Institutional Investors FOMOing Into Bitcoin ETFs as Price Eyes New Highs

https://www.financemagnates.com/cryptocurrency/institutional-investors-fomoing-into-bitcoin-etfs-as-price-eyes-new-highs/

A BlackRock
exchange-traded fund (ETF) investing in Bitcoin (BTC) saw record inflows of
$520 million on Wednesday, marking the largest daily intake for any US ETF
across asset classes so far this year.

All this
comes as the price of Bitcoin tests $64,000 and is just a step away from its
historical highs of 2021. The market is currently dominated by speculative
frenzy, and “greed” is at a level never seen before.

BlackRock Bitcoin ETF Sees
Record Inflows amid Crypto Rally

The
BlackRock iShares Bitcoin Trust (IBIT) has seen steady investor demand,
registering 32 consecutive days of inflows. As of Wednesday, nine Bitcoin spot
ETFs combined saw trading volume over $2.6 billion, with IBIT breaking its own
record at $1.5 billion.

Source: Bloomberg

The surge
of investments into Bitcoin ETFs comes amidst a broader rally in cryptocurrency
prices. Bitcoin hit a two-year high on Wednesday, nearing its all-time record,
while other major digital assets like Ethereum also saw significant gains.

Analysts
say the successful launch of Bitcoin spot ETFs in January 2024 has opened the
door to fresh investments from wealth managers, hedge funds, and retail
traders. The ease of trading Bitcoin via ETFs is helping drive its price higher
by boosting demand.

Bitcoin price. Source: CoinMarketCap

“The market is waking up to the fact that
Bitcoin is now easily accessible to the masses and that we are only just
scratching the surface as far as mainstream adoption goes,” said Joel
Kruger, the Market Strategist at LMAX Group. “We also believe there has
been plenty of excitement around lower correlations with US equities, which
makes Bitcoin all the more attractive as an investment for portfolio
diversification.”

Clearly, the demand for leverage in the cryptocurrency market is influencing investors’ behavior. Higher costs in the futures market and decentralized finance are leading to an increased need for crypto borrowing.

“Investors are increasingly seeking avenues to obtain liquidity in a high-rate environment, prompting them to turn to lending platforms that offer lending and futures services within an easily navigable interface,” commented Andrey Stoychev, the Project Manager at Nexo. “The demand for borrowing in familiar settings is not just a reflection of the market’s adaptability to external economic factors but also leads to a significant trend in the cryptocurrency ecosystem.”

WisdomTree European BTC
ETPs Exceed $500 AuM

Another
issuer of exchange-traded instruments, WisdomTree, also reported record
results. Its European cryptocurrency exchange-traded products (ETPs) have
surpassed the $500 million mark in assets under management. This figure marks a
historic peak for WisdomTree’s European crypto ETPs, which have experienced net
inflows of $59 million into their portfolio in 2024, predominantly driven by
WisdomTree Physical Bitcoin.

According
to market experts, the inflows have been primarily driven by retail investors
rather than institutions. As more financial advisors get approved to offer
Bitcoin ETFs to clients, analysts expect volumes to increase further over the
next year.

“The
launch of spot bitcoin exchange-traded funds in the US has changed the way many
investors look at cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
as an investable asset class,” Alexis
Marinof, the Head of European branch of WisdomTree, said. “As attention
turns to the Bitcoin halving expected in April, investors are seeing more
potential within the asset class.”

Greed Is Everywhere

Bitcoin’s
price has more than doubled over the last months, recently exceeding $64,000. This
rapid price growth has led to euphoric sentiment, with the crypto fear and
greed index reaching its highest level (86) since Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
hit its previous
all-time high of around $69,000 in November 2021.

Crypto Fear and Greed Index. Source: CoinMarketCap

This index
ranges from 0 to 100, with 0 representing “extreme fear” and 100
representing “extreme greed”. A high index level signals that
investors are becoming overly greedy, believing that cryptocurrency prices will
continue to rise. This often precedes a market correction as prices eventually
become detached from fundamentals.

Some
analysts argue that such high greed signals that the crypto market is due for a
correction, as excessive optimism generally foreshadows a price reversal. Ultimately,
while extreme greed suggests crypto prices have significant room to fall, the
durability of current market optimism makes the exact timing of a correction
challenging to predict.

A BlackRock
exchange-traded fund (ETF) investing in Bitcoin (BTC) saw record inflows of
$520 million on Wednesday, marking the largest daily intake for any US ETF
across asset classes so far this year.

All this
comes as the price of Bitcoin tests $64,000 and is just a step away from its
historical highs of 2021. The market is currently dominated by speculative
frenzy, and “greed” is at a level never seen before.

BlackRock Bitcoin ETF Sees
Record Inflows amid Crypto Rally

The
BlackRock iShares Bitcoin Trust (IBIT) has seen steady investor demand,
registering 32 consecutive days of inflows. As of Wednesday, nine Bitcoin spot
ETFs combined saw trading volume over $2.6 billion, with IBIT breaking its own
record at $1.5 billion.

Source: Bloomberg

The surge
of investments into Bitcoin ETFs comes amidst a broader rally in cryptocurrency
prices. Bitcoin hit a two-year high on Wednesday, nearing its all-time record,
while other major digital assets like Ethereum also saw significant gains.

Analysts
say the successful launch of Bitcoin spot ETFs in January 2024 has opened the
door to fresh investments from wealth managers, hedge funds, and retail
traders. The ease of trading Bitcoin via ETFs is helping drive its price higher
by boosting demand.

Bitcoin price. Source: CoinMarketCap

“The market is waking up to the fact that
Bitcoin is now easily accessible to the masses and that we are only just
scratching the surface as far as mainstream adoption goes,” said Joel
Kruger, the Market Strategist at LMAX Group. “We also believe there has
been plenty of excitement around lower correlations with US equities, which
makes Bitcoin all the more attractive as an investment for portfolio
diversification.”

Clearly, the demand for leverage in the cryptocurrency market is influencing investors’ behavior. Higher costs in the futures market and decentralized finance are leading to an increased need for crypto borrowing.

“Investors are increasingly seeking avenues to obtain liquidity in a high-rate environment, prompting them to turn to lending platforms that offer lending and futures services within an easily navigable interface,” commented Andrey Stoychev, the Project Manager at Nexo. “The demand for borrowing in familiar settings is not just a reflection of the market’s adaptability to external economic factors but also leads to a significant trend in the cryptocurrency ecosystem.”

WisdomTree European BTC
ETPs Exceed $500 AuM

Another
issuer of exchange-traded instruments, WisdomTree, also reported record
results. Its European cryptocurrency exchange-traded products (ETPs) have
surpassed the $500 million mark in assets under management. This figure marks a
historic peak for WisdomTree’s European crypto ETPs, which have experienced net
inflows of $59 million into their portfolio in 2024, predominantly driven by
WisdomTree Physical Bitcoin.

According
to market experts, the inflows have been primarily driven by retail investors
rather than institutions. As more financial advisors get approved to offer
Bitcoin ETFs to clients, analysts expect volumes to increase further over the
next year.

“The
launch of spot bitcoin exchange-traded funds in the US has changed the way many
investors look at cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
as an investable asset class,” Alexis
Marinof, the Head of European branch of WisdomTree, said. “As attention
turns to the Bitcoin halving expected in April, investors are seeing more
potential within the asset class.”

Greed Is Everywhere

Bitcoin’s
price has more than doubled over the last months, recently exceeding $64,000. This
rapid price growth has led to euphoric sentiment, with the crypto fear and
greed index reaching its highest level (86) since Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
hit its previous
all-time high of around $69,000 in November 2021.

Crypto Fear and Greed Index. Source: CoinMarketCap

This index
ranges from 0 to 100, with 0 representing “extreme fear” and 100
representing “extreme greed”. A high index level signals that
investors are becoming overly greedy, believing that cryptocurrency prices will
continue to rise. This often precedes a market correction as prices eventually
become detached from fundamentals.

Some
analysts argue that such high greed signals that the crypto market is due for a
correction, as excessive optimism generally foreshadows a price reversal. Ultimately,
while extreme greed suggests crypto prices have significant room to fall, the
durability of current market optimism makes the exact timing of a correction
challenging to predict.

B2 Network Brings DeFi to Bitcoin via Bitget Wallet

https://www.financemagnates.com/cryptocurrency/b2-network-brings-defi-to-bitcoin-via-bitget-wallet/

Bitget
Wallet, Asia’s largest non-custodial Web3 wallet, has announced a new
partnership with Bitcoin Layer 2 company B2 Network. The collaboration will
give Bitget Wallet’s over 15 million global users access to B2 Network’s cross-chain
transactions directly through Bitget’s mobile and browser-based applications.

Bitget Partners with
Bitcoin Layer 2 Network B2 to Enable Faster
Transactions

By
integrating smart contracts into the Bitcoin network, B2 Network serves as a
platform for pioneering DeFi, NFT, derivatives, and other applications while
leveraging Bitcoin’s massive $1.1 trillion market capitalization. As an
EVM-compatible Bitcoin Layer 2 solution built on zero-knowledge proofs, B2
Network enhances transaction speeds and expands application possibilities
without compromising security.

Specifically,
the partnership enables Bitget users to seamlessly conduct cross-chain
transactions of BTC assets via B2 Network at faster speeds and lower costs than
transacting directly on the Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
blockchain. Users can also participate in
B2 Network’s airdrop programs through their Bitget Wallet connection.

“We
keep engaging in Bitcoin ecosystem development, support and collaborate with
Bitcoin protocols and Layer 2 networks, providing users with new assets and
opportunities,” Alvin Kan, the COO of Bitget Wallet, commented on the
partnership.

Bitget’s Recent Updates

The
collaboration represents Bitget’s ongoing efforts to systematically expand
support for the wider Bitcoin ecosystem within its wallet platform. Recently,
Bitget integrated over 20 other Bitcoin projects, added support for BRC20 and
ARC20 transaction formats, upgraded its Launchpad to enable BRC20 token
offerings, and connected to the Bitcoin Lightning Network
Lightning Network

The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t

The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t
Read this Term
.

With robust
connectivity across hundreds of decentralized exchanges and cross-chain
bridges, Bitget Wallet provides access to swaps, market data, and other
features across more than 100 different blockchains.

In early February,
the company appointed a new Chief Operating Officer, Alvin Kan, to boost
global expansion plans.

Last month, Bitget enhanced its platform’s wallet security by implementing Multi-Party Computation technology. This advancement utilizes distributed computing, homomorphic encryption, and Trusted Execution Environments to bolster wallet protection. Furthermore, the Web3 cryptocurrency wallet introduced a new “Smart Money” functionality, leveraging artificial intelligence to monitor activity from 6,000 “crypto whales” across Ethereum and Bitcoin networks. This feature aims to unearth potential trading opportunities.

In addition, Bitget has outlined a comprehensive approach focusing on enhancing product development, research, and investment efforts. This strategy aims to provide its users with sophisticated trading options and an improved asset management experience in the Bitcoin domain.

Bitget
Wallet, Asia’s largest non-custodial Web3 wallet, has announced a new
partnership with Bitcoin Layer 2 company B2 Network. The collaboration will
give Bitget Wallet’s over 15 million global users access to B2 Network’s cross-chain
transactions directly through Bitget’s mobile and browser-based applications.

Bitget Partners with
Bitcoin Layer 2 Network B2 to Enable Faster
Transactions

By
integrating smart contracts into the Bitcoin network, B2 Network serves as a
platform for pioneering DeFi, NFT, derivatives, and other applications while
leveraging Bitcoin’s massive $1.1 trillion market capitalization. As an
EVM-compatible Bitcoin Layer 2 solution built on zero-knowledge proofs, B2
Network enhances transaction speeds and expands application possibilities
without compromising security.

Specifically,
the partnership enables Bitget users to seamlessly conduct cross-chain
transactions of BTC assets via B2 Network at faster speeds and lower costs than
transacting directly on the Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
blockchain. Users can also participate in
B2 Network’s airdrop programs through their Bitget Wallet connection.

“We
keep engaging in Bitcoin ecosystem development, support and collaborate with
Bitcoin protocols and Layer 2 networks, providing users with new assets and
opportunities,” Alvin Kan, the COO of Bitget Wallet, commented on the
partnership.

Bitget’s Recent Updates

The
collaboration represents Bitget’s ongoing efforts to systematically expand
support for the wider Bitcoin ecosystem within its wallet platform. Recently,
Bitget integrated over 20 other Bitcoin projects, added support for BRC20 and
ARC20 transaction formats, upgraded its Launchpad to enable BRC20 token
offerings, and connected to the Bitcoin Lightning Network
Lightning Network

The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t

The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t
Read this Term
.

With robust
connectivity across hundreds of decentralized exchanges and cross-chain
bridges, Bitget Wallet provides access to swaps, market data, and other
features across more than 100 different blockchains.

In early February,
the company appointed a new Chief Operating Officer, Alvin Kan, to boost
global expansion plans.

Last month, Bitget enhanced its platform’s wallet security by implementing Multi-Party Computation technology. This advancement utilizes distributed computing, homomorphic encryption, and Trusted Execution Environments to bolster wallet protection. Furthermore, the Web3 cryptocurrency wallet introduced a new “Smart Money” functionality, leveraging artificial intelligence to monitor activity from 6,000 “crypto whales” across Ethereum and Bitcoin networks. This feature aims to unearth potential trading opportunities.

In addition, Bitget has outlined a comprehensive approach focusing on enhancing product development, research, and investment efforts. This strategy aims to provide its users with sophisticated trading options and an improved asset management experience in the Bitcoin domain.

Bitget Leverages Messi Sponsorship in Battle for Latin America

https://www.financemagnates.com/cryptocurrency/bitget-leverages-messi-sponsorship-in-battle-for-latin-america/

The Seychelles-based
cryptocurrency exchange Bitget has set its sights on expanding its presence in
Latin America, according to Maximiliano Hinz, the company’s Director of Growth
for the region. To gain a foothold, Bitget plans to increase its local team and
focus on beginner-friendly products that don’t require constant portfolio
oversight.

Bitget Looks to Expand in
Latin America despite Stiff Competition

Bitget is
currently ranked as the 14th largest globally, but it has aspirations to climb
higher in this ranking. As a result, it is searching for new markets where it
could carve out a bigger piece of the cryptocurrency pie. According to Hinz,
Latin America is an interesting target, although the region is dominated by
major players such as Binance and Bitso.

In an
interview with Valor, Bitget’s Latin America Growth Director said the
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s Copy Trading tool gives it an edge for less active traders. The
feature lets users automatically mimic the positions and returns of seasoned
professionals at Bitget.

“We
want to provide an alternative. Currently, you either buy crypto for the long
run or need to be an expert. Most people trading on our platform have other
jobs,” Hinz explained for Valor. He believes Bitget’s user experience
gives it a leg up on rivals.

Bitget and Binance Rivarly

Bitget and
Binance are even dueling over celebrity sponsorships. After Binance inked a
deal with soccer superstar Cristiano Ronaldo in June 2022, Bitget responded by
partnering with Ronaldo’s longtime on-field rival, Argentine great Lionel
Messi, in October
. And although Messi has been a brand ambassador for a year and a half, Bitget is now trying even harder to leverage the region’s love for football to attract local traders to its offering.

However,
both exchanges also face mounting regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term
in Latin America, especially in
Brazil, the region’s largest crypto economy. Brazil’s central bank is drafting
new rules around licensing, asset segregation and consumer protections after
the FTX collapse in the US.

“In
the case of Brazil, we must work in a regulated manner. Brazil is very
important,” Hinz commented. As further explained, he would welcome sensible
rules that don’t completely stifle innovation.

Bitget is
currently beta testing a local debit card offering after assembling an
80-person Latin America team. It aims to double that headcount over the next 24
months.

A step towards global expansion was also taken at the beginning of February when the company hired Alvin Kan as its new Chief Operating Officer for its Web3 service, Biget Wallet. The exchange aims to increase the reach not only of its trading platform but also of the product allowing for the storage of digital assets.

The Seychelles-based
cryptocurrency exchange Bitget has set its sights on expanding its presence in
Latin America, according to Maximiliano Hinz, the company’s Director of Growth
for the region. To gain a foothold, Bitget plans to increase its local team and
focus on beginner-friendly products that don’t require constant portfolio
oversight.

Bitget Looks to Expand in
Latin America despite Stiff Competition

Bitget is
currently ranked as the 14th largest globally, but it has aspirations to climb
higher in this ranking. As a result, it is searching for new markets where it
could carve out a bigger piece of the cryptocurrency pie. According to Hinz,
Latin America is an interesting target, although the region is dominated by
major players such as Binance and Bitso.

In an
interview with Valor, Bitget’s Latin America Growth Director said the
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s Copy Trading tool gives it an edge for less active traders. The
feature lets users automatically mimic the positions and returns of seasoned
professionals at Bitget.

“We
want to provide an alternative. Currently, you either buy crypto for the long
run or need to be an expert. Most people trading on our platform have other
jobs,” Hinz explained for Valor. He believes Bitget’s user experience
gives it a leg up on rivals.

Bitget and Binance Rivarly

Bitget and
Binance are even dueling over celebrity sponsorships. After Binance inked a
deal with soccer superstar Cristiano Ronaldo in June 2022, Bitget responded by
partnering with Ronaldo’s longtime on-field rival, Argentine great Lionel
Messi, in October
. And although Messi has been a brand ambassador for a year and a half, Bitget is now trying even harder to leverage the region’s love for football to attract local traders to its offering.

However,
both exchanges also face mounting regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term
in Latin America, especially in
Brazil, the region’s largest crypto economy. Brazil’s central bank is drafting
new rules around licensing, asset segregation and consumer protections after
the FTX collapse in the US.

“In
the case of Brazil, we must work in a regulated manner. Brazil is very
important,” Hinz commented. As further explained, he would welcome sensible
rules that don’t completely stifle innovation.

Bitget is
currently beta testing a local debit card offering after assembling an
80-person Latin America team. It aims to double that headcount over the next 24
months.

A step towards global expansion was also taken at the beginning of February when the company hired Alvin Kan as its new Chief Operating Officer for its Web3 service, Biget Wallet. The exchange aims to increase the reach not only of its trading platform but also of the product allowing for the storage of digital assets.

Sunak Government Sets Summer Deadline for Stablecoins and Crypto Staking Clompdown

https://www.financemagnates.com/cryptocurrency/sunak-government-sets-summer-deadline-for-stablecoins-and-crypto-staking-clompdown/

The United
Kingdom government revealed plans this week to push through long-awaited
cryptocurrency regulations within the next six months.

Speaking at
a cryptocurrency industry event in London this week, Bim Afolami, the Economic
Secretary to the Treasury, stated that the government aims to establish rules
on stablecoins and staking services by August.

The UK to Enact Crypto
Regulations in 224

Stablecoins
are cryptocurrencies pegged to traditional assets like the US dollar or pound
sterling to minimize volatility. Staking allows cryptocurrency holders to earn
rewards for helping validate blockchain networks.

“We’re
very clear that we want to get these things done as soon as possible. And I
think over the next six months, those things are doable,” said Afolami
during the Coinbase crypto event on Monday.

The move
comes after years of promises to regulate the multi-billion pound industry. In
October 2022, the Treasury pledged to provide guidance on stablecoins and
staking, but a concrete timeline was never set.

Cryptocurrency
regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term
was a core pledge of Prime Minister Rishi Sunak’s leadership
campaign in 2022. However, little progress has occurred since his election,
hampering growth of the sector.

The
government faces pressure to deliver rules before the next general election,
expected in early 2025. But Afolami admitted he could not provide a timeline
for regulating crypto exchanges and other major industry players.

“There’s
just a huge amount going on, so I don’t want to commit to that now,” he
told.

All eyes
will now turn to Westminster to track whether the government can turn its
rhetoric into reality within the next six months.

Light Crypto Regulation in
The UK

The
cryptocurrency industry contributes billions to the UK economy each year. Clear
oversight is seen as necessary to protect consumers and facilitate ethical
innovation in the space. It’s worth noting that just a few months ago, the Bank of England claimed that stablecoins pose “a significant risk to financial stability.”

Cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term

are currently lightly regulated in the UK, but stricter rules are expected to
come into effect over the next year. The Financial Conduct Authority (FCA) is
the main financial regulator overseeing cryptocurrencies. So far, the FCA has
mainly focused on anti-money laundering rules for cryptoasset firms. New
rules introduced in 2023 brought crypto promotion and advertising under FCA
regulation
, including marketing and consumer protection standards. The FCA
also oversees some security tokens that provide rights akin to traditional
investments.

However,
comprehensive formal regulation is still lacking but expected to come through
legislation in 2024. The UK government has confirmed plans to regulate crypto
exchanges, trading platforms, custodians and more under traditional financial
services rules, likely including reserve requirements, governance, market
conduct and consumer protection.

The UK aims
to become a global hub for ethical crypto innovation. While cryptoassets remain
high-risk investments currently lacking oversight, formal legislation is seen
as essential to building trust and confidence, according to industry leaders.
The entire industry is awaiting concrete action from the government to deliver
on its promises of regulation within the next year.

The United
Kingdom government revealed plans this week to push through long-awaited
cryptocurrency regulations within the next six months.

Speaking at
a cryptocurrency industry event in London this week, Bim Afolami, the Economic
Secretary to the Treasury, stated that the government aims to establish rules
on stablecoins and staking services by August.

The UK to Enact Crypto
Regulations in 224

Stablecoins
are cryptocurrencies pegged to traditional assets like the US dollar or pound
sterling to minimize volatility. Staking allows cryptocurrency holders to earn
rewards for helping validate blockchain networks.

“We’re
very clear that we want to get these things done as soon as possible. And I
think over the next six months, those things are doable,” said Afolami
during the Coinbase crypto event on Monday.

The move
comes after years of promises to regulate the multi-billion pound industry. In
October 2022, the Treasury pledged to provide guidance on stablecoins and
staking, but a concrete timeline was never set.

Cryptocurrency
regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
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was a core pledge of Prime Minister Rishi Sunak’s leadership
campaign in 2022. However, little progress has occurred since his election,
hampering growth of the sector.

The
government faces pressure to deliver rules before the next general election,
expected in early 2025. But Afolami admitted he could not provide a timeline
for regulating crypto exchanges and other major industry players.

“There’s
just a huge amount going on, so I don’t want to commit to that now,” he
told.

All eyes
will now turn to Westminster to track whether the government can turn its
rhetoric into reality within the next six months.

Light Crypto Regulation in
The UK

The
cryptocurrency industry contributes billions to the UK economy each year. Clear
oversight is seen as necessary to protect consumers and facilitate ethical
innovation in the space. It’s worth noting that just a few months ago, the Bank of England claimed that stablecoins pose “a significant risk to financial stability.”

Cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term

are currently lightly regulated in the UK, but stricter rules are expected to
come into effect over the next year. The Financial Conduct Authority (FCA) is
the main financial regulator overseeing cryptocurrencies. So far, the FCA has
mainly focused on anti-money laundering rules for cryptoasset firms. New
rules introduced in 2023 brought crypto promotion and advertising under FCA
regulation
, including marketing and consumer protection standards. The FCA
also oversees some security tokens that provide rights akin to traditional
investments.

However,
comprehensive formal regulation is still lacking but expected to come through
legislation in 2024. The UK government has confirmed plans to regulate crypto
exchanges, trading platforms, custodians and more under traditional financial
services rules, likely including reserve requirements, governance, market
conduct and consumer protection.

The UK aims
to become a global hub for ethical crypto innovation. While cryptoassets remain
high-risk investments currently lacking oversight, formal legislation is seen
as essential to building trust and confidence, according to industry leaders.
The entire industry is awaiting concrete action from the government to deliver
on its promises of regulation within the next year.

Bybit Targets European Growth with New Amsterdam Office

https://www.financemagnates.com/cryptocurrency/bybit-targets-european-growth-with-new-amsterdam-office/

After
launching its global headquarters in Dubai less than a year ago, the
cryptocurrency exchange Bybit is now looking towards Europe, where it aims to
open Amsterdam’s regional office.

The
establishment of the new bureau in the Dutch capital was made possible through
strengthened cooperation with SATOS, a company that holds a country’s virtual
asset service provider license, which Bybit uses to operate in the local
market.

Crypto Exchange Bybit Opens
New European Office

Citing
promising opportunities from the Dutch regulatory environment and growing
interest in crypto assets, Bybit now intends to set up a permanent Amsterdam
office over the next few months.

According
to Bybit, the local office will improve its ability to adhere to Dutch
regulations and serve the local crypto community. Additionally, Bybit says the
Amsterdam space will be open as a co-working venue for networking and knowledge
sharing within the broader crypto industry.

“We
are committed to providing a safe and secure trading environment for all our
users and understand the importance of complying with local regulations,”
said Ben Zhou, the Co-Founder and CEO of Bybit.

As we
mentioned in the introduction, for Bybit, this marks the opening of another
office following its decision in April 2023 to relocate global headquarters to
the United Arab Emirates
, specifically to Dubai. The Middle East has been
attracting an increasing number of popular cryptocurrency brands in recent
quarters, aiming to become an international hub for digital assets.

SATOS and Bybit Partnership

Bybit
formed an alliance with SATOS in June 2023, enabling it to continue offering
crypto trading services to users in the Netherlands. Despite recent regulatory
changes in the country, Bybit says its collaboration with SATOS allows it to comply
fully with rules set by the Dutch central bank.

The
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has seen substantial growth in the Netherlands since partnering with
SATOS. Bybit says it has doubled its revenue there month-over-month since last
June.

“Our partnership with SATOS allows us to
continue offering our services to Dutch users by meeting all regulatory
requirements,” Zhoud added.

Bybit is
currently one of the top three crypto exchanges worldwide by trading volume
with 20 million users. The exchange promises fast trading, 24/7 customer
support and a range of coin pairs. At the end of 2023, the company celebrated
five years of its operations by introducing new tools related to
decentralization and Web3.

After
launching its global headquarters in Dubai less than a year ago, the
cryptocurrency exchange Bybit is now looking towards Europe, where it aims to
open Amsterdam’s regional office.

The
establishment of the new bureau in the Dutch capital was made possible through
strengthened cooperation with SATOS, a company that holds a country’s virtual
asset service provider license, which Bybit uses to operate in the local
market.

Crypto Exchange Bybit Opens
New European Office

Citing
promising opportunities from the Dutch regulatory environment and growing
interest in crypto assets, Bybit now intends to set up a permanent Amsterdam
office over the next few months.

According
to Bybit, the local office will improve its ability to adhere to Dutch
regulations and serve the local crypto community. Additionally, Bybit says the
Amsterdam space will be open as a co-working venue for networking and knowledge
sharing within the broader crypto industry.

“We
are committed to providing a safe and secure trading environment for all our
users and understand the importance of complying with local regulations,”
said Ben Zhou, the Co-Founder and CEO of Bybit.

As we
mentioned in the introduction, for Bybit, this marks the opening of another
office following its decision in April 2023 to relocate global headquarters to
the United Arab Emirates
, specifically to Dubai. The Middle East has been
attracting an increasing number of popular cryptocurrency brands in recent
quarters, aiming to become an international hub for digital assets.

SATOS and Bybit Partnership

Bybit
formed an alliance with SATOS in June 2023, enabling it to continue offering
crypto trading services to users in the Netherlands. Despite recent regulatory
changes in the country, Bybit says its collaboration with SATOS allows it to comply
fully with rules set by the Dutch central bank.

The
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has seen substantial growth in the Netherlands since partnering with
SATOS. Bybit says it has doubled its revenue there month-over-month since last
June.

“Our partnership with SATOS allows us to
continue offering our services to Dutch users by meeting all regulatory
requirements,” Zhoud added.

Bybit is
currently one of the top three crypto exchanges worldwide by trading volume
with 20 million users. The exchange promises fast trading, 24/7 customer
support and a range of coin pairs. At the end of 2023, the company celebrated
five years of its operations by introducing new tools related to
decentralization and Web3.

Digital Bank is Taking on Coinbase With a New Crypto Trading Platform

https://www.financemagnates.com/cryptocurrency/digital-bank-is-taking-on-coinbase-with-a-new-crypto-trading-platform/

Digital
bank Revolut is developing a new cryptocurrency trading platform designed for
seasoned crypto traders, according to an e-mail sent to customers this week.
The new platform will offer more advanced trading features like deeper market
analytics and lower trading fees than Revolut’s existing crypto services.

In fact,
Revolut aims to offer a fully independent crypto exchange in addition to
standard digital asset services. The question is, however, whether it will be
able to compete with the biggest names in the industry.

Revolut to Launch Standalone
Crypto Exchange

The e-mail,
which invited customers to beta test the new exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, said it would have fees
between 0-0.09% and functionality for limit orders and market orders. Limit
orders allow traders to buy or sell an asset at a specific price, while market
orders enable buying or selling at the best available price.

“We’re
launching a new crypto exchange, built with advanced traders in mind. You’ll
find deeper analytical tools and lower fees than the app,” Revolut’s
e-mail stated/

A
spokesperson for Revolut confirmed to CoinDesk the company is working on the
new trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
, but said further details won’t be released until the
product is officially launched. The exchange is currently in closed beta
testing with invites only. Moreover, the company has not given a timeline for
the new platform’s launch.

“The
standalone cryptocurrency exchange is one of the future developments, but more
information will be released only when the product will be available in-app,”
the spokesperson told CoinDesk.

In December, Revolut disclosed its delayed financial figures for 2022, reporting that its 2022 revenue exceeded $1.1 billion, marking a 45% increase from the previous year. The company anticipates its revenue will reach $2 billion in 2023, along with a net profit margin in the double digits.

Revolut’s Recent Crypto Updates

Revolut
made headlines this week when it announced plans to list a popular Solana meme
token called BONK
as part of a promotional “learn and earn” campaign.
The company previously suspended crypto services for UK business customers in
December over regulatory concerns, but the beta invite for the new exchange was
sent to a UK customer.

At the end
of last year, the company launched cryptocurrency services in New Zealand,
offering customers access to over 100 trading pairs. However, it had to
temporarily suspend its cryptocurrency services in the UK due to new
regulations that it has yet to comply with.

With 30
million total customers, Revolut’s move into more advanced crypto trading
capabilities could have significant implications for mainstream adoption of
digital assets. It marks an expansion beyond basic crypto buying and selling
into more sophisticated trading tools typically found at traditional crypto
exchanges.

Last week, Finance
Magnates
reported that Revolut has introduced a state-of-the-art scam
detection feature designed to protect customers from card fraud. This new
feature adds extra protection to Revolut’s current security measures, focusing
on combating Authorized Push Payment frauds, where criminals trick individuals
into sending money to fake accounts.

Digital
bank Revolut is developing a new cryptocurrency trading platform designed for
seasoned crypto traders, according to an e-mail sent to customers this week.
The new platform will offer more advanced trading features like deeper market
analytics and lower trading fees than Revolut’s existing crypto services.

In fact,
Revolut aims to offer a fully independent crypto exchange in addition to
standard digital asset services. The question is, however, whether it will be
able to compete with the biggest names in the industry.

Revolut to Launch Standalone
Crypto Exchange

The e-mail,
which invited customers to beta test the new exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, said it would have fees
between 0-0.09% and functionality for limit orders and market orders. Limit
orders allow traders to buy or sell an asset at a specific price, while market
orders enable buying or selling at the best available price.

“We’re
launching a new crypto exchange, built with advanced traders in mind. You’ll
find deeper analytical tools and lower fees than the app,” Revolut’s
e-mail stated/

A
spokesperson for Revolut confirmed to CoinDesk the company is working on the
new trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
, but said further details won’t be released until the
product is officially launched. The exchange is currently in closed beta
testing with invites only. Moreover, the company has not given a timeline for
the new platform’s launch.

“The
standalone cryptocurrency exchange is one of the future developments, but more
information will be released only when the product will be available in-app,”
the spokesperson told CoinDesk.

In December, Revolut disclosed its delayed financial figures for 2022, reporting that its 2022 revenue exceeded $1.1 billion, marking a 45% increase from the previous year. The company anticipates its revenue will reach $2 billion in 2023, along with a net profit margin in the double digits.

Revolut’s Recent Crypto Updates

Revolut
made headlines this week when it announced plans to list a popular Solana meme
token called BONK
as part of a promotional “learn and earn” campaign.
The company previously suspended crypto services for UK business customers in
December over regulatory concerns, but the beta invite for the new exchange was
sent to a UK customer.

At the end
of last year, the company launched cryptocurrency services in New Zealand,
offering customers access to over 100 trading pairs. However, it had to
temporarily suspend its cryptocurrency services in the UK due to new
regulations that it has yet to comply with.

With 30
million total customers, Revolut’s move into more advanced crypto trading
capabilities could have significant implications for mainstream adoption of
digital assets. It marks an expansion beyond basic crypto buying and selling
into more sophisticated trading tools typically found at traditional crypto
exchanges.

Last week, Finance
Magnates
reported that Revolut has introduced a state-of-the-art scam
detection feature designed to protect customers from card fraud. This new
feature adds extra protection to Revolut’s current security measures, focusing
on combating Authorized Push Payment frauds, where criminals trick individuals
into sending money to fake accounts.

Abu Dhabi’s First Crypto Miner Shows Initial Report Following $370M IPO Success

https://www.financemagnates.com/cryptocurrency/abu-dhabis-first-crypto-miner-shows-initial-report-following-370m-ipo-success/

In early
December, the first cryptocurrency company made its debut on the Abu Dhabi
stock market, receiving a warm welcome from investors. Two months later, Phoenix
Group UAE, specializing in the mining of cryptocurrency assets, published its
2023 report. Despite a significant drop in revenue, it achieved an
increase in net profit.

Phoenix Announces 2023
Results: Revenues Down, Profits Up

The
unaudited preliminary results released this week show that the digital asset
miner significantly increased the value of its assets compared to 2022, growing
from $230,000 to $834,000.

Although
revenues for 2023 were almost three times lower than in 2022, dropping to
$288,000, the company improved its operating profit, which grew by 50% to
$208,000. The net profit for the reported period was nearly $221,000, with
earnings per share modestly increasing from $0.03 reported in 2022 to $0.04.

But where
did such a significant jump in profit come from, with a very strong limitation
of revenues? We looked for information on this in the company itself. Its
representatives stated this was due to a “one-time contract,” which distorted the company’s expected cash flows.

“We
saw significant organic growth of 20% beyond that outlier, demonstrating the
strength of our core business,” the company commented in an e-mailed
statement to Finance Magnates. “This is further reflected in our
impressive year-on-year growth in key areas such as self-mining which saw an
increase of 480%.”

The company
also mentions a 119% increase in hosting
Hosting

Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin

Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin
Read this Term
service revenues in the report. This
was made possible by establishing cooperation with “high-net-worth individuals,”
creators of mining equipment and power supply companies.

“Our
success has been impressive, but 2024 promises to be truly
transformative,” said Seyed Mohammad Alizadehfard (Bijan), the Co-Founder
and CEO of Phoenix. “With ambitious plans and an unwavering commitment to
excellence, the group is poised to redefine success, not just in the UAE, but
on a global scale.”

Earlier
this year, the company also announced that it had entered into an agreement
with Bitmain, a manufacturer of cryptocurrency miners, to purchase machines for
mining cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
. The deal was valued at $187 million.

Shareholders Show Lack of
Optimism

Although
the Phoenix Group UAE IPO was met with a warm reception from shareholders and
the company raised $370 million, it has been on a downward trend since then.
From the highs reached on December 8, shares lost about 20% to Wednesday’s
minimums (tested after the publication of the report).

Source: TradingView

The
company’s representatives claim that the decline in valuation may be caused by
“various factors.” However, they remain convinced of the
“long-term growth prospects based on strong financials and strategic
partnerships.”

The company’s IPO came at a time when other publicly listed firms in the digital asset mining sector were starting to transition their machines away from crypto mining and towards providing computing power for the artificial intelligence industry instead. In 2022, total revenues for the cryptocurrency mining industry dropped to $6 billion, down significantly from the all-time high of $12 billion generated in 2021.

We will
have to wait until March for the full and audited results of the company when
we will learn the exact structure of revenues, costs and the condition of the
enterprise. As Phoenix claims, the report “will further demonstrate the
underlying value” of the company.

In early
December, the first cryptocurrency company made its debut on the Abu Dhabi
stock market, receiving a warm welcome from investors. Two months later, Phoenix
Group UAE, specializing in the mining of cryptocurrency assets, published its
2023 report. Despite a significant drop in revenue, it achieved an
increase in net profit.

Phoenix Announces 2023
Results: Revenues Down, Profits Up

The
unaudited preliminary results released this week show that the digital asset
miner significantly increased the value of its assets compared to 2022, growing
from $230,000 to $834,000.

Although
revenues for 2023 were almost three times lower than in 2022, dropping to
$288,000, the company improved its operating profit, which grew by 50% to
$208,000. The net profit for the reported period was nearly $221,000, with
earnings per share modestly increasing from $0.03 reported in 2022 to $0.04.

But where
did such a significant jump in profit come from, with a very strong limitation
of revenues? We looked for information on this in the company itself. Its
representatives stated this was due to a “one-time contract,” which distorted the company’s expected cash flows.

“We
saw significant organic growth of 20% beyond that outlier, demonstrating the
strength of our core business,” the company commented in an e-mailed
statement to Finance Magnates. “This is further reflected in our
impressive year-on-year growth in key areas such as self-mining which saw an
increase of 480%.”

The company
also mentions a 119% increase in hosting
Hosting

Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin

Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin
Read this Term
service revenues in the report. This
was made possible by establishing cooperation with “high-net-worth individuals,”
creators of mining equipment and power supply companies.

“Our
success has been impressive, but 2024 promises to be truly
transformative,” said Seyed Mohammad Alizadehfard (Bijan), the Co-Founder
and CEO of Phoenix. “With ambitious plans and an unwavering commitment to
excellence, the group is poised to redefine success, not just in the UAE, but
on a global scale.”

Earlier
this year, the company also announced that it had entered into an agreement
with Bitmain, a manufacturer of cryptocurrency miners, to purchase machines for
mining cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
. The deal was valued at $187 million.

Shareholders Show Lack of
Optimism

Although
the Phoenix Group UAE IPO was met with a warm reception from shareholders and
the company raised $370 million, it has been on a downward trend since then.
From the highs reached on December 8, shares lost about 20% to Wednesday’s
minimums (tested after the publication of the report).

Source: TradingView

The
company’s representatives claim that the decline in valuation may be caused by
“various factors.” However, they remain convinced of the
“long-term growth prospects based on strong financials and strategic
partnerships.”

The company’s IPO came at a time when other publicly listed firms in the digital asset mining sector were starting to transition their machines away from crypto mining and towards providing computing power for the artificial intelligence industry instead. In 2022, total revenues for the cryptocurrency mining industry dropped to $6 billion, down significantly from the all-time high of $12 billion generated in 2021.

We will
have to wait until March for the full and audited results of the company when
we will learn the exact structure of revenues, costs and the condition of the
enterprise. As Phoenix claims, the report “will further demonstrate the
underlying value” of the company.

Institutional Crypto Investors Demand CFDs: Wintermute Responds to Their Needs

https://www.financemagnates.com/cryptocurrency/institutional-crypto-investors-demand-cfds-wintermute-responds-to-their-needs/

Wintermute
Asia, the digital asset trading division of algorithmic trading firm Wintermute
Group, announced today (Thursday) the addition of contract for difference (CFD)
crypto products to its over-the-counter (OTC) derivatives suite.

Wintermute Asia Expands
OTC Derivatives Offering with New CFD Product

According
to the company, the new CFD offering aims to meet growing demand from
institutional investors for access to crypto markets. Wintermute said it
witnessed increased interest late last year from traditional financial
institutions, measured by higher trading volumes compared to crypto-native
firms.

The CEO of
Wintermute, Evgeny Gaevoy, said CFDs provide “efficient access to markets
through a familiar instrument” as interest grows. The product gives
exposure to digital assets “without the need for direct infrastructure to
hold and secure the underlying assets,” he added.

The firm’s
new CFDs are initially available on Bitcoin, Ethereum and other major
cryptocurrencies. They can be traded via Wintermute’s API or chat tools. In the future, however, the company wants to expand CFD’s offering on a larger number of digital assets.

