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Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish crypto-related crimes. GFI: Latam Still Vulnerable to Crypto-Related Crime While the adoption of cryptocurrency has grown immensely in Latam due to the unique economic situations and difficulties of the countries in the area, cryptocurrency regulation has failed to develop on par. This is one of the conclusions that a report titled “Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean,” issued on Nov. 14, found. Produced by Global Financial Integrity, a Washington DC-based financial think tank, the report examined the legal cryptocurrency developments in Latam and the Caribbean, focusing on countries with high crypto adoption like Argentina, Brazil, Colombia, El Salvador, and Mexico. The report found several holes in the regulations of some of these countries that could allow criminals to use crypto to commit money laundering crimes which could go undetected by the authorities. Also, the study remarks that some of these countries still lack crypto-specific regulations to tackle more than just crypto taxation, given that Latam’s cryptocurrency usage follows different trends compared to other regions. Policy Recommendations As per the study, it is fundamental for these countries to understand that cryptocurrencies are a new asset class that calls to be studied in order to establish effective regulations, taking the needs of each one of the countries in Latam into account. The promotion of campaigns that educate about crypto and the possible risks that users and investors can face while using these new currencies is another tool that governments can utilize. However, according to the report, one of the most important measures that these governments must apply has to do with the implementation of KYC/AML (Know Your Customer/Anti-Money Laundering) protocols amongst service providers, which can serve to identify possible threats. In the same way, the adoption of the recommendations of international organizations like the Financial Action Task Force (FATF) is advised, in conjunction with the interconnection of these agencies to collaborate and exchange data that could lead to prosecuting suspected criminal cases. What do you think about GFI’s latest report on the vulnerabilities that Latam countries face regarding cryptocurrency-connected crimes? Tell us in the comments section below. View the full article

Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. Africans Need ‘Access to the World of Cryptocurrency’ In contrast, Nigerians appear to have shunned the CBN’s digital currency — the e-naira. Despite the central bank’s attempts to present the e-naira as an alternative to cryptocurrencies, local residents seemingly still prefer the latter. According to Benjamin Eseoghene, the founder and CEO of a local crypto exchange Roqqu.com, the residents’ reluctance to use the e-naira could be tied to the CBN’s failure to fully sensitize the masses about it. On the other hand, Nigerian residents prefer cryptocurrencies because they are borderless, Eseoghene said. Meanwhile, Nigeria’s continuing shortage of foreign exchange, as well as the local currency’s decline, are other factors that push Nigerian residents towards cryptocurrencies. Nigeria’s population of over 200 million people means the country is one of the world’s biggest crypto markets and this naturally attracts global crypto giants. However, the presence of such big companies has not deterred local entrepreneurs like Eseoghene. In his written responses to questions from Bitcoin.com News, Eseoghene explained how his company, which was founded in 2018, is able to compete against some of its well-funded rivals. He also offered his thoughts about the e-naira and the CBN’s directive. Below are Eseoghene’s responses to the questions. Bitcoin.com News (BCN): You operate one of Nigeria’s locally established crypto exchanges that competes with well-resourced global platforms for what is essentially one of the world’s largest crypto markets. Can you start by telling our readers the reasons that prompted you to launch Roqqu in 2019, and why it has held its own against its much bigger rivals? Benjamin Eseoghene (BE): We are a brand that builds the future of Africa using blockchain technology. Starting off from the days of little beginnings, we evolved into a team of 60+ with a leading product with over 1.4m+ users in the African blockchain space. We are everyone’s best bet as the fastest and safest way to buy, sell, store and accept cryptocurrencies. We know our users want more than just a trading platform, we know our customers want to build businesses, expand their brands and gain financial freedom; this constantly inspires us to keep improving our services, while striving to offer more flexible features of our platform … We build with the best technology there is because we make it a point of duty to see that not only are all your activities on the app seamless, you can trust the safety of all your assets in our wallets. BCN: Can non-Nigerians use or trade cryptocurrencies on your platform? BE: At the moment no, but we’re working round the clock to make it possible for Roqqu to be used in other parts of the world. BCN: Roqqu.com is said to have recently obtained a license or approval to operate in a European country. Is this true and if so can you tell our readers why you have chosen this path? BE: It’s true, many of our users have asked us to make Roqqu available to their friends and family members who live and study abroad. As you already know, many businesses across the world do business directly with Africa and receiving payment is a major hassle in Africa, what better way than to use the vehicle of crypto to help solve that fundamental problem, that’s why we’ve spent many months working to make Roqqu globally accessible. BCN: In February 2021, the Central Bank of Nigeria (CBN) instructed banks to essentially cut-off crypto entities from the banking system. How did this impact your operations and how did you overcome the challenges that were brought by this directive? BE: The love letter of heartbreak by the CBN in 2021 was a lot for the brand to handle as it had a major impact on the product and the crypto industry in general. Let’s face it: Nigerians are very interested in cryptocurrencies. The country’s cryptocurrency trade has grown astronomically during the last few years. Nigeria is the largest cryptocurrency market in Africa, with the second-highest volume of bitcoin trades globally, after the United States. According to data from QZ Africa, a reported $400 million worth of cryptocurrencies were exchanged in the nation last year. Also, Nigerians were the most likely to admit using or owning cryptocurrencies in a recent Statista Global Consumer Survey study of 74 countries. However, to overcome the directives, we changed our operations by implementing the very first P2P model on our platform to connect traders directly in an effort to lessen the effects. P2P trades are often conducted directly between parties, without the use of middlemen or third parties. With the use of this solution, we function as escrow for these P2P transactions. It’s simple, easier & safer with Roqqu. BCN: While the CBN has generally discouraged the use of cryptocurrencies like bitcoin, it has been trying to convince Nigerians to use its central bank digital currency (CBDC). However, it appears the opposite is true, Nigerians appear to prefer cryptocurrencies to the e-naira. What do you think could be the reason for this? BE: Cryptocurrencies like bitcoin are borderless, they make global commerce easy and practicable, however, the CBDC comes with limitations, so it makes sense that people would still gravitate towards the borderless option. I think that another reason why people are resisting the CBDC is that there hasn’t been an adoption drive, there’s been no widespread sensitization on why people should use the CBDC, how to acquire it, how to store it, its use and everything that concerns it. People can be resistant to change especially when they don’t see that change as necessary. BCN: One Nigerian Presidential aspirant has reportedly praised fintechs while another has extolled the blockchain and the potential it has. What is your reaction to such positive comments about the tech from national leaders? It’s great to see that they’re opening to the possibilities of blockchain and tech as a whole. If there’s one thing I’ve learnt in all my years in the industry, it’s that it’s a lot easier to thrive and succeed when the government is on your side. If they do turn these positive comments into actual work to support the tech ecosystem, there’s a 100% chance that the growth will skyrocket. I’m certain of this because I believe that for starters, some existing policies that stifle the activities of tech companies would be revised and founders wouldn’t spend so much time trying to innovate around policies. Instead, they’d spend that time innovating to compete in global markets. There’s so much we’re yet to do in the tech space and having a government that believes in the future of tech, would be all the push we need. BCN: Does this in any way point to a possible shift in Nigeria’s policy towards the crypto industry? BE: We believe that it does. It’s obvious that they see all or at least a glimpse of what can be birthed from cryptocurrency and the blockchain industry at large, so it only makes sense that they would improve the already existing policies or perhaps even create new ones that will foster the growth and spread of cryptocurrency in the nation. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections. Bank of Japan to Trial Digital Yen CBDC The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions, according to Nikkei. The results obtained from the pilot program, reportedly set to run for two years, will be key in the decision of the government to actually develop a digital yen. The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where internet connections are limited or simply not available. This will be the first CBDC test that the Bank of Japan runs in conjunction with other financial institutions. Since April 2021, the bank has been running a proof-of-concept that tests the feasibility of a digital yen and its core functions and features. The institution announced the second phase of these tests in March 2021. No Decision on Issuance Yet However, tests are still focused on the functionality of the currency, and no decision on the possible issuance of a digital yen has been taken yet. The President of the Bank of Japan, Haruhiko Kuroda, declared on March 29 that the bank has no intention of issuing a CBDC at present and that these tests had the intention of preparing to “respond to changes in circumstances in an appropriate manner, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems.” The adoption of a digital currency at a nationwide level would have to be supported by the legal system, which would need to define the role of the currency and the future of private banks in the resulting structure. Other countries like China have already issued their CBDC. The European Union is currently running a two-year test on the feasibility of issuing a digital euro, and the Federal Reserve Bank of New York announced on Nov. 19 it would experiment with a proof-of-concept of a digital dollar directed to optimize settlements. What do you think about the Bank of Japan’s digital yen tests? Tell us in the comments section below. View the full article

