Binance, the prominent cryptocurrency exchange, has recently revealed its new partners to facilitate euro-related transactions, marking a significant development in the aftermath of losing its previous fiat collaborator, PaySafe, in September.
In an announcement on October 19th, Binance disclosed that it had inked agreements with fresh fiat partners to manage euro-based payments, deposits, and withdrawals.
This strategic maneuver comes in the wake of challenging regulatory and financial hurdles within the European Union, prompting Binance to seek alternative banking partnerships after parting ways with PaySafe the previous month.
While the exchange did not divulge the identities of these new partners, it indicated that users have already started transitioning to the services offered by these regulated and authorized fiat collaborators.
These newly secured fiat partners will offer an array of services, including euro deposits and withdrawals facilitated through Open Banking and SEPA/SEPA Instant.
Additionally, users will have the ability to purchase and trade cryptocurrencies through the Single Euro Payments Area (SEPA), bank cards, and fiat balances, as well as engage in trading euro spot pairs.
In late September, Binance had urged its European user base to convert their euros into Tether (USDT) by the end of October.
However, this recent announcement may signal a shift in this strategy.
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Despite the positive news, some users continue to experience difficulties depositing euros, while inquiries about fiat partners for the British pound in the United Kingdom persist.
It should be noted that PaySafe had ceased support for transactions involving British pounds in May due to concerns raised by U.K. financial regulators.
Furthermore, on October 16th, Binance took the decision to suspend access to its exchange for new users residing in the United Kingdom.
This move followed the termination of a third-party partnership responsible for authorizing communications on the platform, a response to new local regulations imposed by the Financial Conduct Authority (FCA).
As of now, Binance has not yet established fiat partnerships for its U.K. exchange, leaving British users unable to deposit pounds.
In an attempt to gather more information, Cointelegraph reached out to Binance, but a detailed response was not immediately forthcoming.
These recent developments underscore the cryptocurrency industry’s ongoing challenges in navigating regulatory landscapes and establishing secure financial partnerships.
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In her opening address at the International Monetary Fund’s seminar on financial inclusion in Marrakesh, Morocco, Kristalina Georgieva, the Managing Director of the IMF, underscored the pivotal role of digitalization in advancing financial inclusion.
She emphasized that digitalization represents “the most important way” to expand access to financial services, asserting that it facilitates the flow of aid to individuals, spurs investment, and propels economic growth.
To illustrate this point, Georgieva referenced the successful implementation of digital cash transfers in Togo during the height of the COVID-19 pandemic.
While advocating for comprehensive national strategies to promote financial inclusion, Georgieva also cautioned against overlooking the potential risks associated with digitalization.
She highlighted the link between digitalization and financial stability risks, urging a balanced approach in harnessing the benefits of technology while safeguarding against potential pitfalls.
In recent times, the IMF has actively engaged in the examination of necessary regulations for cryptocurrencies.
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On September 29th, the IMF introduced a crypto-risk assessment matrix (C-RAM) designed to assist countries in identifying indicators and triggers of potential risks within the cryptocurrency sector.
Notably, the IMF collaborated with the Bank for International Settlements (BIS) to develop a Synthesis paper, which garnered unanimous approval in the “G20 Finance Ministers and Central Bank Governors Communique” in October.
The paper advocates for a comprehensive regulatory framework for cryptocurrencies rather than an outright ban.
Its high-level recommendations emphasize the importance of international cooperation and information sharing among regulatory bodies, the need for robust governance and risk management frameworks for cryptocurrency companies, and ensuring that relevant data is made available to regulatory authorities by these companies.
In conclusion, Kristalina Georgieva’s address at the IMF’s seminar in Marrakesh highlighted the critical role of digitalization in expanding financial inclusion.
While emphasizing the potential benefits, she also stressed the importance of addressing associated risks.
The IMF’s proactive stance on cryptocurrency regulation, as evidenced by the C-RAM and the Synthesis paper, underscores the organization’s commitment to fostering a balanced and secure environment for emerging financial technologies.
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Dubai, UAE, October 18th, 2023, Chainwire
OKX, a leading crypto exchange and Web3 technology company, today announced that futures spreads trading volumes on its Liquid Marketplace, a spot OTC, futures spreads and options liquidity network, reached a record monthly high of US$1.54 billion in September 2023. This achievement represents 62%* of the institutional market share for futures spreads for the month.
Since the July 2023 launch of Nitro Spreads, a venue under OKX’s Liquid Marketplace for institutional traders to execute basis, futures spreads and funding rate arbitrage strategies, OKX’s cumulative futures spreads volumes led the market from August 28 to October 11 in 2023.
