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Mastercard’s crypto credentials P2P pilot program goes live

Mastercard is taking a significant step in the digital currency space with the launch of its Crypto Credential initiative and a new peer-to-peer (P2P) pilot program. This move aims to enhance the security, efficiency, and scalability of cryptocurrency transactions.

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Mastercard is taking a significant step in the digital currency space with the launch of its Crypto Credential initiative and a new peer-to-peer (P2P) pilot program. This move aims to enhance the security, efficiency, and scalability of cryptocurrency transactions.

The Mastercard Crypto Credential is designed to establish a set of common standards and infrastructure for verifying interactions within the blockchain ecosystem. By implementing these credentials, Mastercard intends to streamline and secure digital transactions, making them more reliable for businesses and consumers.

In conjunction with this initiative, Mastercard has introduced a P2P pilot program to explore the potential of direct cryptocurrency transfers between individuals. This pilot will leverage the Crypto Credential framework to ensure that P2P transactions are secure, compliant, and seamless.

Raj Dhamodharan, Mastercard’s Executive Vice President of Blockchain and Digital Assets, highlighted the importance of this development. “The Mastercard Crypto Credential and P2P pilot program represent a crucial step in building a trusted and scalable framework for digital currency transactions. Our goal is to provide consumers and businesses with a secure and efficient way to engage with cryptocurrencies,” he said.

The P2P pilot program will initially focus on transfers between users in select markets, with plans to expand based on the results and feedback from the initial phase. By integrating the Crypto Credential, Mastercard aims to mitigate risks such as fraud and ensure compliance with regulatory requirements.

Mastercard’s move comes at a time when the adoption of digital currencies is rapidly increasing, and there is a growing need for standardized and secure methods of transaction. The company is positioning itself as a leader in this space by offering solutions that enhance the usability and trustworthiness of cryptocurrencies.

The launch of the Crypto Credential and P2P pilot program is expected to pave the way for broader acceptance and integration of digital currencies into mainstream financial systems. Mastercard’s proactive approach in setting standards and exploring innovative use cases demonstrates its commitment to driving the future of digital finance.

As the program progresses, Mastercard will work closely with partners and stakeholders to refine and expand its offerings, ensuring that the solutions meet the evolving needs of the digital economy. This initiative underscores Mastercard’s dedication to fostering innovation and security in the rapidly changing landscape of digital payments.

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Binance tightens South African compliance rules for crypto transfers

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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.

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

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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.

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

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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.

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