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Kraken fixes gateway issues

Kraken said it investigated an issue with several crypto funding gateways, including major ones such as Bitcoin $25,511, Ether  $1,806 and ERC-20, which caused operational delays. 

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Kraken said it investigated an issue with several crypto funding gateways, including major ones such as Bitcoin $25,511, Ether  $1,806 and ERC-20, which caused operational delays. 

On June 6, Kraken’s status page said, Deposits and withdrawals are currently delayed. We will provide any updates as soon as possible.

The first notice was posted around 7:44 am UTC when deposits and withdrawals were delayed. This was followed by two updates at 8:06 am UTC and 8:13 am UTC saying it continues to work on a fix for the issue.

The status page did not make clear what was causing the issue.

As of 8:35 am UTC, the status page returned to normal, with any updates about the delays and issues removed.

Kraken’s futures platform is expected to be unavailable to users for approximately 10 minutes at 10:30 am UTC on June 6. The exchange says the cause is site maintenance.

Kraken is currently facing demands from the Internal Revenue Service in the United States to submit customer information, which the exchange has deemed an unjustified treasure hunt.

The exchange asked courts in San Francisco to intervene, claiming the IRS has “gone too far” with its unwarranted claims.

On April 18, Kraken was authorized to operate as a virtual asset service provider in Ireland. The authorization made Kraken only the third cryptocurrency exchange registered in Ireland, following Gemini and Coinbase.

Most recently, Kraken chief security officer Nick Percoco collaborated with a popular streamer to create a fake crypto account on the exchange and “scam bait” bad actors in its ecosystem.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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