Binance, the world’s largest crypto exchange by volume, has acquired Sakura Exchange BitCoin (SEBC). As SEBC is already regulated by Japan’s Financial Services Agency (FSA), the acquisition will allow Binance to reenter the country. Binance said Japan will play a key role in the continued adoption of crypto given the size of its economy and its “huge potential in the emerging Web3 industry.”
Crypto prices today: Bitcoin up 1.3%, ETH rises 1%
Bitcoin is currently trading at $17,115.88, an increase of 1.38% over the previous day. Ethereum rose 0.96% over the last 24 hours to $1,282.82. Solana rose 1% to $13.86, while Cardano is trading higher by 0.5% at $0.316. Avalanche (AVAX) is up 1.22% to $13.08. The global crypto market cap stands at $859.51 billion, a 0.73% increase over the previous day.
Uniswap launches new NFT aggregator
Uniswap is launching an NFT aggregator on its website, five months after acquiring NFT trading aggregator Genie and its founder Scott Gray. Users can view non-fungible token (NFT) listings and global floor prices across seven marketplaces. They can also bulk-buy NFTs in a single transaction and list NFTs for sale across marketplaces. It offers 15% cheaper gas fees than other NFT aggregators.
Telegram plans to build decentralized crypto exchange
Messaging platform Telegram has announced plans to build a decentralized crypto exchange. The company would start building “non-custodial wallets” and “decentralized exchanges” that would let millions of users safely trade their crypto. Telegram founder Pavel Durov called for steering the industry back towards decentralized applications and away from having to trust third parties.
Bitcoin custody firm Casa to add ETH support
Casa, a popular Bitcoin self-custody firm, is adding Ethereum support to its platform. The company has announced plans to launch a refreshed app, with an enhanced look and feel that will improve user experience. Casa will also introduce Ethereum storage and new membership plans in the upcoming months.
Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the fund size to over $2 billion. The fund would have a “loose” structure and be publicly visible on the blockchain. Binance first announced the launch of an “industry recovery fund” on November 14 to support firms that “are otherwise strong but in a liquidity crisis” amid the FTX collapse.
Crypto prices today: Bitcoin falls 1.5%, ETH down 2.4%
Bitcoin is currently trading at $16,434.13, a decline of 1.5% over the previous day. Ethereum fell 2.4% over the last 24 hours to $1,181.77. Solana fell 2.81% to $14.14, while Cardano is trading lower by 1.9% at $0.312. Avalanche (AVAX) is down 3.9% to $12.69. The global crypto market cap stands at $827.36 billion, a 1.29% decline over the previous day.
Singapore police probe Hodlnaut for alleged fraud
Singapore’s Commercial Affairs Department (CAD) launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud.” Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.”
Cardano DeFi project Ardana halts development
Ardana (DANA), a decentralized finance (DeFi) project built on the Cardano blockchain, has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations. The project was working on stablecoin minting and foreign exchange services. DANA token is down over 80% in the last 24 hours.
Indian crypto exchanges seek to reassure investors after FTX collapse
Indian crypto exchanges are implementing measures to provide full transparency on their reserve funds to win back investor confidence after FTX’s collapse. Co-founder of CoinDCX, Sumit Gupta, said his exchange will publish its proof of reserves by the fourth week of November. CoinSwitch has declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.
“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.
Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%
Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.
‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan
JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin.
Bahamas regulators confirm they directed SBF to move assets
The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.
Solana NFT protocol Metaplex announces layoffs
Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse.
Things have turned from bad to worse for the virtual digital assets industry, which comprises cryptocurrencies and NFTs. The second-largest crypto exchange in the world has collapsed, causing widespread sell-off and panic in the crypto markets. FTX has started bankruptcy proceedings in the US, and its CEO Sam Bankman-Fried has resigned. His net worth fell from nearly $16 billion to zero in three days!
In this article, we dive into the reasons behind FTX’s collapse and recent developments surrounding the crypto firm.