OKX’s volumes on futures spreads also excelled during ‘high-water mark’ volume days, with OKX futures spreads notional volumes exceeding the 100 million USDT mark on four occasions within the date range (on September 12, September 19, September 28 and October 10 in 2023).
These trading volume milestones solidify OKX’s Liquid Marketplace as the go-to venue for institutional traders looking to take advantage of superior liquidity for a range of trades, including futures spreads, spot OTC basis and options.
OKX Chief Commercial Officer Lennix Lai said: “The latest futures spread volume figures confirm that OKX Liquid Marketplace is a diverse ecosystem of counterparties pursuing a range of trading strategies and indicates that it is a trading venue of choice for institutional traders. We have worked hard to develop the products, liquidity and intuitive trading features traders demand in an intensely competitive market environment. We will continue to listen to our traders and adapt the platform to their needs going forward to further grow our customer base.”
Since its launch in July 2023, OKX announced on October 6 that Nitro Spreads has surpassed a cumulative trading volume of over 2 billion USDT.
Nitro Spreads is a venue for institutional traders to execute advanced strategies and facilitate delta rolls efficiently on OKX’s Liquid Marketplace. With the ability to execute both legs of a trade via a central orderbook, Nitro Spreads minimizes leg risk between markets and provides institutional traders with enhanced capital efficiency. Before execution, traders can also select a guaranteed spread for a trade, mitigating unexpected price slippage. Trades are then matched and settled immediately.
*Source: Laevitas
About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. Leveraged trading in digital assets magnifies both potential gains and potential losses and could result in the loss of your entire investment. Past performance is not indicative of future results. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition, particularly if considering the use of leverage.You are solely responsible for your trading strategies and decisions, and OKX is not responsible for any potential losses. Not all products and promotions are available in all regions including the U.S.A., U.K., Crimea, Cuba, Donetsk, Iran, Luhansk, North Korea, Syria Malta, Australia, Bangladesh, Bolivia, The Bahamas, Canada, Malaysia, Hong Kong, France, and Singapore. For more details, please refer to the OKX Terms of Use and Risk & Compliance Disclosure.
Contact
Media
[email protected]
FTX and FTX.US, both embroiled in bankruptcy, have taken a significant step toward resolving their customer asset disputes.
A proposed settlement has been reached between FTX creditors and debtors, potentially returning over 90% of assets to customers by the second quarter of 2024.
On October 17, FTX debtors announced a “major milestone” in their Chapter 11 case following extensive discussions with various parties, including the unsecured creditors’ committee, non-U.S. customers, and class action plaintiffs, all related to customer property disputes.
While an information-only notice of the proposed settlement was filed with a Delaware-based U.S. bankruptcy court on October 16, the official filing for court approval is expected by December 16.
Central to the amended plan is the “shortfall claim,” which estimates that customers of FTX.com and FTX.US will collectively receive approximately 90% of the available assets.
This claim is valued at around $8.9 billion for FTX.com and $166 million for FTX.US.
Pending approval, these funds are anticipated to be distributed by the end of the second quarter of 2024.
FTX CEO and Chief Restructuring Officer John J. Ray III expressed satisfaction with the settlement terms, stating that it has transformed what could have been a near-total loss for customers, especially given the challenging financial circumstances.
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The plan divides assets into three pools, specifically designated for FTX.com customers, U.S. customers, and a general pool of other assets.
However, only the first two groups are included in the shortfall claim, suggesting that customers of both exchanges will not receive full payments, with FTX.com customers likely to bear a higher percentage of losses.
A noteworthy aspect of the proposed plan addresses customers who withdrew over $250,000 from the exchange within nine days of bankruptcy.
These customers may face a 15% reduction in their claims. However, claims under $250,000 will remain unaffected.
FTX debtors clarified that eligible customers with preference settlement amounts below $250,000 during the nine-day period would receive the settlement without any claim reduction.
Additionally, as part of the amended plan, FTX may exclude insiders, affiliates, and customers with knowledge of the misuse of customer deposits and corporate funds from the settlement.
Notably, former FTX CEO Sam Bankman-Fried is currently facing a fraud trial linked to FTX’s bankruptcy last November.
The outcome of this trial could also impact the ongoing bankruptcy proceedings.
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FTX co-founder, Sam Bankman-Fried, has reached out to a United States judge in a plea for long-release Adderall, citing difficulties in maintaining concentration during his ongoing criminal trial.
