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Bybit gets pre-approval in Kazakhstan

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Bybit continues the expansion of its operations after receiving “in-principle” approval from regulators in Kazakhstan.

On May 29, the exchange announced its pre-approval from Kazakhstan’s Astana Financial Services Authority to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre.

Ben Zhou, co-founder and CEO of Bybit, said he believes in the “promising potential” of the Commonwealth of Independent States as a region for growth in the crypto industry.

Zhou also stressed Bybit’s commitment to compliance with local regulations. This comes after Bybit was recently flagged by regulators in Japan for operating without registration.

Under the “in-principle” approval granted to Bybit, the company is subject to pre-conditions that will lead to permanent authorization to commence servicing locals after the application process is fully completed.

Over the last few months, Bybit has been in the process of expanding its service offerings. On May 2, it announced it would begin offering users crypto lending services. 

In March, the company collaborated with Mastercard to offer a new debit card for cryptocurrency payments.

The latest move to offer services in Kazakhstan comes as the country has steadily developed itself as a regional hub for crypto, mining and blockchain.

In February, local officials announced a new mandate that 75% of revenue from crypto mining must be sold via a crypto exchange to crack down on tax evasion. A few months later, Kazakhstan revealed it collected around $7 million in crypto taxes in 2022.

Kazakhstan is currently in the pilot phase of its development of a central bank digital currency.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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