Huobi Group Secures Regulatory Approval to Trade in the British Virgin Islands

Huobi Group will be one of the first digital assets trading platforms to be given permission to run regulated trading services in the British Virgin Islands (BVI).


Brtuomi Worldwide Limited (BWL), a subsidiary of the firm will be used for this trading operations. BWL got permission from the BVI Financial Service Commission (FSC) to work within the BVI regulatory Sandbox earlier this year.


BWL will make available trading services with cryptocurrencies such as Bitcoin and Ethereum amongst other unique products after satisfactorily meeting the required conditions according to the report. 

The Chief Financial Officer of Huobi Group, Lily Zhang said in a statement that there is a significant market opportunity in cryptocurrency derivatives that includes perpetual features. Given the growing significance of regularization in the crypto industry, an effort will be made to comply with all regulatory requirements as we grow.

According to CFO Zhang, the collaboration will be made closely with British Virgin Islands authorities in order to create a variety of legal goods and services and support the growth of the bitcoin business there.

Huobi Increasing its Worldwide Reach

Huobi Group has established crypto markets with regulated procedures in countries and regions such as Japan and Gibraltar but also wishes to provide its services to the global community. 

Huobi has earlier obtained a grant to operate its trading platforms in Dubai shortly after competitors like the cryptocurrency platform OKX formerly known as OKEx obtained a similar license. The Dubai Virtual Assets Virtual Regulatory Authority (VARA) gave a provisional license which enables them to market certain crypto products to investors that have been accredited.

Although Huobi has established itself in various countries and territories, it has also been driven away from countries like Thailand by its Security and Exchange Commission (SEC) due to its failure to comply with regulations. Their trading derivatives were also restricted to New Zealand users last month. Huobi does not offer its derivative products to about 12 restricted jurisdictions including the U.K and mainland China.

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Payments Firm Bolt Scraps $1.5B Proposed Acquisition of Crypto Firm Wyre

Bolt Financial Inc, a U.S. online checkout technology company, announced on Friday that it has pulled out from its $1.5 billion deal to buy crypto infrastructure provider Wyre Payments Inc, amid plunging valuations in cryptocurrency and fintech businesses.

Valuations have fallen across industries this year as the market has faced massive volatility. High-flying tech valuations have come under pressure this year as investor sentiment has been dampened by macroeconomic turmoil, a chill in the equity markets, and fears of a looming recession.

Fintech companies like payments processor Stripe Inc., and Swedish payments firm Klarna Bank AB, among others have seen a significant decline in their valuations.

Likewise, San Francisco-based Bolt whose valuation stood at $11 billion after a funding round in January, has also witnessed a cut in the intrinsic value of its stocks.  

In a statement on Friday, Bolt said it will continue its partnership with Wyre, but cited the need for it to remain independent to allow it to focus on its core areas.

“We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world,” Bolt’s CEO Maju Kuruvilla said.

As reported by Blockchain.News, Bolt announced intent to acquire Wyre back in April this year, and the deal was expected to be completed before the end of 2022.

Market Pullback Discouraging Buyers

Industry valuations have declined significantly in the tech and crypto sector during a price crash over the past few months.

A number of planned mergers between crypto and web3 firms with SPACs are being delayed or canceled as a result of the recent market downturn.

This year has seen the valuations for public crypto companies have fallen by about 70%. However, market observers argue that these lower valuations could make these firms increasingly attractive targets for acquisition, and this activity has already begun to pick up.

Some larger crypto firms such as FTX, and Ripple, are already looking for acquisition targets to drive industry growth and to help them acquire more users.

In early July, FTX exchange, led by crypto billionaire Sam Bankman-Fried, launched plans to buy troubled crypto companies to stem potential credit contagion.

Last month, Ripple Labs expressed interest to buy assets from bankrupt crypto lending platform Celsius.

Market watchers feel that most of the M&A activity will be experienced in cryptocurrency, meaning that crypto firms acquire their fellow crypto companies, as opposed to traditional buyers.

However, according to market observers, there is still an opportunity for non-crypto firms to capitalize on these lower valuations and some are already doing so.

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FTX Ventures Looks to Acquire 30% Stake in SkyBridge Capital – Report

FTX Ventures has announced its intention to take a 30% stake in the crypto venture capital firm, Skybridge Capital, using its investment division.


According to CNBC, the two firms reached another stage of their collaboration on Friday.

