AI, Binance Trouble and Bitzlato Boss jailed

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Crypto News: Here are the most popular stories from across the cryptosphere as featured in BeInCrypto last week.

Top 5 crypto-AI

One of our most read stories over the past week dealt with a topic likely to gain traction this year: artificial intelligence cryptocurrency. A relatively new type of digital currency, AI crypto allows users to build and use AI-powered applications on AI platforms. BeInCrypto has covered the top five crypto AIs for the year ahead.

Crypto AI is on the rise

Some of these open source protocols are used for more specific purposes such as Ocean Protocol and SinguarityNET. The former enables the secure exchange of data, while the latter enables developers to monetize AI services over a distributed network.

Numeraire powers the Numerai software platform, which functions similarly to a hedge fund portfolio management platform. Finally, Fetch.ai and DeepBrain Chain facilitate digital development through automation and provision of infrastructure on a blockchain-based computing platform.

Binance Signature Drops

Just weeks after the launch of a federal investigation, Binance faced even more difficulties this week. The world’s largest cryptocurrency exchange by volume has informed its users that SWIFT payments will be restricted from February 1.

Due to an anonymous banking partner, customers will not be able to buy or sell cryptocurrencies via SWIFT for less than $100,000. The banking partner was revealed to be Signature Banking which has restricted access to all of its crypto exchange clients. Binance stressed that it is actively working to find an alternative solution to the US dollar SWIFT situation.

The development of the digital yuan is accelerating

China has made inroads with the adoption of its central bank digital currency (CBDC), or digital yuan. The government released the latest digital yuan app for iOS and Android users last year. Since then, its adoption has steadily increased in more than 20 cities across the country.

Chinese CBDC payment app can now be used offline

China is developing the platform so users can use the CBDC to acquire securities through the mobile app. The developers of the digital yuan payment app have now also enabled offline functionality, which has proven helpful for consumer adoption. However, given the known government surveillance and repression, the system also raises a host of privacy concerns.

The DoJ captures Bitzlato

The Department of Justice (DoJ) has announced the arrest of the founder of Russian cryptocurrency exchange Bitzlato Anatoly Legkodymoin in Miami. The Bitzlato founder was accused of running a money transmission business that transported and transmitted illicit funds and failed to comply with US regulatory safeguards, including anti-money laundering requirements.

According to U.S. Attorney Breon Peace, Bitzlato solicited itself as a laundering vehicle for criminals and consequently collected deposits worth hundreds of millions of dollars.

The defendant is now paying the price for the malicious role his company played in the cryptocurrency ecosystem, Peace said. If convicted of operating an illegal money transfer business, Legkodymoin faces a maximum sentence of five years in prison.

This Week in NFT Sales

Last week, sales of non-fungible tokens (NFTs) were lackluster. Daily sales channeled between $12 million and $17 million, while the number of sales held steady between 13,000 and 15,000. Bored Ape Yacht Club (BAYC) once again topped the collection charts, with sales in down to $40 million this week.

Source: NonFungible.comCrypto Coin News

Two cryptocurrencies recorded extraordinary gains last week, while the other three in the top five were not left out either. At the top, the value of Threshold (T) increased by 150.28%, followed by Aptos (APT) with an appreciation of 135.77%. Next up came Fantom (FTM), eCash (XEC), and Axie Infinity (AXS), with gains of 57.41%, 57.41%, and 39.67% respectively.

Source: BeInCrypto

On the other hand, SingularityNET (AGIX) had the toughest week as its value declined by 18.95%. Others saw slight depreciation, with Helium (HNT) down 5.22%, Casper (CSPR) -4.78%, Bone ShibaSwap (BONE) -2.03% and Kyber Network Crystal v2 (KNC) -1.98%.

Whatever you quantify

Our senior analyst Valdrin Tahiri discusses serious bearish scenarios for Quant (QNT), despite the bullish market trend this week.

Quant (QNT) Price Action This Week. Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

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