwhile, it might also get a new regulatory framework for stablecoins in September. 

Moreover, the [UK and US regulators](/news/article/uk-crypto-regulation) are working together to introduce better policies in the entire region. On the other hand, in Canada, cryptocurrencies are legal, and firms providing related services are required to register themselves. The authorities that deal with digital assets are FinTRAC and CSA. Recently, CSA has made the pre-registration undertaking mandatory for firms. 

Germany is another leading country in the crypto space. It is only behind the US in the global rankings. It is a crypto-friendly country, which introduced an almost no-tax policy on cryptocurrency trading. Also, BaFin, the country’s Financial Supervisory Authority, has registered various cryptocurrency firms.

As the EU approved the MiCA regulations, France became the first EU country to regularise digital assets. It provides the registration as Digital Asset Service Provider (DASP). Binance was the first exchange to get the registration. 

Italy has also advanced the G7 crypto regulations. In 2022, Italy registered numerous crypto asset firms like Coinbase. Crypto.com, and Binance. Moreover, it has also announced $46mn for supporting blockchain projects.

Lastly, the Japanese self-regulatory authority ([JVCEA](https://jvcea.or.jp/)) is also working towards this goal. However, its efforts have not been as remarkable for virtual asset regularisation. Nonetheless, Japan’s Ministry of Economy wants to make policies for web3-related businesses.

## Crypto regulations in other countries

Many other countries also have been proactive in regularising the virtual asset market. Australia, South Africa, New Zealand, Russia, and South Korea are notable names among these countries. Meanwhile, China remains the country which is relatively cold toward cryptocurrency adoption.




G7 crypto regulatory measures in 2022

Investors have many options for digital trading assets, offering them varying services. One such exchange that is becoming increasingly popular is [Biswap](https://biswap.org/). It is a decentralised cryptocurrency exchange that works as a Defi platform. 

The unique thing about this [DEX](/wiki) is that it offers high returns through its yield farm and referral program. The platform claims to be the most economical as it provides minimal exchange fees. However, its legitimacy is often questioned by investors. 

If you are also wondering whether it is legit or a scam, here’s a thorough Biswap review!

## What does Biswap offer?

It is a Defi-based decentralised crypto exchange that allows you to make high profits through its services. It is built on the [BNB chain](https://www.bnbchain.org/) and is compatible with all BEP-20 tokens. Along with the yield farm, you also have a liquidity mining service and lottery that attract many investors. 

Moreover, it offers launch pools and introduces its native token, [BSW, for staking](/news/article/binance-staking). The token has several use cases and serves as a governance token for the platform. As for the trading fees, it charges only 0.1% of the amount. This fee is relatively lower in comparison to other DEXs on BNB. Besides, it runs its own NFT marketplace and gameFi as well.

## Referral program

Meanwhile, you can further generate passive income through its referral program. If you refer it to someone, you can earn profits in three ways. These include:

1.	A percentage of exchange fee
2.	5% from yield farms
3.	5% from launchpool profits

## BSW token

BSW is the native token on the exchange. There are a maximum of 700,000,000 tokens in the supply. However, currently, 100,000,000 BSWs are circulating in the market. Currently, each token is worth [around $0.32](https://coinmarketcap.com/currencies/biswap/), whereas, at the beginning of the year, it was over $1.  

The token is deflationary, so its supply is reduced by the burning method. Half of the transaction fee amount is used to burn them. You can stake your BSW tokens to earn up to 600% of rewards through launchpools and farming. 

## Is Biswap safe?

Biswap is a legit platform. Its security is backed by Certik. It performs independent audits for the exchange and ensures transparency. Moreover, if you are concerned about any financial crisis on the exchange, it ensures protection with its insurance fund. The platform has a SAFU fund, for which it has assigned 1% of the total BSWs. Besides, the platform also provides a transparent fee structure, so you know exactly how much you have to pay. 

## Summing up the Biswap Review

Biswap is an innovative project that combines numerous services on one platform. You can use it for swapping, mining, and staking tokens. Furthermore, you can earn great rewards through the lottery, launchpools, and its three-way referral program. 

