Here Is What Occurred In The World Of Cryptocurrency Lately

Do you need to know the latest crypto news? Here is the most recent information on daily trends and occurrences that affect the price of Bitcoin, blockchain, DeFi, NFTs, Web3, and crypto legislation.

Source: crypto.news

In response to a rise in transaction fees in May that resulted in a backlog of pending transactions, a global cryptocurrency exchange has finished integrating the Bitcoin Lightning Network on its platform. XRP has outperformed Bitcoin in terms of trading volume on the South Korean cryptocurrency exchange, and the crypto exchange is said to have let go of 1,000 employees. After a United States federal judge sided with Ripple Labs in its continuing legal dispute with the Securities and Exchange Commission (SEC), XRP's momentum may once again extend to cross-border payments.

XRP Use Might Increase Following a Court Decision, Stated By Ripple Labs Executive 

The XRP coin may be ready for greater usage in international transactions now that Ripple Labs has won a portion of its legal battle with the SEC according to Stu Alderoty, chief legal officer of Ripple Labs. Based on CNBC, Alderoty stated, “I think we're optimistic that this choice would give financial service customers or customers in the future comfort to at least come in and begin the conversation about the issues they are facing in their business, real-world issues with regard to moving value throughout borders without incurring outrageous fees.”

Alderoty predicted that the third quarter will be particularly important for promoting client dialogues about the usability of XRP, which might result in significant revenue for the company. On July 13, Ripple Labs won a portion of the decision by convincing Judge Analisa Torres of the U.S. District Court for the Southern District of New York that XRP was not necessarily a security. A number of American cryptocurrency exchanges relisted XRP as a result of the favorable ruling.

The National Australia Bank Calls Cryptocurrency Exchanges "Scams"

Another significant Australian bank has said that it will prohibit specific cryptocurrency platforms due to the industry's high risk of scams. As part of its bank-wide scam strategy, National Australia Bank (NAB) unveiled a number of additional safeguards against fraud on July 17. In addition to stopping millions of dollars' worth of transfers between March and July 2023, NAB will put barriers in place on some cryptocurrency platforms to shield users from fraud. The names of the bitcoin exchanges that the bank is anticipated to prohibit were not provided by NAB. Chris Sheehan, group operations and fraud executive at NAB, only mentioned that the new restrictions will affect high-risk sites where scams are more prevalent.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.