No, Coinbase Has Not Relisted XRP

Late on Thursday, some cryptocurrency market participants got excited to see XRP on Coinbase, which was a surprise as earlier this year, on January 19, Coinbase “fully” suspended trading in XRP.

The San Francisco-based cryptocurrency exchange announced the delisting of XRP back in late December, just like the majority of the trading platforms in the country. The delisting came in the light of the Securities and Exchange Commission (SEC) charging Ripple and its two key executives, co-founder Chris Larsen and CEO Brad Garlinghouse, for the sale of $1.3 bln unregistered securities.

But on Sept. 9, some users found XRP markets on the exchange that gave way to speculation that Coinbase has relisted the crypto asset.

But then, a few hours later, Coinbase put an end to it all, saying it was a technical issue.

“As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable,” clarified the exchange on Twitter.

Still, this was enough to send the price of XRP soaring from $1.1 to $1.244 but only to drop back to $1.04 a few hours later. As of writing, XRP is trading at $1.10 with a market cap of $51 bln as the 7th largest crypto asset.

While some people were excited about their favorite crypto asset being back on the biggest cryptocurrency exchange in the US, others saw this “issue” as Coinbase striking at the SEC for hindering its plans to launch its new lending product.

As we reported earlier this week, Coinbase shared that they have received a Wells Notice from the SEC for its Coinbase Lend product that allows its users to earn interest on their crypto holdings, starting with 4% on USDC.

Interestingly, Ripple CEO Garlinghouse tweeted the Die Hard GIF with the text “Welcome to the party, Pal” to Armstrong’s tweet discussing the “really sketchy behavior” from the SEC.

The same day, Garlinghouse released a blog post on the Ripple website titled “The SEC’s Attack on Crypto in the United States.”

“With the latest SEC cryptocurrency regulation tightening its grip on greater investor protection on digital currency, we remain confident after reviewing the SEC’s complaint today that we are on the right side of the law and of history.”

“Nothing will fundamentally alter our trajectory.”

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Author: AnTy

Crypto Companies Raising Capital, Working with Regulators, and Building Cash Reserves for Prolonged Downtrend

Amidst the increasing regulatory scrutiny over the cryptocurrency industry, UK-based crypto exchange Coinpass said it had received approval from Britain’s Financial Conduct Authority (FCA) to operate in the country as a crypto asset company.

“We’re exceptionally pleased to be among one of the first UK-based cryptocurrency Trading Exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a crypto-asset firm,” Coinpass CEO Jeff Hancock said in a statement.

Prepare For A “Crypto Winter”

In the meantime, UK-based Blockchain, which is one of the longest operating firms in the crypto space, is building out its cash reserves in preparation for a ‘crypto winter’ on the horizon.

“I think when I look out over the space right now, there’s going to be a lot of folks who are unprepared for that,” said CEO and co-founder Peter Smith in an interview.

But not just for a prolonged downturn, a bear market, but Blockchain is working on making sure they’re here in 2030 too. The company recently obtained a $5.2 billion valuation after several rounds of funding this year alone.

Much like Blockchain, US-based Coinbase has also amassed $4.36 billion in cash to prepare for a “crypto winter” so that they can “continue to grow our products and services” even then, said Chief Financial Officer Alesia Haas last month.

Besides a bear market, the funds were stockpiled to weather a host of other business risks, including the stricter regulatory regime, potential trading declines, or possible cyberattacks, she added.

According to The Scoop podcast, 75% of Coinbase’s large hedge fund clients own assets outside of Bitcoin. Also, its institutional division has hundreds, about 250 outstanding requests from traditional finance firms to leverage their technology to build crypto products.

Shifts In The Crypto Industry

Leading cryptocurrency exchange Binance, as we reported, is planning to take its US-based entity public in the next three years. Also, the exchange is rumored to be considering obtaining investment from government funds at a valuation of $200 billion.

“Likely that soon binance will publicly confirm their raise rumored at $200bn. This will catalyze a fire under the exchange token sector as late-stage beta chasers scramble for exposure,” noted mgnr. “FTT is likely the largest beneficiary of this rotation.”

FTX’s native coin is already enjoying an uptrend, up 40% in the last 7-days and trading around $69 after hitting a new all-time high of almost $70 a few hours back.

Just this week, FTX.US acquired CFTC regulated LedgerX in order to offer its US-based users the option to trade derivatives products, futures, options, and swaps for Bitcoin and Ether.

