Ripple brought yet another lawsuit in violation of securities laws
Bitcoin Manipulation Abatement LLC filed a class action lawsuit against Ripple, an American fintech company, accusing it of tricking investors and selling unregistered securities in violation of federal law.
According to the plaintiff, Ripple and its CEO Brad Garlinhouse raised over $ 1 billion by promoting and selling the XRP cryptocurrency.
“In order to generate demand and therefore increase profits from XRP sales, defendants made many false statements about XRP in violation of California securities laws, unfair advertising and competition,” the document says.
According to the lawsuit, XRP was created for the sole purpose of enriching the founders of Ripple and several related individuals. Now the company wants to recover from Ripple compensation for the losses of its customers and other statutory payments.
In November 2019, Bitcoin Manipulation Abatement LLC filed a lawsuit against the FTX cryptocurrency exchange, seeking to recover $ 150 million from it for the damage caused. A month later, the court dismissed it.
“It may make you laugh, but the plaintiff’s legal entity looks like it was created as a judicial means to bring this charge,” writes lawyer Stephen Palle, commenting on the latest lawsuit against Ripple.
Ripple, for its part, continues to sue several plaintiff groups in California alleging that the company sold them unregistered securities. The Bitcoin Manipulation Abatement LLC lawsuit has predominantly the same arguments as in the earlier lawsuits.
Bitcoin Manipulation Abatement LLC filed a class action lawsuit against Ripple, an American fintech company, accusing it of tricking investors and selling unregistered securities in violation of federal law.
According to the plaintiff, Ripple and its CEO Brad Garlinhouse raised over $ 1 billion by promoting and selling the XRP cryptocurrency.
“In order to generate demand and therefore increase profits from XRP sales, defendants made many false statements about XRP in violation of California securities laws, unfair advertising and competition,” the document says.
According to the lawsuit, XRP was created for the sole purpose of enriching the founders of Ripple and several related individuals. Now the company wants to recover from Ripple compensation for the losses of its customers and other statutory payments.
In November 2019, Bitcoin Manipulation Abatement LLC filed a lawsuit against the FTX cryptocurrency exchange, seeking to recover $ 150 million from it for the damage caused. A month later, the court dismissed it.
“It may make you laugh, but the plaintiff’s legal entity looks like it was created as a judicial means to bring this charge,” writes lawyer Stephen Palle, commenting on the latest lawsuit against Ripple.
Ripple, for its part, continues to sue several plaintiff groups in California alleging that the company sold them unregistered securities. The Bitcoin Manipulation Abatement LLC lawsuit has predominantly the same arguments as in the earlier lawsuits.
Ripple co-founder Jed McCaleb has sold XRP for $ 175 million since early 2016
According to The Block research, Ripple co-founder Jed McCaleb since the beginning of 2016 has sold XRP worth more than $ 175 million.
During this time, McCulleb sold 819 million XRP. He received 9 billion XRP as a co-founder of OpenCoin (renamed Ripple).
In the first quarter of 2020, he sold XRP for $ 26 million, which is the largest figure in the last five quarters. The largest number of XRPs sold was recorded in the 4th quarter of 2018 worth more than $ 36 million.
For comparison, in the first quarter of 2020, Ripple sold XRP for only $ 1.75 million and $ 13.08 million in the fourth quarter of 2019.
McCaleb began selling his XRP assets in the second quarter of 2016. In 2014, he entered into an agreement with Ripple, which did not allow him to sell his 9 billion XRP at a time. Under this agreement, McCaleb could not sell more than:
- $ 10,000 dollars a week for the first year;
- $ 20,000 per week for the second, third and fourth year;
- 750 million XRP per year for the fifth and sixth year;
- 1 billion XRP per year for the seventh year;
- 2 billion XRP per year after the seventh year.
McCaleb constantly sold his XRP in accordance with this agreement. In particular, over the past week he has been selling 2.1 million XRP every day.
McCaleb himself believes that his sales do not affect the price of XRP.
“History shows that there is no influence on the market. I was transparent from the very beginning, and the market knew that I would consistently sell my XRPs, ”he said in a comment to The Block. He also noted that others compared to him sold a lot more tokens.
It is worth noting that McCaleb sold only 9.1% of his XRP, and he has yet to sell more than 90% (or more than 8 billion XRP).
According to The Block research, Ripple co-founder Jed McCaleb since the beginning of 2016 has sold XRP worth more than $ 175 million.
During this time, McCulleb sold 819 million XRP. He received 9 billion XRP as a co-founder of OpenCoin (renamed Ripple).
In the first quarter of 2020, he sold XRP for $ 26 million, which is the largest figure in the last five quarters. The largest number of XRPs sold was recorded in the 4th quarter of 2018 worth more than $ 36 million.
For comparison, in the first quarter of 2020, Ripple sold XRP for only $ 1.75 million and $ 13.08 million in the fourth quarter of 2019.
McCaleb began selling his XRP assets in the second quarter of 2016. In 2014, he entered into an agreement with Ripple, which did not allow him to sell his 9 billion XRP at a time. Under this agreement, McCaleb could not sell more than:
- $ 10,000 dollars a week for the first year;
- $ 20,000 per week for the second, third and fourth year;
- 750 million XRP per year for the fifth and sixth year;
- 1 billion XRP per year for the seventh year;
- 2 billion XRP per year after the seventh year.
