Day: August 17, 2023

Binance to Delist LTC/BUSD and DOGE/BUSD Perpetual Contracts

by Blockchain News

Binance Futures has announced its decision to delist the USDⓈ-M LTCBUSD and DOGEBUSD Perpetual Contracts. Here are the primary details:

Automatic Settlement and Delisting

All positions on the USDⓈ-M LTCBUSD and DOGEBUSD Perpetual Contracts will undergo an automatic settlement on 2023-08-24 at 09:00 (UTC). Following this settlement, the contracts will be officially delisted from the platform.

Adjustments to Leverage & Margin Tiers

Prior to the delisting, Binance Futures will make adjustments to the leverage and margin tiers of these contracts on 2023-08-17 at 12:30 (UTC). It’s crucial for users to note that positions opened before this update will be affected. To avoid potential liquidation, users are strongly advised to adjust their positions and leverage settings accordingly.

Key Recommendations

Users are urged to close any open positions related to these contracts before the specified delisting time to sidestep automatic settlement.

From 2023-08-24 at 08:30 (UTC) onwards, users will not have the option to open new positions for the aforementioned contracts.

Protective Measures: Binance Futures has highlighted that, in the interest of user protection and to counteract potential risks in volatile market conditions, it might introduce additional protective measures for these contracts without further notice. Such measures could encompass adjustments to various parameters like leverage values, position values, and maintenance margins.

For those seeking more comprehensive details, Binance has provided resources on its platform, including specifics on the delisting of futures contracts, trading rules, and other related topics.

Recent Delistings:

On August 15, 2023, Binance announced its decision to delist SNM, SRM, and YFII effective from August 22, 2023.

On August 16, 2023, Binance Margin communicated its intention to delist the EPX/BUSD, GAL/BUSD, GMX/BUSD, HIVE/BUSD, KLAY/BUSD, RAD/BUSD, and TVK/BUSD cross margin and isolated margin pairs. This change will take effect on 2023-08-24 at 06:00 (UTC).

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Prometheum’s License Approval: Republican Lawmakers Challenge SEC and FINRA Decisions

by Blockchain News

A digital asset company called Prometheum Ember Capital LLC has recently gained attention for being named the first Special Purpose Broker-Dealer (SPBD) for digital assets. Republican members of the House Financial Services Committee have expressed reservations about this decision, leading them to ask the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) for explanation.

The House Financial Services Committee, spearheaded by Chair Patrick McHenry and supported by 22 other members, dispatched letters to both FINRA and the SEC on August 9, 2023. These letters question the “timing and circumstances” of Prometheum’s approval, especially given the concurrent legislative discussions on digital asset market regulations.

In response to the concerns raised, Prometheum emphasized their technology’s alignment with federal securities laws. They highlighted their commitment to crafting a market infrastructure for digital asset securities that adheres to these regulations.

Founded in 2017, Prometheum had remained relatively under the radar in the crypto domain until its co-founder and co-CEO, Aaron Kaplan, testified before the House committee in June. The firm’s SPBD license, granted in May, has since raised eyebrows regarding its products, services, and the approval process.

A significant point of contention raised by the committee revolves around Prometheum’s previous association with Shanghai Wanxiang Blockchain Inc., a Chinese entity. Although their collaborative effort to develop blockchain trading software was eventually terminated, lingering concerns persist due to Wanxiang’s affiliations with the Chinese Communist Party (CCP).

Noteworthy figures in the crypto industry, including Coinbase CEO Brian Armstrong, have expressed their apprehensions regarding Prometheum’s connections and the approval process. Armstrong underscored the paramount importance of equal treatment under the law, while BitBoy Crypto alluded to potential undisclosed collaborations between the crypto startup and the SEC.

In a bid for transparency, the House committee members have urged both the SEC and FINRA to furnish documents and communication records related to Prometheum’s SPBD license by August 22, 2023. It’s also pertinent to mention that the SEC had previously concluded its investigation into Prometheum’s ties with Wanxiang and its affiliates, with the Committee on Foreign Investment in the United States (CFIUS) refraining from initiating a formal probe into these associations, stating “Simple. Gary came up with the idea and then stamped it.”

The endorsement of Prometheum as an SPBD has ignited discussions on the regulatory framework of digital assets in the U.S. As lawmakers strive for clarity on the approval mechanism, the crypto community remains vigilant, emphasizing the imperative of transparency and equitable treatment.

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New Democrat Coalition Launches First-Ever Artificial Intelligence Working Group

by Blockchain News

The New Democrat Coalition (NDC) has unveiled the establishment of its inaugural Artificial Intelligence (AI) Working Group. The group, led by NDC Vice Chair for Policy Derek Kilmer (WA-06), aims to craft and promote policies that simultaneously foster innovation in AI while also addressing potential risks associated with the technology.

