Tag: News

Curve Finance CEO Michael Egorov and Spouse Acquire Two Melbourne Mansions, Amassing an Impressive 5663 Square Metre Estate

by Blockchain News

In an unprecedented move showcasing a hefty investment in Australia’s property market, Curve Finance(CRV) CEO Michael Egorov and his wife Anna have made a grand purchase in the heart of Melbourne, according to Financial Review. They’ve managed to acquire not one, but two stately mansions, amalgamating an impressive landholding of 5663 square metres.

The significant size of their newly consolidated property underscores the Egorov’s bullish stance on Melbourne’s luxury housing market. The financial details of the acquisitions have not been made public, but given the premium location and the large combined land size, the transaction is likely to be one of the highest this year in Melbourne’s high-end property sector.

As one of the leading figures in the decentralized finance industry, Egorov’s recent real estate acquisitions have gained significant attention. Curve Finance, the firm that Egorov heads, is a prominent player in the cryptocurrency sector. It is known for its decentralized exchange for stablecoin trading, which has grown in popularity among crypto traders worldwide.

This move may fuel speculation about whether the Egorov’s see the Australian property market as a safe investment haven amid the volatility of the cryptocurrency world. Alternatively, their purchase could signal a potential interest in exploring more real estate-based blockchain initiatives.

Melbourne’s property market has been a hotspot for high-profile buyers in recent years, particularly from international investors. The city is renowned for its quality of life, making it an attractive destination for affluent individuals and families worldwide. The Egorov’s recent acquisitions add to a list of illustrious investors in Melbourne’s thriving real estate scene. Further details about the purchased properties, including their exact location, architectural features, and the couple’s plans for their new landholding, remain undisclosed.

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Huobi Global Faces Mounting Challenges: Trademark Dispute, Legal Troubles, and Operations Suspension

by Blockchain News

Huobi Global, a prominent cryptocurrency exchange, is encountering significant challenges on multiple fronts, encompassing a trademark dispute, allegations of fraud against a key person, and an order to halt its operations in Malaysia.

Li Lin, the founder of Huobi, has openly disassociated himself from the firm’s operations since October 8, 2022. In a statement posted on his WeChat ‘Moments’, Li clarified that he is no longer a shareholder of Huobi (also referred to as ‘火必’ in Chinese) and has no connection with any of the company’s business activities post this date.

Further, he voiced his objection to Huobi’s usage of the Chinese characters ‘火币’ and ‘火幣’, which translate to ‘Huobi’ in English. As per Li, an agreement prohibits Huobi from using these terms in either simplified or traditional Chinese. He demanded that the company immediately cease this alleged infringement and warned that his legal representatives will issue a letter to Huobi urging them to stop this infringement activity. He also indicated the possibility of taking further legal measures depending on the circumstances to protect his legal rights and interests.

Adding to Huobi’s predicament, Justin Sun, the actual controller of Huobi, was charged by the U.S. Securities and Exchange Commission (SEC) on March 22. In an official press release titled “SEC Charges Crypto Entrepreneur Justin Sun and His Companies for Fraud and Other Securities Law Violations,” the SEC accused Sun of fraud and violating securities laws.

The troubles for Huobi Global further escalated on May 22 when the company received an order to halt its operations in Malaysia. This order adds to the global scrutiny that cryptocurrency exchanges are currently facing, and will undoubtedly influence Huobi’s future operations and its standing in the market.

These developments illustrate the mounting pressures and challenges in the cryptocurrency industry, with Huobi Global at the forefront. The unfolding events will surely shape the future landscape of crypto trading and regulation.

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Binance Halts Certain Trading Pairs and Disables PayID AUD Deposits Amid Tightening Australian Regulations

by Blockchain News

In an ongoing adaptation to tighter Australian regulations, Binance, the world’s largest cryptocurrency exchange, has announced significant changes affecting its Australian users.

Firstly, Binance will cease trading on several spot trading pairs tied to the Australian Dollar (AUD) effective from June 1, 2023, at 06:00 (UTC). The affected pairs include ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD.

Despite this shift, the platform reassures users that they can continue to trade these cryptocurrencies via other trading pairs available on the exchange. Additionally, it’s crucial for those using trading bots on the aforementioned pairs to update or cancel them before the given date to avoid potential losses.

This announcement follows a recent tweet from Binance on May 18, 2023, informing users of an immediate halt to PayID AUD deposits. This action was necessitated by a decision from their third-party payment service provider. The move further exemplifies Binance’s ongoing adjustment to changing regulatory norms in Australia.