Wintermute
Asia is the Asian arm of Wintermute Group, one of the largest global crypto
trading shops. The unit offers various OTC derivative products, including options, futures, and customized offerings to meet diverse institutional investor requirements.

Wintermute Reports Higher Volume

Wintermute’s over-the-counter trading desk saw substantial expansion in 2023, even as broader digital asset markets slowed. Over the past year, the company achieved multiple volume records, surpassing $2 billion in weekly trade volume. Wintermute nearly doubled its counterparty base compared to 2022.

Additionally, trading activity accelerated in the second half of 2023, with total volume quadrupling from the first half. By the end of the year, the desk had traded 206 distinct crypto assets across 495 trading pairs. Altcoins also composed a greater volume share, making up 40% of trading in the latter half of 2023.

Options Block Trade via
CME

Towards the
end of 2023, Wintermute announced a series of significant partnerships, marking
a pivotal step in its expansion and strategic positioning within the digital
assets market.

Among these
developments, the company executed its first options block trade through the
CME Group
. This BTC/USD block trade, a collaboration between Wintermute Asia
and TP ICAP, was successfully cleared by ABN AMRO Clearing Bank N.V.,
highlighting the firm’s commitment to providing new methods for institutional
investors to gain exposure to digital assets.

Simultaneously,
WOO X, a player in the digital assets exchange space, has successfully
integrated Wintermute as a liquidity provider
.

“Our
expertise in providing robust liquidity complements this collaboration grounded
in our shared commitment to transparency, which is critical to building trust
in centralized crypto trading products,” said Gaevoy.

Wintermute
Asia, the digital asset trading division of algorithmic trading firm Wintermute
Group, announced today (Thursday) the addition of contract for difference (CFD)
crypto products to its over-the-counter (OTC) derivatives suite.

Wintermute Asia Expands
OTC Derivatives Offering with New CFD Product

According
to the company, the new CFD offering aims to meet growing demand from
institutional investors for access to crypto markets. Wintermute said it
witnessed increased interest late last year from traditional financial
institutions, measured by higher trading volumes compared to crypto-native
firms.

The CEO of
Wintermute, Evgeny Gaevoy, said CFDs provide “efficient access to markets
through a familiar instrument” as interest grows. The product gives
exposure to digital assets “without the need for direct infrastructure to
hold and secure the underlying assets,” he added.

The firm’s
new CFDs are initially available on Bitcoin, Ethereum and other major
cryptocurrencies. They can be traded via Wintermute’s API or chat tools. In the future, however, the company wants to expand CFD’s offering on a larger number of digital assets.

Wintermute
Asia is the Asian arm of Wintermute Group, one of the largest global crypto
trading shops. The unit offers various OTC derivative products, including options, futures, and customized offerings to meet diverse institutional investor requirements.

Wintermute Reports Higher Volume

Wintermute’s over-the-counter trading desk saw substantial expansion in 2023, even as broader digital asset markets slowed. Over the past year, the company achieved multiple volume records, surpassing $2 billion in weekly trade volume. Wintermute nearly doubled its counterparty base compared to 2022.

Additionally, trading activity accelerated in the second half of 2023, with total volume quadrupling from the first half. By the end of the year, the desk had traded 206 distinct crypto assets across 495 trading pairs. Altcoins also composed a greater volume share, making up 40% of trading in the latter half of 2023.

Options Block Trade via
CME

Towards the
end of 2023, Wintermute announced a series of significant partnerships, marking
a pivotal step in its expansion and strategic positioning within the digital
assets market.

Among these
developments, the company executed its first options block trade through the
CME Group
. This BTC/USD block trade, a collaboration between Wintermute Asia
and TP ICAP, was successfully cleared by ABN AMRO Clearing Bank N.V.,
highlighting the firm’s commitment to providing new methods for institutional
investors to gain exposure to digital assets.

Simultaneously,
WOO X, a player in the digital assets exchange space, has successfully
integrated Wintermute as a liquidity provider
.

“Our
expertise in providing robust liquidity complements this collaboration grounded
in our shared commitment to transparency, which is critical to building trust
in centralized crypto trading products,” said Gaevoy.

European Investors Favor Bitcoin Following ETF Launch, Spectrum Data Shows

https://www.financemagnates.com/cryptocurrency/european-investors-favor-bitcoin-following-etf-launch-spectrum-data-shows/

Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.

Europeans Show Greater
Interest in Bitcoin over Ethereum

Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding Bitcoin and Ethereum
cryptocurrencies in January 2024.

The
company’s Spectrum European Retail Investor Index (SERIX) for Bitcoin rose to
109 points, indicating bullish sentiment, while the index for Ethereum dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and below as bearish.

Source: Spectrum Markets

This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several Bitcoin ETFs on January 11. The regulatory move opened Bitcoin
investments to a wider range of investors. No similar approval has occurred yet
for Ethereum products.

Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for “enhanced regulatory standards” around
cryptocurrencies.

“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term
as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”

Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw a 2.5 times increase in Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
trading volume in January
2024 compared to monthly averages for 2023.

Spectrum Reports Volume
for January 2024

In January
2024, Spectrum’s total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany’s DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.

“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”

Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased by 9% to
€3.62 billion over the last year.

The volume
of traded securities in 2023
surged by 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year’s finding that
approximately one-third of all trades are conducted after normal trading hours.

Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.

Europeans Show Greater
Interest in Bitcoin over Ethereum

Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding Bitcoin and Ethereum
cryptocurrencies in January 2024.

The
company’s Spectrum European Retail Investor Index (SERIX) for Bitcoin rose to
109 points, indicating bullish sentiment, while the index for Ethereum dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and below as bearish.

Source: Spectrum Markets

This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several Bitcoin ETFs on January 11. The regulatory move opened Bitcoin
investments to a wider range of investors. No similar approval has occurred yet
for Ethereum products.

Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for “enhanced regulatory standards” around
cryptocurrencies.

“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term
as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”

Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw a 2.5 times increase in Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
trading volume in January
2024 compared to monthly averages for 2023.

Spectrum Reports Volume
for January 2024

In January
2024, Spectrum’s total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany’s DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.

“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”

Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased by 9% to
€3.62 billion over the last year.

The volume
of traded securities in 2023
surged by 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year’s finding that
approximately one-third of all trades are conducted after normal trading hours.

Watch Out for This Popular Crypto Exchange Clone

https://www.financemagnates.com/cryptocurrency/watch-out-for-this-popular-crypto-exchange-clone/

Life is not
easy when you are one of the largest cryptocurrency exchanges by volume and
number of clients. On the one hand, you deal with regulators in different parts
of the world, and on the other, with scammers who try to impersonate your
brand. Coinbase is well aware of this and has again fallen victim to a clone
company with the catchy name Coinbaseie.

Coinbaseie is Not
Coinbase, Beware of Fraudsters

The UK financial regulator FCA recently warned British investors and savers against
the activities of people who cold call consumers and send them emails from the Coinbaseie.com
domain, posing as representatives of the popular cryptocurrency exchange
Coinbase.

During the
conversation, they encourage setting up a trading account, referring to
Coinbase’s regulations and reputation. However, as the FCA warns, they have no
affiliation with the real exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, and sending them any money may involve a
serious risk of losing it.

Phone
numbers that FCA drew attention to: +447766855941, +35351571608, +447766855941,
+35351571616, +31637827703. The regulator also advises caution with emails from
martinharvey@coinbaseie.com and anthonycollins@coinbaseie.com.

Source: FCA

Misspelling
the names of fully registered entities is a popular strategy among scammers.
The names Coinbase and Coinbaseie differ by only two letters, so many people
may not notice the slight difference and think they are contacting a
representative of the popular platform.

Clones Everywhere

Finance
Magnates
has
repeatedly reported in recent months about fraudsters impersonating popular
companies offering their services to retail investors. In January, scammers in
the UK posed as Admiral Markets and a few days earlier as XTB.

Victims of
clones also included Westpac and Hargreaves Lansdown, as well as broker
Spreadex. In November, the FCA warned against an eToro and IG Markets clone
Clone

A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for

A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for
Read this Term
,
and, in October, against a counterfeit version of the Bitpanda cryptocurrency
platform.

In order to
better combat regulatory and cloning issues, Coinbase decided to hire a former
UK minister, who joins the broker’s advisory council in connection with its
global expansion. George Osborne, the previous Chancellor of the Exchequer,
will advise the exchange on regulatory affairs and global expansion.

Life is not
easy when you are one of the largest cryptocurrency exchanges by volume and
number of clients. On the one hand, you deal with regulators in different parts
of the world, and on the other, with scammers who try to impersonate your
brand. Coinbase is well aware of this and has again fallen victim to a clone
company with the catchy name Coinbaseie.

Coinbaseie is Not
Coinbase, Beware of Fraudsters

The UK financial regulator FCA recently warned British investors and savers against
the activities of people who cold call consumers and send them emails from the Coinbaseie.com
domain, posing as representatives of the popular cryptocurrency exchange
Coinbase.

During the
conversation, they encourage setting up a trading account, referring to
Coinbase’s regulations and reputation. However, as the FCA warns, they have no
affiliation with the real exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, and sending them any money may involve a
serious risk of losing it.

Phone
numbers that FCA drew attention to: +447766855941, +35351571608, +447766855941,
+35351571616, +31637827703. The regulator also advises caution with emails from
martinharvey@coinbaseie.com and anthonycollins@coinbaseie.com.

Source: FCA

Misspelling
the names of fully registered entities is a popular strategy among scammers.
The names Coinbase and Coinbaseie differ by only two letters, so many people
may not notice the slight difference and think they are contacting a
representative of the popular platform.

Clones Everywhere

Finance
Magnates
has
repeatedly reported in recent months about fraudsters impersonating popular
companies offering their services to retail investors. In January, scammers in
the UK posed as Admiral Markets and a few days earlier as XTB.

Victims of
clones also included Westpac and Hargreaves Lansdown, as well as broker
Spreadex. In November, the FCA warned against an eToro and IG Markets clone
Clone

A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for

A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for
Read this Term
,
and, in October, against a counterfeit version of the Bitpanda cryptocurrency
platform.

In order to
better combat regulatory and cloning issues, Coinbase decided to hire a former
UK minister, who joins the broker’s advisory council in connection with its
global expansion. George Osborne, the previous Chancellor of the Exchequer,
will advise the exchange on regulatory affairs and global expansion.

CCData and BMLL Collaborate to Meet Surging Demand for Crypto Analytics

https://www.financemagnates.com/cryptocurrency/ccdata-and-bmll-collaborate-to-meet-surging-demand-for-crypto-analytics/

London-based
firms CCData and BMLL Technologies have announced a new partnership aimed at
streamlining access to data across traditional and digital asset markets.

CCData, an
FCA-authorized benchmark administrator, provides digital asset data solutions
and settlement indices. BMLL Technologies offers financial institutions
granular historical data and analytics on markets.

CCData and BMLL
Technologies Partner to Enhance Crypto Data Access

The
partnership comes as demand grows for tailored data solutions following the
approval of the first spot Bitcoin ETFs in the USA. The two companies combine
their specializations to empower clients with advanced metrics to navigate
complexities in both areas.

BMLL CEO
Paul Humphrey said the collaboration responds to rising appetite for quality
crypto data among institutional clients. His company recently secured $26
million
in a Series B funding round.

“Digital
asset traders are now able to access historical data and analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
Read this Term
for all
Crypto ETFs and Futures from all traditional US Equity and Futures venues in a
single consistent format via BMLL, enabling them better to understand
traditional market microstructure on the Crypto markets,” Humphrey commented.

The
partnership aligns with BMLL’s mission of supplying financial institutions with
top-tier historical order book data. BMLL has harmonized level three data
across asset classes into a unified format so users can seamlessly analyze
movements across traditional and digital asset markets.

CCData CEO
Charles Hayter added that integrating his firm’s accurate crypto datasets with
BMLL’s expertise will meet the escalating demand for reliable and
all-encompassing market data.

“This
partnership with BMLL Technologies marks a significant milestone for CCData,
enhancing our capability to meet the escalating demand for comprehensive and
reliable financial market data,” Hayter concluded.

BMLL’s Recent Data
Cooperations

The
independent provider of harmonized historical data and analytics across global
equity, futures, and crypto markets has expanded its data coverage and access
over the past year.

In October,
the company took steps to extend its APAC equities
Equities

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa
Read this Term
and ETF data coverage. This
included adding China equity data from the Shanghai, Shenzhen, and Hong Kong
exchanges in early 2024.

Over the
next months, BMLL took steps to increase the availability of its datasets. In
December, it added Canadian exchanges like the Toronto Stock Exchange to its
data coverage. Then, in January 2024, it made three key datasets accessible via
the Snowflake Marketplace
to improve customer evaluation and access.

According
to BMLL, extended data coverage and availability will empower clients to
enhance research, surveillance, trade analysis and strategy development by
seamlessly leveraging harmonized historical data and analytics across markets.

London-based
firms CCData and BMLL Technologies have announced a new partnership aimed at
streamlining access to data across traditional and digital asset markets.

CCData, an
FCA-authorized benchmark administrator, provides digital asset data solutions
and settlement indices. BMLL Technologies offers financial institutions
granular historical data and analytics on markets.

CCData and BMLL
Technologies Partner to Enhance Crypto Data Access

The
partnership comes as demand grows for tailored data solutions following the
approval of the first spot Bitcoin ETFs in the USA. The two companies combine
their specializations to empower clients with advanced metrics to navigate
complexities in both areas.

BMLL CEO
Paul Humphrey said the collaboration responds to rising appetite for quality
crypto data among institutional clients. His company recently secured $26
million
in a Series B funding round.

“Digital
asset traders are now able to access historical data and analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
Read this Term
for all
Crypto ETFs and Futures from all traditional US Equity and Futures venues in a
single consistent format via BMLL, enabling them better to understand
traditional market microstructure on the Crypto markets,” Humphrey commented.

The
partnership aligns with BMLL’s mission of supplying financial institutions with
top-tier historical order book data. BMLL has harmonized level three data
across asset classes into a unified format so users can seamlessly analyze
movements across traditional and digital asset markets.

CCData CEO
Charles Hayter added that integrating his firm’s accurate crypto datasets with
BMLL’s expertise will meet the escalating demand for reliable and
all-encompassing market data.

“This
partnership with BMLL Technologies marks a significant milestone for CCData,
enhancing our capability to meet the escalating demand for comprehensive and
reliable financial market data,” Hayter concluded.

BMLL’s Recent Data
Cooperations

The
independent provider of harmonized historical data and analytics across global
equity, futures, and crypto markets has expanded its data coverage and access
over the past year.

In October,
the company took steps to extend its APAC equities
Equities

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa
Read this Term
and ETF data coverage. This
included adding China equity data from the Shanghai, Shenzhen, and Hong Kong
exchanges in early 2024.

Over the
next months, BMLL took steps to increase the availability of its datasets. In
December, it added Canadian exchanges like the Toronto Stock Exchange to its
data coverage. Then, in January 2024, it made three key datasets accessible via
the Snowflake Marketplace
to improve customer evaluation and access.

According
to BMLL, extended data coverage and availability will empower clients to
enhance research, surveillance, trade analysis and strategy development by
seamlessly leveraging harmonized historical data and analytics across markets.

Crypto Exchanges Hit New Record, Leader Gains 600% in a Year

https://www.financemagnates.com/cryptocurrency/crypto-exchanges-hit-new-record-leader-gains-600-in-a-year/

After a
strong year-end, the spot volumes of the largest cryptocurrency
exchanges recorded only modest monthly gains, averaging 3%. However, comparing
statistics from January 2024 with the same period twelve months earlier, we see
that the total volume grew 23% to $915.84 billion. In the case of the top
performer, the jump was as much as sixfold.

Binance Remains the
Unquestioned Leader with a 49% Market Share

Finance
Magnates Intelligence

analyzes spot volumes for the top 10 cryptocurrency exchanges each month,
checking how the dynamics of the digital asset market change. As in recent
months, Binance unquestionably holds the leading position, with volumes
amounting to $446.05 billion in January, representing an increase of 3%compared to
$432.65 billion reported in December
.

Upbit
remained in second place as last month with $91.79 billion, and OKX completed
the podium with a volume of $85.44 billion, experiencing a monthly decrease of 2%.
However, it recorded a jump of 128% on an annual scale.

Bybit
reclaimed the fourth spot with $82.03 billion, and Coinbase rounded out the top
5, reaching $75.85 billion. The composition of the leaderboard remains
unchanged over the past few months, with no changes in the ranking compared to
December. Although monthly volumes increased modestly and decreased for some
exchanges, the annual average growth rate is much more satisfactory at 23%.

“Trading volumes remain at a heightened level, with spot volumes In the last couple of
months growing to levels not seen since 2022, driven by the approval of spot Bitcoin ETFs in the US,” CCData researches commented in the recent report.

Crypto Exchanges See
Significant Yearly Growth, ByBit Leads

If our
ranking were based on the percentage growth of volume on an annual basis,
ByBit, Huobi, and OKX would be on the podium.

ByBit
increased its volumes compared to January 2023, rising by 635% from $11.45 billion. The jump coincides with exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s 5th
anniversary and surpasses the milestone of 20 million registered users.

Huobi
increased its turnover more than threefold, from $11.65 billion to nearly $60
billion last month. In the case of OKX, the increase was 128%, from $38.29
billion.

Two factors
influenced the significant increase in retail investor activity as clients of
these exchanges: firstly, much higher cryptocurrency prices than in January
2013, and secondly, the euphoria first sparked by the anticipation and then the
approval
of the first spot ETFs on Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
.

This is
confirmed by the on-chain BTC volumes themselves, which increased to a record
$1.21 trillion, the highest level since September 2022. Due to the Bitcoin halving planned in two months, network activity may continue to remain at high levels, along with the volumes.

After a
strong year-end, the spot volumes of the largest cryptocurrency
exchanges recorded only modest monthly gains, averaging 3%. However, comparing
statistics from January 2024 with the same period twelve months earlier, we see
that the total volume grew 23% to $915.84 billion. In the case of the top
performer, the jump was as much as sixfold.

Binance Remains the
Unquestioned Leader with a 49% Market Share

Finance
Magnates Intelligence

analyzes spot volumes for the top 10 cryptocurrency exchanges each month,
checking how the dynamics of the digital asset market change. As in recent
months, Binance unquestionably holds the leading position, with volumes
amounting to $446.05 billion in January, representing an increase of 3%compared to
$432.65 billion reported in December
.

Upbit
remained in second place as last month with $91.79 billion, and OKX completed
the podium with a volume of $85.44 billion, experiencing a monthly decrease of 2%.
However, it recorded a jump of 128% on an annual scale.

Bybit
reclaimed the fourth spot with $82.03 billion, and Coinbase rounded out the top
5, reaching $75.85 billion. The composition of the leaderboard remains
unchanged over the past few months, with no changes in the ranking compared to
December. Although monthly volumes increased modestly and decreased for some
exchanges, the annual average growth rate is much more satisfactory at 23%.

“Trading volumes remain at a heightened level, with spot volumes In the last couple of
months growing to levels not seen since 2022, driven by the approval of spot Bitcoin ETFs in the US,” CCData researches commented in the recent report.

Crypto Exchanges See
Significant Yearly Growth, ByBit Leads

If our
ranking were based on the percentage growth of volume on an annual basis,
ByBit, Huobi, and OKX would be on the podium.

ByBit
increased its volumes compared to January 2023, rising by 635% from $11.45 billion. The jump coincides with exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s 5th
anniversary and surpasses the milestone of 20 million registered users.

Huobi
increased its turnover more than threefold, from $11.65 billion to nearly $60
billion last month. In the case of OKX, the increase was 128%, from $38.29
billion.

Two factors
influenced the significant increase in retail investor activity as clients of
these exchanges: firstly, much higher cryptocurrency prices than in January
2013, and secondly, the euphoria first sparked by the anticipation and then the
approval
of the first spot ETFs on Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
.

This is
confirmed by the on-chain BTC volumes themselves, which increased to a record
$1.21 trillion, the highest level since September 2022. Due to the Bitcoin halving planned in two months, network activity may continue to remain at high levels, along with the volumes.

