Bitget Exchange Partners CCData to Enhance Institutional Investor Services

Crypto derivatives and copy trading platform Bitget has entered partnership with leading provider of institutional-grade digital asset data, CCData to improve services for institutional investors. The partnership confirms Bitget’s commitment to excellence as it brings comprehensive data solutions tailored for institutional investors.

There’s a recent increase in institutional interest in the crypto space. As a result, the integrity and accuracy of market data – especially for institutional investors – has never been more important.

To try to meet the demand for such data, Bitget has entered this partnership with CCData to give institutional investors access to both real-time and historical market data, powered by a FCA-authorized benchmark administrator.

The choice of CCData couldn’t be more accurate, because it is a major leader in the institutional data sector. The company is known for its expansive coverage and industry-leading data products. Also as a result of the partnership, Bitget users will gain access to CCData’s robust data infrastructure.

CCData is linked with reputable financial data providers, including the esteemed LSEG Data (formerly Refinitiv), and Bitget users will significantly improve their trading with such institutional-grade data

Commenting on the partnership, Bitget Managing Director Gracy Chen said it is an opportunity for institutional investors to optimize their investment strategies.

“Our partnership with CCData heralds a new era of institutional-grade data exposure for our users. This venture not only amplifies our platform’s capabilities but also endows our users with a competitive edge within the dynamic digital asset landscape. Armed with premium data and API connectivity, Bitget users are primed to seize institutional-level opportunities and optimize their investment strategies.”

Making Bitget the Go-to Platform

Bitget has embarked on several reforms this year to improve trading experience for institutional investors as well as retail investors. The integration with CCData however, is one of the most essential of the reforms.

A key way the partnership positively impacts the exchange’s users is its alignment with numerous application programming interfaces (APIs). This expands Bitget’s institutional reach and give them exposure to different financial data sources, products and platforms.

According to CEO and Co-Founder of CCData Charles Hayter, the partnership also gives investors access to high-quality data that will help them make better trading decisions.

“As the digital asset sector continues to grow, it is paramount that market participants have access to high-quality trading platforms and reliable digital asset data. The integration of Bitget into CCData’s robust data infrastructure not only expands our industry-leading coverage of digital asset exchanges, but also allows market participants to seamlessly access and incorporate accurate, actionable digital asset data into their trading decisions,” he stated.

Bitget’s Other Partnerships

The partnership with CCData is just one of several partnerships Bitget has entered into this year. The exchange partnered with digital asset custody provider, Copper to enable off-chain settlement for institutional investors.

Bitget has also been aggressively pursuing expansion to jurisdictions where it has not been, by securing regulatory license. It registered earlier this year as a Virtual Asset Service Provider (VASP) in Poland, expanding its presence in the European Union (EU) region.

Other achievements are its becoming the first centralized exchange to support an EVM-compatible address. This is an address its users can use across multiple blockchains.

Finally, Bitget is awaiting another operational license from Hong Kong’s financial regulator, Hong Kong Monetary Authority. This will give the exchange legal backing to operate in the booming crypto destination as it expands its reach.

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Coinbase CEO Showcases 10 Ideas for Redefining Crypto Ecosystem

Coinbase, the largest crypto exchange by daily trading volume in the US, has issued a report outlining the future of the crypto sector. A statement by the chief executive of Coinbase, Brian Armstrong, highlighted the strategies the developers can utilize during the bear market to attain the future of crypto.

In his report, Armstrong explained ten creative ideas that hold the future of crypto. The CEO published a blog post on the Coinbase website stating his vision for crypto. He backed his vision with ten practical concepts that will steer the crypto industry to attract success.

10 Ideas for Attaining Crypto Success

The executive remains optimistic that after sharing the top ten ideas, someone might work on them to support the future of crypto. He described the concept as a cheap idea.

Firstly, the executive explained the flatcoin concept, which involves monitoring inflation through a decentralized stablecoin. Usually, the flatcoin has been used to maintain consumer purchasing power.

The said stablecoin is pegged to multiple assets or supported by the algorithmic approach. Referring to the operation of Ampleforth and Truflaction, which are used to track inflation on on-chain platforms, Armstrong believes that such services can be decentralized.

The executive stated that some crypto assets, including Bitcoin and stablecoin pegged to fiat currency, suffer from inflation and seizure, a similar challenge experienced by fiat currencies. He blamed the investors for being reluctant to trade their crypto assets.

Redefining Future of Crypto

The executive stated the second fundamental concept was the chain reputation and its benefits. The second concept comprises a system that generates a reputation score for wallet addresses on the on-chain platforms. The official mentioned that on-chain reputation would operate similarly to Google’s PageRank, commonly used for lending, fraud prevention and ratings.

The executive explained the benefits of investing in on-chain ads, a Web3 platform that supports adverts, and the reward system. He stated that the on-chain ads differ from the Web2 ads, which reward the users after every click. The on-chain ads are attached to smart contracts that examine the payouts and wallets that will be featured in the advert.

In addition, Armstrong mentioned the need to develop on-chain capital formation to democratize fundraising. The CEO opined that the on-chain capital formation has massive potential to democratize fundraising, enabling startups to raise funds more compliantly.

In his address, the CEO lauded the remarkable move made by the ICO frenzy to introduce capital formation. Armstrong remains optimistic that democratizing fundraising creates more entrepreneurial spirit across the world.

Beyond this, the CEO explained the need to develop a marketplace to offer crypto employment opportunities. The proposed marketplace will enable professionals to join crypto firms across the globe.

Armstrong underlined that securing crypto-related opportunities will provide placements to new talents compensated through digital assets at zero cross-border transactions. The proposed employment creation aligns with Coinbase’s recent development, where the crypto exchange partnered with Twitter (currently X) to develop job posting features.

Impact of Bear Market

Besides the proposed idea, Armstrong saw the need to improve privacy for layer 2 networks to support safe and secure transactions. The CEO observed that despite the importance of having transparency in the transfer of funds, most people are against the idea that transactions are made public.

The executive also mentioned the significance of creating on-chain games and peer-to-peer exchanges to support the tokenization of assets and improve ownership. Armstrong was pleased to state that on-chain games exist in the crypto sector.

He confirmed that the on-chain games have ultimately enabled players to own non-fungible assets (NFTs), metaverse worlds, and others. Despite the benefits of on-chain games, the CEO explained the significance of tokenizing real assets, including stocks, real estate, commodities and other assets.

The final idea that Armstrong shared was “Software for Network States,” which comprises infrastructures that support governance tools. The executive concludes by stating that in the next five years, investors will live to regret not starting a crypto company.

Armstrong explained that the bear markets have enabled crypto firms to invest in building their entities. He added that bear markets are essential tools for building the crypto industry.

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SEBA Bank Secures Hong Kong AIP License for Crypto Services

Cryptocurrency platform SEBA Bank has secured an in-principle approval to operate in Hong Kong. The license gives the crypto bank the right to offer crypto-related services in the Chinese administrative region.

The license makes SEBA Hong Kong the first licensed corporation in Hong Kong with crypto capabilities backed by a Swiss crypto bank providing it with the platform to operate regulated activities in virtual assets.

SEBA Bank is a full-service, global crypto banking platform that provides financial solutions for the digital age, including wealth management, investment, trading, and advisory services. According to the bank’s press release, SEBA Bank secured the license from the Securities and Futures Commission (SFC) in Hong Kong.

With the license, the bank will operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products. The bank will also be able to give advice on securities and virtual assets, as well as conduct asset management for discretionary accounts in both traditional securities and virtual assets.

Commenting on the award of the license, CEO APAC, SEBA Hong Kong, Amy Yu said it is a great opportunity because the license will make SEBA a part of the first group of licensed corporations in Hong Kong to conduct investment services with crypto capabilities in the market.

“It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centers, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognize the value of digital assets,” she said.

“We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide, and values the role of this license in expanding our regulated footprint across Asia Pacific,” she added.

