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2022-11-16 03:14:01 CZ plans industry association to communicate with regulators worldwide

Binance CEO Changpeng "CZ" Zhao said he wants to set up an association of the largest crypto players to help work with policymakers and regulators worldwide. “The association will try to maintain communication with regulators and also maintain best practices in the industry, including proof of reserves, transparency,” Zhao said. The association would not be run by Binance, Zhao said, adding that it would be a third-party that “has done this many times for different industries.” The Binance chief said that multiple regulators had requested that he set up such an association.

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2022-11-15 21:14:01 Visa Terminates FTX Debit Card Program

FTX is facing probes by the Bahamas securities regulator and financial investigators over potential misconduct. The world’s largest payment processor – Visa – has terminated ties with FTX less than a month after introducing a new debit card program. Deeming the situation with the debt-ridden cryptocurrency exchange “unfortunate,”. Visa announced a collaboration with FTX in October this year to launch account-linked Visa debit cards in 40 new countries. FTX and 130 affiliated companies, including its sister trading firm Alameda Research, filed for Chapter 11 Proceedings in the United States on November 13. Sam Bankman-Fried resigned as CEO of the company. His position was taken over by the veteran Wall Street bankruptcy lawyer, John J.

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2022-11-15 15:14:02 Luxury Hotel in Dubai Accepts Shiba Inu as Payment Method

W Dubai – The Palm and three of Subway’s outlets in Germany are the latest entities to accept digital currencies for payments. The American multinational fast food restaurant franchise – Subway – also jumped on the bandwagon. Three of its outlets situated in Berlin started accepting bitcoin as a means of payment. The five-star hotel W Dubai – The Palm allowed guests to pay for accommodation in Shiba Inu (SHIB). Another luxurious venue in the city where travelers can settle bills in digital currencies, such as BTC and ETH, is Palazzo Versace Dubai. W Dubai – The Palm – one of the best-rated hotels in the Arabian megalopolis – entered the world of crypto by enabling clients to settle their bills in Shiba Inu. The cheapest double room that it provides costs around $700, or over 68 million SHIB tokens.

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2022-11-15 09:14:02 Singapore’s MAS says FTX does not operate in the country

The Monetary Authority of Singapore (MAS) stated that the bankrupt crypto exchange FTX does not operate in the country, Wu Blockchain reported on Nov. 14. It continued that the exchange could onboard Singapore users because authorities could not prevent its citizens from “directly accessing overseas service providers.”. According to the regulator, it only lists entities that may be “wrongly perceived” as being regulated on its Investor Alert List (IAL), adding that while Binance was not banned in Singapore, the exchange does not “have the requisite license to solicit customers from Singapore and had to cease doing so.”.MAS also responded to speculations that it specifically targeted Binance with its regulatory effort, which allowed FTX to gain ground in the country.

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2022-11-15 03:14:01 President of El Salvador says ‘FTX is the opposite of Bitcoin’

El Salvador’s President Nayib Bukele took to Twitter to proclaim the Bitcoin protocol as the opposite of FTX and likened FTX to a Ponzi scheme in the wake of the exchange’s collapse on Nov. 14. Bukele, a staunch promoter and believer of Bitcoin, said the flagship crypto was designed to prevent Ponzi schemes, bank runs. The Bitcoin blockchain is an open-source protocol, upon which any transaction can be verified by the public, as opposed to a Ponzi scheme, where investment funds are shrouded in secrecy. Examples cited by the President include Enron’s abuse of accounting practices to inflate the company’s revenues and conceal debt in its subsidiaries in 2021, American fraudster Bernie Madoff’s $64.8 billion Ponzi scheme in 2019.

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2022-11-14 21:14:01 St. Kitts and Nevis to adopt Bitcoin Cash as legal tender in 2023

St. Kitts and Nevis Prime Minister Terrance Drew announced that BCH will become legal tender in the country by March 2023 during a BCH conference in St. Kitts and Nevis. He added that the country will also look into mining BCH and welcomes dialogue and exploration of “future opportunities” with the cryptocurrency. The announcement comes amid a growing trend of mainstream adoption of cryptocurrencies, as demonstrated by the Central African Republic adopting Bitcoin (BTC) as legal tender in April. The announcement has led to debate over the country’s choice to adopt Bitcoin Cash instead of Bitcoin, with supporters of the decision pointing naysayers to the WhyBitcoinCash website for information.

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2022-11-14 15:14:01 Kraken freezes FTX and Alameda accounts, 'maintains full reserves'

Kraken has spoken with law enforcement regarding a handful of accounts owned by the bankrupt FTX Group, Alameda Research and their executives," the U.S.-based crypto exchange tweeted today, adding: "Those accounts have been frozen to protect their creditors. Kraken has frozen accounts owned by FTX Group, Alameda Research and their executives following their filing for Chapter 11 bankruptcy protection. Kraken's update comes after FTX and Alameda-related companies filed for Chapter 11 bankruptcy protection on Friday. FTX had previously approached Kraken — which claimed no exposure to Alameda Research but held almost 9,000 FTT tokens — about a potential rescue deal.

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2022-11-14 09:14:02 Huobi reports on asset transparency, totals $3.5 billion in hot and cold wallets

Huobi disclosed balance details of its hot and cold wallets, revealing a total value of about $3.5 billion. The Seychelles-based crypto exchange said it holds 32,000 bitcoins, 274,000 ether, 820 million tether and 9.7 billion tronix. Huobi’s report follows the high-profile collapse of crypto exchange FTX. Huobie — which was acquired by About Capital last month — said it is planning a Merkle tree audit to prove its reserves within the next 30 days. "It is also our promise and commitment that users' assets shall be protected intact, not appropriated, and fully redeemable and withdrawable," it added. On Friday, crypto exchange Bitfinex also published details of its reserves — which included $3.4 billion in bitcoin and $1.5 billion in ether.

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2022-11-14 03:14:00 Crypto.com accidentally transferred $400 million worth of ETH to another exchange, CEO says

Crypto.com mistakenly sent more than 320,000 ether ($400 million) to a rival crypto exchange called Gate on Oct. 21. This was revealed today after a Twitter user posted a screenshot inquiring why a large amount of ether had suddenly moved out of Crypto.com a few weeks ago. The firm’s CEO, Kris Marszalek, replied to the tweet, saying that the transfer was a result of human error. Marszalek said someone on his team had erroneously sent about 80% of the ether in their reserves to a "whitelisted exchange.” The funds had been scheduled to move to a new cold storage wallet, he said. We worked with the Gate team and the funds were subsequently returned to our cold storage," Marszalek said.

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2022-11-13 20:56:59 Wrapped tokens on Solana issued by FTX or Alameda collapsing, no longer redeemable

Wrapped tokens on Solana issued by FTX or Alameda Research are experiencing sharp declines after both entities filed for Chapter 11 bankruptcy protection.Wrapped ether on Sollet is only down 9% to $1,138 over the same time frame. Native ether is trading at $1,255. CoinGecko is displaying the same warning for soETH as for soBTC. Wrapping coins, such as bitcoin or ether, on Solana makes those assets available to use on the Solana blockchain — opening them up to usage in Solana's decentralized finance ecosystem. Many Solana-wrapped assets were custodied by FTX or Alameda, according to open-source portfolio tracker Rotkiapp's founder on Twitter, which added: "That means they are no longer redeemable and will probably go to 0.".

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