Hong Kong regulators are intensifying their scrutiny of the cryptocurrency market following the arrest of six individuals in connection with an alleged fraud case centered around an unlicensed crypto exchange known as JPEX.
On September 19th, Hong Kong Chief Executive John Lee Ka-Chiu addressed the media, emphasizing the government’s commitment to bolstering investor awareness.
He urged investors to exclusively utilize platforms authorized by the Securities and Futures Commission (SFC), as reported by the Associated Press.
The JPEX controversy first came to light on September 13th when the SFC alerted the public to more than 1,000 complaints regarding the unregistered crypto exchange.
These complaints alleged losses exceeding 1 billion Hong Kong dollars, equivalent to $128 million.
In its official warning, the SFC pointed out that JPEX had aggressively marketed its services and products to the Hong Kong public, leveraging online celebrities and over-the-counter money changers for promotion.
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As the problems surrounding JPEX gained public attention, numerous platform users found themselves unable to withdraw their funds, while others lamented reductions in their wallet balances.
In response to the regulatory warning, JPEX reportedly raised its withdrawal fee to an exorbitant $1,000 in a bid to dissuade users from liquidating their assets.
Subsequently, the crypto exchange attributed the ongoing liquidity crisis to third-party market makers.
Hong Kong police also apprehended influencer Joseph Lam, also known as Lin Zuo, in connection with JPEX.
Hong Kong had positioned itself as a burgeoning crypto hub in 2023, fostering a pro-crypto regulatory environment and facilitating access to the crypto trading market for retail investors.
However, unlicensed platforms like JPEX exploited the lack of knowledge and awareness among many users in the country.
In response, the regulatory authority has embarked on an educational campaign, aiming to enlighten individuals about the importance of exclusively engaging with licensed platforms for their cryptocurrency trading activities.
This proactive stance underscores Hong Kong’s commitment to fostering a safe and transparent crypto ecosystem, protecting investors, and maintaining its position as a reputable global financial center.
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Hong Kong-based cryptocurrency exchange, CoinEx, recently disclosed that compromised private keys led to a significant theft of tokens totaling more than $70 million.
Despite this substantial loss, the exchange has reassured its users that the stolen amount represents only a small portion of its overall assets under management.
CoinEx has pledged to fully compensate affected users for their lost funds as it actively works to recover and enhance platform functionality.
The exchange is diligently investigating the security breach, with several blockchain security firms attributing the incident to North Korean Lazarus Group hackers.
CoinEx has taken the unusual step of initiating direct communication with the hackers in an effort to reach a mutually agreeable resolution.
Preliminary findings from the investigation point to a compromised private key for the exchange’s hot wallets, which are used to store assets for deposits and withdrawals.
To mitigate further losses, CoinEx suspended its withdrawal service, patched system vulnerabilities, and transferred remaining assets from the compromised hot wallets.
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The exchange anticipates gradually resuming withdrawals within seven business days.
In response to the breach, CoinEx has prioritized the development and deployment of an entirely new and robust wallet system capable of handling activities across its extensive portfolio of 211 chains and 737 assets.
The incident began when CoinEx initially noticed “anomalous withdrawals” from one of its hot wallets on September 12, starting with a transfer of 4,947 ETH.
Subsequently, the hackers executed significant withdrawals of other tokens to the same address. Initially estimated at $27 million, the value of the stolen funds has since doubled in the week following the breach.
North Korean hackers have been a persistent threat to the cryptocurrency space in recent years, orchestrating some of the largest thefts in the industry’s history.
In 2022, they masterminded the Axie Infinity Ronin Bridge hack, resulting in the theft of over $650 million.
Chainalysis, a blockchain analytics firm, estimates that North Korean hackers have already stolen approximately $340 million in cryptocurrency in 2023.
This figure is expected to rise with the addition of the CoinEx hack and a $41 million hack of the cryptocurrency gambling platform Stake on September 4.
