This Week in Crypto 1-30-23

This Week in Crypto 1-30-23

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Welcome to This Week in Crypto, where we cover the top trending headlines in the cryptocurrency industry. The world of crypto news moves fast, and we’re here to bring it to you for your weekly digest. Enjoy this week’s top stories!

Coinbase Fined $3.6 Million by Dutch National Bank
Global cryptocurrency exchange Coinbase is being fined $3.6 million by the Dutch National Bank (DNB) for operating without proper registration. According to the authority, the amount of the fine was increased due to the “severity and degree of culpability of the non-compliance”. In the Netherlands, companies that provide crypto services are required to register with the DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. The severity of the charge is based on the fact that Coinbase operated without proper license or registration from November 2020 to August 2022. Coinbase’s global presence and size also played a part in increasing the fine. However, according to the DNB, the fine was reduced by 5% since Coinbase obtained proper registration in September of 2022.

Robinhood Twitter Account Hacked, Promotes NFT Scam
Popular stock trading and investing app Robinhood fell victim to hackers that used the brand’s Twitter account to promote a cryptocurrency scam. The verified account posted to its over 1 million followers that they are releasing a new token called $RHB on the Binance Smart Chain, initially offered at the the price of $0.0005 per token. Binance, the global crypto exchange that operates the Binance Smart Chain, locked the account connected to the scam. According to a source on Twitter, only 10 people fell victim to the scam before the hacked post was taken down. Changpeng Zhao, CEO of Binance, tweeted that people should “Always have critical thinking even if the account looks or is real” – something everyone in the crypto community should do.

Porsche NFT Collection Faces Troubles After Launch
German car manufacturer Porsche released their 7,500-NFT collection last week, allowing buyers to purchase their virtual 911 model and eventually customize it to be one of one. However, the collection’s launch has been marred by issues with potential buyers complaining about the initial minting price of each NFT, which is 0.911 ETH (about $1400). The minting process was stopped short at only 2,363 NFTs, and owners will soon move into the second customization phase where they get to design their own Porsche’s unique look. It’s an exciting new experiment for car lovers and NFT lovers alike, but it proves that NFT collections need to keep in mind how much their audience is willing to pay for an NFT.

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