The Rise of FTX
In 2017, former Wall Street trader Sam Bankman-Fried (SBF) wanted to dabble in crypto and established a proprietary trading firm called Alameda Research. The firm offered digital asset products and their derivatives (financial contracts). Two years later, he founded FTX along with ex-Google employee Gary Wang. With its headquarters in the Bahamas, the crypto exchange sought to promote liquidity and transactions of various crypto coins and tokens. FTX connects crypto buyers & sellers and collects a commission on all transactions.
Users can deposit fiat money (USD or other govt-issued currencies) into their FTX account and use the funds to buy & sell crypto. FTX provided leverage to those who were willing to bet big on certain trades. [Leverage is extra money offered by the exchange so that you can trade in larger quantities and potentially make more profit or loss.]
The Case of FTT Tokens:
FTX also introduced its own crypto token called FTT. The company promised all token holders priority access to their trading platform (lower fees, no-cost withdrawals), giving FTT some credibility. Moreover, FTX used to buy its token using a portion of its revenue, which meant its price moved up sharply.
With institutional investors like Sequoia and Softbank, FTX quickly became the second-largest exchange in the world. Its daily volumes even touched $2 billion during its peak. The company also brought in Binance (the world’s largest crypto exchange) as an investor in its initial stages. Meanwhile, SBF developed a sort of cult following, and his net worth touched $17 billion at a point. His relationship with the media and young investors contributed immensely to FTX’s sudden growth.
SBF gave credit facilities to crypto lenders like Voyager and BlockFi when they were struggling to survive. He even sponsored F1 teams and entered politics.
Once FTX became popular, Sam Bankman-Fried bought out Binance’s stake in his company in 2021. Reports indicated that SBF may have feared strict regulatory action against Binance and wanted to part ways with it. Binance was paid $2.1 billion for selling the stake in FTX— partly in cash and the rest in FTT tokens.
So What Went Wrong?
Since Sam Bankman-Fried established FTX, he had convinced everyone that the firm had no links with Alameda Research. However, this doesn’t seem to be true. A report published by Coindesk on Nov. 2 claimed there was an unusually close relationship between the two entities.
The report stated that Alameda held FTT tokens at low prices (worth billions). Thus, when FTT’s prices increased, the value of Alameda’s assets also surged.
Using these highly inflated tokens as collateral, Alameda reportedly started borrowing money from various “unknown” entities. It has also been alleged that FTX transferred tens of billions of customer funds as loans to Alameda.
Thus, a fall in FTT’s value could severely hurt both firms due to their shared ownership.
Many started raising concerns about FTX’s financial health, risk management, and liquidity.
FTX vs Binance
Even though Binance supported FTX during its rise to the top, both firms have been bitter rivals. FTX has often threatened Binance’s dominance as a crypto exchange.
Earlier, we mentioned that Binance held FTT tokens. The company’s CEO, Changpeng Zhao (CZ) had been waiting for a perfect time to get back at SBF for his hostile comments on Binance. And this is what he did on Nov 6:
Binance’s position in FTT was around 5% of the total— worth around $580 million. Over the span of 2-3 days, $6 billion worth of FTT was withdrawn by investors, and the token crashed more than 90%! CZ was also vocal about the fact that FTX did not have enough cash reserves to process withdrawals. Eventually, FTX had to pause withdrawals on its platform due to a liquidity crunch (a lack of cash or easily convertible-to-cash assets).
(Source: CoinMarketCap)
If FTT’s price fell, Alameda Research’s balance sheet would be emptied in an instant. It would severely harm the firm, and the effect would spread to FTX, especially if it had loaned customer deposits to Alameda.
Recent Developments
In an interesting turn of events, CZ came to the rescue of FTX (well, sort of). On Nov 8, Binance’s CEO announced that the company would acquire FTX amidst its liquidity crisis. They even signed a non-binding agreement, intending to fully acquire FTX.com. However, CZ immediately pulled out of the deal the next day as rumours grew about FTX’s damaged balance sheet.
