Coinbase Continues Global Expansion Despite Viability Concerns
Coinbase’s securing of a key Singapore license this week furthers its strategic pivot toward global expansion as U.S. regulatory headwinds persist. However, analysts debate whether the push can meaningfully offset domestic pressures.
The Singapore approval expands Coinbase’s services regionally and follows recent progress in Europe. But some observers argue these incremental gains remain more symbolic than substantive currently.
Berenberg Capital Markets contends that successfully executing an international transformation appears difficult given entrenched local competition. Significant traction abroad is needed to counterbalance a potential loss of U.S. revenue amid ongoing legal battles, the firm notes.
Coinbase is prioritizing 24 countries
Propelled by its “Go Broad, Go Deep” strategy, Coinbase is prioritizing 24 countries across the Americas, Europe, and Asia-Pacific. But transforming into a truly global exchange is no small feat.
The international licensing rush signals Coinbase’s urgency in reducing U.S. regulatory reliance. However, there are open questions about whether the company can do so quickly enough as legal challenges mount domestically.
Coinbase undeniably boasts brand recognition, technical infrastructure, and compliance resources to gain share abroad over time. But as a crypto-native firm, it must prove itself capable of winning over local user bases worldwide.
For now, Coinbase’s progress in expanding internationally is encouraging but has yet to demonstrably move the needle financially. The coming years will determine whether its global strategy can effectively complement its core U.S. business in the face of adversity.
Apecoin (APE) and Floki Inu (FLOKI) Vanish from Sight, While Pomerdoge (POMD) Sparks a Global Frenzy
Recent events have spotlighted three distinct tokens: Apecoin (APE), Floki Inu (FLOKI), and Pomerdoge. While Apecoin (APE) and Floki Inu (FLOKI) have been experiencing setbacks, the latter has ignited a global frenzy with its innovative approach.
Let’s delve into the highs and lows of these tokens.
Summary
- Apecoin (APE) has been struggling with a 15% price drop in the past week.
- Floki Inu (FLOKI) faces challenges as its price drops 7.59% in a week.
- The Pomerdoge presale has already raised over $4.8 million, attracting new and experienced investors with its $0.0165 token price.
Click Here To Find Out More About The Pomerdoge (POMD) Presale
Apecoin (APE) Faces a Tough Spell
Apecoin (APE) is going through a tough time. The price of Apecoin (APE) has decreased by 15% in the last week.
An ApeCoin wallet holder with 93,700 APE tokens decided to sell them at a low price of $1.51 each. This caused ApeCoin (APE) to lose about $1.5 million. Thus, the price of Apecoin (APE) is going down. It’s not just because people are uncertain about the market, but not as many people want to buy or trade Apecoin (APE) anymore.
Data from IntoTheBlock tells us that 61% fewer people were using Apecoin (APE) for transactions in the last week. Moreover, the number of new people starting to trade Apecoin (APE) has decreased by 68%.
Floki Inu (FLOKI) – Struggles Amidst Hopes
Once a notable name, Floki Inu (FLOKI) now grapples with challenges. Integrating the FlokiFi locker into the AIDOGE launchpad aimed to uplift Floki Inu’s (FLOKI) prospects. Yet, the recent trajectory reveals a 7.59% decrease in Floki Inu’s (FLOKI) price in the last week, with a 1.27% drop in the past 24 hours. Even within the last hour, Floki Inu’s (FLOKI) price shrunk by 0.14%. Thus, Floki Inu (FLOKI) is sitting at ₹0.0014 per token, 74.03% below its all-time high.
Despite strategic partnerships and initiatives like FlokiFi, Floki Inu’s (FLOKI) value has taken a hit, signaling a bumpy road ahead.
Pomerdoge (POMD) Sparks Global Enthusiasm
Pomerdoge has managed to stir up a global frenzy with its unique offerings. Earning POMD tokens will allow access to NFTs, attractive rewards, and unique items from the marketplace.
The Pomerdoge game will introduce a captivating Play-to-Earn (P2E) concept. Players will get rewarded for their time and effort. According to a report by DappRadar, the total earnings of P2E games in the first half of 2022 was over $2.3 billion, and is expected to reach $10 billion by the end of 2023. The platform is set up well to benefit from this growth.
While playing, you will earn points that you can use to upgrade your character, create custom items, and sell them in the Pomerplace marketplace. The Pomerplace is also an arena where you can battle other players for prizes.
Furthermore, introducing 7,777 NFTs adds extra excitement to the platform’s ecosystem. Each NFT, priced at 0.2 ETH, promises unique benefits to be revealed closer to the launch. Moreover, participants in the platform’s presale can win enticing rewards.
Moreover, the current price of each token is $0.0165, offering an affordable entry into the world of this project. Impressively, the ongoing presale has raised over $4.8 million. With this modest starting price, and robust presale success, POMD becomes an attractive option for newcomers and seasoned investors alike.
Click Here to Buy Pomerdoge (POMD) Tokens.
Visit the links below for more information about Pomerdoge (POMD):
Website: https://pomerdoge.com/
Telegram Community: https://t.me/pomerdoge
BaFin Official Calls for Global Crypto Regulation Despite EU Framework!
The need for global regulation of the crypto industry remains despite the European Union’s comprehensive framework, Markets in Crypto Assets (MiCA), according to the Executive Director of Strategy, Policy, and Control at BaFin, Rupert Schaefer. Schaefer compared regulators to air traffic control and some crypto assets and decentralized finance projects to unidentifiable flying objects, citing the example of FTX. While there has been progress in regulating crypto with MiCA adoption in the EU, the official said there are still inconsistencies globally and called for common principles to be implemented worldwide.