EY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.” EY’s Brody on Crypto Winter Paul Brody, global blockchain leader at EY, discussed the crypto winter, the need for regulation, and the collapse of crypto exchange FTX in an interview published by the Mint publication Thursday. He was asked whether he expects the current crypto winter to be over soon. “This is a much milder crypto winter than the last one,” he replied. “One of the major features of this winter is that there is a decoupling going on between the price of crypto assets and product and engineering development work that is going on in the crypto industry.” The EY executive opined: For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth of the industry. We are slowly moving away from the pure financial focus of the industry. He added that the Ethereum ecosystem is now much more focused on application development, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). Brody on FTX Collapse and the Need for Crypto Regulation The EY executive also discussed the collapse of crypto exchange FTX, which some have compared to Ponzi schemes, including the infamous one run by Bernie Madoff. Responding to a question about whether users can trust crypto exchanges following the FTX meltdown, he cautioned: “The idea behind crypto was that it is fully transparent since it is on the blockchain and you can see if something bad happened. That was a flawed theory. Seeing data doesn’t mean you can understand the complex data flow in smart contracts.” “Entities that have tried to blend on-chain and off-chain financial transactions without robust regulatory oversight are the ones that are not doing well,” Brody continued. “It’s been impossible to know if your assets are strictly being held and used for you, or if they are being pledged and used in other scenarios,” the EY blockchain leader warned. “The key takeaway is that your governance has to be either simple enough for people to follow or you can take a rigorously audited and publicly traded approach.” He also emphasized the need for stricter regulation, stating: It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity. I would like to see more regulatory activity and rules that good players can follow. Following the meltdown of FTX, many people have called on regulators in various jurisdictions to tighten their oversight. Bank of England Deputy Governor for Financial Stability Sir Jon Cunliffe stressed this week that the FTX collapse has highlighted the urgent need for tighter regulation. The White House and several U.S. senators have called for proper crypto oversight. A U.S. lawmaker recently urged the Securities and Exchange Commission (SEC) to take decisive action to regulate the crypto industry. What do you think about the comments by EY’s executive? Let us know in the comments section below. View the full article

Bitcoin was marginally lower on Nov. 25, as markets returned to action following the U.S. Thanksgiving holiday. Overall, cryptocurrency markets were mostly in consolidation in today’s session, with the global market cap up 0.12% as of writing. Ethereum was also largely unchanged, with the token hovering below $1,200. Bitcoin Bitcoin (BTC) was mostly unchanged on Friday, as cryptocurrency markets consolidated, following the U.S. Thanksgiving holiday. Following a high of $16,641.32 on Thursday, BTC/USD fell to an intraday low of $16,388.40 earlier in today’s session. Today’s decline saw a three-day winning streak snapped, with BTC moving closer to a recent support point of $16,200. Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 41.00 The index is currently tracking at 40.04, with neither bulls or bears taking hold of market sentiment. However, should bulls manage to break out of the 41.00 resistance point, then we could likely see BTC move towards $17,000. Ethereum Ethereum (ETH) was once again below $1,200, as the world’s second largest cryptocurrency also consolidated in today’s session. ETH/USD fell to a bottom of $1,174.82 earlier in the day, which comes less than 24 hours after hitting a high of $1,203.98. As a result of this drop, ETH/USD slipped below support at $1,180. However, as the day has progressed, price has rebounded. Currently, ethereum is trading at $1,196.60, with the RSI tracking at a level of 42.75, which is below a ceiling at 43.00. In addition to this, the 10-day (red) moving average is currently trending sideways, which seems to be a positive signal that recent downward pressure has eased, for now. Should this trend line begin to shift, we could see more ETH bulls return to the market, in anticipation of an uptrend. Register your email here to get weekly price analysis updates sent to your inbox: Could we see ETH hit $1,300 before the end of the month? Leave your thoughts in the comments below. View the full article

Binance has committed $1 billion to a crypto industry recovery initiative to restore confidence following the collapse of crypto exchange FTX. Several other crypto companies have joined Binance’s efforts and committed capital for the recovery fund. Crypto Industry Recovery Initiative Launched Cryptocurrency exchange Binance unveiled Thursday some details of its Industry Recovery Initiative (IRI), which the crypto firm described as “a new co-investment opportunity for organizations eager to support the future of web3.” The announcement states: Initially, Binance will commit USD 1 billion to IRI-themed investment opportunities with an intent to ramp up that amount to USD 2 billion in the near future if the need arises. “So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also committed to participating with an initial aggregate commitment of around USD 50 million, and we expect more participants to join soon,” Binance added. Each participant has set aside committed capital in stablecoins or other tokens. Binance explained that it will be looking for projects characterized by “innovation and long-term value creation,” “a clearly delineated and viable business model,” and “a laser focus on risk management.” The global crypto exchange noted: What makes this initiative unique is the collaborative approach to restoring confidence in web3. The CEO of Binance, Changpeng Zhao (CZ), first revealed that his company is setting up a crypto industry recovery fund last week. The executive explained at the time that the purpose of the recovery fund is “to reduce further cascading negative effects of FTX” by helping projects that “are otherwise strong, but in a liquidity crisis.” CZ has compared the FTX fiasco to the 2008 financial crisis, warning of “cascading effects.” FTX filed for Chapter 11 bankruptcy on Nov. 11 and former CEO Sam Bankman-Fried stepped down. The company is under investigation in multiple jurisdictions. In the U.S., a number of authorities are investigating the exchange for mishandling customer funds. Binance explained that the IRI is not an investment fund. “We have already received around 150 applications from companies seeking support under the IRI,” the exchange noted, elaborating: The mandate of this new effort is to support the most promising and highest quality companies and projects built by the best technologists and entrepreneurs that, through no fault of their own, are facing significant, short term, financial difficulties. The announcement further details that the initiative is expected to last about six months and “will be flexible on the investment structure — token, fiat, equity, convertible instruments, debt, credit lines, etc — as we expect individual situations to require tailored solutions.” What do you think about Binance setting up a crypto industry recovery fund? Let us know in the comments section below. View the full article

Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets, has joined the Chainlink BUILD program to help accelerate the adoption of VERSE ecosystem dApps and receive increased technical support for Chainlink’s time-tested Web3 services—which include verifiable randomness, decentralized price data, and reliable smart contract automation. What Is VERSE? With over 35 million wallets created and more than 5 million active users, Bitcoin.com has played a leading role since 2015 in onboarding millions of newcomers to Bitcoin, cryptocurrency, and the larger Web3 industry. A trusted brand, Bitcoin.com acts as the first touchpoint for newcomers to safely interact with and learn about this paradigm-shifting technology. Verse is the next step in Bitcoin.com’s mission to establish blockchain as an integral component of society towards the goal of creating more economic freedom in the world. The VERSE token, currently on sale at getverse.com will provide utility in Bitcoin.com’s ecosystem while also acting as a rewards mechanism to encourage positive actions such as self-custodying assets. VERSE also refers to an ecosystem of decentralized applications (DApps) that will guide millions of people on their journey beyond Bitcoin, including into decentralized finance (DeFi), one of the fastest-growing verticals in Web3 today. Why We Joined Chainlink BUILD Bitcoin.com joined BUILD to maximize the benefits of security and reliability that Chainlink’s oracle infrastructure provides and to help accelerate the adoption of the VERSE ecosystem. As part of BUILD, Bitcoin.com will receive key benefits, including access to and integration of on-chain price data through Chainlink Price Feeds, a verifiable random number generator through Chainlink VRF, and decentralized smart contract automation through Chainlink Automation. These proven services will act as critical infrastructure for the Bitcoin.com Verse ecosystem. Bitcoin.com will also receive access to new Chainlink product alpha and beta releases and increased technical support, among other benefits. In exchange for these services, Bitcoin.com will make multiple percentage points of the VERSE token supply available to Chainlink service providers, including stakers, over time. These mutually aligned economic incentives enable both the Bitcoin.com and Chainlink communities to support one another. How Chainlink Services Help Power the VERSE Ecosystem Built on Ethereum but with a focus on expanding into low-fee EVM chains, Verse’s DApp ecosystem will kick off with the multichain Verse DEX and expand to integrate a range of DApps, some of which will be incubated by the Verse Development Fund. “We’ve chosen to use Chainlink as our preferred oracle solution across Verse’s DApp ecosystem because the Chainlink Network has proven time and time again that it is the most reliable and secure oracle solution in Web3, “ said Bitcoin.com CEO Dennis Jarvis. “Bitcoin.com is the primary gateway for Web3 newcomers, and leveraging Chainlink services helps ensure they have the best experience possible while navigating the many exciting use cases in decentralized finance.” “We’re pleased to welcome Bitcoin.com and the VERSE ecosystem into Chainlink BUILD. With the support of Chainlink’s secure and reliable oracle services and increased alignment with the Chainlink ecosystem, VERSE can build next-generation decentralized finance applications that accelerate the pace of Web3 adoption.”—Johann Eid, VP of Go-to-Market at Chainlink Labs. About Chainlink Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains. Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert. About Bitcoin.com Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. The VERSE token will launch following the conclusion of the Verse token sale, which ends on Nov 30. View the full article

The Digital Asset Exchange Joint Consultative Body (DAXA), the South Korean association of crypto exchanges, announced on Nov. 24 that the WEMIX token would be delisted. In justifying the decision to delist WEMIX, the association claimed the information provided by the token’s issuer Wemade is false and has confused investors. Discrepancy Between WEMIX Circulating Supply and Token Distribution Plan An association of South Korean cryptocurrency exchanges, the Digital Asset Exchange Joint Consultative Body (DAXA), announced on Nov. 24 that the gaming platform Wemade’s token — WEMIX — would be delisted. According to DAXA, the decision to delist WEMIX came after the association claimed to have found a discrepancy between the token’s circulating supply and the submitted distribution plan. The announcement by DAXA, which is made up of five crypto exchanges, namely: Bithumb, Coinone, Gopax, Korbit, and Upbit, came just days after some local media reports suggested the delisting decision would be revealed on Nov. 17. At the time, CEO of Wemade Henry Chang reportedly told token holders that the delisting of WEMIX was not a possibility. However, as reported by Hankyung publication, DAXA association members ultimately decided to remove the token from the respective platforms. “The distribution amount exceeding the distribution plan submitted by Wemix to DAXA is a considerable amount of over-circulation at the time of designation as a warning issue, and it was judged that the degree was significant,” DAXA reportedly said. Further, the association accuses Wemade of circulating false information and confusing investors by releasing unconfirmed information about WEMIX’s listing status. At the time of writing (Nov. 24, 3:00 p.m. EST), WEMIX was down by nearly 70% to $0.488 while the token’s 24-hour traded volumes were just over $540 million. Meanwhile, DAXA reportedly said “Wemix’s transaction support will be terminated on Dec. 8 to protect investors.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Just days after reassuring concerned customers, Marius Reitz, the general manager of crypto exchange Luno Africa, recently reiterated the company has not been impacted by Genesis Capital’s decision to pause withdrawals. He added Luno customers still have access to funds in the savings wallet despite its lending partner’s decision to freeze withdrawals. Customers Retain Access to Funds in the Savings Wallet According to Marius Reitz, general manager of the crypto exchange Luno Africa, his company is operating normally and has not been affected by Genesis Capital’s suspension of “redemptions and new loan originations.” Reitz added that the Digital Currency Group (DCG)-owned exchange has so far not seen “any significant changes in deposits, withdrawals or trading volumes.” As reported by Bitcoin.com News, Genesis had paused customer withdrawals “in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion.” After the announcement by Genesis, which is also owned by DCG and is Luno’s lending partner for its savings wallet, rumors claiming that the crypto exchange could pause withdrawals began to swell. To quell the speculation, Luno, which was acquired by DCG in 2020, initially issued a statement on Nov. 16 which reassured worried customers it had taken steps to ensure access to funds in the savings wallet would be retained “in the event withdrawals from Genesis are not possible.” However, continuing reports suggesting that Genesis is failing to plug a billion-dollar hole in its books have fueled bankruptcy rumors. Luno an Independent Operating Subsidiary of DCG Although Genesis has since ruled out filing for bankruptcy, the persistent rumors have seemingly forced Luno’s general manager to push back against withdrawal freeze speculation. In his latest remarks concerning the issue, Reitz reportedly said: Luno remains a wholly owned, independent operating subsidiary of DCG and this has not changed. Luno’s customers and operations haven’t been affected during this period. In an earlier statement, the crypto exchange claimed that “all savings wallet funds are now on the Luno platform” which meant that customers had full access. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Ripio, an Argentina-based cryptocurrency exchange, has announced that it will expand its operations to the U.S. The company, which serves more than 4.5 million customers in Latam, received a license in the state of Florida to operate and will start offering its Ripio Select services to companies and institutional investors. Ripio Expands Operations to US Ripio, one of the largest exchanges in Latam, with more than 4.5 million customers on the continent, has announced it will expand its operations to the U.S. The company obtained a license granted by the Florida Office of Financial Regulation, that will allow it to offer its suite of services to United States customers. With this endorsement, the company is ready to bring its products to customers in the country, including its custodial wallet and exchange services, and its newly launched Web3 wallet. Also, Ripio is planning to provide B2B integration with other companies. Ripio decided to first introduce its Select platform, which focuses on offering crypto-based solutions to other companies and institutional investors. This will be the tip of the spear for the company in the country, with other services to be introduced later on. To Ripio co-founder and CEO Sebastian Serrano, this is a dream come true for the company and its investors. In a statement offered to Livecoins, Serrano declared: We are very happy and proud to achieve this goal, as we worked hard to be able to operate in a country like the United States, which is undoubtedly one of the dreams and achievements of any entrepreneur. Furthermore, Serrano declared the company chose the state of Florida due to its status as a crypto hub where Ripio’s Select platform has great potential. Compliance and Growth Ripio had to comply with all of the requirements of Florida’s financial regulation to be able to operate in the state. The company is one of the few exchanges that has received audits by several big four firms, including PWC, KPMG, and EY, and it is also registered with the Financial Crimes Enforcement Network (FinCEN). Ripio, whose latest funding round raised $50 million in Sep 2021, has managed to stay afloat and even expand during this cryptocurrency market downtrend that has affected several crypto exchanges and lenders such as Celsius and Blockfi. The company announced its expansion to Colombia in April, stating that its operation would offer a financial education proposal. Later, in July, the company presented an educational textbook and released its own metaverse Web3-enabled wallet. What do you think about the expansion of Ripio into the United States? Tell us in the comments section below. View the full article

