Crypto Revolt Review – Is it Scam?

Open An Account

Introduction

Cryptocurrency has become a popular asset that people want to invest in, but it can be difficult to navigate the market without the right tools. Crypto Revolt is a software that claims to help investors make the most out of their cryptocurrency investments. In this review, we will take a closer look at Crypto Revolt's features, legitimacy, and success stories.

What is Crypto Revolt?

Crypto Revolt is a trading software designed to help investors make better trading decisions in the cryptocurrency market. The software uses an algorithm that analyzes market trends and patterns to provide users with trading signals that they can use to make informed investment decisions.

Features of Crypto Revolt

Crypto Revolt has several features that make it stand out from other trading software. These features include:

• User-friendly interface: The software is easy to navigate, making it beginner-friendly.
• Trading signals: The software provides users with trading signals that they can use to make informed investment decisions.
• Customizable settings: Users can customize the software to fit their trading preferences.
• Automated trading: The software can automatically execute trades on behalf of the user.

Visit Crypto Revolt

How does Crypto Revolt work?

Crypto Revolt uses a complex algorithm that analyzes market trends and patterns to provide users with trading signals. The software scans the market and identifies potential trading opportunities based on the user's trading preferences. The user can then choose to execute the trades manually or allow the software to execute the trades automatically.

Visit Crypto Revolt

Is Crypto Revolt a scam?

There have been accusations that Crypto Revolt is a scam. However, there is no evidence to support these claims. The software has received positive reviews from users who have reported making profits using the software. Additionally, the software is transparent about its fees and does not make unrealistic promises of making huge profits.

Pros and Cons of Crypto Revolt

Pros:

• User-friendly interface
• Customizable settings
• Automated trading
• Positive user reviews

Cons:

• Limited cryptocurrency options
• No mobile app
• May not be suitable for experienced traders

How to Use Crypto Revolt

To use Crypto Revolt, follow these steps:

1. Sign up for an account on the Crypto Revolt website.
2. Fund your account with a minimum deposit of $250.
3. Customize your trading preferences.
4. Start using the software to make informed investment decisions.

Crypto Revolt's success stories

Crypto Revolt has received positive reviews from users who have reported making profits using the software. These users have shared their success stories on the Crypto Revolt website.

Crypto Revolt Alternatives

There are several trading software alternatives to Crypto Revolt, including:

• Bitcoin Trader
• Bitcoin Code
• CryptoSoft

When compared to these alternatives, Crypto Revolt stands out for its user-friendly interface and customizable settings.

Open An Account

Conclusion

In conclusion, Crypto Revolt is a legitimate trading software that can help investors make more informed investment decisions in the cryptocurrency market. The software's user-friendly interface, customizable settings, and positive user reviews make it a viable option for both beginner and experienced traders.

Frequently Asked Questions (FAQs)

• What is Crypto Revolt?
  Crypto Revolt is a trading software designed to help investors make better trading decisions in the cryptocurrency market.

• How does Crypto Revolt work?
  Crypto Revolt uses an algorithm that analyzes market trends and patterns to provide users with trading signals that they can use to make informed investment decisions.

• Is Crypto Revolt a scam?

No, Crypto Revolt is not a scam. The software has received positive reviews from users who have reported making profits using the software.

• What are the pros and cons of Crypto Revolt?
  Pros include a user-friendly interface, customizable settings, and automated trading. Cons include limited cryptocurrency options, no mobile app, and may not be suitable for experienced traders.

• How to use Crypto Revolt?
  To use Crypto Revolt, sign up for an account, fund your account with a minimum deposit of $250, customize your trading preferences, and start using the software to make informed investment decisions.

• What are the success stories of Crypto Revolt?

Crypto Revolt has received positive reviews from users who have reported making profits using the software. These users have shared their success stories on the Crypto Revolt website.

• Are there any alternatives to Crypto Revolt?
  Yes, there are several trading software alternatives to Crypto Revolt, including Bitcoin Trader, Bitcoin Code, and CryptoSoft.

