Breaking: Russian Authorities Cancelled Plans For National Crypto Exchange, Focusing On Regulating Local Exchanges
In a shocking moment, Russian authorities have announced a significant shift in their approach to cryptocurrency. The ambitious plan to establish a national cryptocurrency exchange has been put on hold, with the government now turning its attention towards drafting regulations for local exchanges.
Diversity Over Monopoly: The Power of Many Over One
In a strategic shift, Russian authorities have decided to forgo the establishment of a national crypto exchange, according to Anatoly Aksakov, head of the State Duma committee on the financial market. Instead, the focus will be on setting up regulations for the formation and operation of such entities.
Aksakov explained to Izvestia that these exchanges, which aid businesses in conducting cross-border transactions, may face potential restrictions. However, this move is also expected to spur the emergence of new organizations.
Anatoly has indicated a shift in strategy. Rather than establishing a single national crypto exchange, the focus will now be on formulating regulations for the creation and operation of such platforms. Aksakov elaborated that these exchanges will facilitate cross-border transactions, potentially circumventing sanctions restrictions. This could lead to the imposition of new constraints.
However, the emergence of other organizations is anticipated, with the primary requirement being compliance with established rules.
The Central Bank is likely to oversee the operations of crypto exchanges, with the regulations being incorporated into the draft law on experimental legal regimes, as noted by the deputy.
Ivan Chebeskov, director of the financial policy department of the Ministry of Finance of the Russian Federation, informed Izvestia that the Ministry did not endorse the idea of a single national crypto exchange. Instead, they proposed to legally regulate the potential for businesses to establish such platforms. The department maintains that digital currencies should be regulated comprehensively.
A consensus has been reached with the Central Bank to legally recognize mining and allow international transactions and cryptocurrency exchanges within the experimental legal framework.
Russian Crypto Community Supports The Latest Move
The decision to forego the creation of a national crypto exchange and instead establish rules for the formation and operation of such entities has been met with approval from market participants. Oleg Ogiyenko, Director for Government Relations at BitRiver, highlighted that this approach would help mitigate risks associated with sanctions, cyber-attacks on infrastructure, and potential market dominance abuses.
Ivan Gostev believes that such a system would foster the growth of more competitive and innovative companies. He pointed out that several countries have already implemented legislation regulating crypto exchanges while still allowing room for industry development.
Gostev emphasized that these platforms could be licensed, with their financial reporting activities and anti-money laundering measures subject to oversight. He also stressed the need for crypto exchanges to ensure data and communication protection. Furthermore, he suggested the implementation of trading volume limits to prevent price manipulation.
Oleg Ogienko suggests that the initial stages should limit the involvement of unqualified investors on these platforms. Special requirements, including data security and confidentiality for Russian clients, should be imposed on foreign crypto exchanges operating in Russia.
Alexey Tarapovsky, the founder of Anderida Financial Group, believes these platforms will aid national companies in conducting international crypto transactions amidst sanctions. He acknowledges the risk of potential new restrictions but notes the interest of Western players in cross-border transactions. With digital currencies already processing payments worth about $10 billion annually, he anticipates the emergence of legal exchanges as early as 2024 under favorable conditions.
Throughout 2022, Russian legislators were actively engaged in drafting amendments aimed at establishing a national crypto exchange. This initiative reportedly received backing from both the Ministry of Finance and the Central Bank of Russia, despite their historical differences over cryptocurrency regulation in the country.
Breaking: Ethereum’s Exchange Depositing Transactions Hit 6-Year Low! Will ETH Price Now Aim For $2K?
The Ethereum network, the second-largest cryptocurrency by market cap, has recently witnessed an unusual but noteworthy trend. For the first time in 6 years, the number of Ethereum’s exchange depositing transactions has dropped to an all-time low. The question on every trader, investor, and enthusiast’s mind is: “What does this mean for Ethereum’s (ETH) price? Could it be a springboard for a leap towards the $2,000 mark?”
Ethereum’s Exchange Depositing Transactions Reach 2017 Levels
As uncertainties surrounding the US debt ceiling and potential interest rate hikes weigh heavily on the cryptocurrency market, leading assets such as Bitcoin and Ethereum find themselves struggling to provide a definitive outlook. Nevertheless, our examination suggests a burgeoning bullish sentiment poised to propel the price of ETH on an upward trajectory.
Upon close inspection of Ethereum’s exchange depositing transactions, we’ve noted a significant multi-year trough today, bottoming out at 9,592 transactions. This is a noteworthy observation as this same level was last experienced on April 23, 2017, right before Ethereum embarked on its inaugural bull run, touching the $1000 mark.
The number of exchange depositing transactions is a critical data point for crypto analysis. This metric provides a reliable indication of potential sell-offs or price pressures. A high number of deposit transactions usually signals an impending sell-off as more holders are moving their assets onto exchanges.
Conversely, a low number suggests that holders are withdrawing their assets, indicating a bullish sentiment as investors show less interest in selling their ETH holdings.
“The observed resurgence in the price of Ethereum is indeed significant, possibly indicating a bullish phase in the coming months. The marked decrease in deposit transactions ultimately signals a positive outlook for the asset.”
What To Expect From ETH Price Next?
Despite opening this week with a positive rally, Ethereum encountered a firm rejection close to the $1,870 mark. Following this, ETH’s value has been on a downward spiral, finding a safety net at the $1,760 level. Nevertheless, Ethereum’s latest bounce back from its support threshold, paired with its ascension past immediate Fibonacci levels, has rekindled bullish optimism.
As of writing, ETH price trades at $1,802, surging over 0.15% in the last 24 hours. Analyzing the 4-hour price chart, Ethereum experienced significant buying pressure today at $1,780, sending the price to an intraday high of $1,812.
If the ETH price continues to hold its current momentum and breaks above its immediate hurdle of EMA50 at $1,815, the asset might surge to its next resistance of $1,877. A breakout above its final resistance will clear the road to $2K.
Conversely, any unfavorable economic indicators could serve as the trigger, driving the ETH price beneath the vital support level of $1,750.
XRP Price is Breaking Below $0.45! Here’s Next Support For XRP
As traders navigate an uncertain global financial landscape, Ripple’s XRP token isn’t immune to the shockwaves reverberating through the crypto markets. The price of XRP has notably slipped below the critical support level of $0.45, causing a stir among traders and investors. This significant drop can largely be attributed to the current bearish sentiment surrounding potential interest rate hikes and the looming US debt ceiling crisis, which have started affecting the altcoin market significantly, and thus, the XRP price.
XRP Outshines But Fails To Hold Momentum
In an unexpected twist, XRP, Ripple’s native digital coin, has ascended past Bitcoin (BTC) to become the most traded asset on South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb, in terms of trading volume.
Remarkably, for two days running, XRP, currently ranked as the sixth-largest cryptocurrency by market capitalization, has managed to steal the limelight from Bitcoin in trading volume. This event signifies the burgeoning popularity of XRP amongst Korean investors, potentially indicating a shift in the overall crypto market dynamics.
As it stands, XRP holds the top spot as the cryptocurrency with the highest daily trading volume. It chalked up approximately $208 million on Upbit and $50 million on Bithumb in daily trading volume. In contrast, Bitcoin saw a trading volume of $96 million on Upbit and $27 million on Bithumb over the past 24 hours.
XRP’s ascent to prominence can be credited to multiple variables. Central to this has been Ripple’s tactful collaborations with prominent Korean financial entities, including GME, South Korea’s preeminent remittance service firm, and leading exchanges.
Furthermore, the anticipation of the SEC failing to uphold pivotal arguments has further buoyed this optimism. If this expectation materializes, it could potentially catalyze a surge in XRP’s price, propelling it to unprecedented levels.
XRP Steeply Declines From $0.45
This week started off on a promising note for XRP, with the digital asset trading comfortably above $0.45. However, bearish sentiment trapped bulls, plunging the price below 23.6% Fib level. As of writing, XRP price trades at $0.4491, declining over 2.5% in the last 24 hours.
The market bulls have struggled to push XRP past the prevailing downtrend line, and initiated a steep decline near the EMA-50 trend line at $0.45. This signifies a shift towards a bearish sentiment, with market tops being seized as selling opportunities.
The 20-day EMA is slowly beginning to trend downwards, and the Relative Strength Index (RSI) is situated within the negative zone. This suggests that the easiest route is likely downward. If buyers manage to push the price from $0.43 and send it above the 50-day EMA of $0.45, XRP’s value could gain momentum, potentially soaring as high as $0.47.
However, if the price slides below $0.44, it may begin a downturn that could pave the way for a drop towards the crucial support zone near $0.4.
BREAKING: Malaysia Regulator Shuts Down Huobi Global For Illegal Digital Asset Operations
In a significant regulatory move, the Securities Commission Malaysia (SC) has taken strict action against Huobi Global Limited and its Chief Executive Officer, Leon Li, for operating an unregistered digital asset exchange (DAX) within the country, the agency said in a recent announcement.
Read More: Cryptocurrency Regulations in Malaysia | Coinpedia
Cracking Down on Unregistered Operations
The SC, taking a serious view of this regulatory violation, has publicly reprimanded the popular digital asset firm and its CEO, Leon Li, for their unlicensed operations in Malaysia. In its commitment to safeguarding investors’ interests and ensuring the compliance of platforms with local regulatory norms, the SC has underlined the necessity of registering as a Recognised Market Operator (RMO) to operate a DAX.
Huobi Global Limited has been directed to halt its operations throughout the country. This includes disabling its website and mobile application across various platforms, including the Apple Store and Google Play, the agency explained. It is also expected to stop circulating, publishing, or disseminating any advertisements to Malaysian investors via email or social media.
As the person in charge, CEO Leon Li has received explicit orders to oversee the execution of these directives, SC underscored.
Investors to Exercise Caution
Following this decision, the SC has made a strong appeal to Malaysian investors who have been using Huobi Global Limited’s services to cease trading through the platform immediately, withdraw all investments, and close their accounts.
Investors are urged to engage only with RMOs that have registered with the SC. Such entities have undergone rigorous regulatory scrutiny and are bound by stringent guidelines to ensure investors’ protection under Malaysian securities laws, the agency explained.
The SC cautioned that those investing with unregistered entities or individuals are vulnerable to fraud and might not receive the protections granted under Malaysian securities laws.
Breaking: Judge Torres Denies the SEC’s Motion to Seal the Hinman Documents-Is This the Final Nail on the Coffin?
In a recent and interesting update, Judge Torres denied the SEC’s request to seal certain portions of Hinman’s documents. The defendants, the SEC in this case, have requested the court seal Hinman’s documents, which has been partially denied but also accepted some of the other requests regarding the sales of XRP on several other platforms.
With the new findings in the case, many speculations about ‘behind the curtains’ activities have emerged. Moreover, the role of SEC chairman, Gary Gensler also raises questions as to whether he is trying to cover up former Chairman Jay Clayton and his activities.
The SEC has requested to redact three categories of information, namely, the names and other identifying information of the SEC’s experts & XRP investor declarants. Secondly, personal and financial information, and lastly internal SEC documents reflecting debate and deliberation by SEC officials.
Also Read : Pro-XRP lawyer Explains What Will Happen to Coinbase if Ripple lost the Case Against the SEC
Therefore, the recent order mainly contained the three following observations
- Although the Summary Judgement may be granted public access, narrowly tailored redactions are also necessary. Previously, one of the SEC’s expert witnesses was subjected to serious threats and harassment after his name was publically disclosed. Therefore, the SEC’s request to seal the names and information revealing the identity has been accepted by the court.
- Secondly, the SEC’s request to not disclose personal and financial information publicly has also been upheld by the court, referring to it as having minimum relevance to the court proceedings.
- Thirdly, the SEC has requested to seal completely Hinman’s speech documents as it argued that it may influence the ruling on a motion. The court disagrees and rejects the plea saying that,
“ Likewise, the court rejects the SEC’s argument that the court should seal the Hinman Speech Documents because the SEC may in the future (on appeal or in other litigation) argue that the documents are privileged, now withstanding the Court’s holding that the documents are privileges,”
Breaking News: Do Kwon Secures Bail Release from Montenegro Court!
In a recent development, Montenegro’s court has accepted bail of $457,000 for Korean entrepreneur and alleged criminal Hyung Do Kwon. Upon payment of this amount, the defendant is to be released. However, he will be subject to certain surveillance measures, including a ban on leaving his apartment, which will be monitored by the police. If Kwon escapes or violates the supervision measure, the bail will be forfeited and entered into a special section of the budget for the work of the courts.
Bail Conditions and Court Decision
During the main hearing on May 12, Kwon provided details of his financial circumstances, stating that he has property worth several million dollars and that his loved ones would pay the bail amount.
He also pledged not to hide until the end of the criminal proceedings, to regularly respond to court summons, and to be available at the address provided by his defense attorney.
The prosecution representative objected to the proposal, claiming that the offered amount does not guarantee the presence of the defendant and that he has no interest in staying on Montenegro’s territory.
Despite the prosecution’s objections, the court considered the gravity of the criminal offense charged against Kwon, his personal and family circumstances, his property status, and the property status of those providing the bail.
The court determined that the possibility of losing the deposited bail of $457,000 each would have a sufficiently discouraging effect on the defendant, preventing any attempts to escape.
In addition to the bail, the court also imposed a measure forbidding Kwon from leaving his apartment. This measure is considered a substitute for custody to a significant extent, and the bail guarantees compliance with the imposed supervision.
HedgeUp (HDUP) makes Major Noise with Record Breaking Growth, While Ripple (XRP) and Tron (TRX) gets Sued By SEC
The world of cryptocurrencies is, once again, at the center of two contrasting narratives – the triumphant rise of an ambitious new project, and the legal challenges faced by two industry stalwarts. On one hand, there is the meteoric ascent of HedgeUp (HDUP), a decentralized finance (DeFi) token making significant noise with its record-breaking growth. On the other hand, Ripple (XRP) and Tron (TRX) face intense scrutiny from the U.S. Securities and Exchange Commission (SEC).
HedgeUp (HDUP) – A DeFi Dynamo Unleashed
HedgeUp (HDUP), a relative newcomer in the crypto space, is making its mark with an impressive display of growth. Its unique approach to DeFi and cutting-edge technological infrastructure have seen the token’s value skyrocket in a short period, earning it the attention and admiration of investors worldwide.
Driven by its innovative hedging mechanism and robust ecosystem, HedgeUp (HDUP) has managed to set a new benchmark in the DeFi sector. The token has demonstrated a resilience and vitality that not only reflects its inherent strength but also suggests a promising future for its holders.
Ripple (XRP) and Tron (TRX): Legal Woes Take Centre Stage
Meanwhile, Ripple (XRP) and Tron (TRX) are dealing with significant legal challenges that threaten to overshadow their market performance. Both companies are under scrutiny from the SEC for potential violations of securities laws. These lawsuits have cast a shadow over the future of both tokens, leading to uncertainty among investors.
Ripple (XRP), once a darling of the crypto world, is feeling the heat as the SEC case has led to a decrease in its market value. Similarly, Tron (TRX), known for its decentralized applications, is grappling with investor uncertainty due to its own legal issues.
Conclusion
These contrasting narratives underscore the volatile and unpredictable nature of the crypto market. As HedgeUp (HDUP) continues its upward trajectory, Ripple (XRP) and Tron (TRX) are embroiled in legal battles that could significantly impact their future.
Investors are keeping a close eye on these developments. HedgeUp’s (HDUP) impressive growth presents an enticing opportunity for those looking to leverage the potential of DeFi. Conversely, the legal woes of Ripple (XRP) and Tron (TRX) serve as a stark reminder of the regulatory challenges that can impact even the most established players in the crypto space.
The crypto world is nothing if not dynamic and full of surprises. As the industry continues to mature, the rise of HedgeUp (HDUP) and the legal challenges faced by Ripple (XRP) and Tron (TRX) underscore the need for investors to stay informed and vigilant in this exciting, yet volatile, market.
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Breaking News: Bittrex Exchanges Files for Bankruptcy After Regulatory Setback
cryptocurrency exchange Bittrex Inc. filed for bankruptcy protection following claims by the U.S. Securities and Exchange Commission (SEC) that it ran an unregistered securities exchange. The Seattle-based company shut down its American operations on April 30 and filed for bankruptcy in Wilmington, Delaware, claiming that the value of its assets and obligations was between $500 million and $1 billion.
Bittrex has denied the SEC’s allegations, claiming that the crypto assets on its platform were not securities or investment contracts. However, it had agreed to pay the U.S. Treasury Department $29 million in fines for “apparent violations” of the law’s anti-money laundering provisions and sanctions against specific nations.
Bittrex’s non-U.S. activities in Liechtenstein, which cater to clients outside of the United States, won’t be impacted by the bankruptcy case. A restricted reopening of customer accounts is what the company plans to request from the bankruptcy court in order to return the crypto assets to customers who are U.S. citizens but did not withdraw money before April 30.
Bittrex’s bankruptcy filing is the most recent setback for the cryptocurrency sector, which has seen a number of businesses fail over the past year as a result of falling asset values, increased regulatory attention, and legal troubles. As long as the SEC’s action against the company is underway, Bittrex’s future is uncertain.
Breaking: Coinbase Launches Its International Exchange To Get Out Of SEC’s Regulatory Trouble
In a ground-breaking move that has taken the crypto world by storm, Coinbase, the leading cryptocurrency exchange platform, has officially launched its international exchange to sidestep mounting regulatory pressure from the United States Securities and Exchange Commission (SEC). With this daring venture, Coinbase aims to secure financial freedom and expand its reach beyond US borders.
Coinbase Finally Makes a Big Move
Crypto giant Coinbase boldly sets sail for Bermuda, launching an exciting new derivatives exchange amidst a turbulent regulatory climate back home. Dubbed the “Coinbase International Exchange,” this ambitious expansion plan signifies the firm’s determination to break free from domestic regulatory constraints and explore uncharted financial territories.
At the onset, the Coinbase International Exchange will enable traders to speculate on the ever-fluctuating prices of Bitcoin and Ether using perpetual futures contracts. Offering up to 5x leverage, these contracts will be settled in the widely recognized stablecoin, USDC. With trading already underway, as announced in a recent Coinbase blog post, this new facility is set to reshape the landscape of crypto trading.
The launch comes after months of intense scrutiny from the SEC, which has been closely monitoring Coinbase’s activities and transactions. As the crypto industry continues to grow and mature, regulatory bodies worldwide have been working tirelessly to implement strict guidelines and policies to govern this new age of digital finance. Coinbase’s decision to launch its international exchange is a bold statement that indicates the company’s desire to resist restrictive regulations and continue its pursuit of innovation and growth.
Coinbase Gets Boost From Bermuda’s Regulatory Environment
In a thrilling development, Coinbase has successfully won the support of Bermuda’s regulators for the launch of its new international crypto platform. As reported earlier, the island’s Bermuda Monetary Authority (BMA) granted Coinbase a coveted Class F License by mid-April 2023. This prestigious license empowers the company to operate as a digital asset exchange and a digital asset derivatives exchange provider, while also granting the ability to conduct activities such as token sales and issuance.
Coinbase said:
“Rest assured that Coinbase is committed to the U.S., but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs. Coinbase said in a blog post. “We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the U.S.”
Coinbase acknowledges Bermuda’s sterling reputation for its regulatory environment, characterized by unparalleled transparency, compliance, and cooperation. With the backing of such a well-regarded authority, the crypto giant is poised to make waves in the international financial arena.
As Coinbase sets sail into uncharted waters, the support from Bermuda’s regulatory watchdogs signals a bright future for the company’s international crypto platform.
On April 27, Coinbase executives went public with their company’s regulatory challenges, as Chief Legal Officer Paul Grewal addressed attendees at Consensus 2023 and joined CEO Brian Armstrong in a YouTube video release.
This public appeal was triggered by a Wells notice received from the United States Securities and Exchange Commission (SEC), indicating potential enforcement actions against the cryptocurrency exchange.
In the video, directed at the SEC’s chair and commissioners, Grewal firmly stated, “Coinbase’s core commitment to regulatory compliance has never wavered.”
Bermuda’s Premier and Finance Minister, Edward Burt, has boldly affirmed the island’s unwavering support for the crypto industry, even in the face of setbacks like FTX’s failure. Last year, Bermudan authorities echoed this sentiment, vowing to continue pursuing their vision of a crypto hub despite the massive bear market that engulfed the industry in 2022.
As early as mid-March 2022, reports surfaced that Coinbase was plotting to establish a global crypto exchange. These reports surfaced just days before the company publicly announced receiving a Wells notice from the United States Securities and Exchange Commission (SEC). Undeterred, Coinbase responded by filing a motion against the SEC on April 25, urging the regulator to bring much-needed clarity to the world of crypto regulations.
BREAKING: Ethereum Security Status Under Review, SEC Requests Redaction
The cryptocurrency world is buzzing with speculation after the US Securities and Exchange Commission (SEC) filed a letter seeking to redact parts of a speech given by former SEC official Bill Hinman in June 2018. The speech classified Ethereum as not being a security, but the redacted sections reportedly discuss “pending determinations” before the commission, leading to rumors that the designation of Ethereum may be under review.
SEC Seeks Approval to Redact Two Documents
In response to the SEC’s April 11, 2022 order, which allowed them to “seek leave to redact” communications between staff that discussed how Hinman’s speech “implicates other, separate agency deliberations,” the SEC filed a letter on April 29, 2022, seeking approval to redact two documents that contained language the commission sought to keep confidential. The SEC has submitted the documents to the court for “in-camera review” as directed by the court’s July 12, 2022 order.
Potential Impact on Ethereum
Ethereum is the second-largest cryptocurrency after Bitcoin, with a market capitalization of over $200 billion. The designation of Ethereum as not being a security has been a crucial factor in its growth and adoption. The possibility that its status may be under review has raised concerns among investors, as it could potentially affect the value and legitimacy of Ethereum.
Mixed Reactions from Ethereum Community
The Ethereum community has responded with a mix of concern and dismissal regarding the potential review of Ethereum’s designation. While some are worried about the impact on the cryptocurrency, others believe that the designation is not under review. The outcome of the SEC’s request to redact the documents remains to be seen and whether it will lead to a review of Ethereum’s designation.
Breaking: UK Tax Authority Announces DeFi Lending And Staking Tax Reforms To Avoid Tax Evasion
The decentralized finance (DeFi) space has been the subject of much interest and intrigue among investors and regulators alike. Its ability to facilitate rapid and anonymous financial transactions has raised eyebrows, particularly when it comes to avoiding taxes.
Governments worldwide are now taking a closer look at DeFi platforms and proposing new regulations to curb tax evasion and ensure transparency in the crypto industry. In response to recent crypto market failures and growing concerns over tax evasion, the UK’s tax authority, HM Revenue and Customs (HMRC), has proposed changes to the tax treatment of DeFi lending and staking.
HMRC Takes Aim At DeFi Tax Loopholes
The UK’s tax authority, HM Revenue and Customs (HMRC), recently announced that they are seeking public input on proposed changes to the tax treatment of decentralized finance (DeFi) lending and staking.
The announcement follows a 2022 call for evidence, with the authority citing recent crypto market failures, such as the collapse of the FTX exchange, as reasons for increased regulatory scrutiny in the sector.
Global regulators have been closely monitoring DeFi, as policymakers have identified specific risks associated with the technology. These risks include cybersecurity threats, technical vulnerabilities, and growing interdependence between traditional and decentralized financial systems. Additionally, policymakers have noted a lack of safety nets during times of market stress, further fueling their concerns.
Under the present regulations, DeFi transactions may be classified as disposals, allowing lenders or liquidity providers to write them off as gifts or sales, even when the ownership of the asset remains unchanged. The consultation document mentions:
“This can lead to tax outcomes that do not reflect the underlying economic substance, and to a tax liability from a transaction where no gain has been realized in a form which can be used to meet the liability. The need to determine and record the market value of assets at each step in the transaction may also give rise to a disproportionate administrative burden.”
UK Ensures No Tax Evasion In DeFi Transactions
The proposed alterations would ensure that DeFi transactions are not considered disposals for tax purposes, only occurring when crypto assets are “economically disposed of in a non-DeFi transaction,” according to the consultation. The new framework might also classify all DeFi returns as revenue in nature, subjecting them to a “new miscellaneous income charge” in order to reduce administrative burdens.
Although the proposed framework primarily targets DeFi lending and staking, it is also intended to apply to centralized finance (CeFi), where crypto lending or staking is facilitated through intermediaries.
The HMRC has previously adapted existing tax rules for crypto, including offering a tax break for foreign investors purchasing crypto through local agents. The consultation will be open for eight weeks, concluding on June 22.
With transactions happening autonomously and across decentralized networks, tracking and taxing DeFi transactions has proven to be an uphill task. One major hurdle for the government will be the complex nature of DeFi transactions. Smart contracts that power DeFi platforms execute transactions without the need for a central authority or intermediary.
Another challenge that the government will face is the borderless nature of DeFi transactions. Cryptocurrencies can be traded and transferred across borders with ease, making it difficult for authorities to determine the tax jurisdiction for DeFi transactions.
HMRC’s proposal to reform the tax treatment of DeFi lending and staking signals a growing awareness among regulators of the unique challenges and opportunities presented by the DeFi space. As the DeFi ecosystem continues to be on an upward road, it is crucial for governments and regulators to work together to develop clear and comprehensive frameworks that promote transparency, protect investors, and maintain the integrity of the financial system with zero tax evasion.
BREAKING: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow Suit?
Cryptocurrency enthusiasts and investors have been eagerly awaiting concrete regulations to come into play, and it seems Hong Kong is about to deliver. The Securities and Futures Commission of Hong Kong is set to release guidelines for crypto exchanges this May, signaling a potential sea change for the global digital asset market. With the EU already announcing its own regulatory framework, this move is seen as a significant step towards providing much-needed clarity in the industry.
As the world waits to see what the guidelines will entail, all eyes are on whether the US SEC will follow suit.
Hong Kong Rules In The Works
Hong Kong’s digital asset industry is set to receive a boost, with the Securities and Futures Commission’s CEO, Julia Leung, confirming that licensing guidelines for digital asset trading platforms will be released this May. The regulatory consultation process has already received over 150 feedbacks, underscoring the importance of these upcoming developments.
In addition, Hong Kong plans to allow retail investors to trade cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), a move that could have significant implications for the broader financial market. The formal opening of cryptocurrency trading to retail investors may increase accessibility and investment opportunities for individuals.
As Hong Kong’s regulatory framework for cryptocurrency exchanges draws closer, all eyes are on whether the US Securities and Exchange Commission will follow suit. Could this signal a new era of global regulatory alignment for digital assets?
Breaking! Bittrex Global Stands Strong Against SEC Lawsuit, Confirms No Services Provided To US Customers
In a defiant move, Bittrex Global, one of the leading cryptocurrency exchanges, has confirmed that it will fight against the lawsuit filed by the United States Securities and Exchange Commission (SEC). The company maintains that it has not served US customers, thus questioning the basis of the SEC’s legal action.
The SEC Mistakenly Charged Bittrex!
In a recent phone interview with CoinDesk, Bittrex Global GmbH CEO Oliver Linch asserted that the US Securities and Exchange Commission (SEC) is “mistaken” in accusing the crypto exchange of violating local securities laws.
Linch’s statement comes in response to the SEC’s charges filed on April 17 against Bittrex Inc. and its former CEO William Shihara for operating an unregistered securities exchange, broker, and clearing agency in the United States.
Furthermore, the SEC alleged that Bittrex Global GmbH failed to register as a securities exchange due to its operation of a “single shared order book” with the US-based Bittrex.
The regulator claimed that both Bittrex and Bittrex Global should have registered as an exchange since they facilitated the interaction of securities orders from multiple buyers and sellers using “established, non-discretionary methods.”
Linch staunchly defended Bittrex Global during the interview, emphasising that the SEC’s allegations are unfounded and demonstrating the company’s determination to challenge the charges.
The complaint mentioned that Bittrex offers Bittrex Global the technology required to operate its trading platform, which includes a single matching engine and a shared order book maintained by Bittrex personnel in the United States.
Additionally, the complaint highlighted that the design and functionality of the Bittrex Platform bear similarities to registered national securities exchanges, from its display and order book to order matching and trading rules.
Bittrex Never Served US Customers
Regarding SEC’s allegations, the CEO commented,
“We’ve not really seen an explanation as to what the SEC’s thinking is there, why that is of significance. Suffice to say we think that they’re mistaken in the way they conceive of it legally and in terms of facts.”
Bittrex Global CEO Oliver Linch, who took the helm last year, firmly stated that the company never claimed to offer services in the United States. He mentioned that Bittrex Global would vigorously defend its stance that it does not have any customers in the country.
The SEC has recently come under fire from the industry due to a series of enforcement actions and notices of scrutiny that led to some firms, including Bittrex Inc., ceasing operations in the US, either partially or entirely. Industry insiders have criticised the SEC for its approach of regulating through enforcement rather than providing clear regulatory guidance to companies.
Following the lawsuit against Bittrex, SEC Chair Gary Gensler emphasised that the action demonstrates the issues in the crypto markets stem from a lack of regulatory compliance rather than a lack of regulatory clarity.
The complaint alleged that Bittrex’s former CEO, Shihara, collaborated with crypto issuers to eliminate language that suggested the assets involved were securities.
Linch expressed that it was an unfortunate day for Bittrex, but the closure did not impact his company’s global operations. He confirmed that Bittrex was a completely separate legal entity that catered exclusively to the U.S. market and its customers.
As Bittrex shuts down its operations, Bittrex Global will continue to provide services to clients in the rest of the world as it always has, he said.
Last week, SEC’s Gensler encountered challenging inquiries from U.S. lawmakers regarding his approach to the crypto sector.
Meanwhile, the European Parliament approved a significant crypto licensing framework. Linch remarked that the responsibility lies with the U.S. Congress to establish a regulatory regime if they desire one
BREAKING: South Korean Authorities Indict Terra Co-Founder Daniel Shin
Daniel Shin, the co-founder of Terraform Labs, has been indicted on allegations of violating capital market legislation and other charges by South Korean authorities, according to a recent Bloomberg report. This comes after the recent arrest of Terraform Labs’ founder Do Kwon last month on suspicion of forgery.
Daniel Shin Indicted for Violating Capital Markets Law
Terraform Labs co-founder Daniel Shin and nine others have been indicted by South Korea on various charges, including the violation of capital markets law, in connection to the failed Terra cryptocurrency project that collapsed last year.
At a news conference, Dan Sung Han, the prosecutor who oversees the financial crime investigation department, revealed that so far, prosecutors had frozen 246.8 billion won ($184.7 million) in assets from the suspects. Eight people, including Shin, have been indicted for illegal trading, while two others have been charged with breach of trust. All of those charged have a direct connection to Terra, including involvement in marketing, systems development, and management.
According to his lawyer, Kim Ki-dong, Shin bears no responsibility for the Terra and Luna collapse, as he had left the company two years prior to the event. Kim added that Shin voluntarily returned to South Korea soon after the collapse and has been cooperating with the authorities for over 10 months to assist with the fact-finding process.
Background of the Terra Labs Collapse
The collapse of Terra occurred last summer when the algorithmic stablecoin, TerraUSD, deviated from its 1:1 peg with the US dollar, resulting in significant disruption throughout the cryptocurrency markets. These events contributed to a broader downturn of $2 trillion in the crypto market.
The incident caused a ripple effect that led to several crypto firms, including Three Arrows Capital, Voyager, and Celsius, going bankrupt. Officials have described the Terra project as a “fabrication” since its inception, citing an algorithm that was impossible to get right in maintaining TerraUSD’s stable price.
It was further alleged that Shin and other charged individuals have caused “astronomical damage” to global investors.
Breaking News : Coinbase Sues SEC, Demands Clarity on Digital Asset Regulations
Coinbase, a popular crypto exchange, has filed a lawsuit against the Securities and Exchange Commission (SEC) because they want the SEC to share their answer to a petition from July 2022.
The petition asked if the SEC would regulate digital assets, like cryptocurrencies, using the existing SEC frameworks. However, the SEC has not publicly responded to the petition yet, and in the meantime, they have been increasing their enforcement actions and warnings against crypto exchanges, including Coinbase.
Coinbase’s chief legal officer, Paul Grewal, said that the SEC has not shared its decision on their petition to regulate digital assets. They filed a lawsuit to force the SEC to share its decision. The SEC has taken actions against several crypto exchanges and individuals accused of manipulating crypto assets since January.
This is Coinbase’s first move against the regulator, after being warned by the SEC of pending legal action. Grewal said that regulatory clarity is needed for the industry, as Coinbase and other crypto companies are facing potential regulatory enforcement actions without knowing how the SEC believes the law applies to their business.
Breaking: Bittrex Crypto Exchange and Ex-CEO Hit with US SEC Lawsuit Over Accusations of Federal Law Breaches
The US Securities and Exchange Commission (SEC) has leveled serious allegations against cryptocurrency trading platform Bittrex, its co-founder, and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. In addition, Bittrex’s foreign affiliate, Bittrex Global GmbH, faces charges for failing to register as a national securities exchange while operating a single shared order book with Bittrex.
Bittrex Promoted Illegal Crypto Asset Trading Since 2014
Operating since at least 2014, Bittrex reportedly facilitated crypto asset trading that the SEC claims were offered and sold as securities. The platform allegedly generated $1.3 billion in revenues from transaction fees and other sources between 2017 and 2022, servicing investors, including those from the US, without registering the required activities with the SEC.