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Recent on-chain data reveals a compelling narrative in the world of Bitcoin (BTC) as holders continue to accumulate the digital asset. The statistics depict a scenario where exchange holdings have plummeted to yearly lows, while the proportion of dormant BTC supply has surged to unprecedented levels.
Glassnode’s Bitcoin supply last active chart highlights this trend, showcasing that the amount of inactive BTC, untouched in addresses for one, three, and even five years, has reached historic highs since July 2023.
These findings resonate with Bitcoin analytics from CoinMarketCap, which tracks wallet addresses based on the duration of BTC holding. Remarkably, a staggering 69% of addresses, equivalent to 36.8 million, have maintained their BTC holdings for over a year.
CryptoQuant’s data further reinforces this trend by indicating a consistent decline in Bitcoin outflows from exchanges since July 2021.
Currently, a meager 2 million BTC remains on various exchanges, reflecting a substantial decrease over time.
For a more granular view, the CoinGlass Bitcoin on exchanges tracker dissects the circulating BTC holdings among major centralized exchanges.
Leading the pack is Binance, boasting 543,281 BTC on its platform. However, it’s worth noting that Binance has experienced a notable exodus of Bitcoin in the past month, with 21,645 BTC withdrawn.
Coinbase Pro secures the second position with a BTC balance of 435,530.
READ MORE: Cryptocurrency Market Sees Bullish Momentum Amidst Bitcoin’s Recovery
Similar to Binance, this U.S.-based exchange has witnessed 3,612 BTC being withdrawn over the last 30 days.
Interestingly, OKX stands out as the only exchange in the top 10 to have observed a substantial inflow of Bitcoin in the same period, with 4,630 BTC flowing onto its platform.
The broader context of these developments involves market commentators and analysts making bullish predictions about Bitcoin’s potential value.
These sentiments are fueled by the anticipation of the highly-awaited mining reward halving, scheduled for 2024.
As Bitcoin holders increasingly opt to store their assets securely in non-exchange wallets, the crypto community is left to speculate on the potential for further price appreciation in the coming years.
These accumulating patterns suggest a strong belief in Bitcoin’s long-term value and utility as a digital store of wealth.
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The United States House Financial Services Committee is taking significant steps to address the issue of central bank digital currencies (CBDCs).
Chairman Patrick McHenry has announced that the committee will hold markups for two bills related to a potential digital dollar on September 20.
Markups serve as essential sessions where lawmakers thoroughly discuss the specifics of a proposed bill before it progresses to the House floor.
One of the key bills under consideration is the Digital Dollar Pilot Prevention Act, known as H.R. 3712.
This legislation, introduced by Representative Alex Mooney in May, seeks to restrict the Federal Reserve from launching pilot programs to test CBDCs without prior approval from Congress.
This move is aimed at ensuring that any steps towards a CBDC are subject to proper oversight and authorization.
Although the Federal Reserve has recently asserted that it has not made any concrete decisions regarding the issuance of a CBDC, it clarified that any such move would require authorization through legislation.
Interestingly, the Federal Reserve of San Francisco has been actively recruiting technical personnel for a CBDC project in recent months, suggesting that the digital dollar remains a topic of serious consideration.
The second piece of legislation being discussed is an amendment to the Federal Reserve Act, which carries multiple provisions.
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It prohibits Federal Reserve banks from directly offering certain products or services to individuals. Additionally, it bars the use of CBDCs for monetary policy purposes and other similar objectives.
The bill explicitly states that “a Federal reserve bank shall not offer a central bank digital currency, or any digital asset that is substantially similar under any other name or label, indirectly to an individual through a financial institution or other intermediary.”
The issue of a digital dollar has sparked considerable debate within the United States.
Prominent figures like presidential candidates Robert F. Kennedy Jr. and Ron DeSantis have voiced their concerns, particularly regarding financial privacy, in opposition to the establishment of a CBDC in the country.
Meanwhile, proponents of CBDCs argue that such a digital currency would help maintain the global relevance of the U.S. dollar and potentially facilitate increased adoption of cryptocurrencies.
As the debate continues, the House Financial Services Committee’s actions represent a pivotal moment in shaping the future of digital currency in the United States.