• How does Crypto Revolt compare to other products?
  When compared to other trading software alternatives, Crypto Revolt stands out for its user-friendly interface and customizable settings.

• How much does Crypto Revolt cost?

Crypto Revolt is free to use, but users must fund their account with a minimum deposit of $250 to start trading.

• Is Crypto Revolt beginner-friendly?
  Yes, Crypto Revolt is beginner-friendly. The software's user-friendly interface and customizable settings make it easy for beginners to navigate the market.

• zkSync Era, a zero-knowledge Ethereum Virtual Machine (zkEVM) scaling project, found an “elegant solution” to unlock 921 ETH stuck in a smart contract.
• The issue stemmed from the .transfer() function not being supported on zkSync Era.
• Gemholic should have tested their contract on the testnet before deploying it on mainnet.

Project Was Unaware of Limitations

A project called Gemholic had 921 stuck in a smart contract on zkSync Era due to the wrong usage of one specific function. The issue stemmed from the .transfer() function, which is supported by Ethereum and other EVM chains but not by zkSync Era. This meant that Gemholic couldn’t withdraw the 921 ETH, or $1.7 million, it raised in its token sale just a few days ago.

zkSync Provides Solution

zkSync said it had found an „elegant solution“ to the problem and that Gemholic can now access its funds. The team reiterated that zkSync Era is not EVM-equivalent and not all EVM functionality works on its network. They also cautioned others to first deploy their smart contracts on the zkSync Era testnet to find bugs or other technical issues before deploying them on mainnet.

Known Issue with .transfer() Function

The .transfer() function is known for causing issues when used with certain Layer 2 solutions like zkSync Era due to compatibility reasons. As such, projects should make sure they understand what functions are supported by any given platform before deploying their contracts there.

Testing Can Help Avoid Issues

It’s important for projects deploying onto Layer 2 solutions like zkSync Era to first test their contracts out on a testnet before deploying them onto mainnet so they can identify potential issues before they become major problems. Additionally, users should be aware that some functions are not supported by all Layer 2 solutions so they will know what kind of code they can use safely going forward.

Conclusion

In conclusion, this incident highlights both the importance of testing your code prior to deployment as well as understanding which functions are available on different platforms so you don’t run into any unexpected issues down the road when trying to use your app or dapp built atop those platforms..

Bitprofit Review – Is it Scam?

Open An Account

Introduction

Bitprofit is a popular cryptocurrency exchange platform that allows users to buy, sell and trade cryptocurrencies like Bitcoin, Ethereum, and Litecoin. As the popularity of cryptocurrencies continues to grow, more and more investors are turning to platforms like Bitprofit to invest their money. In this review, we will take an in-depth look at Bitprofit to determine if it is a safe and legitimate platform to use.

What is Bitprofit?

Bitprofit is a cryptocurrency exchange platform that allows users to buy, sell and trade cryptocurrencies. The platform was founded in 2017 and has quickly become one of the most popular exchanges in the world. Bitprofit offers advanced trading features such as margin trading, stop-loss orders, and market analysis tools.

How Bitprofit works:
To use Bitprofit, users must first create an account and complete the verification process. Once verified, users can add funds to their account and start trading. Bitprofit charges a fee for each trade made on the platform. The fees vary depending on the type of trade and the amount being traded.

The concept of cryptocurrency:
Cryptocurrencies are digital or virtual currencies that use cryptography for security. Cryptocurrencies operate on a decentralized network that is not controlled by any government or financial institution. Bitcoin was the first cryptocurrency to be created and has since been joined by thousands of other cryptocurrencies.

Visit Bitprofit

Is Bitprofit Legit or Scam?

Bitprofit is a legitimate platform that has been in operation since 2017. However, as with any investment platform, there are red flags to look out for. One of the biggest red flags is promises of guaranteed returns. No investment is entirely risk-free, and anyone promising guaranteed returns is likely a scam.