The AI Working Group will be chaired by Derek Kilmer, with Vice Chairs including Don Beyer (VA-08), Jeff Jackson (NC-14), Sara Jacobs (CA-51), Susie Lee (NV-02), and Haley Stevens (MI-11). The group’s mission is to collaborate with the Biden administration, stakeholders, and legislators from both parties and chambers to formulate and champion balanced, bipartisan policies pertaining to this burgeoning technology.

Highlighting the Coalition’s history of staying abreast with technological advancements, it was noted that the NDC has been proactive in addressing technological shifts for over a quarter-century. In 2019, the Coalition organized its initial roundtable on AI, showcasing its commitment to adapt to technological evolutions through initiatives like the AI Working Group.

Derek Kilmer, who leads the Artificial Intelligence Working Group, spoke about AI’s pivotal role in today’s world. He remarked, “Artificial Intelligence represents a groundbreaking leap in technology, holding the promise to revolutionize sectors from health care to commerce and beyond.” Kilmer highlighted AI’s multifaceted impact, underscoring its immense opportunities while also acknowledging the challenges, such as potential shifts in job markets, impacts on democratic systems, and concerns related to national security. He added, “As AI’s applications expand and change, it is incumbent on lawmakers to address its unique opportunities and challenges by creating a regulatory framework that both encourages growth while guarding against potential risks.”

The AI Working Group’s primary objective will be to delve into the multifaceted applications of AI, evaluate their pros and cons, and suggest policies that place the U.S. at the forefront of AI innovation and safety.

Artificial Intelligence (AI) stands at the crossroads of immense potential and inherent risks. The debate surrounding AI regulations has intensified, particularly following the global sensation created by ChatGPT earlier this year.

Elon Musk once cautioned, “Mark my words — A.I. is far more dangerous than nukes.”

The United Nations Security Council convened its inaugural meeting on artificial intelligence on July 18. During this session, China emphasized the need for controlled AI development, likening unchecked AI to a “runaway horse.” Concurrently, the United States expressed concerns over the potential misuse of AI for censorship or repression.

James Cleverly, Britain’s Foreign Secretary, who presided over the meeting under Britain’s July presidency of the council, remarked that AI is poised to “fundamentally alter every aspect of human life.”

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Qraft Technologies and Hex Trust Forge AI-Driven Partnership to Revolutionize Digital Asset Investment Landscape

by Blockchain News

Qraft Technologies, a fintech firm aiming to drive growth in the asset management industry through its innovations in artificial intelligence (AI) and investing, has announced a strategic alliance with Hex Trust, a fully-licensed and insured digital asset custodian led by veteran banking technologists and award-winning financial services experts. This partnership, solidified by the signing of a Memorandum of Understanding (“MoU”), will see Qraft developing digital asset products rooted in its AI-driven asset allocation models, tailored specifically for Hex Trust’s clientele.

Francis Oh, the APAC CEO of Qraft Technologies, expressed his enthusiasm about the collaboration, stating, “This strategic collaboration represents a significant step forward in our mission to empower investors with AI-driven tools, helping them navigate the complex financial markets more efficiently and effectively.”

Qraft’s journey began in 2016, and over the years, it has established a commendable track record, including the development and management of multiple ETFs. Their advanced AI solutions have been embraced by over 20 global financial institutions. In a notable event in 2022, Qraft secured a substantial investment of US$146 million from the SoftBank Group, marking a strategic alliance to further the role of AI in asset management.

The risk management solutions, now being designed for Hex Trust, leverage Qraft’s cash allocation AI-powered risk model. This AI technology by Qraft aims to bridge the gap between conventional asset management and digital asset management. The objective is clear: to equip cryptocurrency investors with the tools to make informed decisions, optimizing their portfolios in a dynamic financial environment.

On the other side of this partnership, Hex Trust has built Hex Safe, an institutional-grade platform catering to digital asset protocols, foundations, and the broader Web3 ecosystem. With a global presence, Hex Trust operates from multiple locations including Hong Kong, Singapore, and Dubai. Alessio Quaglini, the CEO & Co-founder of Hex Trust, shared his perspective: “Their AI-powered risk models complement our vision of providing efficient access to decentralized markets unlocking ownership in decentralized markets. By combining forces, we aim to offer a new paradigm of investment opportunities to our clients’ institutional investors, promoting a more inclusive and sustainable financial ecosystem.”

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Coinbase and Trustly Collaborate to Streamline Crypto Transactions for Canadians

by Blockchain News

Trustly, a global leader in Open Banking Payments, has announced its collaboration with Coinbase, a prominent figure in the cryptoeconomy, to facilitate secure and straightforward account-to-account payments for Canadians. This partnership will enable Coinbase users in Canada to directly deposit and withdraw funds between their bank accounts and crypto wallets using Trustly’s Open Banking Payments.