In conformity with a press release, FTX Ventures’ investment will give SkyBridge more operating capital so it can finance expansion plans and the launch of new services. Additionally, SkyBridge plans to use a proportion of the funding to invest $40 million in cryptocurrencies that it will keep as long-term investments on its balance sheet. 

Skybridge relates that the deal represents a new phase of collaboration between the two entities. Meanwhile, The two crypto investment firms had formerly signed a multi-year collaboration to sponsor global SALT conferences and co-present Crypto Bahamas. 

Founders of FTX Ventures and Skybridge Confident About their Partnership

Commenting on the collaboration between them, Bankman-Fried displayed his enthusiasm as regards them working on similar priorities. 

According to him, “After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses. We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.” 

SkyBridge, previously known as traditional hedge funds, was founded in 2005, transitioned to cryptocurrency during the bull run, but was affected by the most recent decline in the cryptocurrency market. 


Bloomberg news reported that SkyBridge suspended redemptions from one of its funds with exposure to FTX after July’s severe onslaught. Nevertheless, despite the situation of the market, the investment firm says that SkyBridge remains profitable and debt-free.

Regardless of the short-term setbacks, Scaramucci Appears to be optimistic about Bitcoin in the long run. following a report by Business Insider, the investment company also intends to launch a Web3.0-focused fintech startup

It is worth mentioning that FTX ventures management is pushing to buy the remaining assets of Steven Ehrlich’s founded investment Voyager Digital since the crypto lender halted withdrawals and filed bankruptcy in a United States Bankruptcy court.

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Tornado Cash Used to Siphon $500k from Hacked DAO Maker – PeckShield

Blockchain Security Company PeckShield and Crypto Security Specialist, CertiK have announced that a hacker laundered $500,000 DAI stablecoins via Tornado Cash.


The leading crypto security firms disclosed via a Twitter post that the laundering is connected to an Ethereum wallet address suspected of a similar exploit in 2021. 


Meanwhile, DAO Maker, a crypto funding website, experienced a hack on its website in August 2012. The hack happened as a result of a bug on the platform smart contract. More than $7 million worth of stablecoins was carted away by the hacker. The siphoned funds were disbursed to addresses authorized by the hacker. 


A few months after the event happened, one of the addresses that were flagged by Etherscan as one of the exploiters of DAO Maker transferred $500,000 worth of DAI stablecoins through Tornado Cash. Hackers often funnel stolen assets through Tornado Cash because it allows them to obscure the transactional activity. 


OFAC Sanctions Tornado Cash  


Interestingly, as a result of the United States Treasury Department of Foreign Assets Control, (OFAC), the sanction of Tornado Cash made headlines recently. As a result of the sanctions, the application is not accessible to any US-based persons or organizations due to its potential for money laundering.


No real change has occurred, even though the government has pronounced sanctions on individuals that violate the sanction. The application has not ceased to experience usage by hackers of decentralized finance protocols, as seen on Thursday and in other recent happenings. 

On August 19, blockchain security firm PeckShield revealed that an address connected to a December 2021 Grim Finance scam had transferred about $3.3 million into Tornado Cash. Subsequently, on September 6, the MonoX Finance scammer utilized Tornado Cash to launder $2.1 million


Initially, Tornado was developed with the intention of protecting the privacy of Ethereum users, but it has now been compromised by hackers who laundered money through the platform illegally.

As per a study by the United States Treasury Department, since Tornado’s establishment in 2019, nefarious criminals, including North Korea’s Lazarus crime syndicate, have exploited it to transact more than $7 billion worth of cryptocurrency.

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China to Limit the Unauthorized Use of Other’s Digital Properties

The illegal use of people’s work including Non-Fungible Tokens (NFT) without getting their permission has been a concern to the National Copyright Administration in China (NCAC).


To this end, the agency alongside four departments has therefore enacted policies in a special edition campaign ‘Jianwang 20222’ to combat this issue according to a press statement. They address infringement policies in areas such as online video, online text, online music, online news, and online live broadcast.

An important aspect of the infringement policy is to accelerate innovative ideas, protect digital works, strengthen the entire chain of copyright and also ensure punishment is meted out to defaulting parties.

The ‘Jianwang 2022’ is hoping to address this policy in four areas. Firstly, a good structure database is required to compare previous works against new ones.

The second is to increase the copyright oversight of online platforms and look into the use of online digital goods on other online platforms according to established laws and firmly rectify violations that are against these rules.

The third strictly cracks down on the unauthorized use of other people’s works of art, animation, films, games, and television to create NFTs, make digital copies and sell pirated versions via the internet.

