Chinese financial officials announced Tuesday that the country would crack down on financial institutions conducting cryptocurrency business or offering related services in light of the market’s recent volatility, marking another blow to the nascent market reeling from one of its biggest sell-offs ever after booming institutional adoption helped lift it to meteoric highs during the pandemic.
In a joint statement Tuesday, three Chinese industry groups overseeing the financial sector announced that bank and payment institutions can not conduct business related to cryptocurrencies, specifically banning a slew of activities including cryptocurrency registration, trading, clearing and settlement.
The guidelines, which reiterate a previous ban from 2017, also bar financial institutions from accepting or using cryptocurrencies in payments or settlements, developing digital currency exchange services and offering any such services to clients.
The announcement was released by three organizations authorized by Chinese regulators to oversee their respective industry segments: the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.
The group specifically laid into the cryptocurrency’s market massive volatility, saying digital tokens have “no real support value” and prices that are “extremely easy” to manipulate.
The move prohibits Chinese financial institutions, many of which had already shied away from offering crypto services amid the nation’s past crackdown, from issuing cryptocurrency products or services, but it doesn’t ban consumers from owning cryptocurrencies.
The value of the world’s cryptocurrencies dropped about $50 billion, or 2.5% immediately after the announcement, pushing the week’s staggering losses to roughly $500 billion from a Wednesday high above $2.5 trillion.
Crucial Quote
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” the Tuesday statement read. “Judging from the current judicial practice in my country, virtual currency transaction contracts are not protected by law.”
Key Background
A wave of early regulatory crackdowns beginning in 2017 sparked a nearly 80% correction in cryptocurrency prices and a yearslong bull market that lasted until inflationary concerns and institutional adoption lifted the market to new highs during the pandemic. In March, Morgan Stanley became the first big bank in the U.S. to give wealthy clients access to cryptocurrency investments, and Goldman Sachs quickly followed suit with its own crypto offerings in April. JPMorgan and a slew of other smaller financial institutions have also reportedly indicated they may be next.
Surprising Fact
Cryptocurrencies soared nearly 500% over the past year as companies like Square, MicroStrategy and Tesla, in particular, started making big cryptocurrency investments, but in a testament to the market’s extreme volatility, prices have plunged by about 30% since Elon Musk said Tesla would stop investing in bitcoin last month.
What To Watch For
Regulation in the U.S. Gensler and Yellen. Earlier this month, new Securities and Exchange Commission Chair Gary Gensler suggested that the agency may be gearing up for a long-awaited crypto crackdown in light of the market’s recent boom, telling CNBC: “To the extent that something is a security, the SEC has a lot of authority, and a lot of crypto tokens—I won’t call them ‘cryptocurrencies’ for this moment—are indeed securities.”
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.
Bitcoin does not share the traits listed above: it does not maintain a stable value and its fixed number of coins means that it can’t keep up with an insatiable global demand for safe assets like the U.S. debt market can. Indeed, investor willingness to fund more than $21 trillion in U.S. public debt, often at negative real interest rates, shows that the U.S. dollar continues to have massive appeal even as cryptocurrencies go mainstream.
Furthermore, China’s actions over the past decade show that it is deeply skeptical of bitcoin and likely sees it as a threat to the power of the Chinese Communist Party. In 2017, the People’s Bank of China and five other ministries banned financings using cryptocurrency, like initial coin offerings, and banned the exchange of fiat money for cryptocurrency, according to Rain Xie of the Washington University School of Law.
Verge (XVG) is an open-source, decentralized cryptocurrency that claims to offer completely anonymous transactions by obfuscating the location and IP address of the transacting participants.
Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified.
Ahead of its long-anticipated public market debut next week, crypto-brokerage Coinbase previewed results for its best quarter ever, pulling in $1.8 billion in first-quarter revenue, as booming interest in cryptocurrencies pushes the market to meteoric new highs.
Shortly after the market close on Tuesday, Coinbase, the nation’s largest cryptocurrency exchange, reported first-quarter revenue that soared nearly 900% from $190.6 million in the same period last year, blowing past the $585 million nabbed in the fourth quarter.
The San Francisco-based firm, which posted a surprise profit of $322 million last year, pulled in an estimated $800 million in earnings during the first quarter, roughly 25 times the $32 million posted a year ago.
Reflecting the surging interest in cryptocurrencies, Coinbase’s trading volume totaled $335 billion in the quarter, eclipsing the $30 billion worth of trades in the first quarter of 2020.
CNBC’s Kate Rooney reports on Coinbase earnings ahead of next week’s direct listing. With CNBC’s Mike Santoli. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y In preparation for its debut on the Nasdaq next week, cryptocurrency exchange Coinbase said on Tuesday that first-quarter revenue climbed about nine-fold from last year, driven by a historic rally in the price of bitcoin. Revenue in the period jumped to about $1.8 billion from $190.6 million in the same quarter a year earlier, Coinbase said in a press release, adding that the results are preliminary and unaudited. Net income grew to between $730 million and $800 million from $31.9 million a year ago. Coinbase said it has 56 million verified users. The company is hosting a webcast to discuss its financial results starting a 4:30 p.m. Eastern Time.
Meanwhile, the platform’s verified users (those with confirmed identities who are eligible to trade) swelled to 56 million at quarter’s end, compared to 34 million one year prior.
.
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cryptocurrencies, fueled by heightened institutional adoption that’s seen the likes of Morgan Stanley and Goldman Sachs dive into the space just last month. The cryptocurrency market late Monday swelled to more than $2 trillion after skyrocketing nearly tenfold from $208 billion in April 2020.
Chief Critic
“Coinbase’s expected valuation of roughly $100 billion is far too high,” David Trainer, the CEO of investment research firm New Constructs, said in a note to clients Monday. “It’s hard to make a straight-faced argument that the firm can justify the lofty expectations baked into its valuation given increasing competition in a mature cryptocurrency trading market and the lack of sustainability in its current market share and margins,” he added, noting that competitors such as Gemini, Bitstamp, Kraken and others are likely to try to undercut Coinbase’s market share advantage by lowering their trading fees, as has happened with stocks in the years since online brokerages like Robinhood and Stash emerged.
Surprising Fact
Billionaire Coinbase CEO and Cofounder Brian Armstrong earned an eye-popping $59.5 million in total compensation last year—more than JPMorgan CEO Jamie Dimon and Goldman Sachs CEO David Solomon.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.
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The cryptocurrency industry is steaming hot. The total market value of cryptocurrencies is approaching $2 trillion – that’s bigger than the market caps of Amazon, Google and Microsoft. Bitcoin has been trading above $50,000 since March 8 and has a market value of $1.12 trillion, almost as much as all the silver in the world. FOMO-ed institutions keep pouring into the space.
But institutions and venture firms rushing to cash in on the surge don’t come empty-handed. Hoards of capital are pouring on crypto startups, minting new unicorns at a break-neck pace. Just in March, three crypto firms raised some of the largest capital raises in the industry’s short but rich history. There are now at least 18 crypto-native companies with unicorn status, according to data platform PitchBook.
Crypto bulls are hoping that this time it is truly different. Publicly listed companies like MicroStrategy and Square have amassed sizable bitcoin positions on their balance sheets and are seeing it as an alternative to gold. Meanwhile applications for a U.S. bitcoin ETF are piling up at the SEC’s doorstep and the market is buzzing in anticipation of Coinbase’s direct listing slated for April 14, the first major public offering for a cryptocurrency company. Amid the frenzy, Forbes analyzed data from PitchBook and compiled a list of the 10 largest venture capital deals for blockchain and crypto-native firms.
Inside Bitmain, the world’s largest Bitcoin mine. The rush to mine Bitcoin and other crypto currencies has gripped the world. China is home to most of the world’s bitcoin mines, and Inner Mongolia has one of the largest. Today, we take a look inside the Bitmain mine and how it works. If you enjoyed, please, like, comment and subscribe, it helps us a lot! Thanks for watching this video: Inside The World’s Largest Bitcoin Mine Check Out These Videos:
Notable investors: Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital
Post-money valuation: $15 billion
Previous valuation: $12 billion
The world’s leading bitcoin mining hardware manufacturer, Bitmain also operates Antpool, one of the top bitcoin mining pools, accounting for more than 12% of bitcoin’s network hash, or computational, power. Shortly after the $422 million capital raise, the Beijing-based company filed for an IPO on the Hong Kong Stock Exchange in September 2018, but the offering fell through amid the bitcoin crash and market cooldown.