Reviews and feedback from users:
Bitprofit has received mixed reviews from users. While some users have reported making significant profits on the platform, others have lost money. It is essential to do your research and understand the risks involved before investing in cryptocurrencies.

Visit Bitprofit

How to Get Started with Bitprofit

Creating an account on Bitprofit is straightforward. Simply visit the Bitprofit website and click on the "Sign Up" button. You will be asked to provide your name, email address, and a password. Once you have created an account, you will need to complete the verification process, which may include providing identification documents.

Adding funds to your Bitprofit account:
To add funds to your Bitprofit account, click on the "Deposit" button and select the payment method you wish to use. Bitprofit supports a variety of payment methods, including bank transfers and credit/debit cards.

Trading on Bitprofit

Trading on Bitprofit is relatively simple. Once you have added funds to your account, you can start trading. Bitprofit offers advanced trading features such as margin trading, stop-loss orders, and market analysis tools. It is essential to understand market trends and analysis before making any trades.

Setting trade limits and stop-loss:
Bitprofit allows users to set trade limits and stop-loss orders to minimize risk. Trade limits allow users to set a maximum amount they are willing to pay for a cryptocurrency, while stop-loss orders automatically sell a cryptocurrency if it falls below a certain price.

Security on Bitprofit

Bitprofit takes security seriously and has implemented several measures to secure user funds. Two-factor authentication is available for added security, and users are encouraged to use strong passwords. It is also essential to keep your account information private to prevent unauthorized access.

Best practices to keep your account secure:
To keep your Bitprofit account secure, it is essential to use strong passwords, enable two-factor authentication, and keep your account information private. It is also recommended to use a separate email address and password for your Bitprofit account to further enhance security.

Fees and Charges on Bitprofit

Bitprofit charges a fee for each trade made on the platform. The fees vary depending on the type of trade and the amount being traded. It is essential to understand the fees and charges before making any trades.

Comparison with other cryptocurrency exchanges:
Bitprofit's fees and charges are competitive with other cryptocurrency exchanges. However, it is essential to compare fees and charges across multiple platforms to determine which is the best fit for your investment needs.

Customer Support on Bitprofit

Bitprofit offers several customer support channels, including email and live chat. Response times vary depending on the channel used, but Bitprofit's customer support is generally responsive and helpful. The platform also has an extensive knowledge base and FAQs section that can help answer common questions.

Advantages and Disadvantages of Bitprofit

Benefits of using Bitprofit:

• Advanced trading features
• Competitive fees and charges
• Strong security measures

Downsides of using Bitprofit:

• Mixed reviews from users
• Risk of losing money through cryptocurrency investment
• Limited selection of cryptocurrencies

Comparison with other cryptocurrency exchanges:
Bitprofit is a strong competitor in the cryptocurrency exchange market, but there are other platforms to consider. Coinbase, Binance, and Kraken are popular alternatives to Bitprofit.

Open An Account

Conclusion

Overall, Bitprofit is a legitimate and safe platform to use for cryptocurrency investment. However, it is essential to understand the risks involved and to do your research before investing. Bitprofit offers advanced trading features, competitive fees and charges, and strong security measures. While there are downsides to using Bitprofit, it is a strong competitor in the cryptocurrency exchange market.

FAQs

1. Is Bitprofit a safe platform to invest in?
   Yes, Bitprofit is a safe platform to invest in. The platform has implemented several security measures to secure user funds, including two-factor authentication.

2. How long does it take to withdraw funds from Bitprofit?
   Withdrawal times vary depending on the payment method used. Bank transfers can take up to five business days, while credit/debit card withdrawals are generally processed within 24 hours.

3. What is the minimum amount required to start trading on Bitprofit?

The minimum amount required to start trading on Bitprofit varies depending on the cryptocurrency being traded. However, most cryptocurrencies require a minimum investment of around $10.