Critical Step in SEBA’s Journey

SEBA has played a significant role in drawing institutional investors to the crypto space. Although the bank has been operating in Hong Kong, this is the first time it is obtaining any form of licensing to operate legally.

The license serves as a first step in the bank securing a full license once all the conditions are met. It is also a major step in confirming SEBA as a regulated player in the big crypto economy in Hong Kong, which will help it push towards securing the future of crypto.

Also commenting on the license, Group CEO, SEBA Bank Franz Bergmueller said “SEBA Hong Kong’s AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy,” he said.

“SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry,” he added.

Extending SEBA Bank’s Footprint

Hong Kong’s AIP license is an addition that is further extending the company’s regulatory footprint. SEBA already has licenses in its home country, Switzerland and Abu Dhabi, which is another promising crypto destination.

This approval is just one of many that Hong Kong has done in recent times as it opened its doors to crypto companies to do business in its jurisdiction.

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Binance Rolls Outs Send Cash Payment Product for Latin Americans

An advanced report issued by Binance reveals that the crypto exchange seeks to widen its market presence in Latin America by extending its offering. The August 30 report shows that the crypto exchange has officially launched a unique crypto-to-bank account to facilitate payment in LATAM.

The crypto exchange confirmed to have partnered with a regulated transfer provider in Latam to enhance the new product Send Cash performance.

Binance Launches Send Cash Platform

The Binance team explained that the Send Cash platform will enable users from the nine countries in Latam to send and receive crypto assets through their respective banks. In the report, the Binance team underlined that users from Guatemala, Argentina, Honduras, Colombia, the Dominican Republic, Paraguay, Costa Rica, and Mexico could access the Send Cash platform.

The Binance team advised the users from the countries mentioned above to use the Binance Pay to transfer funds to bank accounts registered in Colombia and Argentina. The Binance Pay has recently witnessed high adoption from users from Africa, Europe, and Asia. The increased demand for Binance products signals that customers are seeking for a convenient, reliable, and transparent payment method.

From 2021, the Binance Pay platform has managed to onboard over 30 million investors in the retail and institutional sectors. In an exclusive interview with the vice president of Binance Latin America, Min Lin confessed that the crypto exchange has invested in developing new crypto use cases to solve real-life challenges.

Binance Renew its Commitment to Expand to Latam

The executive was pleased to announce that the Latam has a growing tech-savvy population supporting the advancement in innovation. In the report, the official opined that Latin America believes invention has massive potential to tackle real-life challenges.

According to research by the World Bank, in 2021, approximately 42% of adults were unbanked. Lin added that the launch of the Cash Send marks a significant milestone for Binance to bolster financial inclusivity in the region. The official admitted that financial inclusivity is a vehicle that stimulates economic growth.

Despite the growth of innovation in Latam, the region ranks among the countries with a spiking inflation. A recent study demonstrated that inflation in Latin America is primary driver towards crypto adoption. The research revealed that Argentina ranks fourth globally with the highest inflation.

Consecutively, Venezuela’s inflation rate reached 398% a few months ago. Per Trading Economics data, inflation has doubled in countries such as Haiti, Cuba, and Colombia.

Inflation in Latin America

The high inflation in the region has compelled Latin Americans to reevaluate measures to control inflation. Some of the strategies adopted in Latam to reduce inflation included tokenizing assets, developing remittance infrastructures, and improving cross-border payments.

The adoption of this measures has fueled growth in crypto activities in Latam. According to Chainanalysis, crypto activities in Latam generated approximately $562 billion between July 2021 and June 2022, a 40% increase from the previous year. Beyond this, the suitability of the Latin America crypto market has attracted industrial heavyweights to expand to the region.

On August 29, Circle revealed plans to expand to Latam through a strategic partnership with Mecardo Libre. The partners plan to introduce Circle’s stablecoin, USD Coin (USDC), to the vibrant market in Latam. Circle and Mecardo announced plans to start issuing USDC in Chile in the report.

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Bitcoin Jumps to $28,000 as Crypto Market Makes Comeback

The crypto market has seen a sudden rally today 29 August after many days of sideways movement. As a result, Bitcoin’s price has jumped back to over $28,000 for the first time in weeks.

Bitcoin crashed below $30,000 a few weeks ago after it held the price level since March. The price has since dropped further to $25,000, leading to increased fear in the crypto market. The negative sentiment was worsened by the speech of Federal Reserve chair, Jerome Powell last Friday.

Powell in his Jackson Hole speech said the central bank was committed to bringing inflation down to 2%. This implied further monetary tightening, which could potentially affect risk assets such as Bitcoin and other cryptocurrencies.

Even prior to Powell’s speech, investors had started to abandon risk assets, causing Bitcoin to crash below $26,000, a level it has not been able to recover until today. Top crypto assets have also crashed alongside Bitcoin, but that has suddenly changed.

At the time of writing this report, Bitcoin has gained 7.28% in the last 24 hours, making it the highest gainer currently. This is followed by Ethereum at 5.47%. It appears investors at this time have gone for more stable assets like bitcoin and Ethereum rather than the more volatile altcoins.

Why Bitcoin is Soaring

Bitcoin is leading the current crypto rally, which is remarkable as it has performed poorly recently. This coincides with a court ruling today in favor of Grayscale against the SEC. A U.S. appeal court ruled for Grayscale to convert its Grayscale Bitcoin Trust into a spot ETF.

Following the ruling, over $76 million in cryptocurrency short positions were liquidated within, of which over $34 million short BTC positions were wiped out.

Judge Neomi Rao of the Washington D.C. The Circuit Court of Appeals had said in the ruling that “denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”

Commenting on the ruling, General Counsel and Head of Global Policy for the Crypto Council for Innovation, Ji Kim said:

“Bitcoin’s immediate price surge post-ruling underlines the market’s anticipation and the profound impact such a decision holds,” Kim added. “As spot bitcoins ETFs are now closer to a potential launch, we’re witnessing real-time investor confidence in the crypto space amidst this court’s ruling.”

Spot Bitcoin ETFs on the Way

Grayscale applied to convert its Bitcoin trust to a spot bitcoin ETF in 2021. However, like the many other ETF applications, the SEC has denied it. Several other applications have been submitted this year, with much progress made.

With this ruling, Tim Bevan, CEO at ETC Group believes ETFs are finally getting approval in the U.S.
“We don’t believe the SEC will act as kingmaker and the most likely outcome is a block approval of applications that meet requirements, probably in Q1 ’24,” Bevan said.

“The level of pent up institutional and retail demand in the U.S. is significant and we expect this to have a positive impact on the price of bitcoin as can be seen from today’s price reaction, as well as further accelerate the global trend towards acknowledging crypto as a new asset class,” he added

The ruling is open for appeal by both the SEC and Grayscale within 45 days. If any of the parties appeals, this may take the case to the U.S. Supreme Court or an en banc panel review, for a rehearing with all three judges.

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Binance Plans to Exit Russian Market

An announcement conveyed by the largest crypto exchange by daily trading volume, Binance, revealed that the firm is seeking to exit the Russian market. The report demonstrated the controversial crypto exchange plans to wind down its operation in Russia due to the International Financial sanctions imposed by the US and other countries.

In an interview with the Wall Street Journal, the Binance spokesperson restated the crypto exchange in assessing possible options to depart from Russia. He stated that Binance might consider entirely leaving the sanctioned country.

Binance Contemplates on Leaving Russia

Besides exiting the Russian market, the Binance team has battled legal action for contravening the law in several jurisdictions. The crypto exchange and chief executive Changpeng Zhao has been charged by the US Securities and Exchange Commission (SEC) for violating the securities and federal laws.

Earlier this year, Binance announced plans to flee from Canada, Cyprus, Netherlands, and other European markets due to regulatory hurdles facing the crypto exchange. The Binance departure from the vibrant crypto market was also followed by the stepping down of top executives, including the Chief Strategy Officer Patrick Hillmann and the compliance officer Steven Christie.

