In February, Canadian Securities Administrators announced enhanced investor protection requirements for crypto asset traders.

The former FTX CEO's legal team argued that though SBF had entered a not guilty plea, he did not acknowledge the new charges, which including bribed a Chinese government official.

Information revealed in January indicated that the owner of 16 Ethereum addresses profited by purchasing tokens shortly before they were listed on Binance.

The country’s supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.

Cointelegraph Markets Pro alerts beat the market once again, providing seven trading opportunities based on four different asset indicators.

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

The new testnet is one of the few networks that uses Solana’s Sea Level Virtual Machine (SVM).

Given the participants, their roles and GDPR definitions, there is some work to do.  

Metis co-founder Elena Sinelnikova delves into the world of layer-2 blockchain technology, and its potential to transform how we interact, collaborate and build the decentralized economy of the future.

BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.

The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”

Requests for user data from Big Tech companies such as Apple, Google and Microsoft continue to rise year-over-year from governments worldwide.

Revolut reportedly issued a public statement and hired lawyers in March in order to prove the “misreporting” of the audit opinion by BDO.

Sky Mavis’s head of business development, Kathleen Osgood, told Cointelegraph that its goal is to onboard as many people into the ecosystem as possible.

Digital regulatory professionals have predicted the wide use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

The exchange’s chief marketing officer believes Australians are above the curve when it comes to crypto education and interest.

Crypto Council for Innovation adviser Sean Lee said more education is needed for policymakers and financial regulators.

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The authors of the letter say that advanced artificial intelligence could cause a profound change in the history of life on Earth, for better or worse.

The creditor’s committee and FTX lawyers have raised several objections to Sam Bankman-Fried’s request. A hearing date is set for April 12.

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over.

The Treasury Department’s undersecretary for domestic finance, Nellie Liang, said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.

Trust in central and commercial banks is eroding quickly. The internet and social media are oil in the fire and Bitcoin is the extinguisher.

MercadoLibre has enabled bitcoin and cryptocurrency trading on its Mercado Pago wallet for Chilean users.

Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state.

The global bitcoin exchange will dig into its own coffers to reconcile users who lost their money as a result of the collapse of Celsius.

The bitcoin price, rising in the face of an ongoing banking crisis, appears to vindicate what Bitcoiners have known all along.

A paper wallet is an early method used to protect bitcoin offline. Better methods have replaced it, but people still use paper wallets to store bitcoin safely and inexpensively.

Lincoin Technologies introduces Rails programming tool for Bitcoin miners to optimize their operations in real-time.

In a new indictment unsealed on Tuesday, officials charged Sam-Bankman Fried with bribing Chinese officials to release frozen assets.

While Nostr is by no means a privacy protocol, it could bring potential improvements to Bitcoin privacy.

Using zero-knowledge proofs, ZeroSync seeks to radically reduce the computational costs of bootstrapping a fully-validating Bitcoin client.

Along with the ability to earn bitcoin, users will now be able to easily and instantly transfer their bitcoin across jurisdictions.

The founder of Bangkok’s Build On Bitcoin Space discusses Southeast Asia’s Bitcoin-only community and renewable mining in Thailand.

The CFTC lawsuit details how the firm allegedly offered unregistered commodity derivatives to American customers.

MicroStrategy continues to stack bitcoin, with the help of a sizable discount on a loan taken out at Silvergate Bank.

Environmentalist Margot Paez describes her own Bitcoin journey and how inclusivity is not mere “woke ideology.”

“I've gained a lot of sovereignty through … Bitcoin, and I'm equally grateful that my partner has done the same by choosing home birth.”

With a rich history and recent evolution, Belgrade is now home to the latest Bitcoin working and presentation space.

The exchange giant is joining Fidelity and BNY Mellon in the pursuit of their own cryptocurrency custody platform.

After you receive bitcoin, you’ll need to store it in a secure digital wallet. This guide helps you understand what a wallet is and how there are different wallets to suit your needs.

As some of the cryptocurrency industry’s go-to banks failed, Bitcoin’s importance was on display while its on and off ramps suffered.

21% of the proceeds of the sale of Satoshi will be donated to the non-profit BWB organization.

A multisig wallet is a special type of wallet for securely storing your Bitcoin. 3-5 signatures are typically required to access the stored Bitcoin.

When bitcoin becomes the global reserve currency, central banks won’t go extinct, but they will have to evolve.

Ted Cruz has joined a myriad of politicians in demonstrating their contempt for CBDCs in America — but what about pro-Bitcoin legislation?

The latest report from the Biden Administration writes off the benefits of Bitcoin while ignoring the fundamentals and economic activity that give it value.

The PEZ dispenser with a Bitcoin design has released in a limited-edition run of 30,000 units.

CFTC Commissioner Summer Mersigner discusses the inevitability of innovation and clears up the agency’s role in bitcoin regulation.

Users will once again be able to selectively spend their UTXOs via the Wasabi Wallet interface.

The new BITC ETF will use an “optimum roll” strategy to focus on long-term returns for investors.

A new bill introduced in the Texas House could set the state up to be the nucleus of Bitcoin development in the United States.

Those who hold bitcoin recognize the importance of taking control of their own freedom. A second passport might be the next step.

The Federal Reserve balance sheet increased by $300 billion in one week, leading to debate about whether these actions qualify as quantitative easing.

A forthcoming New York Times article is expected to introduce “fractional reserve indirect carbon accounting” and target bitcoin mining.

Real Bedford F.C., a professional soccer team integrated with Bitcoin, gives fans of Bitcoin a team to root for.

Grayscale Bitcoin Trust investors unsatisfied with the status quo will meet at Bitcoin 2023 in an effort to address issues they see in the Trust.

Despite its apolitical nature, Bitcoin needs our democracy to thrive just as much as our democracy needs Bitcoin to improve.

RGB and Taro, two protocols capable of putting tokens like stablecoins on Bitcoin, have taken different approaches to solving similar problems.

The largest cryptocurrency exchange in the United States may be looking at opening operations elsewhere.

Billionaire Larry Fink has been keeping an eye on the advancement of digital assets, according to his recent shareholder letter.

The financial giant will now allow customers to trade bitcoin, although they will not be able to withdraw it to self-custody.

So much has happened in the last week that it may be helpful to look at the totality of these events in relation to bitcoin.

As the U.S. witnessed one of the largest banking collapses in its history, Bitcoin is being innovated upon and seeing its network grow.

The New York-based Lightning accelerator has announced its first set of companies and projects.

Serhiy Tron, a former boxer, a persistent entrepreneur and the publisher of Bitcoin Magazine Ukraine, fights for stability in an unstable world.

Bitcoin Country seeks to generate world-class Bitcoin and Lightning engineers through a new program utilizing the university system.

We may be heading into another financial crisis, government bailouts for reckless banks included. Bitcoin exists to fix this.

Bitcoin mining company Luxor Technologies has launched an Antminer-compatible firmware designed to maximize miner efficiency.

What is the “top” for an immutable money that becomes the standard for humanity? Why it’s time to get off zero.

The collapse of Silicon Valley Bank has highlighted just how fragile the legacy financial system is.