While Binance has been in the regulatory limelight and other popular exchanges Huobi and OKEx have been tightening their derivatives rules following China’s crackdown on leverage trading, with FTX following the regulatory rule book, it is working in the exchange’s favor.

FTX’s partnerships and regulatory relationships, while aggressively ramping up its marketing efforts, push it among the top crypto trading platforms.

“Binance still reigns supreme in global spot markets,” Kaiko wrote in its weekly report, “but as we know by now in the rapidly shifting crypto industry, exchange dominance is tenuous.”

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Author: AnTy

BTC Shoots Above $50k as Funds Start Recording “Modest” Inflows, Ether’s Inflation Rate on A Downtrend

Bitcoin has hit $50,000 yet again.

The leading cryptocurrency went as high as $50,350 on Coinbase today, a level last seen on August 23rd and before that May 15.

Confidence is returning in the second leg of the bull market as bitcoin recovered sharply from its July low of around $28k.

“Purely from a TA basis, it looks like if $50 goes (it prob will), $58k will be on deck in no time. Then it’s a battle for new ATHs and potentially beyond,” said Travis Kling, who’s running Ikigai Fund.

The price appreciation, more importantly, has come during a period of the lowest spot volume in the last year, which has been due to seasonality. Kling added,

“The biggest risk to this scenario playing out is increased tapering fears. That was a much bigger concern pre-Jackson Hole. But Powell seems content to punt on tapering at least until YE. If we print strong jobs numbers in the coming months, there’s risk that timeline moves up.”

The price action turned positive as Bitcoin fund flows finally stabilized and even recorded inflows, though modest, for two consecutive days, according to ByteTree data. Transaction counts are picking up from low levels as well, up from 1.35 million in early July to now approaching 1.75 million.

Additionally, “miners inventories have now peaked, and they are selling again. This is normally bullish as it implies the market is strong enough to take the pressure,” noted Charlie Morris of ByteTree.

While Bitcoin (BTC) finally made a big move, Ethereum (ETH) has been leading the market this time around.

The second-largest cryptocurrency rallied high at nearly $3,845 late on Wednesday, a level last seen on May 16, just four days after hitting ATH at $4,380. Since July 20 low, Ether has soared 122% in value.

ETHBTC also surged to roughly 0.0785, not seen since May 19th, after breaking out of a multi-year long-term wedge.

All of this has been while ETH perpetual record low funding rates leading to optimism that this breakout can run even higher.

However, according to Loomdart, popular crypto trader, it might be time to deleverage here as “think a lot of catch up leverage stepped in yesterday to kinda hope other L1 strength can be matched, think we go higher eventually regardless, but yeah not bad place to tp,” he said.

Amidst the rising price and continued NFT mania, average gas fees on the network have risen past 136 Gwei, which is leading to more burns. 170,000 ETH worth $545 mln has been burned since EIP 1559 was implemented on August 5.

OpenSea’s contracts alone contributed to 30.67% of all ETH burned (~27k ETH), followed by Uniswap V2 and V3 contracts contributing 20.44%.

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This increasing amount of ETH getting burned has resulted in Ether’s annualized daily inflation falling to 1%, from ~3% before EIP-1559 activation. This week’s data revealed sub 1% inflation rates, hovering around 0.6% annual inflation, which is significant.

“Although it’s unlikely that this sustains until the PoS merge, EIP-1559’s impact on ETH’s inflation is the equivalent of two BTC halvings (using 3% as pre-London inflation),” noted Delphi Digital.

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Author: AnTy

SEC Official Criticizes Crypto’s Role in Upholding Rising Fraud Trend

SEC Official Criticizes Crypto’s Role in Upholding Rising Fraud Trend

Crimes in the cryptocurrency industry are no new thing. Fraudsters and scam artists continue to prey on the knowledge gap that exists between investors and the crypto space, even though the industry itself has matured significantly.

However, the continued prominence of these criminal organizations is once more drawing criticism from regulators in the United States.

‘Flavor Of The Year’

Earlier this week, an official of the U.S. Securities and Exchange Commission (SEC) tore into crypto scams, calling them the ”flavor of the year” for fraudsters. Peter Diskin, who works as an Assistant Director at the SEC’s Atlanta office, explained that fraudsters had been known to leverage several popular sectors to run their scams at a virtual event. It appears that crypto is now a hotbed for them.