Besides Binance battling slates of legal and regulatory action, the crypto exchange had announced the delisting of five Russian banks that supported peer-to-peer transactions. The crypto exchange decided to remove the Russian banks following the legal action taken by the US Department of Justice (DOJ).

In the filing, the DOJ questioned the legality of the peer-to-peer services provided by Binance to Russia. The law enforcer stated that Binance supported the evasion of the Western sanction.

Binance to Restrict Russia Users

In an earlier report, the Binance team announced plans to restrict Russian users from accessing the P2P trading platform. The crypto exchange stated that Russian users will be prohibited from using other fiat currencies except the digital ruble.

Interestingly, the Russian Reserve Bank plans to begin the pilot trials for the digital ruble in August. The bank plans to adopt friendly policies to push for mainstream adoption of the digital ruble by 2027.

In a Telegram post, the Binance team stated that Russian clients residing abroad would no longer be allowed to use the fiat currency, including the ruble, euro, and the US dollar. The post demonstrated that Binance users who complies with the Russian Know Your Customers (KYC) standard and live in a sanctioned country could use the ruble on the Binance P2P platform.

In a subsequent report, the Binance support team regretted causing inconvenience to its customers. They urged the Russian customers to contact the support team for any queries or clarification regarding the announcemnt. News concerning the suspension of fiat currency on crypto exchange created heated arguments among the affected Russian users.

On Telegram, most Russians staying abroad lamented that the restrictions would limit them from transferring funds to their mother country. Initially, the Russian overseas engaged local banks to convert their rubles to other currencies through the Binance P2P.

Crypto Regulatory Landscape Continues to Evolve

Elsewhere, Bybit and OKX followed the Binance footsteps to delist Russian banks from their P2P services. The two crypto exchanges removed sanctioned banks Tinkoff and Sreb from the Binance platform.

The decision made by Binance, OKX, and Bybit illustrated the challenges crypto exchanges are facing due to the evolving regulatory framework for digital assets. Notably, the ever-changing regulatory landscape for crypto has encouraged vital players to reexamine effective strategies that will address the challenges in the industry.

In the well-established crypto market, regulators and investors seek to uphold compliance on crypto assets and improve the accessibility of financial tools.

Editorial credit: Iljanaresvara Studio / Shutterstock.com

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Fed Delaying Stablecoin Bill Progress, Republican Lawmakers Say

Three Republican lawmakers have accused the Federal Reserve of delaying the progress of the Stablecoin regulation bill. The three lawmakers, House Financial Services Committee Chair Patrick T. McHenry, R-N.C., Rep. Bill Huizenga, R-Mich., and Rep. French Hill, R-Ark., stated this in a letter to Fed Chair Jerome Powell.

The trio stated that by its decision to bolster its oversight of banks’ crypto and stablecoin ties, the Fed is sabotaging the progress of the bill to regulate stablecoins. They also said that this means the central bank is “effectively” preventing banks from issuing payment stablecoins.

“We are concerned that these actions are being taken to subvert progress made by Congress to establish a payment stablecoin regulatory regime. Moreover, if these letters are left in place, they will undoubtedly deter financial institutions from participating in the digital asset ecosystem,” they said.

The U.S lawmakers have called for regulation of stablecoins several times. The call came as a result of the collapse of TerraUSD, an algorithmic stablecoin that depegged from the USD last year. The call became louder due to the rapidly increasing popularity of stablecoins in the mainstream sector.

Earlier this year, lawmakers decided to pursue proper regulations to allow more entities to issue stablecoins. This is because stablecoins offer a faster, cheaper, and more secure way of making payments that the traditional payment methods don’t. However, it seems the Fed doesn’t approve of such a bill.

The Non Objection Process

The Fed established rules for banks looking to issue stablecoins earlier this year. In a letter SR 23-8, the central bank stated that banks looking to engage with stablecoins need to first of all have certain controls in place and get a “written notification of supervisory non objection from the Federal Reserve.”

In order to enhance its supervision of all banking organizations it oversees focusing on crypto, distributed ledger technology as well as “technology-driven partnerships with nonbanks to deliver financial services to customers,” the bank also launched the “Novel Activities Supervision Program,” SR 23-7.

The three lawmakers said that these actions were masked as regulatory, but were actually intended to stop any bank from issuing stablecoins.

“While the supervisory non objection process is masked as guidance outlining a process by which these activities can be permissible, it is clear the Fed does not intend to allow any such activity, at least as it relates to public, permissionless blockchains,” the lawmakers said.

Consequently, the lawmakers have asked the Fed to respond by September 29, on whether it plans to consult state banking regulators, especially those that allow certain payment stablecoin activities.

The Case for a Stablecoin Bill

The three lawmakers still stand by the idea of a stablecoin bill by congress as the best way to protect consumers and eliminate the uncertainty that currently bedevils the crypto industry.

“A regulatory framework established by Congress will better protect consumers and provide certainty to market participants. Yet, instead of working with Congress to establish a workable regime, less than two weeks after the Committee’s action, the Fed released SR 23-7 and SR 23-8,” the letter further stated.

It is because of the regulatory uncertainty that crypto exchanges Binance and Coinbase are in court currently on allegations of trading in “unregistered securities”, when regulators don’t have a clear definition for what securities are.

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OKX and Bybit Delists Two Sanctioned Russian Banks from Peer-to-Peer Transactions

An update feature on the Russian News outlet “VC.RU” demonstrated that Bybit and OKX had delisted the peer-to-peer (P2P) transactions facilitated by the local banks. The announcement indicated that Tinkoff and Sberbank will no longer support the payment made to the crypto exchanges mentioned above .

The report came after the world’s largest crypto exchange by daily trading volume, Binance, had delisted five Russian banks. The Binance decided to cut ties with a Russian bank after the US Department of Justice accused the exchange of supporting peer-to-peer transactions and the evasion of International financial sanctions.

Russians Restricted from Peer to Peer Transactions

A Reserve Bank of Russia report indicated that peer-to-peer transactions generated over $430 million between October last year and March 2023. The bank report demonstrated that following the imposition of the Western sanctions, the Russians have shifted to crypto transactions, which are considered illegal.

The DOJ highlighted that the Binance P2P has removed the sanctioned banks Tinkoff and Sber from the exchange. After Binance made the changes, the crypto exchange forgot to do away with the brand names of the two banks, represented in green and yellow symbols.

The mistake made by the Binance team has created mixed feelings among the crypto community. An observation made by the Russian news outlet illustrated that Binance users from the sanctioned country still promoting the green bank through ads.

A review of the ad demonstrates that most Binance users from the sanctioned country prefer the green bank to other banks. The advert also demonstrated that other users preferred the standard bank and AK bars as payment options.

Crypto Exchanges Cut Ties with Russian Banks

Even though Bybit and OKX have not officially updated the community on the delisting of the sanctioned banks, the company website still supports receiving fiat to Russian bank accounts. The OKX’s recent publication revealed that the crypto exchange supports fiat transfers to the Raiffeisen and Standard Bank. Despite the delisting the US Treasury Department report shows that Sber and Tinkoff banks were not listed as sanctioned entities.

However the decision made by Binance, OKX and Bybit will negatively affect Russian residing abroad. The delisting of the sanctioned banks will limit the Russians from transferring their rubles to cryptocurrency through exchanges.

Binance Users React to the Delisting of Russian Banks

Last week, one of the Binance users could not purchase Tether using ruble through Tinkoff Bank. The user claimed that her Binance account was verified abroad and required transferring funds to Switzerland.

On Telegram, one of the Binance users urged the Switzerland customers to move through francs. A similar challenge was also experienced by the Kazakhstan users who could not transfer rubles.

A complaint from one of the P2P users who live in Kazakhstan admitted to having been moving money to the Russian Federation through Binance for almost a year. The user claimed to purchase USDT using rubles and sell them for Kazakh tenge. Additionally, in his chat with the Binance support team, the user lamented being unable to transact with Ruble from August 25.

