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New Post: BitForex, A Cryptocurrency Exchange, Suspends Withdrawals And Ceases User Support - https://lnkd.in/gfcpFv9Y - BitForex, a cryptocurrency exchange located in Hong Kong, has stopped accepting withdrawals for at least three days without citing a cause. Approximately $56 million in cryptocurrency had been taken out of the exchange’s wallets the day before the halt. On-chain detective ZachXBT said in an X post dated February 23 that three BitForex hot wallets had cryptocurrency withdrawals totaling over $56.5 million before the exchange ceased operations.  Since May 2023, there have been no updates to the exchange’s X account. Users of BitForex are experiencing issues with their accounts on its official Telegram channel. These issues range from not being able to access their accounts to the dashboard not displaying any assets. A pop-up screen indicating they are prohibited from visiting the company’s website was posted by many people. BitForex Had Been Charged By Japan For Breaking Nation’s Money Regulations When Cointelegraph attempted to access the website, the same issue persisted. On the exchange’s website, a few particular pages are still active, nevertheless. For instance, at the time of writing, the website still had an announcement from January 31 stating that BitForex CEO Jason Luo had departed the firm. Based on market capitalization, BitForex was one of the top cryptocurrency exchanges in the world in September 2023. It was exchanging almost $2.6 billion worth of cryptocurrency per day.  It was charged by Japan’s Financial Services Agency (FSA) in April 2023 with breaking the nation’s money settlement regulations. The FSA claims that the exchange was operating in the nation without the required registration. But neither the media nor authorities have paid much attention to the company since then. Atom Asset Exchange (AAX), a different Hong Kong exchange, shifted over $55.6 million worth of Ether ETH tickers down $3,234 from its wallets last week.  - #news #business #world -------------------------------------------------- Download: Stupid Simple CMS - https://lnkd.in/g4y9XFgR -------------------------------------------------- or download at SourceForge - https://lnkd.in/gNqB7dnp

Just in: SEC Review Grounds Exodus' NYSE American Listing: Cryptocurrency wallet provider Exodus hit a speedbump on its journey to a major stock exchange listing. The company, previously scheduled to debut on the NYSE American on May 9th, announced a postponement due to an ongoing review by the U. S. Securities and Exchange Commission (SEC) of its registration statement. Exodus' registration statement, which became effective in late April, detailed the company's financial health and business plans. The NYSE American, a stock exchange known for catering to mid-sized companies, had initially approved the listing. However, according to a press release from Exodus, the exchange informed them of the SEC's eleventh-hour intervention, citing the regulator's ongoing review as the reason for the delay. The news comes amidst heightened scrutiny of the cryptocurrency industry by the SEC. Regulators have expressed concerns about the potential for fraud, manipulation, and lack of investor protection within the crypto space. Exodus, in its press release, maintained transparency throughout the registration process and expressed hope for a swift resolution from the SEC. "We still hope that the U. S. Securities and Exchange Commission will be able to fulfill its promise and treat us in accordance with the law, " said JP Richardson, CEO of Exodus. "Exodus has been completely transparent and responsive throughout the process, and we hope this matter can be resolved quickly. " The delay throws a curveball at Exodus' plans for increased visibility and potential access to a wider pool of investors. The company's stock, currently trading under the ticker symbol EXOD on the OTCQX exchange, a platform for companies that don't yet meet the listing requirements of major exchanges, will continue to trade there for the foreseeable future. While the press release from Exodus indicated a possible reconsideration of a national exchange listing after the SEC completes its review, it did not specify a timeframe. The SEC's decision to delay the listing highlights the ongoing regulatory uncertainty surrounding the cryptocurrency industry. While the agency has yet to provide a specific reason for its extended review of Exodus' registration statement, it underscores the SEC's cautious approach towards crypto companies seeking to enter the mainstream financial system. This development is likely to be closely watched by other cryptocurrency firms with similar aspirations for a public listing.

If cryptocurrency regulation in Hong Kong is good or bad depends on the perspective. There are advantages and disadvantages to consider: Advantages: Increased security for investors: Regulation can help reduce fraud and other cryptocurrency-related crimes, protecting investors. Clarity for businesses: Clear rules can make it easier for cryptocurrency companies to operate in Hong Kong, attracting investment and innovation. Potential to develop a cryptocurrency hub: Hong Kong could become a significant global center for cryptocurrency trading and investment. Disadvantages: Less freedom for investors: Regulation may limit investors' options and make it harder to access some cryptocurrencies. Risk of stifling innovation: Overly strict rules could hinder the development of new technologies and business models in the cryptocurrency sector. Privacy concerns: Some people fear that regulation could lead to excessive government collection of personal data. Cryptocurrency regulation in Hong Kong is still evolving, and its long-term effects are uncertain. It's important to stay informed about the potential impacts of regulation and keep up with the latest developments. https://lnkd.in/dymX23gt

1. A Turbulent Week in the Cryptocurrency Market: A Detailed Analysis https://ift.tt/BzuUCRM Cryptocurrency The cryptocurrency market has always been known for its volatility and dynamic nature, but the past week has brought about unprecedented levels of turbulence. This comprehensive analysis delves into the significant events, market trends, and potential future implications for investors and enthusiasts alike. Major Events Shaping the Cryptocurrency Landscape Regulatory Crackdowns and Legal Developments This week, several countries announced new regulatory measures aimed at tightening control over cryptocurrency transactions and exchanges. The United States, for instance, introduced legislation to enhance monitoring of cryptocurrency-related activities to prevent money laundering and illicit financing. Similarly, the European Union proposed stricter regulations to ensure transparency and accountability in the crypto space. These regulatory actions have created an atmosphere of uncertainty, leading to significant market reactions. Market Manipulation Allegations Allegations of market manipulation by major cryptocurrency exchanges and influential investors have also surfaced. Reports suggest that certain exchanges might be engaging in practices that artificially inflate trading volumes and manipulate market prices. These allegations have sparked investigations by financial watchdogs, further contributing to the market’s instability. Technological Advancements and Security Breaches On the technological front, notable advancements were made with the launch of new blockchain platforms promising faster transaction speeds and enhanced security features. However, this progress was marred by a high-profile security breach involving a major cryptocurrency exchange. The breach resulted in the theft of millions of dollars worth of digital assets, highlighting the persistent vulnerabilities within the crypto ecosystem. Market Trends and Performance Analysis Bitcoin’s Volatility Bitcoin, the flagship cryptocurrency, experienced wild price swings throughout the week. After reaching a high of $40,000, it plummeted to below $30,000 within days. These fluctuations were driven by a combination of factors including market sentiment, regulatory news, and macroeconomic indicators. The heightened volatility has prompted both seasoned investors and newcomers to reassess their strategies and risk tolerance. Altcoin Performance Altcoins, which include cryptocurrencies other than Bitcoin, also faced significant volatility. Ethereum, the second-largest cryptocurrency by market capitalization, saw its price oscillate between $2,000 and $2,500. Meanwhile, other popular altcoins such as Binance Coin (BNB), Cardano (ADA), and Solana (SOL) experienced similar turbulence. These movements were influenced by market speculation, technological updates, and developments within their respective blockchain ecosystems. Stablecoins and Their Role Stablecoins...

💡 Do You Want to Know How a Cryptocurrency is not Ruled as a Security by a Regulator? Okay let’s go… it’s Crypto court season in the US so let’s focus there. The prosecutors use what is known as the Howey Test which is a legal standard used to determine whether a transaction qualifies as an "investment contract" and thus should be considered a security under U.S. law. It comes from a 1946 Supreme Court case, SEC v. W.J. Howey Co. The test involves four criteria: 1️⃣ Investment of Money: There is an investment of money or other assets. 2️⃣ Common Enterprise: The investment is in a common enterprise. 3️⃣ Expectation of Profits: There is an expectation of profits from the investment. 4️⃣ Efforts of Others: The profits are to be generated primarily from the efforts of a third party or promoter. If a transaction meets all four criteria, it is considered a security and subject to relevant securities laws. A cryptocurrency might not be considered a security under the Howey Test if it does not meet all four criteria. Here are a few reasons why some cryptocurrencies might fail the test: 1️⃣ Decentralization: If the cryptocurrency operates in a decentralised manner without a central organization or entity controlling its development or value, it may not meet the "common enterprise" or "efforts of others" criteria. 2️⃣ Utility: Some cryptocurrencies are primarily used as a medium of exchange or have a specific utility (like accessing services on a platform), rather than being bought with an expectation of profit. 3️⃣ No Expectation of Profit: If buyers of the cryptocurrency are not primarily motivated by the expectation of profits but rather by its utility or functionality, it may not meet the "expectation of profits" criterion. 4️⃣ Nature of Investment: If the transaction does not involve a traditional investment of money, it may not fulfill the "investment of money" requirement. These factors can lead to certain cryptocurrencies being classified differently than securities under the Howey Test. When a court rules that a cryptocurrency is not a security, it can have several implications for investors: 1️⃣ Regulatory Clarity: The ruling provides clarity on how the cryptocurrency will be regulated. If it's not classified as a security, it won't be subject to the same stringent regulations that apply to securities. This can simplify compliance and reduce legal uncertainties for both the issuers and investors. 2️⃣ Accessibility: It may become easier for exchanges to list the #cryptocurrency, increasing its accessibility to a broader range of #investors. However, it's important to note that while this can be seen as positive news, it also means that the protections offered by #securities #regulations, such as disclosure requirements and #fraudprotection may not apply. Investors need to be aware of the #risks involved and conduct thorough #duediligence before investing. #riskmanagement #datamanagement #compliance #aml #mica #sec #fca #esma