<p class="MsoNormal">Malta-based OKX, which operates a global crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a>, announced the extension of its partnership with British Formula One (F1) team McLaren Racing on Thursday. </p><p>OKX and McLaren Racing Extend Sponsorship Agreement</p><p class="MsoNormal">The first multi-year agreement between OKX and McLaren Racing <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-okx-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">was concluded last May</a>, and neither party disclosed its financial terms. Now news has emerged that the team has extended sponsorship terms with the cryptocurrency exchange, which has secured increased pressure on the MCL60 team car.</p><p class="MsoNormal">According to the latest agreement, the OKX logo will appear on the car's sidepods during seven races, including in the upcoming Australian Grand Prix this weekend. In addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri until the end of the current season.</p><p class="MsoNormal">"We are delighted to be growing our Primary Partnership with OKX, a long-established leader in the cryptocurrency sector. When partnering with brands in dynamic, fast-evolving industries like crypto, it's important to be aligned with companies who work to the highest standards and to carry a responsibility to educate people on new technologies - and our partnership with OKX has led by example," Zak Brown, the CEO of McLaren Racing, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We are delighted to announce an expansion to our partnership with <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw">@OKX</a>, the second-largest crypto exchange by trading volume and a leading Web3 technology company, increasing its support as an Official Primary Partner of the team. 🤝 Let’s go racing at the <a href="https://twitter.com/hashtag/AusGP?src=hash&amp;ref_src=twsrc%5Etfw">#AusGP</a>! 🇦🇺</p>— McLaren (@McLarenF1) <a href="https://twitter.com/McLarenF1/status/1641338051619180546?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">"OKX are pushing to elevate our fan experience offering, finding ways to bring the papaya fans closer to our team, while opening up the world of Formula 1 to a completely new audience."</p><p class="MsoNormal">In 2022, OKX executed a full livery revamp of the MCL36, initiating the #FutureMode campaign during the Singapore and Japanese Grands Prix. This campaign commemorated McLaren's comeback to racing in the Asia Pacific, which is a crucial region for OKX's growth and presence.</p><p>McLaren Racing's Deep Connection With Finance World</p><p class="MsoNormal">For McLaren's F1 racing team, the partnership with OKX is not the first from the wide world of finance. Last June, the team signed a multi-year sponsorship deal <a href="https://www.financemagnates.com/institutional-forex/goldman-sachs-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">with Goldman Sachs</a>, which elevates the team to meet its sustainability goals. In late 2021, cooperation with the team was extended by <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">FxPro brokerage</a>.</p><p class="MsoNormal">More interestingly, McLaren Racing is acquiring talent from the financial market. In October, <a href="https://www.financemagnates.com/executives/dylan-holman-departs-etoro-for-mclaren-racing/" target="_blank" rel="follow">Dylan Holman departed eToro</a> to take on the role of Head of Primary Partner at the British racing team. Holman left the Head of Global Sponsorships position with the Israeli social trading and <a href="https://www.financemagnates.com/terms/m/multi-asset/" class="terms__secondary-term" id="ffc57e87-e0f9-4ad1-849f-68bc7998a5c0">multi-asset</a> broker after more than six years of service.</p><p class="MsoNormal">Just yesterday, another F1 Team, Williams Racing, announced that <a href="https://www.financemagnates.com/cryptocurrency/kraken-crypto-exchange-sponsors-williams-racing-f1-team/" target="_blank" rel="follow">cryptocurrency exchange Kraken</a> has become one of its sponsors. Its logo will appear on the FW45 car halo and rear wing until the end of this season.</p><p class="MsoNormal">Formula One and the financial industry have been linked for years, including FX/CFD. X-Trade Brokers (now XTB) was the first FX company <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">to bet on F1 sponsorship</a>, signing a deal with Vodafone Mercedes Racing Team in 2010.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>The Federal Deposit Insurance Corporation (FDIC) has asked cryptocurrency clients of collapsed Signature Bank to close their accounts by April 5 by finding <a href="https://www.financemagnates.com/cryptocurrency/bank-failures-leave-us-crypto-businesses-in-the-cold/" target="_blank" rel="follow">another banking partner</a>. Otherwise, the regulator will close the accounts and mail a check to the registered addresses. </p><p>Signature Bank's Crypto Clients Get a Deadline </p><p>The FIDC's decision on Tuesday came following the acquisition of Signature Bank's deposits and loans by Flagstar Bank, a part of the New York Community Bancorp (NYCB). However, the deal with the FIDC did not include the "approximately $4 billion of deposits related to the former Signature Bank's digital banking business." In addition, it excluded Signature Bank's blockchain-based real-time payments platform, Signet, which crypto companies extensively use. </p><p>"Flagstar's bid did not include about $4 billion in deposits related to Signature's digital-asset business," a FIDC spokesperson told the media. "Those are the deposits we are encouraging customers to move before April 5. If they have not by that day, we will mail checks to the address on record." </p><p>Which Bank Will Replace Signature Bank? </p><p>Signature Bank was one of the few crypto-friendly lenders with major crypto companies as its customers. Following the bank's collapse earlier this month, several <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/" target="_blank" rel="follow">crypto companies disclosed their exposure</a> to it. Crypto exchange Coinbase held a deposit of $240 million with the failed bank, while stablecoin issuer Circle had $250 million. </p><p>Though the US government rescue plan saved these piles of crypto companies' uninsured deposits with Signature Bank, they now have to deal with another issue. In a business environment where traditional banks are already skeptical of cryptocurrencies, it is unclear which <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">banks </a>these crypto companies are turning to with the pocket load of money. </p><p>The New York state regulator, the Department of Financial Services, on March 12 shuttered Signature Bank "to protect depositors." As the bank's control came under FIDC receivership, the US regulators devised a bailout plan and created a temporary lender to provide depositors access to their funds. </p><p>According to the regulators, Signature Bank had total assets of about $110.36 billion and total deposits of around $88.59 billion by the end of 2022. Flagstar Bank acquired all of the deposits, and a part of the loans and took over all 40 branches. FIDC now controls $40 billion of Signature Bank's loan and $4 billion in deposits that were not included in the deal.</p><p>Though not clear, Flagstar's decision to exclude Signature Bank's crypto business might be influenced by <a href="https://www.financemagnates.com/institutional-forex/signature-bank-faced-criminal-probe-in-the-us-before-collapse-report/" target="_blank" rel="follow">reports of a criminal probe</a> against the collapsed bank for its ties with crypto.</p><p><a href="https://www.financemagnates.com/forex/news-nuggets-29-march-openfin-adds-dow-jones-quantile-taps-swapagent-fx/" target="_blank" rel="follow">OpenFin adds Dow Jones and Quantile taps SwapAgent FX Forwards; read today's news nuggets</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against cryptocurrency exchange Binance and Changpeng Zhao, its Chief Executive Officer, for “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations." The US derivatives market regulator also charged Binance for operating an illegal digital asset derivatives exchange.</p><p class="MsoNormal">The agency disclosed these on Monday, noting that it filed the charges before a district court in Illinois. According to the regulator, Binance acted as “a designated contract market or swap execution facility” by processing derivatives transactions without being registered.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today the CFTC charged Binance and its founder, Changpeng Zhao, with willful evasion of federal law and operating an illegal digital asset derivatives exchange. Learn more: <a href="https://t.co/DdczFgvW6A">https://t.co/DdczFgvW6A</a></p>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1640378562619355137?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">The watchdog said it also charged Binance Holdings Limited, Binance Holdings (IE) Limited and Binance (Services) Holdings Limited. These entities and others were deployed by Zhao to run the trading platform via “an intentionally opaque common enterprise.”</p><p class="MsoNormal">The CFTC <a href="https://www.financemagnates.com/cryptocurrency/exchange/cftc-probes-binance-over-accepting-us-derivatives-traders/" target="_blank" rel="follow">has been investigating Binance since at least 2021</a> when insider sources told Bloomberg the derivatives regulator was probing the leading cryptocurrency exchange seeking to determine if the exchange was permitting US citizens to trade derivatives without being registered.</p><p class="MsoNormal">CFTC Blasts Binance’s “Sham” Compliance</p><p class="MsoNormal">In the complaint, the CFTC alleged that starting from July 2019, Binance, after supposedly barring US customers from trading on its platform, actually instructed them on the best methods to evade its compliance controls. This process was particularly targeted at the exchange’s “commercially valuable US-based VIP customers,” the CFTC said.</p><p class="MsoNormal">Furthermore, for a considerable amount of time since July 2019, Binance failed to verify the identity of its customers. In addition, the exchange “failed to implement basic compliance procedures designed to prevent and detect terrorist finance and money laundering.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">CFTC appears to have some internal chat logs, doesn't sound great on paper“Like come on. They are here for crime.” “we see the bad, but we close 2 eyes.” <a href="https://t.co/SvK7hdwSnp">pic.twitter.com/SvK7hdwSnp</a></p>— db (@tier10k) <a href="https://twitter.com/tier10k/status/1640371236847988739?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">In its complaint, the CFTC accused Binance of directing its employees to discuss control evasion with US-based customers using a messaging application that automatically deletes chats. This was done to erase evidence of the exchange’s efforts to retain its customers in the country, the CFTC alleged.</p><p class="MsoNormal">“Defendants’ alleged willful evasion of U.S. law is at the core of the Commission’s complaint against Binance,” noted Gretchen Lowe, the CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel.</p><p class="MsoNormal">“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” Lowe added.</p><p class="MsoNormal">CFTC Slams Charges on Samuel Lim, Binance’s Ex-CCO</p><p class="MsoNormal">Meanwhile, the CFTC said it had charged Samuel Lim, Binance’s former Chief Compliance Officer (CCO), with aiding and abetting the cryptocurrency exchange’s violations between 2018 and 2022. The former CCO partook in activities to help customers circumvent Binance’s compliance controls, the regulator said.</p><p class="MsoNormal">For instance, Lim promoted a policy that “instructed Binance’s US customers to access the trading facility through a virtual private network to avoid Binance’s IP address-based controls or create ‘new’ accounts through off-shore shell companies to evade Binance’s KYC-based controls,” the CFTC explained.</p><p class="MsoNormal">“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,” explained Rostin Behnam, CFTC's Chairman.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ CFTC Sues Binance &amp; CZIn its complaint, the CFTC reaffirms its position that Bitcoin and Ethereum are commodities &amp;It declares Tether, BUSD and LTC are commodities!The CFTC has officially thrown down the gauntlet to the SEC and the "everything is a security" crowd.</p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1640393092476829697?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">Binance and SEC</p><p class="MsoNormal">CFTC's action against Binance comes days after Coinbase, the largest cryptocurrency exchange in the United States, <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">disclosed that it had received a Wells notice</a> from the US Securities and Exchange Commission (SEC), suggesting possible regulatory actions.</p><p class="MsoNormal">Moreover, reports emerged last year that<a href="https://www.financemagnates.com/cryptocurrency/news/sec-probing-binance-us-ties-with-two-affiliate-market-makers/" target="_blank" rel="follow"> the SEC was probing</a> the relationship between Binance's US arm and two market makers and trading affiliates, Sigma Chain AG and Merit Peak Limited. Furthermore, the SEC over the years has been <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">taking actions against crypto firms</a> for their crypto offerings which it categorizes as unregistered securities.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p class="MsoNormal">Since Bitcoin's beginnings in 2009, cryptocurrencies have gone a long way. While Bitcoin and other cryptocurrencies such as Ethereum and Litecoin have grown in popularity, they remain highly volatile and unsuitable for daily transactions. Stablecoins come into play here. </p><p class="MsoNormal">Stablecoins are cryptocurrencies that are meant to keep their value stable and provide stability for routine transactions. We will look at the evolution of stablecoins, from Tether to Central Bank Digital Currencies, in this article. (CBDCs).</p><p class="MsoNormal">Tether Is the World's First Stablecoin</p><p class="MsoNormal">Tether (USDT) was the first stablecoin to gain traction in the cryptocurrency market. Tether, which was launched in 2014, is a stablecoin that is tied to the US dollar, with one USDT equaling one US dollar. Tether is intended to provide stability for cryptocurrency traders and investors, who can use it to hedge against market volatility. Tether has grown to become one of the most popular cryptocurrencies, with a market worth of more than $60 billion as of March 2023.</p><p class="MsoNormal">Alternative Stablecoins</p><p class="MsoNormal">Other stablecoins have emerged after the debut of Tether, including USDC, DAI, and TrueUSD. These stablecoins are intended to give the same level of stability as Tether, but through various techniques. USDC, for example, is supported by a group of firms, including Coinbase and Circle, and is routinely audited to ensure that it is entirely backed by US dollars. DAI, on the other hand, is a decentralized stablecoin backed by other cryptocurrencies like Ethereum.</p><p class="MsoNormal">Digital Currencies Issued by Central Banks (CBDCs)</p><p class="MsoNormal">Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. Central Bank Digital Currencies (CBDCs) come into play here. CBDCs are digital counterparts to fiat currencies issued by central banks. CBDCs, unlike cryptocurrencies, are backed by the government's complete confidence and credit, giving them a higher level of trust and stability.</p><p class="MsoNormal">CBDCs are still in their infancy, but some central banks, including the People's Bank of China and the European Central Bank, have begun to investigate the concept. CBDCs have the ability to change the way we use money by providing various advantages over existing fiat currencies and cryptocurrencies.</p><p class="MsoNormal">CBDCs Have Many Advantages</p><p class="MsoNormal">CBDCs can provide a more efficient and secure payment method, which is one of their primary advantages. CBDCs can be transferred and received quickly, eliminating the need for third-party middlemen, such as banks or payment processors. This can lower transaction costs while increasing payment speed and efficiency. CBDCs can also provide a more secure payment system because they are backed by the government's complete faith and credit.</p><p class="MsoNormal">CBDCs can also help to make the financial system more inclusive. Traditional financial systems can be exclusionary, with many individuals lacking access to fundamental financial services, particularly in developing nations. </p><p class="MsoNormal">CBDCs can be accessed via a smartphone, which is becoming more popular in developing countries. As a result, CBDCs may offer a new opportunity for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">CBDCs' Challenges</p><p class="MsoNormal">While CBDCs have numerous potential benefits, there are several obstacles that must be addressed. The possible impact on traditional financial institutions, such as banks, is one of the key worries. </p><p class="MsoNormal">CBDCs, which give an alternate method of keeping and transferring money, have the potential to undermine the traditional banking system. This could result in employment losses and lower profits for traditional banking firms.</p><p class="MsoNormal">Another issue is the possibility of CBDCs being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse.</p><p class="MsoNormal">To address these concerns, numerous central banks are investigating methods of implementing CBDCs that ensure transparency and traceability. Some CBDCs, for example, may demand customers to go through Know Your Customer (KYC) checks, which can aid in the prevention of money laundering and other illegal activity. </p><p class="MsoNormal">Furthermore, certain CBDCs may be structured with a tiered access scheme, in which users must supply specific information in order to access different tiers of the system.</p><p class="MsoNormal">Another issue to consider is the potential impact on privacy. CBDCs may capture and keep vast quantities of personal data while providing a more secure and efficient payment method. This has sparked concerns about the possibility of government surveillance and infiltration into individuals' financial lives. </p><p class="MsoNormal">To address these concerns, some central banks are investigating the use of decentralized systems like as blockchain, which can allow anonymity while maintaining transparency and traceability.</p><p class="MsoNormal">Stablecoins and CBDCs in the Future</p><p class="MsoNormal">Stablecoins and CBDCs are significant advancements in the way we use money. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. </p><p class="MsoNormal">CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDC development is still in its early phases, and it may be several years before they are generally accepted. CBDCs, on the other hand, have enormous potential benefits, and many central banks are looking into ways to implement them. </p><p class="MsoNormal">CBDCs, as they become more common, have the potential to alter the way we use money and deliver a more equitable, efficient, and safe financial system.</p><p class="MsoNormal">Is a Digital Divide Inevitable?</p><p class="MsoNormal">Central Bank Digital Currencies (CBDCs) <a href="https://www.financemagnates.com/cryptocurrency/coins/stablecoins-and-monetary-policy-implications-for-central-banks-and-regulators/" target="_blank" rel="follow">have been gaining momentum </a>as many countries are exploring the possibility of issuing their own digital currencies. While CBDCs could bring many benefits, such as increased financial inclusion and efficiency, there is a real risk that they could also widen the digital divide.</p><p class="MsoNormal">The digital divide refers to the gap between those who have access to digital technologies, such as the internet and smartphones, and those who do not. This gap can be seen in both developed and developing countries, with many individuals lacking access to the digital tools necessary to participate in the modern economy.</p><p class="MsoNormal">CBDCs could widen the digital divide in several ways</p><p class="MsoNormal">CBDCs require individuals to have access to digital infrastructure, such as smartphones and internet connectivity, to access and use them. Individuals who do not have access to these technologies will be excluded from the benefits of CBDCs, including faster and more efficient transactions.</p><p class="MsoNormal">Moreover, CBDCs could exacerbate existing inequalities in financial access. While CBDCs could increase financial inclusion for those who are unbanked or underbanked, they could also deepen the divide between those who have access to traditional banking services and those who do not. In some cases, CBDCs could even replace traditional banking services, further marginalizing those who are already financially excluded.</p><p class="MsoNormal">Third, CBDCs could increase the risk of digital fraud and cybercrime. With the rise of digital currencies, cybercriminals have increasingly targeted individuals and businesses with phishing attacks, malware, and other scams. The introduction of CBDCs could create new opportunities for these criminals, further widening the digital divide and putting vulnerable individuals at risk.</p><p class="MsoNormal">To mitigate the risk of widening the digital divide, it is essential that CBDCs are designed with inclusivity in mind. Governments and central banks must work to ensure that digital infrastructure, such as internet connectivity, is accessible to all, regardless of income or location. Additionally, CBDCs must be designed with strong security measures to prevent fraud and protect vulnerable individuals.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">These and stablecoins are the next phase in the growth of digital currencies. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDCs have the potential to transform the way we use money by creating a more efficient, safe, and inclusive financial system. However, issues such as the possible influence on established financial institutions and privacy concerns must be addressed. </p><p class="MsoNormal">As CBDCs evolve, it will be critical to solving these problems in order for them to deliver on their promise of a stronger financial system.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Decentralized finance (DeFi) has grown in popularity in recent years, providing a new way to organize financial transactions without the use of traditional intermediaries like banks. </p><p class="MsoNormal">However, interoperability, or the ability of different DeFi protocols and blockchains to interact and function together effectively, is one of the most challenging difficulties facing the DeFi business. This essay will look at the DeFi interoperability challenge, cross-chain solutions, and standards.</p><p class="MsoNormal">DeFi's Interoperability Challenge</p><p class="MsoNormal">The DeFi ecosystem is made up of numerous protocols and blockchains, each with its own set of laws and regulations. While diversity can be advantageous, it also poses issues in terms of interoperability. </p><p class="MsoNormal">DeFi protocols and blockchains are compartmentalized without interoperability, making it difficult for them to communicate and collaborate successfully.</p><p class="MsoNormal">The lack of interoperability in the DeFi business causes a number of issues, including:</p><ul><li>Restricted liquidity: Without interoperability, DeFi protocols and blockchains can only access a restricted amount of assets. This may reduce liquidity and make it more difficult for users to locate the assets they require.</li><li>Reduced efficiency: The inability of DeFi protocols and blockchains to communicate with one another limits their efficiency. Transactions may be slower and more expensive, and determining the optimal price for assets may be more challenging.</li><li>Reduced creativity: In the DeFi market, a lack of compatibility can also hinder innovation. If new protocols or products are incompatible with old systems, developers may be unwilling to create them.</li></ul><p class="MsoNormal">Cross-Chain DeFi Interoperability Solutions</p><p class="MsoNormal">Several cross-chain methods have been explored to overcome the DeFi interoperability difficulty. Cross-chain solutions enable assets to be communicated and exchanged between blockchain networks, resulting in a more linked and interoperable DeFi ecosystem.</p><p class="MsoNormal">Some of the most common DeFi cross-chain solutions are:</p><ul><li>Atomic swaps allow two parties to exchange assets without requiring a centralized exchange. This is accomplished by establishing a smart contract that locks up the assets until both parties have completed their obligations under the agreement.</li><li>Sidechains are independent blockchains that are linked to the main blockchain. Transferring assets between the main blockchain and the sidechain allows for improved interoperability.</li><li>Tokens that represent other assets on multiple blockchains are known as wrapped tokens. Wrapped Bitcoin (WBTC), for example, symbolizes Bitcoin on the Ethereum blockchain, allowing users to access Bitcoin on the Ethereum network.</li><li>Interoperability Protocols: Several interoperability protocols have been developed, such as Polkadot and Cosmos, to allow multiple blockchains to communicate and exchange assets.</li></ul><p class="MsoNormal">DeFi Interoperability Standards</p><p class="MsoNormal">While cross-chain solutions can help with DeFi interoperability, they can also introduce new issues if different protocols and blockchains do not adhere to the same standards. DeFi interoperability standards are required to ensure seamless compatibility.</p><p class="MsoNormal">Several groups and initiatives are striving to build DeFi interoperability standards, including:</p><ul><li>The InterWork Alliance is a non-profit group aimed at establishing standards for blockchain interoperability across several industries, including financial.</li><li>Open DeFi is a program that promotes interoperability in the DeFi ecosystem. Its goal is to provide a standard for cross-chain asset transfer and governance.</li><li>Ethereum 2.0: Ethereum 2.0 is a network upgrade that contains various interoperability features, such as sharding and cross-chain communication.</li><li>Chainlink is a decentralized oracle network that feeds data to smart contracts on several blockchains. It can aid interoperability by allowing many blockchains to access the same data.</li></ul><p class="MsoNormal">Setting DeFi interoperability standards will be critical for establishing a more seamless and connected ecosystem. Standards can assist ensure that multiple DeFi protocols and blockchains are interoperable, allowing for more efficient and cost-effective transactions. </p><p class="MsoNormal">They can also foster creativity by offering a standard framework for developers to work inside.</p><p class="MsoNormal">The Difficulties and Risks of DeFi Interoperability</p><p class="MsoNormal">While cross-chain solutions and standards can assist in addressing the DeFi interoperability dilemma, there are other hurdles and hazards to consider. Ensuring the security of cross-chain transactions is one of the most difficult challenges. </p><p class="MsoNormal">Cross-chain transactions are more complex and difficult to secure than transactions within a single blockchain since they involve numerous blockchains.</p><p class="MsoNormal">Furthermore, cross-chain solutions and interoperability protocols have the potential to provide new attack routes and vulnerabilities. A weakness in one blockchain, for example, might potentially affect all of the blockchains connected to it via a cross-chain solution.</p><p class="MsoNormal">Another problem is ensuring that different DeFi protocols and blockchains are interoperable. </p><p class="MsoNormal">When multiple protocols and blockchains have distinct rules and standards, this might be challenging. Developing universal standards for DeFi interoperability will be critical to addressing this issue.</p><p class="MsoNormal">The Interoperability Challenge</p><p class="MsoNormal">Currently, most DeFi protocols are built on the Ethereum blockchain, which creates challenges for interoperability with other blockchain networks. This limits the ability of DeFi protocols to access a broader user base and reduces the overall efficiency of the DeFi ecosystem. To address this challenge, there have been various attempts to create cross-chain solutions, but they have been met with limited success.</p><p class="MsoNormal">Can Market Consolidation be the answer?</p><p class="MsoNormal">One potential solution to the interoperability challenge is market consolidation. As the cryptocurrency market matures, it is expected that there will be a consolidation of the market, with fewer cryptocurrencies dominating it. This consolidation will result in a smaller number of blockchain networks that will become the de facto standards for DeFi protocols.</p><p class="MsoNormal">As the market consolidates, blockchain networks that do not gain widespread adoption will lose value and become less attractive to developers. This will result in a natural consolidation of the market, with the strongest blockchain networks emerging as the dominant players. This consolidation will make it easier for DeFi protocols to operate across different blockchain networks, as the number of networks they need to support will be reduced.</p><p class="MsoNormal">The Role of Ethereum</p><p class="MsoNormal">Ethereum, the most popular blockchain network for DeFi protocols, will play a significant role in this market consolidation. Ethereum's dominance in the DeFi ecosystem means that it will likely continue to be a popular choice for developers building DeFi protocols. However, as other blockchain networks gain popularity, Ethereum may face competition for DeFi developers.</p><p class="MsoNormal">In response to this competition, Ethereum is working on various upgrades to its network, such as Ethereum 2.0, which will enhance its scalability and security. These upgrades will help Ethereum maintain its position as the leading blockchain network for DeFi protocols and ensure its continued dominance in the market.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/the-promise-of-defi-use-cases-opportunities-and-risks/" target="_blank" rel="follow">The DeFi interoperability difficulty is a key impediment to the industry's growth and development.</a> DeFi protocols and blockchains are compartmentalized in the absence of interoperability, limiting liquidity, lowering efficiency, and constraining innovation. </p><p class="MsoNormal">Cross-chain solutions and interoperability standards can assist in addressing this issue, resulting in a more linked and interoperable environment.</p><p class="MsoNormal">Implementing cross-chain solutions and interoperability standards, on the other hand, has its own set of obstacles and hazards. Ensuring the security of cross-chain transactions and creating common interoperability standards will be critical for attaining widespread adoption and reaching DeFi's full potential. </p><p class="MsoNormal">By overcoming these difficulties, the DeFi industry may continue to expand and evolve, providing a more open, decentralized, and accessible means to manage financial transactions.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">The publicly-listed cryptocurrency company founded by an American investor Michael Novogratz, Galaxy Digital Holdings (<a href="https://www.financemagnates.com/tag/galaxy-digital-assets-fund/" target="_blank" rel="follow">TSX:GLXY</a>) has published its full-year results for 2022. Galaxy showed a massive net loss due to the prolonged crypto winter dominating the previous year.</p><p>Crypto Winter Hits Galaxy Digital Hard</p><p class="MsoNormal">In Wednesday's press release, Galaxy announced the fourth quarter, the full year and preliminary first quarter-to-date results. The company showed a massive net loss of $1.0 billion for the year ended 31 December 2022, compared to a net income of $1.7 billion for the same period a year earlier. In the meantime, the fourth quarter ended with a net loss of $287.8 million compared to $521.3 million reached in Q4 2021.</p><p class="MsoNormal">Galaxy explains the poorer performance primarily by the 64% drop in the price of <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> (BTC) over 2022. In January, BTC cost $46,500, ending the year at $16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to $1,200. <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-fear-fad-or-opportunity-for-regrowth/" target="_blank" rel="follow">The crypto winter</a> negatively affected the performance of other companies in the sector, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">including digital asset miners</a>.</p><p class="MsoNormal">"2022 was a formative year for Galaxy, and while we and our industry faced unprecedented macroeconomic events, we succeeded in staying the course and were able to opportunistically take advantage of strategic opportunities to build our operating businesses for the future. I have never been more confident in our go-forward strategy, businesses, and team," Michael Novogratz, the Founder and CEO of Galaxy Digital, commented in a press release.</p><p class="MsoNormal">At the end of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments. In Q4 2022, it invested in Veridise, a verification platform that conducts security audits for DeFi applications. Novogratz's company is still exploring other opportunities in the investment space.</p><p>2023 Paints Brighter Future for Galaxy Digital</p><p class="MsoNormal">The beginning of 2023, in which cryptocurrencies saw a rebound after the severe declines of 2022, started off decidedly better. Between early January and 24 March 2023, the company generated income before tax of $150 million. In the months ahead, Galaxy will focus on organically building its platform during the bear market and scaling and integrating recent strategic acquisitions.</p><p class="MsoNormal">Galaxy anticipates earning net profits in its operating businesses and positive gains from its liquid coin and investment holdings on its balance sheet for the entire Q1 2023. The increased market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117">volatility</a> and volumes from existing counterparties positively impacted the company's operating business.</p><p class="MsoNormal">"The Company continues to lead from a position of strength, remaining open for business for our clients and counterparties. And as the market has improved year to date, we have generated approximately $150 million of income before tax while retaining a strong liquidity position through 24 March 2023," Novogratz added.</p><p class="MsoNormal">Galaxy Mining has increased its capacity by 100% since the start of 2022 by integrating the Helios site, <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">which was acquired at the end of last year</a>. The company aims to have over 4 EH/s of Hashrate Under Management by the end of 2023, with self-mining accounting for about 50% of the total.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Thailand’s Securities and Exchange Commission (SEC) is considering lifting the 300,000 baht (about $8,800) retail investment limit for initial coin offerings (ICO) to stimulate investments in digital tokens. </p><p>Thailand to Remove ICO Limit </p><p>As reported by the local media Bangkok Post, the <a href="https://www.financemagnates.com/tag/thailand/" target="_blank" rel="follow">Thai regulator</a> has opened a public hearing until 27 April on its plans to remove the limit for asset-backed ICOs, including the ones backed by real estate and infrastructure projects. Under the current rules, retail investors can only invest up to 300,000 baht in a project through an ICO. </p><p>“The revision of the <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> is aimed at enhancing effective monitoring of digital asset operations and reducing risks that might affect investors, digital asset operators, and the market,” the Thai regulator said. </p><p>The SEC highlighted that the move to lift the ICO limit for retail investors would allow more retail investments, increasing their risk exposure. </p><p>To minimize the risks in the sector, the Thai regulator is planning to mandate regulatory permission for digital asset operators to expand into other business areas. However, the new rules would increase the <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> cost to the digital asset operators in the country. </p><p>The Thai Cryptocurrency Sector </p><p>Thailand has strict oversight of the local cryptocurrency industry. Only a handful of crypto exchanges operate locally, but the industry is still stressed. Last year Huobi shuttered its Thailand operations, while Bitkub, one of the leading local exchanges, faced enforcement actions. </p><p>The $100 million capital buyout of <a href="https://www.financemagnates.com/cryptocurrency/thai-sec-creates-online-complaint-form-after-zipmexs-withdrawal-pause/" target="_blank" rel="follow">Zipmex</a>, another Thailand-focused crypto exchange, also might be in jeopardy as the investor reportedly missed a $1.25 million payment recently. Earlier, the local banking giant SCB backtracked from acquiring a controlling state at Bitkub, citing pending regulatory issues. </p><p>Meanwhile, Thai regulators continue to strengthen crypto oversight and bought <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailands-sec-mandates-risk-disclosure-for-crypto-ads/" target="_blank" rel="follow">strict rules around the promotions and advertising</a> of cryptocurrency companies, primarily to minimize risks. It mandated the showcasing of investment risks, and companies need to provide information on advertising terms to the regulator. Another law <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailand-bans-crypto-payments-allows-trading/" target="_blank" rel="follow">bans any form of crypto payments</a> in the country but allows investment and trading.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p> Williams Racing and Kraken, a popular crypto platform, announced a global partnership ahead of the Australian Grand Prix in Melbourne. This marks Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1) team.</p><p>Kraken and Williams Racing Announce Crypto Partnership</p><p class="MsoNormal">According to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the rest of the 2023 FIA Formula One World Championship season, Kraken's logo will be prominently displayed on the FW45 racing car halo and rear wing. Additionally, the branding will be featured on driver racing attire and team headwear.</p><p class="MsoNormal">In addition to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT digital art pieces owned by customers sourced from third-party NFT initiatives during specific Grand Prix events. Furthermore, Williams and Kraken will join forces to create exclusive limited-edition caps for certain Grands Prix occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">📣 Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid 🏁More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"Kraken's partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We're excited to engage with both Kraken's and Williams Racing's global communities, showcasing the power and life-changing impact of crypto and Web3," Mayur Gupta, the Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a focus on engaging fans and the community, Kraken will take part in various Williams Racing fan zone activities during the season. Simultaneously, the crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives and importance of Web3 technology.</p><p class="MsoNormal">James Bower, the Commercial Director of Williams Racing, expressed his pride and excitement about the partnership with Kraken, highlighting that it unites two well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"We're excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events," Bower summarized. </p><p>Brokers and Exchanges Bet on F1</p><p class="MsoNormal">The first FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more than ten years ago. Since then, many more retail brokers have decided to partner with teams of the popular racing series. In 2018, such a partnership with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021, while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the cryptocurrency industry has experience in sponsoring sports and F1 teams. In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was arrested in late 2022.</p><p>Positive News for Kraken after Tough Months</p><p class="MsoNormal">The news of a sponsorship deal signed with a Formula One team is the first upbeat note regarding Kraken after a year of cryptocurrency operational and regulatory problems.</p><p class="MsoNormal">In November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by 30% </a>in order to adapt to challenging market conditions. Less than a month later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak cryptocurrency market.</p><p class="MsoNormal">However, the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under the sight of the US SEC</a> in connection with a listing of unregistered securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>. The idea was first presented in 2020 and has now resurfaced in the face of regulatory pressure.</p><p class="MsoNormal">In the wake of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and withdrawal services. Since 2019, Kraken has been among several crypto exchanges utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the United States.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p class="MsoNormal">US prosecutors have expanded the 12 count charges against Sam Bankman-Fried, the Founder of the now-bankrupt cryptocurrency exchange, FTX. An additional indictment sealed on Tuesday morning, alleges that the FTX Founder and others transferred approximately $40 million in bribes to one or more Chinese officials to unfreeze certain accounts in late 2021.</p><p class="MsoNormal">Prosecutors Accuse Bankman-Fried of Bribery</p><p class="MsoNormal">State prosecutors are now charging Bankman-Fried with conspiracy to violate the anti-bribery provisions of <a href="https://www.financemagnates.com/cryptocurrency/regulation/oracle-to-pay-23m-to-settle-bribery-charges-against-asian-subsidiaries/" target="_blank" rel="follow">the Foreign Corrupt Practices Act</a>. Existing charges against the disgraced cryptocurrency entrepreneur include conspiracy to commit wire, bank and securities frauds, to operate an unlicensed money transmitting business, commit money laundering and make unlawful political contributions, among others. </p><p class="MsoNormal">“In or about November 2021, SAMUEL BANKMAN-FRIED, a/k/a 'SBF', the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials in order to influence and induce them to unfreeze the Accounts,” the <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.113.2.pdf" target="_blank" rel="follow">indictment document</a> reads.</p><p class="MsoNormal">Damian Williams, the United States Attorney for the Southern District of New York, <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.113.0.pdf" target="_blank" rel="follow">in a letter</a> written to Lewis Kaplan, the Federal District Court Judge in charge of the case, said the new indictment was returned on Monday by a grand jury. Additionally, Damian noted that the FTX Founder has not been arraigned on five of the now-expanded charges.</p><p class="MsoNormal">Associated Press reports that the alleged bribe is related to FTX-linked cryptocurrency hedge fund, Alameda Research, whose trading accounts that contained about $1 billion in digital assets were frozen by Chinese authorities in early 2021. The hedge fund held accounts with two of China’s largest cryptocurrency exchanges, the outlet said, citing the indictment.</p><p class="text-align-justify">The Aftermath of FTX So Far</p><p class="MsoNormal text-align-justify">FTX <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank" rel="follow">collapsed</a> in November last year following <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">a liquidation crisis</a> and a failed <a href="https://www.financemagnates.com/cryptocurrency/ftx-opts-for-capital-raise-as-alameda-research-winds-down-on-trading/" target="_blank" rel="follow">scramble for funds</a>, resulting in <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">the loss of over $8 billion</a> in FTX customers' deposits. Moreover, details emerged recently that Bankman-Fried and other former executives of FTX <a href="https://www.financemagnates.com/cryptocurrency/sbf-and-former-executives-of-defunct-ftx-received-32-billion/" target="_blank" rel="follow">received $2.2 billion</a> in loans and payments from FTX and related entities, mainly Alameda Research.</p><p class="MsoNormal text-align-justify">Bankman-Fried was <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested</a> in December 2022 and was subsequently extradited to the United States where he was granted bail on <a href="https://www.financemagnates.com/cryptocurrency/us-court-grants-bail-to-sam-bankman-fried-on-hefty-250m-bond/" target="_blank" rel="follow">a hefty $250 million recognizance</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-sam-bankman-fried-pleads-not-guilty-to-us-criminal-charges/" target="_blank" rel="follow">pleaded not guilty</a> to eight counts of charges. However, close associates of the embattled Founder <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-frieds-two-top-associates-plead-guilty-to-criminal-charges/" target="_blank" rel="follow">have pleaded guilty</a> and are cooperating with prosecutors. </p><p class="MsoNormal">Additionally, Nishad Singh, the former Director of Engineering at FTX, became the third associate of Bankman-Fried <a href="https://www.financemagnates.com/cryptocurrency/us-regulators-charge-ftxs-senior-executive-nishad-singh-with-fraud/" target="_blank" rel="follow">to plead guilty to fraud charges</a> in February. Both the United States Securities and Exchange Commission and the Commodity Futures Trading Commission charged Singh with misappropriating funds from FTX.com and aiding and abetting Bankman-Fried and Alameda Research in diverting FTX customer assets.</p><p class="MsoNormal">The FMA flags CFDs broker; AI in portfolio management, <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">read today's news nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p>Hours after the <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">Commodity Futures Trading Commission’s lawsuit</a>, Binance's CEO, Changpeng Zhao publicly rejected the allegations, calling them “unexpected and disappointing” with “an incomplete recitation of facts.” </p><p>In the brief response through an official blog post, Zhao refuted all the major allegations and will be “able to give full responses in due time.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">My Response to the CFTC Complaint | Binance Blog <a href="https://t.co/TadyotM7HN">https://t.co/TadyotM7HN</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640483997288415234?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>Zhao Rejects CFTC’s Allegations </p><p>“The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he stated. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.” </p><p>Binance, the largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> in terms of trading volume, faced many regulatory setbacks in the past, including <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">warnings </a>and <a href="https://www.financemagnates.com/cryptocurrency/first-binance-and-now-coinbase-have-both-been-fined-33m-in-netherlands/" target="_blank" rel="follow">enforcement actions</a>. However, the latest lawsuit by the US regulator is a massive blow to its dominance. </p><p>The lawsuit on Monday by the CFTC alleged that <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance violated</a> “numerous” regulations in the country and that its <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> is a “sham.” The exchange was accused of instructing “commercially valuable US-based VIP customers.” ways of avoiding compliance controls, insider trading, and even market manipulation. </p><p>Not Trading for Profits </p><p>Zhao, in his response, highlighted that “Binance.com does not trade for profit or 'manipulate' the market under any circumstances.” He clarified that Binance often converts its earnings in crypto to fiat or other crypto assets to cover expenses. </p><p>Additionally, he disclosed that he personally has two Binance accounts, one for his Binance Card and the other for his crypto holdings. Moreover, he and other Binance employees follow a “90-day no-day-trading rule” that prohibits them from selling a crypto asset within 90 days of procuring them. </p><p>“This is to prevent any employees from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binances-bnb-token-is-reportedly-facing-probe-by-the-us-sec/" target="_blank" rel="follow">actively trading,</a>” Zhao added. “We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.”</p><p>Serious Allegations by the CFTC</p><p>These clarifications came as the CFTC alleged that Binance traded on its own platform with 300 “house accounts” but did not disclose such activities to customers. Moreover, the exchange has been blamed for keeping this information 'top secret' and refused to provide any trading activity-related details after a subpoena.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">You have to ask yourself why would a single trader need over three hundred trading accounts, to trade on Binance?Because they're wash trading and painting the tape between their accounts.They can make the prices do whatever they want. <a href="https://t.co/YIF8XYSrlh">pic.twitter.com/YIF8XYSrlh</a></p>— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) <a href="https://twitter.com/Bitfinexed/status/1640394811747319811?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>“Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally,” Zhao stated, adding that his exchange handled over 55,000 requests from law enforcement. He even praised the compliance systems of Binance as being top-notch. </p><p>Meanwhile, Binance published a response letter recently sent to US Senators Warren, Van Hollen, and Marshall. </p><p>“Binance takes the issue of compliance very seriously, and it regularly engages with US law enforcement,” the letter stated. “The public blockchain record (on-chain analytics) of crypto exchanges means that the platform has greater transparency as compared to traditional financial institutions, making it easier to track and trace the flow of crypto assets.”</p><p>The <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">FMA flags CFDs broker and AI in portfolio management, read today's news nuggets.</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">Enterprise Ethereum is a blockchain network created primarily for enterprises. It is built on the Ethereum blockchain, which is well-known for its adaptability and scalability. This article will look into Enterprise Ethereum's position in business, including its applications, benefits, and challenges.</p><p class="MsoNormal">What Is Enterprise Ethereum?</p><p class="MsoNormal">Enterprise Ethereum is a blockchain technology intended specifically for enterprises. It is built on the Ethereum blockchain, a decentralized platform that allows for the development of smart contracts and decentralized apps. (DApps). Enterprise Ethereum is a private blockchain, which means that only authorized users may access it.</p><p class="MsoNormal">Enterprise Ethereum Applications</p><p class="MsoNormal">Enterprise Ethereum has several business applications. Among the most important applications are:</p><p class="MsoNormal">Supply Chain Administration</p><p class="MsoNormal">Supply chain management is a fundamental use of Enterprise Ethereum. It can be used to trace the flow of commodities, validate product authenticity, and streamline supply chain operations. Many supply chain management procedures, such as checking the legitimacy of items and completing payments, can be automated using smart contracts.</p><p class="MsoNormal">Identity Administration</p><p class="MsoNormal">Identity management is another Enterprise Ethereum application. It can be used to manage and verify identities securely, lowering the risk of identity theft and fraud. Smart contracts can be used to maintain identification information and give authorized users secure access.</p><p class="MsoNormal">Ethereum can be utilized in financial services as well. It can be used to simplify payment procedures, lower transaction costs, and improve transparency. Smart contracts can be used to automate numerous financial services procedures, such as payment execution and contract management.</p><p class="MsoNormal">Advantages of Enterprise Ethereum</p><p class="MsoNormal">Enterprise Ethereum provides various advantages to enterprises. Among the many advantages are:</p><p class="MsoNormal">Increased Enterprise Efficiency</p><p class="MsoNormal">By automating many of the processes involved in company operations, Ethereum can assist to boost efficiency. Smart contracts can be used to automate operations like confirming the legitimacy of items, making payments, and monitoring contracts. </p><p class="MsoNormal">This can help to reduce the amount of time and resources needed to complete transactions, hence enhancing efficiency and production.</p><p class="MsoNormal">Increased Security</p><p class="MsoNormal">Enterprise Ethereum provides greater security than typical commercial platforms. Transactions are safe and tamper-proof due to the usage of blockchain technology. Smart contracts are also intended to be tamper-proof, which means they cannot be changed after they have been executed. </p><p class="MsoNormal">As a result, Enterprise Ethereum offers a safe and dependable means to execute transactions.</p><p class="MsoNormal">Enterprise Cost Savings </p><p class="MsoNormal">By eliminating the need for intermediaries, such as banks or attorneys, Ethereum can assist to minimize transaction costs. Smart contracts can be used to perform transactions without the involvement of middlemen, lowering transaction costs and enhancing profitability.</p><p class="MsoNormal">Enterprise Ethereum's Challenges</p><p class="MsoNormal">While Enterprise Ethereum has many advantages for organizations, it has certain drawbacks. Among the major challenges are:</p><p class="MsoNormal">Technical Difficulty</p><p class="MsoNormal">Enterprise Ethereum is a difficult technology that must be used with technical skills. To use Enterprise Ethereum efficiently, businesses must have a solid understanding of blockchain technology and smart contracts. This may necessitate substantial investment in training and development.</p><p class="MsoNormal">Legacy System Integration</p><p class="MsoNormal">It can be difficult to integrate Enterprise Ethereum with legacy systems. Businesses must verify that their existing systems are Enterprise Ethereum compliant, which may necessitate significant investment in technical infrastructure.</p><p class="MsoNormal">Compliance with Regulations</p><p class="MsoNormal">Enterprise Ethereum adoption may also generate regulatory compliance concerns. Businesses must ensure that their activities are in accordance with applicable laws and regulations, which can be complicated and time-consuming.</p><p class="MsoNormal">New avenues for business</p><p class="MsoNormal">One of the key benefits of Enterprise Ethereum is its ability to enable new forms of collaboration and cooperation between businesses.</p><p class="MsoNormal">Smart contracts </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/innovation/smart-contracts-on-ethereum/" target="_blank" rel="follow">Smart contracts, a key feature of Enterprise Ethereum</a>, are self-executing contracts with the terms of the agreement between parties being directly written into code. This means that once the conditions specified in the contract are met, the contract automatically executes without the need for intermediaries or third parties. Smart contracts can automate many aspects of inter-business transactions, such as payment processing, supply chain management, and legal operations.</p><p class="MsoNormal">One of the main benefits of smart contracts in Enterprise Ethereum is that they can reduce friction and improve efficiency in business-to-business interactions. By automating processes and removing intermediaries, businesses can reduce costs, eliminate errors, and streamline their operations. This can significantly reduce the time and effort required for these tasks, allowing businesses to focus on their core activities.</p><p class="MsoNormal">Smart contracts in Enterprise Ethereum can also enable more seamless collaboration between businesses. For example, in supply chain management, smart contracts can automate the process of verifying the authenticity and quality of goods, reducing the risk of fraud and enabling faster and more secure transactions. Additionally, smart contracts can automate the process of dispute resolution, reducing the time and effort required to resolve disputes between parties.</p><p class="MsoNormal">Decentralized Applications </p><p class="MsoNormal">Another way that Enterprise Ethereum can enable new forms of collaboration is through the use of decentralized applications (dApps). dApps are software applications that run on the Ethereum blockchain, enabling secure and transparent transactions between parties. They can be used for a variety of purposes, such as decentralized finance (DeFi), supply chain management, and identity verification.</p><p class="MsoNormal">By using dApps built on Enterprise Ethereum, businesses can collaborate and cooperate in new ways. For example, in DeFi, businesses can participate in decentralized lending and borrowing, enabling faster and more secure transactions than traditional banking systems. In supply chain management, businesses can collaborate to improve efficiency and transparency in the supply chain, reducing costs and improving customer satisfaction.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Enterprise Ethereum provides various benefits to enterprises, including higher productivity, improved security, and lower costs. However, it does provide several obstacles, including technical complexity, interaction with older systems, and regulatory compliance.</p><p class="MsoNormal">Overall, Enterprise Ethereum can assist firms in streamlining operations, lowering expenses, and increasing profitability. However, before incorporating Enterprise Ethereum into their processes, organizations must carefully assess the opportunities and problems it presents. </p><p class="MsoNormal">Enterprise Ethereum, with careful planning and execution, has the ability to alter the way organizations function and communicate with one another, enabling secure and transparent transactions without the need for middlemen.</p><p class="MsoNormal">As Enterprise Ethereum evolves and matures, we should expect to see even more inventive corporate use cases and applications. Businesses will be able to streamline processes, decrease costs, and boost efficiency by utilizing smart contracts and decentralized applications, while also improving security and transparency.</p><p class="MsoNormal">Overall, Enterprise Ethereum plays an important and expanding role in business. While there are some challenges to overcome, the benefits of using Enterprise Ethereum are significant, and it is becoming a more popular choice for businesses looking to streamline operations and improve efficiency. </p><p class="MsoNormal">We should anticipate seeing many more fascinating advancements in the application of Enterprise Ethereum in business as the technology evolves and matures.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Blockchain technology has been widely used for cryptocurrencies, such as Bitcoin and Ethereum, but its application is not limited to the financial industry. Digital identity management is one of the areas where blockchain technology is gaining interest. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/identity-on-the-blockchain-building-a-more-secure-future/" target="_blank" rel="follow">The promise of blockchain-based digital identification </a>is that it will provide a more secure, decentralized, and user-centric manner of managing personal information. </p><p class="MsoNormal">The benefits, hazards, and implementation issues of blockchain-based digital identification will be discussed in this article.</p><p class="MsoNormal">The Advantages of Blockchain-Based Digital Identity</p><p class="MsoNormal">Traditional digital identity management approaches rely on centralized authorities, such as governments, financial institutions, and social media platforms. </p><p class="MsoNormal">However, there are also problems with this strategy, such as data breaches, identity theft, and a lack of user control over personal information. Blockchain-based digital identification can overcome these disadvantages by offering the following advantages:</p><ul><li>Security: Blockchain technology allows for the decentralized and tamper-proof storage and sharing of personal information. Blockchain ensures that personal data is secure and cannot be tampered with by employing cryptographic methods.</li><li>Privacy: A blockchain-based digital identity gives consumers more control over their personal data. Users can choose whatever information they want to share and with whom they want to share it without relying on centralized authorities.</li><li>Interoperability: Blockchain-based digital identities can make it easier to interchange personal information across organizations and borders. This can help to speed up processes like onboarding, KYC, and compliance.</li><li>Efficiency: By eliminating the need for intermediaries and decreasing the time and resources necessary for identification verification, blockchain-based digital identity can cut costs and boost efficiency.</li><li>Trust: By providing a reliable and transparent method of confirming identities, blockchain-based digital IDs can boost trust in online transactions.</li></ul><p class="MsoNormal">The Dangers of Blockchain-Based Digital Identity</p><p class="MsoNormal">While blockchain-based digital identification has numerous advantages, it also has some hazards and issues that must be addressed. Among the dangers are:</p><ul><li>Cybersecurity: Blockchain-based digital identities might be vulnerable to cyber attacks, especially if the blockchain is insecure or the cryptographic algorithms are ineffective.</li><li>While blockchain-based digital identities might give users more control over their personal information, they can also introduce new privacy threats. Personal information, for example, may be accessible to anybody if it is placed on a public blockchain.</li><li>Interoperability: Due to differences in technology, standards, and legislation, achieving interoperability between multiple blockchain-based digital identification systems can be difficult.</li><li>Adoption: For blockchain-based digital identities to be effective, they must be widely adopted. Adoption can be difficult to achieve, especially if users are unfamiliar with blockchain technology or are averse to change.</li></ul><p class="MsoNormal">The Implementation Difficulties of Blockchain-Based Digital Identity</p><p class="MsoNormal">Implementing blockchain-based digital identification might be difficult due to a variety of problems, including:</p><ul><li>Currently, there is no global standard for blockchain-based digital identification. This can cause interoperability concerns between systems and slow uptake.</li><li>Regulations: The regulatory framework for blockchain-based digital identification is still in the early stages. This can cause concern for enterprises looking to use blockchain-based digital identity solutions.</li><li>User experience: Users who are unfamiliar with blockchain technology may find it challenging to understand and use blockchain-based digital identities.</li><li>Scalability: To accommodate a large number of users and transactions, blockchain-based digital identity requires a robust and scalable infrastructure. This can be difficult, especially for public blockchains with restricted scalability.</li></ul><p class="MsoNormal">The Harbinger of a Massive Digital Divide?</p><p class="MsoNormal">In recent years, the concept of Blockchain-based digital identity has gained significant attention, with many companies and organizations exploring its potential to revolutionize how individuals verify their identities online. However, while there are undoubtedly benefits to this technology, it also presents significant risks, akin to putting all your eggs in one basket, meaning some might want to opt-out.</p><p class="MsoNormal">One of the most significant dangers of Blockchain-based digital identity is the potential for a single point of failure. Because all of an individual's identity data is stored in one place, a data breach or cyber-attack could compromise an individual's entire identity. In this scenario, hackers could access sensitive information, such as financial data, medical records, and personal information, which could be used for identity theft or other nefarious purposes.</p><p class="MsoNormal">Furthermore, Blockchain-based digital identity presents challenges when it comes to managing consent and revocation of data. With traditional identity verification methods, individuals can selectively choose which information to share with different parties. However, with Blockchain-based digital identity, this becomes more challenging, as all data is stored in one place, and revocation of access becomes more complicated.</p><p class="MsoNormal">Additionally, there is a risk of misrepresentation and fraud in the verification process. Because Blockchain-based digital identity relies on complex algorithms and cryptographic techniques, there is always the possibility of vulnerabilities in the system, which could be exploited by bad actors.</p><p class="MsoNormal">These elements likely point to the danger of creating a digital divide, where individuals who do not have access to Blockchain-based digital identity or are against having one are excluded from certain services or opportunities. This could create an unequal and unfair system that disadvantages vulnerable groups and exacerbates existing inequalities.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">The use of blockchain-based digital identities has the potential to transform the way we manage personal information online. Blockchain-based digital identification can solve many of the shortcomings of existing identity management systems by providing a more secure, decentralized, and user-centric method of handling digital IDs. </p><p class="MsoNormal">However, there are risks and implementation issues that must be solved in order for blockchain-based digital identification to fulfil its promise. </p><p class="MsoNormal">As blockchain-based digital identity evolves, it will be critical to focus on addressing these problems in order to achieve widespread adoption and reap the benefits of blockchain-based digital identity.</p><p class="MsoNormal">Organizations considering deploying blockchain-based digital identification should carefully weigh the benefits and hazards, as well as ensure a thorough understanding of the technology and regulatory context. </p><p class="MsoNormal">They should also prioritize user education and experience to ensure that users are familiar with and understand how to use the new technology.</p><p class="MsoNormal">Furthermore, the industry must collaborate to develop standards and laws for blockchain-based digital identification in order to ensure interoperability and solve privacy and cybersecurity concerns. </p><p class="MsoNormal">Collaboration among regulators, industry participants, and technology providers will be critical to attaining this goal.</p><p>Overall, blockchain-based digital identification has the potential to revolutionize online identity management. Blockchain-based digital identity can boost confidence, cut costs, and streamline operations by providing a more secure, decentralized, and user-centric manner of storing personal information. </p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Gemini, the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> owned by the Winklevoss twins, is examining possibilities to launch an international crypto derivatives trading platform, according to The Information report from Wednesday.</p><p>Gemini Reportedly Seeks to Open Overseas Derivatives Exchange</p><p class="MsoNormal">The new platform from Gemini would offer trading in perpetual futures. Derivatives of this type are banned in the United States for retail investors due to their somewhat risky nature. Making them available in another jurisdiction would allow Gemini to offer users a product with no expiration date and the possibility of high leverage.</p><p class="MsoNormal">Two weeks ago, Bloomberg reported that another major crypto exchange, Coinbase, was looking to take a similar step. The search for foreign locations to relocate some trading services came after the US Securities and Exchange Commission (SEC) stepped up and tightened its crackdown against the cryptocurrency sector.</p><p class="MsoNormal">It all started with <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">the collapse of the FTX</a> digital assets <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> last November. It was followed by the closure of three banks linked to digital assets, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/" target="_blank" rel="follow">Silvergate Bank</a>, Signature Bank and Silicon Valley Bank, or the CFTC's lawsuit against Binance for violating the US derivatives regulations, among other things.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Bulge bracket bankRegional bankNo bankBitcoinChoose wisely.</p>— Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1637585166481719299?ref_src=twsrc%5Etfw">March 19, 2023</a></blockquote><p class="MsoNormal">The Information cites people familiar with the matter and claims that the Gemini exchange has been contacting trading platforms in various places around the world over the past few months in search of a market maker to support the execution of operations outside the United States.</p><p>Third Round of Job Cuts in Gemini and Regulatory Pressure</p><p class="MsoNormal">Pressure from the SEC, which has led Kraken exchange <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">to shut down its staking services</a> in the US, has also hit the Winklevoss brothers' platform. In January, <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">the regulator charged</a> two feuding companies, Genesis Global Capital and Gemini Trust Company, for offering and selling crypto lending products under Gemini Earn, which the regulator alleged to be unregistered securities.</p><p class="MsoNormal">Gemini and its Co-Founders are already dealing <a href="https://www.financemagnates.com/cryptocurrency/news/gemini-winklevoss-twins-face-class-action-lawsuit-over-lending-products/" target="_blank" rel="follow">with a class-action lawsuit</a> filed by a pair of Gemini Earn investors who have leveled comparable allegations. The legal action contends that the exchange and its proprietors have engaged in fraudulent activities and breached the Exchange Act.</p><p class="MsoNormal">A few days later, news emerged that Genesis was close to <a href="https://www.financemagnates.com/cryptocurrency/genesis-is-reportedly-preparing-to-file-for-bankruptcy-within-days/" target="_blank" rel="follow">declaring bankruptcy</a> following the collapse of the FTX exchange, which negatively affected the entire industry. Although the decision has not been confirmed, the problems are visible to the naked eye, and Gemini has already carried out three rounds of job cuts since last June.</p><p class="MsoNormal">The first took place in June and affected 10% of the entire team, and the second in July and involved another 7% of the workforce. The most recent was conducted <a href="https://www.financemagnates.com/cryptocurrency/third-times-the-charm-gemini-cuts-its-workforce-once-again/" target="_blank" rel="follow">at the end of January</a> when the company reduced a further 10% of its staff.</p><p class="MsoNormal">Saxo's Presents New Portal and JPX Gets into DeFi, read today’s <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/">news nuggets</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Russia has delayed its planned central bank digital currency (CBDC) rollout without providing any further timeline. The testing of the digital ruble was scheduled to start on 1 April. </p><p>Russia Delays CBDC Pilot </p><p>According to state-owned TASS, the CBDC pilot launch has been canceled as the central bank is waiting to approve some of the specific legislation by the Russian State Duma, the Federal Assembly’s lower house. These legislations are expected to be adopted in April and effective in May. </p><p>Initially, Russia kept the <a href="https://www.financemagnates.com/cryptocurrency/news/bank-of-russia-plans-to-pilot-digital-ruble-in-2021-end/" target="_blank" rel="follow">CBDC pilot</a> scheduled for 2024. However, the plans have been brought forward by a year as the Russian central bank is seeking an alternative to the SWIFT payments system amid heavy economic sanctions on the country by Western governments. </p><p>During the pilot, the digital ruble will be available only to a handful of program participants and not the entire population. It will be a real-time operation on a limited scale, and the central bank will determine scaling methods based on the results. </p><p>For the <a href="https://www.financemagnates.com/cryptocurrency/coins/the-rise-of-central-bank-digital-currencies-cbdcs-impacts-on-the-crypto-market/" target="_blank" rel="follow">CBDC</a> pilot, the Russian central bank has partnered with commercial banks in the country. Initially, 15 banks agreed to participate in the digital ruble pilot. However, the count came down to 13 as they only confirmed technical readiness to participate in the pilot with a limited number of customers. </p><p>“The use of smart contracts should reduce the operational load of banks and make the deals transparent, which not only will reduce the chances of the misuse of government and banks’ funds, but ultimately simplify the control over the existing contracts,” said Vitaly Kopysov, the Director of Innovations at Sinara Bank. </p><p>Central Banks Are Keen on Launch Digital Fiat </p><p>Apart from Russia, other countries are pushing forward toward a central bank digital currency launch. China is at the forefront and has been running its <a href="https://www.financemagnates.com/cryptocurrency/news/china-to-pilot-distribute-cbdc-to-state-employees/" target="_blank" rel="follow">digital yuan pilot programs</a> for a few years now. Meanwhile, countries in Europe and Asia are also exploring the possibilities of a CBDC launch, even with the help of global banking bodies.</p><p>Most recently, the UAE central bank <a href="https://www.financemagnates.com/cryptocurrency/uae-inches-closer-to-digital-dirham-launch-with-new-cbdc-strategy/" target="_blank" rel="follow">revealed its strategy for a digital dirham</a>, as it is targeting to complete the first phase of the launch in the next 12 to 15 months, which will be around mid-2024. It will include the soft launch of mBridge, a project in collaboration with the Bank for International Settlements (BIS) and a few other central banks; the development of a proof-of-concept for bilateral CBDC bridges with India; and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The growth of cryptocurrencies in recent years has offered a new method of performing financial transactions. The usage of stablecoins for remittances is one of the most potential applications of this technology. </p><p class="MsoNormal">Remittances are funds sent by migrant workers to their relatives back home, and they are an important source of income for many households in developing nations. In this essay, we will look at the possibilities of stablecoins for remittances and how they can change the game.</p><p class="MsoNormal">What Are Stablecoins?</p><p class="MsoNormal">Stablecoins are cryptocurrencies that are intended to have a consistent value. Stablecoins, unlike other cryptocurrencies such as Bitcoin or Ethereum, have their value tied to an underlying asset such as a fiat currency like the US dollar or a commodity like gold. Stablecoins are less volatile and more predictable than other cryptocurrencies, making them an excellent tool for financial transactions.</p><p class="MsoNormal">Stablecoins' Potential for Remittances</p><p class="MsoNormal">Remittances are an important component of the global economy. Despite the disruptions caused by the COVID-19 outbreak, remittance flows to low- and middle-income nations reached $540 billion in 2020, according to the World Bank. </p><p class="MsoNormal">On the other hand, traditional remittance options, such as banks or money transfer operators (MTOs), are frequently delayed and costly, with large transaction fees and unfavorable exchange rates. This is especially difficult for people in developing nations, where access to financial institutions is limited and transmitting money can be prohibitively expensive.</p><p class="MsoNormal">Stablecoins may be able to address these issues by providing a faster, cheaper, and more accessible method of transmitting money across borders. Stablecoins, unlike traditional remittance techniques, can permit peer-to-peer transactions without the need for intermediaries, such as banks or MTOs. </p><p class="MsoNormal">This means that transaction fees are lower and exchange rates are better. Furthermore, stablecoins may be sent and received rapidly, making them a useful tool for people who need quick access to their assets.</p><p class="MsoNormal">Stablecoins may also reach more people than regular transfer methods. According to the World Bank, around 1.7 billion adults worldwide lack access to a bank account, limiting their capacity to transfer and receive money. </p><p class="MsoNormal">However, stablecoins may be accessible via a smartphone, which is becoming increasingly popular in developing countries. As a result, stablecoins may offer a new option for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">Challenges and Dangers</p><p class="MsoNormal">While stablecoins provide many potential benefits for remittances, there are also issues and hazards to consider. One of the major problems in the stablecoin market is the absence of regulation and monitoring. </p><p class="MsoNormal">Stablecoin issuers, unlike traditional financial institutions, are not subject to the same amount of examination, raising concerns about their stability and security. Furthermore, because stablecoins are not backed by government assurances, consumers are vulnerable to counterparty risks if the issuer goes bankrupt.</p><p class="MsoNormal">Another issue is the possibility of stablecoins being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse. </p><p class="MsoNormal">This may result in heightened regulatory scrutiny and even restrictions on the usage of stablecoins for remittances.</p><p class="MsoNormal">An Opportunity for Banks?</p><p class="MsoNormal">The rise of stablecoins, digital currencies pegged to a stable asset such as the US dollar, has presented <a href="https://www.financemagnates.com/cryptocurrency/education-centre/cutting-the-costs-of-remittances-can-the-blockchain-help/" target="_blank" rel="follow">an opportunity for banks to modernize their remittance services.</a> Unlike traditional remittance methods, which can be slow and expensive, stablecoins offer faster, cheaper, and more efficient cross-border payments. As such, banks should consider taking part in the stablecoin ecosystem to improve their remittance services as a way of providing customers with a better experience.</p><p class="MsoNormal">For banks, stablecoins represent an opportunity to streamline their remittance services and reduce costs. By integrating stablecoins into their systems, banks can provide faster and more affordable remittance services. This is particularly important for customers who regularly send money to friends and family members in other countries, as traditional remittance services can be prohibitively expensive.</p><p class="MsoNormal">Moreover, stablecoins can help banks to reduce the risks associated with cross-border payments. By using stablecoins, banks can minimize the risk of currency fluctuations and ensure that the value of the payment remains stable throughout the transaction. This can help to reduce the costs associated with remittances and increase customer satisfaction.</p><p class="MsoNormal">In addition to offering stablecoin-based remittance services, banks can participate in the stablecoin ecosystem by developing their own stablecoins. This would allow banks to create their own digital currencies that are pegged to a stable asset, providing customers with a new way to store and transfer funds. Banks can use their existing customer base and brand recognition to promote their stablecoins, making it easier for customers to adopt the technology.</p><p class="MsoNormal">By developing their own stablecoins, banks can gain greater control over the remittance process. Banks can use their stablecoins to facilitate cross-border payments between their customers, without the need for third-party intermediaries. This can help to reduce transaction costs and increase the speed of payments, improving the overall customer experience.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Stablecoins have the potential to revolutionize remittances by providing a faster, cheaper, and more accessible method of moving money across borders. However, there are obstacles and concerns that must be addressed, particularly in the areas of legislation and security. </p><p class="MsoNormal">As the stablecoin market evolves, it is critical to ensure that these risks are avoided so that stablecoins can fulfil their full potential as a financial inclusion tool.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p> OKX, the second-biggest crypto trading platform by trading volume, has recently announced that it is preparing to transfer $157 million in frozen assets linked to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried's (SBF) fallen empire. This is a response to the newest motion filed on Wednesday in the FTX <a href="https://www.financemagnates.com/terms/b/bankruptcy/" class="terms__main-term" id="41b3ef0d-d805-441d-8443-121890264e94">bankruptcy</a> claim.</p><p>OKX Set to Return $157 Million of Frozen Assets Connected to FTX</p><p class="MsoNormal">Following the downfall of FTX in November 2022, OKX took the initiative to conduct thorough investigations regarding any potential FTX-related transactions that might have taken place on its platform. These investigations led to the discovery of accounts and assets linked to FTX and Alameda Research, which OKX promptly froze to secure the associated funds.</p><p class="MsoNormal">"OKX welcomes the motion and will continue to cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through the bankruptcy process," OKX stated in the press release.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">For <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a>, doing right by crypto traders &amp; the industry is always a top priority.We did a proactive investigation when FTX collapsed and froze all associated assets &amp; accounts. Today, we are turning over USD157 MN in frozen FTX &amp; Alameda-related assets. Details ↓</p>— OKX (@okx) <a href="https://twitter.com/okx/status/1641216557274521600?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">FTX was one of the most prominent cryptocurrency exchanges, ranking among the top 10 platforms in terms of turnover. However, November brought a massive selloff of the platform's native token, FTT, and a capital outflow due to concerns regarding the stability of its ecosystem. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">This led to the collapse of FTX</a>, triggered the downturn of the broad digital asset market and contributed to the bankruptcy of more crypto-related companies. Meanwhile, SBF ended up behind bars, awaiting sentencing for embezzling billions of dollars. A few days ago, he was additionally accused of paying a $40 million bribe to Chinese officials.</p><p class="MsoNormal">Finance Magnates informed last week that FTX debtors <a href="https://www.financemagnates.com/cryptocurrency/ftx-debtors-agree-to-95m-sale-of-mysten-labs-stake/" target="_blank" rel="follow">agreed to sell Mysten Labs Inc. </a>preferred shares back to the Web3 startup for $96 million, according to the fillings at the U.S. Bankruptcy Court in Delaware.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">FTX locks in $96 million deal to sell Mysten Labs shares and SUI Token warrants.Originally acquired in August 2022 for $101 million. <a href="https://t.co/7PdfIM6uDT">pic.twitter.com/7PdfIM6uDT</a></p>— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) <a href="https://twitter.com/AFTXcreditor/status/1638930052166348802?ref_src=twsrc%5Etfw">March 23, 2023</a></blockquote><p class="MsoNormal">The sale resulted in a loss as FTX's bankruptcy attorneys urgently sought to raise funds to reimburse the clients of the failed exchange. Not long ago, FTX's creditors greenlit the retrieval of $460 million from the venture capital firm, Modulo Capital, which had secured investments from Alameda Research the previous year.</p><p>OKX Opens New Offices in Hong Kong and Australia</p><p class="MsoNormal">The OKX crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> has not only informed about the $157 million transfer to debtors but also heralded the opening of its new office in Australia in the coming months. The disclosure was shared during an exclusive event for Australia's cryptocurrency enthusiasts at the Melbourne Arts Centre.</p><p class="MsoNormal">"Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we're committed to the local market and aim to build a strong local office," Haider Rafique, the Chief Marketing Officer at OKX, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Celebrations in Melbourne are in full swing as <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a> announced opening our office in Australia! 🇦🇺Big s/o to OKX partners <a href="https://twitter.com/danielricciardo?ref_src=twsrc%5Etfw">@danielricciardo</a>, <a href="https://twitter.com/scottyjames31?ref_src=twsrc%5Etfw">@scottyjames31</a>, <a href="https://twitter.com/OscarPiastri?ref_src=twsrc%5Etfw">@oscarpiastri</a>, our team &amp; frens for joining the fun 🏆 <a href="https://t.co/m9rvVOmwYq">pic.twitter.com/m9rvVOmwYq</a></p>— OKX (@okx) <a href="https://twitter.com/okx/status/1641185085562007553?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">Just a day earlier, the crypto exchange announced its plans <a href="https://www.financemagnates.com/cryptocurrency/okx-becomes-another-crypto-exchange-to-start-hk-branch/" target="_blank" rel="follow">to start a new branch in Hong Kong</a> amid the changing regulatory environment in China's special administrative region. The new set of crypto laws will take effect in June and have already encouraged a number of popular crypto brands to look for a local virtual asset service provider (VASP) license. </p><p class="MsoNormal">According to last week's news, <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-to-start-regulating-crypto-in-june-2023-80-companies-wants-to-join/" target="_blank" rel="follow">more than 80 companies</a> are waiting in line to join the Web3 ecosystem forming in Hong Kong.</p><p class="MsoNormal">Saxo's Presents New Portal and JPX Gets into DeFi, read today’s <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/">news nuggets</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p class="MsoNormal">Cryptocurrency exchange, Beaxy, has shut down its operations after over three years of launching into the market. The exchange ceased its operations in the wake of a lawsuit from the United States Securities and Exchange (SEC) which charged the platform and its executives for operating an unregistered exchange, brokerage and clearing agency. </p><p class="MsoNormal">In a statement <a href="https://www.beaxy.com/blog/suspension-of-services-on-beaxy-exchange/" target="_blank" rel="follow">published</a> on its website on Tuesday, Beaxy said it was immediately suspending its services on the trading platform “due to the uncertain regulatory environment surrounding our business.” Beaxy <a href="https://www.financemagnates.com/cryptocurrency/news/beaxy-launches-crypto-trading-services-targets-186-countries/" target="_blank" rel="follow">launched its crypto trading services</a> in June 2019 with the plan to offer its services in 43 states in the United States and in 184 other countries.</p><p class="MsoNormal text-align-justify">SEC Charges Beaxy’s Founder, Others</p><p class="MsoNormal">However, the SEC in a <a href="https://www.sec.gov/news/press-release/2023-64" target="_blank" rel="follow">press statement</a> released on Wednesday said it charged Artak Hamazaspyan, the crypto exchange’s Founder, and his company, Beaxy Digital Limited, for raising $8 million in an unregistered offering of the Beaxy token (BXY). The securities regulator further alleged that Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today we charged the crypto asset trading platform <a href="https://t.co/ykFkM2s0wY">https://t.co/ykFkM2s0wY</a> and its executives for failing to register as a national securities exchange, broker, and clearing agency, and we charged market makers operating on the Beaxy Platform as unregistered dealers.</p>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1641142070092898304?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">In addition, the SEC charged two managers, Nicholas Murphy and Randolph Bay Abbott, for operating Beaxy Exchange as an unregistered exchange, broker and clearing agency through Windy Inc. According to the regulator, Murphy and Abbot took over the reins of Beaxy Exchange in October 2019 after convincing Hamazaspyan to resign as a result of the unregistered sale of BXY and the misappropriation of customer funds. </p><p class="MsoNormal">Furthermore, the US securities regulator in a complaint filed before a district court in Illinois, accused Brian Peterson and his companies of acting as market markers for Beaxy; hence, acting as unregistered dealers. The companies are Braverock Investment, Future Digital Markets, Windy Financial and Future Financial. </p><p class="MsoNormal">According to the SEC, Windy signed an agreement with Peterson and his companies in December 2019 to provide market marking services for BXY. In May 2020, one of the firms signed a similar agreement for a different digital asset. </p><p class="MsoNormal text-align-justify">SEC Requires Separate Registrations</p><p class="MsoNormal">Speaking on the case, Gurbir S. Grewal, the Director of the SEC’s Division of Enforcement, noted separate registration requirements exist for organizations that want to operate as exchanges, brokers and clearing agencies. These requirements are targeted at protecting investors and ensuring checks and balances among the various firms. </p><p class="MsoNormal">“When a crypto intermediary combines all of these functions under one roof — as we allege that Beaxy did — investors are at serious risk. The blurring of functions and the lack of registrations meant that regulations designed to protect investors were not followed or even recognized by Beaxy,” Grewal explained.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">SEC is incrementally building a body of legal theories to target crypto asset intermediaries. It’s not only focused exchanges. Beaxy complaint shows SEC is scrutinizing market making arrangements as broker-dealer activity and certain custody arrangements as clearing activity.</p>— Mike Selig (@MikeSeligEsq) <a href="https://twitter.com/MikeSeligEsq/status/1641112792445992960?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">In response to the lawsuit, the SEC said Windy, Murphy, Abbot and Peterson have agreed to shut down the cryptocurrency trading platform, refund all customers and destroy “any and all BXY in Windy’s possession.”</p><p class="MsoNormal">The parties, without admitting or denying the allegations, have also agreed to pay various amounts in penalties to the SEC. This includes $79,200 in civil penalties to be paid by Windy, Abbot and Murphy. Moreover, the SEC said it will continue its litigation against Hamazaspyan for securities fraud, and both the Founder and Beaxy Digital for the unregistered offering of BXY.</p><p class="MsoNormal text-align-justify">Beaxy Promises to Open Asset Withdrawal</p><p class="MsoNormal">Meanwhile, in its announcement, Beaxy said it will make all customer assets on its platform available for withdrawal “within 24 hours after all user orders are cancelled and balances verified.”</p><p class="MsoNormal">“Trading on the platform has been halted effective immediately to simplify the withdrawal and reconciliation process. We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” Beaxy announced.</p><p class="MsoNormal">The SEC's action against Beaxy comes a week after the regulator <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">charged crypto entrepreneur Justin Sun</a> and three of his companies with engaging in wash trades with the Tronix (TRX) token. Additionally, the financial watchdog charged eight American celebrities for promoting TRX and/or BitTorrent tokens without disclosing that they were paid to do so.</p><p class="MsoNormal">In a separate development, the US derivatives regulator also recently <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">brought charges against Binance</a> for operating an illegal digital asset derivatives exchange. Moreover, the watchdog accused the world's largest cryptocurrency exchange of committing “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations." However, Binance's CEO in its reaction described the lawsuit as <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">an "incomplete recitation of facts."</a></p><p class="MsoNormal">OpenFin Adds Dow Jones; Quantile Taps SwapAgent FX, <a href="https://www.financemagnates.com/forex/news-nuggets-29-march-openfin-adds-dow-jones-quantile-taps-swapagent-fx/" target="_blank" rel="follow">read today's news nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p>In major crypto news yesterday, the CFTC (Commodity Futures Trading Commission) in the US filed a <a href="https://www.docdroid.net/60YAbCz/cftc-binance-pdf" target="_blank" rel="nofollow">lawsuit</a> against leading crypto exchange Binance, its CEO, Changpeng Zhao (often known as CZ), and its Chief Compliance Officer, Samuel Lim.</p><p> The violations the CFTC is charging Binance with include six counts, with the CFTC’s Chief Counsel, Gretchen Lowe, citing “wilful evasion of US law”, and claiming that “Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law.”</p><p> However, this summary alone doesn’t capture the colorful nature of the details given about alleged wrongdoing at Binance, which at times veers past brazenness, through an almost total disregard for regulatory compliance, and into darkly absurd territory.</p><p>Allegations</p><p> The <a href="https://www.financemagnates.com/tag/CFTC/" target="_blank" rel="follow">CFTC</a> has been able to access a trove of Binance internal communications and chats, providing a no-holds-barred insight into not only alleged violations but also into the mindset of the participants.</p><p> At times, this actually provides some humorous moments, as, for example, when we are told that Lim engaged a <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__main-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> auditor who would “just do a half-assed individual sub audit on geo[fencing]” to “buy us more time,” but then,</p><blockquote> “As part of this audit, the Binance employee who held the title of Money Laundering Reporting Officer (“MLRO”) lamented that she “need[ed] to write a fake annual MLRO report to Binance board of directors wtf.””</blockquote><p> And following on from that,</p><blockquote> “the MLRO exclaimed to Lim in a chat, “I HAZ NO CONFIDENCE IN OUR GEOFENCING.””</blockquote><p> Among other substantially egregious details, we hear how,</p><blockquote> “Binance has traded on its own platform through approximately 300 “house accounts” that are all directly or indirectly owned by Zhao”</blockquote><p>And, relatedly,</p><blockquote>“Binance does not disclose to its customers that Binance is trading in its own markets in its Terms of Use or elsewhere.”</blockquote><p> Later on, we’re told,</p><blockquote> “Binance is so effective at obfuscating its location and the identities of its operating companies that it has even confused its own Chief Strategy Officer. For example, in September 2022 he was quoted as saying that ‘Binance is a Canadian company.’ The Chief Strategy Officer’s statement was quickly corrected by a Binance spokesperson, who clarified that Binance is an ‘international company.’”</blockquote><p>There are also a couple of paragraphs in the filing that come across as dryly deadpan comic constructions, with one clause, relating to allegations that Binance knowingly served US customers despite restrictions on doing so, stating that:</p><blockquote> “Binance knew that U.S. customers continued to comprise a substantial proportion of Binance’s customer base even after September 2019 because, among other reasons, Binance’s internal reporting told them so.”</blockquote><p> And, a section relating to using VPNs as location workarounds remarks that:</p><blockquote> “One reason Binance’s IP address-based compliance controls have not been effective is that Binance has instructed U.S. customers to evade such controls by using VPNs to conceal their true location.”</blockquote><p>Incredibly, there are detailed allegations describing how <a href="https://www.financemagnates.com/tag/Binance/" target="_blank" rel="follow">Binance</a>, on its own site, openly advised customers on the use of VPNs to bypass location restrictions.</p><p> Another section that grabs the attention for all the wrong reasons, is the alleged internal discussion around the use of Binance’s services in connection with illegal activities,</p><blockquote>“In February 2019, after receiving information regarding HAMAS transactions” on Binance, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.”</blockquote><blockquote> Lim’s colleague replied: “can barely buy an AK47 with 600 bucks.” And, with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: “Like come on. They are here for crime.” Binance’s MLRO agreed that “we see the bad, but we close 2 eyes.”</blockquote><p>Reaction</p><p>Can there possibly be any positives to be taken from this affair? Surprisingly, there may be a couple. On page nine of the court filing, there is a definition of the term 'digital asset' which directly identifies <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a> and Ether, along with Tether, Binance USD, and “other virtual currencies as alleged herein,” as commodities.</p><p> This definition could come to act as an important precedent, since there has been ongoing conflict around whether or not crypto assets are securities and, as such, subject to SEC <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__secondary-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a>. Many observers claim that Bitcoin should be regarded as a commodity, while there is less certainty around Ether and other coins. A legal case establishing both Bitcoin and Ether as commodities, then, may have long-term benefits for those particular protocols.</p><p> There is also the view that a cleaning of house activity is, ultimately, necessary in order for <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">crypto</a> to become a viable industry. Those who ardently believe in the possibilities enabled by decentralized currencies have no allegiance to Binance, just as they had no reason to hold FTX or Sam Bankman-Fried in high regard, and the entire sector may be about to get yet another inevitable dose of cleansing sunlight.</p><p> And, then there is the observation that crypto is resilient, and that after the <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">collapse of FTX last year</a> (and all the many crypto collapses through the years before that), there’s a perception, which may or may not be accurate, that whatever gets thrown at the industry will be shrugged off in time.</p><p> Having said that, there is currently a theory prevalent within parts of the crypto ecosystem that the US is engaged in a covert operation to incapacitate the crypto industry. While there may be certain merits to that argument, it is beginning to foster what looks like a siege mentality, and results in an attitude by which no wrongdoing on the part of crypto companies is ever properly acknowledged or apportioned with blame.</p><p> In fact, this mentality looked as though it was deliberately played into by Changpeng Zhao himself when, in response to the CFTC filing, he initially tweeted (before later releasing a <a href="https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282" target="_blank" rel="nofollow">blog post</a>), nothing other than a cryptic number 4.</p><blockquote class="twitter-tweet"><p lang="qst" dir="ltr">4</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640372505046052866?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p> This message refers back to an earlier CZ tweet in which he listed dos and don’ts for 2023, with number 4 (presumably a do) reading, “Ignore FUD, fake news, attacks, etc.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.1. Education2. Compliance3. Product &amp; Service4. Ignore FUD, fake news, attacks, etc.In the future, would appreciate if you can link to this post when I tweet "4". 🙏</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1610018096122851328?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><p> However, it’s difficult to see in what ways current events are either 'FUD' or 'fake news', and if what’s happening is an attack, then it can hardly be regarded as coming without provocation. Accordingly, if there is any truth in the claim that the US is attempting to take down crypto, then it should be recognized that Binance has been making it easy for the authorities.</p> This article was written by Sam White at www.financemagnates.com.