Lastly, it aims to consolidate the work accomplishments in the area of online literature, games, and arts, amongst others, and effectively enhance online copyright infringements.

A Rise in the Use of NFTs

Non Fungible Tokens are seen as one of the first steps toward economic opportunities for a lot of people. This is an important factor that will contribute to a continuous rise in the digital space according to reports. 

Various organizations are also making use of NFTs as an instrument in their various platforms. For example, LG electronics recently collaborated with Hedera blockchain to explore NFT capabilities. The collaboration will allow users to buy and sell NFTs through their television sets.

While NFTs are gaining a remarkable wave in the digital currency ecosystem, reports have also been made by various Artists about finding their works on NFT platforms without their knowledge. This is an important aspect the NACA is seeking to address.

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JPMorgan Hires Former Microsoft Executive Tahreem Kampton to Its Digital Assets-Related Payments Group

JPMorgan Chase & Co., a US multinational investment bank, announced on Friday that it has hired former Microsoft executive Tahreem Kampton as the company’s new senior payments executive within the bank’s payments group.

Mr. Kampton will be tasked with driving thought leadership to help the bank grow the future of payments and the digital assets ecosystem as well as evolve, thrive, and grow its customer base and the payments industry. Specifically, he will lead co-innovation with key partners in payments, blockchain, and the digital ecosystem where JPMorgan has already built a strong foundation.

Kampton had been with Microsoft in various roles since 1998, rising to the corporate treasurer and chief investment officer in January 2021. He retired from Microsoft earlier this year and since then had been part of advisory boards of various other companies.

In a statement, Kampton commented: “We see a new landscape where information, assets, and value flow seamlessly between physical, digital and virtual worlds – across borders, in outer space, and even in the metaverse.

JPMorgan has been proactive in the crypto industry and blockchain technology for several years. The US bank has been hiring aggressively to bolster its crypto and blockchain ambitions.

What Does This Mean for The Financial Industry?

Cryptocurrencies have been gaining traction as a form of payment among individuals, but banks are catching up as well.

In October 2020, Wall Street bank JPMorgan launched its digital currency dubbed ‘JPM Coin’ to be used for commercial purposes by financial institutions to send payments around the world.

A week later, JPMorgan launched a new business division dedicated to blockchain technology, called Onyx, designed to spearhead the company’s blockchain and digital currency initiatives like exchanging value between diverse types of digital assets.

Since its launch, the Onyx platform has been picked up for round-the-clock global payments by large institutional customers.

In December last year, German industrial group Siemens partnered with JPMorgan to develop a blockchain-based system for payments.

In May this year, BNP Paribas bank joined JPMorgan’s Onyx blockchain as it ramps up digital assets’ operations.

The above digital assets developments have helped to relieve pain points in the world of wholesale payments, specifically areas where the industry could save hundreds of millions of dollars with a better solution.

JPMorgan was one of the first major US banks that started offering its wealth management clients access to Bitcoin and other cryptocurrency funds.

In July 2021, it became the first US bank to provide access to crypto services to all of its clients to add Bitcoin and other cryptocurrencies to its portfolio.

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Singapore’s Whampoa Group Raises $50M for Crypto Hedge Funds

According to Bloomberg, Singapore-based asset management firm Whampoa Group plans to raise $50 million for a crypto hedge fund and has announced plans to set up a venture capital fund to invest in digital assets.


According to early estimates, the company intends to set aside $10 billion for a cryptocurrency venture fund.

The Whampoa Group is a multi-family office co-founded by Amy Lee and Lee Han Shih. Amy Lee is the niece of Singapore’s founding Prime Minister Lee Kuan Yew. Both belonged to the extended family of Lee Kuan Yew, who served as the country’s first prime minister from 1959 to 1990.

Its CEO Shawn Chan said that Whampoa’s cryptocurrency hedge fund will adopt a market-neutral strategy to offset the volatility of cryptocurrencies, mainly focusing on bitcoin and ether.

But occasionally other cryptocurrencies are traded while securing a favorable risk-reward.

The $10 billion private venture capital fund, likely to launch next quarter, will invest in Web 3 early-stage startups.

The Whampoa Group is looking for strategic partners with regional family offices and some large Chinese internet companies.

A survey conducted by PWC and Elwood Asset Management indicates that 47% of traditional hedge fund firms have entered or plan to enter the cryptocurrency market. The research surveyed 39 hedge fund firms in the first quarter of this year with a total of $180 billion in assets under management.

