Crypto World Analysis

2022-11-23 09:15:02 Bitpanda secures German crypto license

Bitpanda has received a crypto trading and custody license from Germany’s Federal Financial Supervisory Authority, known as BaFin. The Austrian fintech company will now be able to legally offer German citizens crypto custody and proprietary trading for crypto assets.

Bitpanda has already secured licenses across Europe — including Austria, France, Italy, Spain, the U.K., the Czech Republic and Sweden. Receiving a BaFin license “strengthens our position as a pioneer in terms of regulation in Europe,” Eric Demuth, CEO and co-founder of Bitpanda, said in a statement. Bitpanda launched a partnership with the German neobank N26 to offer trading tools.

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2022-11-22 11:07:02 Governments should not over-regulate after FTX, lead MiCA negotiator says

The European Union should hold off on more crypto regulation following the collapse of exchange giant FTX, European Parliament member Stefan Berger said on Twitter. The lead negotiator on the Markets in Crypto Assets (MiCA) file added that regulators.

The center-right MEP previously told The Block that “MiCA is the bulwark against Lehman Brothers moments such as the FTX case." FTX, previously valued at $32 billion, saw a dramatic downward spiral throughout the month of November. The exchange filed for bankruptcy protection on Nov. 11. The filing cited a “complete failure of corporate controls.". FTX is not headquartered in the EU.

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2022-11-21 07:43:02 FTX-acquired Liquid pauses trading five days after suspending withdrawals

Crypto exchange Liquid stopped trading on its platform only five days after suspending fiat and crypto withdrawals on the platform. FTX Trading, to pause all forms of trading on our exchange because of the operation of the Chapter 11 process in the Delaware Courts.

On Nov. 15, the company suspended fiat and crypto withdrawals to comply with FTX's filing for Chapter 11 bankruptcy protection. FTX Trading acquired Liquid Group and all of its operating subsidiaries in March. No purchase price was disclosed, but the now-failed crypto exchange had offered Liquid a $120 million loan beforehand after it lost $90 million to a hack. This follows Saturday's news that FTX is beginning to review its assets globally as part of the Chapter 11 proceedings.

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2022-11-20 09:02:02 Crypto prime broker FalconX will no longer use Silvergate's SEN network

Crypto prime broker FalconX will no longer use the Silvergate Exchange Network (SEN), according to an email sent by FalconX to clients and obtained by The Block. In response to a request for comment, FalconX co-founder and CEO Raghu Yarlagadda told The Block that “the market is in a heightened risk environment.

"Silvergate has no outstanding loans to, nor investments, in FTX, and FTX is not a custodian for Silvergate's bitcoin-collateralized SEN Leverage loans," Silvergate CEO Alan Lane said last week. "To be clear, our relationship with FTX is limited to deposits.Silvergate shares are down nearly 11% and have been falling since disclosing its exposure to FTX through deposits last week.

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2022-11-19 08:37:02 Bahamas seized FTX Digital Markets' assets on Nov. 12, regulator now says

The Securities Commission of the Bahamas on Nov. 12 transferred FTX Digital Markets' assets to a digital wallet it controls, the regulator said on Twitter Nov. 17, further complicating a legal struggle between the company and disgraced former CEO Sam Bankman-Fried. The Bahamian regulator did not answer a call placed to its contact number shortly after the release.

The Bahamian regulator, in a 7 p.m. press release, said it, "took the action of directing the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission," on Nov. 12. Assets began mysteriously moving out of FTX accounts late on Nov. 11, with the company itself appearing unsure of what was going on. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of [FTX DM]," the Securities Commission's release continues.

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2022-11-18 07:29:02 CFTC Commissioner Johnson defends agency approach to FTX, crypto

Kristin Johnson, a commissioner at the Commodities Futures Trading Commission, defended the agency's approach to digital asset regulation in the wake of FTX's collapse, saying the agency lacked authority to fully supervise the crypto industry. One part of the FTX group that the CFTC did oversee, a crypto derivatives platform called LedgerX, had not been included in the bankruptcy filing, Johnson noted.

The collapse of FTX led to heated debates in Congress over how best to regulate the crypto industry. FTX's main operation was based outside the U.S. and licensed in the Bahamas, though the company also had a sizable U.S. trading platform. U.S. lawmakers are currently reviewing several pieces of legislation designed to create a more robust regulatory framework for digital assets. Johnson said the CFTC walked a fine line when it came to overseeing crypto firms as it didn't have the power to force many of them into the agency's regulated space.

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2022-11-17 14:16:16 1inch made gas cost 10% cheaper than other DEXs

Thanks to improvements in the new version of 1inch Router v5, the cost of gas for users on swaps will be at least 10% lower than any other offer in the DEX segment. 1inch Network strengthens its position as a market leader by bringing DeFi users to a new level of convenience and profitability.

For example: 50 ETH swap into USDC through a Balancer pool was 6% more efficient than with v4, 14% more efficient than with the DEX segment’s second best performing player and 26% more efficient than other offerings. If any of the users can find a vulnerability in the 1inch Router v5, they will be rewarded here.

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2022-11-17 08:33:02 Kraken's Ogilvie says staking adoption set to skyrocket

Prior to the fall of FTX, Ethereum’s shift to proof-of-stake was all the rage in crypto circles. Two months removed from The Merge, Ethereum is still playing catch-up with more mature staking networks like Cosmos and Polkadot, but Kraken’s Tim Ogilvie thinks that’s about to change.

Ogilvie, Kraken’s Head of Staked, told The Block in an interview, adding that a big transition will be seen as “a huge number of assets are likely to get staked over the course of the next six to nine months.”. Ogilvie started Staked at Kraken five years ago, a number of questions about staking remained unanswered in terms of security and whether the mechanism would work.

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2022-11-16 08:41:02 Bankrupt crypto exchange FTX says it may have more than a million creditors

FTX, the crypto exchange founded by Sam Bankman-Fried that filed for bankruptcy last week, said it may may have more than a million creditors in a sign of how complicated this insolvency will be to unpick. according to a court filing added to the federal court database system on Monday. "In fact, there could be more than one million creditors.".

FTX's operators are also requesting the ability to serve bankruptcy notices to creditors via email, as opposed to at their physical residences — particularly because its customers' email addresses are already on record. Last week's hundreds of millions of dollars of unusual crypto outflow were also noted in the filing, and the exchange claims it has been in contact with the U.S. Attorney's Office, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

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2022-11-15 08:03:02 New Huo Technology unit gets $14M loan from ex-Huobi CEO Leon Li to cover client funds stuck on FTX

Hbit Limited, a fully owned subsidiary of New Huo Technology, has approximately $18.1 million worth of assets stuck on FTX, which filed for bankruptcy last week, according to Nov. 14 press release. Huobi Technology, which used to be an affiliate of Huobi Global before Justin Sun acquired the exchange, was rebranded New Huo Technology in October.

Around $13.2 million of the locked assets belong to users, while the remaining $4.9 million belongs to the New Huo Technology itself, the press release noted. New Huo Technology will employ a legal adviser and continue to work with FTX to recover the locked funds, according to the press release. The board said the funds stuck on FTX do not “affect the normal business operations of the Group,”.

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