McCaleb constantly sold his XRP in accordance with this agreement. In particular, over the past week he has been selling 2.1 million XRP every day.
McCaleb himself believes that his sales do not affect the price of XRP.
“History shows that there is no influence on the market. I was transparent from the very beginning, and the market knew that I would consistently sell my XRPs, ”he said in a comment to The Block. He also noted that others compared to him sold a lot more tokens.
It is worth noting that McCaleb sold only 9.1% of his XRP, and he has yet to sell more than 90% (or more than 8 billion XRP).
New MicroBT and Bitmain Miners Have Been Most Profitable After Bitcoin Halving
The latest models of Bitcoin miners from Chinese manufacturers MicroBT and Bitmain are leading in profitability after a halving held last week, according to a report by The Block.
MicroBT's Whatsminer M30S ++, capable of delivering 112 TH / s processing power, ranks first, bringing miners more than $ 8.53 per day.
Behind it comes the Bitmain Antminer S19 Pro with 110 TH / s hash rate and daily profitability of $ 8.49. The most popular Bitmain miner of the last generation Antminer S9 is also still in the profitable zone with a value of $ 0.52.
As you can see in the image above, five of the ten most profitable Bitcoin miners are currently manufactured by MicroBT. MicroBT's market share has risen sharply in 2019. Then she managed to sell over half a million devices. At the same time, Bitmain still remains the dominant player in the market, but gradually loses its influence.
Profitability calculation was based on the current mining complexity, the cost of bitcoin at $ 9,700 per unit and the cost of electricity at $ 0.03 per kWh. Not all miners have access to such tariffs, because of which the profit in their case may be lower.
On this Wednesday, there was another recount of the complexity of Bitcoin mining, as a result of which the value decreased by 6%.
The latest models of Bitcoin miners from Chinese manufacturers MicroBT and Bitmain are leading in profitability after a halving held last week, according to a report by The Block.
MicroBT's Whatsminer M30S ++, capable of delivering 112 TH / s processing power, ranks first, bringing miners more than $ 8.53 per day.
Behind it comes the Bitmain Antminer S19 Pro with 110 TH / s hash rate and daily profitability of $ 8.49. The most popular Bitmain miner of the last generation Antminer S9 is also still in the profitable zone with a value of $ 0.52.
As you can see in the image above, five of the ten most profitable Bitcoin miners are currently manufactured by MicroBT. MicroBT's market share has risen sharply in 2019. Then she managed to sell over half a million devices. At the same time, Bitmain still remains the dominant player in the market, but gradually loses its influence.
Profitability calculation was based on the current mining complexity, the cost of bitcoin at $ 9,700 per unit and the cost of electricity at $ 0.03 per kWh. Not all miners have access to such tariffs, because of which the profit in their case may be lower.
On this Wednesday, there was another recount of the complexity of Bitcoin mining, as a result of which the value decreased by 6%.
Coinbase Expands Tezos Staking on Customers from Europe
The Coinbase cryptocurrency exchange has opened the opportunity for customers from the UK, Spain, France and the Netherlands to receive remuneration for Tezos stake (XTZ).
The remuneration is set at 5% per annum. The minimum period of holding a coin for profit is 35-40 days, after which a fee is charged every three days.
Initially, the service was available only to institutional customers in the USA, later Coinbase retail customers received this opportunity. According to the Bitcoin exchange, over the past time more than $ 2 million has been transferred as remuneration for staking.
Coinbase is Tezos largest validator, despite high fees. As of March 30, 65.9 million XTZ were blocked in the custodial division of the cryptocurrency exchange, while the nearest pursuer, Kraken, had only 30.2 million XTZ.
Recall in mid-May, the Proof of Stake Alliance (POSA) met with the US Securities and Exchange Commission (SEC), where questions were raised about the regulation and taxation of staking.
The Coinbase cryptocurrency exchange has opened the opportunity for customers from the UK, Spain, France and the Netherlands to receive remuneration for Tezos stake (XTZ).
The remuneration is set at 5% per annum. The minimum period of holding a coin for profit is 35-40 days, after which a fee is charged every three days.
Initially, the service was available only to institutional customers in the USA, later Coinbase retail customers received this opportunity. According to the Bitcoin exchange, over the past time more than $ 2 million has been transferred as remuneration for staking.
Coinbase is Tezos largest validator, despite high fees. As of March 30, 65.9 million XTZ were blocked in the custodial division of the cryptocurrency exchange, while the nearest pursuer, Kraken, had only 30.2 million XTZ.
Recall in mid-May, the Proof of Stake Alliance (POSA) met with the US Securities and Exchange Commission (SEC), where questions were raised about the regulation and taxation of staking.
Coinbase cuts remuneration for storing USDC stablecoins by almost 90%
American cryptocurrency exchange Coinbase has reduced the payment of fees for storing USDC stablecoins by 88%. It is reported by Decrypt.
So far, Coinbase users have received 1.25% per annum; Since June 3, remuneration has decreased to 0.15%.
Coinbase did not name the reasons for this step, but it follows similar actions by large banks - Bank of America, HSBC, Chase, and Wells Fargo offer savings deposits with no minimum balance requirements at 0.01% per annum.
Last October, Coinbase began paying fees for storing USDC to US customers. Rewards were accrued daily and distributed monthly.
The stablecoin USDC is supported by CENTER, a consortium of Coinbase and Circle. This is the second-largest stablecoin in the market with a share of more than 7% (Tether dominates the market with a share of more than 85%).
American cryptocurrency exchange Coinbase has reduced the payment of fees for storing USDC stablecoins by 88%. It is reported by Decrypt.
So far, Coinbase users have received 1.25% per annum; Since June 3, remuneration has decreased to 0.15%.
Coinbase did not name the reasons for this step, but it follows similar actions by large banks - Bank of America, HSBC, Chase, and Wells Fargo offer savings deposits with no minimum balance requirements at 0.01% per annum.
Last October, Coinbase began paying fees for storing USDC to US customers. Rewards were accrued daily and distributed monthly.
The stablecoin USDC is supported by CENTER, a consortium of Coinbase and Circle. This is the second-largest stablecoin in the market with a share of more than 7% (Tether dominates the market with a share of more than 85%).
Nassim Taleb criticized Coinbase and closed his account
The author of the best-selling Black Swan Nassim Nicholas Taleb said that he is closing his account on the American cryptocurrency exchange Coinbase, which he acquired several months ago. A former option trader claims to have faced inadequate customer service on one of the most popular platforms for exchanging digital assets.
“Coinbase, what's going on with you? Why don't you answer the mistakes? ” - Taleb wrote on Twitter, immediately receiving recommendations "to use any other bitcoin exchange."
Coinbase support also responded by promising to sort things out. “Too late, I close my account,” Taleb replied. “They answered me as the owner of the account with a blue checkmark, but they ignore the average person.”
Close the Coinbase account Taleb was also not so easy, because the corresponding page did not respond to his requests.
Kraken CEO Jesse Powell invited Taleb to register on his exchange and contact him personally in case of problems. Also, their own products for storing cryptocurrencies were offered by the manufacturer of hardware wallets Ledger.
Recently, the performance of the Coinbase platform has often been criticized by users. At the beginning of the week, amid rising Bitcoin prices, the site was temporarily unavailable. It was the same on May 9 and April 29, when there were sharp changes in course. As a result, exchange customers cannot fill out applications when they need it most.
Twitter @ CryptoWhale user graphically depicted Coinbase periods of inaccessibility when the price of bitcoin changed by $ 500 or more.
Taleb himself in the past repeatedly spoke about the prospects of bitcoin in a positive way. “You can’t ignore cryptocurrencies, in particular the history of bitcoin and blockchain. I see examples where people no longer trust the banking system. Central banks can no longer control monetary policy, because these cryptocurrencies can dominate. A currency without government is great, ”he said.
The author of the best-selling Black Swan Nassim Nicholas Taleb said that he is closing his account on the American cryptocurrency exchange Coinbase, which he acquired several months ago. A former option trader claims to have faced inadequate customer service on one of the most popular platforms for exchanging digital assets.
“Coinbase, what's going on with you? Why don't you answer the mistakes? ” - Taleb wrote on Twitter, immediately receiving recommendations "to use any other bitcoin exchange."
Coinbase support also responded by promising to sort things out. “Too late, I close my account,” Taleb replied. “They answered me as the owner of the account with a blue checkmark, but they ignore the average person.”
Close the Coinbase account Taleb was also not so easy, because the corresponding page did not respond to his requests.
Kraken CEO Jesse Powell invited Taleb to register on his exchange and contact him personally in case of problems. Also, their own products for storing cryptocurrencies were offered by the manufacturer of hardware wallets Ledger.
Recently, the performance of the Coinbase platform has often been criticized by users. At the beginning of the week, amid rising Bitcoin prices, the site was temporarily unavailable. It was the same on May 9 and April 29, when there were sharp changes in course. As a result, exchange customers cannot fill out applications when they need it most.
Twitter @ CryptoWhale user graphically depicted Coinbase periods of inaccessibility when the price of bitcoin changed by $ 500 or more.
Taleb himself in the past repeatedly spoke about the prospects of bitcoin in a positive way. “You can’t ignore cryptocurrencies, in particular the history of bitcoin and blockchain. I see examples where people no longer trust the banking system. Central banks can no longer control monetary policy, because these cryptocurrencies can dominate. A currency without government is great, ”he said.
US residents can now buy bitcoin for cash at 20,000 outlets
LibertyX, known for installing one of the first terminals for bitcoin exchange, realized the possibility of buying cryptocurrency for cash at more than 20,000 retail outlets in the United States.
According to LibertyX on his Twitter, from now on, its customers will be able to replenish their wallets through the cash desks of such network retailers as 7-Eleven, CVS Pharmacy and Rite Aid. The client can choose a convenient point and, when purchasing on the spot, scan the barcode provided to him. Thus, you can buy cryptocurrency in the amount of $ 20 to $ 500.
“Now, only a few miles are left before buying bitcoin and joining its global community,” said Chris Yim, CEO of LibertyX. “Buying bitcoin is no more difficult than scanning a barcode when you go shopping.”
Reddit users are already sharing their experience using the service. One of them said that he received cryptocurrency for $ 99.58, giving the seller $ 104.95. The seller’s commission is fixed at $ 4.95. At the same time, the spread relative to the spot price of bitcoin does not exceed 1%. According to the conditions, in August LibertyX will add an additional conversion fee.
LibertyX installed its first bitcoin terminal in 2014. At the beginning of last year, she became the owner of the New York regulator BitLicense.
LibertyX, known for installing one of the first terminals for bitcoin exchange, realized the possibility of buying cryptocurrency for cash at more than 20,000 retail outlets in the United States.
According to LibertyX on his Twitter, from now on, its customers will be able to replenish their wallets through the cash desks of such network retailers as 7-Eleven, CVS Pharmacy and Rite Aid. The client can choose a convenient point and, when purchasing on the spot, scan the barcode provided to him. Thus, you can buy cryptocurrency in the amount of $ 20 to $ 500.
“Now, only a few miles are left before buying bitcoin and joining its global community,” said Chris Yim, CEO of LibertyX. “Buying bitcoin is no more difficult than scanning a barcode when you go shopping.”
Reddit users are already sharing their experience using the service. One of them said that he received cryptocurrency for $ 99.58, giving the seller $ 104.95. The seller’s commission is fixed at $ 4.95. At the same time, the spread relative to the spot price of bitcoin does not exceed 1%. According to the conditions, in August LibertyX will add an additional conversion fee.
LibertyX installed its first bitcoin terminal in 2014. At the beginning of last year, she became the owner of the New York regulator BitLicense.
London Stock Exchange assigns barcodes to 169 crypto assets
The London Stock Exchange Group (LSEG) has assigned barcodes to 169 digital assets. They are similar to those that are applied to the goods on sale.
Symbols have been added to the SEDOL Masterfile service, which is a global database of unique identifiers for financial instruments. Digital currencies such as Bitcoin, "digital platforms" used to issue many assets such as Ethereum, and digital securities on the blockchain have received their own barcodes.
The seven-digit alphanumeric code will help clients keep track of assets at various stages of transaction execution. The innovation was in response to increased customer interest in this asset class, LSEG said.
“Naturally, as we gradually institutionalized digital assets, a number of our clients began to invest in this space, so we felt that now was the right time to add them to SEDOL,” said James Nevin, head of data solutions at LSEG, noting that the assignment of a code does not imply recognition of the status of an asset.
The SEDOL Masterfile database is used by market participants to define various asset classes, including stocks, bonds, and exchange-traded derivatives. It was created 30 years ago and currently contains over 100 million securities circulating around the world. Of these, about 20 million are active.
The exchange has been working with Digital Asset Research to develop a process for selecting cryptocurrencies for SEDOL for three years. Usually, customers can add a security to SEDOL themselves, but such an option for digital assets has not yet been envisaged, since the value of many of them is still in doubt, LSEG said.
The London Stock Exchange Group (LSEG) has assigned barcodes to 169 digital assets. They are similar to those that are applied to the goods on sale.
Symbols have been added to the SEDOL Masterfile service, which is a global database of unique identifiers for financial instruments. Digital currencies such as Bitcoin, "digital platforms" used to issue many assets such as Ethereum, and digital securities on the blockchain have received their own barcodes.
The seven-digit alphanumeric code will help clients keep track of assets at various stages of transaction execution. The innovation was in response to increased customer interest in this asset class, LSEG said.
“Naturally, as we gradually institutionalized digital assets, a number of our clients began to invest in this space, so we felt that now was the right time to add them to SEDOL,” said James Nevin, head of data solutions at LSEG, noting that the assignment of a code does not imply recognition of the status of an asset.
The SEDOL Masterfile database is used by market participants to define various asset classes, including stocks, bonds, and exchange-traded derivatives. It was created 30 years ago and currently contains over 100 million securities circulating around the world. Of these, about 20 million are active.
The exchange has been working with Digital Asset Research to develop a process for selecting cryptocurrencies for SEDOL for three years. Usually, customers can add a security to SEDOL themselves, but such an option for digital assets has not yet been envisaged, since the value of many of them is still in doubt, LSEG said.
Malaysian regulator says Binance does not have permission to service trading
The Malaysian Securities Commission has listed the cryptocurrency exchange Binance as an unauthorized company.
The accompanying commentary says that Binance "operates as an official exchange without SC authorization."
The list presented is intended to warn investors that its members do not comply with Malaysian securities laws.
According to the rules in force in Malaysia, digital asset exchanges are required to undergo official registration. To date, only Luno, Sinegy and Tokenize have received full SC approval to operate in the jurisdiction under its control.
Notably, Malaysia, along with Vietnam, was selected by Binance to test its payment card ahead of its European launch.
Despite SC's notice, Binance continues to service Malaysian Ringgit trades on its peer-to-peer platform.
Last month, the Brazilian regulator announced the lack of official permission from Binance, and before that the Malta Financial Services Authority reported that it did not exercise control over the activities of the exchange.
The Malaysian Securities Commission has listed the cryptocurrency exchange Binance as an unauthorized company.