4. Can I use Bitprofit on my mobile device?
   Yes, Bitprofit has a mobile app that can be downloaded from the App Store or Google Play.

5. Is Bitprofit available in my country?
   Bitprofit is available in most countries. However, it is essential to check the platform's availability in your country before signing up.

6. Can I trade other cryptocurrencies besides Bitcoin on Bitprofit?

Yes, Bitprofit supports several different cryptocurrencies, including Ethereum, Litecoin, and Bitcoin Cash.

7. Does Bitprofit charge hidden fees?
   No, Bitprofit does not charge hidden fees. All fees and charges are clearly stated on the platform's website.

8. What are the trading limits on Bitprofit?
   Trading limits vary depending on the cryptocurrency being traded. However, most cryptocurrencies have a maximum trade limit of around $10,000.

9. How do I contact Bitprofit's customer support?

Customer support can be reached via email or live chat. The platform also has an extensive knowledge base and FAQs section that can help answer common questions.

10. Can I trust positive reviews of Bitprofit online?
    It is essential to do your research and consider multiple sources before making any investment decisions. While positive reviews can be helpful, they should not be the only factor considered.

• USDC stablecoin has experienced significant outflows since the closure of Silicon Valley Bank in March. Investors are fleeing to USDT, causing its market cap to surge.
• USDC’s market capitalization has dropped 23% and is now at $33 billion, backed by short-term government bonds administered by BlackRock and cash reserves.
• Tether (USDT) has become the largest stablecoin with a market cap of $79.6 billion, holding a 60% market share among stablecoins.

USDC Outflows Reach Over $10B

USDC stablecoin has experienced significant outflows following the closure of its key reserve banking partner Silicon Valley Bank in March. As investors have fled from other stablecoins into Tether (USDT), USDT’s market cap has surged to a 22-month high in market share.

USDC Market Cap Drops 23%

Circle’s USD coin (USDC) token net outflows have surpassed $10 billion since March 10th when regulators closed down reserve banking partner Silicon Valley Bank, resulting in USDC losing its peg temporarily and its market capitalization dropping below $43 billion by 23%.

Tether Surges Ahead

The current reshuffling within the stablecoin sector due to uncertainties in the banking sector and increasing regulatory scrutiny has seen USDT’s market capitalization rise from $71.5 billion to $79.5 billion since March 10th, with TUSD also gaining popularity as an alternative to BUSD that was stopped by New York regulators earlier this year.

Tether Dominates Stablecoin Market Share

As investors increasingly move towards Tether, USDT now holds a 60% share of the total stablecoin market capitalization with a value of 79.6 billion dollars – making it the largest stablecoin in circulation today.

Conclusion

Overall, USDC outflows have been significant following SVB’s collapse, leading many investors to flock towards Tether as a safer option for their funds amidst increasing regulatory pressures on the crypto industry and uncertain banking conditions worldwide.

• Fluidity Money, a decentralized finance (DeFi) protocol, has launched a cashback program with Request Finance.
• The cashback rewards are currently paid out in stablecoins, and Fluidity plans to expand its offering to other loyalty programs.
• Fluidity Money’s wrapped stablecoins generate yield that is used to finance the cashback rewards.

Overview

Fluidity Money, a decentralized finance (DeFi) protocol, has launched a cashback program with Request Finance, an enterprise crypto payments app. The rewards are paid in stablecoins and there will be future plans for other loyalty programs as well.

Cashback Program

The cashback program allows businesses to reward customers who pay in crypto and merchants can also earn cashback rewards when they accept crypto payments. Each time a payment is made in the app, both the sender and recipient can earn stablecoins randomly distributed into their wallets after each payment.

