What the numbers say: The leading NFT marketplaces retreated to the lows of 2021 in key statistics over the last week despite the industry's good start to the year. Unique user numbers across the major NFT platforms, including OpenSea and Blur, declined to 7,805 on April 19, an amount close to 7,455 last seen in July 2021. Similarly, the sales count dropped to 16,149 across all platforms on the same day, approaching 12,910 sales last seen in November 2021. On April 20, however, the metrics showed a slight upward trend, though they could not approach the higher levels earlier this month. Relevance: The NFT market made a good start this year after the downward trend it saw as of Q2 of 2021. NFT trading volumes surpassed $2.04B in February, reaching the highest levels in the last nine months. The stormy competition between OpenSea, the largest NFT marketplace by trading volume, and Blur, the newly-launched zero-fee NFT marketplace targeting professional NFT traders, also set the industry in motion. However, the market showed a brief downward trend again from April 13 to 20. Analysts cited the high gas prices and tax season liquidity issues as possible reasons for the decline in both user and sale numbers. Brands that should care: Other NFT marketplaces, including LooksRare, Magic Eden, and Rarible, saw a similar decline in unique user numbers and sales counts, pointing out that the decline occurred market-wide.
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The Texas House of Representatives has passed a new bill that mandates crypto companies operating within the state borders to provide their proof-of-reserves (PoR) reports every quarter. The bill must be passed by the state's senate and signed into law to come into effect. More: - The reports will prove that the crypto firms have sufficient assets to cover all crypto deposits and user balances, detailing outstanding liabilities and the crypto amount held in reserve by the company.
- The proposed legislation will require crypto companies to deliver quarterly accounting reports to clients and auditors.
- The firms will also have to submit a report with more detailed information to the Texas Department of Banking before the 90th day after the end of each fiscal year.
- The quarterly reports will be prepared in a more personalized manner for customers rather than a company-wide approach.
- An auditor will need to confirm that the report is accurate, and providers will need to ensure that auditors and customers can check the accounting of digital assets every quarter and customer funds at any time.
- The rules will be valid for digital asset service providers catering to more than 500 Texas residents and with at least $10M in customer funds.
Zoom Out: - PoR refers to the reports prepared by a third-party auditor to confirm that a crypto company has sufficient reserves to cover all of its depositors' funds and all the customer funds are safe.
- Following the crypto exchange FTX's bankruptcy in November 2022, many crypto-related firms, including Binance, Coinbase, and Kraken, have started publishing their PoR reports to maintain customer confidence.
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The popular messaging app Telegram has integrated a new feature that allows users to buy, withdraw, exchange, and transact Bitcoin (BTC) directly through the platform's web interface. The new feature can be enabled through the platform's @wallet bot. More: - Telegram already integrated Bitcoin (BTC) and Toncoin (TON) into @wallet in April 2022, though only TON was made available for transfers through chats.
- In March this year, the platform also added support for the Tether (USDT) stablecoin to the bot.
- The USDT support allowed users to buy and sell the famous stablecoin between each other directly within chats, just as sending a text or photograph.
Zoom Out: - Telegram took its first big step toward Web3 by starting the development of its own blockchain project, dubbed Open Network (TON).
- However, the legal conflicts with the U.S. Securities and Exchange Commission (SEC) forced the platform to abandon the project in 2020.
- The project was kept alive by the TON Foundation's community members.
- The popular messaging app is currently developing a blockchain-based auction platform called Fragment on the TON network.
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Federal prosecutors and police in Brazil have started investigating Binance, the largest crypto exchange by trading volume, over allegations that the platform helps clients continue using its crypto derivatives services despite a stop order. The action was reported by the Brazilian Securities and Exchange Commission to the Attorney General of Sao Paulo. More: - In 2020, the commission issued a stop order on the exchange’s crypto derivatives offerings since Brazilian law classifies future contracts as securities regardless of the nature of the underlying assets.
- The agency claimed that Binance continued to offer crypto derivatives to Brazilian clients after the stop order.
- Brazil’s Securities and Exchange Commission also provided a screenshot from August 2021 showing that the exchange directed the users in Brazil to change their language settings to access the Binance Futures section.
- Binance responded to the claims by reiterating that it does not offer derivatives in Brazil, complies with local regulations, and maintains a permanent dialogue with Brazilian authorities.
Zoom Out: - Binance is similarly under scrutiny in the U.S. by the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and federal prosecutors.
- Earlier in April, the platform similarly had to permanently halt the operations of its derivatives services in Australia following the cancellation of the financial services license of its derivatives business by the Australian Securities and Investments Commission (ASIC).
- The firm’s employees were also recently alleged of helping customers in China bypass the platform’s security protocols.
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Do Kwon, the recently arrested founder of the collapsed Terra ecosystem, has reportedly become the subject of an indictment proposal submitted by prosecutors in Montenegro. The proposal accuses Kwon and Han Chang Joon, the chief financial officer of Terraform Labs, of forging personal documents. More: - Montenegrin prosecutors have also requested to extend the two's detention.
- The proposal will see a final decision from the Montenegrin court before approval.
- In March, Kwon and Han were arrested at the Podgorica Airport in Montenegro while trying to fly to Dubai carrying falsified traveling documents.
- Both the U.S. and Kwon's native South Korea seek his extradition, though they do not have a direct extradition treaty with Montenegro.
- The 31-year-old founder had been wanted with a red notice issued by the International Criminal Police Organization (Interpol) since September 2022 and was thought to be hiding in Serbia since December before being arrested in Montenegro.
- Terra's founder has also been subject to many lawsuits and investigations in several countries, including South Korea and the U.S., with allegations such as tax fraud, deceiving investors, racket collecting, and building a Ponzi scheme.
Zoom Out: - Multibillion-dollar Terra ecosystem collapsed last year after its native token Luna's price plummeted nearly to zero in May 2022 and lost all its value against the U.S. dollar (USD), triggering a prolonged crypto winter.
- The collapse caused over $60B of money to be wiped off the crypto market.
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The U.S.-based crypto exchange Gemini’s global chief technology officer, Pravjit Tiwana, has announced the company’s plans to open a new engineering hub in Gurgaon, India. The location will be the firm’s second-largest engineering hub after the one in the U.S. More: - Tiwana will also carry out the role of Asia Pacific (APAC) CEO at Gemini and oversee the operations in the new hub.
- In a separate statement, Gemini founders Tyler Winklevoss and Cameron Winklevoss said the exchange has big plans for growth in APAC this year.
- The Indian hub will focus on developing user experience in the web edition, mobile app, NFT marketplace, and digital asset trading platform.
- The firm has started hiring talents in India, with 18 new job postings on its career page.
- The job postings include 14 engineering positions and a regional vice president role.
- Gemini also plans to expand its business team in Singapore, in addition to India, to boost its growth in APAC.
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- Crypto exchange Binance's chief strategy officer, Patrick Hillman, has claimed that the bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), constantly spreads false rumors about Binance CEO Changpeng Zhao (CZ).
- Yaroslav Zheleznyak, the Deputy Chairman of the Tax Committee of Ukraine, has publicly stated the country's intent to adopt the European Union's (EU) recently approved crypto regulations, the Markets in Crypto Assets (MiCA).
- Popular coffee chain Starbucks sold only 4,579 NFTs from its new 5,000-piece NFT collection, the Starbucks First Store Collection, in contrast with its first paid collection, which sold out in just 20 minutes.
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 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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