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Binance Starts Recovery Fund for Crypto Projects – Top Crypto Updates

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

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Coinbase Lays Off Over 60 Employees – Top Crypto Updates

Coinbase lays off over 60 employees

Coinbase is laying off more than 60 staff in its recruiting and institutional onboarding departments. The latest round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market. The company’s layoffs also come just five months after the exchange laid off 18% of its staff to prepare for what it said at the time could be an “extended crypto winter.”

Crypto prices today: Bitcoin up 3%, ETH rises 6.8%

Bitcoin is currently trading at $17,243.2, an increase of 3.05% over the previous day. Ethereum rose 6.8% over the last 24 hours to $1,258.91. Solana rose 10.2% to $17.1, while Cardano is trading higher by 2.4% at $0.360. Avalanche (AVAX) rose 3% to $14.87. The global crypto market cap stands at $869.91 billion, a 3.8% increase over the previous day.

FTX US warns users that trading could be halted in a few days

FTX US alerted users on a potential halt to trading functionality “in a few days”. The company is facing a severe liquidity crunch and attempting to raise money to keep it out of bankruptcy. Although FTX US has been referred to as a separate company from the global FTX.com business, the companies are intertwined. 

Following the news, millions of dollars worth of crypto have been pulled off FTX over the past couple of hours.

Crypto lender BlockFi halts withdrawals

Crypto lender BlockFi Inc. is pausing withdrawals and limiting activity on its platform, becoming the latest casualty of the sudden collapse of FTX. “Given the lack of clarity on the status of FTX.com, FTX US, and Alameda, we are not able to operate business as usual,” said BlockFi in a statement. The company also added that its priority is to protect its clients.

US senators commit to advancing crypto bill despite FTX collapse

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. If the DCCPA passes into law, the Commodity Futures Trading Commission (CFTC) would be granted an extension of regulatory powers over the crypto sector. 

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Binance Backs Out of Deal to Buy FTX – Top Crypto Updates

Binance backs out of deal to buy FTX

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.

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Binance to Acquire Rival FTX – Top Crypto Updates

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.

Kraken, Coinbase Suffer connectivity issues amid market crash

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.

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Gemini Expands to 5 More EU Nations – Top Crypto Updates

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).

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Coinbase Posts Q3 Loss as Volumes Drop – Top Crypto Updates

Coinbase revenue declines 28% in Q3 as trading volume falls

Coinbase reported net revenue of $576 million for the third quarter (Q3 CY22), down 28% from the previous quarter. Transaction revenue fell 44% compared to Q2 as fewer users were active on the crypto exchange amidst a brutal bear market. Coinbase’s monthly transacting users dropped 5% and trading volumes fell 27% during Q3. The company’s total loss stood at $544.6 million.

Crypto prices today: Bitcoin up 1.1%, ETH rises 1.7%

Bitcoin is currently trading at $20,572.75, an increase of 1.17% over the previous day. Ethereum rose 1.71% over the last 24 hours to $1,578.24. Solana is up 1.56% to $32.41, while Cardano is trading higher by 3.5% at $0.411. Avalanche (AVAX) rose 1.6% to $18.98. The global crypto market cap stands at $1.03 trillion, a 1.35% increase over the previous day.

Kraken launches 70 ETH, Solana NFT collections on new marketplace

Crypto exchange Kraken has launched the beta version of its new platform for its non-fungible token (NFT) marketplace. The launch includes a curated offering of 70 top-selling NFTs on the Ethereum and Solana blockchains. Users can buy and sell NFTs within the Kraken ecosystem without incurring blockchain network fees (gas fees).

Goldman Sachs to standardize crypto data for institutional investors

Wall Street giant Goldman Sachs plans to provide an online resource that explains and categorizes cryptos for institutional clients. The service, called Datanomy, will help institutional investors get data and insights into hundreds of coins and tokens. Datonomy is a joint project with global index provider MSCI and crypto data firm Coin Metrics.

Canada plans crypto, stablecoin consultation

Canada’s federal government announced that it is launching a consultation on “cryptocurrencies, stablecoins, and central bank digital currencies.” This includes a legislative review addressing the financial stability and security of virtual digital assets.

A section of Canada’s Fall Economic Statement (a mini-budget doc) stated that cryptos are “transforming financial systems” and the country’s financial regulatory frameworks have to “keep pace.”

India’s crypto, Web3 industry forms new advocacy body

India’s crypto industry has formed a new advocacy body almost four months after the previous one was disbanded. The body will be called Bharat Web3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX.

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Instagram Plans NFT Minting, Trading Tools – Top Crypto Updates

Meta’s Instagram plans NFT minting, trading tools

Instagram is developing an NFT minting and sale feature through its app. The upcoming “end-to-end toolkit” for NFTs will allow users to create and launch their own NFTs for sale through the social media platform. Instagram will use the Polygon blockchain for NFT minting. It will also pull NFT metadata from OpenSea so that collection names and descriptions can be viewed on the app.

[Non-fungible tokens (NFTs) are unique blockchain tokens that signify ownership over an asset, typically a piece of digital art.]

Crypto prices today: Bitcoin falls 0.2%, ETH down 0.7%

Bitcoin is currently trading at $20,335.57, a decline of 0.27% over the previous day. Ethereum fell 0.72% over the last 24 hours to $1,550.90. Solana is up 0.8% to $31.86, while Cardano is trading higher by 1.26% at $0.397. Avalanche (AVAX) rose 3.62% to $18.65. The global crypto market cap stands at $1.01 trillion, a 0.06% decline over the previous day.

