Connect with us

Business

Bitfinity Network launches Bitcoin L2 with $12M backing

Published

on

Bitfinity Network, a new Layer-2 solution for Bitcoin, has launched with a focus on enhancing the scalability and functionality of the Bitcoin blockchain. The project introduces an Ethereum Virtual Machine (EVM)-compatible environment that enables developers to build decentralized finance (DeFi) applications directly on the Bitcoin network. By integrating EVM support, Bitfinity seeks to offer Bitcoin users access to a broader range of DeFi services that were previously limited to networks like Ethereum and Binance Smart Chain.

The launch of Bitfinity Network is seen as a significant step in bridging the gap between Bitcoin’s robust security and the rapidly expanding DeFi sector. Bitcoin, while the leading cryptocurrency by market capitalization, has been limited in its ability to support smart contracts and decentralized applications (dApps). By enabling EVM compatibility, Bitfinity brings the versatility of Ethereum’s smart contract platform to Bitcoin’s more secure and widely adopted network, opening up new opportunities for developers and users.

Bitfinity’s Layer-2 approach aims to solve Bitcoin’s scalability issues by processing transactions off-chain while maintaining the security of the underlying Bitcoin network. This will allow for faster and cheaper transactions, crucial for the mass adoption of DeFi platforms. The project also emphasizes its commitment to low fees and high throughput, positioning itself as a viable alternative for developers looking to build decentralized applications that require the security and liquidity of Bitcoin.

The launch of Bitfinity comes at a time when interest in DeFi and Layer-2 solutions is at an all-time high. While Ethereum and other blockchain networks dominate the DeFi space, Bitcoin remains the most trusted and valuable digital asset. Bitfinity’s innovation may attract a wave of new users and developers to Bitcoin-based DeFi, as it combines the security of Bitcoin with the flexibility and functionality of Ethereum-compatible smart contracts. The success of Bitfinity will largely depend on its ability to gain adoption among developers and users within the competitive Layer-2 and DeFi ecosystems.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk