🫶 Residents of Lugano, Switzerland now have the option to live solely on Bitcoin

🫶  Residents of Lugano, Switzerland now have the option to live solely on Bitcoin 😨 Coinbase fined $100 million for KYC and AML failures 💸 Logan Paul is accused of running an NFT scam

GM, frens.

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Now, for what’s been happening in the space lately:

🫶  Residents of Lugano, Switzerland now have the option to live solely on Bitcoin 

😨 Coinbase fined $100 million for KYC and AML failures 

💸 Logan Paul is accused of running an NFT scam

Residents of Lugano, Switzerland now have the option to live solely on Bitcoin

Ever dreamed to use crypto as payment without being looked at as if you were an alien from outer space? If so, Lugano in Switzerland might be a perfect choice. This city offers an abundance of merchants that accept cryptocurrency and makes it easy for residents to live solely on Bitcoin.

Plan ₿ foundation (a joint initiative between the City of Lugano and Tether to accelerate the use of crypto) has recently taken to Twitter to announce a new map that displays the hundreds of merchants in Lugano that are willing to accept Bitcoin.

The most interesting thing about this is that judging from the map, it covers all aspects of life, ranging from medical services to restaurants, bars and even hotels, and even municipal taxes. So effectively you can now live in this city with Bitcoin as the only means of payment.

Just recently, the foundation collaborated with GoCrypto to include a vast array of merchants- including McDonald's. The foundation estimated that 2,500 customers will be using bitcoin by the end of this year due to their efforts.

Cities like that one might just be the gateway to the wider adoption of cryptocurrencies and show the world how it can be done. Who knows, maybe soon enough you’ll no longer need a Visa card, just your crypto of choice.

Coinbase fined $100 million for KYC and AML failures

Coinbase has been fined $100 million for KYC (Know Your Customer) and AML (Anti-Money Laundering) failures. Talk about a costly mistake!

It seems Coinbase was caught trying to play both sides of the coin (pun intended). They had agreed to stringent anti-money laundering and know-your-customer regulations in order to provide services in New York but failed to comply with those standards and got fined — big time.

A hefty fine of $50 million to the New York Department of Financial Services and an additional $50 million reinvestment in their AML/KYC processes. Coinbase's troubles began when the price of Bitcoin skyrocketed to an all-time high, making it impossible for them to keep up with the sheer volume of transaction monitoring alerts that were generated.

NBC reported that Coinbase was sitting on 100,000 unreviewed alerts and had 14,000 customers with enhanced due diligence needs. NYDFS (New York Department of Financial Services) said that Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth.

Well, whatever the reason, the fine is a powerful reminder that playing by the rules is paramount - especially when it comes to anti-money laundering regulations.

Logan Paul is accused of running an NFT scam

Logan Paul, internet personality and founder of CryptoZoo NFT game, has responded to accusations that his NFT project is a "rug".

In a video released on Tuesday, Logan suggested the CryptoZoo project is still under development, and that the issues surrounding the project were due to making bad choices. He further suggested that he and his manager had lost money trying to "pick up the pieces" and that he is now looking into legal action.

CryptoZoo project which was launched in 2021 can now be deemed to be a scam according to Coffeezilla, the internet investigator who has made it his mission to expose crypto scams. He's accused Logan Paul of creating a game based on stock images and shady marketing tactics.

According to Logan Paul though, the CryptoZoo project's problems stemmed from poor decision-making related to hiring.

Notably, he accused lead developer Eddie Ibanez of falsifying his educational and professional background – including lying about working for the CIA and helping the Philadelphia Eagles win the Super Bowl. Additionally, Zack Kelling (another team member) held the game code hostage last year for a whopping $1 million that he claimed was owed him and his team by Paul.

It seems that celebrities don't feel as comfortable in the crypto space as they once did. Crypto still has to prove itself to the world and hyped up projects that serve no real purpose besides making celebrities money don't lend themselves to that cause. Let's just hope that Logan Paul has learned his lesson and sticks to running his other ventures.