Binance urges users to stay updated and make necessary changes in line with these amendments to ensure smooth trading experiences. Users are also reminded that in case of any translation discrepancies, the original English announcement will prevail.

The regulatory landscape for cryptocurrency in Australia is tightening, and exchanges like Binance continue to adapt their operations to comply with these evolving standards.

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World Economic Forum Paves Way for Global Crypto-Asset Regulation

by Blockchain News

The World Economic Forum (WEF) recently published a white paper titled “Pathways to the Regulation of Crypto-Assets: A Global Approach,” advocating for a collaborative approach towards crypto regulation on a global scale.

The white paper highlights the unique challenges and necessary considerations regarding the regulation of crypto-assets. Considering the borderless, open-source, decentralized nature of these digital currencies, their regulation requires a delicate balance between preventing harm, protecting users, and promoting innovation.

The WEF acknowledges significant progress made so far, especially through the involvement of numerous international organizations like FSB, IMF, BIS, OECD, IOSCO, and national regulators such as the EU, Singapore, Japan, the UAE, India, South Africa, the US, among others. However, many pertinent questions remain under discussion, including how to define and classify crypto-assets, adapting to a rapidly evolving ecosystem, and maintaining effective regulatory oversight.

The white paper outlines several challenges in implementing a global regulatory approach, including lack of harmonized classifications, regulatory arbitrage, and fragmented monitoring. The WEF suggests these hurdles can be overcome through collaboration among policymakers, regulators, and industry.

The report analyses the wide spectrum of regulatory approaches adopted by different jurisdictions such as principle-based, risk-based, agile regulation, self and co-regulation, and regulation by enforcement. A broad and global view of the topic was ensured by consulting diverse stakeholders of the Digital Currency Governance Consortium (DCGC) while evolving recommendations.

The white paper concludes that a global approach to regulating crypto-assets is ideal, urging international organizations, national/regional authorities, and industry stakeholders to consider its findings in developing a coordinated approach to crypto-asset regulation. It also emphasizes the need for academia, civil society, and users’ involvement in evolving a responsible ecosystem.

In conclusion, the WEF white paper outlines an urgent need for stakeholders worldwide to collaborate in formulating comprehensive crypto-asset regulations. As the crypto-asset ecosystem continues to evolve, this paper will serve as an important guidepost for shaping the future of digital currency governance.

To delve deeper into blockchain and crypto, please read our exclusive interview with Nadia Hewett, the blockchain project lead of the World Economic Forum, whose insights on these matters offer invaluable context and clarity on the path forward in this complex, rapidly-evolving sector.

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Binance CEO Highlights CCTV’s Crypto Coverage amid Market Uncertainties

by Blockchain News

In the midst of global financial uncertainties and growing regulatory pressure on cryptocurrencies, Binance CEO, Zhao Changpeng, has offered an optimistic view following a recent cryptocurrency-focused broadcast by China Central Television (CCTV).

According to Zhao, the broadcast is a significant event that’s created a buzz in Chinese speaking communities. He shared this view on Twitter, stating, “CCTV just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.”

While cautioning that past events may not necessarily predict future outcomes and his words were not intended as financial advice, Zhao’s comment appears to indicate a belief that this exposure might influence a positive shift in market dynamics. This view arrives at a time when the global cryptocurrency market is facing numerous challenges.

Bitcoin, the leading cryptocurrency, has recently experienced a drop amidst tightening regulations, disappointing policy developments from Hong Kong, and the ongoing issue of the debt ceiling. This trend has echoed in other digital currencies, adding to investor concern.

CCTV’s crypto broadcast might indeed suggest a softening stance on digital currencies within China, a country known for its rigorous crypto regulation. Historically, media coverage in influential platforms has been observed to sway market sentiment and can significantly impact the trading behavior in both traditional and crypto markets.

Nevertheless, it’s important for investors to consider Zhao’s tweet in the wider context of current market conditions. While his optimism may signal potential opportunities, the current market uncertainties underscore the importance of due diligence and risk assessment in cryptocurrency investment.

Crypto market followers and investors will likely be watching closely for any indications that the Chinese market’s sentiment toward cryptocurrencies is indeed changing, as it could hold substantial implications for the global cryptocurrency industry. 

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Binance’s Chief Communications Officer Debunks Reuters’ Claims, Denies Alleged Financial Irregularities

by Blockchain News

Binance’s Chief Communications Officer, Patrick Hillmann, took to Twitter to vehemently deny allegations of Binance commingling customer and company funds as reported by Reuters. Hillmann called out the story as weak and filled with conspiracy theories.