The cryptocurrency industry is facing a wake-up call! In a landmark case, US authorities have charged 18 individuals and entities with manipulating cryptocurrency markets through wash trading and other deceptive practices. This is a major development for investors in the crypto space. What Happened... The U.S. Department of Justice of charged leaders of 4 crypto companies, 4 market makers, and their employees with manipulating markets for their tokens. They used "wash trading" (buying and selling to each other) to create fake trading activity and inflate prices, attracting unsuspecting investors. Wash trading is similar to a a financial scam many Kenyans are cognizant of i.e. pyramid schemes. Both wash trading and pyramid schemes are deceptive practices as both involve misleading others for financial gain. They are both unsustainable i.e. wash trading creates false market activity, and pyramid schemes rely on constant recruitment, and thus both are built on unstable foundations. Additionally, both practices are typically illegal and subject to regulation and penalties. Who Were the Targets... Four cryptocurrency companies - Saitama, Robo Inu, VZZN, and Lillian Finance - are implicated. These companies allegedly made false claims and manipulated their token prices through wash trading with market makers like ZM Quant, CLS Global, MyTrade MM, and Gotbit. What Does This Mean for Investors... This case highlights the risks of investing in unregulated markets like cryptocurrency. Investors need to be extra cautious and do their research before investing in any crypto project. Here are some tips on how you can protect yourself if you opt to take on the risks posed by crypto trade or indeed any other trade options: 1. Research the project: Do not just invest based on hype. Understand the project's purpose, team, and technology. 2. Beware of false promises: If something seems too good to be true, it probably is. Do not fall for unrealistic claims of high returns. 3. Diversify your portfolio: Do not put all your eggs in one basket. Spread your investments across different asset classes. People considering making investments in the cryptocurrency industry should understand how these scams work so that they can protect themselves. At the end of the day if you opt to venture into crypto trade in Kenya, remember the Central Bank of Kenya's 2015 Warning that warned the public about the dangers of virtual currencies and can be reviewed here https://lnkd.in/dvpr8BBh #Cryptocurrency #Fraud #WashTrading #InvestorProtection #CyberSecurityLawyer

South Korea to consider lifting ban on cryptocurrency ETFs -- South Korea may lift a ban on cryptocurrency ETFs. -- The country will also set up a committee on virtual assets. South Korea will consider lifting the ban on cryptocurrency exchange-traded funds (ETFs). This is reported by local media with reference to the annual audit of the country's Financial Services Commission (FCS). The local regulator also said it will form a committee on virtual assets to provide policy recommendations on the cryptocurrency market. The report said that nine experts from different regulatory bodies will participate. The country also plans to allow cryptocurrency accounts for corporations. In addition, the Financial Services Commission announced that the verification of crypto platform operators' continuing operations reports is proceeding smoothly. Earlier, the Chairman of the Financial Services Commission of South Korea Kim Ben Hwang said that the regulator intends to analyze the situation with the monopoly position in the local crypto market of the exchange Upbit. The politician believes that the monopoly system Upbit was formed after the conclusion of a business partnership with the financial institution K Bank. Recall, in early 2024, FCS official said that South Korea's policy of not recognizing virtual assets as financial assets and the ban on investment in digital currencies remains unchanged, and the launch of cryptocurrency ETFs is impossible.

UK’s cryptocurrency ownership has risen to 12%, while its key regulator, FCA, prepares new regulations in UK!  Over “12%” of adults in the UK now hold cryptocurrency with an average value of up to 1,842 British pounds ($2,318), per an announcement by the Financial Conduct Authority (FCA), according to a Cointelegraph report. Interestingly, in June 2023, only 10% of the UK’s population held digital assets, which has shown growth in the ownership rate since then. The data seems noticeable given that one of the global key economies, U.K, has 12% of its adults population having cryptocurrenices and 12% is not a small number given its population and economy size. Other noteworthy points in the report on its regulator’s plan on crypto regulations roadmap: - The FCA published a regulatory roadmap of plans to release comprehensive cryptocurrency regulations by 2026. - The 1st consultation papers are planned around “stablecoin issuance and custody”, due in 4th quarter of 2024.  It seems to imply that the UK government is putting higher priority on stablecoins. It looks aligned with other governments’ policies where the governments are aware of stablecoin markets’ growth and their potential impact on the traditional monetary and financial systems and they are trying to put regulatory regimes on stablecoins. It has been reported that EU, Hong Kong, and USA, among other countries, have been following this suite. - 2025 will see more consultation papers on “trading platforms” and “decentralized finance (DeFi)” activities, such as staking and lending. - The FCA plans to release the final set of rules in 2026, the same year the new regime is scheduled for full implementation. Read on more in the report. #cryptoregulation #crypto #cryptocurrencies #cryptoassets #stablecoin #UK #virtualassets #digitalassets (Any contents shared are only for information sharing purposes and are not any investment or legal advice or do not intend to support any product, price, company, platform, information, opinion, etc.)