Is XRP A Candidate for Global Reserve? Only XRP And BTC Attain Non-Security Status In The U.S. – Ripple CTO
Ripple Labs’ native cryptocurrency- XRP —has achieved a nonsecurity status, as announced by Judge Analisa Torres. This landmark decision places XRP in the exclusive company of Bitcoin as the only cryptocurrency with regulatory clarity in the United States. Ripple Labs’ CTO, David Schwartz, confirmed the announcement through a recent video, fueling enthusiasm among digital asset investors.
Ripple’s Regulatory Odyssey
This news brings much-needed respite for XRP, following years of intense litigation with the U.S. Securities and Exchange Commission (SEC). Despite the SEC planning an appeal, the court’s judgement has already had a cascading effect, renewing investor confidence and enabling XRP’s relisting on esteemed exchanges such as Binance.US, Coinbase, and Kraken.
XRP: A Candidate for Global Reserve?
Ripple Labs’ CTO, David Schwartz, has also made a provocative assertion: XRP could, theoretically, replace the U.S. Dollar as the world’s reserve currency. Should this possibility materialize, it represents not merely a watershed moment for Ripple but a tectonic shift in global economics. In this new world order, we could envision governments holding digital assets in the same vein as traditional fiat currencies.
The verdict has had an electrifying impact on both Bitcoin and XRP, especially given that these are the only two digital assets to receive the U.S. stamp of regulatory approval. This newly minted clarity will likely embolden both individual and institutional investors to engage more deeply with these digital assets, either as investment vehicles or for broader technological applications.
Now Read – SEC Files Motion to Expedite Ripple Case, XRP Dips 0.04%
Ripple’s Strategic Vision for XRP: Positioning as a Global Liquidity Tool
XRP has long been the talk of the town, especially in relation to its potential in cross-border payments. Recent debates have stirred fresh discussions, with industry experts offering diverse takes on its future and Ripple’s intended direction.
Ripple’s Vision For XRP
Blockchain enthusiast Mr. Huber recently shed light on XRP’s positioning. Contrary to the narrative suggesting Ripple’s shift in focus, Huber emphasized that the company is merely gearing up to present XRP as a primary liquidity tool for large financial bodies.
The gains Ripple might amass by dabbling in custodian services are minuscule compared to its potential as a liquidity caretaker. He further highlighted the unbeatable prowess of the XRPL technology in ensuring swift and secure global value transfers.
The clarification from Huber came in response to insights shared by Yassin Mobarak. Mobarak speculated about Ripple’s probable deviation from utilizing XRP for international payments.
He suggested that the company might be leaning more toward emerging domains like institutional digital asset safekeeping, derivatives, Central Bank Digital Currencies (CBDCs), and carbon credit arenas. While these avenues may indeed be promising, Mobarak warned of the danger of solely banking on Ripple for XRP’s sustained growth.
Adding another layer to this discourse, blockchain expert Crypto Eri pinpointed the exponential rise of stablecoins in global value transfers. Their dominance is so pronounced that they’re outstripping giants like Mastercard in volume and might soon challenge Bitcoin itself. Ripple’s recent inclusion of Tether and USDC in its Liquidity Hub underscores this trend and has fueled speculations about the future use of other cryptocurrencies.
Ripple Expands its Liquidity Horizons
In related developments, Ripple Labs has expanded its Liquidity Hub platform to Brazil and Australia. This platform is crafted to provide businesses with a streamlined process for buying, selling, and holding digital assets. The decision for this geographic expansion didn’t appear out of thin air.
Ripple’s strong affiliations with these regions, thanks to their pre-existing ventures, paved the way for this move. Their step forward is motivated by their encounters with pioneering firms in these regions, eager to incorporate cryptocurrencies to cater to their clientele’s payment and liquidity demands.
Blockchain Firm R3 Cuts Over 20% of Global Workforce Due to Industry Slowdown!
R3, a blockchain company backed by Bank of America and Intel, among others, has cut over 20% of its global workforce as it seeks to weather an industry downturn. People with knowledge of the matter say the New York firm made job cuts across different functions worldwide in an attempt to preserve cash. R3 is one of the pioneering blockchain startups and is focused on developing blockchain-based systems for banks and other financial firms. In a September 11 blog post, the firm announced it was reducing headcount without disclosing figures. Blockchain adoption in finance has been slower than expected.
Former Paypal President on Turning Bitcoin into a Global Payment Network!
The post Former Paypal President on Turning Bitcoin into a Global Payment Network! appeared first on Coinpedia Fintech News
David Marcus of PayPal stated in a recent interview that he believes the goal of the cryptocurrency community is to turn Bitcoin into a worldwide payment network. David Marcus, who is known for his investment in Bitcoin and other cryptocurrencies, stated that he sees Bitcoin as a digital version of gold and that it has the potential to become a store of value similar to the precious metal. He also remarked that the decentralized nature of Bitcoin was a major selling point for him, as it allows for more privacy and security than traditional financial systems. David remains optimistic about the future of Bitcoin and its potential to revolutionize the way we think about money.
G20 Summit 2023 : Major Decision on cryptocurrency, Agreement on Creating Global Regulatory Framework
The G20 leaders, in the Delhi Declaration, have backed the FSB’s recommendations for regulating cryptocurrencies. They also stressed their commitment to keeping a close eye on the risks of the fast-changing crypto world.
During a G20 meeting in New Delhi, leaders from many countries agreed to create a clear set of rules for cryptocurrencies. To make digital money more transparent, they also agreed to share information between countries.
A consensus declaration signed by G20 leaders read, “We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions.”
Right before the G20 Summit in New Delhi, the IMF and FSB published a paper about cryptocurrencies. They said that it’s important to have clear rules and regulations for cryptocurrencies to prevent risks to the economy and financial stability.
