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Coinbase Launches Ethereum Staking for Britons and Germans

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Cryptocurrency trading platform Coinbase has announced that customers in the UK and Germany will be able to stake Ethereum (ETH) and earn rewards.

In addition to this new feature, Coinbase has removed the requirement to hold a balance of 32 ETH, valued at $121,028 at time of writing, and the expertise needed to operate the ETH2 client software.

Staking will be handled via Coinbase’s upgraded Ethereum 2.0 (ETH2) network. According to their website,

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“[The] upgrade… aims to improve the network’s security and scalability [and] involves Ethereum shifting their current mining model to a staking model.”

Coinbase European general manager Marcus Hughes says the simplified process will offer holders 5% interest on their staked tokens.

“We have witnessed a huge rise in customers purchasing Ether in recent months… We believe that, in simplifying staking, which is very complex to do individually, we can play a role in widening access to this key part of the crypto economy.”

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Users in Germany will be able to earn rewards.

“After being converted [from ETH] to ETH2, the coins are automatically added to Coinbase’s staking pool, which helps secure the blockchain and generates rewards in return. Coinbase stakes on behalf of its customers, making one of the most important functions of the crypto economy more accessible.”

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US Government Goes After Fake Coinbase Scammer for Stealing $11M USDT

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  • California resident loses $11 million after sharing Coinbase account to a scammer
  • US officials file a complaint in the United States District Court (California)
  • They identified four wallets holding more than 9.8 million USDT to be involved in fraud

Someone impersonating a Coinbase employee scammed more than 200 BTC from a California resident. In response, a group of officials filed a civil complaint in the US District Court for the Central District of California. The complaint claims that they found four wallets holding almost $10 million USDT that was involved in fraud and money laundering.

According to court documents, the victim was approached by a fraudster who claimed to be a Coinbase customer support agent after purchasing 200 BTC on the Coinbase Pro account. The scammer told the victim that the account was frozen and that a transaction limit increase was necessary to complete the process.

In the end, the victim granted the scammer access to the funds. Within the next few hours, an amount exceeding $11 million was lost. At the moment, the government is asking permission from the court to seize the assets.

David Silver, Founding Partner of law firm Silver Miller, thinks that the Department of Justice utilizing a forfeiture action in a civil case must be exciting to crypto holders who want to see mainstream adoption of crypto. He said,

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Stolen digital assets are one of the biggest problems in the space, and recovering stolen cryptocurrency is a much-needed solution.

He added that he is expecting to see more actions similar to this from both law enforcement and civil litigants.

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Coinbase Investors Lost More Than $100 Million After Another “China Bitcoin Ban”

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Coinbase bonds are dropping following Chinese Bitcoin ban

Coinbase Global Inc. bonds have fallen significantly after the upcoming news delivered from China’s Bank of Crypto. Previously, the Chinese government blocked all crypto transactions, but it has adopted a new policy designed for stopping illegal crypto mining and transactions.

Stated investors’ losses at press time stand at $100 million. The $1 billion, 10-year, 3.6% bond loss overnight is staying at 1.5 points. The mentioned bonds have dropped to $0.945. Seven-year $1 billion 3.375% notes have lost one basis point, according to Trace bond pricing data.

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Coinbase’s bonds already went through a significant drop in pricing on Sept. 14, following fears caused by Evergrande’s potential default, which could affect global markets and even cause a new financial crisis. This came after the news of a potential lawsuit from the U.S. Securities and Exchange Commission and the failure of the launch of a new crypto lending platform.

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Just-in: Coinbase to expand legal and compliance team Amid regulatory crackdown

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As the SEC threatened to sue, Coinbase, the largest publicly listed crypto exchange has decided to abide by the regulatory framework and collaborate with the authorities in sketching out a “sensible regulation” for the crypto industry in the US. Coinbase’s website has posted over 350 job openings, including legal and compliance job profiles to restore its relations with the regulators.

In a recent interview with TechCrunch the exchange’s CEO, Brian Armstrong folded and announced that “Coinbase wants to be an advisor and a helpful advocate for how the U.S. can create that sensible regulation…In fact, there’s a proposal that we’re putting out at the end of this month, or maybe early next month, that is our proposed regulatory framework.”

Soon after the CEO stated Coinbase’s intentions of being the regulator’s advocate, the exchange updated its website with job profiles such as Legal and compliance team, “head of APAC compliance” in Singapore, “head of international compliance” in London, and “global anti-bribery and corruption managers” in the UK and US. Furthermore, the job descriptions specified political proficiency as a necessary skill. For example, a role based out of Washington, DC categorically asked for “excellent political judgment” and experience in managing high-profile political and media crises.

Coinbase could be the next Binance

Coinbase CEO Brian Armstrong lashed out at the SEC for threatening the exchange of the lawsuit and accused the commission of “sketchy behavior”. However, last Friday, September 17, Coinbase raised the white flag against SEC and released an update stating that it will roll back its plans to launch the USDC APY program. Coinbase could potentially be heading towards the Binance’s direction, i.e., it may be seen going against the ethics of the decentralized sphere to avoid regulators’ wrath.

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“As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program announced below. We have also discontinued the waitlist for this program as we turn our work to what comes next.”, stated the exchange.

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