The complaint highlights that Bittrex and Shihara, CEO from 2014 to 2019, allegedly collaborated with issuers seeking to trade their crypto assets on Bittrex’s platform. They reportedly instructed the issuers to delete public “problematic statements” that could lead regulators, such as the SEC, to investigate the asset as a security offering. This move was apparently aimed at avoiding regulatory scrutiny.
SEC Chair Gary Gensler stated that the complaint showcases the crypto market’s lack of regulatory compliance, not a lack of clarity. Bittrex and the issuers involved reportedly knew the rules but evaded them. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasized that Bittrex allegedly prioritized profits over investor protection, with a business model that put investors at risk.
The press release stated, “The SEC also charged Bittrex, Inc.’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.”
SEC Chair and Enforcement Director Weigh In
Last month, Bittrex disclosed its intention to leave the US market by April’s end, attributing the decision to the “current US regulatory and economic environment.” Over the past weekend, the company provided further details, as general counsel David Maria informed the Wall Street Journal that Bittrex had received a Wells Notice in March. This notice indicates that the SEC’s Enforcement Division has discovered evidence of legal violations.
Gurbir S. Grewal, the Director of the SEC’s Division of Enforcement, stated, “We allege that Bittrex consistently prioritized profits over the protection of investors.”
He further explained that the SEC’s complaint against Bittrex outlines the company’s business model, which was allegedly built on three key aspects: evading federal securities laws’ registration requirements, advising crypto asset security issuers to do the same by modifying their offering materials and consolidating multiple market intermediary roles to optimize profits.
Grewal emphasized that the SEC’s actions against Bittrex not only hold the company responsible for alleged misconduct that put investors at risk but also serves as a warning to other non-compliant crypto market intermediaries to adhere to federal securities laws or face the consequences of their violations.
The SEC’s lawsuit against Bittrex bears similarities to its recent action against Beaxy, a company that settled comparable charges. It also hints at the potential charges the SEC may bring against Coinbase (COIN), the largest US exchange, which received a Wells Notice last month as well.
Filed in the US District Court for the Western District of Washington, the SEC’s complaint alleges that Bittrex and Bittrex Global should have registered as exchanges, clearing agencies, and brokers. The SEC’s investigation and litigation are ongoing, with potential consequences for other non-compliant crypto market intermediaries.
Binance Accused of Deliberately Breaking US Laws and Under Scrutiny from Multiple US Agencies
Binance, the world’s largest cryptocurrency exchange, has been accused by the Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam of intentionally breaking regulatory rules and failing to comply with US laws. In a recent speech at Princeton University, Behnam criticized Binance and its CEO Changpeng “CZ” Zhao for offering futures contracts and derivatives to US customers without registering with the regulator and failing to keep Americans off the exchange.
“These are not unsophisticated individuals. They are starting large companies and offering futures contracts and derivatives to US customers” Rostin Behman
Binance Under Scrutiny from Multiple US Agencies
The CFTC filed charges against binance 
binance [email protected] Centralised Exchange 
and its CEO on March 27 for violating US laws by illegally offering trading and derivatives services to US customers. This move comes amidst increased scrutiny from multiple US agencies, including the Internal Revenue Service, federal prosecutors, and the Securities and Exchange Commission (SEC).
Impact on Binance Exchange
As a result of these legal challenges, Binance’s trading volume has decreased. Derivatives trading volumes are dropping during US hours since the CFTC lawsuit. The end of zero-fee Bitcoin trading for all trading pairs except TrueUSD has led to a significant decrease in the trading volume of the BTC-USDT pair, falling by almost 90%. Despite these challenges, Binance remains a major player in the cryptocurrency market with a reported daily trading volume of over $56 billion as of April 2023.
Binance CEO CZ Speaks Out
Binance CEO CZ expressed disappointment with the charges made by the CFTC but has shown intentions to work with the regulator and comply with the charges. The case against Binance highlights the need for clear regulation in the cryptocurrency industry. While the industry has seen explosive growth in recent years, it remains a largely unregulated and volatile space. As regulators seek to bring these markets in line with traditional financial systems, exchanges like Binance will need to adapt to the changing regulatory landscape or risk facing legal consequences.
Also Read: Unlock Your Staked Ether: Binance Enables Withdrawals from April 19th! – Coinpedia Fintech News
BREAKING: Yearn Finance and Aave Lose $10 Million in New Flash Loan Attack
In a recent tweet by Lookonchain, it has been revealed that Yearn Finance and Aave, two popular DeFi platforms, have fallen victim to a flash loan attack that has cost them over $10 million in stablecoins such as USDC, USDT, TUSD, and BUSD. The attacker executed the attacks in real time and successfully got away with a significant amount of money.
Flash Loan Attacks on the Rise
Flash loans have been increasingly popular in the decentralized finance (DeFi) ecosystem, providing bad actors with a growing number of opportunities to carry out exploits. Data shows that in the first quarter of 2023, over $200 million was lost via flash loan attacks.
Understanding Flash Loans
Flash loans rely on arbitrage, the process of taking advantage of small price differences. Unlike other types of loans, flash loans do not require a lengthy approval process, making them easy to execute. Attackers are drawn to flash loans because they allow large amounts of cryptocurrency to be borrowed without providing collateral.
Preventing Flash Loan Attacks
To prevent flash loan attacks, better security measures, such as code audits and robust smart contract design, can be implemented. Increasing awareness of potential attack vectors within the DeFi sector can also be helpful.
Suspicion Over YFI Deposit Timing
Following news of the attack, some have questioned the timing of the deposit of Yearn Finance’s YFI token. YFI is currently ranked as the most deposited altcoin in the last 24 hours, with 360 YFI deposited to CEX in 67 TXs, all before the exploit. The coincidence is that the YFI token dropped 5% in the past hour, just as the attack was happening.
Also Read: Top Altcoins To That Are Poised To Breakout Soon – Coinpedia Fintech News
Some traders have questioned whether the deposit of such a large number of tokens was abnormal or not. At the time of writing, neither Yearn nor Aave have provided a statement regarding the exploit.
Do you think enough is being done to prevent such disasters in DeFi?
Breaking News: Deutsche Bank Shares Slumps 14% Amid Global Banking Crisis
In the latest global banking crisis, German multinational investment bank Deutsche Bank AG (NYSE: DB) signaled a red alert to investors on Friday. As of March 24, 12:06 p.m. CEST, Deutsche Bank shares traded around $8, down approximately 14 percent. Investors questioned the bank’s stability on Friday after the bank’s credit default swaps that insure against default shot to a four-year high.
Troubles at Deutsche Bank
According to market data provided by S&P Market Intelligence, Deutsche Bank’s credit default swaps (CDS) – a form of insurance for bondholders – shot up above 200 basis points (bps) – the most since early 2019 – from 142 bps just two days ago.
“Deutsche Bank has been in the spotlight for a while now, in a similar way to how Credit Suisse had been,” Stuart Cole, a head macroeconomist at Equity Capital, said. “It has gone through various restructurings and changes of leadership in attempts to get it back on a solid footing, but so far, none of these efforts appear to have really worked.”
Meanwhile, the bank decided to redeem its $1.5 billion Fixed to Fixed Reset Rate Subordinated Tier 2 Notes due in 2028.
Following today’s dip, Deutsche Bank shares are down approximately 29 percent in the past month and 31 percent YTD.
Bigger Picture
The troubles at Deutsche Bank came after Credit Suisse was bailed out from imminent collapse through government intervention. With three regional banks in the United States already collapsed, the fear of more bank runs could escalate in the coming weeks. As such, analysts anticipate Bitcoin price could rally further as demand for risky deflationary assets rises exponentially.
According to market data provided by Coingecko, Bitcoin price is up 1.7 per cent in the past 24 hours to trade around $28.2k.
Breaking: Europol’s $46M Seizure Unveils Dark Web’s Largest Cryptocurrency Laundromat Washed Out with $2.88B Allegedly Laundered
The rise of cryptocurrency has brought about a new era of financial freedom and decentralization, but it has also given rise to a new form of crime: money laundering on the dark web. Criminals are increasingly turning to cryptocurrencies to launder their ill-gotten gains, and law enforcement agencies are struggling to keep up. In a major crackdown on money laundering on the dark web, Europol has seized $46 million in cryptocurrency from one of the largest cryptocurrency laundering services.
One Of The Largest Cryptocurrency Laundromats
A joint effort by German and US authorities, with the support of Europol, has resulted in the targeting of ChipMixer, a notorious cryptocurrency mixer within the cybercriminal community. This investigation was also backed by authorities from Belgium, Poland, and Switzerland.
