Crypto News Recap: Latin America Embraces Bitcoin, Clamp Down on Binance Continues

Published July 12th, 2021 - 07:30 GMT
Crypto News Recap: Latin America Embraces Bitcoin, Clamp Down on Binance Continues
Latin America continues to lead the crypto adoption as Paraguay is eyeing accepting bitcoin as a legal tender. (Shutterstock)
Highlights
Here is a brief recap of all the latest crypto headlines

This week in Crypto News Recap, Latin America continues to lead the crypto adoption as Paraguay is eyeing accepting bitcoin as a legal tender. Following the legal crackdown on the crypto exchange Binance, Santander UK, and Barclays have blocked customers' payments to the exchange. Even TikTok has blocked crypto ads.

Checking price charts? You know the drill... we got you covered! Here is a brief recap of all big cryptocurrency news of the past week.

Bitcoin Chart

Source: coinmarketcap.com

 Crypto Charts

Source: coinmarketcap.com

Crypto Ads Banned on TikTok

The Chinese video-centered app, TikTok, rolled out new ads guidelines on Friday that prohibits promoting any financial services and products including cryptocurrencies,  lending and management of money assets, loans and credit cards, buy now pay later (BNPL) services, trading platforms, cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading.

This comes after TikTok received legal backlash for unregulated financial advice as United Kingdom’s Financial Conduct Authority (FCA) issued a report that reads: “The findings reveal there is a new, younger, more diverse group of consumers getting involved in higher-risk investments, potentially prompted in part by the accessibility offered by new investment apps.” The report goes on to state that around 60% of young investors claim that a loss of their investment would have a “fundamental impact on their future lifestyle.”

 Paraguay to Issue Bitcoin bill on July 14

Following El Salvador adding bitcoin as a legal tender. Paraguay has started to develop its very own cryptocurrency strategy. 

What we know so far is that the Latin country is introducing a bill to Congress on Wednesday, July 14 but there were no details on what this bill would entail.

Santander UK Bank to Block Payments to Crypto Exchange Binance

After the regulator crackdown, Spanish multinational financial services company, Santander UK, has joined other major rival banks like Barclays in blocking customers' payments to crypto exchange Binance.

Nevertheless, customers will still be able to receive funds from Binance.

Crypto NewsBites

  1. Wall Street banking giant, Bank of America, wants to explore cryptocurrencies use cases with a new dedicated crypto research unit!
  2. The Israeli parliament to grant President Isaac Herzog an NFT of the original draft of the presidential oath.

 Chinese crypto miners are selling GPUs on used trading sites due to their government clampdown.

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