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In September, Binance.US, the American arm of the global cryptocurrency exchange Binance, grappled with a series of challenges that sent its trading activity plummeting to historic lows.
On September 16th, Binance.US reported a mere $5.09 million in trading volume, as disclosed by Amberdata on The TIE Terminal.
The lowest point of the month was recorded on September 9th when trading activity dipped to a paltry $2.97 million.
This stark decline is a stark contrast to September 17, 2022, when the exchange’s trading volume comfortably hovered around $230 million.
The turmoil surrounding Binance.US can be traced back to a lawsuit filed by the Securities and Exchange Commission (SEC) on June 5. The SEC accused both Binance and Binance.US of various infractions, including unregistered securities offerings and wash trading.
The allegations included Binance.US’s failure to register as a broker-dealer and to properly register its staking-as-a-service program.
In response to the lawsuit, Binance.US took the drastic step of suspending trading for more than 100 token pairs.
This move had a substantial impact on the exchange’s overall trading activity.
Internal challenges have further compounded the situation. Brian Shorder, the former CEO of Binance.US, resigned recently, joining a growing list of global executives who have departed the organization in recent weeks.
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Following Shorder’s departure, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya also announced their resignations.
Speculation is rife that these departures are linked to an ongoing investigation by the U.S. Department of Justice into Binance, its CEO Changpeng “CZ” Zhao, and Binance.US. CZ, in a statement on X (formerly Twitter), indicated that Shorder’s exit was due to a “deserved break” and praised his contributions to the company.
The troubles for Binance.US appear to be far from over.
The SEC has accused the exchange of non-cooperation in the ongoing investigation, citing a meager production of 220 documents during the discovery process.
Additionally, a judge granted the SEC’s request to unseal previously sealed or redacted documents related to the case on September 15.
These documents are expected to shed further light on the ongoing legal challenges faced by Binance.US and are anticipated to become publicly available in the near future.
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London, England, September 21st, 2023, Chainwire
Delegated liquid staking protocol stake.link has announced a major expansion to its forthcoming staking program. A suite of new features and optimizations have been unveiled that will reinforce stake.link’s position as the preeminent Chainlink staking solution.
The new features revealed by stake.link are designed to take advantage of the next iteration of Chainlink Staking, v0.2, that will go live in Q4. Among the various upgrades developed by stake.link is a feature known as the Priority Pool. This will deliver a seamless and highly efficient process for users to stake LINK ahead of Chainlink expanding capacity from 25M to 45M tokens. The priority pool automates LINK staking on behalf of depositors, creating a “set and forget” staking experience.
stake.link has also announced that it will be migrating its stSDL (staked SDL) receipt tokens to reSDL (reward escrow SDL), an NFT representation of the SDL token. This will be undertaken with the aim of promoting long term participation in the platform by increasing boosts and governance votes.
Jonny Huxtable, a Founding Member of stake.link said “This new major iteration of the stake.link platform brings revamped tokenomics and, for the first time, a set-and-forget LINK staking option. Never before has it been so easy for users to participate in Chainlink Staking, creating a dynamic that benefits both the economic security of the Chainlink Network and the long-term stakers of the native stake.link token: SDL. This major release marks a milestone for stake.link, seeing growth that will cement its position in the industry to support the next wave of major infrastructure advancements powered by the Chainlink Network.”
The 20M LINK that will be made available to the Chainlink staking pool in Q4 will be rolled out in three phases as per the Chainlink roadmap. Once phase three activates, the LINK from the stake.link priority pool will be staked against the community pool, and there will likely be less than 20M LINK available to be deposited. LINK deposited by holders of reSDL will thus be prioritised over LINK held by non-reSDL holders when staking in the priority pool.
Finally, stake.link has announced that it will be releasing its own AI-powered chatbot, “SergAI.” As an expert in all things Chainlink and stake.link, SergAI will answer questions concerning topics such as liquid staking thresholds, the priority pool, and how receipt tokens operate.
