Today in Crypto: ByBit announces card, PancakeSwap to launch V3 on BNB channel, Egypt arrests 29 scammers, Pakistan Banks Association to develop blockchain-based KYC platform

Get your daily digest of crypto-asset and blockchain-related news – by investigating stories that fly under the radar in today’s crypto news.
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Exchange news

• ByBit announced a new debit card that will allow users to make payments and withdraw cash using crypto. The Bybit Card will work on the MasterCard network and will begin with the launch of a free virtual card for online purchases, with physical debit cards expected to be available in April 2023. This comes after ByBit “temporarily suspended USD deposits on March 4 via wire transfer (including SWIFT) due to service disruptions from our terminal processing partner until further notice.” Withdrawals will also be suspended on March 10.
• Binance wanted to hire Gary Gensler as an adviser in 2018 and 2019, before taking the helm of the United States Security and Exchange Commission (SEC), according to the Wall Street Journal, citing messages among exchange staffers. Gensler declined, but “he was generous in sharing licensing strategies,” Harry Zhou, who worked for a Binance-backed company, reportedly wrote in a post.

DeFi News

• Multi-Chain Decentralized Exchange (DEX) Pancake Swap will launch its version 3 (V3) on BNB Smart Channel the first week of April, the team confirmed on Twitter. “Our team is working hard to constantly improve the PancakeSwap platform and provide our users with the best possible experience. Stay tuned for more exciting developments,” they said.

Legal news

• Egyptian authorities have arrested 29 people, including 13 foreigners, accused of organizing a crypto scam that defrauded thousands of investors and pocketed around $620,000, The Times of Israel reported, citing state media. The group managed the online platform “HoggPool”promising large profits from crypto mining and trading services, for fees charged at an attractive exchange rate, he said.

Banking News

• THE Pakistan Association of Banks (PBA) signed the development of a blockchain-based Know Your Customer (KYC) platform with the Avanza Group, reported the Daily Times. The project is part of State Bank of Pakistan (SBP) to strengthen the Anti-Money Laundering (AML)/Anti-Terrorist Financing (FT) capacity control infrastructure in the country, he said.

CBDC News

• THE Bank for International Settlements (BIS) and the central banks of Israel, Norway and Sweden have concluded Icebreaker Project, which investigated the benefits and potential challenges of using retail central bank (CBDC) digital currencies in international payments. According to the BIS, “For countries considering developing a national CBDC, the project provides a model for scaling them up and innovative services in cross-border transactions. For central banks considering implementing retail CBDCs, the project outcome Icebreaker provides insight into the technologies that can be used and the technical and political choices available.”
• THE central bank of Iran (CBI) has completed a pre-pilot phase in the development of Iran’s central bank digital currency, according to an official statement from CBI’s research arm, the Monetary and Banking Research Institute (MBRI). “The pre-pilot phase of the digital rial has been successfully completed with some achievements. […] Soon, the scope of use will increase and the digital rial will be developed in the country’s payment system,” said Mohammad Reza Mani Yekta, Head of the CBI Office for Payment Systems Supervision.