Browsing:Market

Bitfinex Securities
3 months ago 1 min read

Bitfinex Begins Operating In El Salvador

El Salvador witnessed the launch of Bitfinex Securities El Salvador S.A., marking a significant step toward cementing its position as a crypto-friendly hub and becoming the first platform in the country to introduce tokenized securities. Bitfinex Securities made the official announcement on January 31, 2024, and is now accepting customer applications. This development comes two and a half years after El Salvador accepted Bitcoin as legal currency. Bitfinex Securities became El Salvador’s first registered and licensed digital asset service provider after receiving approval under the country’s Digital Asset Securities Law, which was enacted last year. The Digital Asset Securities Law,

German authorities reportedly seized 50,000 bitcoins
3 months ago 1 min read

German authorities reportedly seized 50,000 bitcoins, worth around $2.17 billion

German authorities reportedly seized 50,000 bitcoins, worth around $2.17 billion. This is the largest crypto seizure in Germany, and it marks a significant development in the ongoing fight against cybercrime. The seizure is linked to the operation of a piracy website in 2013, which flagrantly violated the Copyright Act. The illicit proceeds from this operation were later converted into bitcoin. According to an official police statement, one of the two suspects in the case voluntarily transferred the entire Bitcoin value of $2.17 billion to the Federal Criminal Police Office (BKA). While the suspects are currently being investigated for possible commercial

Visa and Transak Join Forces to Allow Crypto Withdrawals in 145 Countries
3 months ago 1 min read

Visa and Transak Join Forces to Allow Crypto Withdrawals in 145 Countries

Visa has partnered with Web3 infrastructure provider Transak to launch a novel method for exchanging crypto for fiat currencies. The collaboration allows crypto withdrawals and payments via the Visa Direct solution, enabling users to seamlessly convert crypto from wallets like MetaMask to a Visa debit card. The integration opens up a world of possibilities for users, allowing them to exchange crypto for fiat and make payments at over 130 million merchant locations where Visa is accepted worldwide. Yanilsa Gonzalez-Ore, Head of North America at Visa Direct, expressed her excitement about the collaboration. She said, “By enabling real-time card withdrawals through

Terraform Labs has decided to file for bankruptcy, claiming that this will improve its ability to appeal the SEC's charges.
3 months ago 1 min read

Terraform Labs says it filed for bankruptcy to strengthen appeal against SEC lawsuit

Terraform Labs, the crypto firm in a lawsuit with the US Securities and Exchange Commission (SEC), has filed for bankruptcy, claiming that this will improve its ability to appeal the SEC’s charges. In a filing with the Delaware Bankruptcy Court on January 30, Terraform Labs‘ CEO, Chris Amani, reiterated the importance of Chapter 11 bankruptcy in mounting a successful appeal against the SEC’s allegations. Terraform Labs, the creator of the now-defunct stablecoin TerraClassicUSD (USTC), declared bankruptcy on January 21. Typically, an appeal against the SEC would require Terraform Labs to provide a “supersedeas bond,” equal to 110% of the total

The US SEC has filed a lawsuit against Sam Lee and Brenda Chunga for alleged involvement in the HyperFund crypto scam
3 months ago 1 min read

The US SEC sues Sam Lee and Brenda Chunga for $1.7 billion HyperFund crypto scam

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Sam Lee and Brenda Chunga, also known as Bitcoin Beautee, for alleged involvement in the HyperFund crypto scam worth over $1.7 billion. The SEC accuses them of violating federal laws by promoting deceptive “membership” plans that promised large returns to investors. Note that the duo is accused of misleading investors with false assurances of lucrative profits from HyperFund’s crypto mining activities and their purported affiliation with a Fortune 500 company. In a statement, the SEC emphasized that “the only thing they were mining was their investors’ pocket.” Furthermore,

Standard Chartered Bank's Head of Forex and Digital Assets Research predicts that the US SEC will approve Ethereum exchange-traded funds (ETFs) by May 23.
3 months ago 1 min read

Standard Chartered predicts SEC’s approval of Ethereum ETFs by May 23

Standard Chartered Bank’s Head of Forex and Digital Assets Research predicts that the US SEC will approve Ethereum exchange-traded funds (ETFs) by May 23. Drawing parallels with the SEC’s approach to Bitcoin ETFs, where initial rejections were followed, Geoffrey Kendrick, the expert behind the forecast, believes Ethereum’s price will rise to $4,000 following the ETF approval. This optimism comes from Ethereum’s unique classification by the SEC, which avoids the security label, and its listing on the Chicago Mercantile Exchange. Kendrick’s optimistic outlook extends beyond ETH, as he sees BTC reaching $100,000 by the end of the year and $200,000 by

withdrawals from Grayscale's Bitcoin ETF (GBTC) have exceeded $5 billion since January 11
3 months ago 1 min read