PRESS RELEASE. Project Xeno is pleased to announce that Fumiya, a social media creator with over 6 million followers on SNS, has been appointed as the Southeast Asia ambassador for “PROJECT XENO.” Fumiya is a social media creator based in the Philippines, working extensively as an actor, singer, TV personality, and YouTuber. He has 2.31 million YouTube subscribers and over 6 million total followers on Instagram, TikTok, and other SNS channels (as of October 31st, 2022). He also has been appointed as a tourism ambassador for Hamamatsu City, Shizuoka, as well as an SNS ambassador for the B League’s Santo Neo Phoenix, and now is getting attention in Japan as well. PROJECT XENO will continue to expand its services worldwide, following the strengthening of promotions in Southeast Asia with the appointment of Fumiya as an ambassador. We plan to particularly focus on the U.S., India, South Korea, and the Middle East and promote PROJECT XENO in each of these areas, including appointing ambassadors and holding collaborations in the future. [Comments from Fumiya (Translation)] “I am Fumiya, and I have been appointed as an ambassador for ‘PROJECT XENO.’ When I was living in the Philippines, I saw many young and old playing games on their smartphones. I would be happy to help spread new entertainment to Filipinos who love such a game, and the country as a whole gets excited! I am very much looking forward to the new developments of “PROJECT XENO” in the future!” ———————– PROJECT XENO official website, Twitter, and Discord for further details. Official website: https://project-xeno.com/ Twitter: https://twitter.com/PROJECTXENO_JP Discord: https://discord.gg/G4bk9nhJpG This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Entertainment and electronics giant Sony has recently completed the acquisition of Beyond Sports, a company specializing in using real-world data to produce 3D animation. With this purchase, the company is now reportedly able to offer a full metaverse experience for sports matches, complete with tech from other companies already in its portfolio. Sony’s Beyond Sports Purchase Gets It Closer to the Sports Metaverse Sony is now making a foray into the sports metaverse world. The company recently closed the acquisition of Beyond Sports, a 3D imaging and animation company that possesses tech to transform real information from a sports match into a metaverse representation. Numbers for the acquisition were not released, but are believed to be as high as $70 million dollars, according to Nikkei estimations. This purchase, along with the technology of Hawk-Eye Innovations — another company owned by the conglomerate — will allow the company to produce, in real-time, content relating to basketball, baseball, tennis, and football matches. Hawk-Eye Innovations, acquired back in 2011, produces tech that allows pinpointing the position of the ball any time, and has been used by organizations like the National Football League (NFL) and National Hockey League (NHL). Combining these two might allow Sony to create a digital, accurate representation of a field or a court, featuring realistic ball and player movement. The Virtual Sports Market Another company owned by Sony could fill the distribution gap to bring these experiences to audiences. Pulselive, a company that operates several sites for sports teams and organizations, would be able to include these metaverse experiences on these sites, creating a new line of revenue and taking a shot at popularizing this new take on sports. Sony may also be able to offer metaverse matches using its line of Playstation consoles as a distribution device. The company is developing a virtual reality (VR) headset exclusively for its console, dubbed Playstation VR 2, that is confirmed to be set for release in February 2023, and could be used to enjoy these metaverse experiences in an immersive way. Sony has already flirted with metaverse and NFT (non-fungible token) technology, filing a set of patents to use NFTs as a way of tracking the history and ownership of in-game assets. Sony CEO Kenichiro Yoshida has also stated before that Sony’s “first priority is to create a metaverse around entertainment,” using all of the tools that the brand has for this purpose. What do you think about Sony’s latest metaverse-driven acquisition? Tell us in the comments section below. View the full article

New York Attorney General Letitia James has urged Congress to pass a law prohibiting crypto investments in retirement accounts. “Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” she stressed. NYAG Letitia James Urges Congress to Prohibit Crypto Investments in Retirement Accounts New York Attorney General Letitia James announced Tuesday that she has “urged congressional leaders to adopt legislation that would prohibit investing retirement funds in digital assets, such as cryptocurrencies, digital coins, and digital tokens.” In the letter she sent to Sen. Ron Wyden (D-OR), Sen. Mike Crapo (R-ID), Rep. Richard Neal (D-MA), and Rep. Kevin Brady (R-TX) Tuesday, James wrote: On behalf of the people of the state of New York, I urge Congress to pass legislation to designate digital assets — e.g., cryptocurrencies, digital coins, and digital tokens — as assets that cannot be purchased using funds in Individual Retirement Accounts (IRAs) and defined contribution plans, such as 401(k) and 457 plans. James provided a few reasons why cryptocurrencies are too risky to be allowed in retirement plans. In addition to having no intrinsic value, she said they are extremely volatile and “often an instrument for fraud and crime.” The attorney general also referenced the terra crash and FTX meltdown, both of which were followed by crypto market sell-offs. Crypto exchange FTX filed for bankruptcy on Nov. 11 amid investigations that it mishandled customer funds. Citing “recent crypto market crashes and other market turbulence,” Attorney General James said: Investing Americans’ hard-earned retirement funds in crashing cryptocurrencies could wipe away a lifetime’s worth of hard work. “Over and over again, we have seen the dangers and pitfalls of cryptocurrencies and the wild swings in these funds. Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” the attorney general stressed. James also wants lawmakers to reject two bills that would allow crypto investments in retirement accounts. She wrote: I urge Congress to reject the recently proposed Retirement Savings Modernization Act … and the Financial Freedom Act of 2022. The Retirement Savings Modernization Act would “expressly allow 401(k) plan fiduciaries to make digital assets an investment option,” James explained. The Financial Freedom Act of 2022 would “prohibit the Secretary of Labor from constraining or prohibiting the range of investments offered through a self-directed brokerage window, i.e., the Secretary of Labor would not be able to prohibit investments in digital assets,” the NY attorney general emphasized. Fidelity Investments, the largest 401(k) administrator by assets, began offering bitcoin investments in retirement accounts this fall. This has troubled the U.S. Department of Labor. Treasury Secretary Janet Yellen has also warned that crypto is “very risky,” noting that it is unsuitable for most retirement savers. This week, three U.S. senators sent a letter to Fidelity CEO Abigail Johnson, urging her firm to stop offering bitcoin as an option for retirement accounts. What do you think about New York Attorney General Letitia James urging Congress to prohibit crypto investments in retirement accounts? Let us know in the comments section below. View the full article

Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, does not own any stake in Twitter. This followed an article published by a Bankman-Fried-backed publication suggesting that Musk took $100 million from the former FTX executive. Elon Musk on SBF’s Alleged Investment in Twitter Elon Musk has clarified that Sam Bankman-Fried (SBF), FTX’s co-founder and former CEO, currently owns 0% of Twitter. The confirmation followed an article published Wednesday by Bankman-Fried-backed publication Semafor indicating that SBF owns a $100 million stake in the social media platform. The article claimed to have obtained a private text message between Musk and Bankman-Fried as proof of the stake. Semafor debuted on Oct 18, just a few weeks before the FTX meltdown began. The crypto exchange filed for Chapter 11 bankruptcy on Nov. 11 and SBF stepped down as the CEO. Musk tweeted Wednesday: “Semafor is owned by SBF. This is a massive conflict of interest in your reporting.” Responding to an editor of the publication insisting that he took money from SBF, Musk tweeted: As I said, neither I nor Twitter have taken any investment from SBF/FTX. Your article is a lie. The editor of the SBF-backed publication tweeted the text message in question Thursday. In the text message, Bankman-Fried claimed to have over $100 million in Twitter (TWTR) shares that he would like “to roll” if possible. Musk responded with a standard reply he gave to all Twitter shareholders. “You’re welcome to roll,” he wrote. However, the text message does not confirm whether the transaction happened. Semafor’s reporter took the text message as confirmation that Bankman-Fried definitely owns a $100 million stake in Twitter, and did when Musk bought the social media company at the end of October and took it private. Musk responded clarifying that all public shareholders of the social media company were allowed to roll their stock into Twitter as a private company. However, the Tesla boss noted that Bankman-Fried did not roll anything over, so he owns no stake in Twitter. “Your reporting made it falsely sound like he did.” The article also claimed that Musk texted Bankman-Fried and “invited him to roll the $100 million stake.” However, it appears from the text message that it was SBF who texted Musk and the Tesla CEO did not even know who the text message was from. Many people on Twitter agreed with Musk that the text message does not prove that SBF actually rolled any shares into Twitter, the private company. One user described: Sounds like he [Elon Musk] didn’t really know whom he was talking to, and was just giving the same answer he gave publicly — that large shareholders could roll over their shares to the new business. Musk has denied that it ever actually happened, too. Twitter users also attacked the SBF-backed publication for its conflict of interest. “Its extremely wild how they’ll attack ANYONE within proximity to SBF but then leave him untouched or barely scraped with slight criticism that you have to read like 3-4 times over again before it sounds like criticism,” one pointed out. Another user asked: “How much money did Semafor take from SBF and what did that financial agreement entail? That seems important.” What do you think about the SBF-backed publication claiming that Bankman-Fried gave Elon Musk $100 million even though Musk said repeatedly that he did not? Let us know in the comments section below. View the full article

While the analytics firm Nansen published a report that points to the Terra collapse igniting the flames of FTX’s and Alameda Research’s financial problems, onchain data from the intelligence and research firm Glassnode suggests FTX’s “cracks had formed as far back as May-June.” Glassnode’s report highlights a “growing pool of [onchain] data” that shows FTX’s crypto reserves dropped significantly following Terra’s fallout. Glassnode Report Highlights How FTX’s Bitcoin, Ethereum, and Stablecoin Balances Dropped Significantly Following the Terra Ecosystem Implosion There’s been a lot of eyes focused on the “FTX Accounts Drainer” address as the unknown entity has been offloading significant amounts of ether to this very day. Furthermore, FTX’s bitcoin (BTC) wallet held 20,176.84 bitcoin on Nov. 5, 2022, and the BTC that’s currently worth $326.43 million vanished without a trace. The blockchain intelligence and research firm Glassnode’s weekly onchain newsletter explains that BTC reserves held by FTX declined significantly at the end of June. Glassnode also noted that monitoring FTX’s bitcoin reserves was a complex process. “Tracking the exchange reserves for FTX has been somewhat of a challenge for many data providers over the years, with our own experience being that FTX utilized a relatively complex peeling chain system for their BTC reserves,” Glassnode’s onchain newsletter details. “In April to May this year, the FTX reserves within our cluster had reached a peak of over 102k BTC. This dramatically declined by 51.3% in late-June.” Glassnode’s research report adds: Reserves have since persistently declined until reaching effectively zero during this week’s bank run. As claims of Alameda misappropriating customer deposits come to light, this indicates that the Alameda-FTX entity may have in fact experienced severe balance sheet impairment in May-June following the collapse of LUNA, 3AC, and other lenders. Glassnode: ‘A Growing Pool of Onchain Data to Suggest Cracks Had Formed as Far Back as May-June’ FTX’s bitcoin reserve cache was not the only stash that saw significant declines since Terra’s collapse, according to Glassnode’s report. The researchers detail that in June, FTX’s ethereum (ETH) reserves slipped by 55.2% as 576,000 ether left the exchange. When FTX’s financial cracks really started to appear, after Binance’s CEO Changpeng Zhao (CZ) revealed Binance was dumping all of its FTT tokens, Glassnode said FTX’s ETH balance dropped from 611,000 ETH to 2,800 ETH, losing 99.5% of its ether reserves. “Similar to the bitcoin balance, this leaves close to no [ethereum] in FTX-owned wallets, with the bank run effectively clearing what was left from the balance sheet,” Glassnode detailed. Stablecoin reserves, Glassnode said, “started to decline significantly from [Oct. 19, 2022], dropping from $725M, to effectively zero over the following month.” FTX’s stablecoin balances reached new highs in June when the crypto economy was in decline, the onchain research report notes. Glassnode’s newsletter says there’s still a lot of obfuscation surrounding the fall of FTX and Alameda but the onchain data, similar to Nansen’s findings, suggests issues started to arise after Terra’s ecosystem imploded. Glassnode researchers conclude: Whilst there remains significant uncertainty regarding what really happened between FTX and Alameda, there remains a growing pool of [onchain] data to suggest cracks had formed as far back as May-June. This would leave recent months as being simply a precursor to what was more than likely an inevitable collapse of the exchange. You can read Glassnode’s weekly onchain newsletter covering the FTX collapse in its entirety here. What do you think about Glassnode’s onchain analysis of all the bitcoin, ethereum, and stablecoins that left the FTX platform following Terra’s collapse? Let us know what you think about this subject in the comments section below. View the full article