Apart from that, it offers an NFT marketplace and gameFi. Along with all these features, it is a safe platform certified by Certik. 
 



Review: exploring Biswap

One of the [best crypto exchanges](/news/article/best-crypto-exchange-uk-reddit), Coinbase, is involved in legal action against the US Treasury. Coinbase CEO, Brian Armstrong, revealed that the company is backing a case against the Treasury Department for [Tornado Cash](/news/article/tornado-cash) sanctions. Six people brought this lawsuit, and the exchange is funding it. 
Tornado Cash is free software that is available on the Ethereum blockchain. Its protocol ensures privacy by allowing you to use different addresses for deposits and withdrawals. That’s why it enables users to remain anonymous while making transactions. 

##  Sanctions on Tornado Cash addresses

Last month, on the 8th of August, the exchequer department put sanctions on the smart contracts of Tornado Cash. This was because its technology was used for criminal activities, especially by North Korean hackers. 

The department and the [Office of Foreign Asset Control (OFAC)](https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information) took action against many addresses involved with the software. It was to stop cyber criminals from laundering money outside of the US OFAC asserted that many criminals are using this protocol to escape from the authorities. Therefore, limiting the use of this protocol became inevitable. 

##  Coinbase CEO views on the sanctions

In a blog post, Coinbase’s CEO and co-founder shared his views on the lawsuit. In the blog, he maintained that action against bad actors is necessary. However, sanctioning the technology is not the right step as there are many legitimate uses of this technology. 

![Picture2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_0a129c7443.png)

 
Armstrong also indicated two significant problems because of banning the entire technology. One, many users might lose their funds on the protocol and be unable to use this privacy tool. Secondly, he mentioned that the Treasury had exceeded its mandate, which Congress defines.

The CEO of Coinbase further pointed toward the use of the privacy tool by individuals involved in the case. He claimed that individuals are protecting their privacy when [donating to Ukraine’s cause](/news/article/ukraine-crypto-aid), hiding their online presence, and for personal safety. This action can limit innovation, and many will likely lose their funds. 



Coinbase CEO funding lawsuit against US Treasury

Moonbeam crypto is a parachain on the [Polkadot blockchain](/news/article/polkadot-price-uk), which is compatible with Ethereum smart contracts. It is an Ethereum virtual machine EVM that allows you to redeploy Solidity smart contracts in the Polkadot ecosystem without making any changes. 

With its ease-of-use and Ethereum-supported environment, it has become a prevalent multichain. Also, Moonbeam staking has encouraged many to buy Glimmer coin (GLMR). 

However, as it is not available on several exchanges currently, many often question: where can I buy Moonbeam crypto? If you want to get GLMR, this article will help you learn more about Moonbeam crypto and where to buy it. 

## What is Moonbeam staking?

Before we answer ‘where can I buy Moonbeam crypto?’ It is essential to discuss the Moonbeam staking rewards. It works with the Proof-of-Stake (PoS) mechanism for the production of blocks. So, it allows you to become a collator or a delegator to earn rewards by staking Glimmer tokens. 

These rewards are calculated according to the number of tokens you have staked and your staking time. A separate rewards pool in the ecosystem gives incentives to delegators and collators. You do not have to claim rewards. These are directly transferred to your wallets after the completion of a round. 

## Moonbeam Crypto: Where to buy?

Now, to answer your question, ‘where can I buy Moonbeam crypto?’ here’s a list of exchanges that support the coin. 

## [Binance](/news/tag/binance-tag)

Binance is arguably the world’s largest cryptocurrency exchange. It deals with more than 350 coins, and GLMR is one of them. The exchange ensures highly secure trades in almost no time. As Binance can process over 1,400,000 transactions in a second, you can purchase Glimmer quickly through it. 

Moreover, trading is economical on the platform as it charges less than 0.10%. To buy GLMR via this exchange, you can follow [this simple procedure](https://www.binance.com/en/how-to-buy/moonbeam).
  
