This Week in Cryptos: Venezuela Uses Cryptos Shield to Block US Sanctions While Circle Goes Global

By Abhinav Agarwal
Published July 28, 2019 Updated July 28, 2019
Best Buy In




Crypto News

This Week in Cryptos: Venezuela Uses Cryptos Shield to Block US Sanctions While Circle Goes Global

By Abhinav Agarwal
Published July 28, 2019 Updated July 28, 2019

Key highlights

  • Venezuela takes cryptos to fight the US
  • Circle goes global
  • Robinhood raises $323 million
  • Trouble for Tron continues
  • SEC issues second no-action letter

Venezuela takes cryptos to fight the US

It is believed that Venezuela and Maduro regime has been trying to escape U.S. sanctions by collecting taxes from airline travelers and then converting the fiat to BTC, sending it to international regime accounts in countries like Bulgaria, Russia, and China in exchange for their fiat. The report in a regional publication noted that a Florida-based company called Jetman Pay is helping the Venezuelan government agency Sunacrip to do the conversions for the airline.

Circle goes global

Circle announced this week that it has received a full Digital Assets Business Act license in Bermuda for its crypto exchange Poloniex. This move comes in the backdrop of mounting regulatory pressures in the United States. Circle CEO Jeremy Allaire told the media that 70 percent of Poloniex users hail from beyond the U.S. and the new Bermuda-based entity will handle those accounts from now on. Looking forward, Allaire said more diverse assets will be available to global customers and that Poloniex might also expand to financial services, which the startup previously couldn’t offer in the U.S.

Robinhood raises $323 million

Private equities continue to fund crypto exchanges. This week Robinhood, a trading platform for stocks and digital assets, announced a $323 million Series E as reported by Reuters. DST Global, a prominent investor in internet startups led the financing round along with crypto-notables Ribbit Capital and Sequoia. According to Reuters, the company will direct the capital towards expanding the business and offering new financial services.

Trouble for Tron continues

Trouble time for Tron continues this week. Justin Sun, Tron’s Founder, issued a public apology on Weibo, saying he “sincerely apologizes to the public, media, officials and regulatory authorities” for his over-marketing, in particular with his upcoming charity lunch with billionaire Warren Buffett. “My intention of having the lunch with Buffett was because of my admiration for him and my enthusiasm for charity,” notes Sun.

SEC issues second no-action letter

This week SEC was again seen turning soft towards cryptos. The Securities Exchange Commission, this week, granted no-action relief to Pocketful of Quarters for its Ethereum ERC-20 token “Quarters”—assuring the startup that the Commission will not take enforcement action. Pocketful of Quarters (PoQ) is a blockchain startup headed by CEO George Weiksner, age 12, and his father, PoQ’s CTO, Michael Weiksner. The startup aims to create a universal gaming token redeemable across video game platforms.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Abhinav Agarwal
140 Articles
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]

Loading Next Story