<p>The banking industry is facing instability, and in the US, problems became clearly visible when three crypto-friendly banks ran into trouble earlier this month. These entities are the now well-known Silvergate Bank, Silicon Valley Bank, and Signature Bank.</p><p> Signature has since been taken over by Flagstar Bank, and this week, news came in that Silicon Valley Bank had been purchased by First Citizens Bank, with the new owners stating there was a structure “to purchase all of the assets and liabilities,” as part of “a whole bank purchase.”</p><p> These continuing events have caused a flurry of speculative claims and counter-claims. Some advocates for the crypto industry assert that a clandestine operation is in process, dubbed Operation Choke Point 2.0, to shut down crypto in the US by cutting off links with conventional banking services.</p><p> Others have replied that such claims lack substance and that the banks in question were riddled with problems of their own making, some of which were related to crypto (and <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">notorious entities such as FTX</a>) and some of which were more standard financial problems, but none of which are evidence of conspiracy.</p><p> Whichever side of the debate is closer to the truth, the most immediate practical questions are around how crypto companies in the US can now access banking services and what happens next.</p><p>Silvergate: the First Domino</p><p>When Silvergate Bank went out of operation, it was the first domino to fall, and several large crypto entities, including <a href="https://www.financemagnates.com/tag/Paxos/" target="_blank" rel="follow">Paxos</a>, <a href="https://www.financemagnates.com/tag/BitStamp/" target="_blank" rel="follow">BitStamp</a>, and <a href="https://www.financemagnates.com/tag/Coinbase/" target="_blank" rel="follow">Coinbase</a>, abruptly shifted their business elsewhere.</p><p> Coinbase currently <a href="https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured" target="_blank" rel="nofollow">lists</a> the following as institutions it uses for depositing customer funds:</p><ul><li> Signature Bank</li><li>JP Morgan Chase</li><li>Cross River Bank</li><li>Pathward</li></ul><p> Note that after Signature Bank went into receivership, and Flagstar Bank then bought its deposits and loan portfolios, that deal did not include digital assets.</p><p> A key technical issue for crypto entities following the closure of Silvergate was their sudden inability to utilize the Silvergate Exchange Network (SEN), which was a private network that could facilitate fiat/crypto exchanges around the clock, an operation critical to working with crypto.</p><p> The first solution was to move over to <a href="https://www.financemagnates.com/tag/Signature-Bank/" target="_blank" rel="follow">Signature Bank</a>, which had its similar system called Signet, but it wasn’t long until it was the turn of Signature Bank to hit critical problems, ending up in FDIC receivership.</p><p> As mentioned, a notable characteristic of the Flagstar purchase of Signature is that Signature’s digital operations, including Signet, were not acquired, staying, instead, under the control of the FDIC. Central crypto platform Coinbase then announced that it would no longer support Signet (which was reported as being still operational).</p><p> It’s known that the technology provider Tassat, which developed the Signet system, also provided similar products to regional banks in the US, including Customers Bank, Western Alliance, Byline, and Cogent, and when it comes to this kind of tech, there’s also Cross River Bank, which provides a real-time <a href="https://www.crossriver.com/fintech/payment-rails/real-time" target="_blank" rel="nofollow">payments system</a> incorporating a fiat on/off ramp.</p><p> USDC stablecoin issuer Circle was also forced to stop using Silvergate, and a glance at its <a href="https://www.circle.com/en/transparency" target="_blank" rel="nofollow">reserves information</a> indicates that it has US Treasuries and cash held at The Bank of New York Mellon. Circle's CEO, Jeremy Allaire, stated, when Silvergate ceased operations, that the Bank of New York Mellon was being used for settlements before the next day announcing that Cross River Bank would take over to provide automated settlements.</p><p> It is apparent, then, that banking services, including all-hours networks facilitating fiat/crypto exchanges, are currently available. However, there have also been reports of concerns about the crypto industry’s risk profile and of banks being cautious about being openly crypto-friendly due to concerns about the possible actions and intent of, at times, unpredictable regulatory bodies.</p><p>Investors Not Scared</p><p>Strikingly, it appears that the potential for a greater banking crisis, coupled with what some are describing as regulatory hostility towards crypto, is not scaring away investors. In fact, the opposite may be true.</p><p> Steven Lubka, the Head of Private Clients and Family Offices at Swan Bitcoin, a financial services company that assists clients in acquiring and holding Bitcoin, explained that while these current banking crises have been unfolding, his company has seen “ and CEOs allocating 1-5% of the corporate treasury in case of emergency.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">I run the Private Wealth team for a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> company 👋I can absolutely 100% guarantee you that we are seeing new clients come in who are buying <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> specifically to hedge against banking failures This is simply a real thing which is occurring <a href="https://t.co/eNi8cLLK6R">https://t.co/eNi8cLLK6R</a></p>— Steven Lubka (@DzambhalaHODL) <a href="https://twitter.com/DzambhalaHODL/status/1638579316551294980?ref_src=twsrc%5Etfw">March 22, 2023</a></blockquote><p> It should also be noted that within crypto, along with pushback against perceived overreach by regulators, there has also been a pivot towards creating new financial rails that bypass traditional banks altogether.</p><p> Chief Economist at Circle, Gordon Liao, has recently argued the case for decoupling payments and banking, and Coinbase's CEO, Brian Armstrong, has publicly <a href="https://twitter.com/brian_armstrong/status/1635131491796787201?s=20" target="_blank" rel="nofollow">speculated</a> on the idea of Coinbase becoming a neo bank, operating outside existing conventions.</p><p> What can currently be said for sure is that though the situation around crypto companies, banking services, and even the possibility of crypto-oriented <a href="https://www.financemagnates.com/tag/neobanks/" target="_blank" rel="follow">neobanks</a> remains volatile and unresolved, the crypto industry itself remains as active as ever and navigates new routes when required.</p> This article was written by Sam White at www.financemagnates.com.

<p> The number of big cryptocurrency brands looking to enter the Hong Kong market continues to grow. All thanks to <a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-new-crypto-licensing-regime-a-boon-or-bane-for-investors/" target="_blank" rel="follow">new regulations on digital assets</a>, which are set to take effect in June and make China's special administrative region a crypto enclave. OKX, the second-largest exchange in the world in terms of trading volumes, has just announced plans to open a branch in HK.</p><p>OKX to Apply for VASP License and Launch Hong Kong Subsidiary</p><p class="MsoNormal">According to Tuesday's press release, OKX has established a Hong Kong entity to launch virtual asset services and plans to apply for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to be effective from June 2023. </p><p class="MsoNormal">This move follows over a year of preparation by OKX to meet expected regulatory requirements in areas, such as organization, security, compliance and product. Hong Kong has emerged as a hub for the crypto sector in recent years, growing in significance for OKX and numerous other innovative companies, entrepreneurs, and top talent as regulatory frameworks evolve.</p><p class="MsoNormal">"OKX has an ambitious vision when it comes to pursuing licenses in relevant and appropriate jurisdictions, and we are committed to working with the SFC throughout the application process. We take security, custody, AML and compliance very seriously and are keen to demonstrate how we can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime," Bing Zhao, the General Counsel at OKX, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">At the forefront of innovation and regulation, we're excited to announce the launch of our Hong Kong entity!As we continue our mission to shape the future of the virtual asset industry, we plan to apply for licenses in Asia's world city. 🌏</p>— OKX (@okx) <a href="https://twitter.com/okx/status/1640613883026067464?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">Lennix Lai, the Managing Director of Global Institutional at OKX, emphasized that regulation and licensing are crucial for the future success of the crypto and Web3 sectors. OKX sees tremendous potential in Hong Kong and is dedicated to investing in talent and collaborating with regulators over the next five years to keep growing the ecosystem locally.</p><p class="MsoNormal">"Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset <a href="https://www.financemagnates.com/terms/h/hub/" class="terms__main-term" id="70df8dbe-6564-4e03-8d97-dec68acfd2ce">hub</a>. We're looking forward to applying for the relevant licenses via our Hong Kong entity," Lai added.</p><p>Hong Kong Set to Legalize Crypto</p><p class="MsoNormal">The first news that Hong Kong would decide to legalize cryptocurrency trading and allow retail customers to trade digital assets <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-set-to-legalize-crypto/" target="_blank" rel="follow">came in October 2022</a>. Moments later, there was official confirmation that the SFC financial regulator was considering <a href="https://www.financemagnates.com/cryptocurrency/regulation/hong-kong-decides-on-rules-for-crypto-etfs/" target="_blank" rel="follow">approving trading on virtual assets ETFs. </a></p><p class="MsoNormal">A month later, SEBA Bank, a cryptocurrency-friendly banking entity, <a href="https://www.financemagnates.com/cryptocurrency/seba-bank-enters-apac-with-new-hong-kong-office/" target="_blank" rel="follow">decided to launch its Hong Kong office</a>, setting its sights on expansion in the APAC region.</p><p class="MsoNormal">A significant update was published in February when in October there was news reporting that the <a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-sfc-consults-on-allowing-retail-traders-to-trade-crypto/" target="_blank" rel="follow">SFC had considered allowing retail cryptocurrency trading</a> was confirmed. More than a month ago, the commission had launched a consultation on the matter and confirmed that it would begin to officially regulating the industry as of 1 June.</p><p class="MsoNormal">Following this announcement, a number of major cryptocurrency players began to announce that they were setting up local offices and applying for a VASP license. <a href="https://www.financemagnates.com/cryptocurrency/huobi-to-launch-huobi-hong-kong-crypto-exchange-amid-regulatory-update/" target="_blank" rel="follow">Among them were Huobi</a>, which wants to obtain all necessary authorizations before the June deadline, and <a href="https://www.financemagnates.com/cryptocurrency/gateio-crypto-exchange-to-launch-gate-hk-and-apply-for-local-license/" target="_blank" rel="follow">Gate.io</a>, which intends to launch a new Gate HK platform in the region.</p><p class="MsoNormal">According to last week's news, <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-to-start-regulating-crypto-in-june-2023-80-companies-wants-to-join/" target="_blank" rel="follow">more than 80 companies</a> are waiting in line to join the Web3 ecosystem forming in Hong Kong. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Christopher Hui, Secretary for Financial Services and the Treasury Bureau, delivers the opening keynote and reinforces HK government’s vision to develop the virtual asset sector in Hong Kong.He mentions Web 3 presents a paradigm shift to the internet era. <a href="https://t.co/9MGkWOCj0O">pic.twitter.com/9MGkWOCj0O</a></p>— Everest Ventures Group (EVG) (@EVG_Ventures) <a href="https://twitter.com/EVG_Ventures/status/1637632164601942016?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote><p class="MsoNormal">During the Aspen Digital Web 3 Investment Summit on 20 March 2023, Christian Hui, Hong Kong's Secretary for Financial Services and the Treasury delivered a speech emphasizing the goal of positioning China's Special Administrative Region as a leader in the Web3 revolution. He disclosed that since October 2022, over 80 crypto firms from abroad and Mainland China have shown interest in setting up branches in Hong Kong and acquiring local licenses.</p> This article was written by Damian Chmiel at www.financemagnates.com.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

The post Crypto exchange Gemini launches new electronic OTC trading solution appeared first on CryptoNinjas.

GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

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ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

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Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

The post Crypto derivatives exchange Deribit releases new client verification of assets tool appeared first on CryptoNinjas.

Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

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Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

The post Crypto exchange Coinbase to support Easy Bank Transfers for UK users appeared first on CryptoNinjas.

Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

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Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to operate a virtual asset trading platform, under a Type 1 (dealing in securities) license and a Type 7 (automated […]

The post HashKey Group receives approval to operate crypto exchange from Hong Kong SFC appeared first on CryptoNinjas.

Pundi X, a blockchain payments startup, recently announced that its “On-chain payment” function within its XPOS crypto point-of-sale platform is now known as “Cashier Pro” and available for all merchants. Cashier Pro enables merchants to accept crypto payments from 3rd party blockchain wallet users across multiple blockchain networks, including Bitcoin Lightning Network, BNB Chain, Ethereum, and […]

The post Pundi X’s on-chain payment app for merchants now called Cashier Pro, adds Tron appeared first on CryptoNinjas.

BetDEX Labs, the company behind BetDEX, a new sports betting exchange for peer-to-peer wagering, this week announced that the BetDEX Exchange will officially launch on the Solana mainnet on Thursday, November 17th, which coincides with the beginning of the 2022 World Cup. Just recently, BetDEX became one of the first licensed sports betting exchanges built […]

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OKX, one of the largest crypto exchanges by volume and a leading web3 platform, today announced its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company has also formed a new subsidiary, OKX Bahamas, for which it appointed Dr. Jillian Bethel, a […]

The post Crypto exchange company OKX secures registration in Bahamas, opens office in Nassau appeared first on CryptoNinjas.

Today, crypto services company Blockchain.com, announced the launch of its new Visa debit card. With the Blockchain.com Visa card, users can spend any crypto in their Blockchain.com Wallet without fees while earning 1% back in crypto on all purchases. Key Features: Works like a debit card – Pay from crypto or cash balances anywhere Visa […]

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Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.  *Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform. The addition of five […]

The post Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT appeared first on CryptoNinjas.

Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance of getting into the next block. The result is better, more predictable outcomes when submitting or replacing transactions. TDN works by […]

The post Blocknative releases new tool to enable high-speed propagation of ETH transactions appeared first on CryptoNinjas.

SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems and explore integration, taking a crucial step in SynFutures’ mission to become a multi-chain trading platform. Cross-chain, or blockchain interoperability, refers […]

The post SynFutures plans to integrate with Router Protocol to improve multi-chain access appeared first on CryptoNinjas.

Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web3 dApps and […]

The post New Serum powered DEX for Solana from Vybe Network launches appeared first on CryptoNinjas.

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos, a blockchain […]

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BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers. Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in […]

The post BitPay teams with Dosh to enable cashback rewards on crypto debit card appeared first on CryptoNinjas.

The country's supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.

Cointelegraph Markets Pro alerts beat the market once again, providing seven trading opportunities based on four different asset indicators.

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

The new testnet is one of the few networks that uses Solana’s Sea Level Virtual Machine (SVM).

Given the participants, their roles and GDPR definitions, there is some work to do.  

Metis co-founder Elena Sinelnikova delves into the world of layer-2 blockchain technology, and its potential to transform how we interact, collaborate and build the decentralized economy of the future.

BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.

The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”

Requests for user data from Big Tech companies such as Apple, Google and Microsoft continue to rise year-over-year from governments worldwide.

Revolut reportedly issued a public statement and hired lawyers in March in order to prove the “misreporting” of the audit opinion by BDO.

Sky Mavis’s head of business development, Kathleen Osgood, told Cointelegraph that its goal is to onboard as many people into the ecosystem as possible.

Digital regulatory professionals have predicted the wide use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

The exchange’s chief marketing officer believes Australians are above the curve when it comes to crypto education and interest.

Crypto Council for Innovation adviser Sean Lee said more education is needed for policymakers and financial regulators.

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The authors of the letter say that advanced artificial intelligence could cause a profound change in the history of life on Earth, for better or worse.

The creditor’s committee and FTX lawyers have raised several objections to Sam Bankman-Fried’s request. A hearing date is set for April 12.

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over.

The Treasury Department’s undersecretary for domestic finance, Nellie Liang, said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.

Experts are speculating on ways the bipartisan bill could be misused if passed into law, and finding potential threats to technologies that people love.

Careful optimism was the theme at this year's Paris Blockchain Week. Builders will build and the crypto community will keep going.

The ARB airdrop followed the sell-the-news narrative, but Arbitrum’s DApp use and fundamentals remain strong and smart money continues to buy ARB tokens.

Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

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Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

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Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

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Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

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GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

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ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

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Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

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Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

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Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

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DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

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Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

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Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

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Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

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BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

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Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to operate a virtual asset trading platform, under a Type 1 (dealing in securities) license and a Type 7 (automated […]

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Pundi X, a blockchain payments startup, recently announced that its “On-chain payment” function within its XPOS crypto point-of-sale platform is now known as “Cashier Pro” and available for all merchants. Cashier Pro enables merchants to accept crypto payments from 3rd party blockchain wallet users across multiple blockchain networks, including Bitcoin Lightning Network, BNB Chain, Ethereum, and […]

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BetDEX Labs, the company behind BetDEX, a new sports betting exchange for peer-to-peer wagering, this week announced that the BetDEX Exchange will officially launch on the Solana mainnet on Thursday, November 17th, which coincides with the beginning of the 2022 World Cup. Just recently, BetDEX became one of the first licensed sports betting exchanges built […]

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OKX, one of the largest crypto exchanges by volume and a leading web3 platform, today announced its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company has also formed a new subsidiary, OKX Bahamas, for which it appointed Dr. Jillian Bethel, a […]

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Today, crypto services company Blockchain.com, announced the launch of its new Visa debit card. With the Blockchain.com Visa card, users can spend any crypto in their Blockchain.com Wallet without fees while earning 1% back in crypto on all purchases. Key Features: Works like a debit card – Pay from crypto or cash balances anywhere Visa […]

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Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.  *Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform. The addition of five […]

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Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance of getting into the next block. The result is better, more predictable outcomes when submitting or replacing transactions. TDN works by […]

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SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems and explore integration, taking a crucial step in SynFutures’ mission to become a multi-chain trading platform. Cross-chain, or blockchain interoperability, refers […]

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Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web3 dApps and […]

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PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos, a blockchain […]

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BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers. Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in […]

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In February, Canadian Securities Administrators announced enhanced investor protection requirements for crypto asset traders.

The former FTX CEO's legal team argued that though SBF had entered a not guilty plea, he did not acknowledge the new charges, which including bribed a Chinese government official.

Information revealed in January indicated that the owner of 16 Ethereum addresses profited by purchasing tokens shortly before they were listed on Binance.

The country’s supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.

Cointelegraph Markets Pro alerts beat the market once again, providing seven trading opportunities based on four different asset indicators.

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

The new testnet is one of the few networks that uses Solana’s Sea Level Virtual Machine (SVM).

Given the participants, their roles and GDPR definitions, there is some work to do.  

Metis co-founder Elena Sinelnikova delves into the world of layer-2 blockchain technology, and its potential to transform how we interact, collaborate and build the decentralized economy of the future.

BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.

The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”

Requests for user data from Big Tech companies such as Apple, Google and Microsoft continue to rise year-over-year from governments worldwide.

Revolut reportedly issued a public statement and hired lawyers in March in order to prove the “misreporting” of the audit opinion by BDO.

Sky Mavis’s head of business development, Kathleen Osgood, told Cointelegraph that its goal is to onboard as many people into the ecosystem as possible.

Digital regulatory professionals have predicted the wide use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

The exchange’s chief marketing officer believes Australians are above the curve when it comes to crypto education and interest.

Crypto Council for Innovation adviser Sean Lee said more education is needed for policymakers and financial regulators.

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The authors of the letter say that advanced artificial intelligence could cause a profound change in the history of life on Earth, for better or worse.

The creditor’s committee and FTX lawyers have raised several objections to Sam Bankman-Fried’s request. A hearing date is set for April 12.

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over.

The Treasury Department’s undersecretary for domestic finance, Nellie Liang, said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.

Trust in central and commercial banks is eroding quickly. The internet and social media are oil in the fire and Bitcoin is the extinguisher.

MercadoLibre has enabled bitcoin and cryptocurrency trading on its Mercado Pago wallet for Chilean users.

Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state.

The global bitcoin exchange will dig into its own coffers to reconcile users who lost their money as a result of the collapse of Celsius.

The bitcoin price, rising in the face of an ongoing banking crisis, appears to vindicate what Bitcoiners have known all along.

A paper wallet is an early method used to protect bitcoin offline. Better methods have replaced it, but people still use paper wallets to store bitcoin safely and inexpensively.

Lincoin Technologies introduces Rails programming tool for Bitcoin miners to optimize their operations in real-time.

In a new indictment unsealed on Tuesday, officials charged Sam-Bankman Fried with bribing Chinese officials to release frozen assets.

While Nostr is by no means a privacy protocol, it could bring potential improvements to Bitcoin privacy.

Using zero-knowledge proofs, ZeroSync seeks to radically reduce the computational costs of bootstrapping a fully-validating Bitcoin client.

Along with the ability to earn bitcoin, users will now be able to easily and instantly transfer their bitcoin across jurisdictions.

The founder of Bangkok’s Build On Bitcoin Space discusses Southeast Asia’s Bitcoin-only community and renewable mining in Thailand.

The CFTC lawsuit details how the firm allegedly offered unregistered commodity derivatives to American customers.