## Cypto.com

[Crypto.com](https://crypto.com/) is also one of the top-rated cryptocurrency exchanges. The platform claims to have listed over 250 cryptocurrencies and supports more than 20 fiat currencies. You can securely purchase Glimmer through [Cypto.com App](https://play.google.com/store/apps/details?id=co.mona.android&hl=en&gl=US). 

The platform allows you to trade, store securely, and track the prices of your coins. It also allows faster trading as its matching engine speeds 2.7m transactions per second.   

## [KuCoin](https://www.kucoin.com/)

KuCoin is another reliable platform where you can easily get Moonbeam. There are more than 700 different altcoins listed on the forum. Moreover, it is a credible option, serving over 20 million global investors working with various fiat currencies. 

In addition, it is available in around 200 countries and allows safe transactions. Also, it provides excellent 24/7 customer support that ensures you can easily use it for trading crypto. Along with several payment options, it offers P2P trading services. 

## OKX

OKX has also listed the Glimmer token, and the exchange is ranked among the top ten names of cryptocurrency exchanges. It gives you various third-party payment options and also allows P2P trading. Along with that, it has low trading fees, and you can get low-interest loans, too.

OKX also allows you to make better returns through its mining pools. Also, you can get early access to new projects on the platform.

## Huobi Global

Huobi Global can also be a reliable platform for buying Glimmer crypto. It deals with more than 500 virtual currencies and several fiat currencies. Moreover, its security is backed by a reserve of 20,000 Bitcoins for any crisis. Also, your accounts have 2-factor authentication encryption and offline storage to keep your assets secure. 

It also offers low trading fees, as spot trading on the platform costs only 0.2%. Moreover, for P2P trading, you would not be required to pay any additional fee. Apart from that, you can easily use your preferred payment method, which makes it more accessible. 

Besides these platforms, you can buy Moonbeam tokens from Gate.io, MEXC, XT.com, Bybit, and WazirX.

## How to buy Moonbeam crypto?

Here’s the simple process of purchasing GLMR tokens:

1.	Firstly, check Glimmer on CoinMarketCap or Coingecko to get an idea about its current price. 

2.	Secondly, select an exchange on which GLMR is listed. Here consider your preferred trading pair, payment method, trading fee, and speed.

3.	After that, create an account on your selected exchange while providing a valid email, phone number, etc. Then verify these details.

4.	Once you have confirmed, you can deposit your desired amount for purchasing Glimmer. There are various payment options; opt for one at your convenience.

5.	Finally, buy the Moonbeam by trading your deposited amount with the GLMR. 

## Bottom line

This cryptocurrency has emerged as a promising EVM multichain in the Polkadot ecosystem. Besides, many investors are adopting Glimmer tokens because of Moonbeam staking rewards. 

In this article, we have listed some of the trusted cryptocurrency exchanges to buy GLMR. Binance is considered the most reliable option because of its security, transaction speed, and minimal trading fees. However, Crypto.com, KuCoin, OKX, and Huobi Global are other authentic platforms to buy moonbeam crypto. 



Where can I buy moonbeam crypto (GLMR)?

The Securities and Exchange Commission (SEC) has filed charges against [Zipmex](https://zipmex.com/th/en/) Thailand. The police complaint reports that the exchange is violating the regulatory framework of the SEC. The charges involve the business and its Chief Executive Officer and co-founder, Akalarp Yimwilai.
 
Zipmex Thailand is a crypto exchange that suffered from an industry-wide downturn caused by high debts and leverages. It loaned money to the faltered crypto companies: Celsius and Babel Finance. 

It lent a total of over $50 million to these firms. However, both have failed to pay back the exchange, and Celsius has even filed for [bankruptcy](/news/article/celsius-bankruptcy-protection). This led Zipmex to [freeze withdrawals](/news/article/zipmex-creditor-protection). 

## Thai SEC allegations on Zipmex

The SEC has released an [official statement](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9597&NewsNo=147&NewsYear=2565&Lang=TH) about the charges against the cryptocurrency firm. According to the report, the regulatory body claimed to order the concerned firm to declare transactional details about digital assets. It gave the firm’s officials an apt timeframe for providing the information. 