On November 11, FTX filed for Chapter 11 bankruptcy protection in the US., in a move that included its US platform and Alameda. Venture capital firm Sequoia marked down its $150 million investment in FTX to $0! Most investors were not aware of FTX’s related party dealings with Alameda. Softbank also had a $100 million exposure in the crypto exchange. A Reuters report has claimed that at least $1 billion of customer funds had vanished from FTX! To make matters worse, FTX was reportedly hacked, with more than $600 million stolen from its crypto wallets.
The U.S. Securities & Exchange Commission (SEC) and the Justice Department are investigating the serious allegations against FTX. The company and its CEO are definitely in deep trouble.
FTX’s collapse has raised serious concerns about the future of the crypto industry. It continues to face an uphill battle to regain the trust of retail investors across the globe. We’ve already seen crypto firms like Celsius and Voyager collapsing amidst a brutal “crypto winter”. Will FTX’s clients get their hard-earned money back? What are your thoughts on this entire issue? Let us know in the comments section of the marketfeed app!
Binance starts recovery fund for crypto projects facing liquidity crisis
Binance CEO Changpeng Zhao said his crypto exchange is setting up an industry recovery fund to help rebuild the industry. The fund help projects who are otherwise strong, but are facing a liquidity crisis. Other crypto firms like Tron, Huobi Global, and Poloniex will also support Binance in its initiative.
Crypto prices today: Bitcoin up 0.2%, ETH rises 0.5%
Bitcoin is currently trading at $17,752.9, an increase of 0.23% over the previous day. Ethereum rose 0.54% over the last 24 hours to $1,250.55. Solana rose 4.18% to $14.5, while Cardano is trading lower by 0.8% at $0.331. Avalanche (AVAX) rose 1.8% to $13.2. The global crypto market cap stands at $832.82 billion, a 0.71% decline over the previous day.
Bahamas Police investigating potential ‘criminal misconduct’ by FTX
A team of financial investigators from the Bahamas Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate potential criminal misconduct by FTX. The new investigation is a direct response to the events of Friday night when more than $650 million in funds left FTX in unauthorised transfers.
Binance CEO pushes for crypto self-custody
Binance CEO Changpeng Zhao called on members of the crypto community to take personal control of their digital assets using Trust Wallet. The push for self-custody comes as investors rethink how to keep their assets safe in the wake of crypto exchange FTX’s collapse and a subsequent hack that drained $600 million worth of coins from its wallets.
Acquired by Binance in 2018, Trust Wallet is a decentralized hot wallet facilitating the storage of cryptos and non-fungible tokens.
Crypto exchange AAX suspends withdrawals
Crypto exchange AAX has suspended activity, citing a scheduled upgrade that had been delayed by turbulent markets. The failure of a third-party partner means services will be delayed for as long as 10 days. Users’ balances have to be manually restored after a partner failed, causing the system to record abnormal data
Binance, the world’s largest crypto exchange by volume, has walked away from a proposed deal to acquire FTX. CEO CZ Zhao confirmed in a series of tweets that Binance would not pursue the potential acquisition of FTX. He cited reports regarding “mishandled customer funds and alleged US agency investigations.” FTX is now on the verge of collapse.
As per a Bloomberg report, the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating alleged violations at FTX.
Crypto prices today: Bitcoin falls 8%, ETH down 6.8%
Bitcoin is currently trading at $16,812.92, a decline of 8% over the previous day. Ethereum fell 6.8% over the last 24 hours to $1,194.64. Solana crashed 21.6% to $15.7, while Cardano is trading lower by 6.2% at $0.350. Avalanche (AVAX) fell 6% to $14.54. The global crypto market cap stands at $840.9 billion, a 7% decline over the previous day.
Crypto.com pauses withdrawals of USDC, USDT on Solana
Crypto exchange Crypto.com has suspended all deposits and withdrawals for Tether’s USDT and Circle’s USDC on the Solana network. The crypto platform’s announcement comes amid one of the more chaotic weeks in crypto history. Sam Bankman-Fried of FTX tentatively agreed to sell his exchange to competitor Changpeng Zhao of Binance.