Huobi will endeavour to bring value to its business and provide secure and professional services to its users as it rebrands. Various technologies and resources will also be integrated into Huobi’s global public chain ecosystem, including the technology and resources offered by the HECO and TRON public chains, as well as the bridge between their chains, the BTTC. Huobi: New Brand, New Strategies Huobi Global has been rebranded to Huobi. The updated name of the company is composed of the Chinese characters “火” and “必”. Originally from Chinese culture, the first character symbolizes perpetual vitality and the transmission of this vitality to subsequent generations. The second means determination to succeed, illustrating Huobi’s goal of returning to the industry’s top three positions. In Chinese, the character “必” can also be seen as an amalgamation of the characters “心” and “义”, which mean “heart” and “righteousness”, respectively. By displaying the symbolism behind these two Chinese characters, Huobi demonstrates its commitment to providing professional digital asset management services from the heart to users around the globe. It also aligns with the company’s mission, “empowering assets, promoting financial inclusion.” Moreover, the updated name represents Huobi’s vision of ‘technology changes the world’ by upholding the Chinese virtue of righteousness, implementing the brand philosophy, contributing to innovation and development in blockchain and virtual asset technology, and embodying the brand philosophy ‘science and technology for good’. Following the completion of the brand refresh, Huobi will work on enhancing the brand via various strategies. Since the inception of Huobi, the company has placed a great deal of emphasis on developing high-quality projects on the market, which will remain a key component of Huobi’s business strategy in the future. With the HT (Huobi Token) voting system, Huobi gives the listing right back to its users, who can now vote on listings with their HT. The company also intends to make HT the centre of the platform’s activities. In addition to creating cutting-edge assets and supporting assets with strong market potential, the company will foster communities built around projects and empower them to thrive. With the intention of using science and technology for good, Huobi will continuously strive to create a safer and more stable environment for users to participate in early-stage quality projects, supporting the continued growth of the global virtual asset industry. In order to further expand its global presence, Huobi plans to establish a presence in the Caribbean region, a region well-positioned to become a virtual asset hub because of its open regulatory environment, standard law systems, and the use of English as its primary language. Also, Huobi plans to increase its investments in Southeast Asia, Europe, and other regions with high growth potential for its user base. Huobi will seek to achieve growth through strategic mergers and acquisitions that will contribute to creating a robust Huobi ecosystem worldwide in accordance with its planned expansion. Additionally, the company will exert great efforts on recruiting top-notch talent in the fields of blockchain and virtual assets. Also, Huobi intends to contribute significant resources and technology to developing a global public chain ecosystem, integrating the technology and resources available from the HECO and TRON public chains and the BTTC cross-chain bridge. Huobi is deeply committed to innovation and will continue to grow its business with such commitment. In addition to receiving numerous financial licenses across several countries and regions, Huobi currently serves more than 50 million customers in over 160 countries worldwide. It is Huobi’s policy to adhere to the regulations of every country in which it operates to ensure compliance with the law. As part of Huobi’s global business strategy, the company will expand its cooperation with other countries and develop a business model compliant with international standards. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

During the week of Jan. 30 to Feb. 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90 and today the GT score has dropped a great deal down to a score of 12. Not only has interest declined, but blue chip non-fungible tokens (NFTs) don’t hold the value they once did at the beginning of 2022. For instance, statistics show the Bored Ape Yacht Club (BAYC) collection’s market valuation based on floor values was worth $2.33 billion on Feb. 3, 2022 — 291 days later and the collection’s market cap is now worth $615 million. Celebrities holding blue chip NFTs like BAYCs and Cryptopunks have seen their NFTs lose a great deal of value over the last nine months. Blue Chip NFT Market Caps Slide Significantly Lower Since the Start of the Year Popular non-fungible tokens (NFTs) stemming from specific collections like BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still pricey digital collectibles. For instance, the lowest valued Moonbird NFT is around 7 ether or $7,906, while a BAYC NFT will cost 57.50 ether or $63K. Statistics from nftpricefloor.com show that on Nov. 22, 2022, the Cryptopunks collection held the largest market capitalization of around 619,900 ether. That’s not much less than the Cryptopunks floor capitalization the collection had on Feb. 3, 2022, when it was 650,000 ETH. However, the price of ethereum per unit on Feb. 3 was approximately 2,667 nominal U.S. dollars per ether. That means while the floor capitalization was worth $1.73 billion nine months ago, today the market cap is down to $685.16 million. This means the Cryptopunks NFT collection dropped by 60.47% during the last nine months. The same can be said about BAYC’s NFTs as the market cap has dropped from 875,000 ether worth $2.33 billion on Feb. 3, to today’s 556,900 ETH worth $615.53 million. NFTs Owned by the Rich and Famous Lost Massive Amounts of Value in 9 Months The data shows during the last nine months, BAYC’s collection dropped by 73.62% against the U.S. dollar. On Jan. 2, 2022, the rap star Eminem purchased BAYC #9055 for 123.45 ether and at the time, it was worth roughly $452K. Eminem moved his BAYC from the “Shady_Holdings” account he uses on Opensea to the address “0x79f.” Dappradar.com estimates show Eminem’s BAYC is only worth 57.96 ETH today or $63,934. Eminem’s NFT at that estimated value means BAYC #9055 lost 85.85% in value since he first bought the NFT. Pop star Justin Bieber acquired Bored Ape #3001 for 500 ETH which was worth $1.3 million at the time. Today, Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69K. Socialite Paris Hilton leveraged the company Moonpay to buy Bored Ape #1294 for 119 ether or $317K. At the end of November 2022, Hilton’s BAYC #1294 is only worth $63,783 according to current estimates. The same can be said for a myriad of celebrities that own BAYCs or Cryptopunks NFTs, including owners like Shaquille O’Neal, Jimmy Fallon, and Gwyneth Paltrow. It’s safe to say that NFTs have lost a lot more value than the fine art some of these celebrities own, as fine art prices have not seen values fall by 60% to 80% in nine months’ time. What do you think about the decline in blue chip NFT values since the start of the year? What do you think about the NFTs owned by celebrities losing significant value since they were purchased? Let us know what you think about this subject in the comments section below. View the full article

Litecoin rallied to a three-week high on Nov. 22, despite the global cryptocurrency market cap mostly residing in the red. As of writing, the crypto market is down 1.11%, however, litecoin is up by over 12%. Another notable gainer has been chainlink, which rose for a second straight session. Litecoin (LTC) Litecoin (LTC) was a big mover on Tuesday, as the token rose by as much as 12% earlier in the session. Following a low of $60.04 to start the week, LTC/USD raced to an intraday peak of $68.36 today. The surge in price sent the token to its highest level since November 7, when price was at $73.00. Looking at the chart, today’s rally also comes as LTC moved past a key resistance point of $64.50. In addition to this, the 14-day relative strength index (RSI) broke out of a ceiling of its own at 61.00, and is currently tracking at 62.01. Bulls will likely look to maintain this current momentum, with a target of $70.00 a potential exit point. Chainlink (LINK) Chainlink (LINK) was another notable mover in today’s session, with prices moving higher for a second straight session. LINK/USD moved to a peak of $6.29 earlier in the day, which comes less than 24 hours after residing at a low of $5.58. The move saw the token continue to move away from a recent floor of $5.85, on its way to a five-day high. As of writing, LINK is trading over 7% higher, with bullish momentum gaining, following a breakout of a key ceiling on the RSI indicator. The index is currently tracking at 45.31, which is marginally above the aforementioned ceiling of 44.00. Traders now seem to be targeting a ceiling of $6.50, a level that hasn’t been hit since November 16. Register your email here to get weekly price analysis updates sent to your inbox: Could we see chainlink move beyond $6.50 in the coming days? Let us know your thoughts in the comments. View the full article