MicroStrategy continues to stack bitcoin, with the help of a sizable discount on a loan taken out at Silvergate Bank.

Environmentalist Margot Paez describes her own Bitcoin journey and how inclusivity is not mere “woke ideology.”

“I've gained a lot of sovereignty through … Bitcoin, and I'm equally grateful that my partner has done the same by choosing home birth.”

With a rich history and recent evolution, Belgrade is now home to the latest Bitcoin working and presentation space.

The exchange giant is joining Fidelity and BNY Mellon in the pursuit of their own cryptocurrency custody platform.

After you receive bitcoin, you’ll need to store it in a secure digital wallet. This guide helps you understand what a wallet is and how there are different wallets to suit your needs.

As some of the cryptocurrency industry’s go-to banks failed, Bitcoin’s importance was on display while its on and off ramps suffered.

21% of the proceeds of the sale of Satoshi will be donated to the non-profit BWB organization.

A multisig wallet is a special type of wallet for securely storing your Bitcoin. 3-5 signatures are typically required to access the stored Bitcoin.

When bitcoin becomes the global reserve currency, central banks won’t go extinct, but they will have to evolve.

Ted Cruz has joined a myriad of politicians in demonstrating their contempt for CBDCs in America — but what about pro-Bitcoin legislation?

The latest report from the Biden Administration writes off the benefits of Bitcoin while ignoring the fundamentals and economic activity that give it value.

The PEZ dispenser with a Bitcoin design has released in a limited-edition run of 30,000 units.

CFTC Commissioner Summer Mersigner discusses the inevitability of innovation and clears up the agency’s role in bitcoin regulation.

Users will once again be able to selectively spend their UTXOs via the Wasabi Wallet interface.

The new BITC ETF will use an “optimum roll” strategy to focus on long-term returns for investors.

A new bill introduced in the Texas House could set the state up to be the nucleus of Bitcoin development in the United States.

Those who hold bitcoin recognize the importance of taking control of their own freedom. A second passport might be the next step.

The Federal Reserve balance sheet increased by $300 billion in one week, leading to debate about whether these actions qualify as quantitative easing.

A forthcoming New York Times article is expected to introduce “fractional reserve indirect carbon accounting” and target bitcoin mining.

Real Bedford F.C., a professional soccer team integrated with Bitcoin, gives fans of Bitcoin a team to root for.

Grayscale Bitcoin Trust investors unsatisfied with the status quo will meet at Bitcoin 2023 in an effort to address issues they see in the Trust.

Despite its apolitical nature, Bitcoin needs our democracy to thrive just as much as our democracy needs Bitcoin to improve.

RGB and Taro, two protocols capable of putting tokens like stablecoins on Bitcoin, have taken different approaches to solving similar problems.

The largest cryptocurrency exchange in the United States may be looking at opening operations elsewhere.

Billionaire Larry Fink has been keeping an eye on the advancement of digital assets, according to his recent shareholder letter.

The financial giant will now allow customers to trade bitcoin, although they will not be able to withdraw it to self-custody.

So much has happened in the last week that it may be helpful to look at the totality of these events in relation to bitcoin.

As the U.S. witnessed one of the largest banking collapses in its history, Bitcoin is being innovated upon and seeing its network grow.

The New York-based Lightning accelerator has announced its first set of companies and projects.

Serhiy Tron, a former boxer, a persistent entrepreneur and the publisher of Bitcoin Magazine Ukraine, fights for stability in an unstable world.

Bitcoin Country seeks to generate world-class Bitcoin and Lightning engineers through a new program utilizing the university system.

We may be heading into another financial crisis, government bailouts for reckless banks included. Bitcoin exists to fix this.

Bitcoin mining company Luxor Technologies has launched an Antminer-compatible firmware designed to maximize miner efficiency.

What is the “top” for an immutable money that becomes the standard for humanity? Why it’s time to get off zero.

The collapse of Silicon Valley Bank has highlighted just how fragile the legacy financial system is.