However, the firm did not follow the order and provided incomplete transactional information after the deadline. The firm also failed to give any reasonable excuse for it. This led the regulators to take action and file charges against it. 

The regulators also said that these actions are deemed as non-compliance. Moreover, they mentioned that it could be penalised under Section 75 of the Digital Assets Act.

## Zipmex Thailand’s stance

On the other hand, the company also responded to these charges via a [press release.](https://zipmex.com/th/en/announcements/pr-holding-statement-th-060922/) According to it, the company received a letter from the SEC for the declaration of transactional details of digital assets on 2 September 2022. 

It clarified that the company is currently compiling the pertinent documents for this matter. They said that Zipmex Thailand is further reviewing the records of Zipmex Pte. Ltd., which does not fall under the Thai regulator’s jurisdiction. 

Moreover, the statement emphasised that information disclosure must be handled with diligence for the company’s data privacy. It also assured the customers that the company was taking the matter by prioritising their interests.




SEC charges Zipmex Thailand for regulatory breaches

[Polkadex (PDEX)](https://polkadex.trade/) is a unique Defi project introducing a decentralised crypto exchange. It is developed using Substrate and AMM decentralised exchange models and the centralised order book mechanism. This DEX offers a non-custodial and peer-to-peer order book having a web3 foundation. 

 What makes the project distinctive is its native token, the PDEX coin. It is used for the network’s governance, and also you can stake it to earn profits. In this article, you can learn about what this altcoin is and how its protocol works.
 
## What is a PDEX coin?

It is the native token of the Polkadex trading platform on the [Polkadot](https://polkadot.network/) blockchain. For the network’s governance, this ERC-20 token is used. It allows the members to participate in critical decisions. Also, it will enable participation in IDOs and helps in validation.  

The [PDEX coin price](https://coinmarketcap.com/currencies/polkadex/) is around $1.75, with a total supply of 20 million coins. Since it is an inflationary token, its supply can fluctuate. However, there are only 1,963,860 tokens in circulation.

## How does the PDEX coin protocol work?

It was developed to solve the problem of high transaction fees, scalability, and decentralisation. For this reason, its team developed a platform using a blend of different technologies. 

Like [Polkadot](/news/article/polkadot-price-uk), it also works with the Proof-of-Stake (PoS) mechanism. But it used the technologies like Fluid Switch Protocol (FSP), Automated Market Maker, Substrate, and centralised order book model. These technologies ensure that it not only performs as a token but helps the DEX ecosystem too.

Because of this, they introduced a chain having a slim design that offered a throughput of 500K TPS. Also, it increased the liquidity and introduced feeless transactions on the platform.  

## PDEX coin staking

It allows you to take part in validation and provides incentives. If you hold the PDEX coins, you can stake them to make profits. The Nominated PoS mechanism selects validators for consensus. At the same time, coin holders can participate as nominators who can nominate 16 other validators. The tokens of both parties become collateral, and they can earn incentives on it.   

## Bottom line

PDEX coins are the natives of an innovative project introducing the idea of an efficient Defi DEX. It works on the PoS consensus mechanism and powers the entire ecosystem of Polkadex. It has several use cases like governance, validation, used as trading fees on the exchange, and earns you staking rewards. 



PDEX coin protocol explained 

The freezing crypto winter continues as the [Bitcoin (BTC)](/coins/btc) crashes to $18,762. In the last 24 hours, its price has decreased by 5.85%. Since July, this has been the lowest point for Bitcoin, showing signs of a further downward slope. 

On September 6, it was traded at $19,930 and experienced a sudden plummet. This price correction caused the liquidation of $74 million from BTC futures on the exchanges. However, before the BTC crash, Bitcoin experienced a 2% gain on the same day. If that trend persisted, it would have taken it to over $20k.