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HashKey Starting Bitcoin and Ether Retail Trading in Hong Kong

Hashkey, the popular crypto exchange in Hong Kong, is set to begin its retail trading on Monday, August 28. Addressing the local news site, the Hashkey team will support the buying and selling of Bitcoin to retail clients.

The report demonstrated that Hashkey was among the first to secure regulatory approval to offer crypto trading services to retail investors. Reportedly, the crypto exchange has obtained two major licenses issued by the Securities and Futures Commission (SFC).

Hashkey Starts Bitcoin and Ether Retail Trading

The SFC issued Hashkey the first Type 1 license to allow the crypto exchange to offer digital assets services that comply with the Hong Kong regulators. The subsequent license, dubbed Type 7, obtained by Hashkey, allowed the crypto exchange to extend its offering to automated trading products for institutional and retail clients. 

Interestingly, the regulators in Hong Kong have been seeking to improve the attractiveness of the crypto industry by implementing the new regulation. Hashkey was among the first crypto firms to obtain a license under a new licensing regime.

A review of the new legislation, investors can invest around 30% of their income in crypto investments. Additionally, the retail investor will only be allowed to invest in Bitcoin and Ether. The regulatory approach implemented by the Hong Kong regulators seeks to safeguard the investor’s interest in the crypto space.

Hashkey Expands its Crypto Offering

In an interview with the chief operating officer of Hashkey, Livio Weng, he restated that the crypto exchange will begin retail trading with the largest crypto asset by market supply, Bitcoin and Ether. The executive believes that Bitcoin and Ether offerings will meet the ever-changing needs of retail clients.

Weng confessed that Hashkey plans to implement a prudent approach to offering retail services. The executive stated that the crypto exchange agreed to be more “prudent” due to uncertainty in the crypto sector.

The official admitted that the crypto exchange will provide digital assets that have low risks. Weng argued that altcoins are more risky compared to Bitcoin and Ether.

The official stated that Hashkey plans to collaborate with five brokerages to broaden its retail offering. The expected partnership will support the establishment of entries that will support Hashkey’s operations.

Weng added that the Hashkey team seeks to offer crypto trading services to retail clients through the said brokerage platforms. The executive mentioned that the collaboration with brokerage firms will help to onboard tens of millions of stock investors to the crypto sector. 

In addition, the official affirmed that Hashkey plans to support depositories made through the Hong Kong dollars and the US dollar. However, this development will require the users to connect their bank cards to deposit.

Hashkey Restricts Chinese Users

The executive mentioned that Chinese mainland residents will be restricted from accessing the trading platform. Weng stated that China banned crypto in 2021, and no Chinese user can access the platform.

The executive anticipates the retail clients user base will grow from 500000 to 1 million before December 2023. The COO projected that the crypto bulls will resurface next year. Weng anticipates that the 2024 bulls market will enable Hashkey to serve around 10 million users before 2025.

Correspondingly, the COO projection aligns with the Hong Kong mission of improving the attractiveness of the crypto sector to attract more foreign investment and improve the industry’s performance.

In January, the country’s Financial Secretary, Paul Chan, stated that Hong Kong seeks to create an innovative crypto and fintech ecosystem in 2023. The financial secretary’s sentiments motivated around 80 crypto firms to express interest in expanding to the crypto friendly country.

Afterward, the Hong Kong Monetary Authority (HKMA) implemented new rules urging the local banks to extend their financial services to crypto firms. In May, the HKMA introduced new licensing requirements for crypto firms. In the provision, the HKMA underlined the need to safeguard the investor’s interests.

The new rules have inspired crypto firms to prioritize meeting the compliance requirements to operate as regulated entities in Hong Kong.

Editorial credit: Yu Chun Christopher Wong / Shutterstock.com

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DYdX Founder Advises Crypto Builders to Exit US Market for 5-10 Years

An update on X (formerly Twitter) urged the crypto builders to flee from the U.S. market. The founder of the San Francisco decentralized exchange dYdX, Antonio Juliano, advises crypto investors at early growth stage to suspend their U.S. operations for the next five to ten years due to unsuitability of the market.

The executive encouraged the crypto builder to seek a suitable market overseas before returning to the U.S. However, Juliano urged the investors to return to the U.S. when the time was right.

Crypto Firms to Exit US

The executive praised the offshore market due to its suitability. He encouraged the crypto builders to prioritize developing their platform and increasing user adoption.

The official advice focused more on startups rather than well-established entities. He projects that startups in their early development stages will experience steady growth in the overseas market due to their attractiveness. Juliano added that most of the viable markets are located overseas.

Juliano restated the need for the crypto builder to flee from the U.S. market, citing the difficulties that limits growth. He argued it was not worth the hassle to remain in the unfriendly market.

In his report, Juliano underlined that the abroad market will provide an innovative business environment and an interesting product market fit (PMF).

Unsuitability of US Market

The executive lamented that not everyone cares about cryptocurrency nowadays. Unlike the others, Juliano is more concerned about crypto and projects that the industry will grow 100 times.

The official anticipates that the U.S. will provides a large user base for crypto assets in future. Therefore, the early crypto startups are urged to relocate overseas and return to the U.S. with sufficient leverages.

In his advice, Juliano stated the need for crypto regulations in the U.S. Even though it might take time to provide regulatory clarity on crypto assets, Juliano projects that other countries will follow in the U.S. footsteps.

Despite advising the crypto builders to pursue overseas markets, the official urged them to prepare for significant re-entry. Juliano regretted that the crypto industry has limited world-scale usage. It implies that no crypto products are in high demand or massive use.

The executive stated that the crypto community has minimal influence on policies. Juliano underscored the need to spearhead the growth of the crypto sector to influence the development of policies for digital assets.

Crypto Firms Pushing for Regulatory Clarity

Recently, the U.S. Securities and Exchange Commission has been blamed for failing to provide clear rules on crypto assets. A statement issued by the chief executive of Coinbase, Brian Armstrong, illustrated that the second largest crypto exchange by market value has been pushing for the adoption of clear rules for digital assets.

Commenting on Juliano’s recommendation, the Coinbase CEO argued that it could be much better if the U.S. regulators took the shortest time to implement the regulations on digital assets. He anticipates that by 2024, U.S. lawmakers will provide regulatory clarity on crypto assets.

Armstrong placed high expectations on the U.S. when it comes to policies. He explained that the U.S. ussually exhausts all possible options to get it right. The executive underlined that the U.S. will heal from its wounds despite the barriers placed by a particular group.

Elsewhere, the chief executive of Wintermute, Evgeny Gaevoy, supported Juliano’s remarks. The CEO envisioned it would take 2 to 3 years for the crypto industry to succeed. And if it won’t happen within the projected timelines, then crypto will never bring success.

Editorial credit: Maurice NORBERT / Shutterstock.com

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Former Pepe team Members Make Away With $15 Million

The Pepe team has confirmed that three of its former team members have stolen about 16 trillion PEPE, worth roughly $15 million. The funds were reportedly stolen from the project’s multisig wallet.

The culprits later sold the tokens on crypto exchanges and have since deleted their social media handles, the team said. According to the only multisig controller left at the project, the funds were sent to OKX, Binance, Kucoin and Bybit before being sold, and the multisig was reduced from a 5/8 signer count to 2/8.

According to an announcement to the PEPE community on Twitter, the theft was carried out on 24 August.

“Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance, Kucoin, and Bybit) and the required signer count was reduced to 2/8 wallets,” the team wrote.

“The multi-sig now sits with 10 Trillion Tokens and one signer remaining, and I can assure you that those tokens as well as this twitter account are in safe hands. I want to explain everything that took place and provide as much transparency as possible with the $PEPE community,” it further stated.

Pepe’s Internal Crisis

Pepecoin has been a leading memecoin this year, rising to significant price levels that have made it a name. However, according to the team, the project has “been plagued by inner strife with a portion of the team being bad actors led by big egos and greed.”