<p class="MsoNormal">Malta-based OKX, which operates a global crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a>, announced the extension of its partnership with British Formula One (F1) team McLaren Racing on Thursday. </p><p>OKX and McLaren Racing Extend Sponsorship Agreement</p><p class="MsoNormal">The first multi-year agreement between OKX and McLaren Racing <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-okx-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">was concluded last May</a>, and neither party disclosed its financial terms. Now news has emerged that the team has extended sponsorship terms with the cryptocurrency exchange, which has secured increased pressure on the MCL60 team car.</p><p class="MsoNormal">According to the latest agreement, the OKX logo will appear on the car's sidepods during seven races, including in the upcoming Australian Grand Prix this weekend. In addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri until the end of the current season.</p><p class="MsoNormal">"We are delighted to be growing our Primary Partnership with OKX, a long-established leader in the cryptocurrency sector. When partnering with brands in dynamic, fast-evolving industries like crypto, it's important to be aligned with companies who work to the highest standards and to carry a responsibility to educate people on new technologies - and our partnership with OKX has led by example," Zak Brown, the CEO of McLaren Racing, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We are delighted to announce an expansion to our partnership with <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw">@OKX</a>, the second-largest crypto exchange by trading volume and a leading Web3 technology company, increasing its support as an Official Primary Partner of the team. 🤝 Let’s go racing at the <a href="https://twitter.com/hashtag/AusGP?src=hash&amp;ref_src=twsrc%5Etfw">#AusGP</a>! 🇦🇺</p>— McLaren (@McLarenF1) <a href="https://twitter.com/McLarenF1/status/1641338051619180546?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">"OKX are pushing to elevate our fan experience offering, finding ways to bring the papaya fans closer to our team, while opening up the world of Formula 1 to a completely new audience."</p><p class="MsoNormal">In 2022, OKX executed a full livery revamp of the MCL36, initiating the #FutureMode campaign during the Singapore and Japanese Grands Prix. This campaign commemorated McLaren's comeback to racing in the Asia Pacific, which is a crucial region for OKX's growth and presence.</p><p>McLaren Racing's Deep Connection With Finance World</p><p class="MsoNormal">For McLaren's F1 racing team, the partnership with OKX is not the first from the wide world of finance. Last June, the team signed a multi-year sponsorship deal <a href="https://www.financemagnates.com/institutional-forex/goldman-sachs-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">with Goldman Sachs</a>, which elevates the team to meet its sustainability goals. In late 2021, cooperation with the team was extended by <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">FxPro brokerage</a>.</p><p class="MsoNormal">More interestingly, McLaren Racing is acquiring talent from the financial market. In October, <a href="https://www.financemagnates.com/executives/dylan-holman-departs-etoro-for-mclaren-racing/" target="_blank" rel="follow">Dylan Holman departed eToro</a> to take on the role of Head of Primary Partner at the British racing team. Holman left the Head of Global Sponsorships position with the Israeli social trading and <a href="https://www.financemagnates.com/terms/m/multi-asset/" class="terms__secondary-term" id="ffc57e87-e0f9-4ad1-849f-68bc7998a5c0">multi-asset</a> broker after more than six years of service.</p><p class="MsoNormal">Just yesterday, another F1 Team, Williams Racing, announced that <a href="https://www.financemagnates.com/cryptocurrency/kraken-crypto-exchange-sponsors-williams-racing-f1-team/" target="_blank" rel="follow">cryptocurrency exchange Kraken</a> has become one of its sponsors. Its logo will appear on the FW45 car halo and rear wing until the end of this season.</p><p class="MsoNormal">Formula One and the financial industry have been linked for years, including FX/CFD. X-Trade Brokers (now XTB) was the first FX company <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">to bet on F1 sponsorship</a>, signing a deal with Vodafone Mercedes Racing Team in 2010.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>The Federal Deposit Insurance Corporation (FDIC) has asked cryptocurrency clients of collapsed Signature Bank to close their accounts by April 5 by finding <a href="https://www.financemagnates.com/cryptocurrency/bank-failures-leave-us-crypto-businesses-in-the-cold/" target="_blank" rel="follow">another banking partner</a>. Otherwise, the regulator will close the accounts and mail a check to the registered addresses. </p><p>Signature Bank's Crypto Clients Get a Deadline </p><p>The FIDC's decision on Tuesday came following the acquisition of Signature Bank's deposits and loans by Flagstar Bank, a part of the New York Community Bancorp (NYCB). However, the deal with the FIDC did not include the "approximately $4 billion of deposits related to the former Signature Bank's digital banking business." In addition, it excluded Signature Bank's blockchain-based real-time payments platform, Signet, which crypto companies extensively use. </p><p>"Flagstar's bid did not include about $4 billion in deposits related to Signature's digital-asset business," a FIDC spokesperson told the media. "Those are the deposits we are encouraging customers to move before April 5. If they have not by that day, we will mail checks to the address on record." </p><p>Which Bank Will Replace Signature Bank? </p><p>Signature Bank was one of the few crypto-friendly lenders with major crypto companies as its customers. Following the bank's collapse earlier this month, several <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/" target="_blank" rel="follow">crypto companies disclosed their exposure</a> to it. Crypto exchange Coinbase held a deposit of $240 million with the failed bank, while stablecoin issuer Circle had $250 million. </p><p>Though the US government rescue plan saved these piles of crypto companies' uninsured deposits with Signature Bank, they now have to deal with another issue. In a business environment where traditional banks are already skeptical of cryptocurrencies, it is unclear which <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">banks </a>these crypto companies are turning to with the pocket load of money. </p><p>The New York state regulator, the Department of Financial Services, on March 12 shuttered Signature Bank "to protect depositors." As the bank's control came under FIDC receivership, the US regulators devised a bailout plan and created a temporary lender to provide depositors access to their funds. </p><p>According to the regulators, Signature Bank had total assets of about $110.36 billion and total deposits of around $88.59 billion by the end of 2022. Flagstar Bank acquired all of the deposits, and a part of the loans and took over all 40 branches. FIDC now controls $40 billion of Signature Bank's loan and $4 billion in deposits that were not included in the deal.</p><p>Though not clear, Flagstar's decision to exclude Signature Bank's crypto business might be influenced by <a href="https://www.financemagnates.com/institutional-forex/signature-bank-faced-criminal-probe-in-the-us-before-collapse-report/" target="_blank" rel="follow">reports of a criminal probe</a> against the collapsed bank for its ties with crypto.</p><p><a href="https://www.financemagnates.com/forex/news-nuggets-29-march-openfin-adds-dow-jones-quantile-taps-swapagent-fx/" target="_blank" rel="follow">OpenFin adds Dow Jones and Quantile taps SwapAgent FX Forwards; read today's news nuggets</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against cryptocurrency exchange Binance and Changpeng Zhao, its Chief Executive Officer, for “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations." The US derivatives market regulator also charged Binance for operating an illegal digital asset derivatives exchange.</p><p class="MsoNormal">The agency disclosed these on Monday, noting that it filed the charges before a district court in Illinois. According to the regulator, Binance acted as “a designated contract market or swap execution facility” by processing derivatives transactions without being registered.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today the CFTC charged Binance and its founder, Changpeng Zhao, with willful evasion of federal law and operating an illegal digital asset derivatives exchange. Learn more: <a href="https://t.co/DdczFgvW6A">https://t.co/DdczFgvW6A</a></p>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1640378562619355137?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">The watchdog said it also charged Binance Holdings Limited, Binance Holdings (IE) Limited and Binance (Services) Holdings Limited. These entities and others were deployed by Zhao to run the trading platform via “an intentionally opaque common enterprise.”</p><p class="MsoNormal">The CFTC <a href="https://www.financemagnates.com/cryptocurrency/exchange/cftc-probes-binance-over-accepting-us-derivatives-traders/" target="_blank" rel="follow">has been investigating Binance since at least 2021</a> when insider sources told Bloomberg the derivatives regulator was probing the leading cryptocurrency exchange seeking to determine if the exchange was permitting US citizens to trade derivatives without being registered.</p><p class="MsoNormal">CFTC Blasts Binance’s “Sham” Compliance</p><p class="MsoNormal">In the complaint, the CFTC alleged that starting from July 2019, Binance, after supposedly barring US customers from trading on its platform, actually instructed them on the best methods to evade its compliance controls. This process was particularly targeted at the exchange’s “commercially valuable US-based VIP customers,” the CFTC said.</p><p class="MsoNormal">Furthermore, for a considerable amount of time since July 2019, Binance failed to verify the identity of its customers. In addition, the exchange “failed to implement basic compliance procedures designed to prevent and detect terrorist finance and money laundering.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">CFTC appears to have some internal chat logs, doesn't sound great on paper“Like come on. They are here for crime.” “we see the bad, but we close 2 eyes.” <a href="https://t.co/SvK7hdwSnp">pic.twitter.com/SvK7hdwSnp</a></p>— db (@tier10k) <a href="https://twitter.com/tier10k/status/1640371236847988739?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">In its complaint, the CFTC accused Binance of directing its employees to discuss control evasion with US-based customers using a messaging application that automatically deletes chats. This was done to erase evidence of the exchange’s efforts to retain its customers in the country, the CFTC alleged.</p><p class="MsoNormal">“Defendants’ alleged willful evasion of U.S. law is at the core of the Commission’s complaint against Binance,” noted Gretchen Lowe, the CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel.</p><p class="MsoNormal">“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” Lowe added.</p><p class="MsoNormal">CFTC Slams Charges on Samuel Lim, Binance’s Ex-CCO</p><p class="MsoNormal">Meanwhile, the CFTC said it had charged Samuel Lim, Binance’s former Chief Compliance Officer (CCO), with aiding and abetting the cryptocurrency exchange’s violations between 2018 and 2022. The former CCO partook in activities to help customers circumvent Binance’s compliance controls, the regulator said.</p><p class="MsoNormal">For instance, Lim promoted a policy that “instructed Binance’s US customers to access the trading facility through a virtual private network to avoid Binance’s IP address-based controls or create ‘new’ accounts through off-shore shell companies to evade Binance’s KYC-based controls,” the CFTC explained.</p><p class="MsoNormal">“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,” explained Rostin Behnam, CFTC's Chairman.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ CFTC Sues Binance &amp; CZIn its complaint, the CFTC reaffirms its position that Bitcoin and Ethereum are commodities &amp;It declares Tether, BUSD and LTC are commodities!The CFTC has officially thrown down the gauntlet to the SEC and the "everything is a security" crowd.</p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1640393092476829697?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">Binance and SEC</p><p class="MsoNormal">CFTC's action against Binance comes days after Coinbase, the largest cryptocurrency exchange in the United States, <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">disclosed that it had received a Wells notice</a> from the US Securities and Exchange Commission (SEC), suggesting possible regulatory actions.</p><p class="MsoNormal">Moreover, reports emerged last year that<a href="https://www.financemagnates.com/cryptocurrency/news/sec-probing-binance-us-ties-with-two-affiliate-market-makers/" target="_blank" rel="follow"> the SEC was probing</a> the relationship between Binance's US arm and two market makers and trading affiliates, Sigma Chain AG and Merit Peak Limited. Furthermore, the SEC over the years has been <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">taking actions against crypto firms</a> for their crypto offerings which it categorizes as unregistered securities.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p class="MsoNormal">Since Bitcoin's beginnings in 2009, cryptocurrencies have gone a long way. While Bitcoin and other cryptocurrencies such as Ethereum and Litecoin have grown in popularity, they remain highly volatile and unsuitable for daily transactions. Stablecoins come into play here. </p><p class="MsoNormal">Stablecoins are cryptocurrencies that are meant to keep their value stable and provide stability for routine transactions. We will look at the evolution of stablecoins, from Tether to Central Bank Digital Currencies, in this article. (CBDCs).</p><p class="MsoNormal">Tether Is the World's First Stablecoin</p><p class="MsoNormal">Tether (USDT) was the first stablecoin to gain traction in the cryptocurrency market. Tether, which was launched in 2014, is a stablecoin that is tied to the US dollar, with one USDT equaling one US dollar. Tether is intended to provide stability for cryptocurrency traders and investors, who can use it to hedge against market volatility. Tether has grown to become one of the most popular cryptocurrencies, with a market worth of more than $60 billion as of March 2023.</p><p class="MsoNormal">Alternative Stablecoins</p><p class="MsoNormal">Other stablecoins have emerged after the debut of Tether, including USDC, DAI, and TrueUSD. These stablecoins are intended to give the same level of stability as Tether, but through various techniques. USDC, for example, is supported by a group of firms, including Coinbase and Circle, and is routinely audited to ensure that it is entirely backed by US dollars. DAI, on the other hand, is a decentralized stablecoin backed by other cryptocurrencies like Ethereum.</p><p class="MsoNormal">Digital Currencies Issued by Central Banks (CBDCs)</p><p class="MsoNormal">Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. Central Bank Digital Currencies (CBDCs) come into play here. CBDCs are digital counterparts to fiat currencies issued by central banks. CBDCs, unlike cryptocurrencies, are backed by the government's complete confidence and credit, giving them a higher level of trust and stability.</p><p class="MsoNormal">CBDCs are still in their infancy, but some central banks, including the People's Bank of China and the European Central Bank, have begun to investigate the concept. CBDCs have the ability to change the way we use money by providing various advantages over existing fiat currencies and cryptocurrencies.</p><p class="MsoNormal">CBDCs Have Many Advantages</p><p class="MsoNormal">CBDCs can provide a more efficient and secure payment method, which is one of their primary advantages. CBDCs can be transferred and received quickly, eliminating the need for third-party middlemen, such as banks or payment processors. This can lower transaction costs while increasing payment speed and efficiency. CBDCs can also provide a more secure payment system because they are backed by the government's complete faith and credit.</p><p class="MsoNormal">CBDCs can also help to make the financial system more inclusive. Traditional financial systems can be exclusionary, with many individuals lacking access to fundamental financial services, particularly in developing nations. </p><p class="MsoNormal">CBDCs can be accessed via a smartphone, which is becoming more popular in developing countries. As a result, CBDCs may offer a new opportunity for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">CBDCs' Challenges</p><p class="MsoNormal">While CBDCs have numerous potential benefits, there are several obstacles that must be addressed. The possible impact on traditional financial institutions, such as banks, is one of the key worries. </p><p class="MsoNormal">CBDCs, which give an alternate method of keeping and transferring money, have the potential to undermine the traditional banking system. This could result in employment losses and lower profits for traditional banking firms.</p><p class="MsoNormal">Another issue is the possibility of CBDCs being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse.</p><p class="MsoNormal">To address these concerns, numerous central banks are investigating methods of implementing CBDCs that ensure transparency and traceability. Some CBDCs, for example, may demand customers to go through Know Your Customer (KYC) checks, which can aid in the prevention of money laundering and other illegal activity. </p><p class="MsoNormal">Furthermore, certain CBDCs may be structured with a tiered access scheme, in which users must supply specific information in order to access different tiers of the system.</p><p class="MsoNormal">Another issue to consider is the potential impact on privacy. CBDCs may capture and keep vast quantities of personal data while providing a more secure and efficient payment method. This has sparked concerns about the possibility of government surveillance and infiltration into individuals' financial lives. </p><p class="MsoNormal">To address these concerns, some central banks are investigating the use of decentralized systems like as blockchain, which can allow anonymity while maintaining transparency and traceability.</p><p class="MsoNormal">Stablecoins and CBDCs in the Future</p><p class="MsoNormal">Stablecoins and CBDCs are significant advancements in the way we use money. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. </p><p class="MsoNormal">CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDC development is still in its early phases, and it may be several years before they are generally accepted. CBDCs, on the other hand, have enormous potential benefits, and many central banks are looking into ways to implement them. </p><p class="MsoNormal">CBDCs, as they become more common, have the potential to alter the way we use money and deliver a more equitable, efficient, and safe financial system.</p><p class="MsoNormal">Is a Digital Divide Inevitable?</p><p class="MsoNormal">Central Bank Digital Currencies (CBDCs) <a href="https://www.financemagnates.com/cryptocurrency/coins/stablecoins-and-monetary-policy-implications-for-central-banks-and-regulators/" target="_blank" rel="follow">have been gaining momentum </a>as many countries are exploring the possibility of issuing their own digital currencies. While CBDCs could bring many benefits, such as increased financial inclusion and efficiency, there is a real risk that they could also widen the digital divide.</p><p class="MsoNormal">The digital divide refers to the gap between those who have access to digital technologies, such as the internet and smartphones, and those who do not. This gap can be seen in both developed and developing countries, with many individuals lacking access to the digital tools necessary to participate in the modern economy.</p><p class="MsoNormal">CBDCs could widen the digital divide in several ways</p><p class="MsoNormal">CBDCs require individuals to have access to digital infrastructure, such as smartphones and internet connectivity, to access and use them. Individuals who do not have access to these technologies will be excluded from the benefits of CBDCs, including faster and more efficient transactions.</p><p class="MsoNormal">Moreover, CBDCs could exacerbate existing inequalities in financial access. While CBDCs could increase financial inclusion for those who are unbanked or underbanked, they could also deepen the divide between those who have access to traditional banking services and those who do not. In some cases, CBDCs could even replace traditional banking services, further marginalizing those who are already financially excluded.</p><p class="MsoNormal">Third, CBDCs could increase the risk of digital fraud and cybercrime. With the rise of digital currencies, cybercriminals have increasingly targeted individuals and businesses with phishing attacks, malware, and other scams. The introduction of CBDCs could create new opportunities for these criminals, further widening the digital divide and putting vulnerable individuals at risk.</p><p class="MsoNormal">To mitigate the risk of widening the digital divide, it is essential that CBDCs are designed with inclusivity in mind. Governments and central banks must work to ensure that digital infrastructure, such as internet connectivity, is accessible to all, regardless of income or location. Additionally, CBDCs must be designed with strong security measures to prevent fraud and protect vulnerable individuals.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">These and stablecoins are the next phase in the growth of digital currencies. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDCs have the potential to transform the way we use money by creating a more efficient, safe, and inclusive financial system. However, issues such as the possible influence on established financial institutions and privacy concerns must be addressed. </p><p class="MsoNormal">As CBDCs evolve, it will be critical to solving these problems in order for them to deliver on their promise of a stronger financial system.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Decentralized finance (DeFi) has grown in popularity in recent years, providing a new way to organize financial transactions without the use of traditional intermediaries like banks. </p><p class="MsoNormal">However, interoperability, or the ability of different DeFi protocols and blockchains to interact and function together effectively, is one of the most challenging difficulties facing the DeFi business. This essay will look at the DeFi interoperability challenge, cross-chain solutions, and standards.</p><p class="MsoNormal">DeFi's Interoperability Challenge</p><p class="MsoNormal">The DeFi ecosystem is made up of numerous protocols and blockchains, each with its own set of laws and regulations. While diversity can be advantageous, it also poses issues in terms of interoperability. </p><p class="MsoNormal">DeFi protocols and blockchains are compartmentalized without interoperability, making it difficult for them to communicate and collaborate successfully.</p><p class="MsoNormal">The lack of interoperability in the DeFi business causes a number of issues, including:</p><ul><li>Restricted liquidity: Without interoperability, DeFi protocols and blockchains can only access a restricted amount of assets. This may reduce liquidity and make it more difficult for users to locate the assets they require.</li><li>Reduced efficiency: The inability of DeFi protocols and blockchains to communicate with one another limits their efficiency. Transactions may be slower and more expensive, and determining the optimal price for assets may be more challenging.</li><li>Reduced creativity: In the DeFi market, a lack of compatibility can also hinder innovation. If new protocols or products are incompatible with old systems, developers may be unwilling to create them.</li></ul><p class="MsoNormal">Cross-Chain DeFi Interoperability Solutions</p><p class="MsoNormal">Several cross-chain methods have been explored to overcome the DeFi interoperability difficulty. Cross-chain solutions enable assets to be communicated and exchanged between blockchain networks, resulting in a more linked and interoperable DeFi ecosystem.</p><p class="MsoNormal">Some of the most common DeFi cross-chain solutions are:</p><ul><li>Atomic swaps allow two parties to exchange assets without requiring a centralized exchange. This is accomplished by establishing a smart contract that locks up the assets until both parties have completed their obligations under the agreement.</li><li>Sidechains are independent blockchains that are linked to the main blockchain. Transferring assets between the main blockchain and the sidechain allows for improved interoperability.</li><li>Tokens that represent other assets on multiple blockchains are known as wrapped tokens. Wrapped Bitcoin (WBTC), for example, symbolizes Bitcoin on the Ethereum blockchain, allowing users to access Bitcoin on the Ethereum network.</li><li>Interoperability Protocols: Several interoperability protocols have been developed, such as Polkadot and Cosmos, to allow multiple blockchains to communicate and exchange assets.</li></ul><p class="MsoNormal">DeFi Interoperability Standards</p><p class="MsoNormal">While cross-chain solutions can help with DeFi interoperability, they can also introduce new issues if different protocols and blockchains do not adhere to the same standards. DeFi interoperability standards are required to ensure seamless compatibility.</p><p class="MsoNormal">Several groups and initiatives are striving to build DeFi interoperability standards, including:</p><ul><li>The InterWork Alliance is a non-profit group aimed at establishing standards for blockchain interoperability across several industries, including financial.</li><li>Open DeFi is a program that promotes interoperability in the DeFi ecosystem. Its goal is to provide a standard for cross-chain asset transfer and governance.</li><li>Ethereum 2.0: Ethereum 2.0 is a network upgrade that contains various interoperability features, such as sharding and cross-chain communication.</li><li>Chainlink is a decentralized oracle network that feeds data to smart contracts on several blockchains. It can aid interoperability by allowing many blockchains to access the same data.</li></ul><p class="MsoNormal">Setting DeFi interoperability standards will be critical for establishing a more seamless and connected ecosystem. Standards can assist ensure that multiple DeFi protocols and blockchains are interoperable, allowing for more efficient and cost-effective transactions. </p><p class="MsoNormal">They can also foster creativity by offering a standard framework for developers to work inside.</p><p class="MsoNormal">The Difficulties and Risks of DeFi Interoperability</p><p class="MsoNormal">While cross-chain solutions and standards can assist in addressing the DeFi interoperability dilemma, there are other hurdles and hazards to consider. Ensuring the security of cross-chain transactions is one of the most difficult challenges. </p><p class="MsoNormal">Cross-chain transactions are more complex and difficult to secure than transactions within a single blockchain since they involve numerous blockchains.</p><p class="MsoNormal">Furthermore, cross-chain solutions and interoperability protocols have the potential to provide new attack routes and vulnerabilities. A weakness in one blockchain, for example, might potentially affect all of the blockchains connected to it via a cross-chain solution.</p><p class="MsoNormal">Another problem is ensuring that different DeFi protocols and blockchains are interoperable. </p><p class="MsoNormal">When multiple protocols and blockchains have distinct rules and standards, this might be challenging. Developing universal standards for DeFi interoperability will be critical to addressing this issue.</p><p class="MsoNormal">The Interoperability Challenge</p><p class="MsoNormal">Currently, most DeFi protocols are built on the Ethereum blockchain, which creates challenges for interoperability with other blockchain networks. This limits the ability of DeFi protocols to access a broader user base and reduces the overall efficiency of the DeFi ecosystem. To address this challenge, there have been various attempts to create cross-chain solutions, but they have been met with limited success.</p><p class="MsoNormal">Can Market Consolidation be the answer?</p><p class="MsoNormal">One potential solution to the interoperability challenge is market consolidation. As the cryptocurrency market matures, it is expected that there will be a consolidation of the market, with fewer cryptocurrencies dominating it. This consolidation will result in a smaller number of blockchain networks that will become the de facto standards for DeFi protocols.</p><p class="MsoNormal">As the market consolidates, blockchain networks that do not gain widespread adoption will lose value and become less attractive to developers. This will result in a natural consolidation of the market, with the strongest blockchain networks emerging as the dominant players. This consolidation will make it easier for DeFi protocols to operate across different blockchain networks, as the number of networks they need to support will be reduced.</p><p class="MsoNormal">The Role of Ethereum</p><p class="MsoNormal">Ethereum, the most popular blockchain network for DeFi protocols, will play a significant role in this market consolidation. Ethereum's dominance in the DeFi ecosystem means that it will likely continue to be a popular choice for developers building DeFi protocols. However, as other blockchain networks gain popularity, Ethereum may face competition for DeFi developers.</p><p class="MsoNormal">In response to this competition, Ethereum is working on various upgrades to its network, such as Ethereum 2.0, which will enhance its scalability and security. These upgrades will help Ethereum maintain its position as the leading blockchain network for DeFi protocols and ensure its continued dominance in the market.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/the-promise-of-defi-use-cases-opportunities-and-risks/" target="_blank" rel="follow">The DeFi interoperability difficulty is a key impediment to the industry's growth and development.</a> DeFi protocols and blockchains are compartmentalized in the absence of interoperability, limiting liquidity, lowering efficiency, and constraining innovation. </p><p class="MsoNormal">Cross-chain solutions and interoperability standards can assist in addressing this issue, resulting in a more linked and interoperable environment.</p><p class="MsoNormal">Implementing cross-chain solutions and interoperability standards, on the other hand, has its own set of obstacles and hazards. Ensuring the security of cross-chain transactions and creating common interoperability standards will be critical for attaining widespread adoption and reaching DeFi's full potential. </p><p class="MsoNormal">By overcoming these difficulties, the DeFi industry may continue to expand and evolve, providing a more open, decentralized, and accessible means to manage financial transactions.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">The publicly-listed cryptocurrency company founded by an American investor Michael Novogratz, Galaxy Digital Holdings (<a href="https://www.financemagnates.com/tag/galaxy-digital-assets-fund/" target="_blank" rel="follow">TSX:GLXY</a>) has published its full-year results for 2022. Galaxy showed a massive net loss due to the prolonged crypto winter dominating the previous year.</p><p>Crypto Winter Hits Galaxy Digital Hard</p><p class="MsoNormal">In Wednesday's press release, Galaxy announced the fourth quarter, the full year and preliminary first quarter-to-date results. The company showed a massive net loss of $1.0 billion for the year ended 31 December 2022, compared to a net income of $1.7 billion for the same period a year earlier. In the meantime, the fourth quarter ended with a net loss of $287.8 million compared to $521.3 million reached in Q4 2021.</p><p class="MsoNormal">Galaxy explains the poorer performance primarily by the 64% drop in the price of <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> (BTC) over 2022. In January, BTC cost $46,500, ending the year at $16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to $1,200. <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-fear-fad-or-opportunity-for-regrowth/" target="_blank" rel="follow">The crypto winter</a> negatively affected the performance of other companies in the sector, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">including digital asset miners</a>.</p><p class="MsoNormal">"2022 was a formative year for Galaxy, and while we and our industry faced unprecedented macroeconomic events, we succeeded in staying the course and were able to opportunistically take advantage of strategic opportunities to build our operating businesses for the future. I have never been more confident in our go-forward strategy, businesses, and team," Michael Novogratz, the Founder and CEO of Galaxy Digital, commented in a press release.</p><p class="MsoNormal">At the end of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments. In Q4 2022, it invested in Veridise, a verification platform that conducts security audits for DeFi applications. Novogratz's company is still exploring other opportunities in the investment space.</p><p>2023 Paints Brighter Future for Galaxy Digital</p><p class="MsoNormal">The beginning of 2023, in which cryptocurrencies saw a rebound after the severe declines of 2022, started off decidedly better. Between early January and 24 March 2023, the company generated income before tax of $150 million. In the months ahead, Galaxy will focus on organically building its platform during the bear market and scaling and integrating recent strategic acquisitions.</p><p class="MsoNormal">Galaxy anticipates earning net profits in its operating businesses and positive gains from its liquid coin and investment holdings on its balance sheet for the entire Q1 2023. The increased market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117">volatility</a> and volumes from existing counterparties positively impacted the company's operating business.</p><p class="MsoNormal">"The Company continues to lead from a position of strength, remaining open for business for our clients and counterparties. And as the market has improved year to date, we have generated approximately $150 million of income before tax while retaining a strong liquidity position through 24 March 2023," Novogratz added.</p><p class="MsoNormal">Galaxy Mining has increased its capacity by 100% since the start of 2022 by integrating the Helios site, <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">which was acquired at the end of last year</a>. The company aims to have over 4 EH/s of Hashrate Under Management by the end of 2023, with self-mining accounting for about 50% of the total.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Thailand’s Securities and Exchange Commission (SEC) is considering lifting the 300,000 baht (about $8,800) retail investment limit for initial coin offerings (ICO) to stimulate investments in digital tokens. </p><p>Thailand to Remove ICO Limit </p><p>As reported by the local media Bangkok Post, the <a href="https://www.financemagnates.com/tag/thailand/" target="_blank" rel="follow">Thai regulator</a> has opened a public hearing until 27 April on its plans to remove the limit for asset-backed ICOs, including the ones backed by real estate and infrastructure projects. Under the current rules, retail investors can only invest up to 300,000 baht in a project through an ICO. </p><p>“The revision of the <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> is aimed at enhancing effective monitoring of digital asset operations and reducing risks that might affect investors, digital asset operators, and the market,” the Thai regulator said. </p><p>The SEC highlighted that the move to lift the ICO limit for retail investors would allow more retail investments, increasing their risk exposure. </p><p>To minimize the risks in the sector, the Thai regulator is planning to mandate regulatory permission for digital asset operators to expand into other business areas. However, the new rules would increase the <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> cost to the digital asset operators in the country. </p><p>The Thai Cryptocurrency Sector </p><p>Thailand has strict oversight of the local cryptocurrency industry. Only a handful of crypto exchanges operate locally, but the industry is still stressed. Last year Huobi shuttered its Thailand operations, while Bitkub, one of the leading local exchanges, faced enforcement actions. </p><p>The $100 million capital buyout of <a href="https://www.financemagnates.com/cryptocurrency/thai-sec-creates-online-complaint-form-after-zipmexs-withdrawal-pause/" target="_blank" rel="follow">Zipmex</a>, another Thailand-focused crypto exchange, also might be in jeopardy as the investor reportedly missed a $1.25 million payment recently. Earlier, the local banking giant SCB backtracked from acquiring a controlling state at Bitkub, citing pending regulatory issues. </p><p>Meanwhile, Thai regulators continue to strengthen crypto oversight and bought <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailands-sec-mandates-risk-disclosure-for-crypto-ads/" target="_blank" rel="follow">strict rules around the promotions and advertising</a> of cryptocurrency companies, primarily to minimize risks. It mandated the showcasing of investment risks, and companies need to provide information on advertising terms to the regulator. Another law <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailand-bans-crypto-payments-allows-trading/" target="_blank" rel="follow">bans any form of crypto payments</a> in the country but allows investment and trading.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p> Williams Racing and Kraken, a popular crypto platform, announced a global partnership ahead of the Australian Grand Prix in Melbourne. This marks Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1) team.</p><p>Kraken and Williams Racing Announce Crypto Partnership</p><p class="MsoNormal">According to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the rest of the 2023 FIA Formula One World Championship season, Kraken's logo will be prominently displayed on the FW45 racing car halo and rear wing. Additionally, the branding will be featured on driver racing attire and team headwear.</p><p class="MsoNormal">In addition to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT digital art pieces owned by customers sourced from third-party NFT initiatives during specific Grand Prix events. Furthermore, Williams and Kraken will join forces to create exclusive limited-edition caps for certain Grands Prix occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">📣 Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid 🏁More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"Kraken's partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We're excited to engage with both Kraken's and Williams Racing's global communities, showcasing the power and life-changing impact of crypto and Web3," Mayur Gupta, the Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a focus on engaging fans and the community, Kraken will take part in various Williams Racing fan zone activities during the season. Simultaneously, the crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives and importance of Web3 technology.</p><p class="MsoNormal">James Bower, the Commercial Director of Williams Racing, expressed his pride and excitement about the partnership with Kraken, highlighting that it unites two well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"We're excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events," Bower summarized. </p><p>Brokers and Exchanges Bet on F1</p><p class="MsoNormal">The first FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more than ten years ago. Since then, many more retail brokers have decided to partner with teams of the popular racing series. In 2018, such a partnership with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021, while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the cryptocurrency industry has experience in sponsoring sports and F1 teams. In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was arrested in late 2022.</p><p>Positive News for Kraken after Tough Months</p><p class="MsoNormal">The news of a sponsorship deal signed with a Formula One team is the first upbeat note regarding Kraken after a year of cryptocurrency operational and regulatory problems.</p><p class="MsoNormal">In November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by 30% </a>in order to adapt to challenging market conditions. Less than a month later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak cryptocurrency market.</p><p class="MsoNormal">However, the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under the sight of the US SEC</a> in connection with a listing of unregistered securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>. The idea was first presented in 2020 and has now resurfaced in the face of regulatory pressure.</p><p class="MsoNormal">In the wake of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and withdrawal services. Since 2019, Kraken has been among several crypto exchanges utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the United States.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p class="MsoNormal">US prosecutors have expanded the 12 count charges against Sam Bankman-Fried, the Founder of the now-bankrupt cryptocurrency exchange, FTX. An additional indictment sealed on Tuesday morning, alleges that the FTX Founder and others transferred approximately $40 million in bribes to one or more Chinese officials to unfreeze certain accounts in late 2021.</p><p class="MsoNormal">Prosecutors Accuse Bankman-Fried of Bribery</p><p class="MsoNormal">State prosecutors are now charging Bankman-Fried with conspiracy to violate the anti-bribery provisions of <a href="https://www.financemagnates.com/cryptocurrency/regulation/oracle-to-pay-23m-to-settle-bribery-charges-against-asian-subsidiaries/" target="_blank" rel="follow">the Foreign Corrupt Practices Act</a>. Existing charges against the disgraced cryptocurrency entrepreneur include conspiracy to commit wire, bank and securities frauds, to operate an unlicensed money transmitting business, commit money laundering and make unlawful political contributions, among others. </p><p class="MsoNormal">“In or about November 2021, SAMUEL BANKMAN-FRIED, a/k/a 'SBF', the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials in order to influence and induce them to unfreeze the Accounts,” the <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.113.2.pdf" target="_blank" rel="follow">indictment document</a> reads.</p><p class="MsoNormal">Damian Williams, the United States Attorney for the Southern District of New York, <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.113.0.pdf" target="_blank" rel="follow">in a letter</a> written to Lewis Kaplan, the Federal District Court Judge in charge of the case, said the new indictment was returned on Monday by a grand jury. Additionally, Damian noted that the FTX Founder has not been arraigned on five of the now-expanded charges.</p><p class="MsoNormal">Associated Press reports that the alleged bribe is related to FTX-linked cryptocurrency hedge fund, Alameda Research, whose trading accounts that contained about $1 billion in digital assets were frozen by Chinese authorities in early 2021. The hedge fund held accounts with two of China’s largest cryptocurrency exchanges, the outlet said, citing the indictment.</p><p class="text-align-justify">The Aftermath of FTX So Far</p><p class="MsoNormal text-align-justify">FTX <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank" rel="follow">collapsed</a> in November last year following <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">a liquidation crisis</a> and a failed <a href="https://www.financemagnates.com/cryptocurrency/ftx-opts-for-capital-raise-as-alameda-research-winds-down-on-trading/" target="_blank" rel="follow">scramble for funds</a>, resulting in <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">the loss of over $8 billion</a> in FTX customers' deposits. Moreover, details emerged recently that Bankman-Fried and other former executives of FTX <a href="https://www.financemagnates.com/cryptocurrency/sbf-and-former-executives-of-defunct-ftx-received-32-billion/" target="_blank" rel="follow">received $2.2 billion</a> in loans and payments from FTX and related entities, mainly Alameda Research.</p><p class="MsoNormal text-align-justify">Bankman-Fried was <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested</a> in December 2022 and was subsequently extradited to the United States where he was granted bail on <a href="https://www.financemagnates.com/cryptocurrency/us-court-grants-bail-to-sam-bankman-fried-on-hefty-250m-bond/" target="_blank" rel="follow">a hefty $250 million recognizance</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-sam-bankman-fried-pleads-not-guilty-to-us-criminal-charges/" target="_blank" rel="follow">pleaded not guilty</a> to eight counts of charges. However, close associates of the embattled Founder <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-frieds-two-top-associates-plead-guilty-to-criminal-charges/" target="_blank" rel="follow">have pleaded guilty</a> and are cooperating with prosecutors. </p><p class="MsoNormal">Additionally, Nishad Singh, the former Director of Engineering at FTX, became the third associate of Bankman-Fried <a href="https://www.financemagnates.com/cryptocurrency/us-regulators-charge-ftxs-senior-executive-nishad-singh-with-fraud/" target="_blank" rel="follow">to plead guilty to fraud charges</a> in February. Both the United States Securities and Exchange Commission and the Commodity Futures Trading Commission charged Singh with misappropriating funds from FTX.com and aiding and abetting Bankman-Fried and Alameda Research in diverting FTX customer assets.</p><p class="MsoNormal">The FMA flags CFDs broker; AI in portfolio management, <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">read today's news nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p>Hours after the <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">Commodity Futures Trading Commission’s lawsuit</a>, Binance's CEO, Changpeng Zhao publicly rejected the allegations, calling them “unexpected and disappointing” with “an incomplete recitation of facts.” </p><p>In the brief response through an official blog post, Zhao refuted all the major allegations and will be “able to give full responses in due time.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">My Response to the CFTC Complaint | Binance Blog <a href="https://t.co/TadyotM7HN">https://t.co/TadyotM7HN</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640483997288415234?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>Zhao Rejects CFTC’s Allegations </p><p>“The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he stated. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.” </p><p>Binance, the largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> in terms of trading volume, faced many regulatory setbacks in the past, including <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">warnings </a>and <a href="https://www.financemagnates.com/cryptocurrency/first-binance-and-now-coinbase-have-both-been-fined-33m-in-netherlands/" target="_blank" rel="follow">enforcement actions</a>. However, the latest lawsuit by the US regulator is a massive blow to its dominance. </p><p>The lawsuit on Monday by the CFTC alleged that <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance violated</a> “numerous” regulations in the country and that its <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> is a “sham.” The exchange was accused of instructing “commercially valuable US-based VIP customers.” ways of avoiding compliance controls, insider trading, and even market manipulation. </p><p>Not Trading for Profits </p><p>Zhao, in his response, highlighted that “Binance.com does not trade for profit or 'manipulate' the market under any circumstances.” He clarified that Binance often converts its earnings in crypto to fiat or other crypto assets to cover expenses. </p><p>Additionally, he disclosed that he personally has two Binance accounts, one for his Binance Card and the other for his crypto holdings. Moreover, he and other Binance employees follow a “90-day no-day-trading rule” that prohibits them from selling a crypto asset within 90 days of procuring them. </p><p>“This is to prevent any employees from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binances-bnb-token-is-reportedly-facing-probe-by-the-us-sec/" target="_blank" rel="follow">actively trading,</a>” Zhao added. “We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.”</p><p>Serious Allegations by the CFTC</p><p>These clarifications came as the CFTC alleged that Binance traded on its own platform with 300 “house accounts” but did not disclose such activities to customers. Moreover, the exchange has been blamed for keeping this information 'top secret' and refused to provide any trading activity-related details after a subpoena.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">You have to ask yourself why would a single trader need over three hundred trading accounts, to trade on Binance?Because they're wash trading and painting the tape between their accounts.They can make the prices do whatever they want. <a href="https://t.co/YIF8XYSrlh">pic.twitter.com/YIF8XYSrlh</a></p>— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) <a href="https://twitter.com/Bitfinexed/status/1640394811747319811?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>“Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally,” Zhao stated, adding that his exchange handled over 55,000 requests from law enforcement. He even praised the compliance systems of Binance as being top-notch. </p><p>Meanwhile, Binance published a response letter recently sent to US Senators Warren, Van Hollen, and Marshall. </p><p>“Binance takes the issue of compliance very seriously, and it regularly engages with US law enforcement,” the letter stated. “The public blockchain record (on-chain analytics) of crypto exchanges means that the platform has greater transparency as compared to traditional financial institutions, making it easier to track and trace the flow of crypto assets.”</p><p>The <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">FMA flags CFDs broker and AI in portfolio management, read today's news nuggets.</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">Enterprise Ethereum is a blockchain network created primarily for enterprises. It is built on the Ethereum blockchain, which is well-known for its adaptability and scalability. This article will look into Enterprise Ethereum's position in business, including its applications, benefits, and challenges.</p><p class="MsoNormal">What Is Enterprise Ethereum?</p><p class="MsoNormal">Enterprise Ethereum is a blockchain technology intended specifically for enterprises. It is built on the Ethereum blockchain, a decentralized platform that allows for the development of smart contracts and decentralized apps. (DApps). Enterprise Ethereum is a private blockchain, which means that only authorized users may access it.</p><p class="MsoNormal">Enterprise Ethereum Applications</p><p class="MsoNormal">Enterprise Ethereum has several business applications. Among the most important applications are:</p><p class="MsoNormal">Supply Chain Administration</p><p class="MsoNormal">Supply chain management is a fundamental use of Enterprise Ethereum. It can be used to trace the flow of commodities, validate product authenticity, and streamline supply chain operations. Many supply chain management procedures, such as checking the legitimacy of items and completing payments, can be automated using smart contracts.</p><p class="MsoNormal">Identity Administration</p><p class="MsoNormal">Identity management is another Enterprise Ethereum application. It can be used to manage and verify identities securely, lowering the risk of identity theft and fraud. Smart contracts can be used to maintain identification information and give authorized users secure access.</p><p class="MsoNormal">Ethereum can be utilized in financial services as well. It can be used to simplify payment procedures, lower transaction costs, and improve transparency. Smart contracts can be used to automate numerous financial services procedures, such as payment execution and contract management.</p><p class="MsoNormal">Advantages of Enterprise Ethereum</p><p class="MsoNormal">Enterprise Ethereum provides various advantages to enterprises. Among the many advantages are:</p><p class="MsoNormal">Increased Enterprise Efficiency</p><p class="MsoNormal">By automating many of the processes involved in company operations, Ethereum can assist to boost efficiency. Smart contracts can be used to automate operations like confirming the legitimacy of items, making payments, and monitoring contracts. </p><p class="MsoNormal">This can help to reduce the amount of time and resources needed to complete transactions, hence enhancing efficiency and production.</p><p class="MsoNormal">Increased Security</p><p class="MsoNormal">Enterprise Ethereum provides greater security than typical commercial platforms. Transactions are safe and tamper-proof due to the usage of blockchain technology. Smart contracts are also intended to be tamper-proof, which means they cannot be changed after they have been executed. </p><p class="MsoNormal">As a result, Enterprise Ethereum offers a safe and dependable means to execute transactions.</p><p class="MsoNormal">Enterprise Cost Savings </p><p class="MsoNormal">By eliminating the need for intermediaries, such as banks or attorneys, Ethereum can assist to minimize transaction costs. Smart contracts can be used to perform transactions without the involvement of middlemen, lowering transaction costs and enhancing profitability.</p><p class="MsoNormal">Enterprise Ethereum's Challenges</p><p class="MsoNormal">While Enterprise Ethereum has many advantages for organizations, it has certain drawbacks. Among the major challenges are:</p><p class="MsoNormal">Technical Difficulty</p><p class="MsoNormal">Enterprise Ethereum is a difficult technology that must be used with technical skills. To use Enterprise Ethereum efficiently, businesses must have a solid understanding of blockchain technology and smart contracts. This may necessitate substantial investment in training and development.</p><p class="MsoNormal">Legacy System Integration</p><p class="MsoNormal">It can be difficult to integrate Enterprise Ethereum with legacy systems. Businesses must verify that their existing systems are Enterprise Ethereum compliant, which may necessitate significant investment in technical infrastructure.</p><p class="MsoNormal">Compliance with Regulations</p><p class="MsoNormal">Enterprise Ethereum adoption may also generate regulatory compliance concerns. Businesses must ensure that their activities are in accordance with applicable laws and regulations, which can be complicated and time-consuming.</p><p class="MsoNormal">New avenues for business</p><p class="MsoNormal">One of the key benefits of Enterprise Ethereum is its ability to enable new forms of collaboration and cooperation between businesses.</p><p class="MsoNormal">Smart contracts </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/innovation/smart-contracts-on-ethereum/" target="_blank" rel="follow">Smart contracts, a key feature of Enterprise Ethereum</a>, are self-executing contracts with the terms of the agreement between parties being directly written into code. This means that once the conditions specified in the contract are met, the contract automatically executes without the need for intermediaries or third parties. Smart contracts can automate many aspects of inter-business transactions, such as payment processing, supply chain management, and legal operations.</p><p class="MsoNormal">One of the main benefits of smart contracts in Enterprise Ethereum is that they can reduce friction and improve efficiency in business-to-business interactions. By automating processes and removing intermediaries, businesses can reduce costs, eliminate errors, and streamline their operations. This can significantly reduce the time and effort required for these tasks, allowing businesses to focus on their core activities.</p><p class="MsoNormal">Smart contracts in Enterprise Ethereum can also enable more seamless collaboration between businesses. For example, in supply chain management, smart contracts can automate the process of verifying the authenticity and quality of goods, reducing the risk of fraud and enabling faster and more secure transactions. Additionally, smart contracts can automate the process of dispute resolution, reducing the time and effort required to resolve disputes between parties.</p><p class="MsoNormal">Decentralized Applications </p><p class="MsoNormal">Another way that Enterprise Ethereum can enable new forms of collaboration is through the use of decentralized applications (dApps). dApps are software applications that run on the Ethereum blockchain, enabling secure and transparent transactions between parties. They can be used for a variety of purposes, such as decentralized finance (DeFi), supply chain management, and identity verification.</p><p class="MsoNormal">By using dApps built on Enterprise Ethereum, businesses can collaborate and cooperate in new ways. For example, in DeFi, businesses can participate in decentralized lending and borrowing, enabling faster and more secure transactions than traditional banking systems. In supply chain management, businesses can collaborate to improve efficiency and transparency in the supply chain, reducing costs and improving customer satisfaction.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Enterprise Ethereum provides various benefits to enterprises, including higher productivity, improved security, and lower costs. However, it does provide several obstacles, including technical complexity, interaction with older systems, and regulatory compliance.</p><p class="MsoNormal">Overall, Enterprise Ethereum can assist firms in streamlining operations, lowering expenses, and increasing profitability. However, before incorporating Enterprise Ethereum into their processes, organizations must carefully assess the opportunities and problems it presents. </p><p class="MsoNormal">Enterprise Ethereum, with careful planning and execution, has the ability to alter the way organizations function and communicate with one another, enabling secure and transparent transactions without the need for middlemen.</p><p class="MsoNormal">As Enterprise Ethereum evolves and matures, we should expect to see even more inventive corporate use cases and applications. Businesses will be able to streamline processes, decrease costs, and boost efficiency by utilizing smart contracts and decentralized applications, while also improving security and transparency.</p><p class="MsoNormal">Overall, Enterprise Ethereum plays an important and expanding role in business. While there are some challenges to overcome, the benefits of using Enterprise Ethereum are significant, and it is becoming a more popular choice for businesses looking to streamline operations and improve efficiency. </p><p class="MsoNormal">We should anticipate seeing many more fascinating advancements in the application of Enterprise Ethereum in business as the technology evolves and matures.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Blockchain technology has been widely used for cryptocurrencies, such as Bitcoin and Ethereum, but its application is not limited to the financial industry. Digital identity management is one of the areas where blockchain technology is gaining interest. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/identity-on-the-blockchain-building-a-more-secure-future/" target="_blank" rel="follow">The promise of blockchain-based digital identification </a>is that it will provide a more secure, decentralized, and user-centric manner of managing personal information. </p><p class="MsoNormal">The benefits, hazards, and implementation issues of blockchain-based digital identification will be discussed in this article.</p><p class="MsoNormal">The Advantages of Blockchain-Based Digital Identity</p><p class="MsoNormal">Traditional digital identity management approaches rely on centralized authorities, such as governments, financial institutions, and social media platforms. </p><p class="MsoNormal">However, there are also problems with this strategy, such as data breaches, identity theft, and a lack of user control over personal information. Blockchain-based digital identification can overcome these disadvantages by offering the following advantages:</p><ul><li>Security: Blockchain technology allows for the decentralized and tamper-proof storage and sharing of personal information. Blockchain ensures that personal data is secure and cannot be tampered with by employing cryptographic methods.</li><li>Privacy: A blockchain-based digital identity gives consumers more control over their personal data. Users can choose whatever information they want to share and with whom they want to share it without relying on centralized authorities.</li><li>Interoperability: Blockchain-based digital identities can make it easier to interchange personal information across organizations and borders. This can help to speed up processes like onboarding, KYC, and compliance.</li><li>Efficiency: By eliminating the need for intermediaries and decreasing the time and resources necessary for identification verification, blockchain-based digital identity can cut costs and boost efficiency.</li><li>Trust: By providing a reliable and transparent method of confirming identities, blockchain-based digital IDs can boost trust in online transactions.</li></ul><p class="MsoNormal">The Dangers of Blockchain-Based Digital Identity</p><p class="MsoNormal">While blockchain-based digital identification has numerous advantages, it also has some hazards and issues that must be addressed. Among the dangers are:</p><ul><li>Cybersecurity: Blockchain-based digital identities might be vulnerable to cyber attacks, especially if the blockchain is insecure or the cryptographic algorithms are ineffective.</li><li>While blockchain-based digital identities might give users more control over their personal information, they can also introduce new privacy threats. Personal information, for example, may be accessible to anybody if it is placed on a public blockchain.</li><li>Interoperability: Due to differences in technology, standards, and legislation, achieving interoperability between multiple blockchain-based digital identification systems can be difficult.</li><li>Adoption: For blockchain-based digital identities to be effective, they must be widely adopted. Adoption can be difficult to achieve, especially if users are unfamiliar with blockchain technology or are averse to change.</li></ul><p class="MsoNormal">The Implementation Difficulties of Blockchain-Based Digital Identity</p><p class="MsoNormal">Implementing blockchain-based digital identification might be difficult due to a variety of problems, including:</p><ul><li>Currently, there is no global standard for blockchain-based digital identification. This can cause interoperability concerns between systems and slow uptake.</li><li>Regulations: The regulatory framework for blockchain-based digital identification is still in the early stages. This can cause concern for enterprises looking to use blockchain-based digital identity solutions.</li><li>User experience: Users who are unfamiliar with blockchain technology may find it challenging to understand and use blockchain-based digital identities.</li><li>Scalability: To accommodate a large number of users and transactions, blockchain-based digital identity requires a robust and scalable infrastructure. This can be difficult, especially for public blockchains with restricted scalability.</li></ul><p class="MsoNormal">The Harbinger of a Massive Digital Divide?</p><p class="MsoNormal">In recent years, the concept of Blockchain-based digital identity has gained significant attention, with many companies and organizations exploring its potential to revolutionize how individuals verify their identities online. However, while there are undoubtedly benefits to this technology, it also presents significant risks, akin to putting all your eggs in one basket, meaning some might want to opt-out.</p><p class="MsoNormal">One of the most significant dangers of Blockchain-based digital identity is the potential for a single point of failure. Because all of an individual's identity data is stored in one place, a data breach or cyber-attack could compromise an individual's entire identity. In this scenario, hackers could access sensitive information, such as financial data, medical records, and personal information, which could be used for identity theft or other nefarious purposes.</p><p class="MsoNormal">Furthermore, Blockchain-based digital identity presents challenges when it comes to managing consent and revocation of data. With traditional identity verification methods, individuals can selectively choose which information to share with different parties. However, with Blockchain-based digital identity, this becomes more challenging, as all data is stored in one place, and revocation of access becomes more complicated.</p><p class="MsoNormal">Additionally, there is a risk of misrepresentation and fraud in the verification process. Because Blockchain-based digital identity relies on complex algorithms and cryptographic techniques, there is always the possibility of vulnerabilities in the system, which could be exploited by bad actors.</p><p class="MsoNormal">These elements likely point to the danger of creating a digital divide, where individuals who do not have access to Blockchain-based digital identity or are against having one are excluded from certain services or opportunities. This could create an unequal and unfair system that disadvantages vulnerable groups and exacerbates existing inequalities.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">The use of blockchain-based digital identities has the potential to transform the way we manage personal information online. Blockchain-based digital identification can solve many of the shortcomings of existing identity management systems by providing a more secure, decentralized, and user-centric method of handling digital IDs. </p><p class="MsoNormal">However, there are risks and implementation issues that must be solved in order for blockchain-based digital identification to fulfil its promise. </p><p class="MsoNormal">As blockchain-based digital identity evolves, it will be critical to focus on addressing these problems in order to achieve widespread adoption and reap the benefits of blockchain-based digital identity.</p><p class="MsoNormal">Organizations considering deploying blockchain-based digital identification should carefully weigh the benefits and hazards, as well as ensure a thorough understanding of the technology and regulatory context. </p><p class="MsoNormal">They should also prioritize user education and experience to ensure that users are familiar with and understand how to use the new technology.</p><p class="MsoNormal">Furthermore, the industry must collaborate to develop standards and laws for blockchain-based digital identification in order to ensure interoperability and solve privacy and cybersecurity concerns. </p><p class="MsoNormal">Collaboration among regulators, industry participants, and technology providers will be critical to attaining this goal.</p><p>Overall, blockchain-based digital identification has the potential to revolutionize online identity management. Blockchain-based digital identity can boost confidence, cut costs, and streamline operations by providing a more secure, decentralized, and user-centric manner of storing personal information. </p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Gemini, the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> owned by the Winklevoss twins, is examining possibilities to launch an international crypto derivatives trading platform, according to The Information report from Wednesday.</p><p>Gemini Reportedly Seeks to Open Overseas Derivatives Exchange</p><p class="MsoNormal">The new platform from Gemini would offer trading in perpetual futures. Derivatives of this type are banned in the United States for retail investors due to their somewhat risky nature. Making them available in another jurisdiction would allow Gemini to offer users a product with no expiration date and the possibility of high leverage.</p><p class="MsoNormal">Two weeks ago, Bloomberg reported that another major crypto exchange, Coinbase, was looking to take a similar step. The search for foreign locations to relocate some trading services came after the US Securities and Exchange Commission (SEC) stepped up and tightened its crackdown against the cryptocurrency sector.</p><p class="MsoNormal">It all started with <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">the collapse of the FTX</a> digital assets <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> last November. It was followed by the closure of three banks linked to digital assets, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/" target="_blank" rel="follow">Silvergate Bank</a>, Signature Bank and Silicon Valley Bank, or the CFTC's lawsuit against Binance for violating the US derivatives regulations, among other things.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Bulge bracket bankRegional bankNo bankBitcoinChoose wisely.</p>— Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1637585166481719299?ref_src=twsrc%5Etfw">March 19, 2023</a></blockquote><p class="MsoNormal">The Information cites people familiar with the matter and claims that the Gemini exchange has been contacting trading platforms in various places around the world over the past few months in search of a market maker to support the execution of operations outside the United States.</p><p>Third Round of Job Cuts in Gemini and Regulatory Pressure</p><p class="MsoNormal">Pressure from the SEC, which has led Kraken exchange <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">to shut down its staking services</a> in the US, has also hit the Winklevoss brothers' platform. In January, <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">the regulator charged</a> two feuding companies, Genesis Global Capital and Gemini Trust Company, for offering and selling crypto lending products under Gemini Earn, which the regulator alleged to be unregistered securities.</p><p class="MsoNormal">Gemini and its Co-Founders are already dealing <a href="https://www.financemagnates.com/cryptocurrency/news/gemini-winklevoss-twins-face-class-action-lawsuit-over-lending-products/" target="_blank" rel="follow">with a class-action lawsuit</a> filed by a pair of Gemini Earn investors who have leveled comparable allegations. The legal action contends that the exchange and its proprietors have engaged in fraudulent activities and breached the Exchange Act.</p><p class="MsoNormal">A few days later, news emerged that Genesis was close to <a href="https://www.financemagnates.com/cryptocurrency/genesis-is-reportedly-preparing-to-file-for-bankruptcy-within-days/" target="_blank" rel="follow">declaring bankruptcy</a> following the collapse of the FTX exchange, which negatively affected the entire industry. Although the decision has not been confirmed, the problems are visible to the naked eye, and Gemini has already carried out three rounds of job cuts since last June.</p><p class="MsoNormal">The first took place in June and affected 10% of the entire team, and the second in July and involved another 7% of the workforce. The most recent was conducted <a href="https://www.financemagnates.com/cryptocurrency/third-times-the-charm-gemini-cuts-its-workforce-once-again/" target="_blank" rel="follow">at the end of January</a> when the company reduced a further 10% of its staff.</p><p class="MsoNormal">Saxo's Presents New Portal and JPX Gets into DeFi, read today’s <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/">news nuggets</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Russia has delayed its planned central bank digital currency (CBDC) rollout without providing any further timeline. The testing of the digital ruble was scheduled to start on 1 April. </p><p>Russia Delays CBDC Pilot </p><p>According to state-owned TASS, the CBDC pilot launch has been canceled as the central bank is waiting to approve some of the specific legislation by the Russian State Duma, the Federal Assembly’s lower house. These legislations are expected to be adopted in April and effective in May. </p><p>Initially, Russia kept the <a href="https://www.financemagnates.com/cryptocurrency/news/bank-of-russia-plans-to-pilot-digital-ruble-in-2021-end/" target="_blank" rel="follow">CBDC pilot</a> scheduled for 2024. However, the plans have been brought forward by a year as the Russian central bank is seeking an alternative to the SWIFT payments system amid heavy economic sanctions on the country by Western governments. </p><p>During the pilot, the digital ruble will be available only to a handful of program participants and not the entire population. It will be a real-time operation on a limited scale, and the central bank will determine scaling methods based on the results. </p><p>For the <a href="https://www.financemagnates.com/cryptocurrency/coins/the-rise-of-central-bank-digital-currencies-cbdcs-impacts-on-the-crypto-market/" target="_blank" rel="follow">CBDC</a> pilot, the Russian central bank has partnered with commercial banks in the country. Initially, 15 banks agreed to participate in the digital ruble pilot. However, the count came down to 13 as they only confirmed technical readiness to participate in the pilot with a limited number of customers. </p><p>“The use of smart contracts should reduce the operational load of banks and make the deals transparent, which not only will reduce the chances of the misuse of government and banks’ funds, but ultimately simplify the control over the existing contracts,” said Vitaly Kopysov, the Director of Innovations at Sinara Bank. </p><p>Central Banks Are Keen on Launch Digital Fiat </p><p>Apart from Russia, other countries are pushing forward toward a central bank digital currency launch. China is at the forefront and has been running its <a href="https://www.financemagnates.com/cryptocurrency/news/china-to-pilot-distribute-cbdc-to-state-employees/" target="_blank" rel="follow">digital yuan pilot programs</a> for a few years now. Meanwhile, countries in Europe and Asia are also exploring the possibilities of a CBDC launch, even with the help of global banking bodies.</p><p>Most recently, the UAE central bank <a href="https://www.financemagnates.com/cryptocurrency/uae-inches-closer-to-digital-dirham-launch-with-new-cbdc-strategy/" target="_blank" rel="follow">revealed its strategy for a digital dirham</a>, as it is targeting to complete the first phase of the launch in the next 12 to 15 months, which will be around mid-2024. It will include the soft launch of mBridge, a project in collaboration with the Bank for International Settlements (BIS) and a few other central banks; the development of a proof-of-concept for bilateral CBDC bridges with India; and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The growth of cryptocurrencies in recent years has offered a new method of performing financial transactions. The usage of stablecoins for remittances is one of the most potential applications of this technology. </p><p class="MsoNormal">Remittances are funds sent by migrant workers to their relatives back home, and they are an important source of income for many households in developing nations. In this essay, we will look at the possibilities of stablecoins for remittances and how they can change the game.</p><p class="MsoNormal">What Are Stablecoins?</p><p class="MsoNormal">Stablecoins are cryptocurrencies that are intended to have a consistent value. Stablecoins, unlike other cryptocurrencies such as Bitcoin or Ethereum, have their value tied to an underlying asset such as a fiat currency like the US dollar or a commodity like gold. Stablecoins are less volatile and more predictable than other cryptocurrencies, making them an excellent tool for financial transactions.</p><p class="MsoNormal">Stablecoins' Potential for Remittances</p><p class="MsoNormal">Remittances are an important component of the global economy. Despite the disruptions caused by the COVID-19 outbreak, remittance flows to low- and middle-income nations reached $540 billion in 2020, according to the World Bank. </p><p class="MsoNormal">On the other hand, traditional remittance options, such as banks or money transfer operators (MTOs), are frequently delayed and costly, with large transaction fees and unfavorable exchange rates. This is especially difficult for people in developing nations, where access to financial institutions is limited and transmitting money can be prohibitively expensive.</p><p class="MsoNormal">Stablecoins may be able to address these issues by providing a faster, cheaper, and more accessible method of transmitting money across borders. Stablecoins, unlike traditional remittance techniques, can permit peer-to-peer transactions without the need for intermediaries, such as banks or MTOs. </p><p class="MsoNormal">This means that transaction fees are lower and exchange rates are better. Furthermore, stablecoins may be sent and received rapidly, making them a useful tool for people who need quick access to their assets.</p><p class="MsoNormal">Stablecoins may also reach more people than regular transfer methods. According to the World Bank, around 1.7 billion adults worldwide lack access to a bank account, limiting their capacity to transfer and receive money. </p><p class="MsoNormal">However, stablecoins may be accessible via a smartphone, which is becoming increasingly popular in developing countries. As a result, stablecoins may offer a new option for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">Challenges and Dangers</p><p class="MsoNormal">While stablecoins provide many potential benefits for remittances, there are also issues and hazards to consider. One of the major problems in the stablecoin market is the absence of regulation and monitoring. </p><p class="MsoNormal">Stablecoin issuers, unlike traditional financial institutions, are not subject to the same amount of examination, raising concerns about their stability and security. Furthermore, because stablecoins are not backed by government assurances, consumers are vulnerable to counterparty risks if the issuer goes bankrupt.</p><p class="MsoNormal">Another issue is the possibility of stablecoins being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse. </p><p class="MsoNormal">This may result in heightened regulatory scrutiny and even restrictions on the usage of stablecoins for remittances.</p><p class="MsoNormal">An Opportunity for Banks?</p><p class="MsoNormal">The rise of stablecoins, digital currencies pegged to a stable asset such as the US dollar, has presented <a href="https://www.financemagnates.com/cryptocurrency/education-centre/cutting-the-costs-of-remittances-can-the-blockchain-help/" target="_blank" rel="follow">an opportunity for banks to modernize their remittance services.</a> Unlike traditional remittance methods, which can be slow and expensive, stablecoins offer faster, cheaper, and more efficient cross-border payments. As such, banks should consider taking part in the stablecoin ecosystem to improve their remittance services as a way of providing customers with a better experience.</p><p class="MsoNormal">For banks, stablecoins represent an opportunity to streamline their remittance services and reduce costs. By integrating stablecoins into their systems, banks can provide faster and more affordable remittance services. This is particularly important for customers who regularly send money to friends and family members in other countries, as traditional remittance services can be prohibitively expensive.</p><p class="MsoNormal">Moreover, stablecoins can help banks to reduce the risks associated with cross-border payments. By using stablecoins, banks can minimize the risk of currency fluctuations and ensure that the value of the payment remains stable throughout the transaction. This can help to reduce the costs associated with remittances and increase customer satisfaction.</p><p class="MsoNormal">In addition to offering stablecoin-based remittance services, banks can participate in the stablecoin ecosystem by developing their own stablecoins. This would allow banks to create their own digital currencies that are pegged to a stable asset, providing customers with a new way to store and transfer funds. Banks can use their existing customer base and brand recognition to promote their stablecoins, making it easier for customers to adopt the technology.</p><p class="MsoNormal">By developing their own stablecoins, banks can gain greater control over the remittance process. Banks can use their stablecoins to facilitate cross-border payments between their customers, without the need for third-party intermediaries. This can help to reduce transaction costs and increase the speed of payments, improving the overall customer experience.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Stablecoins have the potential to revolutionize remittances by providing a faster, cheaper, and more accessible method of moving money across borders. However, there are obstacles and concerns that must be addressed, particularly in the areas of legislation and security. </p><p class="MsoNormal">As the stablecoin market evolves, it is critical to ensure that these risks are avoided so that stablecoins can fulfil their full potential as a financial inclusion tool.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p> OKX, the second-biggest crypto trading platform by trading volume, has recently announced that it is preparing to transfer $157 million in frozen assets linked to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried's (SBF) fallen empire. This is a response to the newest motion filed on Wednesday in the FTX <a href="https://www.financemagnates.com/terms/b/bankruptcy/" class="terms__main-term" id="41b3ef0d-d805-441d-8443-121890264e94">bankruptcy</a> claim.</p><p>OKX Set to Return $157 Million of Frozen Assets Connected to FTX</p><p class="MsoNormal">Following the downfall of FTX in November 2022, OKX took the initiative to conduct thorough investigations regarding any potential FTX-related transactions that might have taken place on its platform. These investigations led to the discovery of accounts and assets linked to FTX and Alameda Research, which OKX promptly froze to secure the associated funds.</p><p class="MsoNormal">"OKX welcomes the motion and will continue to cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through the bankruptcy process," OKX stated in the press release.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">For <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a>, doing right by crypto traders &amp; the industry is always a top priority.We did a proactive investigation when FTX collapsed and froze all associated assets &amp; accounts. Today, we are turning over USD157 MN in frozen FTX &amp; Alameda-related assets. Details ↓</p>— OKX (@okx) <a href="https://twitter.com/okx/status/1641216557274521600?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">FTX was one of the most prominent cryptocurrency exchanges, ranking among the top 10 platforms in terms of turnover. However, November brought a massive selloff of the platform's native token, FTT, and a capital outflow due to concerns regarding the stability of its ecosystem. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">This led to the collapse of FTX</a>, triggered the downturn of the broad digital asset market and contributed to the bankruptcy of more crypto-related companies. Meanwhile, SBF ended up behind bars, awaiting sentencing for embezzling billions of dollars. A few days ago, he was additionally accused of paying a $40 million bribe to Chinese officials.</p><p class="MsoNormal">Finance Magnates informed last week that FTX debtors <a href="https://www.financemagnates.com/cryptocurrency/ftx-debtors-agree-to-95m-sale-of-mysten-labs-stake/" target="_blank" rel="follow">agreed to sell Mysten Labs Inc. </a>preferred shares back to the Web3 startup for $96 million, according to the fillings at the U.S. Bankruptcy Court in Delaware.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">FTX locks in $96 million deal to sell Mysten Labs shares and SUI Token warrants.Originally acquired in August 2022 for $101 million. <a href="https://t.co/7PdfIM6uDT">pic.twitter.com/7PdfIM6uDT</a></p>— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) <a href="https://twitter.com/AFTXcreditor/status/1638930052166348802?ref_src=twsrc%5Etfw">March 23, 2023</a></blockquote><p class="MsoNormal">The sale resulted in a loss as FTX's bankruptcy attorneys urgently sought to raise funds to reimburse the clients of the failed exchange. Not long ago, FTX's creditors greenlit the retrieval of $460 million from the venture capital firm, Modulo Capital, which had secured investments from Alameda Research the previous year.</p><p>OKX Opens New Offices in Hong Kong and Australia</p><p class="MsoNormal">The OKX crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> has not only informed about the $157 million transfer to debtors but also heralded the opening of its new office in Australia in the coming months. The disclosure was shared during an exclusive event for Australia's cryptocurrency enthusiasts at the Melbourne Arts Centre.</p><p class="MsoNormal">"Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we're committed to the local market and aim to build a strong local office," Haider Rafique, the Chief Marketing Officer at OKX, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Celebrations in Melbourne are in full swing as <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a> announced opening our office in Australia! 🇦🇺Big s/o to OKX partners <a href="https://twitter.com/danielricciardo?ref_src=twsrc%5Etfw">@danielricciardo</a>, <a href="https://twitter.com/scottyjames31?ref_src=twsrc%5Etfw">@scottyjames31</a>, <a href="https://twitter.com/OscarPiastri?ref_src=twsrc%5Etfw">@oscarpiastri</a>, our team &amp; frens for joining the fun 🏆 <a href="https://t.co/m9rvVOmwYq">pic.twitter.com/m9rvVOmwYq</a></p>— OKX (@okx) <a href="https://twitter.com/okx/status/1641185085562007553?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">Just a day earlier, the crypto exchange announced its plans <a href="https://www.financemagnates.com/cryptocurrency/okx-becomes-another-crypto-exchange-to-start-hk-branch/" target="_blank" rel="follow">to start a new branch in Hong Kong</a> amid the changing regulatory environment in China's special administrative region. The new set of crypto laws will take effect in June and have already encouraged a number of popular crypto brands to look for a local virtual asset service provider (VASP) license. </p><p class="MsoNormal">According to last week's news, <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-to-start-regulating-crypto-in-june-2023-80-companies-wants-to-join/" target="_blank" rel="follow">more than 80 companies</a> are waiting in line to join the Web3 ecosystem forming in Hong Kong.</p><p class="MsoNormal">Saxo's Presents New Portal and JPX Gets into DeFi, read today’s <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/">news nuggets</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p class="MsoNormal">Cryptocurrency exchange, Beaxy, has shut down its operations after over three years of launching into the market. The exchange ceased its operations in the wake of a lawsuit from the United States Securities and Exchange (SEC) which charged the platform and its executives for operating an unregistered exchange, brokerage and clearing agency. </p><p class="MsoNormal">In a statement <a href="https://www.beaxy.com/blog/suspension-of-services-on-beaxy-exchange/" target="_blank" rel="follow">published</a> on its website on Tuesday, Beaxy said it was immediately suspending its services on the trading platform “due to the uncertain regulatory environment surrounding our business.” Beaxy <a href="https://www.financemagnates.com/cryptocurrency/news/beaxy-launches-crypto-trading-services-targets-186-countries/" target="_blank" rel="follow">launched its crypto trading services</a> in June 2019 with the plan to offer its services in 43 states in the United States and in 184 other countries.</p><p class="MsoNormal text-align-justify">SEC Charges Beaxy’s Founder, Others</p><p class="MsoNormal">However, the SEC in a <a href="https://www.sec.gov/news/press-release/2023-64" target="_blank" rel="follow">press statement</a> released on Wednesday said it charged Artak Hamazaspyan, the crypto exchange’s Founder, and his company, Beaxy Digital Limited, for raising $8 million in an unregistered offering of the Beaxy token (BXY). The securities regulator further alleged that Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today we charged the crypto asset trading platform <a href="https://t.co/ykFkM2s0wY">https://t.co/ykFkM2s0wY</a> and its executives for failing to register as a national securities exchange, broker, and clearing agency, and we charged market makers operating on the Beaxy Platform as unregistered dealers.</p>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1641142070092898304?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">In addition, the SEC charged two managers, Nicholas Murphy and Randolph Bay Abbott, for operating Beaxy Exchange as an unregistered exchange, broker and clearing agency through Windy Inc. According to the regulator, Murphy and Abbot took over the reins of Beaxy Exchange in October 2019 after convincing Hamazaspyan to resign as a result of the unregistered sale of BXY and the misappropriation of customer funds. </p><p class="MsoNormal">Furthermore, the US securities regulator in a complaint filed before a district court in Illinois, accused Brian Peterson and his companies of acting as market markers for Beaxy; hence, acting as unregistered dealers. The companies are Braverock Investment, Future Digital Markets, Windy Financial and Future Financial. </p><p class="MsoNormal">According to the SEC, Windy signed an agreement with Peterson and his companies in December 2019 to provide market marking services for BXY. In May 2020, one of the firms signed a similar agreement for a different digital asset. </p><p class="MsoNormal text-align-justify">SEC Requires Separate Registrations</p><p class="MsoNormal">Speaking on the case, Gurbir S. Grewal, the Director of the SEC’s Division of Enforcement, noted separate registration requirements exist for organizations that want to operate as exchanges, brokers and clearing agencies. These requirements are targeted at protecting investors and ensuring checks and balances among the various firms. </p><p class="MsoNormal">“When a crypto intermediary combines all of these functions under one roof — as we allege that Beaxy did — investors are at serious risk. The blurring of functions and the lack of registrations meant that regulations designed to protect investors were not followed or even recognized by Beaxy,” Grewal explained.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">SEC is incrementally building a body of legal theories to target crypto asset intermediaries. It’s not only focused exchanges. Beaxy complaint shows SEC is scrutinizing market making arrangements as broker-dealer activity and certain custody arrangements as clearing activity.</p>— Mike Selig (@MikeSeligEsq) <a href="https://twitter.com/MikeSeligEsq/status/1641112792445992960?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">In response to the lawsuit, the SEC said Windy, Murphy, Abbot and Peterson have agreed to shut down the cryptocurrency trading platform, refund all customers and destroy “any and all BXY in Windy’s possession.”</p><p class="MsoNormal">The parties, without admitting or denying the allegations, have also agreed to pay various amounts in penalties to the SEC. This includes $79,200 in civil penalties to be paid by Windy, Abbot and Murphy. Moreover, the SEC said it will continue its litigation against Hamazaspyan for securities fraud, and both the Founder and Beaxy Digital for the unregistered offering of BXY.</p><p class="MsoNormal text-align-justify">Beaxy Promises to Open Asset Withdrawal</p><p class="MsoNormal">Meanwhile, in its announcement, Beaxy said it will make all customer assets on its platform available for withdrawal “within 24 hours after all user orders are cancelled and balances verified.”</p><p class="MsoNormal">“Trading on the platform has been halted effective immediately to simplify the withdrawal and reconciliation process. We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” Beaxy announced.</p><p class="MsoNormal">The SEC's action against Beaxy comes a week after the regulator <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">charged crypto entrepreneur Justin Sun</a> and three of his companies with engaging in wash trades with the Tronix (TRX) token. Additionally, the financial watchdog charged eight American celebrities for promoting TRX and/or BitTorrent tokens without disclosing that they were paid to do so.</p><p class="MsoNormal">In a separate development, the US derivatives regulator also recently <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">brought charges against Binance</a> for operating an illegal digital asset derivatives exchange. Moreover, the watchdog accused the world's largest cryptocurrency exchange of committing “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations." However, Binance's CEO in its reaction described the lawsuit as <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">an "incomplete recitation of facts."</a></p><p class="MsoNormal">OpenFin Adds Dow Jones; Quantile Taps SwapAgent FX, <a href="https://www.financemagnates.com/forex/news-nuggets-29-march-openfin-adds-dow-jones-quantile-taps-swapagent-fx/" target="_blank" rel="follow">read today's news nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p>In major crypto news yesterday, the CFTC (Commodity Futures Trading Commission) in the US filed a <a href="https://www.docdroid.net/60YAbCz/cftc-binance-pdf" target="_blank" rel="nofollow">lawsuit</a> against leading crypto exchange Binance, its CEO, Changpeng Zhao (often known as CZ), and its Chief Compliance Officer, Samuel Lim.</p><p> The violations the CFTC is charging Binance with include six counts, with the CFTC’s Chief Counsel, Gretchen Lowe, citing “wilful evasion of US law”, and claiming that “Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law.”</p><p> However, this summary alone doesn’t capture the colorful nature of the details given about alleged wrongdoing at Binance, which at times veers past brazenness, through an almost total disregard for regulatory compliance, and into darkly absurd territory.</p><p>Allegations</p><p> The <a href="https://www.financemagnates.com/tag/CFTC/" target="_blank" rel="follow">CFTC</a> has been able to access a trove of Binance internal communications and chats, providing a no-holds-barred insight into not only alleged violations but also into the mindset of the participants.</p><p> At times, this actually provides some humorous moments, as, for example, when we are told that Lim engaged a <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__main-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> auditor who would “just do a half-assed individual sub audit on geo[fencing]” to “buy us more time,” but then,</p><blockquote> “As part of this audit, the Binance employee who held the title of Money Laundering Reporting Officer (“MLRO”) lamented that she “need[ed] to write a fake annual MLRO report to Binance board of directors wtf.””</blockquote><p> And following on from that,</p><blockquote> “the MLRO exclaimed to Lim in a chat, “I HAZ NO CONFIDENCE IN OUR GEOFENCING.””</blockquote><p> Among other substantially egregious details, we hear how,</p><blockquote> “Binance has traded on its own platform through approximately 300 “house accounts” that are all directly or indirectly owned by Zhao”</blockquote><p>And, relatedly,</p><blockquote>“Binance does not disclose to its customers that Binance is trading in its own markets in its Terms of Use or elsewhere.”</blockquote><p> Later on, we’re told,</p><blockquote> “Binance is so effective at obfuscating its location and the identities of its operating companies that it has even confused its own Chief Strategy Officer. For example, in September 2022 he was quoted as saying that ‘Binance is a Canadian company.’ The Chief Strategy Officer’s statement was quickly corrected by a Binance spokesperson, who clarified that Binance is an ‘international company.’”</blockquote><p>There are also a couple of paragraphs in the filing that come across as dryly deadpan comic constructions, with one clause, relating to allegations that Binance knowingly served US customers despite restrictions on doing so, stating that:</p><blockquote> “Binance knew that U.S. customers continued to comprise a substantial proportion of Binance’s customer base even after September 2019 because, among other reasons, Binance’s internal reporting told them so.”</blockquote><p> And, a section relating to using VPNs as location workarounds remarks that:</p><blockquote> “One reason Binance’s IP address-based compliance controls have not been effective is that Binance has instructed U.S. customers to evade such controls by using VPNs to conceal their true location.”</blockquote><p>Incredibly, there are detailed allegations describing how <a href="https://www.financemagnates.com/tag/Binance/" target="_blank" rel="follow">Binance</a>, on its own site, openly advised customers on the use of VPNs to bypass location restrictions.</p><p> Another section that grabs the attention for all the wrong reasons, is the alleged internal discussion around the use of Binance’s services in connection with illegal activities,</p><blockquote>“In February 2019, after receiving information regarding HAMAS transactions” on Binance, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.”</blockquote><blockquote> Lim’s colleague replied: “can barely buy an AK47 with 600 bucks.” And, with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: “Like come on. They are here for crime.” Binance’s MLRO agreed that “we see the bad, but we close 2 eyes.”</blockquote><p>Reaction</p><p>Can there possibly be any positives to be taken from this affair? Surprisingly, there may be a couple. On page nine of the court filing, there is a definition of the term 'digital asset' which directly identifies <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a> and Ether, along with Tether, Binance USD, and “other virtual currencies as alleged herein,” as commodities.</p><p> This definition could come to act as an important precedent, since there has been ongoing conflict around whether or not crypto assets are securities and, as such, subject to SEC <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__secondary-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a>. Many observers claim that Bitcoin should be regarded as a commodity, while there is less certainty around Ether and other coins. A legal case establishing both Bitcoin and Ether as commodities, then, may have long-term benefits for those particular protocols.</p><p> There is also the view that a cleaning of house activity is, ultimately, necessary in order for <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">crypto</a> to become a viable industry. Those who ardently believe in the possibilities enabled by decentralized currencies have no allegiance to Binance, just as they had no reason to hold FTX or Sam Bankman-Fried in high regard, and the entire sector may be about to get yet another inevitable dose of cleansing sunlight.</p><p> And, then there is the observation that crypto is resilient, and that after the <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">collapse of FTX last year</a> (and all the many crypto collapses through the years before that), there’s a perception, which may or may not be accurate, that whatever gets thrown at the industry will be shrugged off in time.</p><p> Having said that, there is currently a theory prevalent within parts of the crypto ecosystem that the US is engaged in a covert operation to incapacitate the crypto industry. While there may be certain merits to that argument, it is beginning to foster what looks like a siege mentality, and results in an attitude by which no wrongdoing on the part of crypto companies is ever properly acknowledged or apportioned with blame.</p><p> In fact, this mentality looked as though it was deliberately played into by Changpeng Zhao himself when, in response to the CFTC filing, he initially tweeted (before later releasing a <a href="https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282" target="_blank" rel="nofollow">blog post</a>), nothing other than a cryptic number 4.</p><blockquote class="twitter-tweet"><p lang="qst" dir="ltr">4</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640372505046052866?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p> This message refers back to an earlier CZ tweet in which he listed dos and don’ts for 2023, with number 4 (presumably a do) reading, “Ignore FUD, fake news, attacks, etc.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.1. Education2. Compliance3. Product &amp; Service4. Ignore FUD, fake news, attacks, etc.In the future, would appreciate if you can link to this post when I tweet "4". 🙏</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1610018096122851328?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><p> However, it’s difficult to see in what ways current events are either 'FUD' or 'fake news', and if what’s happening is an attack, then it can hardly be regarded as coming without provocation. Accordingly, if there is any truth in the claim that the US is attempting to take down crypto, then it should be recognized that Binance has been making it easy for the authorities.</p> This article was written by Sam White at www.financemagnates.com.