The accompanying commentary says that Binance "operates as an official exchange without SC authorization."
The list presented is intended to warn investors that its members do not comply with Malaysian securities laws.
According to the rules in force in Malaysia, digital asset exchanges are required to undergo official registration. To date, only Luno, Sinegy and Tokenize have received full SC approval to operate in the jurisdiction under its control.
Notably, Malaysia, along with Vietnam, was selected by Binance to test its payment card ahead of its European launch.
Despite SC's notice, Binance continues to service Malaysian Ringgit trades on its peer-to-peer platform.
Last month, the Brazilian regulator announced the lack of official permission from Binance, and before that the Malta Financial Services Authority reported that it did not exercise control over the activities of the exchange.
Coinbase will pay 2% per annum for holding the DAI stablecoin
The American cryptocurrency company Coinbase will pay users 2% per annum for storing the DAI stablecoin from MakerDAO. The exchange announced this in its blog.
“We will regularly review the rate over time based on several factors, including market conditions and demand,” a Coinbase spokesman said in a comment to The Block.
DAI storage charges are currently available to users in the US, UK, Netherlands, Spain, France and Australia. Notably, only Coinbase.com users will receive rewards, not Coinbase Pro exchanges.
“Customers will start receiving rewards automatically as soon as they have $ 1 in Dai in their Coinbase account. The first reward will be distributed after five business days, and then it will be credited every day. This means that customers can use or withdraw their rewards as soon as they receive them, ”says the Coinbase blog.
Since October last year, Coinbase has also been offering rewards for USDC stablecoin holders. The exchange paid out 1.25% per annum, but cut the rate to 0.15% last month.
The American cryptocurrency company Coinbase will pay users 2% per annum for storing the DAI stablecoin from MakerDAO. The exchange announced this in its blog.
“We will regularly review the rate over time based on several factors, including market conditions and demand,” a Coinbase spokesman said in a comment to The Block.
DAI storage charges are currently available to users in the US, UK, Netherlands, Spain, France and Australia. Notably, only Coinbase.com users will receive rewards, not Coinbase Pro exchanges.
“Customers will start receiving rewards automatically as soon as they have $ 1 in Dai in their Coinbase account. The first reward will be distributed after five business days, and then it will be credited every day. This means that customers can use or withdraw their rewards as soon as they receive them, ”says the Coinbase blog.
Since October last year, Coinbase has also been offering rewards for USDC stablecoin holders. The exchange paid out 1.25% per annum, but cut the rate to 0.15% last month.
BitMEX crypto derivatives exchange introduces mandatory client verification
The crypto derivatives exchange BitMEX this night announced its readiness to introduce requirements for the verification of client accounts.
The "User Verification Program" will be launched on August 28 and will affect all clients of the trading platform. Verification will be required within the next six months. According to the company, this will allow it "to create a more reliable and secure trading environment for all BitMEX users."
Individual account holders will need to upload a photo of identity and address documents, selfies, and answer a few questions about the source of funds and trading experience. For corporate accounts, the verification procedure will not change.
Explaining the reasons for the decision, BitMEX writes: “Cryptocurrencies have come a long way in their 10 years of existence. Verification of the identity of users is becoming more common today, as it is necessary to comply with evolving international regulatory standards and is an essential element for building trust in the cryptocurrency ecosystem. The actual security of customers is greatly enhanced by identity verification and will allow BitMEX employees to reliably verify the real account owner in the event of a dispute, hack or disability. "
The lack of mandatory verification requirements along with high margin trading was one of the main features that attracted users to the BitMEX offer. The company was harassed by the US Commodity Futures Trading Commission (CFTC) last year for allegedly serving American traders on its platform.
The crypto derivatives exchange BitMEX this night announced its readiness to introduce requirements for the verification of client accounts.
The "User Verification Program" will be launched on August 28 and will affect all clients of the trading platform. Verification will be required within the next six months. According to the company, this will allow it "to create a more reliable and secure trading environment for all BitMEX users."
Individual account holders will need to upload a photo of identity and address documents, selfies, and answer a few questions about the source of funds and trading experience. For corporate accounts, the verification procedure will not change.
Explaining the reasons for the decision, BitMEX writes: “Cryptocurrencies have come a long way in their 10 years of existence. Verification of the identity of users is becoming more common today, as it is necessary to comply with evolving international regulatory standards and is an essential element for building trust in the cryptocurrency ecosystem. The actual security of customers is greatly enhanced by identity verification and will allow BitMEX employees to reliably verify the real account owner in the event of a dispute, hack or disability. "
The lack of mandatory verification requirements along with high margin trading was one of the main features that attracted users to the BitMEX offer. The company was harassed by the US Commodity Futures Trading Commission (CFTC) last year for allegedly serving American traders on its platform.
BinanceUK Joins Association of British Crypto Companies Before Launching Local Market
Cryptocurrency exchange BinanceUK has joined the self-regulatory trade association CryptoUK as an executive committee member ahead of its planned launch in the UK market.
CryptoUK was founded in 2018 and has members such as Coinbase, Ripple, CryptoCompare, eToro, and CoinShares among its ranks. The organization is currently preparing comments for Her Majesty's Treasury on the regulation of marketing activities in the crypto space and is collaborating with the British government working group on the issue of stablecoins.