![btc crash.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/btc_crash_c7827ab67e.png)

[Source](https://coinmarketcap.com/currencies/bitcoin/)

## BTC crash and altcoins tumbling

The BTC crash has affected the entire crypto market. Most of the altcoins are in a slump right now. Though Ethereum has gone through the Bellatrix upgrade, it also shows a downward trend. Currently, [ETH](/coins/eth) is down by almost 9%, and it’s worth only $1,517.89. 

Meanwhile, other altcoins are also experiencing the severity of crypto winter. Binance coin (BNB) is currently down by over 5% in the last 24 hours. Moreover, one of the highest performing cryptocurrencies, [Polygon’s MATIC](/coins/matic), is experiencing a 10% downward slope. 

Solana has also dropped by 5.5%, and Dogecoin has fallen by 6.46%. Polkadot and Cardano both have declined by 8% since yesterday. In sum, the entire market is in red.

## Crypto market crash: Why is it happening?

There are many macroeconomic factors behind the recent crypto collapse. However, one of the main reasons behind it is the USD rate. The USD has reached its 20-year highest mark. The dollar spot index of Bloomberg is showing a record surge. Meanwhile, the treasury bills are also strengthening because of quantitative tightening from the Fed.

On the other hand, the traditional market is also falling. The NASDAQ has declined by 0.7%, and S&P 500 also plummeted by 0.4%. Similarly, the price of gold has also experienced a drop. 

Since the cryptocurrency market depends on these macroeconomic factors and the traditional financial markets, it is showing signs of collapse. 




BTC crash: Price falls below $19K, lowest since July

Liz Truss is set to assume the role of United Kingdom’s Prime Minister as she won the elections for Conservative party leader. Truss secured 57.4% votes for the position. On the other hand, her counterpart, Rishi Sunak, attained 42.6% of the votes. 

Since 2021, she has served as Britain’s Secretary of State for Foreign, Commonwealth and Development Affairs. 

Previously, since 2019, she has been performing the Women and Equalities Minister role. She has also been a member of the previous three premier’s cabinets, including David Cameron, Theresa May, and Boris Johnson. And now, she has become the country’s third female PM. 

![liz truss.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/liz_truss_dcdbeed5e3.png)
 
Source: Twitter 

## Liz Truss, Prime Minister’s previous stance on crypto

The new premier is known to be a supporter of digital assets. In 2018, Liz Truss, Prime Minister, advocated for [welcoming cryptocurrencies](https://twitter.com/trussliz/status/958253646986272769) without limiting their potential. Moreover, she also supported an anti-regulatory approach toward digital assets. 

Besides, as International Trade Secretary, back in 2020, she set up a trading network for digital assets. It aimed to promote fintech business and several other measures for virtual currencies. 

## Liz Truss, Prime Minister policies for crypto

Though the new premier plans for crypto regulations have not been confirmed, investors are hopeful for positive measures. However, in her campaigning, she staunchly advocated for low taxes. Recently, she also vowed ’[a bold plan](https://www.reuters.com/world/uk/britains-truss-expected-be-named-conservative-leader-new-pm-2022-09-05/)’ for cutting taxes. She said, “I will deliver a bold plan to cut taxes and grow our economy.”

As the UK aims to become a [global crypto hub](/news/article/cryptocurrency-investment-uk), a pro-crypto PM’s policies can be helpful. As the next generational transfer of wealth will be digitally focused, it is imperative that the UK has a regulation that does not restrict innovation. 

However, the country is also introducing harsh regulations on digital asset firms, especially those related to stablecoins. It would be interesting to see whether the new government officials will continue with that or if there will be an anti-regulatory approach. 


Pro-crypto Liz Truss becomes UK Prime Minister

[CoinTiger](https://www.cointiger.com/en-us/) is a Singapore-based centralised crypto exchange. It is one of the few exchanges that work on an equity mechanism and has also introduced its token. It has not gained much popularity globally, mainly catering to the Southeast Asian market. 

Nonetheless, around 1.8 million crypto investors trust this exchange for daily trades. Meanwhile, its 24-hour trading volume is over $810 million, which indicates its formidable size. [CoinMarketCap](https://coinmarketcap.com/exchanges/cointiger/) ranks it in the world's top 100 crypto exchanges. 