OpenSea pledges to enforce NFT royalties after creator backlash
NFT marketplace OpenSea said it will continue to enforce creator royalty fees going forward. A royalty fee is set by the NFT artist or creator and typically falls between 5-10% of the secondary sale price. On Saturday, OpenSea said it was reconsidering its policy towards enforcing creator royalty fees on NFTs after many rival marketplaces had either rejected such fees or made them optional for traders to pay.
Crypto officials ask for clearer US regulatory policy after FTX collapse
The CEOs of Coinbase, Ripple, and Circle stated that the lack of a clear regulatory framework is the reason that the majority of crypto trading in the United States occurs on offshore exchanges (like the struggling FTX). The unprecedented collapse of industry heavyweight FTX has pushed regulators into overdrive, with FTX facing investigations from both the Justice Department and SEC.
Binance to acquire rival FTX amidst liquidity crunch
Binance has agreed to buy rival crypto exchange FTX, an outcome that followed days of speculation that FTX and Alameda Research faced a liquidity crisis. Concerns over FTX’s financial health reportedly triggered $6 billion of withdrawals in just three days. “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books,” said FTX founder Sam Bankman-Fried. FTX’s native token FTT has lost ~90% of its value this week.
To learn more about Binance’s takedown of FTX, click here.
Crypto prices today: Bitcoin falls 7.3%, ETH crashes 12%
Bitcoin is currently trading at $18,317.14, a decline of 7.3% over the previous day. Ethereum fell 12.8% over the last 24 hours to $1,291.2. Solana crashed 27% to $20.26, while Cardano is trading lower by 2.7% at $0.374. Avalanche (AVAX) fell 6.9% to $15.59. The global crypto market cap stands at $905.57 billion, a 7.8% decline over the previous day. The crypto market has been rocked by the near collapse of FTX.
Amid Tuesday’s crypto crash, leading U.S. exchanges Kraken and Coinbase reported connectivity issues. Both exchanges said the issues were affecting their website and mobile services. Coinbase faced outages across its Coinbase.com, Pro, and Prime platforms. Trading became fully operational on both exchanges after a few hours.
Dubai presses for crypto firms to open offices
Dubai is heavily recruiting crypto companies to establish themselves in the emirate. However, its Virtual Assets Regulatory Authority (VARA), a dedicated regulator for the industry, is yet to release a comprehensive regulatory framework that companies can use to create or launch products. Officials have now assured local companies that the framework will be launched by the end of the year.
NTT Docomo to invest up to $4 billion in Web3
Japanese mobile operator NTT Docomo intends to invest up to $4.1 billion to concentrate on Web3 technology. It also intends to establish a Web3-focused company in 2023. NTT Docomo highlighted the following four crucial web3 enabling features: security, a cryptocurrency asset exchange, a blockchain wallet, and token issuance.
Crypto exchange Gemini expands to 5 more European nations
Crypto exchange Gemini has expanded its offerings to five more European countries, bringing its presence on the continent to 12 nations. Traders in Croatia, Cyprus, Hungary, Romania, and Slovenia can access the over 100 cryptos available on the platform. Gemini will accept euros and pounds.
Crypto prices today: Bitcoin falls 4.5%, ETH down 5%
Bitcoin is currently trading at $19,841.79, a decline of 4.47% over the previous day. Ethereum fell 4.95% over the last 24 hours to $1,493.33. Solana crashed 10.99% to $28.03, while Cardano is trading lower by 4.07% at $0.386. Avalanche (AVAX) fell 7% to $16.86. The global crypto market cap stands at $981.56 billion, a 4.5% decline over the previous day.
Investors withdraw millions from FTX as Binance begins liquidating FTT token
After Binance CEO Changpeng Zhao declared that his company is liquidating its holdings of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated. Weekly stablecoin outflows from FTX stood at a whopping $451 million. Meanwhile, Binance has seen net inflows of more than $411 million over the same period.