The Delhi Declaration read, “We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”
Many governments have tightened regulations for cryptocurrency transactions. The European Union agreed new legislation to implement the Common Reporting Standard (CRS) in May. According to these laws, persons must mention the name of the person to whom they are sending cryptocurrency, their cryptocurrency address, and their account number. This is done to increase the transparency of bitcoin transactions for tax purposes.
The G20 finance ministers and central bank governors will continue discussing these issues at their fourth meeting in Marrakech, Morocco, during the World Bank and IMF annual meetings from October 9th to 15th, 2023.
Bitmain Seeks PhD Candidates in the Global Campus Recruitment Project!
Bitmain, the world’s largest producer of bitcoin mining machines, has recently announced its 2024 campus recruitment program. The company will only be appointing PhD candidates specializing in thermal energy, machinery, strong electricity, materials, and related fields. Successful candidates will receive free dormitory accommodation for three years. Recruitment will take place in China, Singapore, Malaysia, and the United States. This is an exciting opportunity for talented individuals looking to be part of the cryptocurrency mining industry and to work for a leading company in this field.
Intercoin is Launching a Global Web5 Platform for Communities
After years of development, Intercoin – a pioneer in the blockchain industry – is preparing to roll out its long-awaited Web5 Community Platform to 1 million community leaders in over 100 countries. The platform is designed to make blockchain go mainstream, combining Web2 and Web3 features in ways that can help communities worldwide efficiently manage their resources, employees, and governance through blockchain technology.
The same way WordPress helps any organization maintain a website, Intercoin helps them maintain their own community token, DAO, NFTs, raise money, and more. Right now, Intercoin is still taking on bespoke customers who want to build and release their own solutions to their members.
“Web3 has become a dirty word in many circles”, says Greg Magarshak, the founder and CEO of both companies. “Ironically, though, most of the events that caused this reputation have come from exactly the type of middlemen that blockchain was designed to make unnecessary.” Magarshak believes that the missing piece is helping communities serve their members.
Before launching Intercoin, the team developed a decentralized, open-source social platform called Qbix. Intercoin builds upon this foundation, extending it with Web3 applications. They are following the path of social networks like WeChat, Facebook, and others, who have rolled out their payment systems. Qbix and Intercoin are designed to be a decentralized, open-source version of that.
Intercoin plans to network all the communities together into “Intercloud”, which it says will be a successor to Bitcoin. Instead of one coin for everyone, Intercoin’s token is designed to be traded by communities on a decentralized exchange.
Intercoin’s vision of the future is one in which individuals are more empowered in their economic decisions and activities, leading to a more inclusive and democratic society. Intercoin has formed strategic partnerships with organizations like Government Blockchain Association and ReadyPlayerMe. They have created solutions for clients ranging from podcasts like Free Talk Live to Andrew Yang’s 2020 campaign. To date, Intercoin has raised capital through two token offerings – unlike many other projects, the offerings carefully used exemptions from SEC registration under Regulation S and Regulation D from the JOBS Act. Intercoin is currently testing the waters for its first crowdfunding campaign on Republic: They invite anyone to sign up to indicate interest in receiving their own tokens later this year.
About Intercoin
Intercoin is a pioneering blockchain technology company focused on revolutionizing social networking and community-driven applications. By integrating Web2 and Web5 platforms, Intercoin harnesses the power of Web3 technology to create user-friendly, trust-based solutions for individuals and organizations worldwide. With a strong commitment to transparency and empowerment, Intercoin aims to redefine social networking by enabling true democracy, sound money, and individual choice.
Contact:
Name: Gregory Magarshak
Email: [email protected]
Company: Intercoin Inc.
Location: Delaware, United States
Indian Prime Minister Narendra Modi Advocates Global Crypto Regulations at G20 Summit
Indian Prime Minister Narendra Modi has underscored the imperative of establishing a comprehensive global framework and regulations for cryptocurrencies. In an interview conducted during the G20 summit, Modi accentuated the swift pace of technological evolution. He emphasized that disregarding or dismissing technological advancement is impractical and suggested a focus on adoption, democratization, and a unified approach.
This stance could signify India’s impending entry into the cryptocurrency realm. Given the prior resistance from Indian banks, the success of this move, if approved, would be noteworthy.
Modi’s Positive Outlook on Crypto and AI Regulations
Modi placed significant importance on rationalizing the entire crypto landscape. He highlighted the need to transcend national or regional boundaries, advocating for globally integrated rules. Drawing parallels with the aviation industry’s global standards, Modi proposed a consensus-based model.
“Ignoring or hoping to suppress technological change is futile. Instead, the effort should be directed at prioritizing adoption, democratization, and unity. The regulations and framework, though, should not be confined to a singular country or a group of countries,” PM Modi stated.
Currently holding the G20 presidency, India has extended the discourse on cryptocurrencies beyond financial stability. The ramifications for the industry and the economy are being thoroughly examined. The G20 has reached a consensus and issued directives to relevant regulatory bodies.
Modi acknowledged the insightful seminars and discussions that took place during India’s presidency, which deepened the understanding of crypto assets. His bullish stance on crypto and AI aligns with his counterparts, unsettling countries like China, which had banned crypto mining in 2021.
Recent Developments and the Road Ahead
Despite this positive outlook, India recently released a “Presidency Note” that seeks to establish a global framework for crypto assets. The Financial Stability Board (FSB) introduced guidelines for a worldwide regulatory framework in July. In April, G20 finance ministers and central bank governors echoed the necessity for global policy responses, recognizing the need to avoid confining crypto regulation to a singular region.
Coinbase suspended its trading services in India last year due to “informal pressure” from the Reserve Bank of India, as revealed by Brian Armstrong, the CEO of the crypto exchange. This action was a reaction to regulatory concerns.
