Browsing:Market News

Kraken crypto exchange has launched a new platform aimed at institutional investors
4 hours ago 1 min read

Kraken crypto exchange debuts platform for institutions, eyeing crypto market expansion

Kraken crypto exchange has launched a new platform aimed at institutional investors, streamlining its services to attract more diverse asset managers into the crypto sector. The exchange announced that the initiative is overseen by Tim Ogilvie, consolidating key services such as spot exchange, derivatives trading, and custody under a single institutional brand. The exchange’s focus on institutional clients marks a strategic shift towards nurturing new entrants in the crypto market rather than just competing for existing shares. In addition, the launch of Kraken Institutional will focus on “qualified custody” through Kraken Financial, a Wyoming-chartered institution. This aligns with the US

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal
3 days ago 1 min read

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal

Sam Bankman-Fried, former FTX CEO, has chosen Marc Mukasey and Torrey Young for his appeal despite potential conflict concerns. It is worth noting that SBF, who separated from his trial legal team, plans to engage these attorneys, who also represent ex-CEO Alex Mashinsky. This decision follows a request from US prosecutors for a hearing on possible conflicts of interest due to their dual representation. Additionally, prosecutors have highlighted a conflict risk due to financial interactions between Alameda Research and Celsius, both of which have declared bankruptcy. Furthermore, Bankman-Fried intends to argue that Celsius was not defrauded, which could conflict with

Binance has agreed to a $4.3 billion settlement in a federal case
3 days ago 1 min read

Binance exchange agrees to pay historic $4.3B in fines; founder CZ awaits April sentencing

Binance, the world’s largest crypto exchange, has agreed to a $4.3 billion settlement in a federal case, marking a historic high in financial enforcement actions. The settlement with the U.S. Department of Justice (DOJ) includes a $1.8 million criminal fine and $2.5 million in forfeitures for negligence in due diligence. In addition, the DOJ emphasized that punishment aims to hold Binance accountable and deter similar criminal activities. Plus, the settlement’s confirmation came from Judge Richard A. Jones, with the spotlight now turning to Binance’s founder, Changpeng Zhao (CZ), whose sentencing for money laundering and sanctions violations is pending until April

FTX exchange wins court approval to sell AI startup stake, plans full customer payback
3 days ago 1 min read

FTX exchange wins court approval to sell AI startup stake, plans full customer payback

FTX crypto exchange has received court permission to sell its stake in AI firm Anthropic as part of its efforts to repay customers following its financial troubles. In 2021, the FTX exchange and sister firm Alameda invested $500 million in Anthropic, which, by the end of 2023, had a valuation of up to $18 billion. The exchange’s share value is now around $1.4 billion. In February 2024, FTX proposed selling over 7.80% of its holdings in Anthropic after a dispute with a group of customers was resolved. The sale was approved under the agreement that the proceeds might later be

Kraken crypto exchange files a motion to dismiss a US SEC lawsuit
5 days ago 1 min read

Kraken crypto exchange files a motion to dismiss a US SEC lawsuit

Kraken crypto exchange has filed a motion to dismiss a US SEC lawsuit against it, arguing that cryptocurrencies should be treated like commodities rather than securities. The US SEC sued Kraken last November, alleging it did not register as a broker, clearinghouse, or exchange and that the company commingled customer and corporate funds. The exchange’s motion argues that the SEC did not “plausibly allege” any of the cryptocurrencies listed in its complaint are securities or investment contracts. In addition, Kraken also argues that the SEC did not meet the requirements set out by the Howey Test, a Supreme Court precedent

The head of Hong Kong's finance department declared that the Legislative Council would receive bills regulating OTC crypto trading
6 days ago 1 min read

Hong Kong’s finance chief fast-tracks crypto bills for stablecoins and OTC trading

The head of Hong Kong‘s finance department declared that the Legislative Council would receive bills regulating over-the-counter (OTC) crypto trading and stablecoins as soon as possible. After public consultations, the government intends to introduce licensing laws for OTC crypto trading and stablecoin operations. Public talks regarding licenses for OTC crypto trading services were started this month and will end on April 12, as per a response from Christopher Hui, the Secretary for Financial Services and the Treasury, in a response to the Legislative Council. In addition, a different consultation that ends on February 29 aims to regulate stablecoin issuers by