🎯 "Coinbase International Sees Record-Breaking Trading Volumes Amidst Cryptocurrency Market Surge" ⛳ Recently, Coinbase International witnessed a remarkable surge in cryptocurrency trading volumes, a testament to the dynamic and increasingly robust nature of the market. March stood out as a particularly active month, with daily trading volumes consistently breaking the $1 billion barrier, underscoring a tangible uptick in market liquidity and investor engagement compared to prior periods. In a groundbreaking achievement last week, Coinbase's trading volume soared to an unprecedented $6.23 billion, a figure that vividly illustrates the escalating global interest and confidence in cryptocurrencies. A report from The Block on the 25th further highlighted this surge, emphasizing Coinbase International's pivotal role in catering to the burgeoning demand. The exchange's performance in March was notably robust, with daily trading volumes not only surpassing the $1 billion mark on a regular basis but also demonstrating a significant increase in average trading volume from the previous month. The record-setting $6.23 billion trading volume last week is a clear indicator of the cryptocurrency sector's vibrant growth and its broadening appeal. A spokesperson for Coinbase elaborated on the exchange's efforts to support institutional clients, noting the provision of access to over 30 perpetual futures and spot markets. This initiative is part of Coinbase's broader strategy to enhance compliance and reliability, further attracting institutional interest and investment into the space. In sync with the general upswing in the cryptocurrency market, Coinbase's stock price experienced a notable rise. Over the past 24 hours, the stock has surged by more than 10%, currently valued at over $280 per share. While this performance is impressive, it's worth noting that Coinbase's stock has yet to reach its all-time high. However, given the sustained growth trajectory of the cryptocurrency market and the heightened interest in Coinbase's international offerings, the outlook for the coming months is highly optimistic, with significant growth potential on the horizon.

AED Stablecoin has received a provisional license from the UAE Central Bank The UAE has taken a significant step in the development of the cryptocurrency industry⁚ AED Stablecoin has received a provisional license from the Central Bank of the UAE (CBUAE) to issue its own AE Coin stablecoin. This marks the beginning of a new era for cryptocurrencies in the country and makes the UAE one of the first states to actively regulate and support the issuance of stablecoins. The CBUAE's decision to issue a provisional license to AED Stablecoin was made at its June 3, 2024 Board of Directors meeting. Under the new regulation, CBUAE will oversee the issuance and use of stablecoins pegged to the UAE dirham (AED). What does this mean for the UAE? -- Financial Infrastructure Development⁚ The issuance of the AED Stablecoin license is part of CBUAE's Financial Infrastructure Transformation (FIT) program, which aims to create a more modern and innovative financial system in the UAE. -- Strengthening the UAE's position as a regional and global hub for cryptocurrencies⁚ The UAE aims to become a leading hub for the cryptocurrency industry, and the issuance of the AED Stablecoin license is an important step in this direction. -- Creating a safe and regulated environment for cryptocurrencies⁚ CBUAE aims to create a safe and regulated environment for cryptocurrencies to protect investors and prevent fraud. What does this mean for AECoin? -- Access to new markets⁚ Obtaining a provisional license gives AECoin access to new markets and allows it to expand its operations in the UAE and beyond. -- Increased credibility⁚ The license from CBUAE increases the credibility of AECoin, which can attract more investors and users. -- Opportunity to become a local trading pair for cryptocurrencies⁚ If fully approved, AE Coin could become a local trading pair for cryptocurrencies on exchanges and decentralized platforms in the UAE. What's next. AED Stablecoin must now go through a full licensing process, which includes CBUAE compliance verification. Once fully licensed, AE Coin will be able to officially start operating in the UAE. The development of the cryptocurrency industry in the UAE is well underway. The issuance of the license to AED Stablecoin is a prime example of how the country is striving to become a leader in cryptocurrencies and blockchain. This event could be a catalyst for further growth of the cryptocurrency industry in the UAE and the region as a whole.