“We intend to work with industry peers and legislators to shape policies in the UK that will help advance financial innovation,” said BinanceUK Director Tiana Baker-Taylor.
In order to enter the UK market, Binance acquired a local company called EddieUK, now called Binance Markets Limited, overseen by the country's Financial Regulatory Authority. BinanceUK is expected to start trading within a few months and will provide an option to buy cryptocurrencies in euros and pounds.
Recently, it became known that the Coinbase exchange withdrew from the American Blockchain Association, after BinanceUS joined it. “While we hope that the Blockchain Association will be true to its values, unfortunately, recent weeks have shown us that it is not interested in maintaining the membership criteria that we developed to strengthen the organization's mission,” Coinbase said at the time.
Cryptocurrency exchange BinanceUK has joined the self-regulatory trade association CryptoUK as an executive committee member ahead of its planned launch in the UK market.
CryptoUK was founded in 2018 and has members such as Coinbase, Ripple, CryptoCompare, eToro, and CoinShares among its ranks. The organization is currently preparing comments for Her Majesty's Treasury on the regulation of marketing activities in the crypto space and is collaborating with the British government working group on the issue of stablecoins.
“We intend to work with industry peers and legislators to shape policies in the UK that will help advance financial innovation,” said BinanceUK Director Tiana Baker-Taylor.
In order to enter the UK market, Binance acquired a local company called EddieUK, now called Binance Markets Limited, overseen by the country's Financial Regulatory Authority. BinanceUK is expected to start trading within a few months and will provide an option to buy cryptocurrencies in euros and pounds.
Recently, it became known that the Coinbase exchange withdrew from the American Blockchain Association, after BinanceUS joined it. “While we hope that the Blockchain Association will be true to its values, unfortunately, recent weeks have shown us that it is not interested in maintaining the membership criteria that we developed to strengthen the organization's mission,” Coinbase said at the time.
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Bitcoin hash rate climbs to new high despite market decline
The average daily bitcoin hash rate has reached a new high, according to data from analyst firm Glassnode.
According to Glassnode, today the value has climbed to 156 exahashes per second (EH / s) for the first time. The previous record was set on May 11, the day of the third bitcoin halving, at 152 EH / s. Subsequently, the figure dropped to 90 EH / s.
The hash rate is growing despite the negative market dynamics in recent days. Once again, unsuccessfully testing the resistance of $ 12,000, the first cryptocurrency rolled back to $ 10,000, where it is held at the time of publication.
“The recent market downturn does not seem to have had an impact on miners as they continue to produce hashes at record highs,” analyst firm Coin Metrics wrote.
On Monday, another recalculation of the mining difficulty took place. As a result, the value dropped by 1.21% to 17.35 T, according to BTC.com. Before that, the difficulty was at a record high of 17.56 T.
Glassnode also reports that today the average hourly transaction volume on the Bitcoin blockchain has climbed to a new annual high of 130,110 BTC. The previous record for this indicator was recorded on September 1.
The average daily bitcoin hash rate has reached a new high, according to data from analyst firm Glassnode.
According to Glassnode, today the value has climbed to 156 exahashes per second (EH / s) for the first time. The previous record was set on May 11, the day of the third bitcoin halving, at 152 EH / s. Subsequently, the figure dropped to 90 EH / s.
The hash rate is growing despite the negative market dynamics in recent days. Once again, unsuccessfully testing the resistance of $ 12,000, the first cryptocurrency rolled back to $ 10,000, where it is held at the time of publication.
“The recent market downturn does not seem to have had an impact on miners as they continue to produce hashes at record highs,” analyst firm Coin Metrics wrote.
On Monday, another recalculation of the mining difficulty took place. As a result, the value dropped by 1.21% to 17.35 T, according to BTC.com. Before that, the difficulty was at a record high of 17.56 T.
Glassnode also reports that today the average hourly transaction volume on the Bitcoin blockchain has climbed to a new annual high of 130,110 BTC. The previous record for this indicator was recorded on September 1.
MEME token airdrop surpasses $ 600,000 after listing on Poloniex
The MEME token, conceived as a mockery of the current hype in the decentralized finance (DeFi) space, is skyrocketing in value. At the time of publication, MEME is trading at about $ 1,800, having risen 100% per day, and since the beginning of the month - by 900%. The last jump was preceded by the listing of Poloniex. Prior to this, MEME was available for trading on Uniswap. The project's capitalization is $ 37 million, which allows it to take 189th place in the market.
The creation of MEME was preceded by a comic project by the director of DeFi-products of ConsenSys, Jordan Lyall. He is responsible for the development of "Degenerator", a tool that allows you to issue useless DeFi-tokens in 5 minutes.
One user used Degenerator to create a MEME. Anyone was asked to fill out a form on Google to get an airdrop, which at the current exchange rate is about $ 640,000. The slogan of the project is: "Don't buy MEME."
EthHub founder Anthony Sassano wrote: “MEME is pumped to make fun of me. The airdrop that I sold the first day is now worth $ 600,000. I wouldn't keep it to $ 600,000, not even close, so these are all hindsight. "
At the same time, MEME is not completely devoid of purpose. The Meme protocol allows staking of a MEME token to earn points, for which you can then receive non-fungible tokens (NFT).