Bank of Korea tested NFT trading, remittances with CBDC: Report
As per reports from a local media outlet in South Korea, the Bank of Korea (BoK) has developed and tested a program that facilitates cross-border remittances by linking different central bank digital currencies (CBDC) from other countries. The central bank had recently completed a 10-month experiment into a digital South Korean won. It also tested the use of its CBDC to purchase non-fungible tokens (NFTs).
Google Cloud has announced an innovative collaboration with Solana. It will join the Solana network and incorporate Solana into its diverse range of products and services. The company will run a Solana validator that generates blocks, allowing it to participate in and validate the Solana network. Google Cloud has also been collaborating with Solana to bring its Blockchain Node Engine to the Solana ecosystem.
Crypto prices today: Bitcoin falls 1.8%, ETH down 2.7%
Bitcoin is currently trading at $20,796.93, a decline of 1.79% over the previous day. Ethereum fell 2.7% over the last 24 hours to $1,572.01. Solana crashed 11.93% to $31.54, while Cardano is trading lower by 4.1% at $0.403. Avalanche (AVAX) fell 6.6% to $18.18. The global crypto market cap stands at $1.03 trillion, a 2.36% decline over the previous day.
Crypto wireless carrier Helium Mobile to power Solana’s smartphones
Nova Labs (the company behind Helium Network) and a crypto-powered cellular service Helium Mobile will provide SIM cards and free trials to customers of Solana Labs’ new Saga phones. Saga phones sold in the U.S. will get a 30-day free subscription to Helium Mobile. These phones are Solana’s flagship Android device, tightly integrated with the Solana blockchain.
UK bank Santander to block payments to crypto exchanges
UK bank Santander is set to block real-time payments to crypto exchanges next year to protect consumers from scams. From Nov. 15 onwards, payments to crypto exchanges using mobile and online banking will be limited to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. The new rules will not impact the ability of customers to make withdrawals.
Binance to liquidate its entire position in FTX tokens
Binance CEO Changpeng Zhao said his crypto exchange is liquidating its holdings of FTT, the native token of rival exchange FTX. The decision follows weeks of criticism directed at FTX’s founder and Chief Executive Sam Bankman-Fried for regulatory proposals he put forth in a blog post which recommended restrictions regarding decentralised finance (DeFi).
Singapore starts two token pilots with Standard Chartered, HSBC
The Monetary Authority of Singapore (MAS) is starting two new pilot projects to explore the use of tokens in trade finance and wealth management. Standard Chartered will lead the first pilot to explore tokens for trade finance. The other pilot will look at tokenisation of wealth management products. The wealth management pilot involves HSBC and UOB working with Marketnode, a digital asset platform built by the Singapore Exchange (SGX) & Temasek.
Crypto prices today: Bitcoin falls 1.1%, ETH down 2%
Bitcoin is currently trading at $20,391.03, a decline of 1.13% over the previous day. Ethereum fell 2% over the last 24 hours to $1,561.09. Solana is down 4.36% to $31.64, while Cardano is trading lower by 4.6% at $0.392. Avalanche (AVAX) fell 7.2% to $18. The global crypto market cap stands at $1.01 trillion, a 1.54% decline over the previous day.
Crypto is the ‘only stable thing’ amid financial turmoil: Binance CEO
Despite a crypto crash that has seen Bitcoin crash over 70% from $69,000 to its current value of around $20,000, Binance CEO Changpeng ‘CZ’ Zhao argued that cryptocurrency is “probably the only stable thing in this very dynamic environment.” He said that while crypto prices are volatile, “if you look at the technology, if if you look at the fundamentals of cryptos, limited supply, nothing has changed.”
Talos onboards Amber Group for liquidity
Institutional crypto trading platform Talos has onboarded Amber Group as its newest liquidity provider amid increased demand for crypto trading and investing in the Asia Pacific region. The partnership will allow Talos’ users to source liquidity for their trades from Amber Group’s WhaleFin platform. It would help drive the institutional adoption of cryptos as large trades are matched or sold in a short period using Talos’s infrastructure.