The US Bitcoin ETFs experience net inflows of only $1.8 billion

According to digital asset management firm CoinShares, withdrawals from Grayscale’s Bitcoin ETF (GBTC) have exceeded $5 billion since January 11, outpacing inflows into other funds. While the pace of daily redemptions has slowed over the last week, indicating a slowdown in sales, GBTC’s net outflows stand at $2.2 billion, while U.S. bitcoin ETFs saw net inflows of only $1.8 billion. According to CoinShares’ Chief of Research, James Butterfill, the slowdown in daily redemptions indicates a downward trend in GBTC outflows. Notably, Coinbase Prime received $289 million in bitcoin from Grayscale on Monday, a significant reduction from the previous week’s average

Hong Kong is Set to Receive First Spot Bitcoin ETFs and Stablecoin
3 months ago 2 mins read

Hong Kong is Set to Receive First Spot Bitcoin ETFs and Stablecoin

Hong Kong is preparing to expand its crypto market infrastructure this year, with plans to implement Bitcoin exchange-traded funds (ETFs) and stablecoin regulations. Harvest Fund (HFM), a China-based asset manager, has applied with the Hong Kong Securities and Futures Commission to launch a spot Bitcoin ETF on or after February 10th, the Lunar New Year holiday. While information about the Harvest Fund Bitcoin ETF is limited, reports indicate that Hong Kong’s regulatory body may approve multiple spot Bitcoin ETF applications, mirroring the approach taken by the US SEC to ensure fair market access. Other regional financial institutions have expressed interest

Cryptocurrency Exchange HTX Faces Scrutiny Amidst Proof-of-Reserves System Shutdown
3 months ago 1 min read

Justin Sun’s HTX (formerly Huobi) turns off proof-of-reserves as TUSD struggles

Crypto exchange HTX, formerly Huobi, has raised concerns after abruptly disabling its proof-of-reserves system, according to Adam Cochran, managing partner at Cinneamhain Ventures. This unexpected move coincides with TrueUSD (TUSD), which is alleged to be owned by HTX stakeholder Justin Sun, struggling to maintain its $1 peg for more than two weeks. Earlier today, attempts to access HTX’s proof-of-reserves page revealed a complete lack of information about the exchange’s cryptocurrency reserves. This included missing data on reserve rates, wallet balances, and user asset totals. Although the page is now back online, the timing of this temporary outage raises concerns, especially

Florida regulators have taken legal action against Binance US
3 months ago 1 min read

Regulators freeze and shut down Binance operations in Alaska and Florida

Binance US is dealing with increased regulatory challenges. The company, which was already under scrutiny following CEO Changpeng Zhao’s resignation and investigations by the US Department of Justice, has now faced a regulatory freeze, resulting in the suspension of operations in Alaska and Florida. In the most recent development, Florida regulators have taken legal action against Binance US, deeming the crypto giant a potential threat to public safety. As a precautionary measure, regulators have suspended Binance US services in the state, emphasizing the importance of protecting the public’s interests. Binance US obtained a money services license in Florida in 2020,

Legal Tussle Intensifies Between Ripple and SEC Amid Allegations of Misleading Court
3 months ago 1 min read

The US SEC is accused of misleading the court in Ripple case

In the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), a legal expert accuses the SEC of misleading the court. The SEC is requesting Ripple’s financial statements and sales contracts, but there are concerns about the transparency and accuracy of the information that the regulator showed. Ripple’s legal team is actively challenging what they believe is a factual error made by the SEC. Legal analyst Bill Morgan, who is closely following the Ripple case, has expressed concerns about the SEC’s actions, accusing the regulator of providing misleading information to the court. The SEC’s request

US SEC Commissioner Hester Pierce proposed a potentially smoother approval process for Ethereum ETFs
3 months ago 1 min read

The US SEC Commissioner Hints That Ether ETF Approval Would Be Easier Than Bitcoin ETF’s

In a recent Coinage interview, US SEC Commissioner Hester Pierce proposed a potentially smoother approval process for Ethereum Exchange-Traded Funds (ETFs), indicating a shift from previous regulatory considerations. Commissioner Pierce expressed her desire for the SEC to treat crypto ETFs, particularly those linked to Ethereum, similarly to traditional funds. Her proposal advocates for applying existing standards without requiring court intervention, potentially streamlining the approval process. This approach differs from previous methods used by the SEC to handle crypto ETFs. Pierce’s stance suggests a more industry-friendly approach, with crypto ETFs following the regulatory framework established for traditional investment funds. The anticipation

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