Texts of Deception: Unveiling Smishing, the Dark Side of SMS in Crypto

https://www.financemagnates.com/cryptocurrency/texts-of-deception-unveiling-smishing-the-dark-side-of-sms-in-crypto/

In an era
where free messenger apps have almost completely dominated traditional text
messages, it might seem that after over 30 years, popular “texts” have already
become obsolete. Although we do not use them in everyday communication, they
are still willingly used as a common medium for marketing and promotion.
Unfortunately, not only among legitimate businesses but also among scammers.

After conducting
our own analysis and conversations with industry experts Finance Magnates
can clearly confirm that SMS scams are still a common problem, especially in
the cryptocurrency industry. Unscrupulous actors exploit very simple loopholes
in outdated technology by impersonating popular brands, trying to steal user
data. Exchanges, on the other hand, are helpless to stop them and honestly
admit that nothing can be done about it. But is that really the case?

WhatsApp Most Popular, SMS
Still Most Ubiquitous

90% of the
world’s population, over 7 billion people, use mobile phones. And although the
vast majority of them get some kind of coverage, only half have regular access
to mobile internet.

Statistics
clearly show that in recent years the number of messages exchanged via internet
messengers has outclassed SMS. WhatsApp has 2.4 billion active users every month,
Facebook Messenger 2.1 billion, and WeChat gathers 1.2 billion.

Even with
these huge numbers, traditional texts are still the most common way to reach
the widest possible audience. For the purposes of this article, I specifically
reviewed my SMS history. 90% of them are advertisements or messages with
security codes used for logging into various services and two-factor
authentication (2FA). This is exactly where scammers see their chance. And as
it turns out, the imperfect technology of sending SMS makes it much easier for
them.

According to the recent “Scam Prevention Survey” by the Finance Magnates Group and FXStreet, nearly 22% of respondents admitted that SMS is one of the most common forms of scam they encounter, more frequent than scams on Twitter.Participate in the survey.

Fraser Edwards, the CEO at cheqgd

“Banks and
exchanges still offer SMS for 2FA despite it being one of the worst 2FA options,”
explained Fraser Edwards, the CEO at cheqgd, the infrastructure provided for
Trusted Data markets. “It carries a potential of SIM swap fraud or sim hacking
where a fraudster uses stolen identity documents to have a network provider
reassign a phone number to a SIM under the fraudster’s control.”

How Easy It Is To Become A
Victim Of Crypto Scammers

The
inspiration to write this article was an SMS I received some time ago,
allegedly from Binance. It informed that a reward was waiting for me to
collect. The message appeared in a thread signed by my phone as
“Binance”, displaying also previous texts from the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
with
verification codes for logging in.

Fake Binance SMS

Before I
clicked the link full of euphoria, I noticed that the page address
(binance.token-mbox) was far from the official domain used by the world’s
largest crypto exchange by volume. It turned out that at the same time, many
other Binance clients from Poland received a similar SMS. I asked the exchange
itself for comment on this matter, which openly stated that to eliminate texts security loopholes, the entire GSM technology would have to be modified. This,
however, seems unrealistic at the moment.

“To
eliminate this security loophole in SMS, the entire world would have to modify
this technology, which seems unrealistic,” Binance commented.

Two years
earlier, the exchange’s former CEO Changpeng Zhao had already warned about
frequent attempts at phishing
Phishing

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno
Read this Term
and data theft via messages impersonating the
platform.

Back in October 2023, 11 Binance’s customers from Hong Kong lost nearly $500,000 due to the SMS scams. The question is, however, why is SMS spoofing possible, and why is it so easy?

How SMS Spoofing Works

The value
of cryptocurrency fraud in 2023 reached $2 billion. Of this, about $300 million
was lost due to phishing scams. A large part of the data was obtained by
scammers thanks to SMS spoofing and extorting sensitive user data via links
contained in text messages. This phenomenon even got its own name and is called
smishing (SMS phishing).

Charlotte Day, the Creative Director at Contentworks Agency

“Social engineering scams are still widely used in crypto which means they do still work,” commented
Charlotte Day, the Creative Director, at Contentworks Agency. “Crypto is the perfect lure for scammers because most people don’t really understand it, and there have been stories of overnight millionaires associated with it.”

When you
send an SMS message from your phone, certain identification information is
included with the message that identifies you as the sender. This includes your
phone number and sometimes your contact name. SMS spoofing involves using
technology to override this sender identification information and replace it
with something else.

Technically,
this works by exploiting weaknesses in the SS7 signaling protocol that is used
to route messages across telecom networks. The spoofer essentially impersonates
the sender by providing false identification credentials.

“The
problem is that operators do not verify whether the sender sending the SMS is
legally authorized to use given name. A scam SMS has the same ‘sender name’ as
legitimate SMS messages from Binance, leading the recipient’s phone to attach
this SMS to the message history from Binance,” Binance Poland representatives
explained.

As a
result, with a little bit of tech skills, it is very easy to impersonate other
companies using SMS. To the point that the phone will not distinguish between
senders and throw them into one bag, as in the Binance case described above. Why, however, are only text messages at risk, and not popular messaging apps? Telegram and WhatsApp use data connections and the internet to send messages, while SMS uses cellular networks. So they are separate systems that don’t interact with each other to send messages

James Young, the Head of Compliance at Transak

“Blocking
such scam messages is challenging because scammers constantly adapt their
tactic,” James Young, the Head of Compliance at Transak, commented. Additionally,
SMS infrastructure lacks robust authentication, making it easier for malicious
actors to manipulate sender information. The biggest safeguard users can employ
to defend themselves is through education and engagement.”

7 Million Crypto Leads

The mere fact that allows for
impersonating someone via SMS is not enough to obtain the phone numbers and
contact details of individuals, such as clients of a particular exchange.

However, as it turns out, the
Internet is full of offers for selling massive packages of leads. The entire
process, from using SMS gateways, through hiding one’s identity, to the
possibility of purchasing 7 million crypto-related phone numbers for only $200,
was described by Security
Boulevard
. The procedure, in brief, goes as follows:

  • Scammers can use low-cost SMS gateways to send
    hundreds of thousands of SMS phishing messages for as little as €0.004
    ($0.0044) per message.
  • SMS gateways provide an interface linked to SIP
    trunks. that enable mass SMS spamming to
    reach people’s phones quickly. SIP trunk is a solution for companies that want
    to replace traditional analog telephony with modern VoIP telephony that enables
    call routing and advanced features.
  • Scammers can remain anonymous by purchasing SIP
    trunk access with cryptocurrency or compromising SIP devices.
  • Some SMS gateways have integrated one-time
    password bots to bypass two-factor authentication used by many online services.
  • Scammers can easily obtain large amounts of
    phone numbers to target and create SMS phishing campaigns.

Source: securityboulevard.com

By planning an entire “campaign” of
fake SMS messages targeted at 7 million people, scammers can achieve much
better results than trying to find vulnerabilities in the software of a given
exchange. They exploit the weakest element of any security system: the human
factor. It is much easier, and cheaper.

Some Countries Introduce
Regulations

SMS
spoofing exploits fundamental weaknesses in the underlying protocols and
networks that mobile communication relies on. Although it is technologically
difficult to block, some countries are trying to introduce appropriate
regulations to counter this dangerous practice.

In January
2024, Hong Kong joined the SMS sender registration scheme. The scheme will see
participating banks use registered SMS sender IDs with the prefix “#”
to send messages to local subscribers of mobile services. Texts with sender IDs
containing “#” but not sent by registered senders will be screened
out by telecom providers. Currently, 28 banks are using this system, which are also often
victims of SMS spoofing.

Similar
regulations were also introduced in Poland in the middle of last year.
Telecommunications companies are now required to block phone numbers and SMS
whose senders impersonate other firms and entities. To enable this, the law
imposes new rules for sending texts by registered companies and public
institutions. Moreover, telecoms will be able to block suspicious smishing
messages themselves.

Looking at the fact that users from Poland received texts from a fake Binance shows that regulations in this area may be working only on paper.

In the
United States, similar ones were introduced back in 2019, allowing the banning of malicious
caller ID spoofing of text messages. However, this did not curb
the problem.

Who Is Most at Risk

According
to a study conducted by the British Office for National Statistics in 2022, the
group most vulnerable to phishing and smishing are older individuals who may be
more trusting of messages and fall for scams offering prizes or rewards.

However, as
it turns out, people aged 25-44 are also highly vulnerable. This is because
they are the ones most often targeted by scammers as the most frequent users of
their mobile devices and, at the same time, hurried or distracted. Sources say
these users are more likely to respond without thinking critically about the
legitimacy of SMS messages.

Vugar Usi Zade, the COO of Bitget

“The
effectiveness of this technique is growing due to the high automation of our
daily processes and the increasing volume of information,” said Vugar Usi Zade, the COO of Bitget. “As a result, users are more reliant on applications and gadgets, leading to a
loss of vigilance when checking links or messages. Criminals exploit this by
altering the sender’s information and using text tricks to deceive victims into
revealing confidential information or transferring money.”

There is
also a large group of those not aware of common SMS phishing tactics and unable
to identify scam messages, making them more likely to respond or click links.
Despite technological shortcomings in this area, the human factor is still the
weakest link enabling the success of smishing.

Therefore, check the domain name it directs to several times before clicking on any link in an SMS message.

In an era
where free messenger apps have almost completely dominated traditional text
messages, it might seem that after over 30 years, popular “texts” have already
become obsolete. Although we do not use them in everyday communication, they
are still willingly used as a common medium for marketing and promotion.
Unfortunately, not only among legitimate businesses but also among scammers.

After conducting
our own analysis and conversations with industry experts Finance Magnates
can clearly confirm that SMS scams are still a common problem, especially in
the cryptocurrency industry. Unscrupulous actors exploit very simple loopholes
in outdated technology by impersonating popular brands, trying to steal user
data. Exchanges, on the other hand, are helpless to stop them and honestly
admit that nothing can be done about it. But is that really the case?

WhatsApp Most Popular, SMS
Still Most Ubiquitous

90% of the
world’s population, over 7 billion people, use mobile phones. And although the
vast majority of them get some kind of coverage, only half have regular access
to mobile internet.

Statistics
clearly show that in recent years the number of messages exchanged via internet
messengers has outclassed SMS. WhatsApp has 2.4 billion active users every month,
Facebook Messenger 2.1 billion, and WeChat gathers 1.2 billion.

Even with
these huge numbers, traditional texts are still the most common way to reach
the widest possible audience. For the purposes of this article, I specifically
reviewed my SMS history. 90% of them are advertisements or messages with
security codes used for logging into various services and two-factor
authentication (2FA). This is exactly where scammers see their chance. And as
it turns out, the imperfect technology of sending SMS makes it much easier for
them.

According to the recent “Scam Prevention Survey” by the Finance Magnates Group and FXStreet, nearly 22% of respondents admitted that SMS is one of the most common forms of scam they encounter, more frequent than scams on Twitter.Participate in the survey.

Fraser Edwards, the CEO at cheqgd

“Banks and
exchanges still offer SMS for 2FA despite it being one of the worst 2FA options,”
explained Fraser Edwards, the CEO at cheqgd, the infrastructure provided for
Trusted Data markets. “It carries a potential of SIM swap fraud or sim hacking
where a fraudster uses stolen identity documents to have a network provider
reassign a phone number to a SIM under the fraudster’s control.”

How Easy It Is To Become A
Victim Of Crypto Scammers

The
inspiration to write this article was an SMS I received some time ago,
allegedly from Binance. It informed that a reward was waiting for me to
collect. The message appeared in a thread signed by my phone as
“Binance”, displaying also previous texts from the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
with
verification codes for logging in.

Fake Binance SMS

Before I
clicked the link full of euphoria, I noticed that the page address
(binance.token-mbox) was far from the official domain used by the world’s
largest crypto exchange by volume. It turned out that at the same time, many
other Binance clients from Poland received a similar SMS. I asked the exchange
itself for comment on this matter, which openly stated that to eliminate texts security loopholes, the entire GSM technology would have to be modified. This,
however, seems unrealistic at the moment.

“To
eliminate this security loophole in SMS, the entire world would have to modify
this technology, which seems unrealistic,” Binance commented.

Two years
earlier, the exchange’s former CEO Changpeng Zhao had already warned about
frequent attempts at phishing
Phishing

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno
Read this Term
and data theft via messages impersonating the
platform.

Back in October 2023, 11 Binance’s customers from Hong Kong lost nearly $500,000 due to the SMS scams. The question is, however, why is SMS spoofing possible, and why is it so easy?

How SMS Spoofing Works

The value
of cryptocurrency fraud in 2023 reached $2 billion. Of this, about $300 million
was lost due to phishing scams. A large part of the data was obtained by
scammers thanks to SMS spoofing and extorting sensitive user data via links
contained in text messages. This phenomenon even got its own name and is called
smishing (SMS phishing).

Charlotte Day, the Creative Director at Contentworks Agency

“Social engineering scams are still widely used in crypto which means they do still work,” commented
Charlotte Day, the Creative Director, at Contentworks Agency. “Crypto is the perfect lure for scammers because most people don’t really understand it, and there have been stories of overnight millionaires associated with it.”

When you
send an SMS message from your phone, certain identification information is
included with the message that identifies you as the sender. This includes your
phone number and sometimes your contact name. SMS spoofing involves using
technology to override this sender identification information and replace it
with something else.

Technically,
this works by exploiting weaknesses in the SS7 signaling protocol that is used
to route messages across telecom networks. The spoofer essentially impersonates
the sender by providing false identification credentials.

“The
problem is that operators do not verify whether the sender sending the SMS is
legally authorized to use given name. A scam SMS has the same ‘sender name’ as
legitimate SMS messages from Binance, leading the recipient’s phone to attach
this SMS to the message history from Binance,” Binance Poland representatives
explained.

As a
result, with a little bit of tech skills, it is very easy to impersonate other
companies using SMS. To the point that the phone will not distinguish between
senders and throw them into one bag, as in the Binance case described above. Why, however, are only text messages at risk, and not popular messaging apps? Telegram and WhatsApp use data connections and the internet to send messages, while SMS uses cellular networks. So they are separate systems that don’t interact with each other to send messages

James Young, the Head of Compliance at Transak

“Blocking
such scam messages is challenging because scammers constantly adapt their
tactic,” James Young, the Head of Compliance at Transak, commented. Additionally,
SMS infrastructure lacks robust authentication, making it easier for malicious
actors to manipulate sender information. The biggest safeguard users can employ
to defend themselves is through education and engagement.”

7 Million Crypto Leads

The mere fact that allows for
impersonating someone via SMS is not enough to obtain the phone numbers and
contact details of individuals, such as clients of a particular exchange.

However, as it turns out, the
Internet is full of offers for selling massive packages of leads. The entire
process, from using SMS gateways, through hiding one’s identity, to the
possibility of purchasing 7 million crypto-related phone numbers for only $200,
was described by Security
Boulevard
. The procedure, in brief, goes as follows:

  • Scammers can use low-cost SMS gateways to send
    hundreds of thousands of SMS phishing messages for as little as €0.004
    ($0.0044) per message.
  • SMS gateways provide an interface linked to SIP
    trunks. that enable mass SMS spamming to
    reach people’s phones quickly. SIP trunk is a solution for companies that want
    to replace traditional analog telephony with modern VoIP telephony that enables
    call routing and advanced features.
  • Scammers can remain anonymous by purchasing SIP
    trunk access with cryptocurrency or compromising SIP devices.
  • Some SMS gateways have integrated one-time
    password bots to bypass two-factor authentication used by many online services.
  • Scammers can easily obtain large amounts of
    phone numbers to target and create SMS phishing campaigns.

Source: securityboulevard.com

By planning an entire “campaign” of
fake SMS messages targeted at 7 million people, scammers can achieve much
better results than trying to find vulnerabilities in the software of a given
exchange. They exploit the weakest element of any security system: the human
factor. It is much easier, and cheaper.

Some Countries Introduce
Regulations

SMS
spoofing exploits fundamental weaknesses in the underlying protocols and
networks that mobile communication relies on. Although it is technologically
difficult to block, some countries are trying to introduce appropriate
regulations to counter this dangerous practice.

In January
2024, Hong Kong joined the SMS sender registration scheme. The scheme will see
participating banks use registered SMS sender IDs with the prefix “#”
to send messages to local subscribers of mobile services. Texts with sender IDs
containing “#” but not sent by registered senders will be screened
out by telecom providers. Currently, 28 banks are using this system, which are also often
victims of SMS spoofing.

Similar
regulations were also introduced in Poland in the middle of last year.
Telecommunications companies are now required to block phone numbers and SMS
whose senders impersonate other firms and entities. To enable this, the law
imposes new rules for sending texts by registered companies and public
institutions. Moreover, telecoms will be able to block suspicious smishing
messages themselves.

Looking at the fact that users from Poland received texts from a fake Binance shows that regulations in this area may be working only on paper.

In the
United States, similar ones were introduced back in 2019, allowing the banning of malicious
caller ID spoofing of text messages. However, this did not curb
the problem.

Who Is Most at Risk

According
to a study conducted by the British Office for National Statistics in 2022, the
group most vulnerable to phishing and smishing are older individuals who may be
more trusting of messages and fall for scams offering prizes or rewards.

However, as
it turns out, people aged 25-44 are also highly vulnerable. This is because
they are the ones most often targeted by scammers as the most frequent users of
their mobile devices and, at the same time, hurried or distracted. Sources say
these users are more likely to respond without thinking critically about the
legitimacy of SMS messages.

Vugar Usi Zade, the COO of Bitget

“The
effectiveness of this technique is growing due to the high automation of our
daily processes and the increasing volume of information,” said Vugar Usi Zade, the COO of Bitget. “As a result, users are more reliant on applications and gadgets, leading to a
loss of vigilance when checking links or messages. Criminals exploit this by
altering the sender’s information and using text tricks to deceive victims into
revealing confidential information or transferring money.”

There is
also a large group of those not aware of common SMS phishing tactics and unable
to identify scam messages, making them more likely to respond or click links.
Despite technological shortcomings in this area, the human factor is still the
weakest link enabling the success of smishing.

Therefore, check the domain name it directs to several times before clicking on any link in an SMS message.

Bitcoin Winter Hits Argo: A Look into Its Sluggish Start in 2024

https://www.financemagnates.com/cryptocurrency/bitcoin-winter-hits-argo-a-look-into-its-sluggish-start-in-2024/

The drop in
Bitcoin (BTC) price at the beginning of the year led to a publicly listed
miner, Argo Blockchain (NASDAQ: ARBK), reporting a reduction in cryptocurrency
mining. Specifically, the company mined 124 Bitcoin in January, a 20% decrease
from December 2023.

Argo Reports Lowe Bitcoin
Mining Production and Revenue in January 2024

The company
generated mining revenue of $5.3 million in January 2024, 19% less than the
$6.6 million in December 2023. The decline in revenue correlated with the
decrease in Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
production.

Argo’s CEO
Thomas Chippas noted
that
the lower Bitcoin output reflects a retreat of transaction fees. “Our
Bitcoin production decreased in January as transaction fees retreated from the
temporary spike we saw in December.”

He also
explained that curtailments of facilities in Quebec and Texas due to winter
weather served as a reminder that Bitcoin mining can quickly adjust power usage
to assist grid stability during extreme conditions.

Looking at
the historical results from 2023, it is evident that the mining level at the
beginning of 2024 is one of the weakest in recent times. Mining below the level
of 125 Bitcoins only occurred once over the past year, in August 2023, when the
BTC price hit its holiday lows and mining revenues were reduced to $2.9
million.

Source: Argo

Argo Bids Farewall to the
Coo, Secures £7.8M in Funding

In
addition, Argo Blockchain has undergone significant leadership changes. The Chief
Operating Officer Seif El-Bakly stepped down from his role after serving as the
Interim Chief Executive Officer from February to November 2023. The company
thanked El-Bakly for his contributions and leadership over the past year.

With
El-Bakly’s departure, the operations team will continue under the guidance of
Chief Strategy Officer Sebastien Chalus, who has led operations since February
2023. Argo Blockchain issued 1,973,892 new ordinary shares to El-Bakly as part
of a separation agreement.

In a
separate capital raising move, Argo Blockchain secured £7.8 million ($9.9
million) through a share placement to institutional investors. The company
issued 38,064,000 new ordinary shares priced at £0.205 per share, representing
a small discount to the 30-day average price. The funds will provide working
capital, facilitate debt repayment, and support general corporate purposes.
This capital injection positions Argo Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
for continued operational
stability and future growth.