<p>The banking industry is facing instability, and in the US, problems became clearly visible when three crypto-friendly banks ran into trouble earlier this month. These entities are the now well-known Silvergate Bank, Silicon Valley Bank, and Signature Bank.</p><p> Signature has since been taken over by Flagstar Bank, and this week, news came in that Silicon Valley Bank had been purchased by First Citizens Bank, with the new owners stating there was a structure “to purchase all of the assets and liabilities,” as part of “a whole bank purchase.”</p><p> These continuing events have caused a flurry of speculative claims and counter-claims. Some advocates for the crypto industry assert that a clandestine operation is in process, dubbed Operation Choke Point 2.0, to shut down crypto in the US by cutting off links with conventional banking services.</p><p> Others have replied that such claims lack substance and that the banks in question were riddled with problems of their own making, some of which were related to crypto (and <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">notorious entities such as FTX</a>) and some of which were more standard financial problems, but none of which are evidence of conspiracy.</p><p> Whichever side of the debate is closer to the truth, the most immediate practical questions are around how crypto companies in the US can now access banking services and what happens next.</p><p>Silvergate: the First Domino</p><p>When Silvergate Bank went out of operation, it was the first domino to fall, and several large crypto entities, including <a href="https://www.financemagnates.com/tag/Paxos/" target="_blank" rel="follow">Paxos</a>, <a href="https://www.financemagnates.com/tag/BitStamp/" target="_blank" rel="follow">BitStamp</a>, and <a href="https://www.financemagnates.com/tag/Coinbase/" target="_blank" rel="follow">Coinbase</a>, abruptly shifted their business elsewhere.</p><p> Coinbase currently <a href="https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured" target="_blank" rel="nofollow">lists</a> the following as institutions it uses for depositing customer funds:</p><ul><li> Signature Bank</li><li>JP Morgan Chase</li><li>Cross River Bank</li><li>Pathward</li></ul><p> Note that after Signature Bank went into receivership, and Flagstar Bank then bought its deposits and loan portfolios, that deal did not include digital assets.</p><p> A key technical issue for crypto entities following the closure of Silvergate was their sudden inability to utilize the Silvergate Exchange Network (SEN), which was a private network that could facilitate fiat/crypto exchanges around the clock, an operation critical to working with crypto.</p><p> The first solution was to move over to <a href="https://www.financemagnates.com/tag/Signature-Bank/" target="_blank" rel="follow">Signature Bank</a>, which had its similar system called Signet, but it wasn’t long until it was the turn of Signature Bank to hit critical problems, ending up in FDIC receivership.</p><p> As mentioned, a notable characteristic of the Flagstar purchase of Signature is that Signature’s digital operations, including Signet, were not acquired, staying, instead, under the control of the FDIC. Central crypto platform Coinbase then announced that it would no longer support Signet (which was reported as being still operational).</p><p> It’s known that the technology provider Tassat, which developed the Signet system, also provided similar products to regional banks in the US, including Customers Bank, Western Alliance, Byline, and Cogent, and when it comes to this kind of tech, there’s also Cross River Bank, which provides a real-time <a href="https://www.crossriver.com/fintech/payment-rails/real-time" target="_blank" rel="nofollow">payments system</a> incorporating a fiat on/off ramp.</p><p> USDC stablecoin issuer Circle was also forced to stop using Silvergate, and a glance at its <a href="https://www.circle.com/en/transparency" target="_blank" rel="nofollow">reserves information</a> indicates that it has US Treasuries and cash held at The Bank of New York Mellon. Circle's CEO, Jeremy Allaire, stated, when Silvergate ceased operations, that the Bank of New York Mellon was being used for settlements before the next day announcing that Cross River Bank would take over to provide automated settlements.</p><p> It is apparent, then, that banking services, including all-hours networks facilitating fiat/crypto exchanges, are currently available. However, there have also been reports of concerns about the crypto industry’s risk profile and of banks being cautious about being openly crypto-friendly due to concerns about the possible actions and intent of, at times, unpredictable regulatory bodies.</p><p>Investors Not Scared</p><p>Strikingly, it appears that the potential for a greater banking crisis, coupled with what some are describing as regulatory hostility towards crypto, is not scaring away investors. In fact, the opposite may be true.</p><p> Steven Lubka, the Head of Private Clients and Family Offices at Swan Bitcoin, a financial services company that assists clients in acquiring and holding Bitcoin, explained that while these current banking crises have been unfolding, his company has seen “ and CEOs allocating 1-5% of the corporate treasury in case of emergency.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">I run the Private Wealth team for a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> company 👋I can absolutely 100% guarantee you that we are seeing new clients come in who are buying <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> specifically to hedge against banking failures This is simply a real thing which is occurring <a href="https://t.co/eNi8cLLK6R">https://t.co/eNi8cLLK6R</a></p>— Steven Lubka (@DzambhalaHODL) <a href="https://twitter.com/DzambhalaHODL/status/1638579316551294980?ref_src=twsrc%5Etfw">March 22, 2023</a></blockquote><p> It should also be noted that within crypto, along with pushback against perceived overreach by regulators, there has also been a pivot towards creating new financial rails that bypass traditional banks altogether.</p><p> Chief Economist at Circle, Gordon Liao, has recently argued the case for decoupling payments and banking, and Coinbase's CEO, Brian Armstrong, has publicly <a href="https://twitter.com/brian_armstrong/status/1635131491796787201?s=20" target="_blank" rel="nofollow">speculated</a> on the idea of Coinbase becoming a neo bank, operating outside existing conventions.</p><p> What can currently be said for sure is that though the situation around crypto companies, banking services, and even the possibility of crypto-oriented <a href="https://www.financemagnates.com/tag/neobanks/" target="_blank" rel="follow">neobanks</a> remains volatile and unresolved, the crypto industry itself remains as active as ever and navigates new routes when required.</p> This article was written by Sam White at www.financemagnates.com.

<p> The number of big cryptocurrency brands looking to enter the Hong Kong market continues to grow. All thanks to <a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-new-crypto-licensing-regime-a-boon-or-bane-for-investors/" target="_blank" rel="follow">new regulations on digital assets</a>, which are set to take effect in June and make China's special administrative region a crypto enclave. OKX, the second-largest exchange in the world in terms of trading volumes, has just announced plans to open a branch in HK.</p><p>OKX to Apply for VASP License and Launch Hong Kong Subsidiary</p><p class="MsoNormal">According to Tuesday's press release, OKX has established a Hong Kong entity to launch virtual asset services and plans to apply for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to be effective from June 2023. </p><p class="MsoNormal">This move follows over a year of preparation by OKX to meet expected regulatory requirements in areas, such as organization, security, compliance and product. Hong Kong has emerged as a hub for the crypto sector in recent years, growing in significance for OKX and numerous other innovative companies, entrepreneurs, and top talent as regulatory frameworks evolve.</p><p class="MsoNormal">"OKX has an ambitious vision when it comes to pursuing licenses in relevant and appropriate jurisdictions, and we are committed to working with the SFC throughout the application process. We take security, custody, AML and compliance very seriously and are keen to demonstrate how we can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime," Bing Zhao, the General Counsel at OKX, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">At the forefront of innovation and regulation, we're excited to announce the launch of our Hong Kong entity!As we continue our mission to shape the future of the virtual asset industry, we plan to apply for licenses in Asia's world city. 🌏</p>— OKX (@okx) <a href="https://twitter.com/okx/status/1640613883026067464?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">Lennix Lai, the Managing Director of Global Institutional at OKX, emphasized that regulation and licensing are crucial for the future success of the crypto and Web3 sectors. OKX sees tremendous potential in Hong Kong and is dedicated to investing in talent and collaborating with regulators over the next five years to keep growing the ecosystem locally.</p><p class="MsoNormal">"Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset <a href="https://www.financemagnates.com/terms/h/hub/" class="terms__main-term" id="70df8dbe-6564-4e03-8d97-dec68acfd2ce">hub</a>. We're looking forward to applying for the relevant licenses via our Hong Kong entity," Lai added.</p><p>Hong Kong Set to Legalize Crypto</p><p class="MsoNormal">The first news that Hong Kong would decide to legalize cryptocurrency trading and allow retail customers to trade digital assets <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-set-to-legalize-crypto/" target="_blank" rel="follow">came in October 2022</a>. Moments later, there was official confirmation that the SFC financial regulator was considering <a href="https://www.financemagnates.com/cryptocurrency/regulation/hong-kong-decides-on-rules-for-crypto-etfs/" target="_blank" rel="follow">approving trading on virtual assets ETFs. </a></p><p class="MsoNormal">A month later, SEBA Bank, a cryptocurrency-friendly banking entity, <a href="https://www.financemagnates.com/cryptocurrency/seba-bank-enters-apac-with-new-hong-kong-office/" target="_blank" rel="follow">decided to launch its Hong Kong office</a>, setting its sights on expansion in the APAC region.</p><p class="MsoNormal">A significant update was published in February when in October there was news reporting that the <a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-sfc-consults-on-allowing-retail-traders-to-trade-crypto/" target="_blank" rel="follow">SFC had considered allowing retail cryptocurrency trading</a> was confirmed. More than a month ago, the commission had launched a consultation on the matter and confirmed that it would begin to officially regulating the industry as of 1 June.</p><p class="MsoNormal">Following this announcement, a number of major cryptocurrency players began to announce that they were setting up local offices and applying for a VASP license. <a href="https://www.financemagnates.com/cryptocurrency/huobi-to-launch-huobi-hong-kong-crypto-exchange-amid-regulatory-update/" target="_blank" rel="follow">Among them were Huobi</a>, which wants to obtain all necessary authorizations before the June deadline, and <a href="https://www.financemagnates.com/cryptocurrency/gateio-crypto-exchange-to-launch-gate-hk-and-apply-for-local-license/" target="_blank" rel="follow">Gate.io</a>, which intends to launch a new Gate HK platform in the region.</p><p class="MsoNormal">According to last week's news, <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-to-start-regulating-crypto-in-june-2023-80-companies-wants-to-join/" target="_blank" rel="follow">more than 80 companies</a> are waiting in line to join the Web3 ecosystem forming in Hong Kong. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Christopher Hui, Secretary for Financial Services and the Treasury Bureau, delivers the opening keynote and reinforces HK government’s vision to develop the virtual asset sector in Hong Kong.He mentions Web 3 presents a paradigm shift to the internet era. <a href="https://t.co/9MGkWOCj0O">pic.twitter.com/9MGkWOCj0O</a></p>— Everest Ventures Group (EVG) (@EVG_Ventures) <a href="https://twitter.com/EVG_Ventures/status/1637632164601942016?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote><p class="MsoNormal">During the Aspen Digital Web 3 Investment Summit on 20 March 2023, Christian Hui, Hong Kong's Secretary for Financial Services and the Treasury delivered a speech emphasizing the goal of positioning China's Special Administrative Region as a leader in the Web3 revolution. He disclosed that since October 2022, over 80 crypto firms from abroad and Mainland China have shown interest in setting up branches in Hong Kong and acquiring local licenses.</p> This article was written by Damian Chmiel at www.financemagnates.com.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

The post Crypto exchange Gemini launches new electronic OTC trading solution appeared first on CryptoNinjas.

GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

The post Crypto securitization platform GenTwo links to all Coinbase assets appeared first on CryptoNinjas.

ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

The post Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion appeared first on CryptoNinjas.

Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

The post Crypto derivatives exchange Deribit releases new client verification of assets tool appeared first on CryptoNinjas.

Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

The post DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration appeared first on CryptoNinjas.

Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

The post Crypto exchange Coinbase to support Easy Bank Transfers for UK users appeared first on CryptoNinjas.

Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

The post Biconomy releases new SDK for better crypto and blockchain development appeared first on CryptoNinjas.

Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to operate a virtual asset trading platform, under a Type 1 (dealing in securities) license and a Type 7 (automated […]

The post HashKey Group receives approval to operate crypto exchange from Hong Kong SFC appeared first on CryptoNinjas.

Pundi X, a blockchain payments startup, recently announced that its “On-chain payment” function within its XPOS crypto point-of-sale platform is now known as “Cashier Pro” and available for all merchants. Cashier Pro enables merchants to accept crypto payments from 3rd party blockchain wallet users across multiple blockchain networks, including Bitcoin Lightning Network, BNB Chain, Ethereum, and […]

The post Pundi X’s on-chain payment app for merchants now called Cashier Pro, adds Tron appeared first on CryptoNinjas.

BetDEX Labs, the company behind BetDEX, a new sports betting exchange for peer-to-peer wagering, this week announced that the BetDEX Exchange will officially launch on the Solana mainnet on Thursday, November 17th, which coincides with the beginning of the 2022 World Cup. Just recently, BetDEX became one of the first licensed sports betting exchanges built […]

The post Solana-powered sports wagering platform BetDEX to launch ahead of World Cup appeared first on CryptoNinjas.

OKX, one of the largest crypto exchanges by volume and a leading web3 platform, today announced its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company has also formed a new subsidiary, OKX Bahamas, for which it appointed Dr. Jillian Bethel, a […]

The post Crypto exchange company OKX secures registration in Bahamas, opens office in Nassau appeared first on CryptoNinjas.

Today, crypto services company Blockchain.com, announced the launch of its new Visa debit card. With the Blockchain.com Visa card, users can spend any crypto in their Blockchain.com Wallet without fees while earning 1% back in crypto on all purchases. Key Features: Works like a debit card – Pay from crypto or cash balances anywhere Visa […]

The post Crypto services company Blockchain.com opens waitlist for new Visa debit card appeared first on CryptoNinjas.

Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.  *Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform. The addition of five […]

The post Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT appeared first on CryptoNinjas.

Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance of getting into the next block. The result is better, more predictable outcomes when submitting or replacing transactions. TDN works by […]

The post Blocknative releases new tool to enable high-speed propagation of ETH transactions appeared first on CryptoNinjas.

SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems and explore integration, taking a crucial step in SynFutures’ mission to become a multi-chain trading platform. Cross-chain, or blockchain interoperability, refers […]

The post SynFutures plans to integrate with Router Protocol to improve multi-chain access appeared first on CryptoNinjas.

Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web3 dApps and […]

The post New Serum powered DEX for Solana from Vybe Network launches appeared first on CryptoNinjas.

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos, a blockchain […]

The post Brazil payment app PicPay launches new crypto exchange service with Paxos technology appeared first on CryptoNinjas.

BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers. Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in […]

The post BitPay teams with Dosh to enable cashback rewards on crypto debit card appeared first on CryptoNinjas.

The country's supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.

Cointelegraph Markets Pro alerts beat the market once again, providing seven trading opportunities based on four different asset indicators.

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

The new testnet is one of the few networks that uses Solana’s Sea Level Virtual Machine (SVM).

Given the participants, their roles and GDPR definitions, there is some work to do.  

Metis co-founder Elena Sinelnikova delves into the world of layer-2 blockchain technology, and its potential to transform how we interact, collaborate and build the decentralized economy of the future.

BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.

The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”

Requests for user data from Big Tech companies such as Apple, Google and Microsoft continue to rise year-over-year from governments worldwide.

Revolut reportedly issued a public statement and hired lawyers in March in order to prove the “misreporting” of the audit opinion by BDO.

Sky Mavis’s head of business development, Kathleen Osgood, told Cointelegraph that its goal is to onboard as many people into the ecosystem as possible.

Digital regulatory professionals have predicted the wide use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

The exchange’s chief marketing officer believes Australians are above the curve when it comes to crypto education and interest.

Crypto Council for Innovation adviser Sean Lee said more education is needed for policymakers and financial regulators.

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The authors of the letter say that advanced artificial intelligence could cause a profound change in the history of life on Earth, for better or worse.

The creditor’s committee and FTX lawyers have raised several objections to Sam Bankman-Fried’s request. A hearing date is set for April 12.

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over.

The Treasury Department’s undersecretary for domestic finance, Nellie Liang, said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.

Experts are speculating on ways the bipartisan bill could be misused if passed into law, and finding potential threats to technologies that people love.

Careful optimism was the theme at this year's Paris Blockchain Week. Builders will build and the crypto community will keep going.

The ARB airdrop followed the sell-the-news narrative, but Arbitrum’s DApp use and fundamentals remain strong and smart money continues to buy ARB tokens.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

The post Crypto exchange Gemini launches new electronic OTC trading solution appeared first on CryptoNinjas.

GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

The post Crypto securitization platform GenTwo links to all Coinbase assets appeared first on CryptoNinjas.

ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

The post Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion appeared first on CryptoNinjas.

Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

The post Crypto derivatives exchange Deribit releases new client verification of assets tool appeared first on CryptoNinjas.

Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

The post DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration appeared first on CryptoNinjas.

Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

The post Crypto exchange Coinbase to support Easy Bank Transfers for UK users appeared first on CryptoNinjas.

Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

The post Biconomy releases new SDK for better crypto and blockchain development appeared first on CryptoNinjas.

Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to operate a virtual asset trading platform, under a Type 1 (dealing in securities) license and a Type 7 (automated […]

The post HashKey Group receives approval to operate crypto exchange from Hong Kong SFC appeared first on CryptoNinjas.

Pundi X, a blockchain payments startup, recently announced that its “On-chain payment” function within its XPOS crypto point-of-sale platform is now known as “Cashier Pro” and available for all merchants. Cashier Pro enables merchants to accept crypto payments from 3rd party blockchain wallet users across multiple blockchain networks, including Bitcoin Lightning Network, BNB Chain, Ethereum, and […]

The post Pundi X’s on-chain payment app for merchants now called Cashier Pro, adds Tron appeared first on CryptoNinjas.

BetDEX Labs, the company behind BetDEX, a new sports betting exchange for peer-to-peer wagering, this week announced that the BetDEX Exchange will officially launch on the Solana mainnet on Thursday, November 17th, which coincides with the beginning of the 2022 World Cup. Just recently, BetDEX became one of the first licensed sports betting exchanges built […]

The post Solana-powered sports wagering platform BetDEX to launch ahead of World Cup appeared first on CryptoNinjas.

OKX, one of the largest crypto exchanges by volume and a leading web3 platform, today announced its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company has also formed a new subsidiary, OKX Bahamas, for which it appointed Dr. Jillian Bethel, a […]

The post Crypto exchange company OKX secures registration in Bahamas, opens office in Nassau appeared first on CryptoNinjas.

Today, crypto services company Blockchain.com, announced the launch of its new Visa debit card. With the Blockchain.com Visa card, users can spend any crypto in their Blockchain.com Wallet without fees while earning 1% back in crypto on all purchases. Key Features: Works like a debit card – Pay from crypto or cash balances anywhere Visa […]

The post Crypto services company Blockchain.com opens waitlist for new Visa debit card appeared first on CryptoNinjas.

Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.  *Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform. The addition of five […]

The post Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT appeared first on CryptoNinjas.

Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance of getting into the next block. The result is better, more predictable outcomes when submitting or replacing transactions. TDN works by […]

The post Blocknative releases new tool to enable high-speed propagation of ETH transactions appeared first on CryptoNinjas.

SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems and explore integration, taking a crucial step in SynFutures’ mission to become a multi-chain trading platform. Cross-chain, or blockchain interoperability, refers […]

The post SynFutures plans to integrate with Router Protocol to improve multi-chain access appeared first on CryptoNinjas.

Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web3 dApps and […]

The post New Serum powered DEX for Solana from Vybe Network launches appeared first on CryptoNinjas.

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos, a blockchain […]

The post Brazil payment app PicPay launches new crypto exchange service with Paxos technology appeared first on CryptoNinjas.

BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers. Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in […]

The post BitPay teams with Dosh to enable cashback rewards on crypto debit card appeared first on CryptoNinjas.

In February, Canadian Securities Administrators announced enhanced investor protection requirements for crypto asset traders.

The former FTX CEO's legal team argued that though SBF had entered a not guilty plea, he did not acknowledge the new charges, which including bribed a Chinese government official.

Information revealed in January indicated that the owner of 16 Ethereum addresses profited by purchasing tokens shortly before they were listed on Binance.

The country’s supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.

Cointelegraph Markets Pro alerts beat the market once again, providing seven trading opportunities based on four different asset indicators.

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia.

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

The new testnet is one of the few networks that uses Solana’s Sea Level Virtual Machine (SVM).

Given the participants, their roles and GDPR definitions, there is some work to do.  

Metis co-founder Elena Sinelnikova delves into the world of layer-2 blockchain technology, and its potential to transform how we interact, collaborate and build the decentralized economy of the future.

BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.

The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”

Requests for user data from Big Tech companies such as Apple, Google and Microsoft continue to rise year-over-year from governments worldwide.

Revolut reportedly issued a public statement and hired lawyers in March in order to prove the “misreporting” of the audit opinion by BDO.

Sky Mavis’s head of business development, Kathleen Osgood, told Cointelegraph that its goal is to onboard as many people into the ecosystem as possible.

Digital regulatory professionals have predicted the wide use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.

Traditional finance observes “money laundering happening every day” despite rigorous KYC measures, according to DeFi industry execs.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

The exchange’s chief marketing officer believes Australians are above the curve when it comes to crypto education and interest.

Crypto Council for Innovation adviser Sean Lee said more education is needed for policymakers and financial regulators.

United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The authors of the letter say that advanced artificial intelligence could cause a profound change in the history of life on Earth, for better or worse.

The creditor’s committee and FTX lawyers have raised several objections to Sam Bankman-Fried’s request. A hearing date is set for April 12.

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over.

The Treasury Department’s undersecretary for domestic finance, Nellie Liang, said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.

Trust in central and commercial banks is eroding quickly. The internet and social media are oil in the fire and Bitcoin is the extinguisher.

MercadoLibre has enabled bitcoin and cryptocurrency trading on its Mercado Pago wallet for Chilean users.

Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state.

The global bitcoin exchange will dig into its own coffers to reconcile users who lost their money as a result of the collapse of Celsius.

The bitcoin price, rising in the face of an ongoing banking crisis, appears to vindicate what Bitcoiners have known all along.

A paper wallet is an early method used to protect bitcoin offline. Better methods have replaced it, but people still use paper wallets to store bitcoin safely and inexpensively.

Lincoin Technologies introduces Rails programming tool for Bitcoin miners to optimize their operations in real-time.

In a new indictment unsealed on Tuesday, officials charged Sam-Bankman Fried with bribing Chinese officials to release frozen assets.

While Nostr is by no means a privacy protocol, it could bring potential improvements to Bitcoin privacy.

Using zero-knowledge proofs, ZeroSync seeks to radically reduce the computational costs of bootstrapping a fully-validating Bitcoin client.

Along with the ability to earn bitcoin, users will now be able to easily and instantly transfer their bitcoin across jurisdictions.

The founder of Bangkok’s Build On Bitcoin Space discusses Southeast Asia’s Bitcoin-only community and renewable mining in Thailand.

The CFTC lawsuit details how the firm allegedly offered unregistered commodity derivatives to American customers.

MicroStrategy continues to stack bitcoin, with the help of a sizable discount on a loan taken out at Silvergate Bank.

Environmentalist Margot Paez describes her own Bitcoin journey and how inclusivity is not mere “woke ideology.”

“I've gained a lot of sovereignty through … Bitcoin, and I'm equally grateful that my partner has done the same by choosing home birth.”

With a rich history and recent evolution, Belgrade is now home to the latest Bitcoin working and presentation space.

The exchange giant is joining Fidelity and BNY Mellon in the pursuit of their own cryptocurrency custody platform.

After you receive bitcoin, you’ll need to store it in a secure digital wallet. This guide helps you understand what a wallet is and how there are different wallets to suit your needs.

As some of the cryptocurrency industry’s go-to banks failed, Bitcoin’s importance was on display while its on and off ramps suffered.