Wrapped Stablecoins

Fluidity Money provides crypto payment apps like Request Finance with a novel way of financing rewards that pay out in stablecoins and does not impose high fees on merchants or high-interest rates on consumers. Wrapping the stablecoins via Fluidity Money is key to generating cashback rewards. To mint a Fluidity stablecoin, an equivalent amount of that specific stablecoin must be deposited into a smart contract so it can be lent out to other DeFi protocols such as Compound; 80% of the yield generated from these loans is used to finance the cashback rewards.

Future Loyalty Programs

Fluidity Money has plans to expand its offering to other loyalty programs which could see other types of rewards like non-fungible tokens (NFTs) being disbursed in the future; depending on what these NFTs represent, it could allow crypto payment apps like Request Finance offer tickets to token-gated experiences, merchant credits like air miles, digital collectibles and more.

Conclusion

In conclusion, Fluidity Money’s innovative approach provides users with an easier way of earning cryptocurrency through their spending habits while rewarding businesses for accepting payments in cryptos without charging them high fees or interest rates. Furthermore, they have plans for expanding its offerings by introducing different types of loyalty programs which will provide users with additional incentives for using their services.

• Framer was inspired by Non-Fungible Tokens (NFTs) to jump into the crypto space four years ago.
• He created a video for an NFT project that opened up the door to its whitelist and allowed him to buy the NFT at a much lower price.
• His latest work involves digital assets and artificial intelligence (AI), creating the first AI video in the crypto space which attracted Changpeng Zhao’s attention.

Crypto’s First AI Video Caused CZ to React

Framer, a former political student recently attracted Binance’s CEO Changpeng Zhao’s attention by creating an AI documentary video on CZ’s past. He talked to DailyCoin about how he got inspiration from Non-Fungible Tokens (NFTs), how he created his first ever AI video and what reaction it caused.

Found New Passion Through NFTs

Framer had been familiar with digital currencies since 2017 but fully jumped into the crypto space four years later when NFTs grabbed his attention. He realized there was a way to earn from NFTs by using his creativity without risking any capital, so he sold his e-commerce business and focused on this new passion of his. He then discovered marketplaces like OpenSea where resellers charge higher prices than original creators unless one gets onto a white list. After making a video for „Invisible Friends“ NFT, Framer got access to its whitelist and purchased it at 0.25 ETH instead of 12 ETH after public listing on OpenSea.

Making The First AI Video In Crypto Space

Inspired by this success, Framer started combining his newfound hobby with his passion for crypto and began covering stories on YouTube as well as experimenting with AI-generated art which ultimately led him to create the first ever AI video in crypto space which caught Changpeng Zhao’s eye.

Learning Process

Through this process, Framer learned that marketplaces like OpenSea are often used by resellers who charge higher prices than original creators‘ prices unless one gets onto their whitelist as well as understanding value creation in bull markets environments and why people get attracted towards tokenized pictures so much.

Reaction To His Video

The creative soul was pleasantly surprised when CZ took notice of his work which triggered positive reactions across social media platforms such as Twitter and Reddit encouraging him further in this journey of innovation within digital assets and Artificial Intelligence (AI).

• CryptoQuant has reported an increase in stablecoin exchange inflows, signifying a potential uptick in buying pressure.
• Centralized crypto exchanges have been experiencing increased inflows (deposits) of stablecoins, despite a short-term decline in the price of Bitcoin.
• Ethereum continues to dominate the stablecoin market with 60% of the total share, followed by TRON’s 27% and Binance’s 7%.

Stablecoin Inflows to Crypto Exchanges: Are Buyers Bullish?

Stablecoin On-Chain Data Providers Findings

CryptoQuant has reported an increase in stablecoin exchange inflows, measuring the year’s highest level. Low BTC inflows have indicated a preference for holding and accumulating. Tether and Circle have been actively minting throughout Q1 of 2023, significantly increasing their circulating supplies. Centralized crypto exchanges have been experiencing increased inflows (deposits) of stablecoins, signaling a potential uptick in buying pressure. Despite this coinciding with a short-term decline in the price of Bitcoin, analytics firms have suggested that the market’s potential purchasing power is strengthening.

