Crypto Companies Are Blocking Countries to Avoid Legal Issues | Key Points | Oct. 01, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: more and more companies are doing geofencing to block certain countries to avoid potential legal issues.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $63971.94, down 0.2% over the last 24 hours.
Ethereum (ETH): $2,644.55, up 0.3% over the last 24 hours.
Solana (SOL): $156.06, up 0.3% vs the previous day.

Trending Coins Update

Giko Cat: $4.80, up 118.4% vs the previous day.
Joe Coin: $0.0273, up 70.2% over the last 24 hours.
Sui: $1.86, up 9.2% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Why Crypto Companies Are Blocking Users of Certain Countries to Avoid Legal Issues

Crypto companies are increasingly adopting geofencing as a way to navigate regulatory uncertainty particularly in the U.S.

Geofencing: A strategy to block users from certain regions by creating a virtual “fence,” ensuring compliance with local laws.
Jake Chervinsky, chief legal officer at Variant Fund, describes geofencing as an “extreme solution” but necessary in some cases to avoid U.S. regulatory challenges, Cointelegraph reported.
Purpose: Used to prevent access by U.S. users when companies cannot meet compliance requirements like disclosures and KYC (Know Your Customer).
Examples:
- Binance and several decentralized platforms like Eigenlayer and Orca block U.S. users.
- Sky (formerly Maker) blocks VPN access to prevent U.S. participation.

Despite its utility, geofencing is seen as a drastic and costly measure for ensuring compliance.

What’s next: Expect more crypto platforms to adopt geofencing, especially in regions with complex regulatory frameworks.

Of course, this strategy could limit access for users and create new challenges for decentralized platforms.

Philippine Crypto News 🇵🇭

Photo for the Article - Crypto Companies Are Blocking Countries to Avoid Legal Issues | Key Points | Oct. 01, 2024

BitPinas article: CHED Region XI endorses Blockchain Campus Conference.
BitPinas article: Kusho World launches web3 shop with crypto payments.
CoinEx Filipino conducted a Chess Tournament in cooperation with the Local Government of the City of Sto. Tomas, Batangas.
Coach Miranda Miner will join Coins.ph’s Coin Coinmunity Wednesday this week.
SparkPoint Network now sold 218 Node Keys and reminded that whitelisted addresses that their 20% discount ends tonight at 11:59 PM.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Celestia is set to unlock over $1 billion in tokens, kicking off a year of daily token emissions.
Matrixport completed an all-cash acquisition of Swiss crypto asset manager Crypto Finance.
BlackRock’s spot Ethereum ETF surpassed $1 billion in total asset value just two months after its launch.

Educational Corner 🎓

Tap games paldon’t? Check out this guide to learn how to farm yield from the Philippine Digital Asset Exchange (PDAX).

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

China’s former finance minister, Zhu Guangyao, emphasized the need for Beijing to closely study the crypto industry.
California Governor Gavin Newsom vetoed the controversial SB 1047 AI safety bill.
The Dutch Authority for the Financial Markets (AFM) warned about the risks of cryptocurrency pump-and-dump schemes ahead of the MiCA regulation.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Coin98 integrated with Zircuit, an EVM-compatible zero-knowledge rollup platform, to enhance its Web3 capabilities.
Phil Panaro predicts NVIDIA shares could reach $800 by 2030 due to the AI revolution.
Bitget Wallet launched the OmniConnect Dev Kit, enabling developers to link Telegram Mini-Apps to over 500 blockchains.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Rhodium 045 Inc. launched Red Sandalwood Farms (REDSF), a web3 gaming platform that combines AI and blockchain.
Space Nation launched a 12-week Soft Launch Summer, offering over 13 million OIK tokens as rewards through quests and competitions.
Ragnarok: Monster World, launching globally on October 1, will utilize the ZENY token within a seasonal gameplay model on the Ronin blockchain.