The drop in
Bitcoin (BTC) price at the beginning of the year led to a publicly listed
miner, Argo Blockchain (NASDAQ: ARBK), reporting a reduction in cryptocurrency
mining. Specifically, the company mined 124 Bitcoin in January, a 20% decrease
from December 2023.

Argo Reports Lowe Bitcoin
Mining Production and Revenue in January 2024

The company
generated mining revenue of $5.3 million in January 2024, 19% less than the
$6.6 million in December 2023. The decline in revenue correlated with the
decrease in Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
production.

Argo’s CEO
Thomas Chippas noted
that
the lower Bitcoin output reflects a retreat of transaction fees. “Our
Bitcoin production decreased in January as transaction fees retreated from the
temporary spike we saw in December.”

He also
explained that curtailments of facilities in Quebec and Texas due to winter
weather served as a reminder that Bitcoin mining can quickly adjust power usage
to assist grid stability during extreme conditions.

Looking at
the historical results from 2023, it is evident that the mining level at the
beginning of 2024 is one of the weakest in recent times. Mining below the level
of 125 Bitcoins only occurred once over the past year, in August 2023, when the
BTC price hit its holiday lows and mining revenues were reduced to $2.9
million.

Source: Argo

Argo Bids Farewall to the
Coo, Secures £7.8M in Funding

In
addition, Argo Blockchain has undergone significant leadership changes. The Chief
Operating Officer Seif El-Bakly stepped down from his role after serving as the
Interim Chief Executive Officer from February to November 2023. The company
thanked El-Bakly for his contributions and leadership over the past year.

With
El-Bakly’s departure, the operations team will continue under the guidance of
Chief Strategy Officer Sebastien Chalus, who has led operations since February
2023. Argo Blockchain issued 1,973,892 new ordinary shares to El-Bakly as part
of a separation agreement.

In a
separate capital raising move, Argo Blockchain secured £7.8 million ($9.9
million) through a share placement to institutional investors. The company
issued 38,064,000 new ordinary shares priced at £0.205 per share, representing
a small discount to the 30-day average price. The funds will provide working
capital, facilitate debt repayment, and support general corporate purposes.
This capital injection positions Argo Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
for continued operational
stability and future growth.

Bitcoin to Exceed $69,000 Post-Halving? Majority of Investors Say Yes

https://www.financemagnates.com/cryptocurrency/bitcoin-to-exceed-69000-post-halving-majority-of-investors-say-yes/

A new
survey from Bitget reveals bullish investor expectations around Bitcoin’s
upcoming “halving” event in April 2024. 84% of respondents predict
Bitcoin surpassing its all-time high of $69,000 in the next bull run.

Investor Sentiment Upbeat
Ahead of 2024 Bitcoin Halving

The Bitget
study engaged nearly 10,000 crypto investors globally to analyze sentiment and
potential market impacts. Key findings from the extensive research reveal that 70%
of participants indicate plans to raise their crypto investments in 2024.
Regarding Bitcoin’s potential post-halving price stabilization, 55% expect a
range between $50,000 and $100,000, while 30% forecast over $60,000 valuation
during the halving timeframe itself in April 2024.

“The
findings reflect a broad spectrum of expectations and investment plans,
indicating that 2024 will be a significant year for the Bitcoin market,”
said Gracy Chen, the Managing Director at Bitget.

Halving has
historically catalyzed appreciation for Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
‘s value. Investors seem poised
to capitalize on potential gains, with bullish outlooks especially notable
across Latin America, Asia, and MENA respondents. Europe presented more
conservative expectations, both mid-term and long-term.

“We
are pleased to see such positive sentiment emerging as market conditions
continue recovering,” Chen added. “The road ahead remains bright.”

A Bitcoin halving is a planned reduction in the reward miners receive for mining new blocks and processing transactions on the Bitcoin network. The halving happens roughly every 4 years and cuts the mining reward in half. The goal is to control supply and prevent cryptocurrency inflation over time.

How Gender and Age Influences
Your Bitcoin Investments

In recent
reports by Bitget, the impact of gender and age on cryptocurrency investments
was analyzed, revealing insightful trends about investor demographics and their
motivations. It was discovered that gender significantly influences financial
goals, with a notable trend in South Korea and Japan, where a higher percentage
of female investors focus on personal finances compared to their male
counterparts. Specifically, 49% of women in South Korea and 41% in Japan
prioritize personal finance management, whereas only 17% and 30% of men in
these countries do so.

Source: Bitget

The August
report delves into the age distribution among cryptocurrency investors,
particularly those using Bitget’s copy trading feature. It identifies Gen Z
users
as the largest group of copy traders, accounting for 44% of the total,
showcasing their tech-savviness and susceptibility to social media influence.

Source: Bitget

They are
followed by individuals aged 25-35 (32%), those in the 35-55 range (17%), and
participants over 55 (7%). Among these, 72% of traders under 25 and 65% of
those between 55 and 64 rely on Bitget primarily for its copy trading
capabilities, indicating a strong preference for this investment approach
across diverse age groups.

Bitget,
established in 2018, serves over 20 million users globally through its crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
and Web3 solutions. In 2023, it recorded a 94% jump in spot volumes on
its platform.

A new
survey from Bitget reveals bullish investor expectations around Bitcoin’s
upcoming “halving” event in April 2024. 84% of respondents predict
Bitcoin surpassing its all-time high of $69,000 in the next bull run.

Investor Sentiment Upbeat
Ahead of 2024 Bitcoin Halving

The Bitget
study engaged nearly 10,000 crypto investors globally to analyze sentiment and
potential market impacts. Key findings from the extensive research reveal that 70%
of participants indicate plans to raise their crypto investments in 2024.
Regarding Bitcoin’s potential post-halving price stabilization, 55% expect a
range between $50,000 and $100,000, while 30% forecast over $60,000 valuation
during the halving timeframe itself in April 2024.

“The
findings reflect a broad spectrum of expectations and investment plans,
indicating that 2024 will be a significant year for the Bitcoin market,”
said Gracy Chen, the Managing Director at Bitget.

Halving has
historically catalyzed appreciation for Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
‘s value. Investors seem poised
to capitalize on potential gains, with bullish outlooks especially notable
across Latin America, Asia, and MENA respondents. Europe presented more
conservative expectations, both mid-term and long-term.

“We
are pleased to see such positive sentiment emerging as market conditions
continue recovering,” Chen added. “The road ahead remains bright.”

A Bitcoin halving is a planned reduction in the reward miners receive for mining new blocks and processing transactions on the Bitcoin network. The halving happens roughly every 4 years and cuts the mining reward in half. The goal is to control supply and prevent cryptocurrency inflation over time.

How Gender and Age Influences
Your Bitcoin Investments

In recent
reports by Bitget, the impact of gender and age on cryptocurrency investments
was analyzed, revealing insightful trends about investor demographics and their
motivations. It was discovered that gender significantly influences financial
goals, with a notable trend in South Korea and Japan, where a higher percentage
of female investors focus on personal finances compared to their male
counterparts. Specifically, 49% of women in South Korea and 41% in Japan
prioritize personal finance management, whereas only 17% and 30% of men in
these countries do so.

Source: Bitget

The August
report delves into the age distribution among cryptocurrency investors,
particularly those using Bitget’s copy trading feature. It identifies Gen Z
users
as the largest group of copy traders, accounting for 44% of the total,
showcasing their tech-savviness and susceptibility to social media influence.

Source: Bitget

They are
followed by individuals aged 25-35 (32%), those in the 35-55 range (17%), and
participants over 55 (7%). Among these, 72% of traders under 25 and 65% of
those between 55 and 64 rely on Bitget primarily for its copy trading
capabilities, indicating a strong preference for this investment approach
across diverse age groups.

Bitget,
established in 2018, serves over 20 million users globally through its crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
and Web3 solutions. In 2023, it recorded a 94% jump in spot volumes on
its platform.

Crypto and NFT Is “Male Dominated Industry”: Strategies for Effective Marketing

https://www.financemagnates.com/cryptocurrency/crypto-and-nft-is-male-dominated-industry-strategies-for-effective-marketing/

The rise in
interest in digital assets has led to a significant increase in crypto
sponsorships aimed at enhancing and nurturing brand loyalty among crypto
enthusiasts. These strategic alliances boost visibility and build trust in this
ever-changing sector.

The panel
titled “Beyond Traditional: Crypto Sponsorships & NFT Integration”
during November’s Finance Magnates London Summit (FMLS23) explored the
growing trend of crypto sponsorships and NFT integration, offering insights
into the dynamically evolving world of digital assets.

Moderated
by Stefania Barbaglio, the CEO of Cassiopeia Services, the panel featured
Soledad Contreras, the Director of Partnerships at CoinDesk, and Bruno Almeida,
the CMO at IOVLabs.

Crypto Is “Male Dominated” Demographic

Contreras
highlighted the rapid development in crypto marketing, emphasizing the need for
innovative approaches to leverage technology and reach potential users. In
addition, she emphasized the importance of identifying the target audience.

Soledad Contreras, the Director of Partnerships at CoinDesk

“The
key for any brand is to be able to identify the audience and where that
audience lives, which type of content they consume, which type of events they
like to go to,” Contreras explained.

She pointed
out that crypto tends to appeal to a “very male dominated”
demographic interested in things like “Formula One, football and American
football.” Contreras argued that sponsoring related events can provide
“great visibility” and “good recognition” for crypto brands
looking to get their names out there.

Power of Community-Drive
Marketing

Bruno Almeida, the CMO at IOVLabs

Her
co-panelist, Almeida from IOV Labs, elaborated on various sponsorship
strategies, differentiating between sponsoring sports teams, influencers, events
and venues. The goal is always “brand recognition,” he said, but the
specifics depend on whether a company want to tap into an existing audience
base or associate your brand with a popular personality.

According
to Almeida, decentralized, community-driven marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term
can also be very powerful.
“If you do something to upset your core community, they will challenge you
back, so you have to keep engaging with them on an ongoing basis to keep them
happy,” Almeida added.

NFT Will Bring Crypto to
Mainstream

When the discussion
turned to NFT integration, Contreras shared how CoinDesk leveraged NFT
technology for virtual ticketing at their flagship event. Attendees could
“purchase their consensus pass as an NFT” and access various perks by
proving ownership on-chain. She believes mass adoption in crypto will arrive
when mainstream brands like “Coca-Cola or, McDonald’s or Pepsi” start
offering “loyalty programs that have an NFT component.”

Almeida
concurred, suggesting that NFTs can transform customer loyalty initiatives if
used creatively to provide exclusive experiences. Contreras also highlighted
their potential to combat counterfeits and verify ownership of physical goods
like luxury watches.

Crypto Marketing Is Still Growing

The
panelists expressed optimism about the future of marketing in the crypto
industry while acknowledging there is still much progress to be made. As Contreras
stated, “it’s a tough gig for Web3 marketers trying to deal with the new technology.”
She elaborated that the sector is constantly changing, and marketers must
contend with regulatory uncertainty on top of an unfamiliar technological
landscape.

However, CoinDesk
representative believes crypto marketing has a bright future, saying, “I
think it’s all happening and it’s not going anywhere. I promise.” Her
co-panelist Bruno Almeida concurred, suggesting there are many creative
applications of blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
technology still to be explored in areas like
loyalty programs, collectibles, and more.

In summary,
the panelists agreed that crypto marketing is still in its early stages but
holds great promise as the technology matures. As Contreras put it, “The
best Web 3 marketers are still training because we haven’t had them before.
This is such a new sector.” Marketers would do well to continue educating
themselves and experimenting with new applications of these groundbreaking
technologies.

The rise in
interest in digital assets has led to a significant increase in crypto
sponsorships aimed at enhancing and nurturing brand loyalty among crypto
enthusiasts. These strategic alliances boost visibility and build trust in this
ever-changing sector.

The panel
titled “Beyond Traditional: Crypto Sponsorships & NFT Integration”
during November’s Finance Magnates London Summit (FMLS23) explored the
growing trend of crypto sponsorships and NFT integration, offering insights
into the dynamically evolving world of digital assets.

Moderated
by Stefania Barbaglio, the CEO of Cassiopeia Services, the panel featured
Soledad Contreras, the Director of Partnerships at CoinDesk, and Bruno Almeida,
the CMO at IOVLabs.

Crypto Is “Male Dominated” Demographic

Contreras
highlighted the rapid development in crypto marketing, emphasizing the need for
innovative approaches to leverage technology and reach potential users. In
addition, she emphasized the importance of identifying the target audience.

Soledad Contreras, the Director of Partnerships at CoinDesk

“The
key for any brand is to be able to identify the audience and where that
audience lives, which type of content they consume, which type of events they
like to go to,” Contreras explained.

She pointed
out that crypto tends to appeal to a “very male dominated”
demographic interested in things like “Formula One, football and American
football.” Contreras argued that sponsoring related events can provide
“great visibility” and “good recognition” for crypto brands
looking to get their names out there.

Power of Community-Drive
Marketing

Bruno Almeida, the CMO at IOVLabs

Her
co-panelist, Almeida from IOV Labs, elaborated on various sponsorship
strategies, differentiating between sponsoring sports teams, influencers, events
and venues. The goal is always “brand recognition,” he said, but the
specifics depend on whether a company want to tap into an existing audience
base or associate your brand with a popular personality.

According
to Almeida, decentralized, community-driven marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term
can also be very powerful.
“If you do something to upset your core community, they will challenge you
back, so you have to keep engaging with them on an ongoing basis to keep them
happy,” Almeida added.

NFT Will Bring Crypto to
Mainstream

When the discussion
turned to NFT integration, Contreras shared how CoinDesk leveraged NFT
technology for virtual ticketing at their flagship event. Attendees could
“purchase their consensus pass as an NFT” and access various perks by
proving ownership on-chain. She believes mass adoption in crypto will arrive
when mainstream brands like “Coca-Cola or, McDonald’s or Pepsi” start
offering “loyalty programs that have an NFT component.”

Almeida
concurred, suggesting that NFTs can transform customer loyalty initiatives if
used creatively to provide exclusive experiences. Contreras also highlighted
their potential to combat counterfeits and verify ownership of physical goods
like luxury watches.

Crypto Marketing Is Still Growing

The
panelists expressed optimism about the future of marketing in the crypto
industry while acknowledging there is still much progress to be made. As Contreras
stated, “it’s a tough gig for Web3 marketers trying to deal with the new technology.”
She elaborated that the sector is constantly changing, and marketers must
contend with regulatory uncertainty on top of an unfamiliar technological
landscape.

However, CoinDesk
representative believes crypto marketing has a bright future, saying, “I
think it’s all happening and it’s not going anywhere. I promise.” Her
co-panelist Bruno Almeida concurred, suggesting there are many creative
applications of blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
technology still to be explored in areas like
loyalty programs, collectibles, and more.

In summary,
the panelists agreed that crypto marketing is still in its early stages but
holds great promise as the technology matures. As Contreras put it, “The
best Web 3 marketers are still training because we haven’t had them before.
This is such a new sector.” Marketers would do well to continue educating
themselves and experimenting with new applications of these groundbreaking
technologies.

ESMA Calls for Opinions on Crypto Regulation Game Changer

https://www.financemagnates.com/cryptocurrency/esma-calls-for-opinions-on-crypto-regulation-game-changer/

The
European Securities and Markets Authority (ESMA) published two consultation
papers today (Monday) seeking input from stakeholders on guidelines regarding reverse
solicitation and the classification of crypto-assets as financial instruments
under the Markets in Crypto Assets Regulation (MiCA).

ESMA Seeks Input on Regulations
under MiCA

The first
consultation paper covers proposed guidance on the conditions and supervision
of the reverse solicitation exemption under MiCA. Reverse solicitation refers
to situations where a client independently seeks out and initiates services
from a third-country crypto-asset service provider that is not authorized under
MiCA.

“This
exemption should be understood as very narrowly framed and must be regarded as
the exception. A firm cannot use it to bypass MiCA,” ESMA
ESMA

European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t

European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t
Read this Term
explained.

The second
consultation focuses on formulating clear criteria for determining when a
crypto-asset should be classified as a financial instrument under existing
European financial regulations. Creating consistency between MiCA and other
financial services directives like MiFID II
MiFID II

MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina

MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina
Read this Term
is intended to support the
development of the EU crypto asset market.

“The
proposed guidelines aim at providing NCAs and market participants with
structured but flexible conditions and criteria to determine whether a
crypto-asset can be classified as a financial instrument,” ESMA added.

Interested
groups have until 29 April 2024 to provide feedback on the draft guidelines.
ESMA expects to review responses in Q2 2024 and issue final reports in Q4. The
consultations are part of ESMA’s broader work in establishing regulatory
clarity and standards around crypto-assets in line with MiCA and other EU
financial services legislation.

The
European Securities and Markets Authority (ESMA) published two consultation
papers today (Monday) seeking input from stakeholders on guidelines regarding reverse
solicitation and the classification of crypto-assets as financial instruments
under the Markets in Crypto Assets Regulation (MiCA).

ESMA Seeks Input on Regulations
under MiCA

The first
consultation paper covers proposed guidance on the conditions and supervision
of the reverse solicitation exemption under MiCA. Reverse solicitation refers
to situations where a client independently seeks out and initiates services
from a third-country crypto-asset service provider that is not authorized under
MiCA.

“This
exemption should be understood as very narrowly framed and must be regarded as
the exception. A firm cannot use it to bypass MiCA,” ESMA
ESMA

European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t

European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t
Read this Term
explained.

The second
consultation focuses on formulating clear criteria for determining when a
crypto-asset should be classified as a financial instrument under existing
European financial regulations. Creating consistency between MiCA and other
financial services directives like MiFID II
MiFID II

MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina

MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina
Read this Term
is intended to support the
development of the EU crypto asset market.

“The
proposed guidelines aim at providing NCAs and market participants with
structured but flexible conditions and criteria to determine whether a
crypto-asset can be classified as a financial instrument,” ESMA added.

Interested
groups have until 29 April 2024 to provide feedback on the draft guidelines.
ESMA expects to review responses in Q2 2024 and issue final reports in Q4. The
consultations are part of ESMA’s broader work in establishing regulatory
clarity and standards around crypto-assets in line with MiCA and other EU
financial services legislation.

Crypto Hacking Losses Halved in 2023: A Surprising Turn

https://www.financemagnates.com/cryptocurrency/crypto-hacking-losses-halved-in-2023-a-surprising-turn/

Funds stolen
by hackers from cryptocurrency platforms fell by over 50% in 2023 compared to
the previous year. However, the number of individual hacking incidents rose,
indicating that hacking remains a significant threat for crypto investors.

Crypto Hacking Losses Fall
Over 50% in 2023 but Threat Remains

In 2022,
hackers stole a record $3.7 billion from crypto platforms. But, according to a
new report from the blockchain analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
Read this Term
firm Chainalysis, in 2023, that
figure dropped to around $1.7 billion, representing a decrease of 54%.

The main
driver of this drop was a major decline in decentralized finance (DeFi)
hacking. After exploding in 2021 and 2022, with over $3 billion stolen in each
year, funds stolen from DeFi protocols fell by nearly 64% to $1.1 billion in
2023.

Despite
this overall drop, Chainalysis reported that the number of individual crypto
hacking incidents grew from 219 in 2022 to 231 in 2023. It is worth emphasizing
that the total value of stolen assets has remained at record levels for the
third year in a row. It was clearly below $1 billion in previous years,
exceeding this threshold only once in 2018.

“There’s
been a worrying trend in the escalation of both the frequency and severity of
attacks within the ecosystem,” Mar Gimenez-Aguilar, the Lead Security Architect
and Researcher at our partner Halborn, commented for Chainalysis.

The numbers
from the Chainalysis report confirm the independent data of the security app
De.Fi, which informed at the end of December that the total value of lost funds
reached almost $2 billion.

Hacks in DeFi

There were
also several large hacks of major DeFi protocols in 2023, including $197
million stolen from Euler Finance in March and $73 million taken from Curve
Finance in July during a month that saw 33 total hacks.

“Euler
Finance, a borrowing and lending protocol on Ethereum, experienced a flash loan
attack, leading to roughly $197 million in losses,” the report commented.

