SEC Chair Gary Gensler

SEC Chair Gary Gensler Issues Warning of Imminent Crypto Crackdown and Explains Lack of Value in Proof of Reserves

1 min read

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has warned that a crackdown on the crypto industry is imminent following the collapse of FTX. In an interview with Bloomberg, Gensler stated that the SEC is targeting crypto firms that do not comply with its regulations and compared them to casinos. He also stated that the practice of crypto exchanges providing proof of reserves to back up their

Japan now allow stablecoins like Tether

Japan to Allow Foreign Stablecoins in 2022

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Japanese authorities are reportedly reconsidering their regulations on the use of stablecoins like Tether (USDT) in the cryptocurrency market. According to Japanese news outlet Nikkei, the Financial Services Agency (FSA) of Japan will allow the domestic circulation of foreign-issued stablecoins starting in 2023. Local exchanges in Japan will be permitted to facilitate stablecoin trading if they meet certain requirements for asset protection through deposits and have a maximum remittance. The

The International Blockchain Summit

Encryptus CEO Shantnoo Saxsena Urges Crypto Investors to Educate Themselves at IIT Bombay TechFest

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The International Blockchain Summit was held at the Indian Institute of Technology Bombay (IIT Bombay) from December 16-17, 2022. The event brought together over 10,000 professionals and enthusiasts to discuss the crypto and blockchain ecosystem. Speakers included Shiv Kumar Bhasin, COO and CTO of the National Stock Exchange, Shantnoo Saxsena, CEO of Encryptus, and Mru Patel from My Tokenized Capital. These experts shared their insights on topics such as crypto,

The collapse of FTX exchange

FTX Collapse Highlights Need for Prudent Regulation in the UK

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The collapse of FTX has prompted calls for more stringent regulation of cryptocurrency markets in the United Kingdom. Bank of England Deputy Governor Sir Jon Cunliffe argued that investors in the country need more protection and that a regulatory framework is needed to ensure that cryptocurrency markets offer the same level of consumer protection and integrity as traditional financial markets. Cunliffe pointed to increased interest in cryptocurrency markets from both

US SEC vs Ripple

US SEC Seeks to Keep Hinman Documents Private in Ripple Case

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The US Securities and Exchange Commission (SEC) has faced criticism from the cryptocurrency community after requesting that the infamous Hinman Speech documents be sealed in the Ripple Labs case. The documents refer to a speech given by former SEC Corporation Finance Division Director William Hinman at the Yahoo Finance All Markets Summit in June 2018, in which he reportedly stated that the Ethereum token, Ether, is not a security. Ripple

Binance crypto exchange

French Investors Sue Binance for Alleged Misleading Practices and Fraudulent Concealment

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Binance France and its parent company, Binance Holdings Limited, are being sued by 15 investors in France over allegations of misleading commercial practices and fraudulent concealment. The plaintiffs claim that Binance violated French laws by advertising and distributing crypto services before being registered with the country’s authorities. The complaint includes screenshots of Binance’s social media activity prior to its registration, including a Telegram channel called “Binance French,” and the plaintiffs

A JPMorgan senior investment strategist

Institutions and Crypto: JPMorgan Senior Strategist’s Perspective

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A JPMorgan senior investment strategist has said that institutions are not interested in investing in cryptocurrencies. He argues that the interest in this asset class from institutions is “effectively nonexistent.” The strategist attributes this lack of interest to the high volatility of cryptocurrencies and the lack of an intrinsic return that can be pointed to. He also said that most institutions are relieved that they did not invest in cryptocurrencies

Paxos trust company

Paxos recovers $20 million worth of gold tokens that were stolen from FTX

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Paxos, a blockchain and trust company, has recovered $20 million worth of gold tokens that were stolen from FTX, an exchange, in November. 11,184 Paxos Gold (PAXG) worth $20 million, which are backed by real gold in Paxos’ custody, were frozen from four hacker-controlled wallets and have now been successfully reclaimed. Furthermore, this recovery represents only a small portion of the hack, which saw approximately $400 million worth of assets

AAX exchange

Two Suspects Arrested in Hong Kong for Alleged Fraud at AAX Exchange

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Two men who were reportedly connected to the AAX exchange investigation were arrested in Hong Kong on December 23 on suspicion of fraud and misleading police officers. The arrests come weeks after the collapse of the FTX exchange and the resignation of AAX Vice President Ben Caselin, who reportedly disagreed with the company’s decision to declare bankruptcy and liquidate all assets. AAX users are believed to have lost over 100

OKX crypto exchange

OKX Releases Second Proof-of-Reserves Report

1 min read

Crypto exchange OKX has released its second proof-of-reserves report, following its first report a month ago, in an effort to provide evidence of the safe handling of customer funds in the wake of the collapse of FTX. OKX plans to publish a report for more than 23,000 of its addresses on the 22nd of each month in a bid to increase transparency and trust. he second report, dated December 20,

Binance crypto exchange

Mike Alfred says Binance has no single person serving as a Chief Financial Officer (CFO)

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According to Mike Alfred, an investor and Bitcoin advocate, Binance, a crypto trading platform, has no single person serving as its Chief Financial Officer (CFO). Instead, Alfred claims that Binance has a “decentralized CFO” consisting of a group of over 20 employees in the company’s Treasury, as the CEO, Changpeng Zhao, allegedly does not want a centralized CFO. Alfred also alleges that Binance is in talks with potential investors, including

CZ Binance

Binance addresses seven issues that have caused fear, uncertainty, and doubt (FUD) among its users

1 min read

Binance has published a blog post in Chinese to address seven issues that have caused fear, uncertainty, and doubt (FUD) among its users. The first issue addressed was the temporary suspension of USDC withdrawals earlier this month, which Binance explained was due to a “token swap” conversion period. It also confirmed that it has sufficient reserves for withdrawals, and that its financial status is healthy due to its profit from

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