Pavel Durov, founder and CEO of Telegram, was taken to court in Paris on August 28, multiple reports confirmed. Russian news agency RIA Novosti reported that Durov was taken to court at around 1:00 pm UTC. While French news agency Agence France-Presse (AFP) cited a source close to the case, noting that Durov was on his way to the Paris court at the end of his initial detention period.
Hours earlier, a RIA Novosti correspondent reported that two cars with flashing lights had sped away from the National Anti-Fraud Office in the Paris suburbs, where Pavel Durov was being held.
Durov was brought before an investigative judge, who could decide to press charges against him. “The investigative judge suspended Pavel Durov’s detention and brought him in for the first interrogation and possible filing of charges,” a source told RIA Novosti.
OpenSea faces SEC lawsuit over potential NFT rule violations
Non-fungible token (NFT) marketplace giant OpenSea finds itself in the eye of the storm after receiving a Wells warning from the US Securities and Exchange Commission (SEC).
According to Devin Finzer, the company’s CEO, the regulator suggested that some of the NFTs traded on the platform could be considered unregistered securities, opening the door to potential enforcement actions.
Finzer, in a post on social media platform X, said OpenSea will not sit idly by. “We are ready to stand up and fight,” he said. “By targeting NFTs, the SEC could stifle the innovation of thousands of artists and creatives who rely on this technology to share their work with the world. Many of them do not have the resources to fight back.”
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.
Cryptocurrencies have long…
— Devin Finzer (dfinzer.eth) (@dfinzer) August 28, 2024
In response to the move, OpenSea announced that it will allocate $5 million to help cover the legal costs of NFT creators and developers affected by such regulatory notices. “We believe that all creators, regardless of their size, should be able to innovate without fear,” the CEO added.
Institutional investors see digital assets as an inevitable part of their portfolios
Research commissioned by Cryptocurrency exchange OKX reveals a growing consensus among institutional investors: entry into the world of digital assets is inevitable. The report highlights that many see cryptocurrencies, NFTs and tokenized private funds as essential elements for diversifying their portfolios.
The interest of major financial players in the crypto space continues to grow, driven by the arrival of products such as Bitcoin ETFs in the United States, which have brought these assets closer to Wall Street.
OKX’s research includes opinions from financial giants such as Citi, Al Mal Capital, Skybridge Capital and VanEck, who indicate that institutions plan to increase their allocations to cryptocurrencies. One of the key reasons is the low correlation between digital and traditional assets, making them valuable tools for risk diversification.
According to the report, around 51% of institutional investors are considering direct allocations to cryptocurrencies, 33% to staking of these assets and 32% to crypto derivatives. In addition, 69% anticipate increasing their exposure to these products in the next two to three years.
HashKey Exchange Launches AVAX and LINK Trading Pairs for Retail Investors in Hong Kong
HashKey Exchange, a major Hong Kong-based cryptocurrency exchange, has expanded its offering for retail investors by including AVAX and LINK trading pairs. Trading on the AVAX/USD and LINK/USD pairs began at 6 a.m. ET on Wednesday, according to the official announcement, with deposits and withdrawals enabled for AVAX via the Avalanche C-Chain network and for LINK via the Ethereum network.
Previously, AVAX and LINK trading pairs were available exclusively to professional investors with portfolios exceeding $1 million.
With this move, HashKey Exchange becomes one of the first platforms in Hong Kong to offer these crypto assets to retail investors, alongside Bitcoin and Ethereum, more than a year after the region’s Securities and Futures Commission introduced a new licensing regime for cryptocurrency exchanges.
HashKey Exchange, which obtained its license in August 2023, was the first company in Hong Kong to launch a retail cryptocurrency trading service. Its expansion continues with over 40 cryptocurrencies available for trading through its global platform, HashKey Global, launched in April after obtaining a license in Bermuda.
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