Chainalysis
worked with the blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
security firm Halborn to analyze the attack types behind
DeFi hacks in 2023. They found that both on-chain vulnerabilities like code
exploits and off-chain issues like compromised private keys drove losses.
On-chain hacks accounted for most of the losses overall, but the share from
off-chain hacks rose later in the year.

While the
drop in DeFi hacking is a positive sign, Chainalysis cautioned that it may be
partly tied to lower activity and fewer targets, rather than just better
security. It advised DeFi platforms to continue improving security practices
both on and off-chain even during slower market periods.

With
hacking incidents still rising in 2023 despite fewer losses, cyber threats
remain a key issue facing the crypto industry. Companies and protocols will
need to stay vigilant to prevent hackers from capitalizing on any
emerging opportunities.

“Although
the total amount stolen from crypto platforms in 2023 was down significantly
from prior years, it is clear that attackers are becoming increasingly
sophisticated and diverse in their exploits,” the report concluded.

Biggest Hacks of 2023: Poloniex
and Atomic Wallet

The year
2023 witnessed some of the biggest cryptocurrency exchange hacks in history.
Chief among them were the attacks on Poloniex and Atomic Wallet, which together
resulted in losses totaling over $220 million.

In
November, hackers exploited a vulnerability in Poloniex’s hot wallet
infrastructure to steal approximately $120 million worth of assets. According
to reports from blockchain analytics firms, the hack prompted Poloniex to take
its wallet offline for urgent maintenance and security upgrades.

Before
that, in June, Atomic Wallet was breached in an incident that enabled the theft
of $100 million in cryptocurrencies
. Atomic Wallet developers revealed that the security incident impacted less than 1% of active monthly users.
However, the scale of the losses ranked it among the major exchange hacks of
2023.

Funds stolen
by hackers from cryptocurrency platforms fell by over 50% in 2023 compared to
the previous year. However, the number of individual hacking incidents rose,
indicating that hacking remains a significant threat for crypto investors.

Crypto Hacking Losses Fall
Over 50% in 2023 but Threat Remains

In 2022,
hackers stole a record $3.7 billion from crypto platforms. But, according to a
new report from the blockchain analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
Read this Term
firm Chainalysis, in 2023, that
figure dropped to around $1.7 billion, representing a decrease of 54%.

The main
driver of this drop was a major decline in decentralized finance (DeFi)
hacking. After exploding in 2021 and 2022, with over $3 billion stolen in each
year, funds stolen from DeFi protocols fell by nearly 64% to $1.1 billion in
2023.

Despite
this overall drop, Chainalysis reported that the number of individual crypto
hacking incidents grew from 219 in 2022 to 231 in 2023. It is worth emphasizing
that the total value of stolen assets has remained at record levels for the
third year in a row. It was clearly below $1 billion in previous years,
exceeding this threshold only once in 2018.

“There’s
been a worrying trend in the escalation of both the frequency and severity of
attacks within the ecosystem,” Mar Gimenez-Aguilar, the Lead Security Architect
and Researcher at our partner Halborn, commented for Chainalysis.

The numbers
from the Chainalysis report confirm the independent data of the security app
De.Fi, which informed at the end of December that the total value of lost funds
reached almost $2 billion.

Hacks in DeFi

There were
also several large hacks of major DeFi protocols in 2023, including $197
million stolen from Euler Finance in March and $73 million taken from Curve
Finance in July during a month that saw 33 total hacks.

“Euler
Finance, a borrowing and lending protocol on Ethereum, experienced a flash loan
attack, leading to roughly $197 million in losses,” the report commented.

Chainalysis
worked with the blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
security firm Halborn to analyze the attack types behind
DeFi hacks in 2023. They found that both on-chain vulnerabilities like code
exploits and off-chain issues like compromised private keys drove losses.
On-chain hacks accounted for most of the losses overall, but the share from
off-chain hacks rose later in the year.

While the
drop in DeFi hacking is a positive sign, Chainalysis cautioned that it may be
partly tied to lower activity and fewer targets, rather than just better
security. It advised DeFi platforms to continue improving security practices
both on and off-chain even during slower market periods.

With
hacking incidents still rising in 2023 despite fewer losses, cyber threats
remain a key issue facing the crypto industry. Companies and protocols will
need to stay vigilant to prevent hackers from capitalizing on any
emerging opportunities.

“Although
the total amount stolen from crypto platforms in 2023 was down significantly
from prior years, it is clear that attackers are becoming increasingly
sophisticated and diverse in their exploits,” the report concluded.

Biggest Hacks of 2023: Poloniex
and Atomic Wallet

The year
2023 witnessed some of the biggest cryptocurrency exchange hacks in history.
Chief among them were the attacks on Poloniex and Atomic Wallet, which together
resulted in losses totaling over $220 million.

In
November, hackers exploited a vulnerability in Poloniex’s hot wallet
infrastructure to steal approximately $120 million worth of assets. According
to reports from blockchain analytics firms, the hack prompted Poloniex to take
its wallet offline for urgent maintenance and security upgrades.

Before
that, in June, Atomic Wallet was breached in an incident that enabled the theft
of $100 million in cryptocurrencies
. Atomic Wallet developers revealed that the security incident impacted less than 1% of active monthly users.
However, the scale of the losses ranked it among the major exchange hacks of
2023.

Bitget Advances Crypto Security with MPC Technology Upgrade

https://www.financemagnates.com/cryptocurrency/bitget-advances-crypto-security-with-mpc-technology-upgrade/

The cryptocurrency
exchange Bitget has enhanced the security of its platform wallets through an
upgrade to Multi-Party Computation (MPC) technology. MPC aims to boost wallet
protections using distributed computing, homomorphic encryption, and a Trusted
Execution Environment (TEE).

Bitget Upgrades Wallets
with Advanced Security Technology

The
technology implemented by Bitget works by dividing private keys into segments
across multiple servers. Transactions can then occur without keys being
revealed in one place. TEE also provides hardware-level security to fortify the
wallet infrastructure. The upgrade
follows Bitget’s ongoing efforts to implement new security solutions. The
company previously launched
an MPC-enhanced wallet
to protect users’ digital assets.

“The
upgrade of MPC technology into our wallet is a testament to our commitment to
providing a secure and reliable platform,” said Gracy Chen, the Managing
Director at Biget. Chen added
the exchange wants to continue adopting innovative technologies to keep the
platform secure and reliable.

Bitget Unveils New Smart
Copy and Smart Money Modes

The crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has been actively enhancing its offerings with several major updates
over the past year. In 2023, Bitget introduced an upgraded copy trading system
called “Smart Copy Mode” that enables users to allocate investments
and execute trades based on their total assets rather than a fixed amount. This
new feature aims to help novice traders invest more strategically by
simplifying the copy trading process.

Additionally,
Bitget Wallet, formerly known as BitKeep, launched an artificial
intelligence-powered “Smart Money” tool that tracks over 6,000
high-performing crypto addresses to identify potential signals and trends. According to Bitget Wallet’s COO, Alvin Kan, the goal is to “empower users to preemptively discern market trends, promptly uncover investment opportunities, and consequently bridge the gap between ordinary investors and Smart Money.”

This wallet
summarized a transformative 2023, during which it underwent rebranding and
exceeded 12 million global users. According to Bitget’s 2024 report, the
previous year saw an increase of 94% in crypto spot trading volumes on the exchange.

The user
base also more than doubled from 8 million to 20 million users. With over 1,500
employees currently, Bitget has significantly expanded its team to support growth.

The cryptocurrency
exchange Bitget has enhanced the security of its platform wallets through an
upgrade to Multi-Party Computation (MPC) technology. MPC aims to boost wallet
protections using distributed computing, homomorphic encryption, and a Trusted
Execution Environment (TEE).

Bitget Upgrades Wallets
with Advanced Security Technology

The
technology implemented by Bitget works by dividing private keys into segments
across multiple servers. Transactions can then occur without keys being
revealed in one place. TEE also provides hardware-level security to fortify the
wallet infrastructure. The upgrade
follows Bitget’s ongoing efforts to implement new security solutions. The
company previously launched
an MPC-enhanced wallet
to protect users’ digital assets.

“The
upgrade of MPC technology into our wallet is a testament to our commitment to
providing a secure and reliable platform,” said Gracy Chen, the Managing
Director at Biget. Chen added
the exchange wants to continue adopting innovative technologies to keep the
platform secure and reliable.

Bitget Unveils New Smart
Copy and Smart Money Modes

The crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has been actively enhancing its offerings with several major updates
over the past year. In 2023, Bitget introduced an upgraded copy trading system
called “Smart Copy Mode” that enables users to allocate investments
and execute trades based on their total assets rather than a fixed amount. This
new feature aims to help novice traders invest more strategically by
simplifying the copy trading process.

Additionally,
Bitget Wallet, formerly known as BitKeep, launched an artificial
intelligence-powered “Smart Money” tool that tracks over 6,000
high-performing crypto addresses to identify potential signals and trends. According to Bitget Wallet’s COO, Alvin Kan, the goal is to “empower users to preemptively discern market trends, promptly uncover investment opportunities, and consequently bridge the gap between ordinary investors and Smart Money.”

This wallet
summarized a transformative 2023, during which it underwent rebranding and
exceeded 12 million global users. According to Bitget’s 2024 report, the
previous year saw an increase of 94% in crypto spot trading volumes on the exchange.

The user
base also more than doubled from 8 million to 20 million users. With over 1,500
employees currently, Bitget has significantly expanded its team to support growth.

Tiger Trade to Include Crypto Trading for Hong Kong Investors

https://www.financemagnates.com/cryptocurrency/tiger-trade-to-include-crypto-trading-for-hong-kong-investors/

UP Fintech
Holding Limited, the Tiger Trade online brokerage operator, has received
approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade
its license to include dealing in virtual assets. This makes UP Fintech one of
the first brokerages in Hong Kong to offer crypto trading services.

Hong Kong Regulator
Approves UP Fintech for Virtual Asset Trading

The license
upgrade allows Tiger Trade to provide Bitcoin, Ethereum
Ethereum

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term
and other
cryptocurrency trading to professional investors in Hong Kong who meet certain
wealth thresholds.

“Investor
demand for digital assets continues to grow in Hong Kong and around the world,
and we are pleased to expand our business scope to meet the growing demand of
clients in this important market,” said John Fei Zeng, the CFO of UP
Fintech.

UP Fintech
aims to offer clients a seamless trading experience across different asset
classes from a single account by integrating cryptocurrency trading into the
Tiger Trade platform alongside stocks, options, futures, and funds.

Centralized Platform for
Traditional and Crypto Assets

The unified
Tiger Trade platform is designed to provide professional investors convenient
access to both traditional securities and crypto. This enables clients to
evaluate their complete portfolio risk across assets.

Over the
past year, Tiger Trade has grown its user base in Hong Kong by offering
zero-commission trading in Hong Kong stocks along with new products like
fractional share trading. According to the latest data from Q3 2023, the total
number of the company’s clients reached nearly 900,000.

“Eligible
clients will benefit from our low costs and the ability to trade crypto
alongside many other global products from a single unified platform without
needing to open an extra account,” Zeng added.

In the
future, UP Fintech plans to also open its cryptocurrency trading services to
retail investors in Hong Kong after obtaining further regulatory approvals.

Tiger Fund Management and
TigerGPT

The company
has been actively expanding its offerings in 2023. In May, its affiliate Tiger
Fund Management
(TFM) received approval from the Monetary Authority of
Singapore (MAS) for its licenses to Capital Market Services and Fund Management.
With over SGD 300 million ($220 million) already under management, TFM aims to
provide asset and wealth management services to individual and institutional
investors in Singapore under the MAS radar.

Earlier in
2023, Tiger Brokers also introduced its own alternative to the popular AI
chatbot ChatGPT, called TigerGPT. The company claimed this was the first AI
trading assistant released in the industry.

As Finance
Magnates
reported, ChatGPT has received widespread praise in recent times.
AI technologies, such as machine learning
Machine Learning

Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained

Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained
Read this Term
, have significantly impacted trading
data analysis.

UP Fintech
Holding Limited, the Tiger Trade online brokerage operator, has received
approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade
its license to include dealing in virtual assets. This makes UP Fintech one of
the first brokerages in Hong Kong to offer crypto trading services.

Hong Kong Regulator
Approves UP Fintech for Virtual Asset Trading

The license
upgrade allows Tiger Trade to provide Bitcoin, Ethereum
Ethereum

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term
and other
cryptocurrency trading to professional investors in Hong Kong who meet certain
wealth thresholds.

“Investor
demand for digital assets continues to grow in Hong Kong and around the world,
and we are pleased to expand our business scope to meet the growing demand of
clients in this important market,” said John Fei Zeng, the CFO of UP
Fintech.

UP Fintech
aims to offer clients a seamless trading experience across different asset
classes from a single account by integrating cryptocurrency trading into the
Tiger Trade platform alongside stocks, options, futures, and funds.

Centralized Platform for
Traditional and Crypto Assets

The unified
Tiger Trade platform is designed to provide professional investors convenient
access to both traditional securities and crypto. This enables clients to
evaluate their complete portfolio risk across assets.

Over the
past year, Tiger Trade has grown its user base in Hong Kong by offering
zero-commission trading in Hong Kong stocks along with new products like
fractional share trading. According to the latest data from Q3 2023, the total
number of the company’s clients reached nearly 900,000.

“Eligible
clients will benefit from our low costs and the ability to trade crypto
alongside many other global products from a single unified platform without
needing to open an extra account,” Zeng added.

In the
future, UP Fintech plans to also open its cryptocurrency trading services to
retail investors in Hong Kong after obtaining further regulatory approvals.

Tiger Fund Management and
TigerGPT

The company
has been actively expanding its offerings in 2023. In May, its affiliate Tiger
Fund Management
(TFM) received approval from the Monetary Authority of
Singapore (MAS) for its licenses to Capital Market Services and Fund Management.
With over SGD 300 million ($220 million) already under management, TFM aims to
provide asset and wealth management services to individual and institutional
investors in Singapore under the MAS radar.

Earlier in
2023, Tiger Brokers also introduced its own alternative to the popular AI
chatbot ChatGPT, called TigerGPT. The company claimed this was the first AI
trading assistant released in the industry.

As Finance
Magnates
reported, ChatGPT has received widespread praise in recent times.
AI technologies, such as machine learning
Machine Learning

Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained

Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained
Read this Term
, have significantly impacted trading
data analysis.

R3 Dual Milestone: Launching DLT Suite and Appointing New CMO

https://www.financemagnates.com/cryptocurrency/r3-dual-milestone-launching-dlt-suite-and-appointing-new-cmo/

Enterprise
blockchain company R3 has announced the launch of a new suite of digital
solutions aimed at helping financial firms adopt distributed ledger technology
(DLT) and the appointment of Kate Karimson as Chief Commercial Officer (CMO).

This launch
and appointment signals R3’s commitment to enhancing the role of DLT in
regulated markets.

R3 Launches New DLT
Product Suite

The new
product package, called R3 Digital Markets, utilizes R3’s Corda platform to
facilitate the integration of digital assets and digital currencies into
capital markets operations. Specific solutions cover areas like digital
currency management, asset tokenization, legacy system interoperability, and
collaborative development environments.

According
to R3, the goal of R3 Digital Markets is to lower barriers to DLT adoption in
regulated industries while improving efficiency and reducing costs. The company
highlighted proven deployments of its Corda technology, such as the SIX Digital
Exchange, ABI Lab’s Spunta DLT project, and Euroclear’s Digital Financial
Market Infrastructure.

“We’re
designing long-term solutions for a seamlessly connected financial world,”
David E. Rutter, the CEO of R3, commented. “Corda built the foundation for
this, as the only production-ready enterprise DLT solution built for regulated
markets.”

The
product suite includes several key components
:

  • R3
    Digital Currency
    :
    This feature handles the entire lifecycle of digital currencies, including
    Central Bank Digital Currencies.
  • R3
    Digital Assets
    : It
    allows for comprehensive management of the issuance, trading, and custody of
    digital and new assets.
  • R3
    Digital Connect
    : It
    facilitates the integration of existing systems with all DLT networks.
  • R3
    Digital Lab
    : A
    cloud-based collaborative platform that provides support and education for
    businesses embarking on DLT projects.

Appointment of the Chief
Commercial Officer

In
conjunction with the product launch, R3 has appointed financial technology
executive Kate Karimson as its new CMO. Karimson brings experience across
capital markets, having previously held leadership roles at CME Group,
BrokerTec, ICAP and LedgerEdge.

“R3
Digital Markets builds on the success of Corda by further removing barriers to
entry for firms looking to build innovative DLT solutions, so they can prepare
for the future of digital finance,” Karimson commented on her appointment.

Last year,
the New York-based blockchain firm R3 signed a Memorandum of Understanding with
the Qatar Financial Centre Authority to accelerate the development of the
country’s financial technology industry.

Enterprise
blockchain company R3 has announced the launch of a new suite of digital
solutions aimed at helping financial firms adopt distributed ledger technology
(DLT) and the appointment of Kate Karimson as Chief Commercial Officer (CMO).

This launch
and appointment signals R3’s commitment to enhancing the role of DLT in
regulated markets.

R3 Launches New DLT
Product Suite

The new
product package, called R3 Digital Markets, utilizes R3’s Corda platform to
facilitate the integration of digital assets and digital currencies into
capital markets operations. Specific solutions cover areas like digital
currency management, asset tokenization, legacy system interoperability, and
collaborative development environments.

According
to R3, the goal of R3 Digital Markets is to lower barriers to DLT adoption in
regulated industries while improving efficiency and reducing costs. The company
highlighted proven deployments of its Corda technology, such as the SIX Digital
Exchange, ABI Lab’s Spunta DLT project, and Euroclear’s Digital Financial
Market Infrastructure.

“We’re
designing long-term solutions for a seamlessly connected financial world,”
David E. Rutter, the CEO of R3, commented. “Corda built the foundation for
this, as the only production-ready enterprise DLT solution built for regulated
markets.”

The
product suite includes several key components
:

  • R3
    Digital Currency
    :
    This feature handles the entire lifecycle of digital currencies, including
    Central Bank Digital Currencies.
  • R3
    Digital Assets
    : It
    allows for comprehensive management of the issuance, trading, and custody of
    digital and new assets.
  • R3
    Digital Connect
    : It
    facilitates the integration of existing systems with all DLT networks.
  • R3
    Digital Lab
    : A
    cloud-based collaborative platform that provides support and education for
    businesses embarking on DLT projects.

Appointment of the Chief
Commercial Officer

In
conjunction with the product launch, R3 has appointed financial technology
executive Kate Karimson as its new CMO. Karimson brings experience across
capital markets, having previously held leadership roles at CME Group,
BrokerTec, ICAP and LedgerEdge.

“R3
Digital Markets builds on the success of Corda by further removing barriers to
entry for firms looking to build innovative DLT solutions, so they can prepare
for the future of digital finance,” Karimson commented on her appointment.

Last year,
the New York-based blockchain firm R3 signed a Memorandum of Understanding with
the Qatar Financial Centre Authority to accelerate the development of the
country’s financial technology industry.

Bitget Unveils New Smart Copy Mode to Help Novice Crypto Traders

https://www.financemagnates.com/cryptocurrency/bitget-unveils-new-smart-copy-mode-to-help-novice-crypto-traders/

The crypto
exchange Bitget has introduced an upgraded copy trading system that will allow
users to allocate investments and execute trades based on their total assets,
the company announced today (Wednesday).

Bitget Upgrades Copy
Trading Feature to Allow Asset-Based Investing

The new
“smart copy mode” enables followers of professional crypto traders on
the platform to enter an investment amount relative to their total assets
rather than a fixed sum. The feature aims to help novice traders invest more
strategically by simplifying the copy trading process.

Bitget has
also launched independent futures copy trading accounts, separate from users’
main futures accounts. The company states this will better protect assets, as
liquidations or losses on one account will not affect the other.

According
to Bitget’s Managing Director, Gracy Chen, the upgrades come in response to user
feedback and the company’s own analysis. “Our ultimate goal is to make
Bitget the most user-focused, convenient and trader-friendly platform on the
market.”

Copy
trading services are a crucial part of the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s offerings, especially
popular among Generation Z, who make up nearly half of all enthusiasts of this
form of investing. Independent reports suggest that copy and social trading are
expected to become a nearly $4 billion industry within the next four years.