21% of the proceeds of the sale of Satoshi will be donated to the non-profit BWB organization.

A multisig wallet is a special type of wallet for securely storing your Bitcoin. 3-5 signatures are typically required to access the stored Bitcoin.

When bitcoin becomes the global reserve currency, central banks won’t go extinct, but they will have to evolve.

Ted Cruz has joined a myriad of politicians in demonstrating their contempt for CBDCs in America — but what about pro-Bitcoin legislation?

The latest report from the Biden Administration writes off the benefits of Bitcoin while ignoring the fundamentals and economic activity that give it value.

The PEZ dispenser with a Bitcoin design has released in a limited-edition run of 30,000 units.

CFTC Commissioner Summer Mersigner discusses the inevitability of innovation and clears up the agency’s role in bitcoin regulation.

Users will once again be able to selectively spend their UTXOs via the Wasabi Wallet interface.

The new BITC ETF will use an “optimum roll” strategy to focus on long-term returns for investors.

A new bill introduced in the Texas House could set the state up to be the nucleus of Bitcoin development in the United States.

Those who hold bitcoin recognize the importance of taking control of their own freedom. A second passport might be the next step.

The Federal Reserve balance sheet increased by $300 billion in one week, leading to debate about whether these actions qualify as quantitative easing.

A forthcoming New York Times article is expected to introduce “fractional reserve indirect carbon accounting” and target bitcoin mining.

Real Bedford F.C., a professional soccer team integrated with Bitcoin, gives fans of Bitcoin a team to root for.

Grayscale Bitcoin Trust investors unsatisfied with the status quo will meet at Bitcoin 2023 in an effort to address issues they see in the Trust.

Despite its apolitical nature, Bitcoin needs our democracy to thrive just as much as our democracy needs Bitcoin to improve.

RGB and Taro, two protocols capable of putting tokens like stablecoins on Bitcoin, have taken different approaches to solving similar problems.

The largest cryptocurrency exchange in the United States may be looking at opening operations elsewhere.

Billionaire Larry Fink has been keeping an eye on the advancement of digital assets, according to his recent shareholder letter.

The financial giant will now allow customers to trade bitcoin, although they will not be able to withdraw it to self-custody.

So much has happened in the last week that it may be helpful to look at the totality of these events in relation to bitcoin.

As the U.S. witnessed one of the largest banking collapses in its history, Bitcoin is being innovated upon and seeing its network grow.

The New York-based Lightning accelerator has announced its first set of companies and projects.

Serhiy Tron, a former boxer, a persistent entrepreneur and the publisher of Bitcoin Magazine Ukraine, fights for stability in an unstable world.

Bitcoin Country seeks to generate world-class Bitcoin and Lightning engineers through a new program utilizing the university system.

We may be heading into another financial crisis, government bailouts for reckless banks included. Bitcoin exists to fix this.

Bitcoin mining company Luxor Technologies has launched an Antminer-compatible firmware designed to maximize miner efficiency.

What is the “top” for an immutable money that becomes the standard for humanity? Why it’s time to get off zero.

The collapse of Silicon Valley Bank has highlighted just how fragile the legacy financial system is.

<p class="MsoNormal">Malta-based OKX, which operates a global crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a>, announced the extension of its partnership with British Formula One (F1) team McLaren Racing on Thursday. </p><p>OKX and McLaren Racing Extend Sponsorship Agreement</p><p class="MsoNormal">The first multi-year agreement between OKX and McLaren Racing <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-okx-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">was concluded last May</a>, and neither party disclosed its financial terms. Now news has emerged that the team has extended sponsorship terms with the cryptocurrency exchange, which has secured increased pressure on the MCL60 team car.</p><p class="MsoNormal">According to the latest agreement, the OKX logo will appear on the car's sidepods during seven races, including in the upcoming Australian Grand Prix this weekend. In addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri until the end of the current season.</p><p class="MsoNormal">"We are delighted to be growing our Primary Partnership with OKX, a long-established leader in the cryptocurrency sector. When partnering with brands in dynamic, fast-evolving industries like crypto, it's important to be aligned with companies who work to the highest standards and to carry a responsibility to educate people on new technologies - and our partnership with OKX has led by example," Zak Brown, the CEO of McLaren Racing, commented.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We are delighted to announce an expansion to our partnership with <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw">@OKX</a>, the second-largest crypto exchange by trading volume and a leading Web3 technology company, increasing its support as an Official Primary Partner of the team. 🤝 Let’s go racing at the <a href="https://twitter.com/hashtag/AusGP?src=hash&amp;ref_src=twsrc%5Etfw">#AusGP</a>! 🇦🇺</p>— McLaren (@McLarenF1) <a href="https://twitter.com/McLarenF1/status/1641338051619180546?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">"OKX are pushing to elevate our fan experience offering, finding ways to bring the papaya fans closer to our team, while opening up the world of Formula 1 to a completely new audience."</p><p class="MsoNormal">In 2022, OKX executed a full livery revamp of the MCL36, initiating the #FutureMode campaign during the Singapore and Japanese Grands Prix. This campaign commemorated McLaren's comeback to racing in the Asia Pacific, which is a crucial region for OKX's growth and presence.</p><p>McLaren Racing's Deep Connection With Finance World</p><p class="MsoNormal">For McLaren's F1 racing team, the partnership with OKX is not the first from the wide world of finance. Last June, the team signed a multi-year sponsorship deal <a href="https://www.financemagnates.com/institutional-forex/goldman-sachs-inks-multi-year-sponsorship-deal-with-mclaren-racing/" target="_blank" rel="follow">with Goldman Sachs</a>, which elevates the team to meet its sustainability goals. In late 2021, cooperation with the team was extended by <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">FxPro brokerage</a>.</p><p class="MsoNormal">More interestingly, McLaren Racing is acquiring talent from the financial market. In October, <a href="https://www.financemagnates.com/executives/dylan-holman-departs-etoro-for-mclaren-racing/" target="_blank" rel="follow">Dylan Holman departed eToro</a> to take on the role of Head of Primary Partner at the British racing team. Holman left the Head of Global Sponsorships position with the Israeli social trading and <a href="https://www.financemagnates.com/terms/m/multi-asset/" class="terms__secondary-term" id="ffc57e87-e0f9-4ad1-849f-68bc7998a5c0">multi-asset</a> broker after more than six years of service.</p><p class="MsoNormal">Just yesterday, another F1 Team, Williams Racing, announced that <a href="https://www.financemagnates.com/cryptocurrency/kraken-crypto-exchange-sponsors-williams-racing-f1-team/" target="_blank" rel="follow">cryptocurrency exchange Kraken</a> has become one of its sponsors. Its logo will appear on the FW45 car halo and rear wing until the end of this season.</p><p class="MsoNormal">Formula One and the financial industry have been linked for years, including FX/CFD. X-Trade Brokers (now XTB) was the first FX company <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">to bet on F1 sponsorship</a>, signing a deal with Vodafone Mercedes Racing Team in 2010.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>The Federal Deposit Insurance Corporation (FDIC) has asked cryptocurrency clients of collapsed Signature Bank to close their accounts by April 5 by finding <a href="https://www.financemagnates.com/cryptocurrency/bank-failures-leave-us-crypto-businesses-in-the-cold/" target="_blank" rel="follow">another banking partner</a>. Otherwise, the regulator will close the accounts and mail a check to the registered addresses. </p><p>Signature Bank's Crypto Clients Get a Deadline </p><p>The FIDC's decision on Tuesday came following the acquisition of Signature Bank's deposits and loans by Flagstar Bank, a part of the New York Community Bancorp (NYCB). However, the deal with the FIDC did not include the "approximately $4 billion of deposits related to the former Signature Bank's digital banking business." In addition, it excluded Signature Bank's blockchain-based real-time payments platform, Signet, which crypto companies extensively use. </p><p>"Flagstar's bid did not include about $4 billion in deposits related to Signature's digital-asset business," a FIDC spokesperson told the media. "Those are the deposits we are encouraging customers to move before April 5. If they have not by that day, we will mail checks to the address on record." </p><p>Which Bank Will Replace Signature Bank? </p><p>Signature Bank was one of the few crypto-friendly lenders with major crypto companies as its customers. Following the bank's collapse earlier this month, several <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/" target="_blank" rel="follow">crypto companies disclosed their exposure</a> to it. Crypto exchange Coinbase held a deposit of $240 million with the failed bank, while stablecoin issuer Circle had $250 million. </p><p>Though the US government rescue plan saved these piles of crypto companies' uninsured deposits with Signature Bank, they now have to deal with another issue. In a business environment where traditional banks are already skeptical of cryptocurrencies, it is unclear which <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">banks </a>these crypto companies are turning to with the pocket load of money. </p><p>The New York state regulator, the Department of Financial Services, on March 12 shuttered Signature Bank "to protect depositors." As the bank's control came under FIDC receivership, the US regulators devised a bailout plan and created a temporary lender to provide depositors access to their funds. </p><p>According to the regulators, Signature Bank had total assets of about $110.36 billion and total deposits of around $88.59 billion by the end of 2022. Flagstar Bank acquired all of the deposits, and a part of the loans and took over all 40 branches. FIDC now controls $40 billion of Signature Bank's loan and $4 billion in deposits that were not included in the deal.</p><p>Though not clear, Flagstar's decision to exclude Signature Bank's crypto business might be influenced by <a href="https://www.financemagnates.com/institutional-forex/signature-bank-faced-criminal-probe-in-the-us-before-collapse-report/" target="_blank" rel="follow">reports of a criminal probe</a> against the collapsed bank for its ties with crypto.</p><p><a href="https://www.financemagnates.com/forex/news-nuggets-29-march-openfin-adds-dow-jones-quantile-taps-swapagent-fx/" target="_blank" rel="follow">OpenFin adds Dow Jones and Quantile taps SwapAgent FX Forwards; read today's news nuggets</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against cryptocurrency exchange Binance and Changpeng Zhao, its Chief Executive Officer, for “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations." The US derivatives market regulator also charged Binance for operating an illegal digital asset derivatives exchange.</p><p class="MsoNormal">The agency disclosed these on Monday, noting that it filed the charges before a district court in Illinois. According to the regulator, Binance acted as “a designated contract market or swap execution facility” by processing derivatives transactions without being registered.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today the CFTC charged Binance and its founder, Changpeng Zhao, with willful evasion of federal law and operating an illegal digital asset derivatives exchange. Learn more: <a href="https://t.co/DdczFgvW6A">https://t.co/DdczFgvW6A</a></p>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1640378562619355137?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">The watchdog said it also charged Binance Holdings Limited, Binance Holdings (IE) Limited and Binance (Services) Holdings Limited. These entities and others were deployed by Zhao to run the trading platform via “an intentionally opaque common enterprise.”</p><p class="MsoNormal">The CFTC <a href="https://www.financemagnates.com/cryptocurrency/exchange/cftc-probes-binance-over-accepting-us-derivatives-traders/" target="_blank" rel="follow">has been investigating Binance since at least 2021</a> when insider sources told Bloomberg the derivatives regulator was probing the leading cryptocurrency exchange seeking to determine if the exchange was permitting US citizens to trade derivatives without being registered.</p><p class="MsoNormal">CFTC Blasts Binance’s “Sham” Compliance</p><p class="MsoNormal">In the complaint, the CFTC alleged that starting from July 2019, Binance, after supposedly barring US customers from trading on its platform, actually instructed them on the best methods to evade its compliance controls. This process was particularly targeted at the exchange’s “commercially valuable US-based VIP customers,” the CFTC said.</p><p class="MsoNormal">Furthermore, for a considerable amount of time since July 2019, Binance failed to verify the identity of its customers. In addition, the exchange “failed to implement basic compliance procedures designed to prevent and detect terrorist finance and money laundering.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">CFTC appears to have some internal chat logs, doesn't sound great on paper“Like come on. They are here for crime.” “we see the bad, but we close 2 eyes.” <a href="https://t.co/SvK7hdwSnp">pic.twitter.com/SvK7hdwSnp</a></p>— db (@tier10k) <a href="https://twitter.com/tier10k/status/1640371236847988739?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">In its complaint, the CFTC accused Binance of directing its employees to discuss control evasion with US-based customers using a messaging application that automatically deletes chats. This was done to erase evidence of the exchange’s efforts to retain its customers in the country, the CFTC alleged.</p><p class="MsoNormal">“Defendants’ alleged willful evasion of U.S. law is at the core of the Commission’s complaint against Binance,” noted Gretchen Lowe, the CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel.</p><p class="MsoNormal">“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” Lowe added.</p><p class="MsoNormal">CFTC Slams Charges on Samuel Lim, Binance’s Ex-CCO</p><p class="MsoNormal">Meanwhile, the CFTC said it had charged Samuel Lim, Binance’s former Chief Compliance Officer (CCO), with aiding and abetting the cryptocurrency exchange’s violations between 2018 and 2022. The former CCO partook in activities to help customers circumvent Binance’s compliance controls, the regulator said.</p><p class="MsoNormal">For instance, Lim promoted a policy that “instructed Binance’s US customers to access the trading facility through a virtual private network to avoid Binance’s IP address-based controls or create ‘new’ accounts through off-shore shell companies to evade Binance’s KYC-based controls,” the CFTC explained.</p><p class="MsoNormal">“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,” explained Rostin Behnam, CFTC's Chairman.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ CFTC Sues Binance &amp; CZIn its complaint, the CFTC reaffirms its position that Bitcoin and Ethereum are commodities &amp;It declares Tether, BUSD and LTC are commodities!The CFTC has officially thrown down the gauntlet to the SEC and the "everything is a security" crowd.</p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1640393092476829697?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p class="MsoNormal">Binance and SEC</p><p class="MsoNormal">CFTC's action against Binance comes days after Coinbase, the largest cryptocurrency exchange in the United States, <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">disclosed that it had received a Wells notice</a> from the US Securities and Exchange Commission (SEC), suggesting possible regulatory actions.</p><p class="MsoNormal">Moreover, reports emerged last year that<a href="https://www.financemagnates.com/cryptocurrency/news/sec-probing-binance-us-ties-with-two-affiliate-market-makers/" target="_blank" rel="follow"> the SEC was probing</a> the relationship between Binance's US arm and two market makers and trading affiliates, Sigma Chain AG and Merit Peak Limited. Furthermore, the SEC over the years has been <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">taking actions against crypto firms</a> for their crypto offerings which it categorizes as unregistered securities.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p class="MsoNormal">Since Bitcoin's beginnings in 2009, cryptocurrencies have gone a long way. While Bitcoin and other cryptocurrencies such as Ethereum and Litecoin have grown in popularity, they remain highly volatile and unsuitable for daily transactions. Stablecoins come into play here. </p><p class="MsoNormal">Stablecoins are cryptocurrencies that are meant to keep their value stable and provide stability for routine transactions. We will look at the evolution of stablecoins, from Tether to Central Bank Digital Currencies, in this article. (CBDCs).</p><p class="MsoNormal">Tether Is the World's First Stablecoin</p><p class="MsoNormal">Tether (USDT) was the first stablecoin to gain traction in the cryptocurrency market. Tether, which was launched in 2014, is a stablecoin that is tied to the US dollar, with one USDT equaling one US dollar. Tether is intended to provide stability for cryptocurrency traders and investors, who can use it to hedge against market volatility. Tether has grown to become one of the most popular cryptocurrencies, with a market worth of more than $60 billion as of March 2023.</p><p class="MsoNormal">Alternative Stablecoins</p><p class="MsoNormal">Other stablecoins have emerged after the debut of Tether, including USDC, DAI, and TrueUSD. These stablecoins are intended to give the same level of stability as Tether, but through various techniques. USDC, for example, is supported by a group of firms, including Coinbase and Circle, and is routinely audited to ensure that it is entirely backed by US dollars. DAI, on the other hand, is a decentralized stablecoin backed by other cryptocurrencies like Ethereum.</p><p class="MsoNormal">Digital Currencies Issued by Central Banks (CBDCs)</p><p class="MsoNormal">Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. Central Bank Digital Currencies (CBDCs) come into play here. CBDCs are digital counterparts to fiat currencies issued by central banks. CBDCs, unlike cryptocurrencies, are backed by the government's complete confidence and credit, giving them a higher level of trust and stability.</p><p class="MsoNormal">CBDCs are still in their infancy, but some central banks, including the People's Bank of China and the European Central Bank, have begun to investigate the concept. CBDCs have the ability to change the way we use money by providing various advantages over existing fiat currencies and cryptocurrencies.</p><p class="MsoNormal">CBDCs Have Many Advantages</p><p class="MsoNormal">CBDCs can provide a more efficient and secure payment method, which is one of their primary advantages. CBDCs can be transferred and received quickly, eliminating the need for third-party middlemen, such as banks or payment processors. This can lower transaction costs while increasing payment speed and efficiency. CBDCs can also provide a more secure payment system because they are backed by the government's complete faith and credit.</p><p class="MsoNormal">CBDCs can also help to make the financial system more inclusive. Traditional financial systems can be exclusionary, with many individuals lacking access to fundamental financial services, particularly in developing nations. </p><p class="MsoNormal">CBDCs can be accessed via a smartphone, which is becoming more popular in developing countries. As a result, CBDCs may offer a new opportunity for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">CBDCs' Challenges</p><p class="MsoNormal">While CBDCs have numerous potential benefits, there are several obstacles that must be addressed. The possible impact on traditional financial institutions, such as banks, is one of the key worries. </p><p class="MsoNormal">CBDCs, which give an alternate method of keeping and transferring money, have the potential to undermine the traditional banking system. This could result in employment losses and lower profits for traditional banking firms.</p><p class="MsoNormal">Another issue is the possibility of CBDCs being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse.</p><p class="MsoNormal">To address these concerns, numerous central banks are investigating methods of implementing CBDCs that ensure transparency and traceability. Some CBDCs, for example, may demand customers to go through Know Your Customer (KYC) checks, which can aid in the prevention of money laundering and other illegal activity. </p><p class="MsoNormal">Furthermore, certain CBDCs may be structured with a tiered access scheme, in which users must supply specific information in order to access different tiers of the system.</p><p class="MsoNormal">Another issue to consider is the potential impact on privacy. CBDCs may capture and keep vast quantities of personal data while providing a more secure and efficient payment method. This has sparked concerns about the possibility of government surveillance and infiltration into individuals' financial lives. </p><p class="MsoNormal">To address these concerns, some central banks are investigating the use of decentralized systems like as blockchain, which can allow anonymity while maintaining transparency and traceability.</p><p class="MsoNormal">Stablecoins and CBDCs in the Future</p><p class="MsoNormal">Stablecoins and CBDCs are significant advancements in the way we use money. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. </p><p class="MsoNormal">CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDC development is still in its early phases, and it may be several years before they are generally accepted. CBDCs, on the other hand, have enormous potential benefits, and many central banks are looking into ways to implement them. </p><p class="MsoNormal">CBDCs, as they become more common, have the potential to alter the way we use money and deliver a more equitable, efficient, and safe financial system.</p><p class="MsoNormal">Is a Digital Divide Inevitable?</p><p class="MsoNormal">Central Bank Digital Currencies (CBDCs) <a href="https://www.financemagnates.com/cryptocurrency/coins/stablecoins-and-monetary-policy-implications-for-central-banks-and-regulators/" target="_blank" rel="follow">have been gaining momentum </a>as many countries are exploring the possibility of issuing their own digital currencies. While CBDCs could bring many benefits, such as increased financial inclusion and efficiency, there is a real risk that they could also widen the digital divide.</p><p class="MsoNormal">The digital divide refers to the gap between those who have access to digital technologies, such as the internet and smartphones, and those who do not. This gap can be seen in both developed and developing countries, with many individuals lacking access to the digital tools necessary to participate in the modern economy.</p><p class="MsoNormal">CBDCs could widen the digital divide in several ways</p><p class="MsoNormal">CBDCs require individuals to have access to digital infrastructure, such as smartphones and internet connectivity, to access and use them. Individuals who do not have access to these technologies will be excluded from the benefits of CBDCs, including faster and more efficient transactions.</p><p class="MsoNormal">Moreover, CBDCs could exacerbate existing inequalities in financial access. While CBDCs could increase financial inclusion for those who are unbanked or underbanked, they could also deepen the divide between those who have access to traditional banking services and those who do not. In some cases, CBDCs could even replace traditional banking services, further marginalizing those who are already financially excluded.</p><p class="MsoNormal">Third, CBDCs could increase the risk of digital fraud and cybercrime. With the rise of digital currencies, cybercriminals have increasingly targeted individuals and businesses with phishing attacks, malware, and other scams. The introduction of CBDCs could create new opportunities for these criminals, further widening the digital divide and putting vulnerable individuals at risk.</p><p class="MsoNormal">To mitigate the risk of widening the digital divide, it is essential that CBDCs are designed with inclusivity in mind. Governments and central banks must work to ensure that digital infrastructure, such as internet connectivity, is accessible to all, regardless of income or location. Additionally, CBDCs must be designed with strong security measures to prevent fraud and protect vulnerable individuals.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">These and stablecoins are the next phase in the growth of digital currencies. Stablecoins have grown in popularity among cryptocurrency enthusiasts, although they are not commonly accepted in the mainstream market. CBDCs have the potential to change this by combining the benefits of cryptocurrencies with the stability and trust of traditional fiat currencies.</p><p class="MsoNormal">CBDCs have the potential to transform the way we use money by creating a more efficient, safe, and inclusive financial system. However, issues such as the possible influence on established financial institutions and privacy concerns must be addressed. </p><p class="MsoNormal">As CBDCs evolve, it will be critical to solving these problems in order for them to deliver on their promise of a stronger financial system.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Decentralized finance (DeFi) has grown in popularity in recent years, providing a new way to organize financial transactions without the use of traditional intermediaries like banks. </p><p class="MsoNormal">However, interoperability, or the ability of different DeFi protocols and blockchains to interact and function together effectively, is one of the most challenging difficulties facing the DeFi business. This essay will look at the DeFi interoperability challenge, cross-chain solutions, and standards.</p><p class="MsoNormal">DeFi's Interoperability Challenge</p><p class="MsoNormal">The DeFi ecosystem is made up of numerous protocols and blockchains, each with its own set of laws and regulations. While diversity can be advantageous, it also poses issues in terms of interoperability. </p><p class="MsoNormal">DeFi protocols and blockchains are compartmentalized without interoperability, making it difficult for them to communicate and collaborate successfully.</p><p class="MsoNormal">The lack of interoperability in the DeFi business causes a number of issues, including:</p><ul><li>Restricted liquidity: Without interoperability, DeFi protocols and blockchains can only access a restricted amount of assets. This may reduce liquidity and make it more difficult for users to locate the assets they require.</li><li>Reduced efficiency: The inability of DeFi protocols and blockchains to communicate with one another limits their efficiency. Transactions may be slower and more expensive, and determining the optimal price for assets may be more challenging.</li><li>Reduced creativity: In the DeFi market, a lack of compatibility can also hinder innovation. If new protocols or products are incompatible with old systems, developers may be unwilling to create them.</li></ul><p class="MsoNormal">Cross-Chain DeFi Interoperability Solutions</p><p class="MsoNormal">Several cross-chain methods have been explored to overcome the DeFi interoperability difficulty. Cross-chain solutions enable assets to be communicated and exchanged between blockchain networks, resulting in a more linked and interoperable DeFi ecosystem.</p><p class="MsoNormal">Some of the most common DeFi cross-chain solutions are:</p><ul><li>Atomic swaps allow two parties to exchange assets without requiring a centralized exchange. This is accomplished by establishing a smart contract that locks up the assets until both parties have completed their obligations under the agreement.</li><li>Sidechains are independent blockchains that are linked to the main blockchain. Transferring assets between the main blockchain and the sidechain allows for improved interoperability.</li><li>Tokens that represent other assets on multiple blockchains are known as wrapped tokens. Wrapped Bitcoin (WBTC), for example, symbolizes Bitcoin on the Ethereum blockchain, allowing users to access Bitcoin on the Ethereum network.</li><li>Interoperability Protocols: Several interoperability protocols have been developed, such as Polkadot and Cosmos, to allow multiple blockchains to communicate and exchange assets.</li></ul><p class="MsoNormal">DeFi Interoperability Standards</p><p class="MsoNormal">While cross-chain solutions can help with DeFi interoperability, they can also introduce new issues if different protocols and blockchains do not adhere to the same standards. DeFi interoperability standards are required to ensure seamless compatibility.</p><p class="MsoNormal">Several groups and initiatives are striving to build DeFi interoperability standards, including:</p><ul><li>The InterWork Alliance is a non-profit group aimed at establishing standards for blockchain interoperability across several industries, including financial.</li><li>Open DeFi is a program that promotes interoperability in the DeFi ecosystem. Its goal is to provide a standard for cross-chain asset transfer and governance.</li><li>Ethereum 2.0: Ethereum 2.0 is a network upgrade that contains various interoperability features, such as sharding and cross-chain communication.</li><li>Chainlink is a decentralized oracle network that feeds data to smart contracts on several blockchains. It can aid interoperability by allowing many blockchains to access the same data.</li></ul><p class="MsoNormal">Setting DeFi interoperability standards will be critical for establishing a more seamless and connected ecosystem. Standards can assist ensure that multiple DeFi protocols and blockchains are interoperable, allowing for more efficient and cost-effective transactions. </p><p class="MsoNormal">They can also foster creativity by offering a standard framework for developers to work inside.</p><p class="MsoNormal">The Difficulties and Risks of DeFi Interoperability</p><p class="MsoNormal">While cross-chain solutions and standards can assist in addressing the DeFi interoperability dilemma, there are other hurdles and hazards to consider. Ensuring the security of cross-chain transactions is one of the most difficult challenges. </p><p class="MsoNormal">Cross-chain transactions are more complex and difficult to secure than transactions within a single blockchain since they involve numerous blockchains.</p><p class="MsoNormal">Furthermore, cross-chain solutions and interoperability protocols have the potential to provide new attack routes and vulnerabilities. A weakness in one blockchain, for example, might potentially affect all of the blockchains connected to it via a cross-chain solution.</p><p class="MsoNormal">Another problem is ensuring that different DeFi protocols and blockchains are interoperable. </p><p class="MsoNormal">When multiple protocols and blockchains have distinct rules and standards, this might be challenging. Developing universal standards for DeFi interoperability will be critical to addressing this issue.</p><p class="MsoNormal">The Interoperability Challenge</p><p class="MsoNormal">Currently, most DeFi protocols are built on the Ethereum blockchain, which creates challenges for interoperability with other blockchain networks. This limits the ability of DeFi protocols to access a broader user base and reduces the overall efficiency of the DeFi ecosystem. To address this challenge, there have been various attempts to create cross-chain solutions, but they have been met with limited success.</p><p class="MsoNormal">Can Market Consolidation be the answer?</p><p class="MsoNormal">One potential solution to the interoperability challenge is market consolidation. As the cryptocurrency market matures, it is expected that there will be a consolidation of the market, with fewer cryptocurrencies dominating it. This consolidation will result in a smaller number of blockchain networks that will become the de facto standards for DeFi protocols.</p><p class="MsoNormal">As the market consolidates, blockchain networks that do not gain widespread adoption will lose value and become less attractive to developers. This will result in a natural consolidation of the market, with the strongest blockchain networks emerging as the dominant players. This consolidation will make it easier for DeFi protocols to operate across different blockchain networks, as the number of networks they need to support will be reduced.</p><p class="MsoNormal">The Role of Ethereum</p><p class="MsoNormal">Ethereum, the most popular blockchain network for DeFi protocols, will play a significant role in this market consolidation. Ethereum's dominance in the DeFi ecosystem means that it will likely continue to be a popular choice for developers building DeFi protocols. However, as other blockchain networks gain popularity, Ethereum may face competition for DeFi developers.</p><p class="MsoNormal">In response to this competition, Ethereum is working on various upgrades to its network, such as Ethereum 2.0, which will enhance its scalability and security. These upgrades will help Ethereum maintain its position as the leading blockchain network for DeFi protocols and ensure its continued dominance in the market.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/the-promise-of-defi-use-cases-opportunities-and-risks/" target="_blank" rel="follow">The DeFi interoperability difficulty is a key impediment to the industry's growth and development.</a> DeFi protocols and blockchains are compartmentalized in the absence of interoperability, limiting liquidity, lowering efficiency, and constraining innovation. </p><p class="MsoNormal">Cross-chain solutions and interoperability standards can assist in addressing this issue, resulting in a more linked and interoperable environment.</p><p class="MsoNormal">Implementing cross-chain solutions and interoperability standards, on the other hand, has its own set of obstacles and hazards. Ensuring the security of cross-chain transactions and creating common interoperability standards will be critical for attaining widespread adoption and reaching DeFi's full potential. </p><p class="MsoNormal">By overcoming these difficulties, the DeFi industry may continue to expand and evolve, providing a more open, decentralized, and accessible means to manage financial transactions.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">The publicly-listed cryptocurrency company founded by an American investor Michael Novogratz, Galaxy Digital Holdings (<a href="https://www.financemagnates.com/tag/galaxy-digital-assets-fund/" target="_blank" rel="follow">TSX:GLXY</a>) has published its full-year results for 2022. Galaxy showed a massive net loss due to the prolonged crypto winter dominating the previous year.</p><p>Crypto Winter Hits Galaxy Digital Hard</p><p class="MsoNormal">In Wednesday's press release, Galaxy announced the fourth quarter, the full year and preliminary first quarter-to-date results. The company showed a massive net loss of $1.0 billion for the year ended 31 December 2022, compared to a net income of $1.7 billion for the same period a year earlier. In the meantime, the fourth quarter ended with a net loss of $287.8 million compared to $521.3 million reached in Q4 2021.</p><p class="MsoNormal">Galaxy explains the poorer performance primarily by the 64% drop in the price of <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> (BTC) over 2022. In January, BTC cost $46,500, ending the year at $16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to $1,200. <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-fear-fad-or-opportunity-for-regrowth/" target="_blank" rel="follow">The crypto winter</a> negatively affected the performance of other companies in the sector, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">including digital asset miners</a>.</p><p class="MsoNormal">"2022 was a formative year for Galaxy, and while we and our industry faced unprecedented macroeconomic events, we succeeded in staying the course and were able to opportunistically take advantage of strategic opportunities to build our operating businesses for the future. I have never been more confident in our go-forward strategy, businesses, and team," Michael Novogratz, the Founder and CEO of Galaxy Digital, commented in a press release.</p><p class="MsoNormal">At the end of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments. In Q4 2022, it invested in Veridise, a verification platform that conducts security audits for DeFi applications. Novogratz's company is still exploring other opportunities in the investment space.</p><p>2023 Paints Brighter Future for Galaxy Digital</p><p class="MsoNormal">The beginning of 2023, in which cryptocurrencies saw a rebound after the severe declines of 2022, started off decidedly better. Between early January and 24 March 2023, the company generated income before tax of $150 million. In the months ahead, Galaxy will focus on organically building its platform during the bear market and scaling and integrating recent strategic acquisitions.</p><p class="MsoNormal">Galaxy anticipates earning net profits in its operating businesses and positive gains from its liquid coin and investment holdings on its balance sheet for the entire Q1 2023. The increased market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117">volatility</a> and volumes from existing counterparties positively impacted the company's operating business.</p><p class="MsoNormal">"The Company continues to lead from a position of strength, remaining open for business for our clients and counterparties. And as the market has improved year to date, we have generated approximately $150 million of income before tax while retaining a strong liquidity position through 24 March 2023," Novogratz added.</p><p class="MsoNormal">Galaxy Mining has increased its capacity by 100% since the start of 2022 by integrating the Helios site, <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">which was acquired at the end of last year</a>. The company aims to have over 4 EH/s of Hashrate Under Management by the end of 2023, with self-mining accounting for about 50% of the total.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Thailand’s Securities and Exchange Commission (SEC) is considering lifting the 300,000 baht (about $8,800) retail investment limit for initial coin offerings (ICO) to stimulate investments in digital tokens. </p><p>Thailand to Remove ICO Limit </p><p>As reported by the local media Bangkok Post, the <a href="https://www.financemagnates.com/tag/thailand/" target="_blank" rel="follow">Thai regulator</a> has opened a public hearing until 27 April on its plans to remove the limit for asset-backed ICOs, including the ones backed by real estate and infrastructure projects. Under the current rules, retail investors can only invest up to 300,000 baht in a project through an ICO. </p><p>“The revision of the <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> is aimed at enhancing effective monitoring of digital asset operations and reducing risks that might affect investors, digital asset operators, and the market,” the Thai regulator said. </p><p>The SEC highlighted that the move to lift the ICO limit for retail investors would allow more retail investments, increasing their risk exposure. </p><p>To minimize the risks in the sector, the Thai regulator is planning to mandate regulatory permission for digital asset operators to expand into other business areas. However, the new rules would increase the <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> cost to the digital asset operators in the country. </p><p>The Thai Cryptocurrency Sector </p><p>Thailand has strict oversight of the local cryptocurrency industry. Only a handful of crypto exchanges operate locally, but the industry is still stressed. Last year Huobi shuttered its Thailand operations, while Bitkub, one of the leading local exchanges, faced enforcement actions. </p><p>The $100 million capital buyout of <a href="https://www.financemagnates.com/cryptocurrency/thai-sec-creates-online-complaint-form-after-zipmexs-withdrawal-pause/" target="_blank" rel="follow">Zipmex</a>, another Thailand-focused crypto exchange, also might be in jeopardy as the investor reportedly missed a $1.25 million payment recently. Earlier, the local banking giant SCB backtracked from acquiring a controlling state at Bitkub, citing pending regulatory issues. </p><p>Meanwhile, Thai regulators continue to strengthen crypto oversight and bought <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailands-sec-mandates-risk-disclosure-for-crypto-ads/" target="_blank" rel="follow">strict rules around the promotions and advertising</a> of cryptocurrency companies, primarily to minimize risks. It mandated the showcasing of investment risks, and companies need to provide information on advertising terms to the regulator. Another law <a href="https://www.financemagnates.com/cryptocurrency/regulation/thailand-bans-crypto-payments-allows-trading/" target="_blank" rel="follow">bans any form of crypto payments</a> in the country but allows investment and trading.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p> Williams Racing and Kraken, a popular crypto platform, announced a global partnership ahead of the Australian Grand Prix in Melbourne. This marks Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1) team.</p><p>Kraken and Williams Racing Announce Crypto Partnership</p><p class="MsoNormal">According to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the rest of the 2023 FIA Formula One World Championship season, Kraken's logo will be prominently displayed on the FW45 racing car halo and rear wing. Additionally, the branding will be featured on driver racing attire and team headwear.</p><p class="MsoNormal">In addition to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT digital art pieces owned by customers sourced from third-party NFT initiatives during specific Grand Prix events. Furthermore, Williams and Kraken will join forces to create exclusive limited-edition caps for certain Grands Prix occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">📣 Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid 🏁More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"Kraken's partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We're excited to engage with both Kraken's and Williams Racing's global communities, showcasing the power and life-changing impact of crypto and Web3," Mayur Gupta, the Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a focus on engaging fans and the community, Kraken will take part in various Williams Racing fan zone activities during the season. Simultaneously, the crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives and importance of Web3 technology.</p><p class="MsoNormal">James Bower, the Commercial Director of Williams Racing, expressed his pride and excitement about the partnership with Kraken, highlighting that it unites two well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"We're excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events," Bower summarized. </p><p>Brokers and Exchanges Bet on F1</p><p class="MsoNormal">The first FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more than ten years ago. Since then, many more retail brokers have decided to partner with teams of the popular racing series. In 2018, such a partnership with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021, while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the cryptocurrency industry has experience in sponsoring sports and F1 teams. In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was arrested in late 2022.</p><p>Positive News for Kraken after Tough Months</p><p class="MsoNormal">The news of a sponsorship deal signed with a Formula One team is the first upbeat note regarding Kraken after a year of cryptocurrency operational and regulatory problems.</p><p class="MsoNormal">In November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by 30% </a>in order to adapt to challenging market conditions. Less than a month later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak cryptocurrency market.</p><p class="MsoNormal">However, the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under the sight of the US SEC</a> in connection with a listing of unregistered securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>. The idea was first presented in 2020 and has now resurfaced in the face of regulatory pressure.</p><p class="MsoNormal">In the wake of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and withdrawal services. Since 2019, Kraken has been among several crypto exchanges utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the United States.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p class="MsoNormal">US prosecutors have expanded the 12 count charges against Sam Bankman-Fried, the Founder of the now-bankrupt cryptocurrency exchange, FTX. An additional indictment sealed on Tuesday morning, alleges that the FTX Founder and others transferred approximately $40 million in bribes to one or more Chinese officials to unfreeze certain accounts in late 2021.</p><p class="MsoNormal">Prosecutors Accuse Bankman-Fried of Bribery</p><p class="MsoNormal">State prosecutors are now charging Bankman-Fried with conspiracy to violate the anti-bribery provisions of <a href="https://www.financemagnates.com/cryptocurrency/regulation/oracle-to-pay-23m-to-settle-bribery-charges-against-asian-subsidiaries/" target="_blank" rel="follow">the Foreign Corrupt Practices Act</a>. Existing charges against the disgraced cryptocurrency entrepreneur include conspiracy to commit wire, bank and securities frauds, to operate an unlicensed money transmitting business, commit money laundering and make unlawful political contributions, among others. </p><p class="MsoNormal">“In or about November 2021, SAMUEL BANKMAN-FRIED, a/k/a 'SBF', the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials in order to influence and induce them to unfreeze the Accounts,” the <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.113.2.pdf" target="_blank" rel="follow">indictment document</a> reads.</p><p class="MsoNormal">Damian Williams, the United States Attorney for the Southern District of New York, <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.113.0.pdf" target="_blank" rel="follow">in a letter</a> written to Lewis Kaplan, the Federal District Court Judge in charge of the case, said the new indictment was returned on Monday by a grand jury. Additionally, Damian noted that the FTX Founder has not been arraigned on five of the now-expanded charges.</p><p class="MsoNormal">Associated Press reports that the alleged bribe is related to FTX-linked cryptocurrency hedge fund, Alameda Research, whose trading accounts that contained about $1 billion in digital assets were frozen by Chinese authorities in early 2021. The hedge fund held accounts with two of China’s largest cryptocurrency exchanges, the outlet said, citing the indictment.</p><p class="text-align-justify">The Aftermath of FTX So Far</p><p class="MsoNormal text-align-justify">FTX <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank" rel="follow">collapsed</a> in November last year following <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">a liquidation crisis</a> and a failed <a href="https://www.financemagnates.com/cryptocurrency/ftx-opts-for-capital-raise-as-alameda-research-winds-down-on-trading/" target="_blank" rel="follow">scramble for funds</a>, resulting in <a href="https://www.financemagnates.com/cryptocurrency/us-cftc-charges-bankman-fried-ftxcom-and-alameda-with-fraud/" target="_blank" rel="follow">the loss of over $8 billion</a> in FTX customers' deposits. Moreover, details emerged recently that Bankman-Fried and other former executives of FTX <a href="https://www.financemagnates.com/cryptocurrency/sbf-and-former-executives-of-defunct-ftx-received-32-billion/" target="_blank" rel="follow">received $2.2 billion</a> in loans and payments from FTX and related entities, mainly Alameda Research.</p><p class="MsoNormal text-align-justify">Bankman-Fried was <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested</a> in December 2022 and was subsequently extradited to the United States where he was granted bail on <a href="https://www.financemagnates.com/cryptocurrency/us-court-grants-bail-to-sam-bankman-fried-on-hefty-250m-bond/" target="_blank" rel="follow">a hefty $250 million recognizance</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-sam-bankman-fried-pleads-not-guilty-to-us-criminal-charges/" target="_blank" rel="follow">pleaded not guilty</a> to eight counts of charges. However, close associates of the embattled Founder <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-frieds-two-top-associates-plead-guilty-to-criminal-charges/" target="_blank" rel="follow">have pleaded guilty</a> and are cooperating with prosecutors. </p><p class="MsoNormal">Additionally, Nishad Singh, the former Director of Engineering at FTX, became the third associate of Bankman-Fried <a href="https://www.financemagnates.com/cryptocurrency/us-regulators-charge-ftxs-senior-executive-nishad-singh-with-fraud/" target="_blank" rel="follow">to plead guilty to fraud charges</a> in February. Both the United States Securities and Exchange Commission and the Commodity Futures Trading Commission charged Singh with misappropriating funds from FTX.com and aiding and abetting Bankman-Fried and Alameda Research in diverting FTX customer assets.</p><p class="MsoNormal">The FMA flags CFDs broker; AI in portfolio management, <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">read today's news nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