Canada, recognized as the world’s third-most crypto-aware nation, boasts a robust regulatory framework that is conducive to innovative financial services and alternative payment methods. The integration of Trustly with Coinbase will grant users the convenience of linking their bank accounts to their Coinbase wallets. This will allow for instant fund additions or smooth withdrawals via EFT (Electronic Funds Transfer) or Interac payment systems.

Recent data from the Ontario Securities Commission reveals a growing interest in cryptocurrency within the Canadian populace. The survey indicates that over 30% of Canadians are considering purchasing crypto assets within the coming year. In light of this, Trustly has expressed its enthusiasm to further its collaboration with Coinbase. Plans are underway to enable direct bank transfers via EFT later this year. This enhancement promises users seamless transactions and higher deposit limits.

Expansion Moves by Coinbase

Coinbase’s expansion into the Canadian market isn’t an isolated event. On August 14, 2023, Coinbase announced its official entry into the Canadian market, marked by the integration of Interac payment rails and the launch of Coinbase One, a 30-day trial offering exclusive perks to Canadian users. This move was strategically planned, considering Canada’s growing crypto-awareness. In March 2023, Lucas Matheson was appointed as the Country Director for Canada, emphasizing Coinbase’s commitment to the region.

Furthermore, on August 16, 2023, Coinbase Financial Markets secured approval to offer regulated crypto derivatives products to its US customers. This was a significant move to provide a transparent and regulated environment for crypto enthusiasts in the US. The global crypto derivatives market accounts for approximately 75% of the total crypto trading volume, highlighting the significance of this development.

Ross McFerrin, VP Enterprise Growth at Trustly, commented on the alliance, stating, “Trustly is thrilled to support Coinbase and its expansion into Canada. We believe our Open Banking platform will make investing in cryptocurrency more convenient and secure for Canadians.” Nana Murugesan, VP International and Business Development at Coinbase, in an interview with BNN Bloomberg, emphasized that the partnership with Trustly is a strategic move to make cryptocurrency more accessible to Canadian users.

A Glimpse into Trustly 

Trustly, established in 2008, stands as a pioneer in Open Banking Payments. Their digital platform offers a unique payment journey, connecting notable global merchants directly with consumers through online banking. As of 2021, Trustly has facilitated over $42 billion in transactions within its global network, serving 8,100 merchants and connecting them with 525 million consumers across 30 countries

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Caroline Ellison’s Diaries: Crucial Evidence in FTX’s SBF Trial

by Blockchain News

Sam Bankman-Fried, known as SBF on Twitter and co-founder of the FTX cryptocurrency platform, is facing intense legal scrutiny. U.S. legal authorities have gathered a plethora of evidentiary documents against him. Among the most notable are the personal annotations and diaries of Caroline Ellison, the former CEO of Alameda Research.

On August 14, 2023, a legal motion was lodged against Samuel Bankman-Fried.

The U.S. legal team plans to leverage Caroline Ellison’s diaries and personal notes as key evidence in the upcoming criminal proceedings against SBF. These writings provide insights into various discussions between Ellison and SBF, touching upon topics like business apprehensions, capital raising efforts, Alameda’s hedging tactics, and contentious revelations about the hedge fund’s ties with FTX.

One piece of compelling evidence is an audio recording from a comprehensive meeting held on November 9, 2022. In this audio, Ellison seems to suggest that the decision to utilize FTX client funds to mitigate financial deficits in the faltering hedge fund was SBF’s idea. This crucial decision was taken shortly before FTX and Alameda declared bankruptcy.

Two other individuals, Gary Wang (FTX’s co-founder) and Nishad Singh (FTX’s past director of engineering), have confessed to fraud-related charges and are now collaborating with the legal authorities.

The defense team representing Bankman-Fried has voiced concerns about the evidence’s timely delivery. They believe that the delay in providing essential data, like the information on Wang’s computer and Ellison’s secure Telegram conversations, has affected their trial readiness.

The legal authorities have also highlighted other alleged wrongdoings by Bankman-Fried. These accusations encompass presenting false statements to a bank, bribing Chinese officials related to Alameda’s frozen accounts, and manipulating the value of FTX’s proprietary token, FTT.

An intriguing facet of this case is the past romantic involvement between Ellison and Bankman-Fried, which might influence their professional interactions.

The court hearing, scheduled to begin on October 2 in a Manhattan federal courtroom, is anticipated to garner significant attention due to its implications for the crypto sector. The impact of Ellison’s writings and audio recordings on the case’s outcome will be closely observed.

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