Diskin pointed out that most crypto scams tend to play on peoples’ feelings and the fear of missing out (FOMO). Many individuals have seen how big Bitcoin and several other large-cap assets have grown in the past few years, and they want to get in on the action. Sadly, this is a loophole criminals use to commit crimes.

The official also explained that crypto is an attractive spot for international scammers because of its anonymous nature. Money can easily be moved from a bank account in the United States to some location overseas using crypto. So, tracking and compliance are challenging.

In truth, scams and fraudulent operations in crypto have continued to grow – even in the past year. Recently, the Commodity Futures Trading Commission (CFTC) reported that it had gotten over 7,000 complaints of reported crypto and digital asset scams between October 2020 and May 2021. The report pointed out that the median loss stands at $1,900, marking a 12-times increase in complaints and a 100-times jump in median losses from the same period a year earlier.

Emma Fletcher, a program analyst at the agency, pointed out that crypto enthusiasts are known to gather online to discuss their favorite coins. With prices skyrocketing in the past few months, these discussions have become more rampant, and scammers can now “blend into the scene with claims that can seem plausible.” These scammers also take advantage of their victims’ relative ignorance, who see crypto as a means to get rich quickly.

Celebrities Need to Be More Careful

Besides the ignorance of victims, Diskin also criticized celebrities who promote cryptocurrency projects and scams. Some have knowingly lent their credibility to scam projects, while others have been conned into promoting them.

Indeed, there have been several crypto scams affiliated with celebrities in the past. Names like Kevin Hart, Floyd Mayweather Jr, DJ Khaled, and Clifford “T.I” Harris Jr. have all been indicted at some point in connection with crypto scams.

Veteran actor Steven Seagal was indicted for promoting a crypto mining scam operation that reportedly duped over 500 investors. The investors lost about $11 million to the scammers. Seagal eventually agreed to pay $300,00 in fines for endorsing the project.

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Author: Jimmy Aki

Popular DEX Aggregator 1Inch Completes Deployment on Optimism Ethereum Network

Cryptocurrency aggregator 1Inch has announced the successful deployment on the Optimism Ethereum mainnet.

The development signals a move from 1Inch that should primarily address rising transaction costs and lengthy withdrawal wait times. 1Inch is hoping to optimize its platform’s performance for users, and this is a great way to go.

Better Performance for 1Inch

As a data aggregator, 1Inch collects data from decentralized exchanges across the industry and offers users insights into the best price to trade. This way, users don’t need to go hopping from one platform to another in search of profit maximization opportunities.

Sergej Kunz, 1Inch’s chief executive, explained that the deployment of Optimism’s mainnet will ensure that the company can dramatically improve transaction speeds.

Optimism Ethereum is a layer-2 scalability solution developed to run with the Ethereum blockchain and improve its performance. Thanks to compatibility with the Ethereum Virtual Machine (EVM), services will be able to connect their infrastructure directly to it.

Optimism works on the principle of optimistic rollups, which batch transactions off the Ethereum blockchain to lighten the chain’s load. From there, the transactions are grouped into a single block and validated at once.

While the technology is promising, there is still some work to be done. The Optimism Ethereum network can process up to 0.6 transactions per second (TPS). Yet, the team is hopeful of its potential. They believe the network’s numbers can jump to about 2,000 throughputs, following a series of tests and infrastructure optimizations.

However, there’s a significant lag with withdrawals. While the network credits deposits almost instantly, withdrawals are only confirmed after a 7-day waiting period. The developers are currently working on a “fast withdraw” feature that will significantly improve that metric.

Can’t Wait for Ethereum 2.0 Anymore

So far, slow transaction time and gas fees have been pressing issues for DeFi. Many top protocols first launch on the Ethereum blockchain, and this popularity has seen the second most valuable crypto protocol battle with scalability issues.

Gas prices have dropped since their highs earlier this year, but this is attributable to the crypto market crash of May that saw the market overrun by the bears. If the current rally stretches on, these prices could be on the rise again pretty soon.

In a bid to address this issue, many decentralized applications (dapps) platforms have begun seeking alternative protocols – giving rise to competing chains like Polkadot, Solana, and the Binance Smart Chain (BSC). Ethereum itself is currently on the way to its Ethereum 2.0 upgrade, which will make the chain more scalable on both fronts. But, Ethereum 2.0 most likely won’t come until 2022. So, dapp projects are left with no choice but to find innovative ways to satisfy their users.

