Crypto Futures Trading

2023-06-19 21:59:02 Binance sends cease and desist notice to fraudulent Nigerian entity

Binance CEO Changpeng Zhao has announced that Binance has officially issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited. On Sunday, June 18, Zhao took to Twitter to make the announcement. On June 9, the Nigerian Securities and Exchange Commission (SEC) released a circular stating the illegality of Binance Nigeria Limited in the country. The U.S. SEC stated that despite earning $11.6 billion from U.S. customers, Binance and Zhao failed to register as an exchange, broker-dealer or clearing agency.

According to reports, a Binance spokesperson responded that the entity mentioned in the circular is not affiliated with the company. The spokesperson expressed the company’s intention to seek clarity from the Nigerian SEC and reiterated its commitment to cooperating with it on the next steps. Although Binance claimed no affiliation with Binance Nigeria Limited, as mentioned in the SEC’s circular, the company is concurrently facing a lawsuit from the United States Securities Exchange Commission. The U.S. SEC has filed 13 charges against Binance entities and Zhao. Some charges include operating as an unregistered exchange, broker-dealer, clearing agency and misrepresenting trading controls.

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2023-06-18 10:40:14 Solana's crypto smart phone is searching for niche in crowded field

Solana first unveiled its plan to gatecrash the telecoms space with a new Android phone called Saga about a year ago. It also released the so-called Solana Mobile Stack, a set of libraries for developers to build mobile-first decentralized applications on the blockchain. While most layer-one projects are targeting developers in the market for non-fungible tokens and decentralized finance, Solana is carving out a niche in an industry known to eat up and spit out challengers: mobile.

Today, Saga is now in the hands of just a few thousand, but it is already having an impact on the workflow of a wide-range of crypto native players from developers to venture capitals to even this reporter. We spoke with a few of them to find out how they've been using the platform. At first glance, the device looks like a typical Android phone, but a closer inspection reveals green accent buttons as well as a Solana logo discreetly placed on the back. It's not just the logo that makes it a "crypto" phone, but rather the functionality built in throughout. Approving transactions on decentralized applications with your finger print and seed vault, for example, is relatively seamless compared to using Metamask or Phantom on an iPhone.

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2023-06-09 09:08:50 Coinbase price target cut by Berenberg amid SEC legal showdown

Berenberg Capital Markets cut its price target on Coinbase shares to $39 from $55 in the wake of a lawsuit filed by the U.S. Securities and Exchange Commission against the crypto exchange earlier this week. "The reduction in our price target reflects our view that COIN, which we had expected to report weak Q2 23 trading volumes before the SEC filed a lawsuit against it on Tuesday.

The SEC brought the lawsuit against Coinbase on Tuesday for allegedly violating securities law in the U.S. "Given the potentially significant impact of the lawsuit's outcome on COIN's U.S. operations, we would expect some investors to reduce their exposure to its platform," Palmer said. "We are reducing our estimates for COIN to reflect our expectation that the company's already weak trading volumes will become weaker, and that it will see a reduction in the amount of assets on its platform as a result of the overhang from the SEC's lawsuit," Palmer continued.

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2023-06-07 09:20:54 Aave Community Continues To Completely Remove BUSD From Aave V2

The governance page shows that the Aave community will launch an on-chain vote on the second part of the implementation of the BUSD delisting plan in the Aave V2 Ethereum market, aiming to reduce the liquidity of BUSD and encourage users to switch to other stablecoins. The plan involves modifying BUSD risk parameters and removing POL BUSD liquidity. The second part of the delisting program will focus on creating unsustainable positions.

BUSD has had a rough March. One of the most important developments contributing to the current wave of fear is the New York regulator’s recent order to Paxos to restrict BUSD investments, resulting in a large reduction in the stablecoin’s market value. This decline has caused investors to worry about the safety of their cash on the Binance platform. Nonetheless, the peg to the US dollar remains in place, and users’ cash is still reasonably safe. Due to the many rumors and suspicions surrounding this stablecoin, investors are withdrawing their funds from the BUSD market and moving them into USDT.

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2023-06-06 11:40:59 UK Lawmakers Call for a Dedicated Government Role to Oversee Crypto Regulation

U.K. lawmakers is calling on the government to introduce crypto financial services regulations sooner rather than later and to appoint a dedicated official to oversee the process. In a report published Monday, the Crypto and Digital Assets All Parliamentary Group (APPG) said cryptocurrency is here to stay and needs immediate regulation. The group, which includes lawmakers from different political parties and both houses of parliament, made 53 recommendations for regulating crypto in the country.

Prime Minister Rishi Sunak’s government recently closed a consultation proposing that the U.K. regulates crypto by bringing it into the scope of existing financial services regulations. CryptoUK, a lobby group affiliated with the APPG, said in its response to the consultation that it wanted the U.K. to have specific crypto regulations in place within a year, a target the government has said it hopes to deliver. Bills are already being debated in parliament to give lawmakers more powers over the crypto sector as well as help law enforcement agencies seize and freeze crypto. The crypto APPG inquiry was launched in August last year.

