TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Internet giants to face lawsuit over crypto ad ban. PayPal partners with Paxos to offer crypto services. Coinbase blocked transactions from Twitter hack addresses. Mastercard eases requirements to allow crypto firms to issue credit cards. Wirecard wanted board member supposedly moved funds to Russia with BTC, and Bank of Japan establishes a CBDC investigative team.
Facebook, Google, and Twitter Face Class Action Lawsuit Over Crypto Ad Ban
Facebook, Google and Twitter will be facing a class action lawsuit in Australia derived of their actions in 2018 that banned cryptocurrency advertising. The lawsuit is being filed by law firm JPB Liberty. The company claims there were plenty of businesses affected when these three giants issued a ban on crypto advertising, and they are calling upon all companies impacted to join the suit. Plaintiffs are seeking up to $600 million in damages.
PayPal Partners With Paxos to Offer Crypto Services
PayPal, the payment gateway business, will allegedly partner with Paxos, a crypto-based financial services company, to supply customers with crypto-based services, according to an article published by CoinDesk. PayPal would use Paxos’ crypto brokerage, a service that allows any company to integrate exchange capabilities in any app. Revolut, a UK-based crypto bank, integrated Paxos services to get in the US market, sidestepping stiff controls and regulations, and PayPal could be taking advantage of this feature too.
Coinbase Blocked Transactions Linked to Twitter Hack Addresses
Coinbase, the most popular US-based cryptocurrency exchange, acknowledged having blocked transactions from some of their customers to bitcoin addresses linked to the recent Twitter hack. Philip Martin, Coinbase’s chief information security officer, stated the exchange prevented more than 1,100 of its customers from sending more than 30 BTC to addresses related to the scam, blacklisting them. Only 14 Coinbase customers were able to transact roughly $1,400 worth of BTC through such address, as the exchange acted rather quickly.
Mastercard Eases Requirements for Crypto Firms to Issue Credit Cards
Mastercard is making it easier for cryptocurrency firms to be able to issue their own crypto backed credit cards with its Accelerate program. Mastercard stated in a press release this would aid “adoption and creating innovative experiences in the crypto space.” Now, cryptocurrency firms can apply to be partners and be approved in a matter of weeks. Wirex, an UK based payment processor, has been the first crypto firm to take advantage of this feature and is now a Mastercard principal member.
Wirecard Executive Moved Funds to Russia With BTC
Jan Marsalek, a board member wanted for alleged involvement in the Wirecard accounting scandal, moved a significant amount of funds from Dubai to Russia using cryptocurrencies, as a report from local media states. These funds might’ve been derived from dubious activities involving a financial services firm in Dubai. The former executive, who had special interest in crypto and its capability to move funds undetected, is thought to be responsible for the disappearance of $2 billion linked to Wirecard.
Bank of Japan to Investigate CBDC Option
The Bank of Japan (BOJ), the country’s central bank, created a new team to investigate the concept of central bank digital currencies (CBDC) and how they can help to transform today’s economic landscape, which has largely gone digital. Reuters reported the team will be on BOJ’s payment and settlement systems department, so it will likely conduct research on different aspects of these new instruments directed to its usefulness as a payment layer. A digital yen was considered by Japanese lawmakers earlier this year.
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