In conclusion, India’s potential opening to crypto assets could herald an innovative stride in the nation’s financial landscape. Just as India’s demonetization move garnered global acclaim for integrating previously unaccounted taxpayers into the system, a shift towards embracing cryptocurrencies could signify the initiation of a new era in finance. Prime Minister Narendra Modi’s call for “One Crypto, One Rule” might find resonance as the nation navigates this evolving terrain.
Titan Global Faces SEC Charges Over Crypto Asset Disclosures, Pays $1M Without Admitting Fault
According to a recent press release, Titan Global Capital Management found itself in a battle against the US Securities and Exchange Commission (SEC). The regulatory body has announced charges against the firm, alleging misleading disclosures related to client crypto assets due to compliance failures. However, the firm agreed to a settlement exceeding $1 million.
SEC Brings First Marketing Rule Action
The US Securities and Exchange Commission has leveled charges at Titan Global Capital Management, alleging that the firm provided false disclosures due to lapses in compliance related to their client’s cryptocurrency holdings.
In response, Titan has consented to halt certain activities, accept an official reprimand, and remit a payment exceeding $1 million. This sum breaks down into an $850,000 civil fine and an additional $190,000 for prejudgment interest. Notably, a company statement highlights that Titan neither confirms nor refutes the SEC’s allegations.
The SEC said that New York’s tech finance company, Titan Global, used misleading ads with fake performance numbers and other rule breaks.
From August 2021 to October 2022, Titan promoted advanced investment strategies to everyday users via its mobile app. The SEC states that Titan falsely claimed on its website about theoretical returns, even boasting up to 2,700% yearly gains for its Titan Crypto approach.
The SEC further claims that Titan’s advertisements were false. They didn’t clarify essential details, like the fact that these high projected returns were based on the strategy’s first three weeks being extended throughout the year.
Osman Nawaz, Chief of Enforcement’s Complex Financial Instruments Unit, said, “When offering and marketing complex strategies, investment advisers must ensure the accuracy of disclosures made to existing and prospective investors. The Commission amended the marketing rule to allow for the use of hypothetical performance metrics but only if advisers comply with requirements reasonably designed to prevent fraud.”
SEC Tries To Bring Crypto Under Its Umbrella
Previously, the U.S. Securities and Exchange Commission launched legal actions against two major crypto exchanges, Binance and Coinbase for offering unregistered securities and violating AML laws.
However, in early August, Coinbase requested a judge to throw out the case brought by the SEC. They argue that the regulator is overstepping its boundaries by taking legal action against the crypto platform.
The SEC seems to have an “allergy” to the crypto market, often delaying the approval of spot Bitcoin ETF applications. An ex-SEC attorney has voiced doubts about such approvals ever happening. However, Cathie Wood, CEO of ARK Invest, believes the SEC might green-light multiple ETF applications all at once.
Abu Dhabi Grants Crypto License to M2 Aims for Global Hub Status!
Abu Dhabi has granted a license to virtual asset firm M2 to offer crypto services, marking a significant step in the country’s plans to establish itself as a global hub for digital currency. M2 will now be able to provide digital asset trading, custody, and financing activities to its clients. The move is a part of Abu Dhabi’s efforts to accelerate fintech growth and cement its position as a leader in the crypto industry. The UAE capital has been actively investing in blockchain and crypto technology in recent years, with a view to driving economic diversification and boosting employment.
Coinbase’s VP Sees Canada as a Potential Global Crypto Leader!
The post Coinbase’s VP Sees Canada as a Potential Global Crypto Leader! appeared first on Coinpedia Fintech News
Cryptocurrency exchange Coinbase has expanded its services to Canadian users with the Peoples Trust Company. Canadian users can now deposit and withdraw money from their accounts via the Interac e-Transfer service, in response to requests from users. Coinbase sees Canada as a strong cryptoeconomy market and its next “Go Deep Market”. This move comes after crypto exchanges Binance and ByBit pulled out of Canada due to tightening regulations. Coinbase signed on to pre-clearance rules in March but is continuing to fight legal battles in the US while considering relocating its headquarters outside the country.
US Spot Bitcoin ETF Approval Could Capture 99.5% of Global Crypto Fund Volume
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States could lead to North America capturing 99.5% of global crypto fund trading volume, according to a prediction by Bloomberg analyst Eric Balchunas.
In a recent Twitter post, Balchunas revealed that North America already accounts for 97.7% of worldwide crypto ETF trading volume. “If/when spot ETFs come out in the U.S., this will likely go to like 99.5%,” he stated.
There are currently several spot Bitcoin ETF applications under review by the Securities and Exchange Commission (SEC). The regulator’s decision on Ark Invest and 21Shares’ joint Bitcoin ETF application is expected by August 13, though an extension is considered likely.
Crypto Funds Dominate Top ETF Performance
The potential impact of U.S. spot crypto ETF approval is underscored by the current dominance of blockchain and crypto-focused funds among the top ETF performers this year.
According to Balchunas, the top 15 best-performing equity ETFs in 2023 will all have exposure to the crypto and blockchain space. The Valkyrie Bitcoin Miners ETF is the top performer, with returns of 227% year-to-date.
Other leading crypto ETFs include the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) and the Bitwise Crypto Industry Innovators ETF (BITQ), which invest in crypto infrastructure and Web3 companies.
While optimism is building around a spot Bitcoin ETF approval this year, the SEC has remained cautious due to concerns about crypto market manipulation and investor protection. The final approval could unleash a wave of institutional investment, propelling Bitcoin and crypto firmly into the mainstream.
Sino Global Files a $67 Million Claim Against FTX-Alameda for Token Losses!