About stake.link
stake.link is a delegated liquid staking protocol for Chainlink Staking. Powered and governed by the protocol token SDL, with DeFi interoperability enabled by the liquid staking receipt token stLINK, the stake.link protocol enables anyone to provide LINK collateral to and receive a share of rewards from the most reliable and performant Chainlink node operators.
Learn more: https://stake.link/
Contact
Avishay Litani
[email protected]
Singapore, Singapore, September 21st, 2023, Chainwire
Oasys, a game-focused blockchain, is pleased to announce a collaboration with GMO Media, a subsidiary of Japanese internet giant GMO Internet Group, to introduce “GESOTEN Verse” (tentative name) on Oasys. As part of the collaboration, three titles have been confirmed for release in December 2023, in conjunction with the new Verse.
GMO Media started its crypto business in 2014, working on technical development using smart contract and IEO support for business among other services. “GESOTEN Verse” (tentative name) will allow users of the “GESOTEN by GMO” gaming platform to seamlessly play blockchain games using their existing IDs from the platform. “GESOTEN byGMO” has formed partnerships with various domestic point services and e-commerce services, and is planning to develop a system where users can earn cryptocurrencies and various points as rewards while playing games.
The following titles are among the initial ones to be confirmed:
1. “UNIVERSAL STALLION” (Provided by HashLink)
- This is a play-to-earn horse racing game that pursues realism. You can raise your own racehorse, the only one in the world, on the blockchain. You can earn in-game currency and items by winning races with your racehorses, and you can also earn in-game currency by breeding and trading.
2. “KITARO ~ YOKAI STREET ~” (Provided by Fuji Games)
- A nurturing social game where players who have wandered into the world of GeGeGe no Kitaro work with Yokai to defeat the evil Yokai, develop Yokai Alley, and create a paradise where cute Yokai gather. Playing within “GESOTEN byGMO” allows players to acquire NFTs on “GESOTEN Verse” and introduces Play-to-Earn elements into traditional gameplay.
3. “YOLO FOX” (Provided by MetalistGame)
- Yolofox game is the world’s first travel-themed development placement game that uses the concept of “AI + co-creation”, and builds a unique AI-driven game world with players.
- Yolofox Game cooperates with a top AI organization. Players will participate in creating AIGC game content and gameplay, train and train exclusive AI NPCs, and share the game revenue brought by AI creation.
Additionally, “GESOTEN byGMO” will be featured at the Oasys booth during the Tokyo Game Show 2023, starting on September 21st. Attendees can participate in mini-games to earn OAS tokens and receive original merchandise.
We hope you’re as excited as we are for the arrival of “GESOTEN Verse” and the new titles!
About “GESOTEN by GMO” (URL: https://gesoten.com/):
“Gesoten by GMO” is an online game and community service that allows you to play various online games, for free, with a community function that allows users to interact with each other.
It also works with services operated by GMO Media, such as “Point Town by GMO,” allowing players to earn points while playing games.
About Oasys
Oasys is a blockchain project with a focus on gaming, operating under the concept of “Blockchain for Games.” Over 20 members serve as Oasys validators (chain operators), including major gaming companies like Bandai Namco Research and Web3 companies. Oasys uses a PoS (Proof of Stake) consensus mechanism that also considers environmental factors.
The project aims to provide blockchain gamers with fee-free transactions and accelerated transaction processing through its unique Oasys architecture, ensuring a comfortable gaming environment.
Website: https://www.oasys.games/
Twitter(英語): https://twitter.com/oasys_games
Discord: http://discord.gg/oasysgames
Telegram: https://t.me/oasysen
Contact
Akari Oeda
[email protected]
James Tromans, Google Cloud’s Web3 lead, has raised a crucial point about the cryptocurrency industry’s excessive fixation on token prices at the expense of exploring the practical applications of smart contracts in real-world business scenarios.
In a recent interview with Cointelegraph, Tromans emphasized the importance of shifting the focus from token dynamics to the actual business logic embedded within smart contracts.