Meanwhile, cryptocurrency hedge Fund Pangea Fund raised $85 million to focus on a “long-only” strategy in May.

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Revolving Games Raises a $13.2M Seed Round to Build AAA-level Web3 Games

Mobile free-to-play developer Revolving Games, which has raised $13.2 million in seed funding, plans to double down on Web3 gaming.

The seed round was led by Pantera Capital, with participation from companies including Animoca Brands, Polygon, Dapper Labs, and Rockstar Games founder Dan Houser, the company announced.

Houser will also join Revolving Games’ advisory board as an advisor and investor.

He is a seasoned game producer, having worked as a writer on Rockstar’s Red Dead Redemption and Grand Theft Auto games.

The startup’s valuation is unclear, with total funding raised to date at $25 million. The company said it would use the new funds to build “decentralized” AAA games.

Revolving Games was founded by three brothers Saad, Ammar, and Shayan Zaeem. Two games are currently in production. The first is the Battlestar Galactica 4X strategy MMO blockchain game in partnership with Gala Games and NBCUniversal.

The second is the Nintendo-inspired Polygon co-op RPG “Skyborne Legacy”.

“We will be able to bolster our technology and create a more scalable and fully decentralized gaming-focused future,” co-CEO Ammar Zaeem said in a statement.

Right now, Revolving Games’ mission is to primarily appeal to “traditional gamers” and to allow players to play our games for free, invest time in understanding our world, and create an immersive experience that engages players and then leaves them to their own discretion. Provide the experience they are looking for so they can use their hard-earned money to support our games.

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MicroStrategy to Sell $500 million in Stock Shares to Buy More Bitcoin

Nasdaq-listed business intelligence and software firm, MicroStrategy Incorporated said it would sell up to $500 million in Class A stock to buy more bitcoin, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Bloomberg reported

MicroStrategy sells 500 million shares to buy more bitcoin

MicroStrategy announced that it will enter into a sale agreement through Cowen and Company, LLC and BTIG, LLC to sell up to $500 million of Class A common stock and intends to retain all future proceeds, if any, to purchase additional Bitcoin and Grow a software business.

The stock offering will be used for “general corporate purposes, including the purchase of bitcoin,” the filing said.

In August, Michael Saylor, the CEO of MicroStrategy corporation and one of the biggest Bitcoin advocates, handed over his CEO role to his deputy personnel.

Saylor will now serve as executive chairman, with plans to put his focus exclusively on hoarding cryptocurrencies.

MicroStrategy is no stranger to betting on Bitcoin, especially at a time when prices are generally lower. Over the next few years, the business intelligence, software, and cloud computing company is hoping for a huge cash-out from the inevitable price hikes, as its demand will outstrip supply over the next decade.

The publicly traded company’s board approved bitcoin as its primary reserve asset, not only believing bitcoin to be a viable alternative to fiat but has been making targeted and ambitious acquisitions,

Not minding the losses accrued thus far, MicroStrategy Incorporated has continued to buy the dip, the latest of which is 480 units of Bitcoin (BTC) worth approximately $10 million on June 30.

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Tagged : / / / / Gets Regulatory Approval to Operate Crypto Exchange in Dubai

London-based crypto firm announced Friday that it has received regulatory approval to operate its exchange in Dubai, a city in the United Arab Emirates (UAE).

Following the approval, the U.K.-based firm said it has signed an agreement with VARA to allow to open an office in Dubai, believing it will soon begin offering regulated crypto derivatives products to institutional investors in Dubai. Amongst its plans is to offer transaction and custodial services to retail users in the UAE.

This development from comes at a time when more and more crypto companies including FTX, Binance and others are expanding their footprints in Dubai.

On March 11, Dubai launched Virtual Asset Licensing (VAL) for crypto businesses. The VAL Act led to the establishment of the Dubai Virtual Assets Regulatory Authority (VARA),

After Dubai began offering virtual asset licenses, many crypto companies set up shops in Dubai, making the Gulf country the latest jurisdiction to become the center of the global crypto industry.

In August, announced that it had received full regulatory approval from the Cayman Islands Monetary Authority (CIMA) to operate its exchange and clearing house in the Cayman Islands.

Last month, said the registration is an important part of its global plans to provide services across Europe and across the world, as the exchange just get approval from the Italian regulator.

The exchange said that compliance and regulatory approvals would be sought in each regional country, and the company is also committed to developing in countries such as France, Spain, and the Netherlands.

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