## CoinTiger digital asset exchange review

If you are still hesitant to trade through CoinTiger, here's its complete review!

## Trading order and deposit methods

Trading with CoinTiger is relatively straightforward. It allows trading through both cryptos as well as fiats. With that, it offers three trading orders: market, limit, and spot limit. Spot limit will allow you to trade at a specified price. 

Moreover, it also gives you multiple deposit options. Apple Pay, Mastercard, Visa, Wire Transfer, Swift, and several others are among them. Although you can purchase crypto via fiat currencies available on the platform, it does not allow fiat deposits directly.  

![cointiger.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/cointiger_72c68088eb.png)
 
## Security

Is CoinTiger safe? It is one of the main concerns of the investors. The exchange provides three protection layers. The first one is Google authentication which you can enable for your logins and withdrawals. Secondly, you will have 2-factor authentication that will send you a verification SMS to confirm it's you. Lastly, you can set up a fund password for processing transactions securely. 

It has partnered with various cybersecurity firms to ensure network security and audit its smart contracts. However, one problem with CoinTiger is that it is not regularised. 

## Supported digital and fiat currencies

It is compatible with both fiat and cryptocurrency trading. Currently, there are over 300 coins listed on CoinTiger. Moreover, it also supports a wide range of fiat currencies. It is available in over 100 countries and allows you to deal in USD, CAD, AUD, EUR, and numerous other currencies.  

![cointiger 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/cointiger_2_633bd56f0a.png)
 
## Trading fees

The trading fees on the platform are also minimal. As a transaction maker, you will be charged only $0.08. On the other hand, if you are on the receiving end, you might have to pay $0.15 on a complete transaction. Though the fees are nominal, you will get much cheaper rates on some exchanges like [Binance](/news/article/guide-to-binance-uk) or FTX.  

## UI/UX and customer support

User interface and experience are also important features to consider before opting for an exchange. CoinTiger offers a user-friendly interface through its iOS and Android-compatible app. Moreover, for the price charts, it uses TradingView charts, having basic and advanced modes. Moreover, to ensure accessibility, it is available in multiple languages. It allows investors across the world to use the platform.

![cointiger 3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/cointiger_3_df2329c030.png)
 
Besides, the best thing about the platform is its relaxed KYC policy. Because of this, you do not have to complete the verification process for trading. You can indulge in trades of up to 2 [Bitcoins](/articles/learn-moni/what-is-bitcoin) without KYC. It also provides 24/7 support via live chat.

## Possibilities for passive income

It also creates several possibilities for generating a passive income. This includes;

1.	CoinTiger staking pool
2.	Initial exchange offerings (IEO)
3.	Airdrops
4.	TigerCash native token

## Bottom line

CoinTiger crypto exchange is a diverse trading platform that has an equity mechanism. It offers a user-friendly interface with impeccable security. You can trade more than 300 cryptocurrencies with multiple trading orders and deposit methods. 

Moreover, you can generate a passive income through it. Its staking pool, IEOs, airdrops, and the native token might earn you profits. However, one issue with the platform is that any authority has not yet regulated it. Nonetheless, its overall features and security make it a legit exchange. 



CoinTiger review: is the exchange safe and legit?

The tech billionaire and the Bitcoin maximalist, Michael J. Saylor, have been charged for tax evasion. Karl Racine, District of Columbia Attorney General, has accused him of evading $25m in taxes. DC AG filed the charges on Wednesday, including the allegations against his company MicroStrategy.

Michael Saylor is an American entrepreneur who co-founded MicroStrategy and serves as its Executive Chairman. Moreover, he also has been a staunch advocate of Bitcoin, even during the [market downturn](/news/article/btc-markets-struggles).

## Allegations against Michael Saylor 

Racine filed the lawsuit in DC's Superior Court. According to the DC AG, the billionaire's company assisted him in evading taxes. That's why both Saylor and his firm are the defendants in the case. He further claimed that he has lived in the district for over a decade and has never fulfilled his tax obligations. 