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Sino Global Capital, a Chinese investment firm, has filed a $67 million claim against FTX-Alameda for token losses and a partnered fund. The claim alleges that FTX-Alameda breached its fiduciary duty to Sino Global by investing in risky ventures and failing to safeguard the funds. Sino Global claims that it lost substantial amounts of money due to FTX-Alameda’s actions and is seeking compensation for damages. Regulators and investors demanding greater transparency and accountability in the cryptocurrency industry are indicating yet another indication of the increasing scrutiny faced by cryptocurrency firms.
FTX Crypto Exchange Plans Relaunch for Global Audience, FTT Token Soars 10% Amid Developments
Cryptocurrency exchange FTX is plotting an intriguing comeback strategy for its international services, sparking a surge of around 10% in the value of its native FTT token. Amid a backdrop of legal wrangling and disputes, the company’s reboot plans for its global clientele hinge on the pooling of assets to create an offshore exchange entity.
FTX’s Phoenix-like Rise from the Ashes
Declared bankrupt, FTX has undertaken the daunting task of reviving its services for customers outside of the United States. As whispers of this strategic move reached the crypto markets, the FTX token responded with a robust 10% rally, a clear indication of the investors’ optimism regarding the move.
The first indications of FTX’s potential reboot emerged in June 2023 when CEO John Ray was quoted by the Wall Street Journal hinting at a potential resurrection for the FTX.com exchange. Ray’s words, combined with the planned relaunch, have breathed new life into the embattled exchange, stirring interest from customers, investors, and industry insiders alike.
The intricate blueprint for FTX’s revival proposes the formation of distinct claimant groups, notably the so-called ‘dotcom customers’ — essentially the international user base. This group’s approval is vital to FTX’s international resurrection plans, which hinge on these customers pooling their assets to form an offshore exchange company.
This unconventional strategy could potentially provide FTX with a much-needed lifeline. However, it’s an intricate dance requiring agreement and collaboration from the dot-com customers — a saga that is sure to keep the crypto community on tenterhooks.
Also Read – FTX Crypto Exchange Sues SBF and Top Executives for $1B Fraud
Legal Tangles, Former Executives, and the DoJ
While charting its path toward resurgence, FTX is also embroiled in multiple legal battles. Recent weeks have seen the company and Genesis Global opting to settle their differences, while the court has imposed a gag order on former CEO Sam Bankman-Fried.
Moreover, the U.S. Department of Justice has redoubled efforts to prosecute Bankman-Fried, while FTX has filed a lawsuit against former executives for allegedly misappropriating funds worth $1 billion.
As FTX navigates these legal mazes while charting its ambitious restart plans, the drama surrounding its past and future is creating waves in the crypto market. It’s a gripping tale that perfectly captures the high stakes and ever-changing dynamics of the global crypto exchange landscape.
Also Read – FTX 2.0 Will Pay Creditors in Cash, Eliminate FTT Token
Ripple Rises from SEC Clash, Targets Global Crypto Dominance: UK and Europe in Its Sights!
Fresh off a partial victory against the mighty U.S. Securities and Exchange Commission (SEC), Ripple isn’t just resting on its laurels. The cross-border remittance firm is charting its path to global dominance, focusing its efforts on a strategic expansion into Europe and the UK. Who said crypto doesn’t make for a compelling underdog story?
The UK Calls: Ripple Responds with a Licence Application
Seizing the momentum from its SEC lawsuit, Ripple is turning its gaze to the UK, with plans to establish itself as a crypto asset firm. This exciting update comes straight from the horse’s mouth – Ripple’s Europe Managing Director, Sendi Young, spilled the beans during an interview with DL News. Looks like Ripple’s taking the phrase ‘strike while the iron is hot’ rather seriously!
The European Dream: A Payment Institution License in Ireland
Ripple’s ambition doesn’t stop at the UK. The firm is reaching for a piece of the European pie as well, applying for a payment institution license in Ireland. This move underscores Ripple’s plan to treat the U.S. as its global hub while extending its tentacles across the pond. Time to pack those bags for a European vacation, Ripple style!
Ripple’s Growth Spree: A Surge in Headcount
But what of the future? Ripple’s growth plans in the UK and Europe may not have a numeric target yet, but Young confirms a continued increase in headcount and hiring for mission-critical roles. The firm has amped up its UK and European workforce by a staggering 75% in the past eighteen months.
Also Read – Ripple saga continues: ‘Crybaby’ SEC’s appeal predicted to crash
From its offices in London, Dublin, and Reykjavik, Ripple maintains its commitment to the US as its global hub. However, in the two years since the SEC lawsuit, most of the firm’s expansion “has happened outside the US,” according to Young, who anticipates further growth in the US.
Ripple’s Philosophy on Regulation and Innovation
Addressing the SEC’s recent crackdown on crypto firms, Young argues for a more nuanced approach. She believes that “regulation by enforcement” isn’t productive or conducive to innovation and investment, and that other jurisdictions such as the UK and EU could seize this opportunity to attract global companies.
XRP Price Analysis: Global Crypto Adoption Impacts XRP Market Amidst Lawsuit Chaos
The XRP market faces an uncertain path as global crypto adoption accelerates while it deals with the repercussions of an ongoing lawsuit. Ripple’s supported digital asset may encounter significant disruptions depending on the final ruling.
Ripple has even threatened to exit the US market if the Securities and Exchange Commission (SEC) wins the lawsuit, potentially leading to forfeiting the entire escrow XRP holding and paying penalties for unregistered securities. Additionally, XRP price analysis suggests a potential breakout as key parameters align.
XRP Price Breakout on the Horizon?
An XRP enthusiast and analyst, Rocksorgate, highlights crucial factors for the next significant move in XRP. With repeated tests of the 0.533 resistance level, XRP has been consolidating within a specific channel. Notably, the support level of around 29 cents is expected to hold strong during flash sell-offs.