According to a report citing three people familiar with the matter, the former FTX CEO Sam Bankman-Fried (SBF) may be extradited to the United States for questioning. After it was alleged that SBF transferred $10 billion in customer funds to Alameda Research, the company’s financials show between $1 billion and $2 billion has gone missing. Reports Indicate Former FTX CEO Bankman-Fried Faces Extradition to the U.S. for Questioning It’s been two weeks since the FTX collapse and 11 days since the company filed for Chapter 11 bankruptcy protection. Now, according to a few reports, officials from the U.S. and the Bahamas are talking about extraditing SBF to the U.S. for questioning regarding his role in the company’s fallout. Fox Business confirmed the alleged discussions on Wednesday and Bloomberg has cited three sources that have said the extradition conversations were legitimate. “American and Bahamian authorities have been discussing the possibility of bringing Sam Bankman-Fried to the U.S. for questioning, according to three people familiar with the matter,” Bloomberg contributors Katanga Johnson, Lydia Beyoud, and Annie Massa wrote. 4 Former FTX, Alameda Execs and Families Denied Bankruptcy Compensation According to court filings filed this past weekend and on Monday, FTX Group holds a cash balance of around $1.24 billion, however, the current creditors list shows that FTX owes roughly $3.1 billion in assets. Furthermore, the new CEO of FTX, John Ray, has outlined how the beleaguered firm is exploring selling some of its subsidiaries. Ray noted that some of FTX’s licensed subsidiaries have “solvent balance sheets, responsible management, and valuable franchises.” In another court document, the bankrupt company has stressed that former FTX and Alameda executives SBF, Caroline Ellison, Gary Wang, and Nishad Singh will not see any payments from the Chapter 11 proceedings. “No amounts will be paid under the authority requested by this motion to any of the following persons or any person known by the debtors to have a familial relationship to any of Samuel Bankman-Fried, Gary Wang, Nishad Singh, or Caroline Ellison,” the filing highlights. What do you think about the possibility of SBF being extradited to the U.S. for questioning? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Seychelles, Nov 22, 2022 – Leading global cryptocurrency exchange Bitget announces that it has registered in Seychelles to aid global expansion. The exchange operates in a decentralised manner with no specific headquarters, with regional hubs in strategic markets, and plans to set up more regional hubs in the future. The exchange has also updated its recruitment plan with a new target of 1200 headcount by the first quarter of 2023, increasing its workforce by another 50% from its existing size, to better meet user demand and support business growth. This new registration in Seychelles is under the 2016 International Business Companies Act. Together with the registration in Seychelles, Bitget has also established regional hubs in Asia and LATAM markets and plans to strengthen its global presence with more regional hubs such as ones in Europe and Africa regions. In the past few weeks, Bitget has taken a series of initiatives to build up trust and confidence with users and the crypto industry, including launching the USD 5 million Builders’ Fund and increasing the Protection Fund size to USD 300 million. The exchange is also accelerating its hiring plans, not showing any signs of being affected by the recent turmoil. Bitget, earlier in June this year, originally announced that the company would double its workforce to 1000 employees by the end of 2022. To better meet the growing user demand and business development, Bitget has further raised its target to grow its workforce to 1200 by the first quarter of 2023. So far the company has gone from a team of 450 in June 2022 to over 800 currently, a 78% growth within 4 months, and will continue to increase another 50% of its headcount till reaching the new target. The team is currently looking for talented engineers, and product, marketing and branding team members to provide the best social trading experience for its users. Gracy Chen, Managing Director of Bitget, says “We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships, such as the Argentine football legend Lionel Messi and the Italian football club Juventus. With a global footprint, Bitget fully embraces the concept of Web3, allowing the team to work in a decentralized way without a specific headquarters. We believe doing this can help us attract talent across borders as we are hyper-focused on growth and scaling up. It is crucial for us to recruit high-calibre candidates globally and set up regional hubs to aid local communication and coordination in strategic markets simultaneously.” Gracy adds, “Our recruitment always aligns with our global expansion and long-term strategy, and we will continue to hire despite current market sentiment. Capable and suitable talent will help Bitget build a safe and reliable platform, which will gain stronger traction among users in the fiercely competitive industry and eventually lead to a more trustworthy and robust platform that better serves the community.” About Bitget Bitget, established in 2018, is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world. The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian leading football team Juventus, PGL Major’s official esports crypto partner, and the leading esports organization Team Spirit. For media queries, please contact: sylvia.huang.yq@bitget.com rachel.cheung@bitget.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Bankrupt crypto exchange FTX and its founder’s parents have purchased properties for almost $121 million in the Bahamas, according to a media report. Some of these were supposed to be used by the company’s senior executives, quoted documents have revealed. Bankman-Fried’s Parents Trying to Return Vacation Home to FTX FTX, the parents of its founder and CEO Sam Bankman-Fried (SBF), and top executives of the insolvent cryptocurrency exchange have bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, Reuters reported, citing property records. Among the purchases were luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million, the news agency detailed. These were acquired by an FTX unit and were to be used as “residence for key personnel,” the documents indicate. The deeds for another property with beach access, located in an Old Fort Bay gated community, show Bankman-Fried’s parents as signatories. According to one of the documents dated June 15, it was meant for use as a “vacation home.” Responding to a query from Reuters, a spokesperson for the couple, Stanford University law professors Joseph Bankman and Barbara Fried, said they had been trying to return the property to FTX since before the bankruptcy proceedings, adding without elaborating that they are awaiting further instructions. The Bahamas-headquartered FTX, one of the world’s largest digital asset exchanges, filed for Chapter 11 bankruptcy protection in the U.S. on Nov. 11. The company was placed under voluntary administration, and lost its licenses in multiple jurisdictions while SBF resigned as chief executive. Authorities, from Japan to Turkey, have launched investigations into its recent collapse, which followed a rush of withdrawals earlier in November, reportedly leaving a million creditors with combined losses in the billions of dollars. Some of the Bahamas Properties Purchased by Recently Fired FTX Executives Reuters has based its investigation on property records at the Bahamas Registrar General’s Department for FTX, Bankman-Fried, his parents, and some of the exchange’s key executives. Among them are the deeds for three condominiums at a beachfront residence in New Providence called One Cable Beach, that cost between $950,000 and $2 million and were bought by Bankman-Fried, Nishad Singh, former head of engineering at FTX, and FTX co-founder Gary Wang. Singh and Wang, who along with other implicated individuals did not comment, were among the FTX high-ranking executives recently fired by the company’s current management. The property records for the most expensive real estate purchase, a $30-million penthouse at the Albany resort, were signed by the President of FTX Property, Ryan Salame. In a U.S. court filing with the District of Delaware bankruptcy court, the new CEO of FTX, John Ray, said he understood that corporate funds of the FTX Group were used to “purchase homes and other personal items for employees and advisors.” The FTX headquarters in the Bahamas is now unoccupied, the report added. What are your thoughts on the revelations about the property purchases made by FTX and its executives in the Bahamas? Tell us in the comments section below. View the full article