Lyall himself previously stated: “A meme coin is a very risky investment. She hesitates all the time, there are whales everywhere who organize pumps and dumps. "
The MEME token, conceived as a mockery of the current hype in the decentralized finance (DeFi) space, is skyrocketing in value. At the time of publication, MEME is trading at about $ 1,800, having risen 100% per day, and since the beginning of the month - by 900%. The last jump was preceded by the listing of Poloniex. Prior to this, MEME was available for trading on Uniswap. The project's capitalization is $ 37 million, which allows it to take 189th place in the market.
The creation of MEME was preceded by a comic project by the director of DeFi-products of ConsenSys, Jordan Lyall. He is responsible for the development of "Degenerator", a tool that allows you to issue useless DeFi-tokens in 5 minutes.
One user used Degenerator to create a MEME. Anyone was asked to fill out a form on Google to get an airdrop, which at the current exchange rate is about $ 640,000. The slogan of the project is: "Don't buy MEME."
EthHub founder Anthony Sassano wrote: “MEME is pumped to make fun of me. The airdrop that I sold the first day is now worth $ 600,000. I wouldn't keep it to $ 600,000, not even close, so these are all hindsight. "
At the same time, MEME is not completely devoid of purpose. The Meme protocol allows staking of a MEME token to earn points, for which you can then receive non-fungible tokens (NFT).
Lyall himself previously stated: “A meme coin is a very risky investment. She hesitates all the time, there are whales everywhere who organize pumps and dumps. "
If, after the KuCoin (150M USD) hack, no others follow until the end of 2020, then the total material damage from hacking of crypto exchanges and services will keep the downtrend reflected in the Third Cambridge Study of Crypto Assets.
Today, an attacker who hacked KuCoin began exchanging the least liquid tokens for Uniswap.
Today, an attacker who hacked KuCoin began exchanging the least liquid tokens for Uniswap.
💥DeFi is paving the way for a new economic reality and Zin Finance is leading the charge!💥
Zin will be an intuitive, simple to use Investment platform which will combine the investment tools of crypto and traditional stocks.
The Zin Finance ecosystem will give access to the following instruments:
⚡️ Cash Wallet - Zin will have a peer to peer cash wallet with an extremely intuitive UI.
⚡️ Worldwide Reach - The team is located across multiple countries and it is our goal to expand Zin region by region.
⚡️ Secure and Safe system - the private key will be encrypted and backed up by only you and no one else.
⚡️Investment opportunities - Zin will allow you to round up and let you invest your loose change.
⚡️Portfolio management options - Zin will let users build their own portfolio or copy one of our expert fund managers.
⚡️Savings potential - Zin will give the users its signature AutoSave and Recurring investment transaction options for the peace of mind. Join our Telegram chat right now to learn more!
Zin will be an intuitive, simple to use Investment platform which will combine the investment tools of crypto and traditional stocks.
The Zin Finance ecosystem will give access to the following instruments:
⚡️ Cash Wallet - Zin will have a peer to peer cash wallet with an extremely intuitive UI.
⚡️ Worldwide Reach - The team is located across multiple countries and it is our goal to expand Zin region by region.
⚡️ Secure and Safe system - the private key will be encrypted and backed up by only you and no one else.
⚡️Investment opportunities - Zin will allow you to round up and let you invest your loose change.
⚡️Portfolio management options - Zin will let users build their own portfolio or copy one of our expert fund managers.
⚡️Savings potential - Zin will give the users its signature AutoSave and Recurring investment transaction options for the peace of mind. Join our Telegram chat right now to learn more!
Ripio Credit Network (RCN)
Ripio Credit Network is “banking the unbanked.” Globally, an estimated 1.7 billion people lack basic financial services. And in Latin America, nearly two-thirds of the population (400 million people) don’t have a bank account.
This ignored group is a huge opportunity for Ripio. It runs on a fraction of the costs of traditional banks. That’s because it uses smart contracts to connect borrowers and lenders without middlemen.
To see this vision through, Ripio recently rolled out peer-to-peer (P2P) lending with collateral-backed loans. There’s no origination fee and the lender receives between 5%–15%, making lending more profitable and borrowing less expensive.
With a user base of 450,000 and growing, Ripio is an exciting project to own as it continues to improve access to banking services for underserved people.
Ripio Credit Network is “banking the unbanked.” Globally, an estimated 1.7 billion people lack basic financial services. And in Latin America, nearly two-thirds of the population (400 million people) don’t have a bank account.
This ignored group is a huge opportunity for Ripio. It runs on a fraction of the costs of traditional banks. That’s because it uses smart contracts to connect borrowers and lenders without middlemen.
To see this vision through, Ripio recently rolled out peer-to-peer (P2P) lending with collateral-backed loans. There’s no origination fee and the lender receives between 5%–15%, making lending more profitable and borrowing less expensive.
With a user base of 450,000 and growing, Ripio is an exciting project to own as it continues to improve access to banking services for underserved people.