![michael saylor.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/michael_saylor_67961312b7.png)
 
The charges also alleged that the person falsely claimed to reside in Florida, where income taxes are not applied. However, the tech entrepreneur has been in DC for more than ten years without paying dues. He has several properties in DC, including a Georgetown penthouse apartment and a yacht on the Georgetown waterfront. 

Besides, the AG is looking to recover over $100 million worth of taxes from the lawsuit. Moreover, the case used the accused billionaire's Facebook post as evidence that he has been residing in the district for years and was calling it 'home'.

## Michael Saylor resigned as CEO of MicroStrategy

Earlier, the tech entrepreneur resigned from his firm's CEO position. Now, he only serves as the Executive Chairman. As the CEO of the firm, he constantly pushed for Bitcoin. He also used more than $4 billion to strengthen the company's Bitcoin treasury. However, after the lawsuit, MicroStrategy saw a 10% downward trend in its shares. 



Michael Saylor indicted for $25m tax evasion

Recently, the United Kingdom and the European Union have introduced significant legislation to regulate cryptocurrencies. Both are working towards providing a safer environment to consumers. However, the divergence between EU and UK crypto regulations is becoming apparent. 

Since Brexit, the UK has been formulating new legal frameworks for different domains. Earlier, the [regulatory divergence](https://www.engage.hoganlovells.com/knowledgeservices/news/uk-and-eu-regulatory-divergence_1) for financial service providers gained much attention. Naturally, this divergence extended to virtual currency regularisation. 

The differences between the laws include the definition of crypto assets, virtual asset service providers (VASP), focus points in the enforcement strategy, and various others.

## How does UK crypto regulation differ?

One of the major differences between the EU and UK [crypto regulation](/news/article/crypto-regulations) is the definition. Britain’s Financial Conduct Authority (FCA) focuses more on “digital settlement assets”. It mainly includes stablecoins as a payment method. However, it does not declare them as a form of investment. On the other hand, the MiCA act of the EU has a broader definition which allows a variety of new tokens to be included. 

Similarly, there are differences in the definition of service providers too. The MiCA framework also proposes a broader interpretation of VASPs. It expands from fiat to crypto to crypto exchanges. Moreover, it covers advisory, trading, and custody services too. In comparison, FCA legal framework covers only custody and exchanges as VASP.

Last month, the [US and UK crypto regulation](/news/article/uk-crypto-regulation) authorities began collaborating to foster the cryptocurrency and NFT market, acknowledging the importance of regulatory partnerships for a safe market.     

## Differences in enforcement strategy

Currently, FCA’s primary focus is on stablecoins to mitigate consumer risk. It is also working with the regulatory bodies of the United States to regularise the market and foster financial innovation. Moreover, like the US’s SEC, it might act against scams and declare some coins and tokens as securities. On the other hand, MiCA focuses on a broad approach that includes the AML laws and establishing a risk-free environment for regional investors. 



UK crypto regulation diverging from the EU

The [crypto market is growing](/news/tag/bull market) daily, and more brokerages are emerging to handle crypto assets. One such brokerage which is looking to leave a mark is [BC Bitcoin](https://www.bcbitcoin.com/). It is a European-based platform which launched in 2017. 

It has limited options for fiat currencies. However, you can buy or sell a wide range of cryptos through the platform. It has not attracted much attention globally as yet. That’s why investors can be sceptical about its legitimacy. 

You can decide by evaluating the following features in this thorough BC Bitcoin review!

## Supported fiat currencies and cryptos

Currently, the platform offers its services to customers in Europe and UK. It accepts EUR and GBP deposits. However, you will not be able to buy or sell using any other fiat currency like USD, CAD, or AUD.

However, it allows you to deal with numerous cryptos. Over 180 coins and tokens have been listed on the exchange, including all the major coins like [BTC](/coins/btc), ETH, LTC, SOL, DOGE, etc.  

