Coinbase impersonators stole over $2 million worth of crypto from retired artist Ed Suman using data possibly obtained in the exchange’s recent customer support breach. According to Bloomberg, Suman, 67, was targeted in early March after receiving a text message…

Coinbase impersonators steal over $2m in BTC and ETH from retired artist

Revolut &#8212; a European neobank with crypto support &#8212; plans to invest more than 
1 billion euro ($1.1 billion) in France and apply for a local banking license.
According to a May 19 Fortune report, Revolut representatives announced the 
initiative during the Choose France business summit hosted by President 
Emmanuel Macron in Paris on Monday. The London-based neobank also plans to set 
up its new European Union-serving headquarters in Paris, promising to invest 1 
billion euro and hire at least 200 people within three years.
Revolut spokespeople also said that the firm is in the process of submitting 
an application to the French banking regulator Prudential Supervision and 
Resolution Authority. According to an anonymous source cited by Fortune, the 
regulator has been pushing the neobank to get a license to improve supervision 
due to its popularity in France.
Revolut currently employs about 300 people and serves five million customers 
in France. This makes the nation the neobank&#8217;s top European Union market.
_**Related:**__**Revolut doubles profits to $1.3B on user growth, crypto 
trading boom**_
## Aiming for the stars
Revolut hopes to onboard 10 million users by the end of next year and then 
double that number by 2030. The firm already offers loans, trading and 
cryptocurrency support in its mobile-first banking platform.
The neobank has seen rapid growth ever since its founding in 2015. The company 
recently received a $45 billion valuation and reportedly served over 55 
million customers as of late May.
Revolut&#8217;s 2024 annual report release shows that the firm&#8217;s 2024 revenue was 
3.1 billion British pounds ($4 billion). A recent Financial News article also 
puts the company&#8217;s headcount at 10,133 employees as of Dec. 31, 2024.
_**Related:**__**Revolut expands crypto exchange to 30 new markets in 
Europe**_
## An increasingly regulated institution
Revolut obtained its UK banking license in late July 2024, where 11 million of 
its customers are located. Now, the neobank is aggressively looking to obtain 
similar permits across other jurisdictions, with 10 applications underway.
Revolut received the Prepaid Payment Instruments license from India&#8217;s central 
bank earlier this month. This license allows the bank to offer multi-currency 
forex cards and cross-border remittance services in India.
EU-based Revolut customers now leverage its Lithuania operations. The firm 
received a banking license in Lithuania at the end of 2018, enabling it to 
serve customers across the European Economic Area better.
_**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them in 
stablecoin fight**_

Crypto neobank Revolut to invest $1.1B in France, apply for license

Wei Dai, a cryptocurrency pioneer known for designing the b-money system, a 
precursor to bitcoin, criticized the current level of crypto adoption for 
payments. Dai highlighted that even with the shortcomings of fiat payments, 
crypto has not managed to make a significant impact in this field. B-Money 
Pioneer Wei Dai Laments State of Crypto Adoption […]

Pioneer Explains Why Crypto Has Not Achieved Its Potential in the Payments Sector