Bankman-Fried’s legal team submitted a letter to New York District Judge Lewis Kaplan on October 15th, requesting permission for him to take a “12-hour extended-release 20mg dose of Adderall” before he’s transported to the trial on October 16th.
In their letter, the lawyers emphasized that the absence of the prescribed stimulant during trial hours has severely impacted Bankman-Fried’s ability to focus at his usual level.
As the crucial moments of his defense strategy and the decision of whether he will testify loom closer, there are growing concerns that the FTX founder won’t be able to actively participate in presenting his defense without his medication.
The letter revealed that despite the absence of medication, Bankman-Fried has been making diligent efforts to remain focused during the trial.
However, even if he is granted the requested medication, there remains uncertainty about whether the extended-release dose will be effective.
To address this situation, Bankman-Fried’s legal team proposed two potential solutions to Judge Kaplan.
Firstly, they requested that the trial be paused for one day on Tuesday, October 17th, if Bankman-Fried cannot receive the long-release dose or if it proves ineffective.
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This would allow time to find an alternative solution for the remainder of the trial. Alternatively, they asked for permission to provide Bankman-Fried with his prescription of Adderall at the District Court during the trial.
The lawyers noted that they had attempted to resolve this issue with the Bureau of Prisons but had received no response to their five attempts to contact them between October 5th and October 12th.
Judge Kaplan had previously approved a motion to allow Bankman-Fried access to Adderall and anti-depressant medication while in prison on August 14th.
This decision was based on his history of major depressive disorder and attention deficit hyperactivity disorder (ADHD) and his psychiatric care since early 2019.
However, in an August 22nd hearing, Bankman-Fried’s legal team had complained about his lack of access to Adderall, stating that he had not received the medication for 11 days.
As Bankman-Fried’s criminal trial enters its third week, various witnesses, including former associates and his ex-girlfriend, have provided testimonies. Bankman-Fried has pleaded not guilty, maintaining his innocence throughout the trial.
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Latin America, according to a recent report by blockchain analytics firm Chainalysis, exhibits a strong preference for centralized exchanges (CEXs) over decentralized exchanges (DEXs) when it comes to cryptocurrency trading.
Despite having the seventh-largest crypto economy globally, Latin America lags behind regions like the Middle East and North America (MENA), Eastern Asia, and Eastern Europe.
The report, published on October 11, reveals that the crypto community in Latin America has a distinct leaning towards CEXs.
Chainalysis notes, “Latin America shows the highest preference for centralized exchanges of any region we study, and tilts slightly away from institutional activity compared to other regions.”
In some countries within the region, this preference for CEXs is even more pronounced when compared to the global average.
Worldwide, 48.1% of crypto users prefer CEXs, 44% opt for DEXs, and 5.9% engage in other decentralized finance (DeFi) activities.
However, in Venezuela, an astonishing 92.5% of users prefer CEXs, while only 5.6% favor DEXs.
The report attributes Venezuela’s strong adoption of crypto to its unique circumstances, particularly a “complex humanitarian emergency.”
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During the COVID-19 pandemic in 2020, cryptocurrency played a crucial role in providing direct assistance to healthcare professionals in the country.
Traditional payment methods were impractical due to the government’s reluctance to accept international aid for political reasons.
Colombia also exhibits a significant preference for CEXs, with 74% of users favoring them over DEXs, which account for just 21.1% of preferences.
Meanwhile, Argentina leads in terms of cryptocurrency transaction volume in Latin America, with an estimated $85.4 billion received in a 12-month period ending on July 1.
However, the country has faced regulatory challenges, with its central bank banning payment providers from offering crypto transactions to reduce exposure to digital assets.
This move aimed to subject fintech companies to the same regulations as traditional financial institutions.
Despite these challenges, three Latin American countries secured positions in the top 20 ranks on Chainalysis’ Global Crypto Adoption Index.
Brazil holds the ninth position, followed by Argentina at 15th and Mexico at 16th.
The top position globally was claimed by India, with Nigeria and Vietnam ranking second and third, respectively.
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Madrit, Spain, October 16th, 2023, Chainwire
MT Tower is poised to transform the influencer and social media landscape into a vibrant and immersive wonderland. With a commitment to cutting-edge innovation, MT Tower aims to deliver an unparalleled experience that captivates and delights.
A New Era of Engagement
MT Tower, or Meta Tower, isn’t just any run-of-the-mill metaverse platform; it’s a lifestyle and gaming sensation. At its core, it’s all about redefining how influencers connect with their audiences and how social media comes to life in this immersive digital universe.
