🔴 New Tech Scares Bitcoin | This Week in Crypto – May 15, 2023

🔴 New Tech Scares Bitcoin | This Week in Crypto – May 15, 2023

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Binance is exiting the Canadian market, the congested Bitcoin network calls for urgent actions, and who is the first European nation to accept Bitcoin as payment? These stories and more, this week in crypto.

Liechtenstein Plans To Accept Bitcoin

Liechtenstein’s Prime Minister Daniel Risch has revealed his government’s intention to accept Bitcoin as payment for state services, making it the first European nation to do so. Risch also said that investing state reserves in crypto is also being considered. The debt-free country holds reserves of as much as three times its $1 billion annual budget, which is invested mostly in securities.

Binance is Exiting Canada

Binance has announced its exit from Canada, citing regulatory tensions. The world’s largest crypto exchange said that new guidance related to stablecoins and investor limits has prompted their exit from the Canadian market. Binance CEO, Changpeng Zhao, who was also raised in Canada, described the situation as “no longer tenable.”

Bittrex Files for Bankruptcy

Bittrex has filed for bankruptcy protection a month after ending its US operations. Bittrex’s annual revenue has dropped by 97% over the past 5 years as the firm has struggled to keep up with competitors. Customers were urged to withdraw their funds before April 30 but according to the bankruptcy filing, there are numerous customers who each have at least $1 million still in their accounts.

PayPal Discloses Nearly $1B in Crypto

Fintech payments giant PayPal has disclosed nearly $1 billion in cryptocurrencies on its balance sheet in a filing with the SEC. The company indicated that it holds customer assets in bitcoin, ether, bitcoin cash and litecoin on its balance sheet. The company does not hold cryptocurrencies outside of its customer assets in any of its own holdings.

Terra’s Do Kwon Released on €400,000 Bail

A Montenegrin court has decided that Terra founder Do Kwon be released from jail and placed under police surveillance at a local residence. The court accepted 400,000 euros in bail, pending the outcome of the trial. However, he will not be allowed to leave his apartment which will be guarded by Montenegrin police.

Crypto Added to Texas’ Bill of Rights

Texas lawmakers have voted to add cryptocurrency to the state’s Bill of Rights, granting individuals the right to use digital currencies for trading. The bill, which safeguards essential liberties like freedom of speech and religion now also includes an amendment clarifying that individuals have the right to use a medium of exchange that is mutually agreed upon – even digital currencies.

Bakkt Delists 25 Altcoins from Apex Crypto

Digital asset firm Bakkt has dropped 25 of the 36 crypto tokens that were listed on its recently acquired trading platform, Apex Crypto. The decision was part of the regular coin listing review process that is based on interest and regulatory guidance. Bakkt, owned by Intercontinental Exchange, which also owns the New York Stock Exchange, acquired Apex Crypto last year to gain exposure to the fintech market.

The Bitcoin Network Congested by NFTs

The Bitcoin network suffered severe congestion that led Binance to halt transactions multiple times this week. The mempool had a queue of over 400,000 pending transactions, causing delays and high fees as excitement has increased around Bitcoin Ordinals – NFTs on the bitcoin network. The dev community is now calling for a “spam filtration” to make changes to the Bitcoin code, in order to bring an end to the trading of BRC-20 tokens.

That’s what’s happened this week in crypto, see you next week.

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