BlockFi: $350 million
Deal date: March 11, 2021
VC round: Series D
Notable investors: Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products
Post-money valuation: $3 billion
Previous valuation: $435 million
Founded in 2017, New-Jersey based BlockFi is now one of the leading cryptocurrency lending providers. Its products span multiple categories including crypto-collateralized loans and interest-bearing accounts through which investors can earn interest on their crypto holdings. Rumors of BlockFi’s potential IPO started to circulate last July following reports of a job opportunity, part of which involved helping the company go public.
Dapper Labs: $305 million
Deal date: March 30, 2021
VC round: 5th round
Notable investors: Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant
Post-money valuation: $2.6 billion
Previous valuation: N/A
The Vancouver-based startup is best known as the developer of NBA Top Shot, an NFT marketplace for basketball video highlights or “moments.” The project, which has already surpassed the $400 million mark in trading volume, is largely responsible for the boom of non-fungible tokens (NFTs), essentially digital proofs of ownership trackable on a blockchain. Earlier, Dapper Labs developed a popular Ethereum game of breedable collectibles called CryptoKitties.
Blockchain.com: $300 million
Deal date: March 24, 2021
VC round: Series C
Notable investors: DST Global, Lightspeed Venture Partners, VY Capital
Post-money valuation: $5.2 billion
Previous valuation: $3 billion
Blockchain.com provides a variety of crypto services to retail and institutional clients but is most famous for its non-custodial digital wallets. Unlike its counterparts controlled by third parties, these wallets give users full control over their private keys that represent ownership of crypto assets. The London-based company claims it has processed 28% of all bitcoin transactions since 2012.
Bakkt: $300 million
Deal date: March 16, 2020
VC round: Series B
Notable investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU
Post-money valuation: N/A
Previous valuation: N/A
In February 2020, the crypto venture of ICE (the New York Stock Exchange owner) announced the acquisition of Bridge2 Solutions, provider of loyalty programs, to power Bakkt’s one-stop shop retail platform. Called Bakkt App, the service lets users aggregate various digital assets, including loyalty points, rewards programs, gaming assets, and cryptocurrencies, all in one wallet. In January, Bakkt announced it is going public via a SPAC merger with VPC Impact Acquisition Holdings at an enterprise value of about $2.1 billion. Upon the deal’s closure in the second quarter of 2021, the combined company will list on the New York Stock Exchange as Bakkt Holdings, Inc.
Coinbase: $300 million
Deal date: October 30, 2018
VC round: Series E
Notable investors: Tiger Global Management, Andreessen Horowitz, Government of Singapore Investment Corporation (GIC), Polychain Capital
Post-money valuation: $8.04 billion
Previous valuation: $1.71 billion
On February 25, the largest cryptocurrency exchange in the U.S. filed for a direct listing on the Nasdaq stock exchange. Coinbase was valued at $68 billion, based on the recent filings. On March 19, the company was fined $6.5 million by the Commodity Futures Trading Commission (CFTC) over allegations of false transactions reporting and wash trading between 2015 and 2018 on its GDAX platform, later rebranded as Coinbase Pro. The exchange’s direct listing is scheduled for April 14.
Bitmain: $292.7 million
Deal date: June 19, 2018
VC round: Series B
Notable investors: Sequoia Capital, Coatue Management, China Taijia, Blue Lighthouse Services
Post-money valuation: $12 billion
Previous valuation: $100 million
Hangzhou Qulian Technology: $235 million
Deal date: June 4, 2018
VC round: Series B
Notable investors: Xinhu Zhongbao Company, China Gaoxin Investment Group, State Development and Investment Corporation
Post-money valuation: $470.25 million
Previous valuation: $40.33 million
Qulian Technology provides blockchain products for China’s major organizations and institutions, including the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the State Grid, and local governments. Its one-stop blockchain open service BaaS platform, FiLoop, is used by some of the largest banks in China, including China Construction Bank, Agricultural Bank of China, and China Merchants Bank, according to the company. Qulian Technology’s partners also include Google and Microsoft.
Bithumb: $200 million
Deal date: Apr 19, 2019
VC round: 2nd round
Notable investors: Vidente, ID Ventures (South Korea), ST Blockchain Fund
Post-money valuation: N/A, valued at $888.27 million as of January 2021
Previous valuation: $868.42 million
In September 2020, the Seoul Metropolitan Police Agency has reportedly raided the offices of one of South Korea’s largest crypto exchanges on fraud allegations, linked to a $25 million token sale that never materialized and led to losses for investors.