Apparently, it is this strife that culminated into the theft which represents around 4% of the token supply, and the multisig has approximately 10 trillion tokens, roughly 2% of the supply, remaining. Hopefully, it will be a smooth ride from now on.

“$PEPE is now entirely free of this baggage, with clear roads ahead. There has often been conflict, and the majority of the team involved in $PEPE creation started to distance themselves after the first week of project inception. They blocked team progress on making donations or purchases with multi-sig tokens due to inability to make signatures, disagreements, and being unavailable to contact for weeks at a time,” the team said.

The announcement also stated that the remaining 10 trillion tokens will be transferred to a new wallet and will either be used for something else or burnt.

PEPE Price Crashes Following Transfers

The theft and departure of the three ex-team members may be a relief to the remaining team looking at the long term, but it has affected the asset negatively for now. Shortly after the transfers, the price of the memecoin crashed to a low of $0.0000007975 on 25 August.

Although it experienced a bounce back to $0.0000009478, it has dropped again to the current price of $0.0000008971. With the incident, investors may become wary of the token for a while, even though it may not last for long.

Meanwhile, PEPE was already on a downward movement since mid-August. The drop could have been because of the general crash in the crypto market recently, but was worsened by the news of the unauthorized transfers. Hopefully, the memecoin will recover with the rest of the market when there is a rebound.

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FTX, BlockFi, and Genesis Users’ Data Compromised in SIM Swap Attack

Bankrupt crypto exchange FTX, and insolvent digital asset lenders BlockFi and Genesis have come under a SIM swap attack leading to leaking of their customers’ data. Bankruptcy claim vendor in charge of the three companies, Kroll confirmed the incident in a statement today Friday 25 August.

Kroll explained that the “highly sophisticated SIM swapping attack” targeted the T-Mobile mobile network account of one of its employees, leading to the data leakage.

“As a result [of the attack], it appears the threat actor gained access to certain files containing personal information of bankruptcy claimants in the matters of BlockFi, FTX and Genesis,” Kroll stated in the statement, adding that it acted immediately “to secure the three affected accounts.”

A SIM swapping attack is an attack on a mobile network user in which the attacker gets the mobile network company to redirect a victim’s sim card to one they control. Once they take over, they can use the SIM card to do many things, including hijacking bank accounts etc.

Kroll further stated that it had already informed all affected customers of the three companies by email, since their SIM cards have been compromised. The firm also said that it had notified the US Federal Bureau of Investigation (FBI) and “a full investigation is underway.”

Hopefully, no other Kroll account has come under the attack at this time. “We have no evidence to suggest other Kroll systems or accounts were impacted,” Kroll added.

Not a Serious Attack for FTX

Both FTX and BlockFi have responded to Kroll’s statement in separate tweets. In a series of tweets with screenshots of BlockFi’s update on the issue, the company said that BlockFi’s internal systems and client funds were not impacted.

It also confirmed that it never stored account passwords on Kroll’s platform, and while its users need not take any actions on their accounts, it was notifying them to take measures to protect themselves.

While FTX also confirmed the incident, it stated that it wasn’t serious as the compromised information was just non-sensitive customer data of some claimants.

“FTX account passwords were not maintained by Kroll, and FTX’s own systems were not affected,” the cryptocurrency exchange said, adding that it is “closely monitoring the situation.” Furthermore, FTX urged its customers to “remain on high alert for attempted fraud and scam emails impersonating parties in the bankruptcy.”

FTX collapsed last year in November and the case is still pending, with its CEO Sam-Bankman Fried in prison custody ahead of his trial. Before now, there were reports of of FTX users getting password reset emails, allegedly from FTX official customer support email address.

Meanwhile, BlockFI further stated that there is likely to be an increase in “phishing attempts and spam phone calls,” in the coming weeks. It also warned its users to never fall for any such attempts, as “BlockFi and Kroll will never call, email, or text you to ask you for your personal information.”

Attacks on Crypto Companies

Attacks such as SIM swapping, hacks, and phishing attacks are quite common in the crypto industry. In recent times, this has been on the increase, and may not be slowing down in the near future.

It is therefore advisable to be vigilant and never give out sensitive information to people claiming to be customers support as this is what attackers do.

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U.S. Rolls Out New Rules for Crypto Tax Reporting

The U.S. treasury and internal revenue service (IRS) have rolled out new rules for reporting crypto tax in the country. The new rules will require brokers and exchanges to report certain sales on crypto from bitcoin to NFTs to close the tax gap and “ensure that everyone plays by the same set of rules.” 

The rules are for now just proposed regulations, released today 25 August as part of the Infrastructure Investment and Jobs Act passed in 2021. The act includes crypto language to increase reporting made by brokers on customers’ crypto activity. 

The proposed rules, if implemented, will treat crypto brokers the same way as brokers of traditional assets like stocks. The rules will supposedly also make it easier for crypto investors to calculate their gains using a new Form 1099-DA to help taxpayers figure out if they owe taxes under the proposed rules. 

“These regulations align tax reporting on digital assets with tax reporting on other assets, and, as a result, avoid preferential treatment between different types of assets,” the Treasury Department said in a statement. 

Furthermore, the rules define brokers as platforms, payment processors and certain hosted wallets, probably including decentralized exchanges, thus requiring them to collect user information.

“This decision was made because the reasons for requiring information reporting on dispositions of digital assets do not depend on the manner by which a business operating a platform affects customers’ transactions,” the Treasury Department said. 

IRS Targets $28 Billion in Ten Years

The IRS expects crypto brokers and exchanges to start reporting information on sales and exchanges of digital assets in 2025. According to the IRS projections, the agency can generate $28 billion over ten years if the rules are properly implemented, 

in response privacy concerns on the rules, the Treasury and IRS have also called for opinions on better ideas. While comments on the rules are due on 30 October, the IRS will hold hearings on the proposal in November.

The new proposal is coming at a time when the U.S is cracking down on the crypto industry, without any clear regulatory guidelines for the industry. It therefore seems that though the  U,S. isn’t interested in regulating the industry, it is interested in generating revenue from it.

Mixed Feelings on New Rules 

The new proposed rules have been received with mixed feelings among crypto key players. Speaking on the rules, Blockchain Association CEO Kristin Smith said: 

“If done correctly, these rules could help provide everyday crypto users with the necessary information to accurately comply with tax laws. However, it’s important to remember that the crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance.”

Also speaking on the rules, The DeFi Education Fund CEO Miller Whitehouse-Levine said he wasn’t in support of the rules, and will be sending in comments.

“It attempts to apply regulatory frameworks predicated on the existence of intermediaries where they don’t exist, an ‘unsquarable’ circle that the proposal itself acknowledges,” he said.

 “This approach won’t make filing taxes easier nor improve tax compliance, and we look forward to providing our comments as to why this proposal must be reconsidered,” he added.

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Atari and Animoca Founders Expresses Optimism on the Future of Web3 Games

Lately, Web3 adoption has grown exponentially due to increased awareness of the benefits of blockchain and crypto technologies. The spur adoption of Web3 technologies has inspired developers to invest in developing advanced software to improve ownership, control, and privacy in the crypto sector.

In a recent report, the founder of an award-winning video game company, Atari, Nolan Bushnell, expressed optimism about the future of Web3 games. The executive stated that Web3 technology will be a driving factor for bringing ownership in the digital space.

Web3 Technology to Transform Gaming

Speaking at the Digital Entertainment Leadership Forum held in Hong Kong, the game developer provided a summary current trends in the gaming sector. The executive revisited past, present and future events in the gaming industry.

The official acknowledged that the Web3 games have tremendous potential to introduce ownership in the digital sector. Bushnell confirmed that games will continue to imitate some of the element experienced in real life. He stated that Web3 and blockchain technologies are yet to extend ownership in the virtual worlds.

In addition, Bushnell anticipates that games will become a primary course in schools. The executive expects schools to adopt a story and simulation approach to improve the learning experiences.