Tromans highlighted the need to identify and address specific business challenges that smart contracts can resolve.
He asserted that tokens should be seen as tools to execute business logic, rather than the central focus of Web3 technology.
He stated, “It’s the business problem that’s the thing, not the token.” Tromans urged the industry to move beyond discussions of tokens and speculative trading, as they do not constitute the essence of Web3.
Google Cloud plays a significant role in the blockchain space through its Blockchain Node Engine, providing users with self-hosted nodes for accessing blockchain data, conducting transactions, developing smart contracts, and running decentralized applications.
Tromans emphasized that blockchain and smart contracts can drive innovation, reduce operational costs, and create new revenue streams.
Despite the crypto bear market, Google Cloud has experienced robust demand from enterprises seeking to integrate blockchain technology into their operations.
Tromans noted that traditional enterprises continue to express interest in leveraging blockchain to enhance efficiency, reduce costs, and accelerate innovation.
Most of this demand stems from the traditional finance (TradFi) sector, where blockchain technology is employed to address fundamental financial and accounting challenges.
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Additionally, Google Cloud customers are increasingly exploring blockchain solutions for digital identity and supply chain management.
Digital identity has garnered significant attention in the Web3 space, with the recent launch of Worldcoin, a biometric cryptocurrency project founded by OpenAI CEO Sam Altman in 2019.
However, Tromans cautioned that blockchain technology may not achieve mass adoption until the user experience improves.
He argued that complex concepts like private keys must be abstracted away to make blockchain technology accessible to non-technical users.
Tromans drew parallels with everyday technology like web browsers, highlighting the need for similar user-friendly interfaces in Web3.
He emphasized the importance of building frictionless solutions for key recovery and data management to enhance the overall user experience.
Ultimately, Tromans envisioned a future where blockchain technology seamlessly addresses challenges in various industries, including payments, gaming, and the arts, without users needing to understand the underlying technology.
He concluded that once Web3 achieves mass adoption, it will become synonymous with the web itself, transcending its current distinct identity.
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New York, NY, September 20th, 2023, Chainwire
cheqd, the startup that allows users and organizations to gain control and portability of their identity data, has announced the launch of Credential Payments, a new feature of its decentralized network and SaaS product, Credential Service. With its launch, organizations and individuals now have a way to get paid for providing their identity data while maintaining privacy, building infrastructure to create Trusted Data markets as an entirely new industry category.
Credential Payments is a pioneering capability for Self-Sovereign Identity (SSI), enabling the settlement of on-chain payments for Trusted Data that is stored off-chain to ensure privacy. Thus, making it possible for users to exchange and transact their verifiable Trusted Data in a privacy-preserving way.
cheqd has built products and tools to help companies plug into the network’s identity and payments functionalities. One product is Credential Service, a scalable solution that removes all of the complexity required to build or integrate decentralized identities into existing applications. For more complex features, there are an array of SDKs available for power users.
This paves the way for organizations to create new business models and has clear potential to boost the adoption of SSI by solving the market supply side cold-start problem.
Organizations now have a direct financial incentive to issue credentials/Trusted Data, as with cheqd network Credential Payments it’s possible to create recurring revenue based on a credential being reused. As credentials become available to more verifiers and receivers at a lower cost than existing alternatives, more issuers will enter the market to increase their coverage. Since each side of the market has an incentive to get more organizations and users to join, a flywheel network effect is created.
SSI promises to be an effective solution at a time of increasing regulation pushing global organizations to be more responsible and accountable in dealing with users’ data. Businesses need a way to be compliant with upcoming regulations such as the EU’s eIDAS 2.0, which will govern electronic identification and support Verifiable Credentials as a means to exchange identity data and attestations. In addition, the rise of generative artificial intelligence has led to heightened concerns over fraud, due to its potential to create distrust at an enormous scale. More than ever, businesses need a reliable way to prove that someone is real using verifiable Trusted Data.