Over 18000 Bitcoin (BTC) were removed from Coinbase
1 week ago 1 min read

Coinbase exchange sees over 18,000 BTC withdrawn

Over 18,000 Bitcoin (BTC) were removed from Coinbase, one of the largest crypto exchanges, according to data from Arkham Intelligence. This move, which cost almost $1 billion, decreased Coinbase’s Bitcoin holdings. These BTC coins were withdrawn and split among different new wallets; the total amount in these wallets ranged from $45 million to $171 million. After this redistribution, Coinbase now holds around 390,000 BTC worth around $20.5 billion, which is less than 2% of all Bitcoin that is available on exchanges. This represents its lowest percentage of holdings since 2015. The destination crypto wallets have not been identified, so the

The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank.
1 week ago 1 min read

FTX exchange’s secret bank deal to profit from Tether revealed in court

Bloomberg published the lawsuit on February 17. The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank. As per Caroline Ellison, the former CEO of Alameda Research, the company could produce USDT on credit and sell it for a profit through an unauthorized line of credit with Deltec without having to pay for it right away. Alameda generated billions of dollars in USDT through the arrangement in 2020 and 2021 by selling the crypto for a profit and then paying for the expenses. By using this strategy, referred to

A ban on crypto trading for financial institutions has been implemented in Honduras.
1 week ago 1 min read

Honduras imposes crypto trading ban to secure financial sector

A ban on crypto trading for financial institutions has been implemented in Honduras. The National Banking and Securities Commission (CNBS) declared it. This move seeks to preserve the integrity of the nation’s financial system in contrast to the growing global acceptance of crypto, like the US’s Bitcoin ETFs. The lack of specific laws about crypto in Honduras is the reason behind the CNBS’s decision. When regulations are unclear, customers are vulnerable to fraud and other illicit activities, such as money laundering. The decentralized structure of crypto businesses, which makes it challenging for regional regulators to monitor their operations, has also

Bitcoin to $150,000 Soon
2 weeks ago 1 min read

Bitcoin to $150,000 Soon, Predicts This Hedge Fund Veteran

Mark Yusko, the founder and CEO of Morgan Creek Capital, thinks that the Bitcoin (BTC) bull market just started. Yusko claims that BTC may reach $150,000 by the middle of next year in an interview on The Wolf of All Streets YouTube channel. He notes that this price will double the fair value of BTC. Yusko claims that the number of Bitcoin miners and users and the network effects of the crypto are used to estimate the fair value of Bitcoin. Mark Yusko says, “It’s possible that [Bitcoin’s] fair value only goes to $75,000 or $80,000 [this bull cycle]. Let’s

Bakkt crypto
2 weeks ago 1 min read

Bakkt can now raise $150 million from securities sales over three years

The US Securities and Exchange Commission (SEC) has approved Bakkt‘s shelf registration application, providing a lifeline that could pull the company back from the precipice. The cash-strapped crypto firm revealed late on Wednesday that the “universal shelf” registration of the crypto custody and trading platform had been approved by the SEC, as shown in a recently filed Form S-3. With the approval of the regulator, Bakkt can raise additional funds over the next three years through securities sale offers. In particular, Bakkt can raise up to $150 million in fresh capital thanks to the shelf registration, which eliminates the need for

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, plans to launch a Central Bank Digital Currency (CBDC) in two years
2 weeks ago 1 min read

Philippines’ central bank to launch a secure digital currency, bypassing blockchain

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, plans to launch a Central Bank Digital Currency (CBDC) in two years, presenting it as a stable and regulated alternative to the volatile crypto market. In contrast to other digital currencies, the Philippine CBDC will make use of the Peso Real Time Gross Settlement System, which is governed by the National Payment Systems Act, rather than blockchain technology. BSP Governor Eli Remolona Jr. underlined that the CBDC is motivated by China’s e-CNY success to offer a safer digital currency option. It provides a more secure option than the erratic