Galaxy Digital develops a service to provide services to bitcoin miners
Galaxy Digital develops a service to provide services to bitcoin miners Founder of the Galaxy Digital cryptocurrency fund Mike Novogratz announced the development of a service to provide financial assistance to bitcoin miners.
Novogratz said that Galaxy Digital will provide miners with a variety of services: financing, assistance in converting bitcoins into fiat currencies, as well as advice on stock markets and the expansion of mining activities. According to Novogratz, $ 400 million has been allocated for this initiative.
The head of the cryptocurrency fund is confident that in the future this will help miners to simplify gaining access to mining equipment. According to the Cambridge Center for Alternative Finance, only 12% of cryptocurrency mining equipment is sold to miners in North America.
Galaxy Digital CEO Ian Taylor said the mining industry requires a lot of capital investment and long-term planning. The new service aims to address these customer concerns and help them navigate the industry. To create a project, Galaxy Digital specialists will combine all their developments in the field of trade, investment banking and asset management.
Many US mining companies are starting to compete with major Asian players like Bitmain, Taylor said. Thanks to the creation of large-scale mining projects, there is a migration of Bitcoin hashrate to North America. This rebalancing of capacity contributes to the healthy development of the network, which is why Galaxy Digital intends to help US mining firms "master this territory."
Recall that Novogratz recently shared his thoughts on the development of the decentralized finance (DeFi) industry and talked about Galaxy Digital's investments in DeFi projects.
Galaxy Digital develops a service to provide services to bitcoin miners Founder of the Galaxy Digital cryptocurrency fund Mike Novogratz announced the development of a service to provide financial assistance to bitcoin miners.
Novogratz said that Galaxy Digital will provide miners with a variety of services: financing, assistance in converting bitcoins into fiat currencies, as well as advice on stock markets and the expansion of mining activities. According to Novogratz, $ 400 million has been allocated for this initiative.
The head of the cryptocurrency fund is confident that in the future this will help miners to simplify gaining access to mining equipment. According to the Cambridge Center for Alternative Finance, only 12% of cryptocurrency mining equipment is sold to miners in North America.
Galaxy Digital CEO Ian Taylor said the mining industry requires a lot of capital investment and long-term planning. The new service aims to address these customer concerns and help them navigate the industry. To create a project, Galaxy Digital specialists will combine all their developments in the field of trade, investment banking and asset management.
Many US mining companies are starting to compete with major Asian players like Bitmain, Taylor said. Thanks to the creation of large-scale mining projects, there is a migration of Bitcoin hashrate to North America. This rebalancing of capacity contributes to the healthy development of the network, which is why Galaxy Digital intends to help US mining firms "master this territory."
Recall that Novogratz recently shared his thoughts on the development of the decentralized finance (DeFi) industry and talked about Galaxy Digital's investments in DeFi projects.
Traders lost $ 140 million in cryptocurrency in a day
The rise in the bitcoin rate above $ 11,000 provoked the closure of the positions of users who gambled for a fall
During the day, traders lost about $ 140 million in cryptocurrency. This happened against the backdrop of an increase in the price of bitcoin, which today, October 9, rose above $ 11,000 for the first time since mid-September. The increase in the coin rate provoked the liquidation of short positions - exchanges forcibly closed the transactions of users who were playing for a fall.
Thus, according to the bybt.com platform, a total of $ 138 million of positions were liquidated. At the same time, 93% of them are contracts for a fall. The largest volume of closed positions fell on the Binance exchange - $ 38 million. The second place in this indicator was the Houbi platform with a value of $ 31 million. The next 3 places went to OKEx, Bybit and BitMEX, the amount of liquidations on which is $ 18-24 million.
Many times more traders lost on liquidations on August 2, this happened due to sharp fluctuations in the price of bitcoin. Then it rose above $ 12,000, and then in less than 5 minutes fell to $ 10,500. As a result, long positions for $ 1.25 billion were forcibly closed, short positions for $ 233 million. Almost 70 thousand users were affected during the day of liquidation. BitMEX platform client lost more than $ 10 million in one trade.
The rise in the bitcoin rate above $ 11,000 provoked the closure of the positions of users who gambled for a fall
During the day, traders lost about $ 140 million in cryptocurrency. This happened against the backdrop of an increase in the price of bitcoin, which today, October 9, rose above $ 11,000 for the first time since mid-September. The increase in the coin rate provoked the liquidation of short positions - exchanges forcibly closed the transactions of users who were playing for a fall.
Thus, according to the bybt.com platform, a total of $ 138 million of positions were liquidated. At the same time, 93% of them are contracts for a fall. The largest volume of closed positions fell on the Binance exchange - $ 38 million. The second place in this indicator was the Houbi platform with a value of $ 31 million. The next 3 places went to OKEx, Bybit and BitMEX, the amount of liquidations on which is $ 18-24 million.
Many times more traders lost on liquidations on August 2, this happened due to sharp fluctuations in the price of bitcoin. Then it rose above $ 12,000, and then in less than 5 minutes fell to $ 10,500. As a result, long positions for $ 1.25 billion were forcibly closed, short positions for $ 233 million. Almost 70 thousand users were affected during the day of liquidation. BitMEX platform client lost more than $ 10 million in one trade.