On March 15th, national authorities dismantled the platform’s infrastructure due to its suspected involvement in money laundering activities. In the operation, four servers were seized, and approximately 1909.4 Bitcoins from 55 transactions (equivalent to approximately EUR 44.2 million) and 7 TB of data were confiscated.
In mid-2017, ChipMixer, an unlicensed cryptocurrency mixer, emerged as a platform that specialized in obfuscating or severing trails associated with virtual currency assets. Cybercriminals found the ChipMixer software to be alluring, as it blocked the blockchain trail of funds, making it easier to launder illegal proceeds from criminal activities such as drug trafficking, weapons trafficking, ransomware attacks, and payment card fraud.
Upon deposit, the funds were converted into “chips,” which were small tokens with the equivalent value. These chips were then mixed together, effectively anonymizing all traces back to their initial source.
Record-breaking EUR 2.73 Billion in Crypto Assets Laundered through Ingenious “Chip” Method
Following the investigation into a criminal service, it has been revealed that the platform may have played a significant role in laundering approximately 152,000 Bitcoins, which is estimated to be worth around EUR 2.73 billion at present. This huge sum of money is believed to be linked to illegal activities such as the sale of illicit goods on dark web markets, ransomware attacks, procurement of child sexual exploitation material, and stolen cryptocurrency assets. The takedown of the Hydra Market dark web platform led to the discovery of millions of euros worth of transactions.
The ChipMixer service has also been utilized by ransomware groups like Zeppelin, SunCrypt, Mamba, Dharma, and Lockbit to launder ransom payments. Furthermore, authorities are currently investigating whether some of the cryptocurrency assets that were stolen after the bankruptcy of a major crypto exchange in 2022 were laundered through the same service.
The coordination of the operation was facilitated by Europol, which played a crucial role in exchanging information between national authorities. Europol also provided analytical support, linking available data to various criminal cases both within and outside the EU. In addition, the investigation was aided by operational analysis, cryptocurrency tracing, and forensic analysis, all of which were provided by Europol.
The Joint Cybercrime Action Taskforce (J-CAT) at Europol also provided support for the operation. This task force is a standing operational team that consists of cybercrime liaison officers from various countries who work on high-profile cybercrime investigations.
The rise of money laundering on the dark web with cryptocurrencies is a major challenge for law enforcement agencies around the world. The anonymity and decentralization of cryptocurrencies make it difficult for them to track and prosecute criminals, and the use of cryptocurrency mixers and tumblers only exacerbates the problem.
However, there are some steps that can be taken to combat this problem. Law enforcement agencies can work to increase their knowledge of cryptocurrencies and the dark web and develop new technologies and strategies to track and prosecute criminals. Governments can also work to regulate and oversee cryptocurrency exchanges and other services in order to prevent them from being used for illicit activities.
The rise of money laundering on the dark web with cryptocurrencies is a complex and evolving problem, but it is one that must be addressed if we are to effectively combat crime in the digital age. It will require a concerted effort from governments, law enforcement agencies, and the cryptocurrency industry to work together to find solutions and prevent the misuse of cryptocurrencies for illicit activities.
Breaking: HSBC Acquires Silicon Valley Bank UK Subsidiary for £1
Following the takeover of Silicon Valley Bank by the United States Federal Deposit Insurance Corporation (FDIC) over the weekend, SVB’s UK subsidiary has been acquired by HSBC Holdings plc, a British multinational universal bank, and financial services holding company, for £1.
SVB Customers Can Now Bank Through HSBC
According to the announcement, SVB UK had loans of around £5.5 billion and deposits of around £6.7 billion as of March 10, 2023.
Reportedly, SVB UK recorded a profit before tax of £88 million for the financial year ending 31 December 2022. HSBC Holdings noted that SVB UK’s tangible equity is expected to be around £1.4 billion. As such, the final calculation of the gain arising from the acquisition will be provided later.
Noel Quinn, HSBC Group CEO, said the SVB UK acquisition makes excellent strategic sense for its business in the United Kingdom. Moreover, the acquisition strengthens its commercial banking franchise and enhances its ability to serve innovative and fast-growing firms in the country.
“We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety, and security of HSBC. We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them,” Quinn noted.
Quick Interventions From UK and US Governments Save SVB
Less than three days following the collapse of Silicon Valley Bank, which mostly serviced businesses and high-net-worth customers, the United States federal government and the UK administration have swiftly stepped in to save the banking crisis. While the Biden administration has pledged $25 billion to bolster SVB banking operations, the UK government, through Chancellor Jeremy Hunt, announced it was looking into the matter to avoid damage to promising companies in the market.
Breaking Barriers: The Top 3 Crypto Set to Disrupt their Respective Industries in the Next Bull Market: Flux, Harmony, And HedgeUp
Cryptocurrencies have been gaining popularity in recent years as a legitimate form of digital currency that allows for peer-to-peer transactions without the need for a central authority. With the advent of blockchain technology, crypto has the potential to disrupt a variety of industries, from finance to supply chain management. In this article, we will take a closer look at three cryptocurrencies that have the potential to break barriers and disrupt their respective industries in the next bull market: Flux ($FLUX), Harmony ($ONE), and HedgeUp ($HDUP).
HedgeUp: Revolutionizing the Alternative Investment Market using DeFi
HedgeUp is a unique platform that aims to become the first alternative investment platform within the cryptocurrency sphere. Its goal is to make it easy for people to invest in high-value assets that were previously beyond their reach. By bridging the gap between traditional and cryptocurrency investors, HedgeUp hopes to open up opportunities in the alternative investment market.
The platform will offer a wide range of alternative products, such as wine, diamonds, gold, private jets, and luxury watches. HedgeUp aims to make it easy for people to generate annual returns between 28% and 36% by partnering with high-end startups and negotiating deals with third-party vendors to provide access to a wide array of alternative investment products. It has assembled a team of professional experts with over 30 years of experience in alternative investment products to teach people how to invest in these assets.
In addition, HedgeUp will enable fractional NFT purchases, making it easier for people to own a piece of an NFT, depending on the amount they wish to invest. The native cryptocurrency $HDUP acts as a medium of exchange for buying and selling alternatives. Currently, the platform has launched its presale event where potential buyers can invest.
Flux Labs Partners with the Secret Garden of Kadena project to create a multi-game ecosystem
Flux is a cryptocurrency that powers the Flux ecosystem. It is focused on empowering individuals to develop, deploy, and use the decentralized internet of the future, known as Web3. The Flux project was founded by Daniel Keller, Tadeas Kmenta, and Parker Honeyman. The ecosystem includes a native Proof-of-Work (PoW) cryptocurrency, a powerful decentralized computational network (FluxNodes), and parallel assets to provide interoperability with other blockchains. Flux’s decentralized network is the largest in the world, with around 15,000 nodes distributed globally.
The project is unique in that it is truly decentralized, with no single point of failure and 100% uptime. According to reports, Flux Labs has entered into a partnership with a gaming project, Secret Garden of Kadena. The partnership aims to run its games on the Flux decentralized Web3 infrastructure. This collaboration aims to leverage the benefits of the decentralized Web3 infrastructure provided by Flux to enhance the gaming experience.
Harmony Foundation completes wallet rotation for $ONE token
Harmony is an open-source, decentralized blockchain platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications and services. The project was founded by Stephen Tse and Nick White. The Harmony blockchain utilizes a unique consensus mechanism called “Fast Byzantine Fault Tolerance” (FBFT) that enables high transaction speeds and scalability. The platform also utilizes sharding to divide the network into smaller groups of nodes, known as “shards,” which work together to process transactions and maintain the integrity of the network.
The distribution of the coins is primarily through mining and staking, with a small percentage also reserved for the team, advisors, and community development. The native cryptocurrency of the network is known as $ONE. According to reports, a planned rotation of wallets has been completed by the Harmony Foundation. The $ONE tokens that were previously held in a single wallet have been transferred and are now securely stored in multiple multi-signature wallets. This process aims to ensure the security and safety of the $ONE tokens and the foundation’s assets.