1Inch is just the second DeFi protocol to launch on Optimism Ethereum in as many months. Back in July, UniSwap, the second-largest decentralized exchange, launched its v3 update on the network as well. As expected, the launch was geared at optimizing performance across the board.

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Author: Jimmy Aki

Open Interest & Funding Rates Indicate “Lack of FOMO” in Crypto Market

Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market

Instead of an elevator, Bitcoin seems to be taking the staircase to the almost $65k all-time high as Crypto Twitter (CT) gets increasingly convinced that we are in the second inning of the bull market.

BTC is currently trading above $46,500, up from $29,350 low on July 20, recording 56.6% year-to-date gains.

The next levels for the leading cryptocurrency to reach are $48k and $50k.

To start the week, the market found strength on Asia open, but the European and North American sessions saw sellers push most things lower, noted Delphi Digital.

Ether is also enjoying the support above $3,000 as it hovers around $3,250, up 333% YTD. ETHBTC has also been trading near 0.07 since earlier this month.

As we reported, the buzzing, however, has been around coins like SOL, YGG, and LUNA that are hitting fresh all-time highs while DeFi and meme coins are also enjoying a bounce.

SOL actually hit another ATH a couple of hours back at $74, currently in a euphoric mode and sitting at the 10th spot with a $20.8 billion market cap, a step under Polkadot (DOT), a $27 billion project trading at $26.55. SOL 3.68% Solana / USD SOLUSD $ 64.70
$2.383.68%
Volume 4.06 b Change $2.38 Open $64.70 Circulating 286.44 m Market Cap 18.53 b
11 h Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 d Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs

Projects from the Solana ecosystem like Audius (AUDIO) and Arweave (AR) are also enjoying gains. AUDIO 7.90% Audius / USD AUDIOUSD $ 2.89
$0.237.90%
Volume 912.65 m Change $0.23 Open $2.89 Circulating 400.24 m Market Cap 1.16 b
11 h Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs 9 mon Blockchain-Based Music Streaming Platform, Audius, Moves to Solana Due to Scaling Issues on Ethereum
AR 11.17% Arweave / USD ARUSD $ 21.68
$2.4211.17%
Volume 64.25 m Change $2.42 Open $21.68 Circulating 33.39 m Market Cap 723.94 m
11 h Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 d Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs

Ethereum, Terra, and Solana are also leading the way in the DeFi as the total value locked (TVL) in the sector reaches $148 billion, rapidly approaching new ATHs.

While not a perfect measurement of adoption, TVL does show “how much value people are entrusting to smart contracts,” said Ryan Watkins of Messari, noting Ethereum TVL has climbed to $116 billion, with Aave (AAVE) and Curve (CRV) being at the forefront. Compared to Terra’s $5 billion, Solana printed a new ATH at $2 bln. AAVE -7.73% Aave / USD AAVEUSD $ 381.13
-$29.46-7.73%
Volume 662.49 m Change -$29.46 Open $381.13 Circulating 12.96 m Market Cap 4.94 b
2 mon Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 3 mon Software Provider Temenos Enables Crypto Trading for Banks 3 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
CRV -9.34% Curve DAO Token / USD CRVUSD $ 1.93
-$0.18-9.34%
Volume 246.9 m Change -$0.18 Open $1.93 Circulating 402.48 m Market Cap 774.97 m
11 h Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 w Spot Volume Fell to Lowest Level of 2021; Derivatives Continue to Gain Market Share with NFTs 1 mon Digital Asset Bank Sygnum Now Offers Ethereum 2.0 Staking To Clients

Other popular chains include Polygon (MATIC) at $6 billion, which has drawn the attention away from BSC, which now only has $20 bln in TVL. MATIC -5.18% Polygon / USD MATICUSD $ 1.35
-$0.07-5.18%
Volume 1.25 b Change -$0.07 Open $1.35 Circulating 6.46 b Market Cap 8.71 b
11 h Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 4 d Poly Network Declares the Hacker a “White Hat” After He Returns Almost All the Stolen $610 Mln 4 d Kimchi Premium Turns into A Discount, Binance Removes Korean Won Trading Pairs & Trading Options

Degens Aren’t Here Yet!

As we have been reporting, the latest strength in the market has not been on the back of leverage which was very heightened in April and May, painting a bullish picture.