The analyst suggests XRP may have broken out of a macro triangle pattern, nearing the end of a potential breakout triggered by the SEC vs Ripple ruling. A favorable outcome for Ripple could propel XRP upward, while an SEC victory may introduce bearish sentiments, with XRP bears dominating the market in the coming months.
As the XRP market awaits the SEC vs Ripple lawsuit verdict, it faces an uncertain future amidst global crypto adoption. Ripple’s threat to exit the US market and potential penalties for unregistered securities add complexity.
However, XRP enthusiasts and analysts anticipate a significant move on the horizon, potentially indicating a breakout. Investors and traders closely monitor key resistance and support levels, acknowledging the critical role of the SEC ruling in shaping XRP’s trajectory.
Floki Inu Surges 215% On Bithumb, Catching Global Attention!
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Floki Inu, a meme coin-based cryptocurrency, surged 215% on South Korea’s Bithumb exchange, hitting a record high of 0.1324 KRW on June 10th. The token’s price quickly dropped, currently trading at 0.0364 KRW. Interestingly, other international exchanges did not see a similar rise. Bithumb remains the sole Korean exchange offering Floki Inu. Among Bithumb’s most traded assets, Floki Inu ranks 33rd, with $929,143 worth of FLOKI exchanged by Korean traders in the past 24 hours.
Breaking: Bitcoin Adoption Skyrockets, Supply Plummets – Experts Predict 10% Global Acceptance by 2023
The global acceptance of Bitcoin, the pioneering cryptocurrency, is projected to witness a remarkable surge over the next decade, according to industry analysts. With estimates indicating that global acceptance will rise from under 1% to over 10% by 2033, coupled with a decreasing supply of new Bitcoin entering circulation, the bullish prospects for the digital asset are garnering attention from investors and enthusiasts alike.
This article delves into the factors driving Bitcoin’s growing acceptance and analyses insights from industry reports and experts. Read on to explore the exciting developments in Bitcoin adoption.
Global Acceptance Surges, Bitcoin Supply Tightens
As per an analyst’s observation, in the near future, the global acceptance of Bitcoin is set to experience significant growth, expanding from less than 1% to over 10% by 2033.
Simultaneously, the new supply of Bitcoin entering circulation is expected to decrease from approximately 328,000 BTC per year to around 82,000 BTC per year.
Cryptocurrency Adoption on the Rise
Cryptocurrency ownership rates have been steadily increasing worldwide, with an estimated 4.2% of the global population owning crypto assets. Asia boasts the largest number of crypto users, followed by North America, Africa, South America, Europe and Oceania. Emerging markets, particularly countries classified as lower middle income and upper middle income by the World Bank, have witnessed a surge in crypto adoption due to various factors such as remittance and economic volatility, according to the 2022 Chainalysis Global Crypto Adoption Index Report.
Analysts’ Price Predictions
Industry specialists and analysts have provided optimistic price predictions for Bitcoin’s future. A panel of experts surveyed by Finder expects the coin to surge to $270,722 by December 2030. Furthermore, ARK Invest analyst Yassine Elmandjra previously speculated that Bitcoin could reach an impressive $ 1 million by 2030. Such predictions highlight the positive sentiment surrounding Bitcoin’s long-term value.
Ripple’s CTO Envisions Transformation in Value Exchange
David Schwartz, the CTO of Ripple, anticipates a transformative decade ahead, comparing the upcoming advancements in low-cost and high-speed payments to the internet’s impact on information exchange. This vision suggests that Bitcoin, along with other cryptocurrencies, may play a pivotal role in revolutionizing value exchange globally.
Bitcoin’s Current Market Status
At the time of writing, Bitcoin is trading at $30,772.18 per BTC, with a market capitalization of $597.30 billion. The 24-hour trading volume stands at $24.50 billion, demonstrating the robust activity surrounding the digital asset. Bitcoin’s circulating supply currently amounts to 19.41 million BTC.
With cryptocurrencies poised to revolutionize value exchange in the coming decade, the transformative potential of Bitcoin remains a topic of great interest and intrigue.
Binance’s Risky Move: Provoking the SEC Amid Global Legal Storms
Binance, the prominent cryptocurrency exchange, has made a daring move amidst looming enforcement action by the US Securities and Exchange Commission (SEC). It has issued a formal request to Judge Amy Berman Jackson, requesting her to prohibit SEC attorneys from publicly stating that the company and its CEO, Changpeng Zhao (CZ), have mishandled the assets of their American clients.
Allegations Fly As Binance Seeks Legal Protection
Binance’s petition draws attention to an SEC press release in which the Director of SEC Enforcement, Gurbir Grewal, alleges that CZ and Binance exercise unrestricted control over customer assets, enabling them to commingle or divert these assets at will.
Responding vigorously, Binance argues that the SEC has failed to provide any concrete evidence to back these charges. The company also points out that the SEC’s statements could prejudice the jury, hence calling for a gag order on the SEC’s attorneys in line with the professional conduct rules of Washington, DC.
While the motion carries certain benefits, many observers believe that it could backfire.
The Downside: Could Binance’s Motion Fan the Flames?
The benefits of the motion are noteworthy. It signals Binance’s aggressive and innovative legal stance and may pressure the SEC to be more cautious and restrained in its public utterances about the exchange. In addition, the move may earn Binance favor with its customers and its zealous Twitter following, which is good for business. Finally, it could potentially result in a reprimand from Judge Jackson, an unsettling prospect for any SEC staff member.
However, if a criminal indictment is already under consideration or filed secretly, Binance’s motion could be seen as an antagonistic and audacious provocation that might spur criminal prosecutors into early action.