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2023-06-05 09:18:55 FTX files objection to Genesis after being snubbed in $0.00 claim estimate

FTX and its associated debtors declared numerous objections to Genesis’s bankruptcy proceedings and recovery plans in a June 2 court filing. FTX debtors have now filed a complaint about Genesis’ June 1 motion. In that motion, Genesis attempted to estimate FTX debtors’ claims at $0.00 — whereas FTX said in May that it aimed to recover about $4 billion from Genesis’ bankruptcy case. FTX debtors did not say whether they still intend to recover $4 billion.

Genesis initially justified itself by stating that the $0.00 estimate is necessary to avoid delays in pursuing its reportedly undisclosed Chapter 11 recovery plan. FTX debtors also complained about the secrecy of Genesis’ plan by noting that they have not been invited to participate in the mediation process. They said they were excluded despite Genesis debtors’ claims that they are working with “all parties” to create the plan. Furthermore, FTX debtors urged for Genesis’ mediation process to be abandoned entirely, stating that the plan is a “waste of estate resources” without FTX’s participation.

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2023-06-04 11:30:08 Former CEO Of BitMEX Predicts Bitcoin Bull Market Surge In Late Q3 2023

Arthur Hayes, the former CEO of BitMEX, discusses the impact of fiat banking and how it will ultimately lead to increased money printing by central banks, driving up the price of Bitcoin. He believes the BTC bull market will begin in late Q3 and early Q4 this year. Arthur Hayes, the co-founder and former CEO of BitMEX, recently published an essay discussing the state of the fiat banking system and its impact on Bitcoin.

Hayes believes the ongoing global banking crisis will ultimately lead to increased money printing by central banks, which will drive up the price of risk assets, including Bitcoin. Despite recent dips in Bitcoin’s price, Hayes remains bullish on the cryptocurrency’s long-term prospects. Hayes notes that Bitcoin’s price is a function of fiat liquidity and technology. While most of his essays this year have focused on global macro events that influence the fiat liquidity side of the equation, he hopes to transition to writing about exciting things happening on the technological front of Bitcoin and crypto more broadly. Hayes believes the real king of crypto bull market will begin in this year’s late third and early fourth quarter.

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2023-06-03 10:21:47 Coinbase Derivatives Exchange to Offer Institutional Bitcoin and Ether Futures

Coinbase Derivatives Exchange, the regulated futures offering by crypto exchange Coinbase (COIN), will offer bitcoin (BTC) and ether (ETH) tracked futures for institutional clients starting June 5, it said in a Thursday release. The BTI and ETI futures contracts, sized at 1 bitcoin and 10 ether per contract respectively, will be settled in U.S. dollars monthly and let institutional traders hedge market bets.

Coinbase said it created these products to cater to increased institutional demand following the issuance of its nano Bitcoin (BIT) and nano Ether (ETI) contracts last year. U.S. dollars monthly and let institutional traders hedge market bets, express long-term market views, or utilize the products in complex trading strategies. At current prices, BTI and ETI are worth $30,000 and $20,000 in notional value respectively. Coinbase said BTC and ETI are offered at “significantly lower fees” compared to traditional offerings, although these fees were not mentioned as of Friday.

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2023-06-02 17:12:04 #BTC Today, I would like to congratulate you with Bitcoin not closing below $26750. Now we may hope for continued growth within the flat range. In fact, we may even anticipate the price to absorb $28k level.

However, we must remain vigilant as there is still a possibility of support absorption.

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2023-06-02 09:09:33 Elizabeth Warren Wants To Stop Crypto-Funded Fentanyl

US Senator Elizabeth Warren called for a stop to crypto-funded fentanyl manufacture at a Senate hearing on Wednesday. According to the investigation, over 90 Chinese firms that provide fentanyl precursors accept cryptocurrency payments. After that, in evidence at the hearing, US Treasury Department Assistant Secretary Elizabeth Rosenberg acknowledged the link between illegal trade and digital assets. Moreover, Rosenberg said that payments in cryptocurrency is “appealing” to Chinese pharma producers, citing Elliptic research.

Overdoses using fentanyl have become the main cause of death in the United States for those aged 18 to 45. Chemicals required to make the hazardous drug are often imported from China and travel over numerous countries on their way to U.S. consumers of the synthetic opioid, which the Drug Enforcement Agency (DEA) claims are 100 times more strong than morphine. As Coincu reported, three US conservative groups oppose Republican Senators Roger Marshall, Warren, and Chris Van Hollen’s efforts on digital asset legislation. Warren said that the Digital Assets Anti-Money Laundering Act might aid in the abolition of the disease. She then said that the proposal would be reintroduced in Congress.

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