[quote]Big Story[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Tezos Co-Founder Arthur Breitman Explores the Potential of Blockchain in Government Systems
Governments and public institutions around the world are exploring blockchain technology as a potential solution to enhance transparency, accountability, and efficiency in their operations. Recently, Tezos co-founder Arthur Breitman discussed the prospects and challenges of integrating blockchain into government systems.
During the conversation, Breitman highlighted the potential of blockchain technology in emerging markets, spoke about the unique capabilities of Tezos, and addressed the prospects of collaboration with government entities. He also noted that Tezos initially gained attention as one of the first proof-of-stake platforms, with a governance mechanism that allows its community to decide how the blockchain evolves. Scalability, Breitman added, is a critical focus for Tezos.
[quote]Crypto.com[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Crypto.com Accused of Concealing Internal Trading Teams
In a shocking revelation, Crypto.com is reportedly concealing its internal proprietary trading teams. According to unnamed insiders who spoke to the Financial Times, the Singapore-based digital currency exchange has made strenuous efforts to hide these operations.
One of the sources alleged that Crypto.com’s management has instructed employees to publicly deny the existence of such operations, with a directive to “say there is no internal market maker type operation”. However, Crypto.com has denied any unethical connection between its trading operations, referred to as internal market makers, and the exchange itself.
[quote]Decentralized[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Decentralized Finance on the Global Stage: France’s AMF Advocates for Unified Rules
France’s financial regulator, the Autorité des Marchés Financiers (AMF), recently expressed its approval for internationally harmonized regulations governing decentralized finance (DeFi). In a discussion paper, the AMF addressed the regulatory challenges posed by the decentralized and disintermediated features of the DeFi ecosystem.
The paper outlines essential components of DeFi, such as decentralized autonomous organizations (DAOs) and smart contracts, which automate transactions. The AMF also supports the development of a global coordinated approach towards the regulation to ensure a level-playing field and protect investors, while allowing innovation to flourish.
[quote]Do Kwon[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Do Kwon Convicted in Montenegro Over Forged Passports
Montenegro’s court recently handed down prison sentences to Do Kwon, also known as the “crypto king,” and his accomplice, Han Chang-Joon, for trying to flee the country using counterfeit Costa Rican passports.
The incident took place in March, when the duo attempted to board a private jet. On Monday, the court in Podgorica, Montenegro’s capital city, found Do Kwon and Han Chang-Joon guilty and sentenced them each to a four-month prison term. Do Kwon refuted the accusations in court last Friday, stating he had procured the Costa Rican passport via an agency based in Singapore.
[quote]Binance[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Binance Retracts from UK Market: FCA Confirms Deregistration
Binance, one of the largest cryptocurrency exchanges, is scaling back its operations in key markets in the face of increasing scrutiny from regulatory bodies. Binance Markets Limited (BML), a subsidiary of Binance located in the United Kingdom, has officially withdrawn its registration from the country’s Financial Conduct Authority (FCA).
This implies that Binance is no longer approved by the FCA to offer services within the UK. The FCA completed Binance’s deregistration process on May 30, 2023, following Binance’s request for the cancellation of BML’s permissions. In a statement dated June 7, the FCA declared, “Following the completion of the cancellation of permissions the firm is no longer authorized by the FCA.”
[quote]Bank of America[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
Bank of America Foresees Blockchain Revolutionizing Markets
The rally in risk assets continues, although digital assets have not been keeping up with the Nasdaq stock index, lagging 24% since the start of May. This is after they had initially increased by 52% from the beginning of the year, according to a research report released by Bank of America on Friday.
Bank of America analysts Alkesh Shah and Andrew Moss noted a pessimistic outlook towards digital assets. They stated, “Digital asset sentiment remains poor as the U.S. Securities and Exchange Commission’s (SEC) enforcement actions create regulatory uncertainty, pressuring token prices.” The analysts added that “digital asset trading platforms are just one piece of the broader ecosystem.”
[quote]Hinman[/quote]Crypto.com’s Alleged Secret Trading Teams, AMF Sheds Light on DeFi’s Regulatory Challenges, Binance Pulls Back from UK and More
How Hinman’s 2018 Speech Impacts Ether, According to JPMorgan
Ether, the cryptocurrency native to the Ethereum network, recently received a favorable boost as the Hinman documents were disclosed in the ongoing legal case between Ripple and the U.S. Securities and Exchange Commission (SEC), according to a research paper released by JPMorgan.
The documents, released last week, relate to communications associated with William Hinman’s 2018 declaration, in his capacity as the then-Director of Corporation Finance at the SEC, that Ether didn’t resemble a security. Ripple, which is embroiled in a lawsuit with the SEC, revealed these emails as a part of its defense. JPMorgan’s report highlighted that the SEC’s top brass did not consider Ether a security in 2018.