In December, Ripple Labs and its top executives were accused by the U.S. Securities and Exchange Commission of selling $1.3 billion of XRP, the native asset of the payments network developed by the company, as an unregistered security. Following the charges, multiple exchanges and trading platforms, including Coinbase, Binance.US, and eToro, delisted XRP and suspended its trading. In January, U.K.-based investment firm Tetragon Financial Group filed a lawsuit to redeem its equity in Ripple but ultimately lost the case. Despite the fallout, XRP remains one of the top traded digital assets.
I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.
Tyler and Cameron Winklevoss waged a famous legal battle against Mark Zuckerberg over Facebook’s beginnings. Now, they’re predicting the social network’s demise.The Harvard-educated twins — who we……
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An inhabitant of the British city of Newport has approached the local authorities, with the aim of conducting an important search for a hard drive that he accidentally threw in 2013 in a municipal landfill, said device had bitcoins, whose current value is it would approximate 210 million pounds, that is, an average of 288 million dollars.
How did this tragic situation happen?
The 35-year-old computer engineer, James Howells, in 2013 carried out the cleaning of his home, later he realized that he had thrown his hard drive with 7,500 bitcoins in the trash instead of another that was empty.
After his previous application was rejected, Howells makes an offer of 25 percent, or $ 72 million, to the council in the event that he recovers his losses.
“I would like the opportunity to sit down with the decision makers and present an action plan to them,” Howells told South Wales Argus, indicating that he is supported by a hedge fund, prepared to provide funding for the initiative.
What would be the programmer’s strategy to recover his hard drive?
The computer scientist assures that in 2013 a garbage container obtained a serial number when it was filled, this before being transferred to a grave and buried. Also, a grid reference was required.
“So I could access the landfill log, identify the week I dumped the hard drive, identify the container’s serial number, and then the grid landmark,” the developer said, according to the source.
Despite eight years since the incident, Howells remains optimistic about recovering the information within the device. “The box could be rusty, but it is possible that the disk inside where the data is stored still works,” said the engineer.
It is worth mentioning that, with the passage of time, this possibility decreases, according to the programmer, who gave the suggestion that in case his search had a successful end, the funds would be transferred in the form of help to patients with coronavirus of his city.
However, the Newport City Council has indicated that digging, storing and treating all the waste could cost millions of pounds, and there is no solid guarantee that the hard drive will be found or will continue to serve.
Likewise, the institution emphasizes that, in the event of extraction, the activity is impossible due to the requirements of the current licenses and that carrying out this could lead to a serious and negative environmental impact of the place, the same reasons for which they do not guarantee assistance.
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When the Internal Revenue Service (IRS) signaled that it was getting serious about cryptocurrency, the agency wasn’t kidding. The IRS is now offering cash to anyone who can “reliably produce useful results on a variety of real-world CI cryptocurrency investigations involving Monero and/or Lightning.” That’s right: they are looking for code crackers.
The IRS has made no secret that it believes that taxpayers are not correctly reporting cryptocurrency transactions. An IRS dive into the data showed that for the 2013 through 2015 tax years, when IRS matched data collected from forms 8949, Sales and Other Dispositions of Capital Assets, which were filed electronically, they found that just 807 individuals reported a transaction using a property description likely related to bitcoin in 2013; in 2014, that number was only 893; and in 2015, the number fell to 802.
Cryptocurrency Compliance Efforts
A new cryptocurrency compliance measure for taxpayers was introduced in 2019 in the form of a checkbox on the top of Schedule 1, Additional Income and Adjustments to Income (Schedule 1 is used to report income or adjustments to income that can’t be entered directly on the front page of form 1040). And in 2020, the IRS noted that it will post a cryptocurrency question right on the front page of your Form 1040.
In 2019, the IRS also announced that it was sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.
(For more on some of those efforts – like the Coinbase court saga – click here.)
Pilot IRS Cryptocurrency Tracing
Now, the IRS is offering what some are calling a “bounty” to those who can assist in tracing cryptocurrency transactions. Specifically, the IRS has created a pilot that will pay cash (up to $625,000) to anyone who can trace Monero or other anonymity-enhanced cryptocurrency, or Lightning or other Layer 2 off-chain cryptocurrency protocols.