Arweave’s native token surges 60% on Meta integration

AR, the native token of blockchain-based data storage solution Arweave, surged 60% as Meta said it will utilize the Web3 platform to archive its creators’ digital collectibles. The rally has boosted the token’s market cap to $838 million, making it the third-largest Web3 token worldwide. Instagram users can now issue digital collectibles for their posts stored on Arweave.

Robinhood’s crypto revenue declined 12% to $51M in Q3

Online trading brokerage firm Robinhood reported $51 million in crypto revenue in Q3 CY22, down 12% from $58 million in the second quarter. The company’s monthly active users (MAUs) fell to 12.1 million from 14 million in Q2 and 15.9 million in Q1 as “customers continued to navigate the volatile market environment.”

OpenSea rolls out two NFT theft protection features

OpenSea, the world’s leading NFT marketplace by trading volume, has launched new theft detection and prevention features. One feature detects and disables scam links shared on the platform, while the other identifies stolen NFTs and blocks their resale. The platform’s new theft prevention feature will proactively scan URLs to prevent malicious links from appearing on fraudulent collection listings.

India’s ‘Digital Rupee’ will be launched in November

The Reserve Bank of India (RBI) will launch a digital version of the rupee for retail purposes this month. RBI is set to launch a central bank digital currency (CBDC) after announcing its digital rupee project in February. The CBDC will be made available in select locations initially, with plans to roll it out nationwide. 

Read more here.

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Singapore Starts Two New Token Pilots – Top Crypto Updates

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).

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GameStop NFT Marketplace Goes Live – Top Crypto Updates

GameStop NFT marketplace goes live on ImmutableX

Game retailer GameStop’s non-fungible token (NFT) marketplace is officially live on the blockchain platform ImmutableX. The partnership was initially announced in February, and the NFT platform has been operating as a public beta since July. The marketplace users can access Web3 games currently being built on ImmutableX and other NFT gaming assets. 

Crypto prices today: Bitcoin up 0.7%, ETH rises 0.9%

Bitcoin is currently trading at $20,645.71, an increase of 0.7% over the previous day. Ethereum rose 0.89% over the last 24 hours to $1,598.38. Solana is down 0.2% to $33.14, while Cardano is trading higher by 2.76% at $0.412. Avalanche (AVAX) rose 4.86% to $19.44. The global crypto market cap stands at $1.03 trillion, a 1.44% increase over the previous day.

India’s tax authority asks crypto exchanges for details of coins traded on their platforms

According to a Business Standard report, India’s Central Board of Indirect Taxes and Customs (CBIC) has asked major Indian crypto exchanges to provide details about the cryptos traded on their platforms. The CBIC is also evaluating the taxability of crypto transactions to determine if Goods & Services Tax (GST) can be applied to them. The tax authority is also working on the definition and classification of crypto assets.

Hong Kong to conduct public consultation on retail crypto trading

Hong Kong’s Securities & Futures Commission is set to conduct a public consultation on how to give retail investors access to digital assets. Though crypto exchanges are allowed to operate in the territory under current rules, access is limited to investors with portfolios of at least HK$8 million ($1 million). The regulator said it is open to future reviews on property rights for tokenized assets and the legality of smart contracts.

Apollo Global to hold crypto for clients via Anchorage partnership

Apollo Global Management is making an entry into crypto custody through a partnership with digital asset platform Anchorage Digital. Crypto unicorn Anchorage is the first federally chartered crypto bank. It will custody a “significant portion” of Apollo’s crypto portfolio.

The move marks another entrance into crypto from a national leader in asset management after BlackRock’s partnership with Coinbase.

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Visa, PayPal File Crypto Trademark Applications – Top Crypto Updates

Visa, PayPal file crypto trademark applications

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.

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Twitter to Allow Users to Buy and Sell NFTs – Top Crypto Updates

Twitter to allow users to buy and sell NFTs

Social media platform Twitter will allow users to buy, sell, and display non-fungible tokens (NFTs) directly through tweets in partnership with four marketplaces. The integration, called NFT Tweet Tiles, displays the artwork of an NFT in a dedicated panel within a tweet. The feature is currently being tested with select Twitter users across iOS and web.

Crypto prices today: Bitcoin falls 2.5%, ETH down 3.6%

Bitcoin is currently trading at $20,212.53, a decline of 2.52% over the previous day. Ethereum fell 3.59% over the last 24 hours to $1,500.94. Solana is down 4.33% to $30.39, while Cardano is trading lower by 6.12% at $0.384. Avalanche (AVAX) fell 1.35% to $17.02. The global crypto market cap stands at $982.26 billion, a 2.3% decline over the previous day.

Teleport creators raise $9M to build decentralized ridesharing service

Decentralized Engineering Corp (DEC), the maker of The Rideshare Protocol (TRIP), has raised $9 million in seed funding. TRIP is designed to power ridesharing apps from a variety of future companies. These firms will share the same core technology to connect drivers with riders, and DEC is building Teleport as the first application to prove out the framework.

Institutions are still bullish on crypto: Fidelity

In a report, investment giant Fidelity revealed that 58% of institutional investors were invested in digital assets in the first half of 2022, up 6% YoY. Around 74% of institutions said they are planning to buy digital assets in the future, while 51% have a positive perception of digital assets— up from 45% in 2021. Fidelity’s survey included 1,052 institutional investors spread across the U.S., Europe, and Asia. 

Google launches blockchain node engine for Web3 developers

Tech-giant Google is launching an in-house Blockchain Node Engine (BNE) based on Google Cloud. As a node-hosting service, BNE enables Web3 companies to relay transactions, deploy smart contracts, and read or write blockchain data directly on Google Cloud. The first blockchain supported by BNE is Ethereum. BNE will also have its own developer team on-call to monitor for potential outages.

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Meta’s Metaverse Division Posts Huge Loss in Q3 – Top Crypto Updates

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.