Markets

Binance, the world’s largest crypto exchange, will remove multiple trading pairs for the DEX protocol Serum (SRM), which is known to have deep ties to both FTX and Alameda Research.  The token will no longer be tradeable for Bitcoin (BTC), Tether (USDT), or Binance’s native BNB token.  What is Serum? Binance revealed Serum’s trading restrictions, alongside a handful of other pair removals, in an announcement on Friday. Other restricted assets include the BTC hash rate-backed...

Belgium’s financial regulator does not consider crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) to be securities. The Financial Services and Markets Authority (FSMA) released a statement in which it said cryptocurrencies that are issued solely by computer code do not constitute securities. The regulator’s response comes after receiving an increasing number of questions about the application of financial rules on the asset class. Win for BTC, ETH With a prominent...

The past week was somewhat positive for the entire cryptocurrency market, both in terms of pricing and overall developments. While the meltdown of FTX looms over the industry and most market participants are still afraid of contagion, the total capitalization added over $10 billion amid ongoing developments. First things first, this week’s overall increase doesn’t come on the back of Bitcoin, which is actually down about 1% over the period. The cryptocurrency attempted a push...

The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash. In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR)...

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Bitcoin cash gained pace above the $100 and $110 resistance levels against the US Dollar. The price is now trading above the $110 zone and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near $110 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair must clear $120 and $122 to continue higher in the near term. Bitcoin cash price is climbing above $110 against the US Dollar, similar to bitcoin. BCH/USD...

The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet. Risk Appetite for Acquisitions CrossTower’s CEO Kapil Rathi said investors are...

Binance’s emergency insurance fund is largely comprised of a cryptocurrency tied to the company itself, according to on-chain data.  The two addresses associated with the fund show that its BNB tokens account for 44% of its reserves.  The Wrong Type of Insurance? As shared by on-chain analyst Willy Woo on Twitter, the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB. The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and...

The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.”  The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the digital asset industry. Russia’s Potential Crypto Move According to a recent local report, the State Duma plans to make certain amendments to the existing...

In a new press release, the Securities Commission of The Bahamas explained that only placing FTX Digital Markets into liquidation was not sufficient, citing the risks associated with hacking and breach. SCB Executive Director also lashed out at new FTX CEO John Jay Ray III for “misrepresenting” the agency’s action through the “intemperate” and “inaccurate” allegations. Bahamas Regulator’s Statement Its Executive Director, Christina Rolle, revealed that the Commission sought...