The deadline for submissions is Wednesday, September 16, 2020, at 08:00 EDT. No late submissions will be accepted or considered or evaluated.
About Privacy Coins
The focus of the proposal is privacy coins. Privacy coins allow users more anonymity when using cryptocurrency. According to the IRS-CI, the use of privacy coins is becoming more popular not only by investors, but also by illicit actors. For example, according to the IRS-CI, in April 2020, a RaaS (Ransomware as a Service) group called Sodinokibi (a former affiliate with the GrandCrab RaaS group) stated that future ransom request payments will be in Monero (XMR) rather than Bitcoin (BTC) due to transaction privacy concerns.
Bitcoin has become increasingly common since it’s easy to use – even for relative crypto newbies. Bitcoin transactions are open ledger (blockchain): that means that the record-keeping system is “public” through a series or chain of blocks even though the exact identities of the participants (as well as their other details, like account balances) may remain private. This kind of open system encourages transparency but also means that, with some effort, hackers and others – like the authorities – can track down the players in a chain of transactions.
The result has been a push from some crypto-sectors to completely anonymize all pieces of the transaction. Enter privacy coins. Monero is considered the largest privacy coin on the market right now; the technology it uses extends privacy to senders, receivers, and transaction amounts. Other popular privacy coins include Cash (ZEC) and Dash.
IRS-CI Is Looking For Solutions
Now, IRS-CI is looking for solutions which provide “information and technical capabilities for CI Special Agents to trace transaction inputs and outputs to a specific user and differentiate them from mixins/multisig actors for Monero and/or Lightning Layer 2 cryptocurrency transactions with minimal involvement of external vendors” as well as “technology which, given information about specific parties and/or transactions in the Monero and/or Lightning networks, allows Special Agents to predict statistical likelihoods of other transaction inputs, outputs, metadata, and public identifiers with minimal involvement of external vendors.” In other words, they are looking to crack privacy coins.
If this sounds out of the ordinary, you’re not wrong. And the IRS acknowledges as much, stating, “For those who are familiar with traditional government procurements, Pilot IRS will appear substantively different from how the government normally buys technology. To be fair, it is… This type of approach is more often used in research and development environments, but there are existing regulations that allow federal agencies to buy commercial items in a manner similar with how the private sector would. Pilot IRS will aggressively pursue a streamlined and cost-effective approach to testing and deploying technology solutions that will have an immediate impact on the government’s mission.”
IRS-CI has noted an uptick in criminal syndicates using privacy coins. And authorities have to be able to keep up. An IRS-CI spokesperson stated that, “IRS-CI is responsible for investigating potential criminal violations of the U.S. Internal Revenue Code and related financial crimes. We are also a global leader in cyber-criminal investigations involving cryptocurrency and have played a lead or key role in the takedown of numerous major Darknet Marketplaces and other transnational criminal organizations facilitating identify theft, narcotics trafficking, money laundering, terrorist financing, sex trafficking, and child prostitution.”
As a result, he explained, “The IRS Cryptocurrency pilot was developed to create and promote innovation in response to ongoing challenges within IRS-CI in hopes of quickly testing, piloting and/or deploying solutions. Privacy coins continue to be a challenge to law enforcement due to their increased anonymity and specific technological enhancements. Currently, there are limited investigative resources for tracing transactions involving privacy cryptocurrency coins such as Monero, Layer 2 network protocol transactions such as Lightning Labs, or other off-chain transactions that provide privacy to illicit actors. The pilot will look to leverage the knowledge of public/private sector and academia to address these specific challenges.” Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
I cover tax and its impact on the lives of taxpayers and tax professionals. In addition to Forbes, you can find me at my own blog, Taxgirl.com, which has been consistently recognized by the ABA Journal as one of the top blogs written by lawyers. You can also subscribe to my newsletter – which features articles from the blog and Forbes – here. I am a member of the bars of Pennsylvania and New Jersey and licensed to practice in front of the U.S. Tax Court. I’m also permitted to engage in pro bono practice in my home state of North Carolina through Legal Aid of N.C.
Finally, I’m a mom to three children, so I can add science fair expert, cupcake baker, and sports mom to my resume
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