Flux ($FLUX), Harmony ($ONE), and HedgeUp ($HDUP) are the top three cryptos that are set to disrupt their respective industries in the next bull market. Each of them offers unique solutions and use cases that have the potential to revolutionize their industries. Flux offers a decentralized platform for creating and trading virtual items in a wide range of games and apps while Harmony offers a high-performance blockchain platform that utilizes sharding to increase transaction speed and scalability. However, it is HedgeUp that is emerging as the hot favorite of crypto analysts as it offers a decentralized platform that allows investors to create and trade custom-tailored assets in a trustless and transparent environment.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Official Website: https://hedgeup.io
Community Links: https://linktr.ee/hedgeupofficial
XRP Price Breaking Down-Here’s When it May Trigger a Rebound and Surge Beyond $0.38
The crypto markets are in decline, with the Bitcoin price recently falling below $22,000. With the drop of the star crypto, the majority of the altcoins including XRP also slashed heavily. Despite a minor plunge, the price continues to remain under the huge influence of bulls and is believed to spark a fine upswing very soon. However, before a hefty upswing, the prices were believed to undergo a subsequent pullback.
Therefore, the XRP price dropped back to the lower support at $0.3725, trying to halt the ongoing bearish trend. The price, which is closely fluttering around $0.3745, faces rejection at the levels around $0.384. Following this, the price dropped toward the lower support at $0.3610 which coincided with the trend support line.
The XRP price during the last few days of February rose finely to mark the interim highs above $0.4, but woefully, a bearish trigger was really triggered that dragged it towards the lower support at around $0.361.
Since then the price is attempting to rise back beyond $0.38 but has failed every time. Therefore, now that the bulls appear to hold significant strength, the price is believed to plunge and test the lower support again before undergoing a bullish breakout.
Presently, the XRP price is trading at $0.3759, with a jump of 1.26% in the past 24 hours, while the market capitalization continues to hover around $19.17 billion. The trading volume records a massive spike of more than 40%, surging beyond $1.5 billion, with 50% of its supply circulating out of the total supply.
Breaking! India Joins Forces With The US And IMF To Frame Country’s First-Ever Crypto Bill
India has seen a surge in cryptocurrency trading and investment in recent years. While the potential of cryptocurrency and blockchain technology is widely recognized, the Indian government has expressed concerns about the risks associated with cryptocurrencies, including money laundering, fraud, and terrorism financing. As a result, the Indian government is now exploring ways to regulate the cryptocurrency industry in the country.
According to a recent report from the Indian Government, at the current G20 Presidency, India has asked the IMF and Financial Stability Board (FSB) to collaborate on a technical document concerning crypto assets. This paper will aid in developing a unified and thorough approach to regulating these assets.
India Finally Pushes Toward Crypto Bill
During the two-day talks of the Group of 20 (G20), India’s efforts to regulate cryptocurrencies received backing from the International Monetary Fund and the United States. The Indian government has called for a worldwide collaborative approach to addressing the challenges posed by digital currencies like bitcoin. To facilitate this, India’s finance ministry organized a seminar for G20 members to discuss the development of a shared regulatory framework.
According to a statement from the Indian finance ministry, the collaborative paper from international organizations is anticipated to be presented at the 4th Finance Ministers and Central Bank Governors Meeting in October 2023.
The report states, “To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets.”
IMF And FSB To Integrate With The Indian Crypto Regulatory Framework
According to the statement, the IMF’s discussion paper, policy seminar, and joint paper with the FSB will collectively address macro-financial and regulatory aspects of crypto assets and help establish a worldwide agreement on a unified and thorough policy approach to these assets.
Although the crypto world is rapidly changing, there is currently no comprehensive global policy framework in place for digital assets. As crypto assets become increasingly intertwined with traditional finance and as their volatility and complexity persist, policymakers are advocating for stricter regulation.
In an interview with Reuters during the G20 meeting in Bengaluru, U.S. Treasury Secretary Janet Yellen emphasized the importance of establishing a robust regulatory framework for crypto assets. However, she also stated that the United States had not proposed any prohibitions on these assets.
Yellen said, “We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework. We’re working with other governments.”
During the event, Tommaso Mancini-Griffoli, a speaker from the IMF, presented a discussion paper that discussed the potential effects of crypto adoption on a country’s economy, internal and external stability, and financial system structure.
Mancini-Griffoli acknowledged that while crypto assets have the potential to offer benefits such as faster cross-border payments, more integrated financial markets, and increased financial inclusion, these advantages have yet to be fully realized.
He also emphasized that private sector entities cannot guarantee interoperability, safety, and efficiency, and therefore, the critical digital infrastructure and platforms for ledgers should be considered a public good.
Furthermore, Mancini-Griffoli identified information gaps in the global crypto asset landscape and highlighted the need for a greater understanding of the interconnections, opportunities, and risks related to these assets under the auspices of the G20.
The Indian government, led by Prime Minister Narendra Modi, has been deliberating on drafting a law to regulate or potentially prohibit digital currencies for several years but has now prepared to reach a definitive decision. However, on the other hand, the Reserve Bank of India remains on the statement “that cryptocurrencies should be banned”, as they are similar to a Ponzi scheme.
Breaking! Binance Is Planning To Exit The US Crypto Market As Regulatory Scrutiny Heats Up
The Securities and Exchange Commission (SEC) has been closely scrutinising Binance, one of the world’s largest cryptocurrency exchanges, over concerns related to potential securities violations. The SEC has been investigating Binance’s operations, including its trading and lending platforms, to determine whether they comply with US securities laws. Additionally, the SEC has been examining whether Binance has been selling unregistered securities to US residents through its exchange platform. As a result, Binance has faced regulatory hurdles and legal action from authorities in several countries, including the United States, Japan, the United Kingdom, and Canada. According to a recent report from Bloomberg, the popular crypto exchange Binance is now planning to exit the US market as SEC’s scrutiny is putting a stop to its expansions and operations.
Binance May Soon Exit The US Market
Binance’s USD-pegged stablecoin, the Binance USD (BUSD), has recently come under scrutiny from the US Securities and Exchange Commission (SEC). The SEC investigates whether BUSD is a security and whether Binance has violated securities laws by offering it on its platform. In response to the SEC’s investigation, Binance has stated that it is committed to complying with all applicable laws and regulations. The company has also emphasised its efforts to ensure the transparency and stability of BUSD, including regular audits of its reserves.
However, the SEC shows no sign of cooperation with Binance and forces Binance to exit the US market as soon as possible to continue expanding its offshore crypto business. A source with knowledge of the matter has revealed that Binance is considering the possibility of scaling back its operations, as the company’s relationships with a critical banking partner and stablecoin issuer have encountered problems in the face of heightened regulatory scrutiny. The Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Justice Department, and Internal Revenue Service (IRS) have all launched investigations into Binance.
Crypto Market In The US Remains In the Dark
As concerns regarding BUSD are heating up, it lost over $2.5 billion in market cap. Changpeng Zhao, the CEO and co-founder of the world’s largest cryptocurrency exchange in terms of trading volume stated on Friday that funds have shifted from BUSD to Tether. Zhao also emphasised that Binance USD is not issued by Binance.
Additionally, amid all these FUD situations, bank records and internal company communications reveal that Binance had undisclosed access to a bank account that supposedly belonged to its independent US partner. The documents also indicate that significant amounts of money were transferred from the account to a trading firm managed by Binance’s CEO, Changpeng Zhao.
In the first quarter of 2021, records reviewed by Reuters indicate that more than $400 million was transferred from Binance.US’s account at Silvergate Bank, based in California, to a trading firm called Merit Peak Ltd. The Binance.US account was registered under the name of BAM Trading, the operating company of the US exchange. Internal reports suggest that the transfers to Merit Peak began in late 2020.
With US regulators closely scrutinising Binance’s operations, the firm is ready to pay fines to “make amends” for any previous regulatory breaches, as it was unaware of any laws during its establishment.
The outcome of the SEC’s investigation into BUSD is yet to be seen, but it highlights the increasing regulatory pressure on the cryptocurrency industry. As the industry continues to grow and mature, regulators are seeking to ensure that stablecoins and other cryptocurrency offerings comply with existing securities laws and regulations.
Breaking! Philippines Securities Regulator Wants Public Opinions To Draft The Country’s Crypto Law
The Philippines Securities and Exchange Commission (SEC) is taking a significant step towards regulating the crypto sector in the country as they have released a bunch of draft rules and regulations and are now seeking feedback from the public to finalize the laws.
This is a solid step for the crypto industry in the Philippines and a sign that the government is taking a proactive approach to providing a safe and encrypted environment for digital asset transactions.
Moreover, this is a crucial moment for the crypto community as users in the Philippines will be able to have their say and influence the future of the sector as the SEC is open to hearing from individuals, organizations, and businesses involved in the crypto industry and wants to ensure that the rules and regulations are fair, effective, and in line with international best practices.