Currently, the market is gradually moving towards its peak without the leveraged long traders, just like when the market broke 2017 ATHs at the end of 2020 and the beginning of 2021.

As of writing, the highest funding rate on Bitcoin perpetual contracts is 0.02% on FTX, while on some exchanges like OKEx and BitMEX, it is still in the negative, according to Bybt. Traders are not in a rush to get long BTC, meaning frothy conditions are way off.

As for the open interest, it is currently at $16.53 bln on Bitcoin futures and $8.72 billion on Ether futures.

With price “moving at a faster pace than open interest, implying some degree of doubt from futures/perp traders that this rally is real. Or in crypto terms — a lack of FOMO,” said Delphi Digital.

While ETH’s structure looks fairly similar to Bitcoin, the difference between price and open interest growth is a little wider. This lower leverage implies a healthier market with less fuel for liquidations and stop hunts.

In the options market, premiums increased as people bought calls to speculate on the upside, but implied volatility also increased significantly that could signal the market’s expectation of near-term pullback, it added.

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Author: AnTy

Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump

The total market value of the cryptocurrency has risen above $2.11 trillion on Monday, down just 19% from its May 12 all-time high of $2.61 trillion.

This spike in the overall crypto market cap came as Bitcoin went above $48,000 only to slide back just under $46k. Reaching the highest level since May 16 is showing its staying power above its 200-day moving average.

To start the week, a US Securities and Exchange Commission (SEC) filing by the Northern Investment Advisors disclosed that the Denver-based wealth management firm increased its Grayscale Bitcoin Trust (GBTC) holdings to 8,955 as of June 30, from 4,811 shares at the March-end.

The second-largest crypto Ether went past $3,345 and is currently trading just over $3,200, last recorded during the May 19 sell-off. ETH/BTC is also maintaining its support at around 0.07.

“Bitcoin continues above its critical 200-day moving average,” wrote Fundstrat strategists in a note Friday. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.

The biggest gains over the past week have been seen by Ravencoin (65.5%), XRP (64.7%), Axie Infinity (63.2%), Solana (62.7%), Terra (60%), Cardano (52.8%), Waves (51%), Holo (46%), Dogecoin (46%), Arweave (45.2%), and Polygon (42.1%).

And in the past 24 hours, AR, SOL, LUNA, DOGE, and SHIB really started going up.

Trader DonAlt, however, isn’t confident in the bullish market setup given that retail favorites DOGE and SHIB are pumping.

“I’ll give it 10-30 days and will cut every position I’ve got no matter how much I like the setup as we approach that window,” said the trader.

“Hope there is some retail blood left to squeeze otherwise we’ll be the bagholders this time.”

Much like the revival of meme coins, the DeFi ecosystem is also back on track, with the DeFi market cap surpassing $122 billion, the highest level since May 19th and nearing the May 12th peak of $150 billion.

Meanwhile, the latest gains came despite the fact that the amendment in the crypto provision of the trillion-dollar infrastructure bill failed to win as the original bill passed the Senate and is now in the House.

“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on Saturday. “We interpreted this price action as extremely bullish,” and, “we think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay.”

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Author: AnTy

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

With this crypto move, the eCommerce company aims to enable a broader set of payment options for its customers.

After e-commerce giant Amazon, multinational retail corporation Walmart is the latest company to hire a crypto lead.

Less than 24 hours back, the company posted a job for a digital currency and cryptocurrency product lead. For this job, Walmart requires someone passionate about Digital Currencies and would be responsible for developing the digital currency strategy and product roadmap at the company.

“As one of the largest retailers and e-commerce companies, Walmart enables a broad set of payment options for its customers.”

The cryptocurrency lead will drive the Digital Currency strategy for Walmart and identify crypto-related investment and partnerships.

For this position, one needs to have a Bachelor’s Degree, over a decade-long experience in product management, technology commercialization, and of course, have experience in the cryptocurrency ecosystem and related technologies as well along with the knowledge of the players involved in the rapidly growing industry.

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Author: AnTy

FTX Exchange Raises $900M At $18B Valuation; Binance Is Out, Coinbase and Many Big Giants Are In

Two-year-old cryptocurrency derivatives platform FTX has completed a series B fundraising round, the largest private equity round in the industry of a whopping $900 million.

With this, FTX now has a valuation of $18 billion, up from a mere $1.2 billion a year ago. This may feel fast, but it is the world “going in slow motion” while FTX is “going normal speed,” according to the founder and CEO Sam Bankman-Fried.

