Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and other news


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A week in review: September 4–10

Your weekly highlights to stay up to date with the latest crypto news

#1. Binance: No plans to auto-convert Tether, though that 'may change'

This week, Binance revealed plans to phase out three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD) and USDP Stablecoin (USDP). The three assets, as well as associated spot trading pairs, will no longer be tradable on the exchange. In addition, Binance plans to terminate other services related to USDC on its platform, such as staking.

The transition is essentially an effort to centralize liquidity into the exchange's own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users' remaining holdings of USDC, TUSD and USDP into BUSD over a span of 24 hours, commencing on Sept. 29. A conversion of Tether (USDT) to BUSD, however, was not included in Binance's plans, though that could change, according to a Binance spokesperson.

#2. Bank of Russia agrees to legalize crypto for cross-border payments: Report

Russia's central bank is expected to allow cross-border crypto payments to and from the country, but digital asset payments inside its borders will remain banned. The country banned crypto as a payment vehicle via previous legislation. According to Russian Deputy Finance Minister Alexey Moiseev, the government's new approach to crypto is a response to changing circumstances globally following Russia's invasion of Ukraine earlier this year.

A statement to media outlet RIA Novosti from the Bank of Russia explained: "It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country." A day later, news came in regarding Russia reportedly looking to cooperate with so-called "friendly" countries to set up a stablecoin platform for cross-border payments.

#3. US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier

Global crypto regulation remains a prevalent topic looming over the sector. Recent comments from United States Federal Reserve Board Vice Chair for Supervision Michael Barr and Acting Comptroller of the Currency Michael Hsu favored a lean toward more government overwatch. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Hsu's comments included looking at the industry cautiously.

#4. Prediction of the week. Bitcoin analyst who called 2018 bottom warns 'bad winter' may see $10K BTC

Pseudonymous crypto market analyst Filbfilb sees Bitcoin possibly dropping down to $10,000 inside of 2022. Macro global factors and mainstream market correlation could potentially impact Bitcoin's price trajectory, according to comments made by the analyst during an interview. Among a slew of insights, Filbfilb noted the current crypto bear market has some similarities to previous bear markets, but also includes differences. The analyst showed notable accuracy in calling Bitcoin's bottom during its last bear market in 2018.

#5. FUD of the week. Bitcoiner sentenced to federal prison warns users involved in OTC trading

Mark Alexander Hopkins, aka Rizzn on Twitter, claims he's facing a prison sentence of 6-to-15 months. The crime? Allegedly failing to secure proper regulatory licensing for his crypto business of peer-to-peer (P2P) Bitcoin trading. Hopkins' home was raided by U.S. authorities in 2019. Hopkins, also known as "Doctor Bitcoin," claims to have registered with the U.S. Financial Crimes Enforcement Network but complications arose as some of his P2P Bitcoin dealings were tied to a client involved in money laundering. Authorities claim Hopkins did not conduct due diligence on his customers, although he asserts otherwise.

#6. FUD of the week. Which countries are the worst for crypto taxation? New study lists top five

Crypto taxes vary globally. Coincub, a digital asset analytics provider, recently published a study naming the five least favorable regions for paying crypto taxes. Belgium took the cake for the country with the worst crypto tax laws, requiring citizens to pay as much as 50% in some cases, with 33% levied on crypto capital gains. Following Belgium on the worst crypto tax jurisdiction list: Iceland, Israel, the Philippines and Japan.