At the event, which was moderated by Chiron Group managing partner Sean Hung Bushnell, Bushnell was nicknamed by the founder of Animoca brands, Yat Siu, as the “grandfather of gaming.” In support of Bushnell’s predictions, Siu stated that soon, self-driving cars will be transformed into mobile gaming studios. The executive outlined the benefits of the Web3 games such as the monetization of gameplay.

Expected Changes in Gaming Industry

In his opinion, Siu stated that games were becoming ubiquitous in the real world. The crypto entrepreneur confessed that Web3 gaming has enabled players to earn money on average for the time they spend on games.

Even though a player versus environment dominates the gaming sector, the industry is slowly moving to a multiplayer ecosystem. Siu recognized the efforts made by Minecraft and Roblox in improving the gaming experience.

He noted that most of the players are moving away from Fortnite to online platforms to play. The official underlined that gaming lacks a comprehensive compensation system that rewards the players.

In his statement, Siu projects that Web3 will offer a promising future for gaming. He explained that the KYC and the immutable blockchain feature have commonly been used to identify humans and bots in the gaming world.

Despite the benefits of Web3 games, Siu noted that the development in the gaming sector has contributed to the rise of capitalism. The Animoca founder stated that for the last two years, the changes in the gaming sector have encouraged capitalism among the players and the game developers. The executive illustrated that the financialization of games that influenced capitalism would encourage young players to seek financial education.

The Animoca founder advocated for financial literacy in Web3 gaming in his report. He argued that the world could become safe if the players deeply understood the fundamental monetary values.

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Num Finance Releases nCOP Stablecoin Backed by Colombian Peso

In an X post (formerly Twitter), Num Finance has released a stablecoin pegged to the Colombian local currency. The announcement revealed that the stablecoin dubbed nCOP was centered on the Polygon network. The nCOP aims to transform the remittance market, which has recently experienced increased activity.

In a recent report, the Colombian economy received over $6.5 billion in remittances. The spike in remittance activities has challenged the leading stablecoin issuer in Latin America to develop the nCOP that meets the market needs.

Num Finance Expands to Latin America

In a blog post dated August 24, Num Finance mentioned that the primary use case of the nCOP was in the remittance sector. The developers of the new stablecoin incorporated the Num yield features on the nCOP to enable the rewards to be paid through the stablecoin.

The nCOP launched aims at providing the Latin American users with innovative financial tools that will address real-life challenges. According to the blog post, the nCOP is an overcollateralized stablecoin that promotes financial inclusivity and strengthens cross-border transactions.

The team behind the nCOP leveraged their expertise to ensure that the newly launched stablecoin is more stable and secure to use. Moreover the Num finance report illustrated that the nCOP will support companies dealing with real-time settlements.

The stablecoin issuer anticipates that the nCOP will improve cash management efficiency by reducing the potential risk. Num Finance affirmed that the nCOP will have zero foreign exchange risk since it can be traded to Colombian pesos at a ratio of 1:1.

Features of nCOP

Additionally, the Num group ensured that the nCOP offers an effective way to send and receive remittances.

An announcement by the chief executive of Num Finance, Agustin Liserra, revealed that the Colombian market offers endless opportunities to tokenize remittance. The CEO confirmed the new stablecoin will provide users with a regulated financial product to earn rewards from the nCOP. Liserra stated that Colombia ranks among the best-performing remittance markets in Latin America.

The official added that launching the nCOP marked a significant milestone for the Num team to introduce the “state of art financial technologies” in countries dominated by conventional financial practices. The CEO praised the investors for supporting the Num team to increase its stablecoin offering.

Besides expanding its stablecoin offering to Colombia, Num Finance has supported the issuance of nARS pegged to Argentine Peso and nPEN, backed by Peruvian Sol.

Earlier, Num Finance announced that the total supply of the nARS and nPEN reached $2.5 million. At that time, the stablecoin issuer revealed plans to launch the Brazilian pesos, Mexican pesos, and Colombian pesos to expand to Latin America.

Num Finance to Tokenize Digital Assets

The Num Finance expansion plan inspired the stablecoin issuer to conduct multiple fundraising projects. In May, the Num team generated $1.5 million in a pre-seed funding round led by Reserve protocol.

Num Finance plans to utilize the $1.5 million from the investment to enter new territories in Latin America. Also, the stablecoin issuer revealed plans to invest heavily in tokenizing digital assets and money markets.

The Num Finance’s latest development aligns with the Colombian central bank’s core mission of strengthening the remittance market. On August 17, the Colombian apex bank announced plans to launch the central bank digital currency (CBDC). However, the central bank plans to limit CBDC holdings and transactions to strengthen the Colombian financial system.

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Unstoppable Domains Debuts an XMTP Instant Messaging

On Wednesday, August 23, the lead engineer at Unstoppable Domains (UD), Aaron Quirk, announced launching of an instant messaging platform for improving communications in the decentralized sector. The announcement conveyed by the engineer confirmed that the Web3 usernames will access the newly launched instant messaging.

In his report, the tech expert confirmed that the messaging tool will be powered by the Extensible Message Transport Protocol (XMTP). Quirk explained that the instant message will enable users of XMTP-oriented applications such as UD iOS and Coinbase Wallet, among others, to communicate effectively.

Unstoppable Domain Launching Instant Messaging

The Unstoppable Domains technical team plans to support the functionality of the instant messaging tool on Android devices. In light of the announcement, Quirk stated that the new messaging tool will entirely rely on the operation of the XMTP.

The engineer added that the XMTP will support the sharing and encryption of the messages. The integration to the XMTP aims at improving the storage of the messages.

Moerover, Quirk reiterated that the user will be allowed to access their messages in the future since the XMTP operates as an independent platform. It implies that even after the suspension of Unstoppable Domain due to future uncertainty, the owner’s Web3 usernames will be able to retrieve their past messages.

A Web3 username consists of crypto addresses representing an account with an extended character. The usernames were first introduced in 2017 to enable the user to receive crypto-related payments.

However, the dynamism in the tech sector has inspired companies to expand the use case of crypto usernames. Lately, tech companies are leveraging their expertise to widen the usernames’ utility to other applications.

Unstoppable Domain Reveals Next Move

In July, the Coinbase Wallet introduced the instant messaging feature to enable users to communicate with each other using their respective usernames, including the .eth or .cb.id addresses. Afterward, the Coinbase wallet leveraged the XMTP protocol to integrate with Lens, a well-known social media website.

Even though Coinbase failed to incorporate the usernames registered under the Unstoppable Domain, Quirk confirmed to have resolved the matter. Currently, the Coinbase wallet and Lens users can use instant messaging to communicate with the Unstoppable Domain users.

The engineer stated that the Unstoppable Domain team plans to enable the Push Protocol usernames to access the newly launched instant messaging tool. After the expected integration with the Push Protocol, users will receive messages using the Unstoppable Domain applications from Web3 initiatives. 

Previously, the Unstoppable Domains had partnered with Binance.US to generate usernames wuth a “.BinanceUS” domain. The Unstoppable Domains has gained popularity since it provides the user with complete ownership of their domain information. Additionally, the Unstoppable Domain offers unique domain names centered on non-fungible tokens (NFT).

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Bitcoin Hashrate Hits New All-Time High. What Does This mean?

Bitcoin has been trading sideways for days after crashing below $26,000 for the first time since March. This has led to a general crash in the crypto market as altcoins follow Bitcoin’s trends. As a result, many investors have become pessimistic.

It seems there’s light at the end of the tunnel though, as recent data shows the Bitcoin mining difficulty has reached a new all-time high. The mining difficulty is a measure of the difficulty and time required to successfully mine a Bitcoin block.

A soaring mining difficulty is usually an indication of rising miners’ interest in the crypto asset. This is a positive development, especially as the price of Bitcoin has been trading sideways, and mostly bearish recently.