Dogecoin may be gearing up for its next major move as technical signals begin 
to turn in the bull’s favor. After a period of consolidation and downward 
pressure, DOGE has broken out of a falling wedge pattern, one of the most 
reliable bullish reversal formations in technical analysis. This breakout 
suggests that the meme coin could be on the verge of a potential rally, 
especially as momentum begins to build within a key price zone. How The 
Falling Wedge And Rounded Bottom Favor Bulls In a recent post on X, a crypto 
analyst with the username “TitaniumXBTC” spotlighted an encouraging technical 
setup on Dogecoin’s chart. The expert emphasized that DOGE has successfully 
broken out of a falling wedge formation while completing a rounded bottom 
formation. These two chart patterns, when combined, often signal the 
exhaustion of a downtrend and the start of a potential uptrend, laying a 
strong foundation for future price appreciation. Related Reading: Dogecoin 
(DOGE) Struggles to Sustain Gain as Meme Coin Mania Cools Off The analyst 
pointed out that this breakout has already been validated, with Dogecoin 
gaining momentum as it pushes beyond the key resistance area. The bullish 
pressure appears to be accelerating within the highlighted zone, suggesting 
that buyers are stepping in with growing conviction. This move, if sustained, 
strengthens the case for a mid-to-long-term rally, with the breakout zone 
acting as a launchpad for further gains. Despite the optimism, the expert 
cautioned that confirmation is necessary. Should the breakout hold and attract 
continued interest, Dogecoin could be poised to reclaim higher levels and 
potentially ignite a broader trend reversal. With bullish energy building, all 
eyes are now on DOGE to see if it can capitalize on this momentum and deliver 
on the promising setup. Dogecoin Bullish Path Ahead: Target Zones After The 
Breakout According to the crypto expert, the key price levels to watch for 
DOGE in the near-to-mid term are $0.3757, $0.4884, and $0.6160. These targets 
have been identified based on the breakout from the falling wedge pattern and 
alignment with historical resistance zones that could come into play as the 
rally progresses. Each of these levels represents a potential milestone where 
momentum may pause, consolidate, or even reverse, depending on overall market 
sentiment and trading volume. Related Reading: Dogecoin Eyes $1.80 In Summer 
Rally As Analyst Flags Breakout Structure The breakout&#8217;s confirmation suggests 
that Dogecoin has re-entered a bullish phase, and if buying pressure 
continues, these price levels could serve as realistic upside targets for 
traders and long-term holders alike. Reaching these zones may attract 
increased attention from investors looking for profit-taking opportunities, or 
even fuel additional rallies if broken with strong volume. Featured image from 
Getty Images, chart from Tradingview.com

Dogecoin Ready To Howl? Falling Wedge Breakout Hints At A Rally

If we want to bring web3 to the world, we have to stop expecting the world to 
adapt to web3; the tools must evolve to meet people where they are.

Web3 is obsessed with sovereignty but ignores convenience | Opinion

Dubai&#8217;s crypto regulator has given licensed digital asset companies until June 
19 to comply with its updated activity-based Rulebooks to enhance market 
integrity and risk oversight.
On May 19, Dubai&#8217;s Virtual Assets Regulatory Authority (VARA) announced that 
it had released Version 2.0 of the Rulebooks.
The regulator said it had strengthened controls around margin trading and 
token distribution services, harmonised compliance requirements across all 
licensed activities and given clearer definitions for collateral wallet 
arrangements.
VARA&#8217;s team will engage with licensed entities and expects the companies to 
comply with the updated rules after a 30-day transition period.
&#8220;In line with global regulatory best practices, a 30-day transition period has 
been granted to all impacted virtual asset service providers [VASPs], with 
full compliance required by 19 June 2025,&#8221; VARA wrote. 
## VARA enhances supervisory mechanisms
VARA highlighted that it had enhanced supervisory mechanisms across several 
regulated activities. This includes advisory, broker-dealer, custody, 
exchange, lending and borrowing, virtual asset (VA) management and investment, 
and VA transfer and settlement services.
A VARA spokesperson told Cointelegraph that the updates will bring consistency 
across all activity-based rules defining core operational terms. The 
spokesperson gave examples of terms like &#8220;client assets,&#8221; &#8220;qualified 
custodians,&#8221; and &#8220;collateral requirements&#8221; as some of the terms more 
consistently defined in the update. 
The update also aligned risk management and disclosure obligations, where 
activities overlap, in areas like brokerage, custody and exchange.
&#8220;The aim was to reduce ambiguity and help VASPs navigate cross-functional 
compliance more easily,&#8221; VARA told Cointelegraph.
_**Related:**__**Dubai gov &#8216;t agencies to link real estate registry with 
property tokenization**_
## Dubai regulator tightens leverage thresholds for margin trading
As for margin trading, the VARA spokesperson said they tightened leverage 
thresholds, mandated clearer collateralisation standards, and enhanced the 
monitoring obligations for VASPs offering this feature.
Margin trading allows traders to control large positions with smaller amounts 
of capital. It amplifies both gains and losses. Tightening the leverage 
traders use helps limit the risks of widespread liquidations in a market 
downturn.
The crypto regulator introduced a new section on token distribution that sets 
out licensing prerequisites, investor protections and marketing restrictions. 
The spokesperson emphasized the marketing restrictions, especially for 
&#8220;retail-facing offers.&#8221;
&#8220;It&#8217;s about aligning with global conduct expectations and closing observed 
regulatory gaps,&#8221; the VARA spokesperson said.
_**Magazine:**__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_