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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer ...

Multichain will be shutting down services as a result of the CEO “being taken away by the police” and the issues the team has faced afterwards. Multichain unable to access funds Multichain, a cross-chain protocol formerly known as Anyswap, took to Twitter on July 14 to reveal a rundown which began with the arrest of CEO Zhaojun by Chinese authorities on May 21, stating that the company has been unable to communicate with Zhaojun since his arrest.  1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had… — Multichain (Previously Anyswap) (@MultichainOrg) July 14, 2023 Information given by Zhaojun’s family revealed that authorities confiscated the CEO’s phones, computers, mnemonic phrases and hardware wallets. The seizure, mea...

Also Read: Binance US To Remove Hundreds Of Trading Pairs; Halts OTC Trading advertisement Meanwhile, US lawmakers are pushing for clear stance on which crypto currencies to categorize as securities versus commodities through a draft proposal. Overall, the Crypto Market ecosystem in the United States looks to be a negative environment until there are clear laws. USDC To Have Competitive Advantage? As has been seen in the back to back lawsuits against Binance and Coinbase, it is argued that US regulators like the Securities and Exchanges Commission (SEC) is biased against non-US based crypto businesses. Hence, it has long been speculated that USDC would be favored by the U.S. government over the top stablecoin Tether (USDT). Also, Allaire maintained that Circle’s compliance of financial regulations will eventually give USDC an advantage over its rivals. Speaking about the stablecoin bill recently proposed in the U.S. House of Representatives, t...