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Cryptopay EU card provider loses license

The European Union debit card provider for Cryptopay has lost its Electronic Money Institution license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe.

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The European Union debit card provider for Cryptopay has lost its Electronic Money Institution license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe.

Cryptopay had been using UAB PayrNet, a licensed EMI in Lithuania, to provide its EU customers with debit card services. But PayrNet’s license was revoked by Lithuania’s central bank, leading to the risk that users’ funds may become temporarily stuck on their cards.

An email stated that only funds transferred to a user’s debit card would be affected. As for funds that have already been transferred to a card, Cryptopay recommends that they be spent or transferred away “as soon as possible.” This can be done by using the card to buy crypto, withdrawing it as cash from an ATM, transferring it to a different card or simply spending the money at a store.

Cryptopay also clarified that even if a customer’s card stops working, the user can still recover the card’s funds from UAB PayrNet directly. Cryptopay offered to help coordinate this process if this becomes necessary.

A Cryptopay representative clarified that the problem primarily affects users in the EU. However, users in the United Kingdom may be temporarily affected because the company has “switched off card services in order to maintain operational stability.” These services should be back up and running within “a couple of days” in the United Kingdom.

Debit card issuer Wirecard went bankrupt in June 2020. At the time, it had become one of the most used debit card providers for crypto companies, including Cryptopay. Cryptopay later relaunched its program with a different provider.

Despite continuing troubles in the crypto debit card industry, there are also signs that debit card companies are becoming more favorable to crypto. In March, Mastercard announced that it would integrate stablecoins into its payment network within the Asia-Pacific region, allowing them to be accepted in the region wherever Mastercard is.

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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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