Gadget360

Binance is mandating all users in India, both new and existing, to re-verify their Know-Your-Customer (KYC) details as part of a database refresh. This announcement follows the exchange’s return to the Indian market in August 2024 after settling a $2.25 million fine. The penalty stemmed from violations of India’s Prevention of Money Laundering Act (PMLA) of 2002. The re-verification process aims to ensure compliance with regulatory requirements and enhance the security of the platform for Indian users. This measure is likely a direct response to the previous violations and reflects Binance’s commitment to operating legally within the Indian regulatory framework.

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Ethereum, the leading blockchain for commercial applications, is preparing for its “Pectra” upgrade, designed to enhance its efficiency, stability, and user-friendliness. Originally planned for early April, the upgrade’s deployment has been delayed due to ongoing testing. Tim Beiko, who oversees Ethereum’s core protocol meetings, estimates Pectra could launch by April 30th.

Pectra aims to streamline the network, making it more appealing for developers and users alike. Specific improvements are expected to lower transaction costs and speed up processing times, addressing some of the current limitations of the Ethereum network. The focus remains on ensuring a smooth and secure transition during the upgrade process.

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Paul Atkins has been appointed the 34th chairperson of the US Securities and Exchange Commission (SEC), following nomination by President Trump and Senate confirmation. Atkins, a former SEC Commissioner from 2002 to 2008, brings a track record of engagement with the cryptocurrency sector to the role.

Addressing the Senate Banking Committee last month, Atkins pledged to accelerate the SEC’s regulatory efforts surrounding cryptocurrencies. His prior experience and familiarity with the digital asset landscape suggest a proactive approach to establishing clear guidelines and oversight for the burgeoning crypto industry within the US. The appointment signals a potential shift towards more defined regulatory frameworks for cryptocurrencies under Atkins’ leadership.

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Circle is developing the Circle Payments Network (CPN), an international payments system leveraging stablecoins to streamline settlements for large corporations. A recently released whitepaper outlines how stablecoins can modernize global payment infrastructure.

The CPN functions as a protocol layer supporting stablecoins like USDC and EURC, with potential for future expansion. Circle intends to provide corporations with cross-border transaction capabilities. The goal is to improve speed, reduce costs, and increase transparency compared to traditional methods. By utilizing blockchain technology, the CPN aims to offer a more efficient and accessible global payment solution.

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