Data from on-chain data analytics platform btc.com shows that the difficulty has increased 6.17% in the last week, as well as network activity, which brings it to a new record high. This shows that miners are not discouraged by Bitcoin’s crashing price, meaning they remain positive about the future of the crypto asset.

What this means for Bitcoin

There have been many reasons for miners and other investors to panic recently. However from the data, this is not the case, even though sellers seem to maintain dominance currently. Miners maintaining a positive attitude in the face of this shows that they are hopeful of Bitcoin’s rebound for a number of reasons.

First is the upcoming halving in 2024. This is an event that is held once in roughly four years, when the block reward for Bitcoin is reduced by half. Historically, this eventually leads to an upward price movement of Bitcoin, and many people now look forward to it in hope of a bull market afterwards.

Miners must be seeing such upcoming event as a reason to keep mining and earning more Bitcoins, especially as the price is still low so that there will be more gains when there is a rebound.

Secondly, the chances of a Bitcoin spot ETF approval has never been higher. Many crypto companies have applied for a spot Bitcoin ETF in the past, but none has been approved. However this time, the securities and exchange commission in the U.S. has requested for some adjustments to be made, which have been done, making it much more likely that at least one of the applications will be approved.

If this happens, more institutional investors are expected to enter the crypto space, especially to invest in Bitcoin, which can lead to a significant price gain for the asset. According to Fundstrat’s co-founder Tom Lee, the approval can lead to the price of Bitcoin rising to between $150,000 and $180,000.

There has also been a trend of whales holding tightly unto their Bitcoin stashes, which also shows positive sentiments.

Bitcoin’s price in the short term

Bitcoin currently trades at $26,024 after rising back to this level following the crash. Whether the rising trend will continue remains to be seen, but some analysts say that the price could crash further to $20,000 if bears continue to maintain control.

So far, the asset has lost over 10% over the last seven days. Another analytic point of view says it is now at its most oversold level, suggesting a rebound may be close.

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Binance Suspends Euro Withdrawals, Cites SEPA Technical Challenges

An X post by the Binance customer service department revealed that the world’s largest crypto exchange by daily trading volume will suspend the Euro withdrawals and deposits made through the Single Euro Payments Area (SEPA). The August 20 tweet stated that the Binance users could not withdraw fiat currencies in Europe due to technical issues facing SEPA.

Even though the Binance team did not specify when it will resolve the matter, the crypto exchange is exploring ways to restore the operation of SEPA. The Binance team admitted that its payment providers Paysafe cannot support SEPA transfers. In the report, the Binance team assures the customers to resolve the issue within the shortest time possible. 

Binance Fails to Overcome SEPA Technical Issues

Lately, the Binance users complained about the termination of the Paysafe partnership created inconveniences among the users. In a separate report, one of the Binance users in Europe stated that he had purchased a “large amount of EUR through the Binance platform.” After making the purchase, the affected customer could not transfer the Euros to the respective bank account or trade them on the crypto exchange.

Responding to the complaint, the Binance support team told the troubled customer it could not address the matter at the moment. The controversial crypto exchange requested the users to exercise patience as Binance sought for another payment provider.

The EUR limits imposed by Binance aim to prevent scams that could allow the user to access the platform and block them after completing the transactions.

A few weeks ago, the Binance team had hinted the crypto community plans to cut ties with its Euro banking partner Paysafe. In the announcement, the crypto exchange stated that from September 25, the Paysafe team will stop supporting Binance transactions. The report demonstrated that Binance plans to partner with a new payment provider to facilitate Euro deposits and withdrawals.

However, the Binance team plans to make changes on the platform with the new payment provider. The expected upgrades will require the Binance users to provide their banking information in the EUR deposits and withdrawals account. Also, the Binance customers must accept the terms and conditions for SEPA transactions.   

Binance Faces Regulatory Actions

In an interview with Cointelegraph, the Binance spokesperson stated that before September 25, when the crypto exchange will split ways with its payment provider, the users will be regularly requested to update their data. Before September, the Binance team plans to conduct a compliance check that could lead to the closure of some accounts.

In his final remarks, the spokesperson confirmed that Binance will have to develop alternative options before the end of SEPA service. The spokesperson added that the exit of Binance in several European Union jurisdictions is unrelated to the suspension of EUR deposit and withdrawal services.

Earlier in May, Binance indefinitely suspended withdrawals after experiencing heavy transaction backlog. Despite the technical challenges Binance failed to overcome, the crypto exchange has faced harsh regulatory actions in various jurisdictions.

In June, Binance exited the Netherlands market after failing to acquire the Dutch virtual assets service provider permit. Day after the Netherlands departure, the Belgium authority instructed Binance to suspend its services.

Before this, the Brazilian regulators had ordered Binance to appear before the Parliamentary committees after being alleged to be a pyramid scheme.

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Maple Finance Funding Round Nets $5M for Expansion to Asia

The Melbourne-based crypto lending company Maple Finance has yielded $5 million in a funding round led by Tioga Capital. An August 22 report revealed that other key players in the digital sector, including Blocktower Capital, Veris Ventures, GSR, and The Spartan Group, participated in the fundraising.

The $5 million investment will be rerouted towards widening the Maple market present to the Asian-Pacific (ASIC). The crypto lenders aims at entering Singapore and Hong Kong due to the suitability of the market.

Maple Finance Expanding to Asia

An announcement conveyed by Blocktower Capital head of venture Thomas Klocanas noted that Maple was well positioned to expand to the digital sector. The executive admitted that Maple has supported third-parties credit service providers to offer loan services. Klocanas confessed that the crypto lender has been supporting the growth of lending businesses and continues to add more value to institutions.

In a wide-ranging interview with the chief executive of Maple Finance, Sidney Powell, he restated that the investment will support the lending company to enter the vibrant Singapore and Hong Kong markets. The executive mentioned that the ASIC region has recently experienced an increase in business activities due to its market attractiveness.

Powell acknowledged the efforts made by the regulators in the ASIC to bring regulatory sanity to crypto assets. Therefore to tap to the endless opportunities in ASIC Maple group seeks to broaden its geographic presence.

Reflecting on the 2022 bearish crypto market, the executive stated that the fallout of best-performing lenders such as Genesis, Celsius, and BlockFi has left gaps in the market. The CEO announced that the exit of key players created more unutilized opportunities that Maple should pursue.

The crypto lender plans to provide Asia users with innovative products including an over-collateralized lending product. The official stated that the exit of the bankrupt crypto lenders in the industry had created opportunities for investors with a healthy appetite to risk their assets. Klocanas admitted that Maple Finance is ready to take risks and explore the viable opportunities.

Suitability of ASIC Crypto Market

In his report, the CEO argued that the Maple team had taken proactive steps to address risks. For instance, Maple does not reinvest borrowed but stores the collaterals on a licensed custodian to reduce the risks. However, in future the crypto lender plans to invent a new risk management approach. 

Moreover, Maple aims to develop the “clearest” products that perfectly meet the Asian market needs. The crypto lender confirmed that the intended product and service does not exist in Asia. The Maple team crypto lender remains positive that the proposed product will be in high demand.

In the latter the Maple team plans to open a shop in Asia before the next bull run. Besides the expansion efforts, the crypto lender introduced a new pool that allows US investors to access tokenized treasury bills.

Months after the launch of the Treasury facilities, Maple received $22 million in deposits. Additionally Maple established a lending platform early in June to transform the Web3 sector. The remarkable contributions made by Maple aims at cementing the firm at a considerable position to blossom in the crypto sector.

Maple also restarted the operation of the Solana network after being inactive for around eight months. The Maple team plans to expand its stablecoin cash management services before the end of 2023.

At present the total value locked (TVL) for Maple assets amounts to decreased to $88 million, from $938M in May 2022 according to DefiLama report.

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World Mobile Partners SingularityNET to Bring Blockchain-Based Loans to Users

UK-based mobile network operator World Mobile has entered a partnership with decentralized artificial intelligence (AI) marketplace, SingularityNET to bring blockchain-based loans to users.