Authenticity Unleashed
MT Tower’s unique feature that sets it apart from the rest is its unwavering dedication to authenticity. Unlike other metaverse platforms that rely solely on avatars and artificial environments, MT Tower introduces the groundbreaking concept of “Real-World Bridges.” It’s like teleporting to real-world locations that have been scanned, and for influencers, this opens doors to a world of exciting possibilities. Influencers can now take their followers on a journey that feels more genuine and relatable than ever before.
Creating Unique Experiences
In MT Tower, influencers become the ultimate creators. Influencers are given a blank canvas to craft experiences that go beyond traditional social media boundaries. The platform’s immersive nature lets Influencers host events, interact with fans, and create unique virtual spaces for their audiences. For example, a concert on the peak of a digital mountain or a Q&A session in a meticulously replicated historic landmark. MT Tower empowers influencers to bring their creative visions to life like never before.
Empowering Creators and Influencers
In the ever-evolving metaverse, Gen Z and creators are all about self-expression. Traditional social media platforms often limit avatar customization options, stifling creators’ authenticity online. MT Tower addresses this issue by offering a dedicated space for creators to design, showcase, and trade virtual assets. This not only empowers influencers to create avatars that truly reflect their identities but also provides a unique avenue for content creation that resonates deeply with their audiences.
Privacy and Security
As influencers and users venture through the metaverse, concerns about privacy and security take center stage. MT Tower has taken a proactive approach to address these concerns, ensuring influencers can confidently engage with their followers. With the perfect blend of immersive experiences and robust privacy measures, MT Tower is setting the gold standard for secure interactions in the metaverse.
Governance and Inclusivity
Navigating the intricate metaverse landscape requires effective governance, given its decentralized structures and diverse participants. MT Tower is committed to establishing fair and transparent rules, providing a stable environment for influencers to thrive. Furthermore, the platform prioritizes inclusivity, ensuring that everyone can participate, regardless of their background or resources. This commitment broadens the reach of influencers and fosters diverse and engaged audiences.
The MT Token
MT Tower isn’t just about influencers and creators; The MT token, the heartbeat of this metaverse, is gearing up to make a splash as it gets listed on prestigious cryptocurrency exchanges, including Kanga.Exchange and MEXC. MT token will be listed on the MEXC exchange on October 18th. This exciting development opens up new avenues for influencers and users to explore the metaverse’s economic potential, further expanding their presence and opportunities.
Xsolla – metaverse contractor
Another exciting news is that Xsolla is all set to be the contractor for the entire MT Tower metaverse. The contract has been signed, and the parties have marked the first beta release for April 2024. What’s even more thrilling is that Xsolla and MT Tower are inviting 50 lucky beta testers as they eagerly seek feedback from their community. It’s all about inclusivity and innovation, and MT Tower looks forward with anticipation to the future.
In addition, an audit of the MT token has been conducted by Solidproof, and the team is currently in the process of undergoing a Know Your Customer (KYC) procedure.
About MT Tower media
MetaTower was founded in 2021 in response to the growing interest and demand in the metaverse, the upcoming changes in the influencer space as well as the growing need for new sales channels for e-commerce. The company is co-founded by individuals with many years of experience in the blockchain space, who have worked on numerous crypto projects, are associated with cryptocurrency media and have extensive experience in financial markets. The company MetaTower is registered in Estonia.
Website: https://metatower.com
Social Media: https://linktr.ee/metatower
Contact
COO
Bartek Juraszek
MetaTower
[email protected]
On October 14, 2023, Ethereum wallet MetaMask experienced a temporary removal from Apple’s App Store, sparking concerns within the cryptocurrency community about the possibility of a permanent expulsion from the marketplace.
MetaMask, a popular wallet known for its integration with various Web3 decentralized applications (DApps), boasts a user base of over 30 million individuals worldwide.
Reports emerged on that day, indicating that the MetaMask app had vanished from the App Store, leaving Apple users unable to download it directly from the MetaMask website.
However, MetaMask promptly reassured its users that the situation did not stem from any security breaches or malicious activity.
A MetaMask spokesperson stated, “We’re aware that MetaMask isn’t currently available for download on the App Store.
This issue is unrelated to any malicious activity. Our dedicated team is working diligently to resolve it as quickly as possible.
Importantly, this is not a security concern, and there is no compromise or action required on users’ part.
Additionally, it’s not related to the app’s functionality.”
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The likely cause behind MetaMask’s removal was Apple’s stringent service policies, which prohibit apps from running “unrelated background processes,” including cryptocurrency mining.
MetaMask expressed confidence that this removal was temporary and expected the app to return to the App Store shortly.