This makes sense given that FTX is the most rapidly growing business in the cryptocurrency space which has signed multiple high-profile marketing deals [Tom Brady & Gisele Bundchen Ambassadors, MLB Partnership, eSports Team TSM, FTX Arena, and Blockfolio Acquisition] to spread the word. The company also plans to use this fresh capital to expand its product offerings and for other investments.

“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, said Bankman-Fried.

With this latest funding, 29-year old CEO Bankman-Fried, who previously worked for quantitative-trading giant Jane Street Capital LLC, has seen his riches grow by at least $7.9 billion.

Bankman-Fried who owns 57% of the company shares is now worth $16.2 billion and is the wealthiest known crypto billionaire, as per Forbes.

More than 60 Participants

The exchange raised the funds from a vast number of big names, more than 60, that includes the Paul Tudor Jones family, British hedge fund manager Alan Howard, Silicon Valley venture capital firm Sequoia Capital, hedge fund billionaire Daniel Loeb’s Third Point, private equity giant Thomas Bravo, another hedge-fund billionaire Israel Englander, and SoftBank Group.

Paradigm, Sino Global Capital, Circle, VanEck, Ribbit Capital, Insight Partners, Lightspeed Venture Partners, Altimeter, BOND, NEA, Willoughby Capital, 40North, Senator Investment Group, Multicoin, and Hudson River Trading also participated.

“Absolutely ecstatic to let you know that Sino Global Capital participated in FTX’s Series B round (in retrospect, it was inevitable),” tweeted Matthew Graham, CEO at Sino Global Capital.

“Today, SBF is no longer merely a titan of crypto. He’s now a titan of business, and he and our good friends at FTX are just getting started.”

Exchanges Making Strategic Investment

Amidst this, leading crypto exchange Binance recently exited its position in FTX. Binance made a strategic investment of an undisclosed sum in FTX in December 2019.

“We’ve seen tremendous growth from them, we’re very happy with that but we’ve exited completely,” said Binance CEO Changpeng Zhao.

“CZ” told Forbes that the withdrawal was part of “a normal investment cycle” and it was on good terms. “We’re still friends but we no longer have any equity relationship,” he said.

Coinbase meanwhile joined in through its investment firm Coinbase Ventures.

Coinbase recently made its debut on Nasdaq with an evaluation that briefly went past $100 billion and marked the Bitcoin top but FTX has no such plans yet. While “actively thinking about,” Bankman-Fried has no idea how this will end exactly, not to mention, there’s no “ticking clock on our need to go public.”

FTX has a native token FTT, a $3 billion market cap coin trading at $27.91, currently down over 56% from its all-time high above $63 two months back.

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Author: AnTy

Applying Travel Rule to Crypto, EU Proposes Prohibition of Anonymous Cryptocurrency Transactions and Wallets

Applying Travel Rule to Crypto, EU Proposes Prohibition of Anonymous Cryptocurrency Transactions and Wallets

The European Union says ensuring “full traceability of crypto-asset transfers” would help the crypto-asset industry develop in the region “as it will benefit from an updated, harmonised legal framework across the EU.”

The European Union is proposing to ban anonymous cryptocurrency transactions as well as wallets as part of its broader plan to combat money laundering and terrorist financing.

Companies that transfer Bitcoin and other crypto assets are required to collect details of senders and recipients to help authorities in cracking down on dirty money, EU policymakers proposed on Tuesday.

These latest efforts to tighten regulation of the crypto sector would apply travel rules to crypto transactions, making them traceable. It is already applicable to wire transfers.

The law proposed by the EU is one of the recommendations of the Financial Action Task Force (FATF), an inter-governmental watchdog. The Commission said in a statement,

“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.”

The information collected by the company handling the crypto assets for a customer will include name, address, date of birth and account number, and the name of the crypto asset receiver whose service provider must collect required information as well.

Besides anonymous transactions, anonymous crypto wallets will also be prohibited, much like anonymous bank accounts are already banned under EU anti-money laundering rules.

The European Parliament and the EU states will be deciding the fate of these proposals as such could take about two years to become law.

According to the EU, these proposals are designed to “find the right balance between addressing these threats and complying with international standards while not creating excessive regulatory burden on the industry,” helping the crypto-asset industry develop in the region “as it will benefit from an updated, harmonised legal framework across the EU.”

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Author: AnTy