It’s for these reasons that cheqd’s research shows the global market for SSI could eventually reach more than half a trillion dollars in value. By offering its industry-first Credential Payments that allow owners of verifiable data to retain full privacy, cheqd sets itself apart from other identity networks. Already, it has forged key partnerships with more than 70% of the SSI application vendor market to date.
Example use-cases
There are a paramount of use cases for an identity network for payments but the two hottest ones are Finance and Education.
In Finance, regulations are being adopted worldwide for the crypto and DeFi industry with a heavy focus on enforcing Know Your Customer (KYC) or qualified investor status. Credentials allow DeFi protocols to set KYC and investor acceptance requirements whilst allowing users to re-use their information seamlessly, aiming to meet regulations whilst maintaining smooth user experience. Issuers of KYC and qualified investor credentials can now be paid for these whenever protocols need to check investor statuses.
And, in Education, certifying accomplishments and achievements can be used for providing more tangible trust around accreditations, with a price to establish trust.
To trust accomplishment credentials, verifiers need to be sure that the issuers are legitimate. Being able to pay to check a list of trusted issuer identifiers gives verifiers the ability to build higher levels of assurance in the credential presented to them, and helps to prevent fraudulent actors. Verifiers can pay the issuers of said credentials, similar to the current operation of university registry offices for checking the veracity of degrees.
Going forward, cheqd is positioned to play a pivotal role in growing the adoption of verifiable, trusted credentials and ensuring that SSI breaks into the public consciousness.
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organizations to gain control and portability of their data. cheqd builds upon Decentralised Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as reusable KYC in Web3, preference data markets, and others where the user is at the center. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a payment network that prioritizes individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organizations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming, and other sectors.
cheqd also features a decentralized reputation platform (creds.xyz) to incentivise and engage Web3 communities through quest or learning credentials, as well as protect users from fraud and scamming across Discord, Telegram and beyond.
Contact
Avishay Litani
[email protected]
Dubai-based cryptocurrency exchange, JPEX, has found itself entangled in a liquidity crisis, prompting a series of actions that have stirred controversy within the cryptocurrency community.
In a blog post on September 17, JPEX attributed this crisis to what it termed as “unfair treatment” by certain institutions in Hong Kong, compounded by negative news coverage.
The exchange claimed that these factors led to its third-party market makers freezing funds and demanding additional information for negotiation, thus restricting liquidity and increasing operational costs to unsustainable levels.
In response to this predicament, JPEX announced the delisting of all operations affiliated with its Earn product, effective September 18.
This decision prevents users from initiating new Earn orders, allowing only existing orders to continue until their respective product end dates.
While regular spot trading activities remain unaffected for now, reports have emerged that JPEX is imposing a hefty 999 Tether withdrawal fee, capped at 1,000 USDT, further unsettling its user base.
JPEX, however, did not provide a direct explanation for the high withdrawal fee but assured users that it plans to gradually restore normal withdrawal fee levels once negotiations with third-party market makers conclude.
The exchange stated its commitment to reclaiming liquidity from these market makers and promised to share the revised withdrawal fee details after these negotiations.
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Additionally, JPEX revealed plans to utilize a decentralized autonomous organization (DAO) to gather suggestions from users on its restructuring efforts.
This move reflects the exchange’s desire to engage its community in reshaping its future direction.
Despite these announcements, JPEX has faced scrutiny from regulators.
On September 13, the Hong Kong Securities and Futures Commission (SFC) issued a warning against JPEX for allegedly marketing its services to Hong Kong residents without obtaining the necessary license.
The SFC highlighted various irregularities in JPEX’s practices, including offering exceptionally high returns and other discrepancies in its marketing strategies.
Concerns deepened as an attendee at the Token 2049 conference in Singapore reported that the JPEX booth had been abandoned shortly after the SFC’s warning was issued.
Subsequently, local authorities in Hong Kong received numerous complaints about the exchange, further intensifying the regulatory scrutiny surrounding JPEX’s operations.
As this situation unfolds, the cryptocurrency community and regulatory bodies continue to closely monitor developments with JPEX, with both sides eager to see how the exchange addresses its liquidity crisis and regulatory issues.
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