In his tweet thread, Hillmann highlighted that the Reuters article revolved around the term “deposit” used on the transaction page when users purchased Binance’s stablecoin, BUSD, issued in partnership with Paxos.

Hillmann clarified that users were merely buying a stablecoin, and it was explicitly stated that the stablecoin was redeemable by Paxos. He argued that the use of the term “deposit” didn’t equate to the misuse or mishandling of funds. Hillmann criticized Reuters for publishing the story despite finding no evidence of Binance client funds being lost or taken. He accused the news outlet of putting up a defense against a potential libel suit by mentioning the lack of evidence upfront and then spinning a narrative around the unverified claims of a “former insider.”

Addressing the ongoing regulatory concerns around Binance, Hillmann stated that the company has been transparent about its past shortcomings. He questioned the need for a respected news outlet like Reuters to “continue making stuff up.”

Hillmann further criticized the consistent mention of Binance CEO Changpeng Zhao’s ethnicity without noting that he’s been a Canadian citizen since the age of 12, indicating an undercurrent of xenophobia.

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Binance Accused of Commingling Customer Funds and Revenue, Says Reuters Report

by Blockchain News

Binance, the world’s largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that mandate the segregation of customer money, according to a special report by Reuters. Citing three sources familiar with the matter, the report claims that the exchange held mixed accounts at U.S. lender Silvergate Bank, with sums running into billions of dollars.

According to Reuters’ report, the money flows highlighted a lack of internal controls at Binance, obscuring the location of client assets and risking their security. Despite the serious nature of the allegations, no evidence has been found to indicate that Binance client funds were lost or misused.

The special report by Reuters comes amid increased scrutiny from SEC chair Gary Gensler over the practices of crypto exchanges, with a particular focus on safeguarding client money. While Binance has not been directly targeted by the SEC, it faces allegations from the U.S. Commodity Futures Trading Commission (CFTC) of allowing U.S. customers to trade on its platform despite claims to restrict access.

Binance has refuted the allegations, according to Reuters. Binance spokesperson Brad Jaffe denied the commingling of funds, stating that the accounts in question facilitated user purchases of Binance’s own dollar-linked crypto-token, BUSD, likening the process to buying a product from Amazon.

The report from Reuters has drawn attention to the exchange’s financial operations as it faces civil charges from the CFTC and an ongoing investigation by the Justice Department for alleged money laundering and sanctions violations. The exchange’s banking future is unclear as the crypto sector faces a broader crackdown in the U.S.

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Ark Investment: U.S. Crypto Innovation Threatened by Regulatory Ambiguity

by Blockchain News

Major trading firms in the United States, such as Jane Street Group and Jump Trading, are scaling back their involvement in the domestic crypto markets due to increasing regulatory uncertainties and associated risks. This retreat is causing a significant void in the once vibrant U.S. crypto landscape, which could deter interest from institutional investors.

According to recent repport of ARK Investment Management, a well-respected global asset manager and advocate of bitcoin, these developments are causing crypto liquidity in the U.S. to decrease substantially and leading to greater volatility in crypto prices. Data from CoinMetrics suggests that Bitcoin’s daily trading volume has fallen dramatically, from $20 billion per day in March to just about $4 billion last week.

This withdrawal is further evidenced by the gap in Bitcoin price on Binance.US, which last week was approximately $600 higher than on other exchanges, indicative of weakened price discovery in the U.S. market.

ARK Investment, which published a report on February predicting that Bitcoin could reach $1 million by 2030, has long recognized the potential of digital assets and has previously invested in cryptocurrency-related stocks such as Coinbase and GBTC. However, the firm has not maintained a consistent holding pattern, having sold some of its stakes at times.

The current atmosphere of regulatory uncertainty is a cause of concern not just for existing players, but also for potential new entrants in the crypto space. The United States, once considered a hub of innovation for the crypto industry, now risks losing its position to countries like the United Arab Emirates, South Korea, Australia, and Switzerland, who are seen to provide more favorable and certain regulatory climates.

This evolving dynamic underscores the need for a more clarified regulatory framework in the U.S. for digital assets. As ARK Investment and others have warned, failure to address these concerns could result in the United States falling behind in the race to harness the transformative potential of this burgeoning industry.

