Tag Archives: AA News

In an effort to stabilize its cloud services, Microsoft’s updated terms are restricting access to Bitcoin and crypto mining.  Any users who intend to do so now must receive pre-written approval from the company.  Microsoft Against Mining? Per Microsoft’s Summary of Changes page, the software giant updated its Universal License Terms for Online Services on December 1 to “clarify that mining cryptocurrency is prohibited without prior Microsoft approval.” Specifically, under the...

Changpeng Zhao – CEO Binance – agreed that the collapse of FTX has caused some panic in the space. He also reiterated that the fact that they were audited by a somewhat reputable firm caused others in that business to be more cautious when working with crypto businesses. He assured that Binance is in good financial standing, does not owe anybody money, and has never co-mingled clients’ funds. In a recent interview for CNBC, CZ said Binance coped with the recent customer...

Mark Branson – President of Germany’s financial market regulator BaFin – reportedly urged global authorities to cooperate and impose appropriate laws on the cryptocurrency industry. Such rules could grant additional customer protection and prevent the usage of the asset class in illegal activities, he claimed. ‘Now is the Time’ According to Branson, the current supervision of the cryptocurrency sector is not strict enough to keep bad actors away. “Just let the industry grow...

With FTX’s collapse spurring global regulators into action against the crypto industry, the Canadian Securities Administrators (CSA) are no exception. On Monday, the association announced an expanded ruleset pertaining to crypto trading platforms in Canada, which would bar them from offering margin or leverage trading to Canadian clients.  No More Leverage As announced by the regulator on Wednesday, its new rules will apply to any platform within the country subject to...

Bitcoin saw more volatility on Wednesday following a Federal Open Markets Committee meeting, during which the U.S. central bank agreed to raise its benchmark interest rate by 0.5%. The announcement, which aligned with market expectations, signals the Fed’s first movement this year to slow the hawkish momentum of monetary policy.  As the Federal Reserve unveiled its decision at 14:00 EDT, Bitcoin immediately fell from $18,300 to $17,850 within five minutes.  The asset reversed...

The Commodities and Futures Trading Commission (CFTC) had alleged that Alameda Research was offered a secret “time advantage” when executing trades at the defunct crypto exchange FTX.  The revelation adds to a growing list of claims and evidence suggesting that FTX and Alameda were not nearly as independent as once publicly portrayed.  The Alameda Advantage As reported by Bloomberg, Alameda was able to skirt and sidestep certain aspects of FTX’s trading procedures and...

Citi downgraded Robinhood Markets (HOOD) stock to ‘Neutral’ from ‘Buy’ due to potential risks from upcoming market structure proposals by the United States SEC, a cautious equity market outlook, and the impact of bankrupt-platform FTX spilling over the crypto trading revenue and client base. The analyst stated that the timing of that is “uncertain.” It is also important to note that the implosion has removed it from the list of possible Robinhood acquirers. Citi analysts...

The FTX collapse spurred action from yet another financial watchdog. The Thailand Securities and Exchange Commission (SEC) is gearing up to impose more stringent regulations on crypto assets similar to that of the global market in a bid to protect investors. According to Bangkok Post, the SEC said that regulators should play a greater role in enhancing investor protection mechanisms. The regulator has established a working committee consisting of relevant government agencies...

On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF, now inmate 1472, must spend Christmas in a Bahamian correctional facility, per Magistrate Ferguson-Pratt’s...

FTX’s bankruptcy attorney and new CEO, John Ray, spoke to the House Financial Services Committee on Friday to break down some of the internal details of the exchange’s fallout.  Ray said that FTX customers’ assets were used by Alameda Research for margin trading, confirming a long-held suspicion about the two companies that former boss Sam Bankman-Fried (SBF) has been hesitant to admit.  Confirming the Fraud During his preliminary remarks, Ray said that while his...