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US President Donald Trump is cranking up the pressure for Fed Chair Jerome Powell to lower interest rates, but questions of a dismissal are out the window. President Trump’s latest stance is a 360-degree change from his previous posturing, hinting at a dismissal of the Fed Chair.

Donald Trump Abandons Plans To Fire Jerome Powell

According to a Bloomberg report, President Donald Trump has abandoned plans to terminate Jerome Powell’s appointment as Fed Chair. Trump disclosed in a recent speech that he has “no intention of firing” Jerome Powell despite the refusal to lower interest rates.

Trump’s latest comments come on the heels of a previous statement hinting at potential dismissal for the Fed Chair. At the time, Donald Trump disclosed that the Fed Chair’s “termination cannot come fast enough” after tagging Powell a loser.

However, barely a week following the comments, Trump is making a U-turn that will see Jerome Powell see out his tenure. Despite previous statements hinting at a dismissal, US traders are betting against Powell’s removal on Polymarket.

On the other hand, Powell has maintained a stoic stance amid chatter around his potential removal as Fed Chair. Powell argues that the US president is not permitted by law to dismiss a Fed Chair, a claim that has since generated a flurry of legal debate.

Trump Increases Calls For Lower Rates

While Trump has set aside plans to dismiss Powell, the US President seized the moment to call for interest rate cuts. Donald Trump urged the Fed Chair to be flexible in his stance during the swearing-in of new SEC Chair Paul Atkins.

“I would like to see him be a little more active in terms of his idea to lower interest rates,” said Trump. “It is a perfect time to lower interest rates.”

Trump has warned of a slowing economy if the Fed refuses to cut interest rates. According to Donald Trump, the EU has cut interest rates seven times while Powell is yet to act amid a brewing global tariff war.

While the Fed cut interest rates three times in 2024, Jerome Powell is dragging his feet over the matter, citing the need to proceed with caution in the face of Trump’s uncertain trade policies.

If the Federal Reserve yields to Trump’s demands, Bitcoin and other cryptocurrencies are tipped to rally. Lower interest rates will trigger an inflow of capital into risk assets like Bitcoin, while a weak USD will make cryptocurrencies an attractive alternative.

Previously, the cryptocurrency market has rallied in the wake of Donald Trump’s criticism of Jerome Powell. Following the shelving of dismissal plans, crypto prices are in the green with Bitcoin trading as high as $93,000.

The post Donald Trump Ditches Plan To Fire Fed Chair Jerome Powell Amid Calls For Rate Cuts appeared first on CoinGape.

As South Korea continues to strengthen its crypto regulations, the Financial Intelligence Unit (FIU) has requested Google to block access to 17 unlicensed crypto exchanges. These unregistered virtual asset service providers (VASPs) include KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex, among many others.

Reportedly, Google has responded positively to the FIU’s request. As a result, South Korean users will no longer be able to access these listed platforms, effective yesterday.

South Korea Tightens Regulations: Google Blocks 17 Crypto Exchanges

In a recent development, South Korea’s FIU has requested Google to block users from accessing 17 unlicensed crypto exchanges, including KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex. As part of the move, Google blacklisted these platforms since yesterday.

Notably, South Korea’s decision to block access to these crypto exchanges comes amid growing concerns over crypto theft and money laundering activities. Recently, South Korea announced its potential regulatory revamp in a move to strengthen the country’s anti-money laundering rules.

Google Restricts Downloads and Updates

The Financial Services Commission (FSC) enlisted 22 unregistered platforms on March 26. In response to the South Korean financial regulator’s request, Google has blocked users’ access to the crypto exchanges that are deemed unregistered. In addition, the Google Play Store will not allow users to download or update the applications of these crypto exchanges.

Meanwhile, the FIU asserted that the financial watchdog is collaborating with Apple Korea and the Korea Communications Standards Commission (KCSC) to block both internet and App Store access to these exchange platforms.

Interestingly, the FSC believes that this strategic measure could help prevent money laundering activities involving crypto assets and potential future harm to local users. This move comes just a few days after the FIU launched a crackdown on these exchanges. It is alarming that KuCoin, one of the top crypto exchanges, is also facing intense scrutiny from FIU.

South Korea’s Crypto Regulations: What To Expect More?

Significantly, South Korean regulators mandate crypto exchanges to adhere to the country’s licensing rules before offering services. The restrictions apply to foreign platforms that cater to Korean users by offering Korean-language interfaces, conducting targeted marketing campaigns, or facilitating transactions in Korean won.

According to FIU’s official statement, the platforms that violate these laws could face up to five years in prison or fines of up to 50 million won (approximately $34,150).

South Korea vs United States: Crypto Regulatory Views

South Korea’s rigid crypto regulations come amidst the United States’ loosened norms under President Donald Trump. While South Korea is restricting access to crypto exchanges and tightening regulations, the US is dismissing prevailing crypto lawsuits.

This distinct regulatory trend highlights the two countries’ differing approaches to balancing innovation and investor protection in the rapidly evolving crypto market. The wider implications of these approaches remain differing with South Korea’s caution likely to influence Asian markets and the US’s permissiveness potentially shaping Western regulatory norms.

The post South Korea Urges Google To Restrict Access To Unlicensed Crypto Exchanges appeared first on CoinGape.