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Coinbase-Backed Exchange to Redistribute Seized Venezuelan Funds

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Latin American crypto exchange Airtm has been appointed to redistribute $18 million seized by U.S. authorities to 62,000 healthcare workers. These funds were taken in relation to a corruption case involving Nicolas Maduro, the president of Venezuela.

According to Matt Ahlborg, data scientist at UsefulTulips, Coinbase-backed Airtm is well-known for being a censorship-resistant P2P exchange. He noted that Venezuelan users have long accounted for a significant part of Airtm’s customer database.

Juan Guaidó, recognized by several countries as Venezuela’s rightful leader, also recognized Airtm for their efforts in the fight against government censorship. Guaidó then outlined his own plans for helping to return the seized funds to the country’s healthcare workers.

Social media users report that Maduro’s government swiftly blocked Venezuelan users from accessing Airtm’s website following the news. In response, local activists have created a number of tutorials on how to bypass the government’s censorship of the site. 

Ahlborg commented on the announcement:

“The average user on AirTM isn’t a 1%’er in the West testing out new smart contract protocols on Ethereum, it is a middle to lower class worker in Venezuela preserving their wealth, ten dollars at a time. I saw this with my own eyes working with AirTM in CDMX last year.”

The data scientist praised Juan Guaidó for voicing support for a crypto company, and for backing plans to distribute aid to citizens affected by the crisis.





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FTX wallet adds support for BUSD and BNB tokens on the Binance Smart Chain

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In what seems like an ongoing streak towards market penetration, prominent crypto exchange FTX has launched support for BSC BEP20 tokens within its wallet services. While no official announcement was made, FTX CEO Sam Bankman-Fried confirmed the development by saying:

“ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.)”

Based on the information available, FTX wallets now actively support withdrawals for Binance USD (BUSD) and BNB, both native to the Binance Chain. The company will soon enable users to make deposits via BSC BEP20 tokens. 

However, the services are not yet available for the US-focused FTX platform, FTX.US and other prohibited jurisdictions. In a previous interview, Bankman-Fried opined that governments would require more than three to five years to provide regulatory clarity for crypto businesses that wish to operate within their jurisdictions. The entrepreneur also reportedly spends “five hours a day on everything from regulation to licensing.”

Recently, the company has also limited its users to leverage trades up to 20x instead of offering 101x leverage. The intention behind this move was to minimize the inherent volatility risks associated with crypto trading. Surprisingly, the exchange has not witnessed a reduction in trading volumes following the announcement.

Related: FTX smashes crypto funding record with $900M raise to become exchange decacorn

Complimenting the crypto exchange’s technological developments, FTX’s latest Series B investment round saw over 60 participants. The resultant deal placed FTX’s valuation to a whopping $18 billion, a 1400% increase from previously $1.2 billion.

Other market leaders such as Binance also follow similar methods to promote low-risk trading and increase market adoption. Crediting this move to the “interest of Consumer Protection,” Binance CEO stated that limiting new users to 20x leverage on futures trades was something “he didn’t want to make a thingy.”