593:Prime Trust Receivership, KuCoin's KYC, Australia's Debanking, EDX Exchange, EU Kill Switch

Overnighters,

Episode 593:
Prime Trust in Receivership
KuCoin to Introduce KYC for All
EDX Exchange to Custody with Anchorage
and More

The TL;DL

Prime Trust in Receivership - The Nevada Financial Institutions Division has filed to take control of crypto custodian Prime Trust, alleging insolvency. The company reportedly owes clients over $85 million in fiat and $69.5 million in crypto.

KuCoin to Introduce KYC for All - KuCoin, a major cryptocurrency exchange, is implementing mandatory know-your-customer (KYC) procedures for all users from July 15, 2023. This move aims to enhance regulatory compliance.

Australia’s Crypto De-Banking Crisis - The Australian government is addressing the issue of de-banking, where banks sever ties with cryptocurrency platforms. The government supports measures to improve transparency and fairness in relation to de-banking.

EU’s Smart Contract Kill Switch - The European Union's new Data Act has raised concerns within the Web3 community due to its provisions on smart contracts. The Act includes requirements for safe termination and interruption of smart contracts.

EDX Exchange to Custody with Anchorage - EDX, a new cryptocurrency exchange, is switching custody providers from Paxos Trust to Anchorage Digital. This noncustodial model aims to eliminate conflicts of interest and align with stricter custody rules.

Israel Seizes Iranian and Terrorist Funds - The Israeli government, with the help of Chainalysis, has confiscated $1.7 million in cryptocurrency from wallets associated with the Iranian military and the Hezbollah militant group.

Crypto Overnighter Podcast (6/28/2023): Welcome back to the Crypto Overnighter with your host, Nikodemus. We provide nightly updates on cryptocurrency, NFTs, the metaverse, and the surrounding industry. Remember, this show does not offer financial advice.

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