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IOSCO Releases Landmark Policy Recommendations for Crypto and Digital Asset Markets

by Blockchain News

The International Organization of Securities Commissions (IOSCO), a leading international body of securities regulators, recently published an influential report titled ‘Policy Recommendations for Crypto and Digital Asset Markets Consultation Report.’

This ground-breaking document provides 18 recommendations, each of them structured to offer guidance to regulators worldwide on handling the burgeoning crypto and digital asset markets. The primary objective is to ensure investor protection and market integrity are consistent with those of traditional financial markets.

One of the main points of the report is the suggestion for regulatory frameworks to examine whether crypto-assets can substitute for regulated financial instruments. IOSCO encourages regulators to analyze if investors have replaced other financial investment activities with crypto-asset investments.

Additionally, the report urges Crypto-Asset Service Providers (CASPs) to set effective governance and organizational requirements. This move aims to counteract potential conflicts of interest that may arise due to their multi-faceted roles within the industry.

The document’s recommendations extend to order handling, trade disclosures, and the listing of crypto-assets. The report suggests that CASPs should adopt transparent standards for the listing and delisting of crypto-assets, which would lead to more informed decision-making by investors.

In response to the cross-border character of crypto-asset trading, IOSCO’s report advocates for enhanced international cooperation. This recommendation is aimed at ensuring effective supervision and enforcement, reducing the risk of money laundering, and addressing investor protection and market integrity issues.

Significant attention is also given to the custody of client monies and assets. The report offers guidance to safeguard these resources and mitigate risks related to asset segregation and the re-use of assets.

Another area of focus is the management of operational and technological risks associated with distributed ledger technology (DLT) and smart contracts. In addition, the report includes a dedicated section on retail investors, stressing the need for diligent assessment and onboarding.

Lastly, IOSCO addresses stablecoins, pointing out their unique features and associated risks. It provides further guidance on stablecoin disclosures and the custody of reserve assets.

IOSCO’s report is expected to have a significant impact on the crypto and digital asset markets worldwide. Its comprehensive recommendations should assist regulators in their task of addressing the challenges posed by these rapidly evolving markets.

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Hong Kong SFC Finalizes Regulatory Framework for Virtual Asset Trading Platforms

by Blockchain News

The Securities and Futures Commission (SFC) of Hong Kong concluded a consultation period today, revealing the finalized regulatory requirements for operators of virtual asset trading platforms licensed by the SFC.

Over the consultation period, the SFC collected 152 written submissions from stakeholders including industry and professional associations, professional and consultancy firms, market participants, licensed corporations, and individuals. These respondents largely welcomed the proposed measures, although several requested clarifications. Following an assessment of the feedback, the SFC made modifications and clarifications to some of the proposed requirements.

In a notable decision, the SFC has approved the proposal to allow licensed platform operators to cater to retail investors, with the majority of respondents showing agreement. To safeguard these investors, the SFC will introduce robust measures such as suitability assessments during onboarding, rigorous token due diligence, admission criteria, improved governance, and mandatory disclosures.

“Hong Kong’s comprehensive virtual assets regulatory framework adheres to the principle of ‘same business, same risks, same rules’, with a key focus on robust investor protection and risk management,” said Ms. Julia Leung, the SFC’s Chief Executive Officer. “This will foster sustainable industry development and support innovation.”

The newly released Guidelines for Virtual Asset Trading Platform Operators will come into effect from 1 June 2023, setting out key expectations such as the secure custody of assets, segregation of client assets, avoiding conflicts of interest, and complying with cybersecurity standards and requirements.

The SFC will provide further guidance on new regulatory requirements, license application procedures, and transitional arrangements. The application forms for trading platforms will be available on 25 May 2023 and the SFC will begin accepting applications on 1 June 2023.

In response to the regulations, operators are encouraged to apply for a license if they can comply with the SFC’s standards. Those unable or unwilling to comply should arrange for an orderly closure of their operations in Hong Kong.

To protect investors, the SFC will continue working with the Investor and Financial Education Council to educate the public about the risks of trading on unregulated platforms. At the time of this announcement, the SFC has not approved any virtual asset trading platform to provide services to retail investors. Most platforms currently accessible to the public are not regulated by the SFC.

The market’s response to the new regulations has been mixed, with the Hong Kong concept token CFX(Conflux) experiencing a pullback.

Currently, Hong Kong’s SFC has licensed only two virtual asset trading platforms: OSL Exchange and HashKey Pro. With the new regulatory framework set to take effect in June, this marks a significant milestone in Hong Kong’s efforts to regulate the fast-growing virtual asset sector.

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