Finance
Magnates
reported last week that Bitget’s crypto wallet service introduced a new
inscription system
named GetScribe. With this move, Bitget Wallet aims to
improve access to omnichain inscriptions by offering inscription management
across 19 different blockchains.

Bitget’s User Base Reaches
20 Million

According
to a report published by the exchange at the beginning of 2024, last year saw an increase of 94% in crypto spot volumes.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

Bitget additionally experienced more than a doubling of its user base from 8 million to 20 million
in 2023. The company has significantly increased its employment, currently
exceeding 1,500 employees.

The crypto
exchange Bitget has introduced an upgraded copy trading system that will allow
users to allocate investments and execute trades based on their total assets,
the company announced today (Wednesday).

Bitget Upgrades Copy
Trading Feature to Allow Asset-Based Investing

The new
“smart copy mode” enables followers of professional crypto traders on
the platform to enter an investment amount relative to their total assets
rather than a fixed sum. The feature aims to help novice traders invest more
strategically by simplifying the copy trading process.

Bitget has
also launched independent futures copy trading accounts, separate from users’
main futures accounts. The company states this will better protect assets, as
liquidations or losses on one account will not affect the other.

According
to Bitget’s Managing Director, Gracy Chen, the upgrades come in response to user
feedback and the company’s own analysis. “Our ultimate goal is to make
Bitget the most user-focused, convenient and trader-friendly platform on the
market.”

Copy
trading services are a crucial part of the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
‘s offerings, especially
popular among Generation Z, who make up nearly half of all enthusiasts of this
form of investing. Independent reports suggest that copy and social trading are
expected to become a nearly $4 billion industry within the next four years.

Finance
Magnates
reported last week that Bitget’s crypto wallet service introduced a new
inscription system
named GetScribe. With this move, Bitget Wallet aims to
improve access to omnichain inscriptions by offering inscription management
across 19 different blockchains.

Bitget’s User Base Reaches
20 Million

According
to a report published by the exchange at the beginning of 2024, last year saw an increase of 94% in crypto spot volumes.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

Bitget additionally experienced more than a doubling of its user base from 8 million to 20 million
in 2023. The company has significantly increased its employment, currently
exceeding 1,500 employees.

Bitget Introduces GetScribe for Improved Blockchain Access

https://www.financemagnates.com/cryptocurrency/bitget-introduces-getscribe-for-improved-blockchain-access/

Bitget
Wallet, a Web3 trading wallet formerly known as BitKeep, has introduced a new
inscription ecosystem called GetScribe. The platform aims to simplify access to
omnichain inscriptions by offering inscription management across 19 different
blockchains, including Bitcoin, Ethereum, and Polygon.

Bitget Wallet Launches
Omnichain Inscription Ecosystem

GetScribe
provides users with single and batch inscription capabilities through Bitget
Wallet’s app and browser extension. It also features an inscription leaderboard
covering the BTC Ordinals market and BRC-20 inscriptions to help users stay
informed. The leaderboard tracks metrics like prices, fluctuations, trading
information, inscription progress and participant counts.

Additionally,
GetScribe plans to introduce a launchpad for emerging BRC-20 tokens to give Bitget
Wallet users early access opportunities.

Bitget
Wallet’s
Chief Operations Officer, Alvin Kan, said the company aims to aid users
navigating inscriptions amid Bitcoin’s growth, with a focus on contributing to
Layer 2 protocols and steering innovation. Kan said Bitget Wallet is
“committed to creating a rich on-chain asset selection platform” with
powerful trading services and market insights.

Attention
to inscriptions extends across the Bitget ecosystem. Bitget crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term

offers trading in various listed BRC-20 tokens and recently introduced Spot P2P
enabling early trading of unlisted tokens. This allows users to move from
minting inscriptions on Bitget Wallet to trading them on Bitget Exchange.

It is
another wallet update from Bitget announced this year. As Finance Magnates
reported nearly two weeks ago, the service introduced artificial intelligence
tools
that allow for tracking cryptocurrency whales. Moreover, Bitget Wallet
shared its latest statistics, stating that in 2023 the number of its users
exceeded 12 million.

Bitget Increases Customer
Base to 20 Million

Staying on
the topic of numbers and summaries, a separate report for 2023 was released by
the entire Bitget exchange, which revealed that it had increased its customer
base to over 20 million, employed an additional 500 people, and its spot
trading volumes grew 94%.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

At the end
of the year, the industry observed a general increase in trading volumes.
According to the latest report from Finance Magnates Intelligence, in
December 2023, these increased over 60% compared to the same period the
previous year.

Bitget
Wallet, a Web3 trading wallet formerly known as BitKeep, has introduced a new
inscription ecosystem called GetScribe. The platform aims to simplify access to
omnichain inscriptions by offering inscription management across 19 different
blockchains, including Bitcoin, Ethereum, and Polygon.

Bitget Wallet Launches
Omnichain Inscription Ecosystem

GetScribe
provides users with single and batch inscription capabilities through Bitget
Wallet’s app and browser extension. It also features an inscription leaderboard
covering the BTC Ordinals market and BRC-20 inscriptions to help users stay
informed. The leaderboard tracks metrics like prices, fluctuations, trading
information, inscription progress and participant counts.

Additionally,
GetScribe plans to introduce a launchpad for emerging BRC-20 tokens to give Bitget
Wallet users early access opportunities.

Bitget
Wallet’s
Chief Operations Officer, Alvin Kan, said the company aims to aid users
navigating inscriptions amid Bitcoin’s growth, with a focus on contributing to
Layer 2 protocols and steering innovation. Kan said Bitget Wallet is
“committed to creating a rich on-chain asset selection platform” with
powerful trading services and market insights.

Attention
to inscriptions extends across the Bitget ecosystem. Bitget crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term

offers trading in various listed BRC-20 tokens and recently introduced Spot P2P
enabling early trading of unlisted tokens. This allows users to move from
minting inscriptions on Bitget Wallet to trading them on Bitget Exchange.

It is
another wallet update from Bitget announced this year. As Finance Magnates
reported nearly two weeks ago, the service introduced artificial intelligence
tools
that allow for tracking cryptocurrency whales. Moreover, Bitget Wallet
shared its latest statistics, stating that in 2023 the number of its users
exceeded 12 million.

Bitget Increases Customer
Base to 20 Million

Staying on
the topic of numbers and summaries, a separate report for 2023 was released by
the entire Bitget exchange, which revealed that it had increased its customer
base to over 20 million, employed an additional 500 people, and its spot
trading volumes grew 94%.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

At the end
of the year, the industry observed a general increase in trading volumes.
According to the latest report from Finance Magnates Intelligence, in
December 2023, these increased over 60% compared to the same period the
previous year.

Europe Sets New Rules for Crypto Assets to Combat Money Laundering

https://www.financemagnates.com/cryptocurrency/europe-sets-new-rules-for-crypto-assets-to-combat-money-laundering/

The
European Banking Authority (EBA) has extended its guidelines on money
laundering (ML) and terrorist financing (TF) risk factors to crypto-asset
service providers (CASPs). The move aims to help the nascent crypto sector
tackle illicit finance risks and is the next step after the introduction of
cryptocurrency legislation in May last year.

EBA Issues Guidance to
Crypto Firms on Managing Financial Crime Risks

The new
guidelines list risk factors and mitigation measures that CASPs should consider
when developing anti-money laundering (AML
Anti-Money Laundering (AML)

Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification

Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification
Read this Term
) and countering terrorism financing
(CTF) policies. These include assessing risks from customers, products,
transactions, and jurisdictions.

“CASPs can
be abused for financial crime purposes, including ML and TF,” the authority
commented
. “The risks of this happening can be increased, for example because
of the speed of crypto-asset transfers or because some products contain
features that hide the user’s identity.”

The
guidelines explain how CASPs can adjust controls like transaction monitoring,
blockchain analytics, and enhanced due diligence. They also cover managing
risks from self-hosted wallets.

Advice for
banks highlights the dangers of dealing with unregulated crypto firms. This
risk escalates where traditional financial institutions have customers active
in crypto-assets.

Complying With Tighter
Regulation

The move
comes as the EU brings CASPs into its AML/CTF regulatory perimeter. Recently
approved laws like the Markets in Crypto Assets (MiCA) require crypto firms to
meet strict AML and CTF rules. However,
the European Securities and Markets Authority warned yesterday (Tuesday) that
MiCA is “no safe harbour”
and crypto assets still remain “highly volatile and
speculative.”

National
regulators must confirm whether they comply with the new MiCA-related
guidelines within two months of translations being published, likely by
end-2024. The measures themselves take effect from 30 December 2024.

The EBA
said extending its risk factor guidelines represents “an important step
forward in the EU’s fight against financial crime” in crypto-assets. The
sector’s growth has raised policymaker concerns globally about illicit usage.

The
regulation of cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
was also announced a few days ago by Poland, one
of the EU countries
. The local financial supervisory authority is expected to
start controlling this market at the end of 2024.

The
European Banking Authority (EBA) has extended its guidelines on money
laundering (ML) and terrorist financing (TF) risk factors to crypto-asset
service providers (CASPs). The move aims to help the nascent crypto sector
tackle illicit finance risks and is the next step after the introduction of
cryptocurrency legislation in May last year.

EBA Issues Guidance to
Crypto Firms on Managing Financial Crime Risks

The new
guidelines list risk factors and mitigation measures that CASPs should consider
when developing anti-money laundering (AML
Anti-Money Laundering (AML)

Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification

Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification
Read this Term
) and countering terrorism financing
(CTF) policies. These include assessing risks from customers, products,
transactions, and jurisdictions.

“CASPs can
be abused for financial crime purposes, including ML and TF,” the authority
commented
. “The risks of this happening can be increased, for example because
of the speed of crypto-asset transfers or because some products contain
features that hide the user’s identity.”

The
guidelines explain how CASPs can adjust controls like transaction monitoring,
blockchain analytics, and enhanced due diligence. They also cover managing
risks from self-hosted wallets.

Advice for
banks highlights the dangers of dealing with unregulated crypto firms. This
risk escalates where traditional financial institutions have customers active
in crypto-assets.

Complying With Tighter
Regulation

The move
comes as the EU brings CASPs into its AML/CTF regulatory perimeter. Recently
approved laws like the Markets in Crypto Assets (MiCA) require crypto firms to
meet strict AML and CTF rules. However,
the European Securities and Markets Authority warned yesterday (Tuesday) that
MiCA is “no safe harbour”
and crypto assets still remain “highly volatile and
speculative.”

National
regulators must confirm whether they comply with the new MiCA-related
guidelines within two months of translations being published, likely by
end-2024. The measures themselves take effect from 30 December 2024.

The EBA
said extending its risk factor guidelines represents “an important step
forward in the EU’s fight against financial crime” in crypto-assets. The
sector’s growth has raised policymaker concerns globally about illicit usage.

The
regulation of cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
was also announced a few days ago by Poland, one
of the EU countries
. The local financial supervisory authority is expected to
start controlling this market at the end of 2024.

Bitcoin ETF Fever Boosts Crypto Spot Volumes by 60% YoY in December 2023

https://www.financemagnates.com/cryptocurrency/bitcoin-etf-fever-boosts-crypto-spot-volumes-by-60-yoy-in-december-2023/

The crypto
spot trading volumes for the top 10 exchanges in December 2023 reached their
highest levels since June 2022, marking the third consecutive month of growth.

Binance,
maintaining its lead, experienced a 40% month-on-month (MoM) increase in
trading volumes, amounting to $432.65 billion. According to Finance Magnates
Intelligence, there was a 32% increase in total trading volume, climbing
from $671 billion to $887 billion. Notably, this period also witnessed a
year-over-year (YoY) increase of 64%, attributed to the weak industry condition
in December 2022.

December 2023 Witnesses
Record Crypto Trading Volumes

After two
consecutive months of growth
, expectations were high for December. Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term

(BTC) did not disappoint investors, adding 12% to its value in the past month
and testing new annual highs. This surge in Bitcoin’s value significantly
boosted investor activity, increasing cryptocurrency exchange volumes
considerably.

Binance
retained its top position with trading volumes of $433 billion and a 46% market
share. Upbit remained in second place with $92 billion, and OKX held the third
spot with $87 billion in trading volumes. ByBit also reached the top ranks,
securing the fourth position with $82 billion in volumes.

In the case
of these two exchanges, a very strong MoM and YoY volume surge was recorded,
which amounted to over 40% compared to the previous month and 126% and 209%,
respectively, compared to December 2023. However, the record holder in this
regard turned out to be Upbit, whose YoY volumes grew almost tenfold, by 952%.

“Over the past year, we’ve seen a significant recovery in the markets, and expectations around the likely approval of the Bitcoin Spot ETF certainly played into that, particularly in December and early January, when at VALR we recorded our highest daily trading volume to date,” commented Ben Caselin, the CMO of VALR.

Anticipation of Bitcoin
Spot ETF Drives Trading Volumes

Bitcoin’s
price increases and the subsequent rise in trading volumes continued for
another month, driven by eager anticipation of the first-ever Bitcoin spot exchange-traded
funds (ETFs). Although these ETFs were eventually introduced in 2024, the
Bitcoin market saw dynamic growth in anticipation of their launch, especially
noticeable in December.

crypto volumes dec 2023

It appears
that the upward momentum will continue into this month. Preliminary data for
January 2024 indicated that spot volumes for exchanges reported by Finance
Magnates
have already reached $500 billion halfway through the month,
following over $714 billion in January 2023.

However,
the future remains uncertain. Following the introduction of nearly a dozen new
cryptocurrency ETFs, the market began to exhibit a “sell the news”
scenario, and the new instruments attracted less capital than expected in their
initial days of trading. Finance Magnates’ infographic shows that four issuers, namely Bitwise, ARK Invest, Invesco, and WisdomTree, have decided to cut fees to zero for six months, followed by a rate of 0.2 to 0.3%, to attract more capital.

The situation for Bitcoin might be saved by the
upcoming network halving
Halving

Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining. In exchange for their work, these nodes are given rewards in the form of the crypto token that belongs to that particular network. For example, on the Bitcoin network, halving happens regularly at preset interva

Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining. In exchange for their work, these nodes are given rewards in the form of the crypto token that belongs to that particular network. For example, on the Bitcoin network, halving happens regularly at preset interva
Read this Term
, which is expected to occur in April, which could
potentially impact its trajectory.

“It’s also good to take stock of the overall and persistent cyclical nature of growth in the crypto space, with the Bitcoin halving marking a new cycle roughly every four years and which is happening again in just under 100 days from now. From that perspective, both Bitcoin’s recovery and the recent spikes in volatility are not too much out of the ordinary,” Caselin concluded.

The crypto
spot trading volumes for the top 10 exchanges in December 2023 reached their
highest levels since June 2022, marking the third consecutive month of growth.

Binance,
maintaining its lead, experienced a 40% month-on-month (MoM) increase in
trading volumes, amounting to $432.65 billion. According to Finance Magnates
Intelligence, there was a 32% increase in total trading volume, climbing
from $671 billion to $887 billion. Notably, this period also witnessed a
year-over-year (YoY) increase of 64%, attributed to the weak industry condition
in December 2022.

December 2023 Witnesses
Record Crypto Trading Volumes

After two
consecutive months of growth
, expectations were high for December. Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term

(BTC) did not disappoint investors, adding 12% to its value in the past month
and testing new annual highs. This surge in Bitcoin’s value significantly
boosted investor activity, increasing cryptocurrency exchange volumes
considerably.

Binance
retained its top position with trading volumes of $433 billion and a 46% market
share. Upbit remained in second place with $92 billion, and OKX held the third
spot with $87 billion in trading volumes. ByBit also reached the top ranks,
securing the fourth position with $82 billion in volumes.

In the case
of these two exchanges, a very strong MoM and YoY volume surge was recorded,
which amounted to over 40% compared to the previous month and 126% and 209%,
respectively, compared to December 2023. However, the record holder in this
regard turned out to be Upbit, whose YoY volumes grew almost tenfold, by 952%.

“Over the past year, we’ve seen a significant recovery in the markets, and expectations around the likely approval of the Bitcoin Spot ETF certainly played into that, particularly in December and early January, when at VALR we recorded our highest daily trading volume to date,” commented Ben Caselin, the CMO of VALR.

Anticipation of Bitcoin
Spot ETF Drives Trading Volumes

Bitcoin’s
price increases and the subsequent rise in trading volumes continued for
another month, driven by eager anticipation of the first-ever Bitcoin spot exchange-traded
funds (ETFs). Although these ETFs were eventually introduced in 2024, the
Bitcoin market saw dynamic growth in anticipation of their launch, especially
noticeable in December.

crypto volumes dec 2023

It appears
that the upward momentum will continue into this month. Preliminary data for
January 2024 indicated that spot volumes for exchanges reported by Finance
Magnates
have already reached $500 billion halfway through the month,
following over $714 billion in January 2023.

However,
the future remains uncertain. Following the introduction of nearly a dozen new
cryptocurrency ETFs, the market began to exhibit a “sell the news”
scenario, and the new instruments attracted less capital than expected in their
initial days of trading. Finance Magnates’ infographic shows that four issuers, namely Bitwise, ARK Invest, Invesco, and WisdomTree, have decided to cut fees to zero for six months, followed by a rate of 0.2 to 0.3%, to attract more capital.

The situation for Bitcoin might be saved by the
upcoming network halving
Halving

Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining. In exchange for their work, these nodes are given rewards in the form of the crypto token that belongs to that particular network. For example, on the Bitcoin network, halving happens regularly at preset interva

Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining. In exchange for their work, these nodes are given rewards in the form of the crypto token that belongs to that particular network. For example, on the Bitcoin network, halving happens regularly at preset interva
Read this Term
, which is expected to occur in April, which could
potentially impact its trajectory.

“It’s also good to take stock of the overall and persistent cyclical nature of growth in the crypto space, with the Bitcoin halving marking a new cycle roughly every four years and which is happening again in just under 100 days from now. From that perspective, both Bitcoin’s recovery and the recent spikes in volatility are not too much out of the ordinary,” Caselin concluded.

Exclusive: Scammers Impersonate Binance, but Exchange Says There’s Nothing It Can Do

https://www.financemagnates.com/cryptocurrency/exclusive-scammers-impersonate-binance-but-exchange-says-theres-nothing-it-can-do/

Binance
customers may have received an SMS last week encouraging them to participate in
a new lottery to win up to 100 EUR in cryptocurrencies.

Although
these texts appeared in threads with official announcements from the exchange,
they turned out to be scams. The platform is aware of such phishing attempts
but admits it is powerless to stop them.

Binance Claims Eliminating
Fake SMS is “Unrealistic”

At the end
of last week, Binance customers received SMS messages about winning in the
“Binance Mystery Box.” The texts further informed that up to €100 in
tokens were available for claiming and that the offer was expiring on the same
day.

There is
confirmed evidence that Binance clients located in Poland received fraudulent
SMS messages attempting to steal their account information. Multiple Polish
Binance users, in discussions with Finance Magnates, validated that they
had personally received these phishing texts.

The
screenshot below shows a suspicious SMS that appeared in the same thread as
other messages delivered by Binance regarding login codes or account
verification processes.

The article continues under the screenshot:

Fake Binance SMS

Furthermore,
posts on social media also document the receipt of fraudulent offers. Some comments
even suggested there might have been a potential data leak concerning phone
numbers, although the exchange claims no such infringement occurred.

Finance
Magnates
asked the Polish branch of Binance to comment on this matter. The company
said that to eliminate SMS security loopholes, modifying the entire GSM
technology system would be necessary, which “seems unrealistic” to the
company.

When we
asked a local cryptocurrency expert about encountering such scams in Poland, he
mentioned that he had never experienced these fraudulent SMS messages locally.
However, he noted that this scam is frequently seen in other countries.

The Origin of the Fake SMS
Scam

In response
to Finance Magnates, Binance explains that the GSM system, which SMS
messages operate on, allows the sender to fill in the “sender name”
field arbitrarily. Standard SMS applications and tools typically insert the
sender’s phone number in this field. However, entities like companies often
replace the phone number with a textual name, such as “Binance.”