Stablecoin Exchange Netflow Data

According to recent reports by CryptoQuant, centralized crypto exchanges have been seeing increased stablecoin inflows. On March 5th, the data aggregator reported the „highest level [of inflows] of this year“ as stablecoin balances on crypto exchanges surged. Stablecoins being deposited on exchanges often signifies that investors are preparing buy orders at current or lower levels.

Centralized Exchanges vs Stablecoin Giants

Glassnode noted a new one-month low for USDC at 1,544 for March in terms of the number of unique addresses that received incoming transactions within a given hour. Despite this, February saw USDT achieve a monthly high mean transaction volume, even with the average number of exchange BTC deposits typically indicative of market direction at a monthly low; reinforcing people’s preference for holding and accumulating instead of selling now. CoinGecko reported that Ethereum has continued to dominate the stablecoin market with 60% of the total share whereas TRON holds 27% following a 5.9% increase and BNB Chain third with 7%. Currently these tokens account for 12.7% of all cryptocurrencies with around $136 billion capitalization according to CoinGecko’s figures.

The Impact Of This Trend

With increasing amounts going into centralized crypto exchanges through these fiat backed tokens it is likely we will see some positive changes within cryptocurrency markets over time as more buyers enter into positions waiting for prices to appreciate further from current levels or take advantage during dips when prices fall momentarily creating more trading opportunities for those who want to add exposure through these means rather than just HODLing (holding).

Conclusion

Overall it appears that despite price drops being seen across many digital assets recently there is still optimism within markets judging from data collected from various sources regarding recent influxes coming from Centralised Exchanges via Stablecoins such as Tether and USDC etc which suggests buyers may be taking advantage whilst prices are still relatively low before any potential rise happens later this year or beyond 2021 depending on how things develop moving forwards

• Dogecoin (DOGE) surpasses Binance USD (BUSD) in global market capitalization.
• Circle alleges mismanagement of the Paxos-issued stablecoin Binance USD.
• SEC’s ban on minting new BUSD stablecoins cut its market cap in half from November 2022.

Dogecoin Flips Binance USD Stablecoin

Dogecoin reclaims its spot in the TOP 10 by global market cap, surpassing the leading CeFi platform’s stablecoin – Binance USD (BUSD). Despite a slight 2.2% drop in price, DOGE made the most out of a fuss surrounding the coin and surpassed its competitor’s market share for the first time.

Circle Alleges Mismanagement of BUSD

Close competitors Circle informed the Securities and Exchange Commission (SEC) about Binance’s mismanagement of their Paxos-issued stablecoin, resulting in over $3 billion worth of assets moved away in 6 days. This was further intensified when USDC was delisted from Binance, converting all assets to their own token – which resulted in quarterly losses for Circle.

SEC Ban on Minting New Stablecoins

The SEC officially forbade Paxos from producing any more BUSD tokens, causing a dramatic decline in its global market capitalization from $22,527 to only $11,424 billion since November 27th 2022. As a result, most of these funds were transferred to Tether’s USDT token which saw an increase of $2.37 billion during this period.

USDC Market Cap Also Declined

USDC also declined by -739 million dollars during this time period from 42.3 billion to 41.5 billion dollars due to similar issues regarding delisting and miscalculations within balance sheets between competitors USDC and BUSD .

Crypto History In The Making?

With recent events occurring between both coins and their respective platforms it could be argued that this is just history being made between two major players within the cryptocurrency space – with Dogecoin ultimately coming out on top as victors against their fierce competitors within CeFi platforms like Binace.

• The Blur token airdrop disproportionately benefited a small number of traders, with the top 23 traders receiving over one million tokens each and one trader receiving more than 3.2 million.
• Reports suggest that these traders might have gamed the system by engaging in wash trading or trying to game the Blur airdrop mechanics.
• According to blockchain intelligence agency Dune and NFT analytics firm bitsCrunch, the three biggest winners of the Blur airdrop may have been involved in wash trading.