The partnership will allow the two to develop credit ratings for a lending program that uses blockchain technology. It will also afford Word Mobile the opportunity to expand to new territories.

In addition, World Mobile will also upgrade its customer service by using AI technology to answer clients’ generic questions. Describing the partnership, World Mobile’s CEO, Micky Watkins said it demonstrates the company’s commitment to using cutting edge technology to solve real world problems.

“We are proud to partner with SingularityNet on the integration of AI technology for customer support and introducing blockchain-based data loans. This strategic partnership reflects our shared commitment of delivering cutting-edge innovations to solve real world problems,” Watkins said.

With AI-driven assistance, decentralized identifiers, and secure blockchain transactions, we are empowering users with seamless experiences and unlocking new possibilities in the mobile industry,” he added. 

The concept of blockchain–based loans is becoming increasingly popular. This is seen in cryptocurrency lending in which smart contracts are used to spell out the conditions for obtaining loans, to ensure a smooth lending and borrowing experience.

Also speaking about the partnership, SingularityNET Chief Operations Officer (COO) Janet Adams said the partnership is a key step towards realizing SingularityNET’s vision of democratizing technology and wealth.

“SingularityNET was founded with a vision to democratize access to technology and wealth. This partnership is a key component of this journey – it will allow us to get vital funds to those the traditional financial system has previously excluded. We look forward to collaborating more closely with World Mobile to pioneer a fairer, decentralized future.”

A gradual process

World Mobile will implement its new service in three phases in partnership with SingularityNET. First, the company will be provisioning their current user base credit to determine who’s eligible for more loans after successfully paying back the first loans. 

Next, more loans will be made available to customers with a good payment history, and lastly, the service will be expanded to cater to global users that are underserved by traditional financial institutions.

World Mobile’s past activities

World Mobile was created to connect everyone, everywhere while advocating for economic freedom and dignity. What sets it apart from other mobile networks is the fact that it is based on blockchain technology itself, and incentivizes people to be part of a sharing economy that taps into the trillion dollar global telecom market.

The company owns a crypto token, World Mobile Tokens (WMT) which it bought back from the open market in June to distribute rewards to some of its users. This was in a bid to advance the growth of its sharing economy. 

“By repurchasing World Mobile Tokens (WMT) from the open market, we aim to build a sustainable sharing economy for all our participants,” CEO Watkins said concerning the buyback at the time.

We believe that by executing on our business model and initiating buybacks from real-world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem,” he concluded.

The company also expanded to Africa in June, completing DeWi technology field tests in Kenya, Mozambique and Nigeria, as part of efforts towards a full African rollout in the near future.

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Fxonic Review – Online Trading With Zero Commissions

Introduction

Trading the markets with a trusted broker at your back is something that can truly put you in the right spot. Choosing a company to work with requires due diligence and understanding what your needs are, before you can check if that company can satisfy them.

Fxonic offers online trading, promising to address a broad range of trading styles and demands. It does so via diverse asset coverage, updated software and a generous account offering. If things look good thus far, then you can definitely read through our latest Fxonic review.

Market Coverage

Access to a diverse range of tradable assets puts you in a favorable position, as different categories are uncorrelated sometimes. With Fxonic, traders can buy or sell derivatives based on stocks, commodities, cryptocurrencies, indices and forex.

Crypto trading should be highlighted, since it gives you the ability to take advantage of the volatility in this space without having to worry about wallet security, hacking attempts and other threats. Additionally, the broker covers established crypto projects that have been around for a decent amount of time.

To create a favorable environment, Fxonic introduces two new platforms: WebTrader and MobTrader. These are both superb platforms with a user-friendly interface, tens of indicators, risk management tools and other customization features – all so you can apply your strategy accordingly.

Accounts

Another important highlight of Fxonic is its account types offer. This broker seems to have done its homework, and this offer addresses all types of traders. The list includes Starter, Basic, Standard, Premium, Exclusive and Pro accounts.

As its name suggests, Starter is the entry point, available in exchange for limited capital. You only need $250 to get started and see live trading conditions. Another option of choice for beginner traders is to open a demo account, in order to test the waters first.

As you progress with your trading journey, you will probably need a larger account. If you have the capital available, we definitely recommend looking at the other accounts offered, which include tighter swaps/spreads, dividend yield, access to exclusive assets, etc.

Notable Features

Since the retail trading space is more and more competitive, brokers are constantly looking for ways to stand out. On the flip, you as a trader would like to trade like a pro, backed by tried and true features and tools.

With Fxonic, traders can access Fxonic School, a comprehensive pack of educational content that includes eBooks, webinars, trading videos and financial news. Additionally, you can enter the VIP Room, where additional benefits await, including:

• Personalized mentorship and tailored guidance
• Advanced trading tools and technologies
• Exclusive real-time market analysis
• Curated educational resources
• Networking with experienced professionals

Bottom Line

Fxonic looks like a proactive brokerage, trying to always stay one step ahead of the rest of the industry – and, to be honest, succeeding. Its trading offer looks sharp, and we believe it is able to satisfy both beginners and seasoned traders. You don’t need a lot of capital to get started with this brand, which is a big plus. Our bottom line? This brand looks reliable.

The post Fxonic Review – Online Trading With Zero Commissions first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/fxonic/
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Oman Set to Digitize the Economy by Launching $350M Crypto Mining Center

On Tuesday, August 22, the Oman Ministry of Transport, communication, and information technology (MTCIT) officially launched an innovative data hosting and crypto mining center. The launching event was preceded by Hamoud al Maawali, an engineer at MTCIT.

The new mining center is in Salalah Free Zone, a special economic area that links Oman to other viable markets. Surprisingly Salalah Free Zone offers investors 100% ownership at zero tax. 

Oman Opens News Mining Facility

The report demonstrated that Exahertz will operate the crypto mining center in partnership with the Moonwalk system. The new mining facility aims at digitizing the Oman economy by adopting advanced technology, including crypto and blockchain.

Primarily the oil businesses constitute a bigger share of Oman’s exports. The attempt to digitize the Oman economy influenced the launching of a similar mining center last November. At that time, it was reported that the existing mining facility costed $389 million, which equates to 150 million Oman rials to launch.

In contrast, the authority incured $350 million to establish the Salalah mining center. A breakdown of the construction cost revealed that the new mining facility will utilize the advanced hardware developed by Bitmain Technologies.

The newly launched mining center will deploy 15000 machinery in October. At present, the mining center is powered by 2000 digital machines that generate 11 megawatts. 

Oman to Introduce New Crypto Regulations

Despite the launching of the mining facility, Omani policymakers are seeking to create a friendly environment for crypto. In July, the regulator introduced a consultation report outlining the national regulatory framework for digital assets.

Under the proposed legislation, digital assets service providers (DASPs) will be required to set up shops in Oman to comply with the regulations. A review of the consultation paper indicated that DASPs would be needed to store some assets on the hot wallet.

Also, the new legislation will require crypto firms to conduct audits and reveal the proof of reserves to improve transparency in the crypto industry.

Overview of Consultation Paper

In the report, the Sultanate of Oman requested the public to share their valuable input before August 17. The Omani regulators have urged the public to provide insights on licensing requirements, risk management, corporate governance, and risk management that should be enacted. Beyond this, policymakers in the Arabic country plan to ban the issuance of private tokens.

The public comment will later guide the regulators to formulate the final draft of the crypto regulation. The proposed law aims at reducing market abuse in the crypto industry.

Interestingly, the development of the crypto regulatory regime started in 2020, aiming at supervising the crypto activities in Oman. At the initial rule-making process, the capital market authority (CMA) agreed to work with National Committee for Combating Money Laundering and Terrorist Financing and the country’s central bank to formulate policies that will improve the attractiveness of the digital sector.

The post Oman Set to Digitize the Economy by Launching $350M Crypto Mining Center first appeared on CryptocyNews.com.

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