Filipino Crypto Users Get In A Conversation With The SEC
The Philippines SEC is seeking public view to draft its crypto law and bring the crypto business under the general consumer protection law. Previously, the SEC stepped up to get crypto under rules and regulations in order to protect investors’ funds just after the sudden fall of the crypto exchange FTX.
Now, the regulatory body is inviting the public to comment on these draft rules, creating a chance for crypto enthusiasts to come together and shape the future of the industry in the Philippines.
With the implementation of the Financial Products and Services Consumer Protection Act signed by former President Rodrigo R. Duterte, the regulator is stepping up to ensure that everyone involved in the crypto space can provide suggestions with confidence.
However, the act does not indicate any specific names or crypto firms; the draft includes crypto in the classification of securities. The draft law will accept public views, including opinions and suggestions, till 7 February.
Crypto Adoption To Skyrocket In Philippines
The Philippines is on fire with the crypto fever that swept the nation in 2022! With the bull market at its peak, everyone wanted a piece of the action, and adoption skyrocketed. But as the market cooled and high-profile bankruptcies made headlines, regulators stepped in to bring stability to the wild west of crypto.
And now, the Philippines Securities and Exchange Commission (SEC) is taking charge and leading with its bold move to regulate the crypto space. But they’re not just talking the talk; they’re walking the walk with a draft of rules that will put the crypto industry in the Philippines on a level playing field with the rest of the world.
The draft law states, “Securities shall include ‘tokenized securities products’ or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.”
It further states, “It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices.”
The Philippines Securities and Exchange Commission (SEC) is making it known that they mean business when it comes to regulating the crypto industry! As the crypto industry is getting bigger every day, the SEC wants to make sure everyone is abiding by the rules.
Therefore, a violation of the law will force the authority to suspend a director, executive, or employee of a crypto firm. Additionally, if a firm is found to violate the new regulations, the SEC has the power to suspend their entire operation. In addition, the country’s Market Securities and Registration Department (MSRD) will be deployed to review firms offering crypto services and securities to the residents of the Philippines.
Breaking News: Terra Classic (LUNC) Investors to Receive Refund – Dev. Edward Kim Confirms!
The Terra Luna Classic (LUNC) ecosystem has put in place measures to reimburse community members that were affected by the network failure between September 21 and 28, according to core developer Edward Kim. Notably, the Terra Luna Classic network failure caused tax to be incurred on transactions that did not happen. As such, about 295 million LUNC was levied as a tax on transactions that did not go through.
However, the proposal noted that wallets with 10 LUNC and below in incurred fees will lot be reimbursed due to the underlying cost transactions and tax levied. Consequently, LUNC wallets that lost between 5 million and 10 coins amounting to 2,214 addresses will be reimbursed accordingly.
“We are requesting the total amount of incorrect taxes charged be reimbursed via a community pool spend to the users that lost funds during this time; the total reimbursement is 295M LUNC,” Kim noted in the proposal.
Reportedly, most of the affected wallets were identified as CEX wallets including coinspot, and crypto.com 2, among others. Popular LUNC validator, through the Twitter comments section, commended the proposal but requested the reimbursement to take place before the next quarter.
The rebranded Terra Luna ecosystem takes pride in a market capitalization of approximately 1,084,795,839 and a 24-hour trading volume of about $144,256,324. However, the controversial failure of the original network has prevented the global adoption of the rebranded network. Moreover, investors who lost capital during the UST collapse may never be made whole again.
Nonetheless, the new Terra LUNA Classic ecosystem has received tremendous support from several centralized exchanges like Binance through listings. As a result, LUNC price has gained approximately 18090 percent since hitting rock bottom last year.
Bitcoin is Breaking Down While the Hash Rate Marks new ATH, Are the Bottoms In?
The bitcoin price is heading to form new bottoms, as after rebounding a couple of times, it dropped below $16,000 and formed new yearly lows at $15,476. The capitulation period, which is speculated to have begun with the fresh sell-offs, is expected to drag the BTC price lower as the MVRV ratio has plunged below 0.6.
The ratio has plunged to these levels only a couple of times in the past decade, in Jan 2015 and December 2018. Meanwhile, the capitulation appears extremely high but the possibility of a bullish reversal from the bottom appears high.
With the recent drop in the prices, the traders are experiencing huge losses and they may be compelled to liquidate their assets at a loss. As per the on-chain data provider, Santiment, the network has recorded the lowest amount of BTC transactions in Profit since 2019.
The BTC ratio of daily on-chain transaction volume in profit to loss has slashed to -0.390 from the levels within the positive range. Meanwhile, the ETH ratio also has dropped to -0.30, indicating that traders facing extreme losses at the moment.
The BTC long-term holders were at loss for a pretty long-time. However, the rise in the BTC hash rate, which marked new highs, has made it more difficult for the miners to sustain. The Bitcoin hash rate, which determines the total computing power required to mine and process the transactions on the blockchain, has marked new highs.
With a rise in the BTC hash rate to 316 TH/s, the miners may now face actual pressure as they appeared to be hoaxed at the present prices. Hence, many may be compelled to sell their holdings to compensate for the mining activities.
Collectively, Bitcoin’s (BTC) price appears to be in extreme danger as all the technical & on-chain indicators point toward a bearish close for the month. Meanwhile, some volatility may be expected as the trade approaches the end of the yearly trade, but if the bulls remain aloof, the price may eventually mark a bearish close for the year 2022.
Breaking!! Here’s How Celsius Customers Can Submit A Proof Of Claim
Celsius’s Bankruptcy Crisis
Celsius was a fintech platform that provides borrowing, digital and fiat payments, and interest-bearing savings accounts.
In June 2022, it filed for bankruptcy. According to Bloomberg, Celsius co-founder and CEO Alex Mashinsky said that the platform’s digital asset count increased more quickly than Celsius was prepared to use.
As of July 13, 2022, the platform had roughly $4.31 billion in assets and $5.5 billion in liabilities, according to court records. Following the bankruptcy filing, there were more customer trips, which caused the withdrawals to stop on June 13, 2022.
US Court’s Deadline
The bar date of January 3, 2023, has been approved for Celsius’s clients; till this date, they must submit a claim for the entities that were held until July 13th, i.e., before the firm became insolvent.
December 5th is the next scheduled day for court proceedings, during which additional arguments about the custody and withholding accounts will be considered. Similar to every other cryptocurrency platform in the present market, the Celsius network makes the same promise: “data and asset security remain a top concern for all.”
Celsius’s Plan For Reorganization
In motions, Celsius asked the court to extend the time it had to present a reorganization plan.
Celsius was given 120 days of exclusivity to present a bankruptcy plan after filing for Chapter 11 bankruptcy in July.
According to court documents, the lender utilized the four months to “lay the foundation for additional conversations” aimed at offering relief to its consumers.
Celsius Customer Claims: FAQs
- How do Assets and Liabilities Schedules work?
Celsius files records with the Court as part of our Chapter 11 proceedings that include, among other things, a list of all customer balance sheets as of July 13, 2022, the date the reform started, as well as a list of customer transactions in the 90 days prior to the Chapter 11 filing. Customers can obtain the Schedules at https://cases.stretto.com/celsius/court-docket/schedule-statements/.
- Do I need to submit a claim?
There is no need to fill up and submit a proof of claim form if you accept Celsius’ records as filed; no further action is necessary. You would need to provide evidence of claim if you disagree with the data or if your claim was flagged as “contingent,” “unliquidated,” or “disputed.”
Please be aware that the Stretto website’s current proof of claim form will likely be updated to make it simpler for users to submit data about their cryptocurrency balance.
- When is the last day to submit a claim?
The “Bar Date” or deadline to submit a claim has not yet been set by the Court. In the near future, Celsius will submit a motion asking the Court to adopt claim-filing procedures and set a bar date.
Customers will get comprehensive instructions on how to submit a claim as soon as the processes are approved. Stretto will send this notice to the email address connected to your Celsius account, and it will make any deadlines crystal apparent.
- What will my proof of claim look like once it has been received?
After submitting your form online, you will get a confirmation email and a reference number for your proof of claim.
If you decide to mail your claim, you must send two copies along with a self-addressed, postage-paid envelope for receipt confirmation.
- Once the bar date has passed, what happens?
Celsius will compare all submitted claims to the records after the Bar Date. Eligible claims will be paid out in accordance with the Chapter 11 Plan after all claims have been compared and authorized by the Court.
Bottom line
Due to the company’s incompetence, the clients are currently unsure whether their assets should be included in the bankruptcy petition.