Crypto California Club

2023-08-13 12:40:20 Bitget Crypto Exchange Announces Debt-Free Status and $1.44 Billion Reserves in July Report

Bitget crypto exchange has announced that its reserves have reached a high of $1.44 billion, and that it is officially debt-free.

As per Bitget’s announcement, the exchange’s overall reserve ratio now stands at 223%, more than twice the standard 100% (or 1-to-1) backing that is expected of all exchanges in the industry. Broken down into different digital assets, the exchange said it has a reserve ratio of 454% for Bitcoin (BTC), 135% for Tether (USDT) and 171% for Ether (ETH).

Notably, a representative for Bitget told Cointelegraph in an interview that the exchange has no debts not accounted for in the published reserve ratio. “Bitget has no outstanding debts or liabilities and is not listed as a creditor for any recently bankrupt companies,” the exchange’s representative said.

The Bitget representative explained that the excess large reserves it holds in crypto, which far exceeds the normal 1-to-1 backing, comes from profits from transaction fees and returns from its own investments and acquisitions.

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2023-08-12 10:29:53 Stablecoin Issuer Circle Keeping an Eye on Hong Kong's Crypto Policies Amid Asian Market Focus

US-based stablecoin issuer Circle is closely monitoring Hong Kong’s crypto policies as the government pushes for a friendly regulatory framework.

Hong Kong is looking to establish itself as a major hub for stablecoins and digital assets markets, Circle CEO Jeremy Allaire said in a recent interview with Bloomberg on the sidelines of the World Economic Forum in Tianjin, China.

He added that Asia is a huge area of focus for Circle, particularly since it received a license as a major payments institution in Singapore, which allows it to offer digital payment token services as well as domestic and cross-border money transfer services within the city-state.

The comments come as Hong Kong implemented its new regulatory framework for crypto earlier this month.

The new rulebook allows retail investors the ability to trade virtual assets, instead of restricting digital assets trading to professional investors and traders with at least $1 million in bankable assets.

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2023-08-11 09:36:13 Santander, Crédit Agricole Asset Servicing Arm Acquires French Crypto Custody License

CACEIS Bank, the combined asset servicing arm of the major European banks Crédit Agricole and Santander, has acquired a French crypto custody license, according to the website of France’s financial regulator.

The license, which was granted by France’s Financial Markets Authority (AMF) on June 20, means that CACEIS Bank is now registered as a digital asset service provider for the service of “digital asset custody” only.

On its website, AMF says that it carries out “a number of checks” on all companies that receive a license.
It said this includes checks of the “competence of the managers and beneficial owners” and of compliance with anti-money laundering (AML) and terrorist financing rules.

Other firms holding French crypto licenses includes Binance, which has been authorized to offer digital asset exchange services, custody, fiat-to-crypto and crypto-to-crypto trading since May of 2022.

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2023-08-10 09:50:32 House Republicans Call on the SEC To Withdraw Proposed Rule That They Say Could Affect Decentralized Exchanges

A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said.

A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to include “communication protocol systems” and could go beyond centralized exchanges, the lawmakers said.

“For digital assets, the Proposed Rule would go well beyond regulating centralized digital asset platforms and apply to persons acting ‘in concert’ with each other,” the lawmakers said. “This could capture a wide range of individuals in the digital asset ecosystem, including software developers and participants in a blockchain network’s consensus mechanism.”

The rule could also capture software developers and those in a blockchain network’s consensus mechanism, they argued.

Almost 30 lawmakers signed the letter including House Financial Services Chair Patrick T. McHenry, French Hill, Tom Emmer and Warren Davidson.

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2023-08-09 12:54:07 DIFX is a fully insured crypto exchange that offers you a user-friendly, fast and secure platform to #trade and #hodl your assets.

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2023-08-08 10:25:51 'We’re not giving crypto a pass' on enforcement action, says SEC's Gurbir Grewal.

The SEC enforcement director said the commission "will continue to bring actions regardless of what label is used or technology is involved," including cryptocurrencies.

Gurbir Grewal, the enforcement director for the United States Securities and Exchange Commission, said the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.”

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2023-08-07 09:56:36 NFTs Have Real-world Use Cases. Not All Are Worthwhile.

Nemus, an NFT mint tied to Amazon rainforest conservation, is in hot water after a Brazilian prosecutor announced an investigation into the company’s ownership of Amazon land.

Nemus’ CEO Flavio De Meira Penna has multiple entrepreneurial ventures focused on rainforest preservation in Brazil.

Nemus claims to own 100,000 acres of Amazon rainforest and hopes to purchase more with funds from its NFT sales. The company did not respond to requests for verification that it owns the land.

Users can purchase NFTs representing plots of land on a map with the understanding that Nemus will protect the land and its indigenous residents.

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2023-07-07 11:05:35 Amazon NFT Marketplace Could Feature Beeple, Pudgy Penguins

Amazon is putting the finishing touches to its in-house NFT initiative, according to sources directly familiar with the matter. And at least one document suggests that Amazon is set to feature digital collectibles from top crypto-native creators including Beeple and Pudgy Penguins.

The Amazon NFT marketplace will run on a private and permissioned blockchain controlled by the e-commerce giant, according to a confidential terms of service agreement reviewed by Blockworks.

A separate confidential Amazon deck reviewed by Blockworks confirmed the private blockchain, adding that Amazon Web Services (AWS) has been a major contributor to its formation. Neither document could be confirmed as presenting the most current version of Amazon’s plans.

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2023-07-05 15:46:57 XRP Crypto Scam Prevented as YouTube Assists in Recovering Hacked Channel

YouTube has intervened to prevent an XRP cryptocurrency scam from being promoted on the hacked popular YouTube channel DidYouKnowGaming.

Last week, the team behind DidYouKnowGaming warned on Twitter that they have lost access to their YouTube channel, which has 2.4 million subscribers, after their Google account was hacked.

YouTube was quick to act, asking the YouTuber for certain information in a bid to help them regain access to their account.

"We'll need to get some quick info from you & then we'll connect you w/ a specialist team who helps restore account access," the official Twitter account of YouTube said in response to DidYouKnowGaming.

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