Blur Airdrop: Did Whales Game the System?

The professional NFT marketplace, Blur, is giving away free tokens to eligible traders since Wednesday. Most already took advantage of this situation and claimed over 90% of 360 million tokens valued at $0.9 each. However, reports suggest that these traders might have gamed the system and benefited disproportionately from this opportunity.

Who Benefited from the Airdrop?

According to Nansen, the 23 most active users received more than one million blur tokens while one trader was given more than 3.2 million BLUR tokens, worth about $0.9 each—a multi-million dollar windfall for just one person who engaged in such behavior.

Possible Wash Trading Scenario

The biggest trader got nearly $3.2 million in Blur tokens from a relatively new wallet only three months old according to Decrypt’s report on its address activity where it traded several NFTs repeatedly—which could indicate that it engaged in wash trading or tried gaming Blur’s airdrop mechanics. Similarly, wallets with second and third biggest airdrop values (2.9M and 2.5M BLUR respectively) had interacted with said wallet as well raising concerns about potential wash trading attempts or gaming behavior behind these trades too..

Analytics Firm Observations

Founder and CEO of NFT analytics firm bitsCrunch Vijay Pravin raised similar concerns when he tweeted out “All of these addresses have been trading NFTs back and forth with each other – they WASH-TRADED!” On-chain data shows that second largest recipient cashed out 1.7 million in BLUR tokens while other two wallets are still holding their entire share of BLUR tokens given through an airdrop which offered 12% of total token supply available on market currently at $0.9 per token rate..

Conclusion

Though Blur gave away free tokens through an airdrop event which was taken advantage of by most eligible users but certain reports point towards possible attempts made by some users to game or exploit system for their benefit engaging into wash trading activities causing heavy losses for others who would otherwise have received those funds had there not been any manipulation going on at back end making it essential for platform providers like blur to implement stringent measures against such malicious practices in future if they intend on being successful long term

• New York Regulators are investigating stablecoin issuer Paxos due to heightened scrutiny of crypto firms in the US.
• Paxos has denied that the investigation is linked to its application for a full banking charter.
• The NYDFS has declined to comment on the ongoing investigation, but noted that it is continuously monitoring vulnerabilities and risks to consumers.

New York Regulators Investigate Stablecoin Issuer Paxos

The New York Department of Financial Services (NYDFS) has launched an investigation into stablecoin issuer Paxos, amidst heightened scrutiny of crypto firms in the United States. Although the reason for the investigation hasn’t been revealed yet, Paxos Trust Co. has its headquarters in New York and is regulated by the NYDFS.

Paxos Denies Investigation Is Linked To Banking Requests

Paxos received a „BitLicense“ approval from the NYDFS in 2015 and had applied for a national trust bank charter from the U.S Office of Comptroller of Currency (OCC) in April 2021; however, there have been rumors that this could lead to them being asked to withdraw their application for a full banking charter by regulators. Despite these speculations, Paxos clarified: “Paxos has not been asked or denied the charter” and continues working constructively with OCC.

Reason For The Investigation Is Unknown

The reason behind why NYDFS is investigating Paxos remains unknown; however, spokespersons from the agency have declined to comment on any details surrounding it as it is still ongoing. Nevertheless, they noted that they are continually monitoring vulnerabilities and risks posed towards consumers.

Increased Scrutiny Of Crypto Firms In The US

This investigation comes at a time when US regulatory agencies have increased their scrutiny over crypto firms within their borders following Kraken’s settlement for offering unregistered securities and amending its books and records after violating US state laws related to money transmission activities back in 2018-2019 period.

Conclusion

Although limited details on this particular case remain unknown due to ongoing investigations by NYDFS, it serves as an important reminder that regulations surrounding cryptocurrency businesses remain complex throughout different jurisdictions despite advances made in recent years towards more clarity around digital assets laws across states and countries worldwide.