Ethereum fell below $1,100 on Nov. 22, ahead of tomorrow’s much anticipated United States Federal Open Market Committee (FOMC) minutes release. Many are looking toward this report for hints from the U.S. Federal Reserve, in terms of when it could pivot from current policy. Bitcoin was also lower, hitting a key support point in the process. Bitcoin Bitcoin (BTC) continued to trade lower on Tuesday, as crypto markets were nervy ahead of Wednesday’s FOMC minutes release. BTC/USD fell to a low of $15,599.05 in today’s session, which comes less than 24 hours after hitting a high of $16,246.61. The move pushed the world’s largest cryptocurrency to its lowest point in two years, and came as prices fell below a key support point. Looking at the chart, BTC moved marginally below a floor of $15,600 on Tuesday, before rebounding higher as the session matured. As of writing, bitcoin is trading at $15,784.68, with the 14-day relative strength index (RSI) tracking at 31.61. This is slightly above a support of 30.50, which means that there could still be upcoming drops in BTC in the coming days. Ethereum Ethereum (ETH) fell for a third consecutive session on Tuesday, with the token moving below $1,100 in the process. Following a high of $1,140.70, ETH/USD declined earlier today, moving to an intraday low of $1,081.14. As a result of today’s drop in price, ETH sank towards a floor of $1,080, hitting its lowest point since November 4. Since hitting this point of support prices have somewhat rebounded, and as of writing the token is trading at $1,095.29. Unlike with BTC, it appears as ETH has found a floor on the RSI indicator, with the index hovering close to a support at 33.00. Should this floor hold firm, bulls will likely prepare to return to the market, leading to a shift in current sentiment. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to have any further lower lows this week? Leave your thoughts in the comments below. View the full article

Nicolas Maduro, president of Venezuela, has expressed his support for the adoption of a new common currency for Latam in the latest meeting of the Workgroup of the Sao Paolo Forum. Maduro stated that this would be an important step for the construction of a common economic space, that would also include cryptocurrency as an important element. Maduro Supports Single Currency Project for Latam Nicolas Maduro, president of Venezuela, has signaled his support for the idea of a single currency for all the countries in Latam as a way of building a common economic space. As part of his participation in the latest meeting of the workgroup of the Sao Paolo Forum, a group of center-left leaning parties, Maduro stated: There are those who propose the use of a single currency, let’s discuss it, it would be extraordinary. Maduro explained that the recent political changes that Latam is facing, with the victories of President Luis Inacio Lula Da Silva in Brazil, have made possible this new wave of initiatives that seek to separate the region from the influence of foreign currencies. About this new movement, he declared: We have to look inwards, towards our deep America, there has to be a change in our behavior, for our rulers to hear and understand us to agree on the construction of a common economic space. Other presidents and politicians of the zone have also proposed the idea of adopting a single currency in the area. This was one of the promises that Lula made during his campaign, explaining that this would undermine the influence of the U.S. dollar in the zone. Roy Barradas, president of the Congress of Colombia, also echoed Lulas’s proposal during President Petro’s inauguration. Multi-Currency Crypto System Maduro also made his own proposal describing a multi-currency system that could be adopted in Latam, in the same vein as what Venezuela is doing now. He also included cryptocurrency as a key element in this new proposal. On this, he explained: We must agree on the construction of a monetary system that takes into account the existing currencies, the cryptocurrencies, nobody can see the monetary system of the 21st century without cryptocurrency. Venezuela was one of the first nations to launch its own cryptocurrency, the petro, back in 2018, and it is currently one of the countries with an established cryptocurrency and mining legal framework. What do you think about the new single and multi-currency proposals of President Nicolas Maduro for Latam? Tell us in the comments section below. View the full article

PRESS RELEASE. Despite recent unfavourable market conditions, the MaskEX team wishes to thank its users for remaining loyal to the company. MaskEX aims to ensure that all transactions through the MaskEX website and app are secure and reliable. Additionally, the exchange guarantees the safety of user funds across all markets. Several years of uninterrupted service have culminated in MaskEX’s staff working toward the common objective of “Your Wallet, Your Way” – helping all MaskEX members achieve financial pleasure. MaskEX is committed to upholding these responsibilities internally and to its customers. About Proof of Reserves (PoR), SAFU & FUD Currently, MaskEX’s Auditing and Compliance team is working on the Proof of Reserves (PoR) with Nansen, and MaskEX anticipates listing soon on Nansen. The seasoned technical team has always been prepared to respond quickly to unanticipated attack scenarios. MaskEX will ensure the security of the Asset Fund for Users (SAFU) and prevent users from experiencing fear, uncertainty, and doubt (FUD). Among MaskEX’s defining characteristics is its speedy response, which has been valued and relied upon by users since its inception. Accountability for seven client rights It is the responsibility of all MaskEX staff members, regardless of their rank, to provide these benefits to users. The team pledges their commitment and puts forth considerable effort to guarantee the security of the assets of the exchange’s users. MaskEX has adequate capital, a strong capitalization ratio, and no liabilities. Furthermore, there will be no embezzlement or diversion of assets belonging to users. In parallel, MaskEX expects that trading, through which users will become aware of their products’ quality, transparency, and user-oriented accountability, will also raise awareness of service quality, transparency, and user-oriented accountability. It is imperative to note that the market’s rough phase will pass. Persistent investors are courageous, understanding and anticipating future sustainable financial trends. MaskEX comprehends and empathizes with your current concern Providing transparency and securing assets for millions of investors is MaskEX’s top priority. MaskEX is committed to remain at the side of its users throughout this challenging phase and assist them in continuing on the path to a financially prosperous future. MaskEX would like to thank its users again for their loyalty and wishes to continue providing service for a long time. However, those who still need to be members of MaskEX are welcome to join the platform to get a feel of the top-quality products MaskEX provides its users. To learn more about MaskEX, as well as to become a user, please visit the website. Make sure to check out the social media channels and follow MaskEX too for timely updates. Community & Social Media: l Website l Telegram l Twitter l LinkedIn Contact Details: MaskEX Global Tata Tcholaria Marketing & PR Email: tamar.tcholaria@mask.net This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Bitcoin slipped below $16,000 on Nov. 21, as markets continued to react to the news that the FTX contagion had impacted yet another firm. Hong Kong-based crypto ATM firm Genesis Block halted its operations, as it looks to stabilize its liquidity pool. Ethereum was also lower, as prices remained below $1,200. Bitcoin Bitcoin (BTC) slipped below $16,000 to start the week, as volatility in cryptocurrency markets continued to rise. Following a high of $16,590.42 on Sunday, BTC/USD dropped to an intraday low of $15,943.14 earlier today. The move pushed the world’s largest cryptocurrency to its lowest point since November 14, when prices fell below a key support point of $16,200. Looking at the chart, BTC continued to trade below this point of support in today’s session, with the 14-day relative strength index (RSI) also hovering near a floor of its own. The index is currently tracking at the 32.79 level, which is marginally below a key support point of 33.00. Should this decline continue, we will likely see bitcoin bears attempt to take the token towards a lower floor of $15,600. Ethereum Like BTC, ethereum (ETH) extended recent declines, stumbling lower for a second straight session on Monday. ETH/USD fell to a low of $1,110.57 to start the week, which comes less than 24 hours after hitting a high of $1,183.43. Today’s drop, which saw the token fall by as much as 4%, took ETH to its lowest point since November 10. Bears seem to be targeting a floor of $1,100, however traders have so far rejected this proposition, with the token bouncing, and it is now trading at $1,120.26. As can be seen on the chart, Monday’s drop in price coincided with the RSI breaking out of its own floor at 37.75, and it is now at 34.61. The momentum of the 10-day (red) moving average has once again shifted, with the trendline suggesting that further declines could be on the way. Register your email here to get weekly price analysis updates sent to your inbox: Will we see ethereum fall below $1,100 in the coming days? Leave your thoughts in the comments below. View the full article