Hong Kong declares plans to be a crypto hub again
Regulators of Hong Kong declared the city’s ambitions to be a virtual asset hub. The government announced that it will hold consultations for allowing retail investors to invest on licensed platforms. It is also open to considering virtual asset futures exchange-traded funds (ETFs).
Financial services giants Visa, PayPal, and Western Union are among the notable firms that filed new trademark applications involving crypto and Web3-related products and services in the past week. Visa is planning to create a crypto wallet and explore its options in the Metaverse. Paypal aims to launch a “downloadable software” for storing and trading all types of crypto tokens.
Crypto prices today: Bitcoin falls 2%, ETH down 3.2%
Bitcoin is currently trading at $20,494.3, a decline of 2% over the previous day. Ethereum fell 3.23% over the last 24 hours to $1,583.87. Solana is up 0.12% to $33.22, while Cardano is trading lower by 4.55% at $0.401. Avalanche (AVAX) fell 0.55% to $18.58. The global crypto market cap stands at $1.01 trillion, a 2.02% decline over the previous day.
Binance to help Elon Musk use crypto to battle Twitter bots
Binance is creating an internal team to help Twitter fight bot accounts using blockchain and crypto. The crypto exchange is pledging $500 million towards helping bridge social media and news to Web3. Elon Musk completed a $44 billion acquisition of Twitter last Thursday. The world’s richest man has repeatedly complained about spam accounts on the social media platform.
El Salvador and Lugano sign agreement to spread BTC adoption
El Salvador and the city of Lugano, Switzerland, have signed a Memorandum of Understanding on economic cooperation aimed at spreading Bitcoin (BTC) adoption. The partnership will support “initiatives to drive the adoption of Bitcoin and other cryptos across their respective regions.” Tether, the company behind USDT, is working to make Lugano a crypto hub where people can spend BTC and stablecoins.
Dogecoin jumps 98% in a week following Musk’s Twitter acquisition
Popular meme coin Dogecoin surged more than 98% in a week after Tesla CEO Elon Musk sealed a $44-billion deal to take over Twitter last week. The rise in popularity of Dogecoin can be partly attributed to Musk’s multi-year relationship with the token. He has referenced the coin in numerous tweets and adopted it as a method of payment for some products and services offered by his companies.
Meta’s metaverse division reports $3.67 billion loss in Q3
Meta’s Reality Labs metaverse division lost over $3.6 billion in the third quarter of 2022, compared to $2.63 billion at the same time last year. According to the quarterly report, Meta’s Reality Labs has lost over $9.43 billion year-to-date. Launched in August 2020, Reality Labs is Meta’s virtual and augmented reality arm that designs hardware and software, including Meta’s Oculus virtual reality set.
Crypto prices today: Bitcoin up 2.5%, ETH rises 4.2%
Bitcoin is currently trading at $20,745.16, an increase of 2.57% over the previous day. Ethereum rose 4.19% over the last 24 hours to $1,557.38. Solana rose 2.07% to $31.83, while Cardano is trading higher by 1% at $0.409. Avalanche (AVAX) is up 1% to $17.29. The global crypto market cap stands at $1 trillion, a 2.47% increase over the previous day.
Singapore proposes to ban crypto trading using leverage
The Monetary Authority of Singapore (MAS) has proposed restrictions on the use of credit or leverage when trading crypto. The rules would stop crypto firms from extending credit or leverage to retail customers and prevent them from accepting payments via credit cards. These rules would not apply to institutional investors.
Binance launches oracle network for BNB Chain ecosystem
Binance has launched an oracle network for its BNB Chain ecosystem, which will connect the blockchain to real-world data and vice versa. An “early bird program” involving ten BNB projects kicked off at the same time. Initially, Binance Oracle will provide index prices for the most popular digital assets.
SushiSwap approves restructuring; to create 3 firms for DAO
The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority. The proposal came after increased scrutiny over DAOs with the Commodity Futures Trading Commission suing Ooki DAO for alleged violations of U.S. investment laws. SushiSwap will now divide itself into three legal entities based in Panama and the Cayman Islands.