<p>Hours after the <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">Commodity Futures Trading Commission’s lawsuit</a>, Binance's CEO, Changpeng Zhao publicly rejected the allegations, calling them “unexpected and disappointing” with “an incomplete recitation of facts.” </p><p>In the brief response through an official blog post, Zhao refuted all the major allegations and will be “able to give full responses in due time.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">My Response to the CFTC Complaint | Binance Blog <a href="https://t.co/TadyotM7HN">https://t.co/TadyotM7HN</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640483997288415234?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>Zhao Rejects CFTC’s Allegations </p><p>“The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he stated. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.” </p><p>Binance, the largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> in terms of trading volume, faced many regulatory setbacks in the past, including <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">warnings </a>and <a href="https://www.financemagnates.com/cryptocurrency/first-binance-and-now-coinbase-have-both-been-fined-33m-in-netherlands/" target="_blank" rel="follow">enforcement actions</a>. However, the latest lawsuit by the US regulator is a massive blow to its dominance. </p><p>The lawsuit on Monday by the CFTC alleged that <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance violated</a> “numerous” regulations in the country and that its <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> is a “sham.” The exchange was accused of instructing “commercially valuable US-based VIP customers.” ways of avoiding compliance controls, insider trading, and even market manipulation. </p><p>Not Trading for Profits </p><p>Zhao, in his response, highlighted that “Binance.com does not trade for profit or 'manipulate' the market under any circumstances.” He clarified that Binance often converts its earnings in crypto to fiat or other crypto assets to cover expenses. </p><p>Additionally, he disclosed that he personally has two Binance accounts, one for his Binance Card and the other for his crypto holdings. Moreover, he and other Binance employees follow a “90-day no-day-trading rule” that prohibits them from selling a crypto asset within 90 days of procuring them. </p><p>“This is to prevent any employees from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binances-bnb-token-is-reportedly-facing-probe-by-the-us-sec/" target="_blank" rel="follow">actively trading,</a>” Zhao added. “We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.”</p><p>Serious Allegations by the CFTC</p><p>These clarifications came as the CFTC alleged that Binance traded on its own platform with 300 “house accounts” but did not disclose such activities to customers. Moreover, the exchange has been blamed for keeping this information 'top secret' and refused to provide any trading activity-related details after a subpoena.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">You have to ask yourself why would a single trader need over three hundred trading accounts, to trade on Binance?Because they're wash trading and painting the tape between their accounts.They can make the prices do whatever they want. <a href="https://t.co/YIF8XYSrlh">pic.twitter.com/YIF8XYSrlh</a></p>— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) <a href="https://twitter.com/Bitfinexed/status/1640394811747319811?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>“Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally,” Zhao stated, adding that his exchange handled over 55,000 requests from law enforcement. He even praised the compliance systems of Binance as being top-notch. </p><p>Meanwhile, Binance published a response letter recently sent to US Senators Warren, Van Hollen, and Marshall. </p><p>“Binance takes the issue of compliance very seriously, and it regularly engages with US law enforcement,” the letter stated. “The public blockchain record (on-chain analytics) of crypto exchanges means that the platform has greater transparency as compared to traditional financial institutions, making it easier to track and trace the flow of crypto assets.”</p><p>The <a href="https://www.financemagnates.com/forex/news-nuggets-28-march-fma-flags-cfds-broker-ai-in-portfolio-management/" target="_blank" rel="follow">FMA flags CFDs broker and AI in portfolio management, read today's news nuggets.</a></p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">Enterprise Ethereum is a blockchain network created primarily for enterprises. It is built on the Ethereum blockchain, which is well-known for its adaptability and scalability. This article will look into Enterprise Ethereum's position in business, including its applications, benefits, and challenges.</p><p class="MsoNormal">What Is Enterprise Ethereum?</p><p class="MsoNormal">Enterprise Ethereum is a blockchain technology intended specifically for enterprises. It is built on the Ethereum blockchain, a decentralized platform that allows for the development of smart contracts and decentralized apps. (DApps). Enterprise Ethereum is a private blockchain, which means that only authorized users may access it.</p><p class="MsoNormal">Enterprise Ethereum Applications</p><p class="MsoNormal">Enterprise Ethereum has several business applications. Among the most important applications are:</p><p class="MsoNormal">Supply Chain Administration</p><p class="MsoNormal">Supply chain management is a fundamental use of Enterprise Ethereum. It can be used to trace the flow of commodities, validate product authenticity, and streamline supply chain operations. Many supply chain management procedures, such as checking the legitimacy of items and completing payments, can be automated using smart contracts.</p><p class="MsoNormal">Identity Administration</p><p class="MsoNormal">Identity management is another Enterprise Ethereum application. It can be used to manage and verify identities securely, lowering the risk of identity theft and fraud. Smart contracts can be used to maintain identification information and give authorized users secure access.</p><p class="MsoNormal">Ethereum can be utilized in financial services as well. It can be used to simplify payment procedures, lower transaction costs, and improve transparency. Smart contracts can be used to automate numerous financial services procedures, such as payment execution and contract management.</p><p class="MsoNormal">Advantages of Enterprise Ethereum</p><p class="MsoNormal">Enterprise Ethereum provides various advantages to enterprises. Among the many advantages are:</p><p class="MsoNormal">Increased Enterprise Efficiency</p><p class="MsoNormal">By automating many of the processes involved in company operations, Ethereum can assist to boost efficiency. Smart contracts can be used to automate operations like confirming the legitimacy of items, making payments, and monitoring contracts. </p><p class="MsoNormal">This can help to reduce the amount of time and resources needed to complete transactions, hence enhancing efficiency and production.</p><p class="MsoNormal">Increased Security</p><p class="MsoNormal">Enterprise Ethereum provides greater security than typical commercial platforms. Transactions are safe and tamper-proof due to the usage of blockchain technology. Smart contracts are also intended to be tamper-proof, which means they cannot be changed after they have been executed. </p><p class="MsoNormal">As a result, Enterprise Ethereum offers a safe and dependable means to execute transactions.</p><p class="MsoNormal">Enterprise Cost Savings </p><p class="MsoNormal">By eliminating the need for intermediaries, such as banks or attorneys, Ethereum can assist to minimize transaction costs. Smart contracts can be used to perform transactions without the involvement of middlemen, lowering transaction costs and enhancing profitability.</p><p class="MsoNormal">Enterprise Ethereum's Challenges</p><p class="MsoNormal">While Enterprise Ethereum has many advantages for organizations, it has certain drawbacks. Among the major challenges are:</p><p class="MsoNormal">Technical Difficulty</p><p class="MsoNormal">Enterprise Ethereum is a difficult technology that must be used with technical skills. To use Enterprise Ethereum efficiently, businesses must have a solid understanding of blockchain technology and smart contracts. This may necessitate substantial investment in training and development.</p><p class="MsoNormal">Legacy System Integration</p><p class="MsoNormal">It can be difficult to integrate Enterprise Ethereum with legacy systems. Businesses must verify that their existing systems are Enterprise Ethereum compliant, which may necessitate significant investment in technical infrastructure.</p><p class="MsoNormal">Compliance with Regulations</p><p class="MsoNormal">Enterprise Ethereum adoption may also generate regulatory compliance concerns. Businesses must ensure that their activities are in accordance with applicable laws and regulations, which can be complicated and time-consuming.</p><p class="MsoNormal">New avenues for business</p><p class="MsoNormal">One of the key benefits of Enterprise Ethereum is its ability to enable new forms of collaboration and cooperation between businesses.</p><p class="MsoNormal">Smart contracts </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/innovation/smart-contracts-on-ethereum/" target="_blank" rel="follow">Smart contracts, a key feature of Enterprise Ethereum</a>, are self-executing contracts with the terms of the agreement between parties being directly written into code. This means that once the conditions specified in the contract are met, the contract automatically executes without the need for intermediaries or third parties. Smart contracts can automate many aspects of inter-business transactions, such as payment processing, supply chain management, and legal operations.</p><p class="MsoNormal">One of the main benefits of smart contracts in Enterprise Ethereum is that they can reduce friction and improve efficiency in business-to-business interactions. By automating processes and removing intermediaries, businesses can reduce costs, eliminate errors, and streamline their operations. This can significantly reduce the time and effort required for these tasks, allowing businesses to focus on their core activities.</p><p class="MsoNormal">Smart contracts in Enterprise Ethereum can also enable more seamless collaboration between businesses. For example, in supply chain management, smart contracts can automate the process of verifying the authenticity and quality of goods, reducing the risk of fraud and enabling faster and more secure transactions. Additionally, smart contracts can automate the process of dispute resolution, reducing the time and effort required to resolve disputes between parties.</p><p class="MsoNormal">Decentralized Applications </p><p class="MsoNormal">Another way that Enterprise Ethereum can enable new forms of collaboration is through the use of decentralized applications (dApps). dApps are software applications that run on the Ethereum blockchain, enabling secure and transparent transactions between parties. They can be used for a variety of purposes, such as decentralized finance (DeFi), supply chain management, and identity verification.</p><p class="MsoNormal">By using dApps built on Enterprise Ethereum, businesses can collaborate and cooperate in new ways. For example, in DeFi, businesses can participate in decentralized lending and borrowing, enabling faster and more secure transactions than traditional banking systems. In supply chain management, businesses can collaborate to improve efficiency and transparency in the supply chain, reducing costs and improving customer satisfaction.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Enterprise Ethereum provides various benefits to enterprises, including higher productivity, improved security, and lower costs. However, it does provide several obstacles, including technical complexity, interaction with older systems, and regulatory compliance.</p><p class="MsoNormal">Overall, Enterprise Ethereum can assist firms in streamlining operations, lowering expenses, and increasing profitability. However, before incorporating Enterprise Ethereum into their processes, organizations must carefully assess the opportunities and problems it presents. </p><p class="MsoNormal">Enterprise Ethereum, with careful planning and execution, has the ability to alter the way organizations function and communicate with one another, enabling secure and transparent transactions without the need for middlemen.</p><p class="MsoNormal">As Enterprise Ethereum evolves and matures, we should expect to see even more inventive corporate use cases and applications. Businesses will be able to streamline processes, decrease costs, and boost efficiency by utilizing smart contracts and decentralized applications, while also improving security and transparency.</p><p class="MsoNormal">Overall, Enterprise Ethereum plays an important and expanding role in business. While there are some challenges to overcome, the benefits of using Enterprise Ethereum are significant, and it is becoming a more popular choice for businesses looking to streamline operations and improve efficiency. </p><p class="MsoNormal">We should anticipate seeing many more fascinating advancements in the application of Enterprise Ethereum in business as the technology evolves and matures.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Blockchain technology has been widely used for cryptocurrencies, such as Bitcoin and Ethereum, but its application is not limited to the financial industry. Digital identity management is one of the areas where blockchain technology is gaining interest. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/education-centre/identity-on-the-blockchain-building-a-more-secure-future/" target="_blank" rel="follow">The promise of blockchain-based digital identification </a>is that it will provide a more secure, decentralized, and user-centric manner of managing personal information. </p><p class="MsoNormal">The benefits, hazards, and implementation issues of blockchain-based digital identification will be discussed in this article.</p><p class="MsoNormal">The Advantages of Blockchain-Based Digital Identity</p><p class="MsoNormal">Traditional digital identity management approaches rely on centralized authorities, such as governments, financial institutions, and social media platforms. </p><p class="MsoNormal">However, there are also problems with this strategy, such as data breaches, identity theft, and a lack of user control over personal information. Blockchain-based digital identification can overcome these disadvantages by offering the following advantages:</p><ul><li>Security: Blockchain technology allows for the decentralized and tamper-proof storage and sharing of personal information. Blockchain ensures that personal data is secure and cannot be tampered with by employing cryptographic methods.</li><li>Privacy: A blockchain-based digital identity gives consumers more control over their personal data. Users can choose whatever information they want to share and with whom they want to share it without relying on centralized authorities.</li><li>Interoperability: Blockchain-based digital identities can make it easier to interchange personal information across organizations and borders. This can help to speed up processes like onboarding, KYC, and compliance.</li><li>Efficiency: By eliminating the need for intermediaries and decreasing the time and resources necessary for identification verification, blockchain-based digital identity can cut costs and boost efficiency.</li><li>Trust: By providing a reliable and transparent method of confirming identities, blockchain-based digital IDs can boost trust in online transactions.</li></ul><p class="MsoNormal">The Dangers of Blockchain-Based Digital Identity</p><p class="MsoNormal">While blockchain-based digital identification has numerous advantages, it also has some hazards and issues that must be addressed. Among the dangers are:</p><ul><li>Cybersecurity: Blockchain-based digital identities might be vulnerable to cyber attacks, especially if the blockchain is insecure or the cryptographic algorithms are ineffective.</li><li>While blockchain-based digital identities might give users more control over their personal information, they can also introduce new privacy threats. Personal information, for example, may be accessible to anybody if it is placed on a public blockchain.</li><li>Interoperability: Due to differences in technology, standards, and legislation, achieving interoperability between multiple blockchain-based digital identification systems can be difficult.</li><li>Adoption: For blockchain-based digital identities to be effective, they must be widely adopted. Adoption can be difficult to achieve, especially if users are unfamiliar with blockchain technology or are averse to change.</li></ul><p class="MsoNormal">The Implementation Difficulties of Blockchain-Based Digital Identity</p><p class="MsoNormal">Implementing blockchain-based digital identification might be difficult due to a variety of problems, including:</p><ul><li>Currently, there is no global standard for blockchain-based digital identification. This can cause interoperability concerns between systems and slow uptake.</li><li>Regulations: The regulatory framework for blockchain-based digital identification is still in the early stages. This can cause concern for enterprises looking to use blockchain-based digital identity solutions.</li><li>User experience: Users who are unfamiliar with blockchain technology may find it challenging to understand and use blockchain-based digital identities.</li><li>Scalability: To accommodate a large number of users and transactions, blockchain-based digital identity requires a robust and scalable infrastructure. This can be difficult, especially for public blockchains with restricted scalability.</li></ul><p class="MsoNormal">The Harbinger of a Massive Digital Divide?</p><p class="MsoNormal">In recent years, the concept of Blockchain-based digital identity has gained significant attention, with many companies and organizations exploring its potential to revolutionize how individuals verify their identities online. However, while there are undoubtedly benefits to this technology, it also presents significant risks, akin to putting all your eggs in one basket, meaning some might want to opt-out.</p><p class="MsoNormal">One of the most significant dangers of Blockchain-based digital identity is the potential for a single point of failure. Because all of an individual's identity data is stored in one place, a data breach or cyber-attack could compromise an individual's entire identity. In this scenario, hackers could access sensitive information, such as financial data, medical records, and personal information, which could be used for identity theft or other nefarious purposes.</p><p class="MsoNormal">Furthermore, Blockchain-based digital identity presents challenges when it comes to managing consent and revocation of data. With traditional identity verification methods, individuals can selectively choose which information to share with different parties. However, with Blockchain-based digital identity, this becomes more challenging, as all data is stored in one place, and revocation of access becomes more complicated.</p><p class="MsoNormal">Additionally, there is a risk of misrepresentation and fraud in the verification process. Because Blockchain-based digital identity relies on complex algorithms and cryptographic techniques, there is always the possibility of vulnerabilities in the system, which could be exploited by bad actors.</p><p class="MsoNormal">These elements likely point to the danger of creating a digital divide, where individuals who do not have access to Blockchain-based digital identity or are against having one are excluded from certain services or opportunities. This could create an unequal and unfair system that disadvantages vulnerable groups and exacerbates existing inequalities.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">The use of blockchain-based digital identities has the potential to transform the way we manage personal information online. Blockchain-based digital identification can solve many of the shortcomings of existing identity management systems by providing a more secure, decentralized, and user-centric method of handling digital IDs. </p><p class="MsoNormal">However, there are risks and implementation issues that must be solved in order for blockchain-based digital identification to fulfil its promise. </p><p class="MsoNormal">As blockchain-based digital identity evolves, it will be critical to focus on addressing these problems in order to achieve widespread adoption and reap the benefits of blockchain-based digital identity.</p><p class="MsoNormal">Organizations considering deploying blockchain-based digital identification should carefully weigh the benefits and hazards, as well as ensure a thorough understanding of the technology and regulatory context. </p><p class="MsoNormal">They should also prioritize user education and experience to ensure that users are familiar with and understand how to use the new technology.</p><p class="MsoNormal">Furthermore, the industry must collaborate to develop standards and laws for blockchain-based digital identification in order to ensure interoperability and solve privacy and cybersecurity concerns. </p><p class="MsoNormal">Collaboration among regulators, industry participants, and technology providers will be critical to attaining this goal.</p><p>Overall, blockchain-based digital identification has the potential to revolutionize online identity management. Blockchain-based digital identity can boost confidence, cut costs, and streamline operations by providing a more secure, decentralized, and user-centric manner of storing personal information. </p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p class="MsoNormal">Gemini, the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> owned by the Winklevoss twins, is examining possibilities to launch an international crypto derivatives trading platform, according to The Information report from Wednesday.</p><p>Gemini Reportedly Seeks to Open Overseas Derivatives Exchange</p><p class="MsoNormal">The new platform from Gemini would offer trading in perpetual futures. Derivatives of this type are banned in the United States for retail investors due to their somewhat risky nature. Making them available in another jurisdiction would allow Gemini to offer users a product with no expiration date and the possibility of high leverage.</p><p class="MsoNormal">Two weeks ago, Bloomberg reported that another major crypto exchange, Coinbase, was looking to take a similar step. The search for foreign locations to relocate some trading services came after the US Securities and Exchange Commission (SEC) stepped up and tightened its crackdown against the cryptocurrency sector.</p><p class="MsoNormal">It all started with <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">the collapse of the FTX</a> digital assets <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> last November. It was followed by the closure of three banks linked to digital assets, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/" target="_blank" rel="follow">Silvergate Bank</a>, Signature Bank and Silicon Valley Bank, or the CFTC's lawsuit against Binance for violating the US derivatives regulations, among other things.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Bulge bracket bankRegional bankNo bankBitcoinChoose wisely.</p>— Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1637585166481719299?ref_src=twsrc%5Etfw">March 19, 2023</a></blockquote><p class="MsoNormal">The Information cites people familiar with the matter and claims that the Gemini exchange has been contacting trading platforms in various places around the world over the past few months in search of a market maker to support the execution of operations outside the United States.</p><p>Third Round of Job Cuts in Gemini and Regulatory Pressure</p><p class="MsoNormal">Pressure from the SEC, which has led Kraken exchange <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">to shut down its staking services</a> in the US, has also hit the Winklevoss brothers' platform. In January, <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">the regulator charged</a> two feuding companies, Genesis Global Capital and Gemini Trust Company, for offering and selling crypto lending products under Gemini Earn, which the regulator alleged to be unregistered securities.</p><p class="MsoNormal">Gemini and its Co-Founders are already dealing <a href="https://www.financemagnates.com/cryptocurrency/news/gemini-winklevoss-twins-face-class-action-lawsuit-over-lending-products/" target="_blank" rel="follow">with a class-action lawsuit</a> filed by a pair of Gemini Earn investors who have leveled comparable allegations. The legal action contends that the exchange and its proprietors have engaged in fraudulent activities and breached the Exchange Act.</p><p class="MsoNormal">A few days later, news emerged that Genesis was close to <a href="https://www.financemagnates.com/cryptocurrency/genesis-is-reportedly-preparing-to-file-for-bankruptcy-within-days/" target="_blank" rel="follow">declaring bankruptcy</a> following the collapse of the FTX exchange, which negatively affected the entire industry. Although the decision has not been confirmed, the problems are visible to the naked eye, and Gemini has already carried out three rounds of job cuts since last June.</p><p class="MsoNormal">The first took place in June and affected 10% of the entire team, and the second in July and involved another 7% of the workforce. The most recent was conducted <a href="https://www.financemagnates.com/cryptocurrency/third-times-the-charm-gemini-cuts-its-workforce-once-again/" target="_blank" rel="follow">at the end of January</a> when the company reduced a further 10% of its staff.</p><p class="MsoNormal">Saxo's Presents New Portal and JPX Gets into DeFi, read today’s <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/">news nuggets</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.

<p>Russia has delayed its planned central bank digital currency (CBDC) rollout without providing any further timeline. The testing of the digital ruble was scheduled to start on 1 April. </p><p>Russia Delays CBDC Pilot </p><p>According to state-owned TASS, the CBDC pilot launch has been canceled as the central bank is waiting to approve some of the specific legislation by the Russian State Duma, the Federal Assembly’s lower house. These legislations are expected to be adopted in April and effective in May. </p><p>Initially, Russia kept the <a href="https://www.financemagnates.com/cryptocurrency/news/bank-of-russia-plans-to-pilot-digital-ruble-in-2021-end/" target="_blank" rel="follow">CBDC pilot</a> scheduled for 2024. However, the plans have been brought forward by a year as the Russian central bank is seeking an alternative to the SWIFT payments system amid heavy economic sanctions on the country by Western governments. </p><p>During the pilot, the digital ruble will be available only to a handful of program participants and not the entire population. It will be a real-time operation on a limited scale, and the central bank will determine scaling methods based on the results. </p><p>For the <a href="https://www.financemagnates.com/cryptocurrency/coins/the-rise-of-central-bank-digital-currencies-cbdcs-impacts-on-the-crypto-market/" target="_blank" rel="follow">CBDC</a> pilot, the Russian central bank has partnered with commercial banks in the country. Initially, 15 banks agreed to participate in the digital ruble pilot. However, the count came down to 13 as they only confirmed technical readiness to participate in the pilot with a limited number of customers. </p><p>“The use of smart contracts should reduce the operational load of banks and make the deals transparent, which not only will reduce the chances of the misuse of government and banks’ funds, but ultimately simplify the control over the existing contracts,” said Vitaly Kopysov, the Director of Innovations at Sinara Bank. </p><p>Central Banks Are Keen on Launch Digital Fiat </p><p>Apart from Russia, other countries are pushing forward toward a central bank digital currency launch. China is at the forefront and has been running its <a href="https://www.financemagnates.com/cryptocurrency/news/china-to-pilot-distribute-cbdc-to-state-employees/" target="_blank" rel="follow">digital yuan pilot programs</a> for a few years now. Meanwhile, countries in Europe and Asia are also exploring the possibilities of a CBDC launch, even with the help of global banking bodies.</p><p>Most recently, the UAE central bank <a href="https://www.financemagnates.com/cryptocurrency/uae-inches-closer-to-digital-dirham-launch-with-new-cbdc-strategy/" target="_blank" rel="follow">revealed its strategy for a digital dirham</a>, as it is targeting to complete the first phase of the launch in the next 12 to 15 months, which will be around mid-2024. It will include the soft launch of mBridge, a project in collaboration with the Bank for International Settlements (BIS) and a few other central banks; the development of a proof-of-concept for bilateral CBDC bridges with India; and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.</p> This article was written by Arnab Shome at www.financemagnates.com.

<p class="MsoNormal">The growth of cryptocurrencies in recent years has offered a new method of performing financial transactions. The usage of stablecoins for remittances is one of the most potential applications of this technology. </p><p class="MsoNormal">Remittances are funds sent by migrant workers to their relatives back home, and they are an important source of income for many households in developing nations. In this essay, we will look at the possibilities of stablecoins for remittances and how they can change the game.</p><p class="MsoNormal">What Are Stablecoins?</p><p class="MsoNormal">Stablecoins are cryptocurrencies that are intended to have a consistent value. Stablecoins, unlike other cryptocurrencies such as Bitcoin or Ethereum, have their value tied to an underlying asset such as a fiat currency like the US dollar or a commodity like gold. Stablecoins are less volatile and more predictable than other cryptocurrencies, making them an excellent tool for financial transactions.</p><p class="MsoNormal">Stablecoins' Potential for Remittances</p><p class="MsoNormal">Remittances are an important component of the global economy. Despite the disruptions caused by the COVID-19 outbreak, remittance flows to low- and middle-income nations reached $540 billion in 2020, according to the World Bank. </p><p class="MsoNormal">On the other hand, traditional remittance options, such as banks or money transfer operators (MTOs), are frequently delayed and costly, with large transaction fees and unfavorable exchange rates. This is especially difficult for people in developing nations, where access to financial institutions is limited and transmitting money can be prohibitively expensive.</p><p class="MsoNormal">Stablecoins may be able to address these issues by providing a faster, cheaper, and more accessible method of transmitting money across borders. Stablecoins, unlike traditional remittance techniques, can permit peer-to-peer transactions without the need for intermediaries, such as banks or MTOs. </p><p class="MsoNormal">This means that transaction fees are lower and exchange rates are better. Furthermore, stablecoins may be sent and received rapidly, making them a useful tool for people who need quick access to their assets.</p><p class="MsoNormal">Stablecoins may also reach more people than regular transfer methods. According to the World Bank, around 1.7 billion adults worldwide lack access to a bank account, limiting their capacity to transfer and receive money. </p><p class="MsoNormal">However, stablecoins may be accessible via a smartphone, which is becoming increasingly popular in developing countries. As a result, stablecoins may offer a new option for people to gain access to financial services and participate in the global economy.</p><p class="MsoNormal">Challenges and Dangers</p><p class="MsoNormal">While stablecoins provide many potential benefits for remittances, there are also issues and hazards to consider. One of the major problems in the stablecoin market is the absence of regulation and monitoring. </p><p class="MsoNormal">Stablecoin issuers, unlike traditional financial institutions, are not subject to the same amount of examination, raising concerns about their stability and security. Furthermore, because stablecoins are not backed by government assurances, consumers are vulnerable to counterparty risks if the issuer goes bankrupt.</p><p class="MsoNormal">Another issue is the possibility of stablecoins being used for illegal purposes, such as money laundering or terrorism financing. Because of the anonymity and decentralized nature of cryptocurrencies, it is impossible to track the flow of funds, which criminals may abuse. </p><p class="MsoNormal">This may result in heightened regulatory scrutiny and even restrictions on the usage of stablecoins for remittances.</p><p class="MsoNormal">An Opportunity for Banks?</p><p class="MsoNormal">The rise of stablecoins, digital currencies pegged to a stable asset such as the US dollar, has presented <a href="https://www.financemagnates.com/cryptocurrency/education-centre/cutting-the-costs-of-remittances-can-the-blockchain-help/" target="_blank" rel="follow">an opportunity for banks to modernize their remittance services.</a> Unlike traditional remittance methods, which can be slow and expensive, stablecoins offer faster, cheaper, and more efficient cross-border payments. As such, banks should consider taking part in the stablecoin ecosystem to improve their remittance services as a way of providing customers with a better experience.</p><p class="MsoNormal">For banks, stablecoins represent an opportunity to streamline their remittance services and reduce costs. By integrating stablecoins into their systems, banks can provide faster and more affordable remittance services. This is particularly important for customers who regularly send money to friends and family members in other countries, as traditional remittance services can be prohibitively expensive.</p><p class="MsoNormal">Moreover, stablecoins can help banks to reduce the risks associated with cross-border payments. By using stablecoins, banks can minimize the risk of currency fluctuations and ensure that the value of the payment remains stable throughout the transaction. This can help to reduce the costs associated with remittances and increase customer satisfaction.</p><p class="MsoNormal">In addition to offering stablecoin-based remittance services, banks can participate in the stablecoin ecosystem by developing their own stablecoins. This would allow banks to create their own digital currencies that are pegged to a stable asset, providing customers with a new way to store and transfer funds. Banks can use their existing customer base and brand recognition to promote their stablecoins, making it easier for customers to adopt the technology.</p><p class="MsoNormal">By developing their own stablecoins, banks can gain greater control over the remittance process. Banks can use their stablecoins to facilitate cross-border payments between their customers, without the need for third-party intermediaries. This can help to reduce transaction costs and increase the speed of payments, improving the overall customer experience.</p><p class="MsoNormal">Conclusion</p><p class="MsoNormal">Stablecoins have the potential to revolutionize remittances by providing a faster, cheaper, and more accessible method of moving money across borders. However, there are obstacles and concerns that must be addressed, particularly in the areas of legislation and security. </p><p class="MsoNormal">As the stablecoin market evolves, it is critical to ensure that these risks are avoided so that stablecoins can fulfil their full potential as a financial inclusion tool.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.

<p> OKX, the second-biggest crypto trading platform by trading volume, has recently announced that it is preparing to transfer $157 million in frozen assets linked to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried's (SBF) fallen empire. This is a response to the newest motion filed on Wednesday in the FTX <a href="https://www.financemagnates.com/terms/b/bankruptcy/" class="terms__main-term" id="41b3ef0d-d805-441d-8443-121890264e94">bankruptcy</a> claim.</p><p>OKX Set to Return $157 Million of Frozen Assets Connected to FTX</p><p class="MsoNormal">Following the downfall of FTX in November 2022, OKX took the initiative to conduct thorough investigations regarding any potential FTX-related transactions that might have taken place on its platform. These investigations led to the discovery of accounts and assets linked to FTX and Alameda Research, which OKX promptly froze to secure the associated funds.</p><p class="MsoNormal">"OKX welcomes the motion and will continue to cooperate with the FTX debtors and law enforcement officials in the hope that these assets will eventually be returned to FTX users through the bankruptcy process," OKX stated in the press release.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">For <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a>, doing right by crypto traders &amp; the industry is always a top priority.We did a proactive investigation when FTX collapsed and froze all associated assets &amp; accounts. Today, we are turning over USD157 MN in frozen FTX &amp; Alameda-related assets. Details ↓</p>— OKX (@okx) <a href="https://twitter.com/okx/status/1641216557274521600?ref_src=twsrc%5Etfw">March 29, 2023</a></blockquote><p class="MsoNormal">FTX was one of the most prominent cryptocurrency exchanges, ranking among the top 10 platforms in terms of turnover. However, November brought a massive selloff of the platform's native token, FTT, and a capital outflow due to concerns regarding the stability of its ecosystem. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">This led to the collapse of FTX</a>, triggered the downturn of the broad digital asset market and contributed to the bankruptcy of more crypto-related companies. Meanwhile, SBF ended up behind bars, awaiting sentencing for embezzling billions of dollars. A few days ago, he was additionally accused of paying a $40 million bribe to Chinese officials.</p><p class="MsoNormal">Finance Magnates informed last week that FTX debtors <a href="https://www.financemagnates.com/cryptocurrency/ftx-debtors-agree-to-95m-sale-of-mysten-labs-stake/" target="_blank" rel="follow">agreed to sell Mysten Labs Inc. </a>preferred shares back to the Web3 startup for $96 million, according to the fillings at the U.S. Bankruptcy Court in Delaware.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">FTX locks in $96 million deal to sell Mysten Labs shares and SUI Token warrants.Originally acquired in August 2022 for $101 million. <a href="https://t.co/7PdfIM6uDT">pic.twitter.com/7PdfIM6uDT</a></p>— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) <a href="https://twitter.com/AFTXcreditor/status/1638930052166348802?ref_src=twsrc%5Etfw">March 23, 2023</a></blockquote><p class="MsoNormal">The sale resulted in a loss as FTX's bankruptcy attorneys urgently sought to raise funds to reimburse the clients of the failed exchange. Not long ago, FTX's creditors greenlit the retrieval of $460 million from the venture capital firm, Modulo Capital, which had secured investments from Alameda Research the previous year.</p><p>OKX Opens New Offices in Hong Kong and Australia</p><p class="MsoNormal">The OKX crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> has not only informed about the $157 million transfer to debtors but also heralded the opening of its new office in Australia in the coming months. The disclosure was shared during an exclusive event for Australia's cryptocurrency enthusiasts at the Melbourne Arts Centre.</p><p class="MsoNormal">"Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we're committed to the local market and aim to build a strong local office,&quo