Cryptocurrency

Last week, the CFTC took action against operators of three DeFi platforms, Opyn, ZeroEx, and Deridex, for “offering illegal digital asset derivatives trading.” The agency’s enforcement director, Ian McGinley, had previously labeled unregulated DeFi exchanges as an “obvious threat” to regulated markets and customers. As a result of the charges, these protocols agreed to pay civil monetary penalties totaling $250,000, $200,000, and $100,000 respectively.Armstrong questioned the validity of these charges and the applicability of the Commodity Exchange Act to DeFi protocols. He stated that these are not financial service businesses and suggested that the regulatory actions were pushing an important industry offshore. He encouraged DeFi protocols not to settle but instead to challenge these cases in court to establish a legal precedent.The Coinbase CEO’s comments have sparked a debate within the crypto community. Some social media users agreed with Armstrong’s stance, while others questioned how a decentralized protocol could take something to court and whether many DeFi platforms are truly decentralized.This is not the first time the CFTC has taken action against DeFi protocols. The agency has previously handled cases against Polymarket and Ooki DAO. Polymarket settled with the CFTC for $1.4 million, while the agency secured a victory in its case against Ooki DAO in June.These cases demonstrate the CFTC’s commitment to enforcing existing regulations within the DeFi space, regardless of whether DeFi products are offered in a centralized or decentralized manner. However, Armstrong’s comments highlight the ongoing tension between regulators and the burgeoning DeFi industry.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The sale will be managed by an investment adviser, with sensitive information available only to professionals. If objections are raised by committees or the U.S. trustee, sales will be delayed until these are resolved or until further court orders are issued.Judge John Dorsey has allowed for the sale of Bitcoin, Ether, Solana, and other tokens in weekly batches. Initially, there will be a limit of $50 million worth of token sales per week, which will increase to $100 million in the coming weeks. There is also an option to increase the weekly limit to $200 million.The holdings include Solana ($1.16 billion), Bitcoin ($560 million), Ether ($192 million), APT ($137 million), XRP ($119 million), BIT ($49 million), STG ($46 million), WBTC ($41 million) and WETH ($37 million) as well as the stablecoin USDT ($120 million). However, out of the Solana holdings, only $9.2 million can be unlocked monthly. With a significant portion of SOL locked with Alameda and other FTX ventures, it’s believed that the structured sale of available tokens should not significantly impact the market.FTX has also started moving and bridging coins and tokens back to their original blockchains and has been migrating SOL and other tokens from existing wallets to BitGo, FTX’s qualified custodian.In response to FTX’s asset sale plans, Tron’s Justin Sun stated he was considering buying FTX’s assets in a bid to curb the influence of the sales on the broader market. He posted: “Contemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem!”Despite initial fears of large sell-offs from the FTX filing, causing Bitcoin to drop from $25,679 to $25,007 on Saturday, the market has since stabilized. Bitcoin has recovered and is currently trading at $26,657 according to CoinMarketCap.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The Turkish Lira’s dominance marks a considerable change from previous years. In 2021, the Euro and the Brazilian Real (BRL) were more popular, with TRY’s use among the lowest. However, this trend shifted in 2022 as adoption of TRY spiked, pushing it to the top spot in 2023.Binance continues to be the most popular cryptocurrency exchange, supporting over 380 coins and more than ten fiat currencies, including the Nigerian Naira, GBP, and the Australian Dollar (AUD).Despite the rise in fiat trading with TRY, stablecoins still maintain a high level of liquidity. Data from CoinMarketCap reveals that the BTC/USDT pair is the most liquid, with an average daily trading volume exceeding $986 million. The BTC/TUSD pair follows closely behind with over $486 million in trading volume.Stablecoins like USDT offer more fluidity compared to traditional fiat currencies. Processing times for fiat deposits or withdrawals on Binance can range from hours to days, depending on the method used. In contrast, stablecoins can be transferred within seconds.Following the delisting of USDC, BUSD volumes spiked. However, a directive from the New York Department of Financial Services (NYDFS) barring Paxos—the then issuer—from minting new tokens saw activity shrink as USDT cemented its position.The shift towards cryptocurrency is not only evident in trading but also in ownership. A recent survey by KuCoin revealed that over 50% of people in Turkey own crypto. The Turkish government has also been experimenting with a central bank digital currency (CBC), the Digital Lira.This shift towards cryptocurrency and the dominance of TRY in Binance’s fiat volume indicate a significant change in the global dynamics of crypto adoption.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Juvvadi was hired in May 2022, coming from Uber (NYSE:UBER), where he was global head of compliance. Majalya joined the company in December 2021 after being Intel (NASDAQ:INTC)’s chief compliance officer. Before Intel, he, too, had worked for Uber.Continue Reading on Coin Telegraph More

The analysis is based on the aggregate realized value metric, which measures the realized capital of Bitcoin (BTC) and Ether (ETH) with the combined supply from the top five stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI) and TrueUSD (TUSD). “A deep dive into the data reveals a prevailing trend: by early August, the industry had begun to experience capital outflows,” notes the report. Continue Reading on Coin Telegraph More

At approximately 12:45 pm, a known Remitano hot wallet began sending funds to an address with no prior history. Approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC) and 104,000 Ankr tokens (worth $2,000 at the time) were moved to the new address.Continue Reading on Coin Telegraph More

A layer-2 blockchain for Ethereum payments, zkSync was created by Matter Labs as a method for scaling the Ethereum blockchain ecosystem. It currently boasts more than 200 projects and, according to the protocol’s website, has served more than 8.8 million testnet transactions.Continue Reading on Coin Telegraph More

So when FTX collapsed toward the end of 2022, Solana (SOL) and other “Sam coins” plummeted significantly — with Solana falling to lows of $9.89, down 96.3% from the peak of $259.96.Continue Reading on Coin Telegraph More