They also urged users to report any fake MetaMask apps that might have appeared during the removal.
This incident marked the second time that MetaMask faced challenges from major tech marketplaces.
In December 2019, the company encountered suspension from Google Play’s app store, with allegations of violating the platform’s financial services guidelines. Google cited its policy against cryptocurrency mining on mobile devices and rejected MetaMask’s appeal to reverse the ban.
Apple’s guidelines, which necessitate app developers to share 30% of transaction revenues with the platform, pose another obstacle for crypto firms.
This requirement has been a point of contention for companies, particularly those that wish to provide iOS users with the capability to purchase nonfungible tokens (NFTs) and engage in cryptocurrency-related activities.
In conclusion, while MetaMask’s temporary removal from the App Store raised concerns, the company remains committed to resolving the issue and returning to the platform.
The incident highlights the ongoing challenges faced by cryptocurrency-related apps in complying with the policies of major tech giants.
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The United States Securities and Exchange Commission (SEC) has reportedly opted not to appeal a recent court ruling in favor of Grayscale Investments.
The decision stems from the U.S. Court of Appeals for the District of Columbia Circuit, which directed the SEC to review Grayscale’s application for a spot Bitcoin exchange-traded fund (ETF).
This development was disclosed in an October 13 report by Reuters, citing an insider source. Bloomberg analysts, too, anticipate that the SEC will refrain from taking the matter to the Supreme Court, although this doesn’t guarantee automatic approval for Grayscale’s ETF application.
If these reports hold true, the SEC is obligated to comply with the court’s August order, requiring a thorough evaluation of Grayscale’s request to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF. Reuters anticipates that the appeals court will soon provide a detailed mandate outlining how the SEC should execute this ruling.
In response to these unfolding events, Bloomberg ETF analyst James Seyffart expressed his perspective via X (formerly Twitter), suggesting that the SEC is unlikely to appeal further.
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Seyffart anticipates that discussions between Grayscale and the SEC will commence in the coming week, with the hope of shedding more light on the next steps.
Looking ahead, Seyffart posits that we may learn in the next week or two about the deadline for the SEC to either approve or deny Grayscale’s spot Bitcoin ETF application.
Should the SEC reject the application, Grayscale would retain the option to appeal, potentially prolonging the process.
Approximately seven spot Bitcoin ETF applications currently await the SEC’s decision, indicating substantial interest in this investment vehicle.
In a separate X post on October 13, Seyffart reiterated his belief in a 90% probability of a spot Bitcoin ETF application receiving approval in January 2024, with specific reference to Cathie Wood’s ARK Invest.
Seyffart and Eric Balchunas, Bloomberg’s senior ETF analyst, previously estimated a 75% likelihood of an ETF application gaining approval in 2023, underscoring the growing momentum and expectations surrounding this evolving financial instrument.
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The Open Network (TON) Foundation has today announced the support of Elliptic, a leading blockchain analysis firm, to provide the network with data intelligence and additional ecosystem security, supporting TON Foundation with its goal of putting crypto in every pocket by building a web3 ecosystem in Telegram.
Elliptic will screen all TON wallet addresses and flag those associated with bad actors, helping to prevent the exposure of TON users and projects to these accounts. Elliptic will also promote Toncoin to have it listed on reputable exchanges. This will provide greater visibility and security to the ecosystem as TON Foundation expands the range of on-ramps available for new users to enter TON’s ecosystem and experience true asset ownership.
This latest step follows the announcement of TON Foundation’s collaboration with Telegram providing the infrastructure for the messenger’s growing Web3 app ecosystem. TON’s community has grown rapidly over the past year, with the number of registered accounts on TON having grown by 165%. The collaboration will ensure that users across TON’s ecosystem are protected from accounts associated with illicit or malicious activities.
“Elliptic’s support will ensure that TON’s ecosystem remains secure as it continues to scale at pace, with users protected from malicious or criminal activity,” said Justin Hyun, Director of Growth at TON Foundation.
About TON Foundation
The Open Network Foundation (TON Foundation) is a non-profit organization founded in Switzerland in 2023. TON Foundation is 100% funded by the community, acting in the community’s interests, and supports initiatives aligned with The Open Network’s mission. Learn more at https://ton.foundation.
About The Open Network (TON)
The Open Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem in Telegram Messenger, TON is giving billions of people the opportunity to own their digital identity, data, and assets. See more at https://ton.org.
About Elliptic
Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments and financial institutions worldwide.
Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.
Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co.
Contact
TON Foundation
[email protected]