## BC Bitcoin trading fees

Using its services will cost you around 1% to 5% of the transaction amount. You can calculate the trading fees through the Buy Coin tab before the transaction. All you have to do is to enter the amount of crypto you want to buy/sell and choose your fiat currency.  

## Payment methods

In terms of payment options, it can be an impressive brokerage. It offers an array of payment methods that allow you to use its services efficiently. These options include credit and debit cards, faster payments, BACS, and instant SEPA. 

## Transaction speed

It can instantly transfer cryptocurrencies as it usually takes 5-10 minutes. Currently, the firm processes these transactions in one to two business days.  

## Security and regulations

To ensure the security of transactions, it follows a formidable verification process. So, if you want to use this service, you must comply with all the KYC requirements. You must provide your personal and financial details so BC Bitcoin can verify them. 
The exchange follows Lithuanian regulations as it is registered in this country. However, the UK’s FCA or any other European authority have not regulated the firm.   

## User experience

It offers you an excellent user experience. The platform guides you through the entire transaction procedure, which makes it easy to use. Moreover, it provides 24/7 customer support via different channels, including live chat, email, and phone. 

## Bottom Line

BC Bitcoin can be a viable crypto asset brokerage option in Europe. But it would not be the ideal choice in other parts of the world. Though it allows secure trading with over 180 coins, it only supports EUR and GBP fiat currencies. Moreover, you cannot get live insights as there is no price chart. Another dicey thing is that the UK’s FCA does not regulate it. 

On the other hand, BC Bitcoin’s trading fees and speed are not quite optimal. Various other options provide better speed with lower fees. 
 



BC Bitcoin review

The Islamic Republic of Iran officially accepts crypto as payment for importing goods. The country’s Industry, Mines, and Trade Ministry have approved a legal framework for virtual currencies. Iran is facing international [sanctions](https://www.consilium.europa.eu/en/policies/sanctions/iran/), so it expects to bypass them using crypto. 

Earlier in August, Iran also made its [first import](https://www.reuters.com/business/finance/iran-makes-first-import-order-using-cryptocurrency-tasnim-2022-08-09/) via cryptocurrencies. The order was worth $10 million, which allowed it to avoid global restrictions. 

## Trade Minister on the legislation

A local news agency [reported](https://www.rferl.org/a/iran-cryptocurrency-regulations-skirting-sanctions/32009292.html#0_8_10089_9356_3158_243148716) that Reza Fatemi Amin, the Trade Minister, has approved the legislation to regulate digital currencies. He briefed that this legislation will deal with all the issues like trade, licensing, and mining.

Amin shared his thoughts on the legislation and said it “specifies all issues related to cryptocurrencies, including how to provide fuel and energy for mining them, and how to grant licences.”

## Accepting crypto as a payment method to evade sanctions

Iran is facing financial sanctions globally for enriching Uranium for its nuclear program. The United Nations, as well as the EU, have imposed several restrictions on the country. Moreover, as the government has estranged relations with the United States, it cannot freely participate in the global dollar-dominated market. 

These restrictions have severely affected Iran’s economy over the years. That’s why the Islamic Republic is seeking to circumvent these restrictions through the use of digital assets. It will allow the country to import or export any goods worldwide. With this, it has become one of the largest economies for formally accepting crypto as a payment method. 

However, Iran is not the only one to approve digital assets for evading financial restrictions. Earlier, Russia also started using the same strategy to [bypass sanctions](/news/article/crypto-russia) and avoid international limitations for trading.

Countries bypassing sanctions by accepting crypto as payment may produce new regulations to monitor businesses accepting crypto for exports shortly.

Latest Moni

Author: Wasay Ali

Author: Wasay Ali | Page 7

Securities laws may apply to Ether staking, warns SEC

Central Bank of Bahrain to get BTC payment solution

Ethereum Merge: Date, expected outcomes & risks

Chamber of digital commerce pushes for Bitcoin ETF

WETH vs ETH: How do they differ?

G7 crypto regulatory measures in 2022

Cardano Midnight: A New Privacy Blockchain

Azuki NFT: Anime-Inspired Digital Art

Arbitrum Token: What to Expect