The SEC, in its filings, has mentioned an ongoing criminal investigation into Binance and CZ. This kind of disclosure in SEC pleadings is highly unusual. Normally, the SEC remains tight-lipped about parallel criminal investigations. This departure from the norm suggests that the SEC might be cooperating with criminal prosecutors and the FBI, signaling imminent criminal action.
The Global Investigative Landscape: Why Binance Should Be Concerned
Binance’s confrontational approach, challenging the SEC’s ethical conduct and questioning its allegations of fraud and market manipulation, seems to dare the authorities to prove them wrong. This audacity, however, does not bode well for a company already in the prosecutorial crosshairs on multiple fronts.
Binance faces charges from the CFTC and SEC alleging a colossal criminal enterprise. Despite the enormity of these charges, they notably skirt the issue of money laundering, which could potentially be the target of a forthcoming US DOJ criminal prosecution against the exchange.
Moreover, Binance is reportedly under preliminary investigation by the Paris prosecutor’s office for illicit client canvassing and money laundering. These allegations further fuel speculation that a US DOJ-led criminal prosecution might be on the cards.
Irony, Misplaced Confidence, and What Lies Ahead
Complicating the situation, Binance faces a preliminary investigation in Paris for illegal client solicitation and money laundering. These allegations further hint at an impending US DOJ-led criminal prosecution.
“I don’t care what happened in the U.S. We are in Europe, with a French regulator, a European regulator.” David Princay – President of Binance France
Binance France’s president, David Prinçay, recently dismissed concerns about US charges affecting Binance’s operations. However, given the French investigation, one can speculate his comfort level has taken a hit.
While Binance argues for lack of evidence regarding alleged asset mishandling, the saying “be careful what you wish for” seems relevant. It’s not a matter of “if”, but “when” the next shoe will drop.
Binance eyes Global leadership with New Power Player – Richard Teng
Binance has just handed over the keys to all its global markets (excluding the US) to Richard Teng. Now, he is the Head of Regional Markets except in the US. Known as a quick climber in the business world, Teng has been with the company for less than two years. His journey up the ladder of this crypto giant is nothing short of compelling.
Over the past 2 years, Binance has retooled its executive team with globally recognized compliance & regulatory leaders like @_RichardTeng, now #Binance‘s Head of Regional Markets.
This is so Binance can evolve with regulators’ expectations of the industry in the years to come.
— Binance (@binance) May 29, 2023
When Teng stepped into Binance’s office in August 2021 as Chief Executive Officer of Singapore, the digital asset sector was in the midst of turbulent times. Yet, he rapidly rose through the ranks, proving his mettle in an industry known for its swift pace and relentless challenges. His most recent promotion, effective Monday, saw him take on even greater responsibility, expanding his leadership from Asia, Europe, the Middle East, and North Africa to all global regions.
Richard Teng thanked Binance’s CEO, senior leaders, and team for their trust, support, and advice in his recent tweet.
Grateful for the confidence, support and guidance from @cz_binance, @heyibinance, senior leaders and team at #Binance https://t.co/dAuO1MNzvT
— Richard Teng (@_RichardTeng) May 29, 2023
Teng’s Crucial Role Amid Regulatory Hurdles
The promotion comes at a particularly testing time for Binance and its CEO Changpeng “CZ” Zhao, who are grappling with US regulators over compliance concerns. While the company is facing some headwinds in the US, its systems go elsewhere.
Recent initiatives include launching a new platform for Japanese residents following the acquisition of a local crypto firm and securing licenses for a digital exchange in Thailand through a joint venture. In Australia, however, the company’s permit for its derivatives business has been temporarily suspended pending a review.
Chia Hock Lai, Chairman of the Blockchain Association Singapore, believes that Teng’s rich international experience, deep understanding of regulatory affairs, and established global connections will be crucial to Binance in these challenging times.
“Navigating the complexities of the global regulatory landscape requires a leader like Richard,” he said.
A Wealth of Experience
This step up the ladder comes shortly after Teng assumed control of Asia in addition to his role overseeing Europe, the Middle East, and North Africa, a position he accepted just a month prior.
Teng isn’t a newcomer to high-ranking positions. Before joining Binance, he was the CEO of Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange Ltd., and Director of Corporate Finance at the Monetary Authority of Singapore.
Can Teng leverage his international experience to successfully navigate Binance through its current regulatory challenges? Will Teng’s leadership enable Binance to overcome its compliance issues and establish dominance outside of the US? Only time will tell!
Dubai Watchdog Highlights Risks in Global Crypto Regulations
In a significant development, Dubai’s regulatory authority, renowned for its progressive approach to financial innovation, has sounded the alarm on the inherent risks stemming from the global regulatory gaps within the cryptocurrency industry.
As cryptocurrencies continue to gain mainstream attention and adoption, concerns have grown over the urgent need for consistent oversight and a robust legal framework across diverse jurisdictions.
Dubai’s Financial Regulatory Authority Expresses Concerns
Elisabeth Wallace, representing Dubai’s financial regulatory authority, issued a stern warning, highlighting the pressing need for global watchdogs to engage in constructive dialogue to prevent “bad actors” from exploiting gaps in cryptocurrency regulations.
While acknowledging the immense potential for technological advancement and financial inclusion that cryptocurrencies offer, the authority stressed the crucial importance of updating rules governing various crypto tokens.
International Collaboration for a Coordinated Approach
Recognizing the global nature of cryptocurrencies, Dubai’s regulatory authority strongly advocates for international collaboration and coordination among regulatory bodies worldwide. This call for unity stems from the realization that numerous crypto businesses operate across borders, necessitating a harmonized approach.
Dubai and Hong Kong have been actively vying to attract capital investments in cryptocurrencies, positioning themselves as potential global hubs for this emerging sector.
However, the regulatory landscape in the United States has become increasingly stringent following the downfall of the digital asset exchange FTX and a significant market crash in 2017.
