Asset Manager and Investment Firms Abruptly Withdraw Futures-backed Ether ETF

Asset Manager and Investment Firms Abruptly Withdraw Futures-backed Ether ETF, Another Bitcoin ETF Heads to the SEC

Investment firms ProShares and VanEck have withdrawn their Ether Futures ETF that was filed only just this week.

On Wednesday, VanEck filed for an Ethereum-based ETF that would invest in Ether futures, Canada’s approved and listed Ether ETFs, private Ether funds, and ETPs with exposure to ETH. ProShares also filed for an Ether futures-backed ETF called ProShares Ether Strategy ETF on the same day.

And now before the week was even over, both the firms abruptly withdrew their applications which according to Eric Balchunas, Senior ETF Analyst for Bloomberg could be propelled by the SEC.

“As long we ONLY see the Ether ones ejected, I’d say that’s decent news for bitcoin ETF. Sort of like them saying, look, let’s baby step this, only bitcoin rn. Stop exciting the crypto trade pubs with all these filings,” said Balchunas.

$400 billion asset manager giant Neuberger Berman which filed to have its $164 million Commodity Strategy Fund to invest up to 5% in Bitcoin and Ether through futures, filed a fresh one this week to only include Bitcoin and to “replace” the original.

Earlier this month, SEC Chair Gary Gensler made remarks that suggested he would look favorably upon futures-based ETFs.

Currently, there are still a dozen physically-backed Bitcoin ETF applications filed with the SEC along with several based on Bitcoin Futures contracts.

Amidst this, a new crypto ETF has been filed with the SEC.

Investment management firm AdvisorShares that offers a range of themed ETFs submitted an application for AdvisorShares Managed Bitcoin ETF.

This ETF will not invest directly in Bitcoin but in exchange-traded futures contracts on bitcoin and collateral, as per the filing. Morgan Creek Capital will serve as the sub-advisor of the Fund.

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Author: AnTy

Binance Sends Final Warning to US Customers; 14 Days to Withdraw Funds

  • Binance continues its efforts to get rid of U.S customers on its platform.
  • Users should withdraw all their funds from the platform in the next two weeks.

The largest cryptocurrency exchange in trading volume, Binance, is hastening its efforts to sweep off every U.S. based customer off its global trading platform, Binance.com. According to a Decrypt report, the exchange is giving every U.S. registered customer 14 days to “close their positions and withdraw their funds” or risk having their funds locked.

Binance is imposing these stricter measures to comply with KYC/AML compliance regulations. It has previously been reported that the exchange warned users geo-tracked using their IP addresses to withdraw their funds from the platform in 90 days.

This followed a warning by CEO of Binance, Changpeng ‘CZ’ Zhao, back in July 2019 when announcing a partnership with BAM Trading to launch its U.S. trading platform, Binance US. At the time, CZ confirmed that a “few restrictions would be accompanying the new partnership,” with U.S. customers having access to fewer tokens and features.

However, the latest warning sent via email to U.S. registered users is the most serious yet from the exchange. An email shared by one of our followers said,

“Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person,” concerning the U.S registered customers using the platform.

The users have been given two weeks – ending December 8 – to clear their trading positions and withdraw funds from Binance.

“Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

The latest warning comes at the back of Binance US, adding Alabama to the states available for customers – with only eleven more states remain outside of the regional exchange’s network.

While the exchange does say the account will be locked, not all hope is lost for withdrawing user funds. It says users can contact customer support to try and get it temporarily unlocked.

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Author: Lujan Odera

Gemini Exchange Is Developing A Wrapped Filecoin Token (wFIL) for Ethereum; Backed 1:1

  • Winklevoss-backed exchange is building a wrapped Filecoin (wFIL) on the Ethereum network.
  • Users can withdraw and convert Filecoin (FIL) to wFIL on a 1:1 ratio.

Gemini cryptocurrency exchange is working on the launch of an Ethereum-based Filecoin (FIL) token – wrapped Filecoin (wFIL). The exchange is currently looking for developers interested in adding wFIL to their platform to enhance the decentralized file storage token usage on Ethereum.

On launch, users will be able to convert their FIL tokens stored on the Gemini exchange to wFIL in a 1:1 ratio and vice versa. Once converted, users can send and withdraw the wrapped tokens to any ERC 20 compatible address.

For transparency, all FIL tokens held in the Gemini exchange will be transferred to safe institutional-grade storage. This allows users to directly match the amount of wFIL in circulation to FIL backing the wrapped tokens.

FIL is the native token of Filecoin network, a decentralized file storage system that raised over $200 million in its public offering in 2017. The network launched its mainnet in mid-October, listing on three major exchanges before the event.

However, issues among Filecoin miners – who earn rewards for adding files to the network – on mainnet launch caused a slow hitch on the network taking off. 100% of miners’ rewards were held on the protocol for a vested period at launch, which saw miners operate at a loss.

FIL storage power surges over 40%

Chinese miners held a strike protesting the vesting period, which saw the overall network effective mining power decline. However, the miners seem to be back on their saddles, with the overall FIL storage power surging over 40% since the “strike days.”

Protocol Labs, the lead development team of Filecoin, activated a proposal to release 25% of miners’ rewards immediately without the vesting period on October 22 to increase the supply of FIL. The token is needed by miners as collateral to store the files.

As miners return to work, data shows the FIL storage power has grown over 40% in the past three weeks to 862.17 PiB, as of writing from 660 PiB on October 19.

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Author: Lujan Odera

Poloniex US Customers Need to Withdraw Assets from Circle ASAP to Avoid Fees

  • Poloniex US customers were told in October that they would need to withdraw their funds from Circle.
  • Customers that do not withdraw their assets are at risk of being charged custodial fees or losing their funds entirely.

On October 18th, 2019, Circle posted a blog to announce that Poloniex would be separating from the platform, creating an independent company called Polo Digital Assets, Ltd. In the meantime, Circle expressed that they would still be building up their “open, global, and accessible financial system.” The blog noted that there would be major changes, including that US customers would no longer be able to trade on the exchange by November 1st, and that customers could still access their funds and wallets through December 15th.

The first deadline has already passed, which means that consumers only have about 12 days left to withdraw their funds from Circle. To ensure that consumers don’t miss this deadline, Circle just posted another blog on the matter today, stating that there’s a chance that Circle will start charging fees to the Poloniex US customers still on their platform.

To warn customers, the blog explained that there are two fees that these customers leave themselves open to if they don’t withdraw their assets before the deadline:

  • A monthly service fee, charged for holding the assets on the platform.
  • A one-time fee, for leaving the account dormant.
  • The current regulations state that Circle is allowed to send unclaimed assets to state governments if they so choose.

The assets on Circle’s platform must be pulled by the customers by December 16th, or they will face a few actions that will make their circumstances much harder. First, they will no longer have access to the Poloniex US accounts. Then, the assets left in their account will become USDC and stored as such. Plus, customers are left at risk of being met with one of the above-mentioned fees.

The blog concludes by urging customers to “withdraw their assets as soon as possible,” offering a link that takes Poloniex US customers exactly where they need to go.

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Author: Krystle M