Emphasizing the urgency of establishing a comprehensive framework, Dubai’s regulatory authority seeks to promote responsible innovation, safeguard investor interests, and address the potential risks associated with cryptocurrencies in a coordinated and consistent manner.
Atlanta Fed Bank Cites XRP for Global Payments
The post Atlanta Fed Bank Cites XRP for Global Payments appeared first on Coinpedia Fintech News
Atlanta’s Federal Reserve Bank praises Ripple’s XRP for cross-border transactions. Reserve Bank eyeing XRP payments, Federal Bank on web3 at digital assets. The Report shows more use of web3 and Blockchain by central banks, Highlights project Mariana( A Proof Concept of by BIS; Bank of International Settlements, and financial institutions. Project Mariana boosts cross-border settlements using Ripple & Stellar for cost-effective transfers says, Federal Bank. Ripple employees XRP in finance, XRP is predicted to be a global payment and settlement coin. Focuses on web3 not Ripple/XRP.
UAE’s Regulators Warn of Crypto Risks Due to Global Regulatory Gaps
The post UAE’s Regulators Warn of Crypto Risks Due to Global Regulatory Gaps appeared first on Coinpedia Fintech News
Dubai’s regulator warns of Crypto rule gaps allowing “bad actors” to exploit. Financial Services Authority plans to update rules on Crypto tokens for the city’s business hub in November, reported Elisabeth Wallace, Regulator’s Associate Director. A Crypto business cause regulatory concern said Wallace, a regulator of communications needs improvement for coverage gaps and bad actors. Crypto regulations and investments seek in Hong Kong and Dubai. Regulators limit retail investors after the FTX crash and drop.
76% of Global Finance Leaders Eye Institutional DeFi
The post 76% of Global Finance Leaders Eye Institutional DeFi appeared first on Coinpedia Fintech News
Firms from traditional finance are entering the crypto market, the firms have been investing in assets and partnering with crypto-related firms to strengthen their financial position and expand customer offerings.TradFi’s entry into crypto boosts confidence, the investor appetite seems growing. Ripple analyzed crypto trends for businesses in their new report. 76% of activators are keen on institutional DeFi and eyeing to innovate their enterprise. Over 90% believe that this technology will heavily impact business, finance, and society within the next three years.
Mask Network (MASK) And Huobi Global (HT) Are Losing Grounds To Sparklo (SPRK)
Amidst the failure and collapse of centralized banks, coupled with unstable inflation rates, a growing number of investors and traders are diversifying their portfolios by engaging with blockchain-based projects that offer the potential for enhanced value.
Among these projects, Sparklo has garnered considerable attention. Here, we will assess its growth potential by comparing it to established counterparts such as Mask Network (MASK) and Huobi Global (HT)
Sparklo (SPRK): Unites a global community of traders and investors
Sparklo introduces a revolutionary alternative investment platform poised to transform the traditional approach to trading and investing in precious metals. With Sparklo, individuals can effortlessly access and invest in premium gold, silver and platinum through fractional or whole investments in non-fungible tokens (NFTs).
As the second phase of Sparklo’s presale draws to a close, the opportunity to join this remarkable movement becomes increasingly enticing. Secure your Sparklo tokens at the remarkable price of just $0.026 per token.
Gone are the days of cumbersome processes involving purchasing, storing, or exchanging precious metals. Sparklo unites a global community of traders and investors, breaking down barriers and unlocking a world of possibilities. Embrace the Sparklo movement, where accessibility, safety and cost-effectiveness converge to redefine the landscape of precious metal investments.
Mask Network (MASK) makes strategic Investments in The Open Network (TON) to foster a social network ecosystem
The Open Network (TON) has received funding from the self-proclaimed world-leading social network Mask Network (MASK) “to further develop its ecosystem at large and provide innovative solutions for people across networks.” Mask Network (MASK) set out “to build an easy-to-use bridge between Web2 and Web3-era decentralized apps.”
Mask Network (MASK) has been an integral part of the Bluesky protocol, “founded by Jack Dorsey and the Mask Network (MASK) team maintains the most active instances of Mastodon.” For its part, Mask Network (MASK) hopes to achieve deeper integration and provide DID solutions for their combined communities and beyond, contributing to the future decentralized social network ecosystem.
Malaysia declares Huobi Global (HT) crypto exchange unregistered, orders immediate cessation of operations
Huobi Global (HT) was ordered to cease operations in Malaysia, including the removal of Huobi Global (HT website) and mobile applications, by the Securities Commission Malaysia (SC) for running an unregistered digital asset exchange.
According to a statement released by the regulator on Monday, Huobi Global (HT) has been ordered to stop publishing or sending advertisements to Malaysian investors.
It is a violation of the Capital Markets and Services Act to run a digital asset like Huobi Global (HT) exchange without first acquiring SC registration as a Recognized Market Operator. The regulator has encouraged Malaysian investors using Huobi Global (HT) to cease trading on the platform, withdraw their funds and close their accounts.
Find out about the Sparklo presale using the links below
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Malaysia Orders Huobi Global to Stop Operations, Citing Lack of Registration
The post Malaysia Orders Huobi Global to Stop Operations, Citing Lack of Registration appeared first on Coinpedia Fintech News
The Securities Commission(SC) ordered Huobi Global to stop operating in Malaysia. The company doesn’t have registration for its digital assets exchange. Eventually, the country’s regulator told Leon Li (Huobi Global CEO) to disable websites, and mobile applications, and stop advertising to Malaysian investors. Operating an unregistered digital asset is an offense under the Capital Markets & Services Act. The regulator instructed CEO Leon Li to comply and advise Malaysian investors to cease trading on the platform, withdraw funds, and close accounts.
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.