“The
problem is that operators do not verify whether the sender sending the SMS is
legally authorized to use such a name, allowing fraudsters to use the same
name. As a result, a scam SMS has the same ‘sender name’ as legitimate SMS
messages from Binance, leading the recipient’s phone to attach this SMS to the
message history from Binance,” Binance Poland commented in Polish,
auto-translated to English.

Binance
adds that Poland recently introduced regulations to reduce the prevalence of
this exploit, at least to some extent. This is enabled by registering sender
names and assigning them to specific entities by telecommunications operators.

“To
eliminate this security loophole in SMS, the entire world would have to modify
this technology, which seems unrealistic,” concluded Binance Poland in the
statement in Polish, auto-translated to English.

Phishing and Pig Butchering

This strategy is a typical phishing attempt aimed at extracting data from customers of popular cryptocurrency exchanges. Several months ago, Binance users from Hong Kong fell victim to this, losing nearly $500,000. In that case, however, the scam was even more sophisticated. Individuals posing as representatives of Binance contacted users, calling to perform a supposed account verification.

Binance, along with other exchanges, has recently been alerting about the growing popularity of an investment scam called “pig butchering,” which may be indirectly linked to phishing. The name refers to the practice of fattening a pig before slaughter. Victims are gradually lured into contributing more money into fraudulent crypto investments before ultimately being defrauded.

Binance
customers may have received an SMS last week encouraging them to participate in
a new lottery to win up to 100 EUR in cryptocurrencies.

Although
these texts appeared in threads with official announcements from the exchange,
they turned out to be scams. The platform is aware of such phishing attempts
but admits it is powerless to stop them.

Binance Claims Eliminating
Fake SMS is “Unrealistic”

At the end
of last week, Binance customers received SMS messages about winning in the
“Binance Mystery Box.” The texts further informed that up to €100 in
tokens were available for claiming and that the offer was expiring on the same
day.

There is
confirmed evidence that Binance clients located in Poland received fraudulent
SMS messages attempting to steal their account information. Multiple Polish
Binance users, in discussions with Finance Magnates, validated that they
had personally received these phishing texts.

The
screenshot below shows a suspicious SMS that appeared in the same thread as
other messages delivered by Binance regarding login codes or account
verification processes.

The article continues under the screenshot:

Fake Binance SMS

Furthermore,
posts on social media also document the receipt of fraudulent offers. Some comments
even suggested there might have been a potential data leak concerning phone
numbers, although the exchange claims no such infringement occurred.

Finance
Magnates
asked the Polish branch of Binance to comment on this matter. The company
said that to eliminate SMS security loopholes, modifying the entire GSM
technology system would be necessary, which “seems unrealistic” to the
company.

When we
asked a local cryptocurrency expert about encountering such scams in Poland, he
mentioned that he had never experienced these fraudulent SMS messages locally.
However, he noted that this scam is frequently seen in other countries.

The Origin of the Fake SMS
Scam

In response
to Finance Magnates, Binance explains that the GSM system, which SMS
messages operate on, allows the sender to fill in the “sender name”
field arbitrarily. Standard SMS applications and tools typically insert the
sender’s phone number in this field. However, entities like companies often
replace the phone number with a textual name, such as “Binance.”

“The
problem is that operators do not verify whether the sender sending the SMS is
legally authorized to use such a name, allowing fraudsters to use the same
name. As a result, a scam SMS has the same ‘sender name’ as legitimate SMS
messages from Binance, leading the recipient’s phone to attach this SMS to the
message history from Binance,” Binance Poland commented in Polish,
auto-translated to English.

Binance
adds that Poland recently introduced regulations to reduce the prevalence of
this exploit, at least to some extent. This is enabled by registering sender
names and assigning them to specific entities by telecommunications operators.

“To
eliminate this security loophole in SMS, the entire world would have to modify
this technology, which seems unrealistic,” concluded Binance Poland in the
statement in Polish, auto-translated to English.

Phishing and Pig Butchering

This strategy is a typical phishing attempt aimed at extracting data from customers of popular cryptocurrency exchanges. Several months ago, Binance users from Hong Kong fell victim to this, losing nearly $500,000. In that case, however, the scam was even more sophisticated. Individuals posing as representatives of Binance contacted users, calling to perform a supposed account verification.

Binance, along with other exchanges, has recently been alerting about the growing popularity of an investment scam called “pig butchering,” which may be indirectly linked to phishing. The name refers to the practice of fattening a pig before slaughter. Victims are gradually lured into contributing more money into fraudulent crypto investments before ultimately being defrauded.

Poland to Regulate Crypto in 2024, KNF Empowered to Impose Fines

https://www.financemagnates.com/cryptocurrency/poland-to-regulate-crypto-in-2024-knf-empowered-to-impose-fines/

After many
years of keeping cryptocurrencies off its official radar, the Polish Financial
Supervision Authority (KNF) plans to start supervising digital assets by the
end of this year. As Finance Magnates learned, the Polish government plans to
present a bill on this matter in the second quarter of this year.

For the
local industry, this means finally setting clear legislative frameworks, and
the KNF will have the opportunity to impose financial penalties on companies in
the cryptocurrency sector.

Poland to Regulate
Cryptocurrencies. Compliance with EU Regulations

According
to reports from Polish media, the move is not proactive but rather a response
to European regulations on cryptocurrency markets that came into effect in May
of last year
.

“The
introduction of new regulations is dictated by the need to prepare a legal
framework for the proper functioning of crypto asset markets, thereby ensuring
effective supervision and investor protection by equipping the Financial
Supervision Authority with the appropriate means,” the official comment from
the Polish government stated.

The first
steps towards regulating the cryptocurrency market appeared in 2020. Over the
past few years, the digital asset market in Poland has not had specific legal
frameworks; only its tax status has been regulated. In the meantime, the KNF
repeatedly warned
investors about the excessive risk associated with investing
in digital assets.

What
changes can Polish crypto enthusiasts and local cryptocurrency companies
expect? The proposed regulations suggest as many as seven significant changes.

KNF Will Be Able to
Penalize Cryptocurrency Companies

Poland aims
to more closely regulate crypto activities by designating the KNF as the
supervising body and introducing stricter rules that crypto companies must
follow:

  • The
    main regulator for crypto in Poland will be the KNF. It will oversee new crypto
    regulations.
  • Companies
    issuing crypto coins or providing crypto services will need to report their
    activities to the KNF. The KNF will check if they are following the rules.
  • If
    crypto companies break the new regulations, the KNF can take action against
    them. This includes imposing fines or penalties.
  • There
    will be stricter rules about criminal penalties for crypto companies that break
    laws. This is to protect consumers and investors better.
  • The
    regulations also cover confidentiality rules about the information crypto
    companies obtain from their customers.
  • Some
    provisions will allow crypto companies to use electronic contracts and
    statements. These will have the same legal validity as paper documents.

Poland will
thus join the growing group of European countries where local supervisory
commissions regulate the cryptocurrency market. Among
them is the British FCA, which presented fresh guidance in November amidst
crypto marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term
turmoil in the country.

After many
years of keeping cryptocurrencies off its official radar, the Polish Financial
Supervision Authority (KNF) plans to start supervising digital assets by the
end of this year. As Finance Magnates learned, the Polish government plans to
present a bill on this matter in the second quarter of this year.

For the
local industry, this means finally setting clear legislative frameworks, and
the KNF will have the opportunity to impose financial penalties on companies in
the cryptocurrency sector.

Poland to Regulate
Cryptocurrencies. Compliance with EU Regulations

According
to reports from Polish media, the move is not proactive but rather a response
to European regulations on cryptocurrency markets that came into effect in May
of last year
.

“The
introduction of new regulations is dictated by the need to prepare a legal
framework for the proper functioning of crypto asset markets, thereby ensuring
effective supervision and investor protection by equipping the Financial
Supervision Authority with the appropriate means,” the official comment from
the Polish government stated.

The first
steps towards regulating the cryptocurrency market appeared in 2020. Over the
past few years, the digital asset market in Poland has not had specific legal
frameworks; only its tax status has been regulated. In the meantime, the KNF
repeatedly warned
investors about the excessive risk associated with investing
in digital assets.

What
changes can Polish crypto enthusiasts and local cryptocurrency companies
expect? The proposed regulations suggest as many as seven significant changes.

KNF Will Be Able to
Penalize Cryptocurrency Companies

Poland aims
to more closely regulate crypto activities by designating the KNF as the
supervising body and introducing stricter rules that crypto companies must
follow:

  • The
    main regulator for crypto in Poland will be the KNF. It will oversee new crypto
    regulations.
  • Companies
    issuing crypto coins or providing crypto services will need to report their
    activities to the KNF. The KNF will check if they are following the rules.
  • If
    crypto companies break the new regulations, the KNF can take action against
    them. This includes imposing fines or penalties.
  • There
    will be stricter rules about criminal penalties for crypto companies that break
    laws. This is to protect consumers and investors better.
  • The
    regulations also cover confidentiality rules about the information crypto
    companies obtain from their customers.
  • Some
    provisions will allow crypto companies to use electronic contracts and
    statements. These will have the same legal validity as paper documents.

Poland will
thus join the growing group of European countries where local supervisory
commissions regulate the cryptocurrency market. Among
them is the British FCA, which presented fresh guidance in November amidst
crypto marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term
turmoil in the country.

Spot Bitcoin ETFs: Which Offers the Lowest Fees?

https://www.financemagnates.com/cryptocurrency/spot-bitcoin-etfs-which-offers-the-lowest-fees/

After many
years of waiting, investors will finally see the launch of the first-ever spot
Bitcoin (BTC) exchange-traded fund (ETF) in history. The market was immediately
flooded not with one or five but nearly a dozen such investment products that should
become available today (Thursday)
on the NYSE, NASDAQ, and CBOE.

Although
their operating principles are very similar, they differ in terms of the
transaction fees they offer. Several issuers changed the fee structure at the last minute, and some offer limited-time “promotions.”

Which Bitcoin ETF Offers
the Lowest Fees

Analysts
anticipate a fierce battle for a share of the $50 to $100 billion expected to
flow into these new ETFs. Issuers began to compete on fees to capture a larger market share in this competitive environment.

For
instance, BlackRock, the largest issuer, reduced its iShares Bitcoin Trust (IBIT) prices from 0.3% to 0.2% for the first twelve months or for the
first $5 billion in IBIT ETF trades.

Finance
Magnates’

infographic shows that four issuers, namely Bitwise, ARK Invest, Invesco, and
WisdomTree, have decided to cut fees to zero for six months, followed by a rate
of 0.2-0.3%, to attract more capital.

Hashdex and
Grayscale Investments, however, did not participate in this fee war. Hasdhex’s Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
ETF will charge 0.9%, while
Grayscale’s Bitcoin Trust will have a fee of 1.5%.

Coinbase
is the custodian for most of these instruments, with a few exceptions
like VanEck using Gemini, Hasdhex using BitGo, and Fidelity using its own
solutions.

“This is a pivotal moment that legitimizes Bitcoin’s future,” said LMAX Group’s CEO, David Mercer, after the SEC approved 11 BTC ETFs applications. You can read about the broader industry reaction here.

Spot Bitcoin ETFs Approved
by the SEC

On
Wednesday evening, the US Securities and Exchange Commission (SEC
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha
Read this Term
) announced
that it had approved 11 applications for spot BTC ETFs, which had been waiting
in line for months.

The
approval was not without controversy, however. The day before, the SEC’s social
media account was compromised and a fake announcement appeared on the approval
of new instruments, causing a momentary euphoria in the cryptocurrency market.

The actual
approval occurred a day later, and 11 new instruments will soon be available on
the NYSE Arca, NASDAQ, and Cboe BZX Exchange, including products from ARK
Invest, Fidelity, Franklin Templeton, VanEck, BlackRock, and Valkyrie.

This week,
issuers filed the final updates to their applications with the SEC, indicating fierce competition to lower fees.

After many
years of waiting, investors will finally see the launch of the first-ever spot
Bitcoin (BTC) exchange-traded fund (ETF) in history. The market was immediately
flooded not with one or five but nearly a dozen such investment products that should
become available today (Thursday)
on the NYSE, NASDAQ, and CBOE.

Although
their operating principles are very similar, they differ in terms of the
transaction fees they offer. Several issuers changed the fee structure at the last minute, and some offer limited-time “promotions.”

Which Bitcoin ETF Offers
the Lowest Fees

Analysts
anticipate a fierce battle for a share of the $50 to $100 billion expected to
flow into these new ETFs. Issuers began to compete on fees to capture a larger market share in this competitive environment.

For
instance, BlackRock, the largest issuer, reduced its iShares Bitcoin Trust (IBIT) prices from 0.3% to 0.2% for the first twelve months or for the
first $5 billion in IBIT ETF trades.

Finance
Magnates’

infographic shows that four issuers, namely Bitwise, ARK Invest, Invesco, and
WisdomTree, have decided to cut fees to zero for six months, followed by a rate
of 0.2-0.3%, to attract more capital.

Hashdex and
Grayscale Investments, however, did not participate in this fee war. Hasdhex’s Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
ETF will charge 0.9%, while
Grayscale’s Bitcoin Trust will have a fee of 1.5%.

Coinbase
is the custodian for most of these instruments, with a few exceptions
like VanEck using Gemini, Hasdhex using BitGo, and Fidelity using its own
solutions.

“This is a pivotal moment that legitimizes Bitcoin’s future,” said LMAX Group’s CEO, David Mercer, after the SEC approved 11 BTC ETFs applications. You can read about the broader industry reaction here.

Spot Bitcoin ETFs Approved
by the SEC

On
Wednesday evening, the US Securities and Exchange Commission (SEC
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha
Read this Term
) announced
that it had approved 11 applications for spot BTC ETFs, which had been waiting
in line for months.

The
approval was not without controversy, however. The day before, the SEC’s social
media account was compromised and a fake announcement appeared on the approval
of new instruments, causing a momentary euphoria in the cryptocurrency market.

The actual
approval occurred a day later, and 11 new instruments will soon be available on
the NYSE Arca, NASDAQ, and Cboe BZX Exchange, including products from ARK
Invest, Fidelity, Franklin Templeton, VanEck, BlackRock, and Valkyrie.

This week,
issuers filed the final updates to their applications with the SEC, indicating fierce competition to lower fees.

KuCoin Expands User Base to 31 Million, Doubles Trading Volume in 2023

https://www.financemagnates.com/cryptocurrency/kucoin-expands-user-base-to-31-million-doubles-trading-volume-in-2023/

2023 proved
to be positive for companies in the cryptocurrency industry, as confirmed by
another report summarizing the past year published by a large digital asset
exchange. KuCoin joins its competitors and boasts an increase in its customer
base to over 30 million and a doubling of its spot market volumes.

KuCoin Concludes 2023 with
Substantial Growth and Strengthened Security

According
to the report, KuCoin has seen a 16% increase in its user base, reaching nearly
31 million users worldwide. The platform also experienced a 106% surge in spot
trading volume, indicating strong user engagement and confidence.

“The
most significant growth in the past year came from the Latin America region,
which saw a 34% increase,” the company reported. “Additionally,
substantial user base growth has been observed in other key regions, including
the Middle East and Africa (27%) and Europe (25%), compared to 2022.”

In
addition, the report reveals KuCoin’s achievements in asset expansion. The
crypto exchange added 149 new assets, bringing the total to 830 digital tokens,
and supported 1,246 trading pairs as of December 2023. KuCoin also launched
KuCard, a crypto debit card that allows users to spend their crypto assets
anywhere. KuCoin reports that over 10,000 KuCard holders have been registered
within a month of its launch.

“Our
vision has always been to be the ‘People’s Exchange’,” said Johnny Lyu, the
CEO of KuCoin. “This year’s achievements reflect not just our growth, but
our dedication to providing a safe and secure trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
as we continue
expanding.”

Last week, another
cryptocurrency exchange, Bitget, also summarized its results for 2023, noting
a nearly twofold increase in spot volumes
and adding 12 million new users. The
industry was helped, among other things, by the Bitcoin ETF buzz, which led to digital
asset investment products seeing $2.25 billion of inflows in 2023, one of the
best results since 2017. This also translated into increased activity of retail
investors and a surge in cryptocurrency volumes.

2024 also
starts positively for crypto platforms, especially since expectations
for introducing a spot Bitcoin ETF
are currently heated to the maximum, and the
BTC price is testing its highest levels since April 2022.

Enhanced Security

The report
also showcases KuCoin’s efforts to enhance security and trust, such as
maintaining solid reserve ratios, upgrading KYC protocols, implementing
advanced security measures, and offering responsive customer service. KuCoin
states that the safety of users’ assets is paramount and adheres to the highest
risk management
Risk Management

One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class,

One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class,
Read this Term
standards and world-class security practices.

“As we
continue to expand and innovate, our focus remains steadfast on ensuring that
every decision we make aligns with the needs and security of our users,”
Lyu added.

Furthermore,
the report highlights KuCoin’s involvement in various initiatives and events to
promote the adoption and development of blockchain and crypto. KuCoin published
eight market reports of the “Into the Cryptoverse” series, featuring
different regions and countries. KuCoin also participated in over 30 online and
offline events across multiple continents.

2023 was
not without its problems. In December, the exchange reached a settlement of $22
million
with the state of New York and committed to ceasing its services for
users in the region. KuCoin faced charges for offering, selling, and purchasing
cryptocurrencies as securities and commodities, violating New York’s laws.
Earlier in October, it was targeted by the FCA along with several other
exchanges, ending up on a list of restrictions.

2023 proved
to be positive for companies in the cryptocurrency industry, as confirmed by
another report summarizing the past year published by a large digital asset
exchange. KuCoin joins its competitors and boasts an increase in its customer
base to over 30 million and a doubling of its spot market volumes.

KuCoin Concludes 2023 with
Substantial Growth and Strengthened Security

According
to the report, KuCoin has seen a 16% increase in its user base, reaching nearly
31 million users worldwide. The platform also experienced a 106% surge in spot
trading volume, indicating strong user engagement and confidence.

“The
most significant growth in the past year came from the Latin America region,
which saw a 34% increase,” the company reported. “Additionally,
substantial user base growth has been observed in other key regions, including
the Middle East and Africa (27%) and Europe (25%), compared to 2022.”

In
addition, the report reveals KuCoin’s achievements in asset expansion. The
crypto exchange added 149 new assets, bringing the total to 830 digital tokens,
and supported 1,246 trading pairs as of December 2023. KuCoin also launched
KuCard, a crypto debit card that allows users to spend their crypto assets
anywhere. KuCoin reports that over 10,000 KuCard holders have been registered
within a month of its launch.

“Our
vision has always been to be the ‘People’s Exchange’,” said Johnny Lyu, the
CEO of KuCoin. “This year’s achievements reflect not just our growth, but
our dedication to providing a safe and secure trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
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as we continue
expanding.”

Last week, another
cryptocurrency exchange, Bitget, also summarized its results for 2023, noting
a nearly twofold increase in spot volumes
and adding 12 million new users. The
industry was helped, among other things, by the Bitcoin ETF buzz, which led to digital
asset investment products seeing $2.25 billion of inflows in 2023, one of the
best results since 2017. This also translated into increased activity of retail
investors and a surge in cryptocurrency volumes.

2024 also
starts positively for crypto platforms, especially since expectations
for introducing a spot Bitcoin ETF
are currently heated to the maximum, and the
BTC price is testing its highest levels since April 2022.

Enhanced Security

The report
also showcases KuCoin’s efforts to enhance security and trust, such as
maintaining solid reserve ratios, upgrading KYC protocols, implementing
advanced security measures, and offering responsive customer service. KuCoin
states that the safety of users’ assets is paramount and adheres to the highest
risk management
Risk Management

One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class,

One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class,
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standards and world-class security practices.

“As we
continue to expand and innovate, our focus remains steadfast on ensuring that
every decision we make aligns with the needs and security of our users,”
Lyu added.

Furthermore,
the report highlights KuCoin’s involvement in various initiatives and events to
promote the adoption and development of blockchain and crypto. KuCoin published
eight market reports of the “Into the Cryptoverse” series, featuring
different regions and countries. KuCoin also participated in over 30 online and
offline events across multiple continents.

2023 was
not without its problems. In December, the exchange reached a settlement of $22
million
with the state of New York and committed to ceasing its services for
users in the region. KuCoin faced charges for offering, selling, and purchasing
cryptocurrencies as securities and commodities, violating New York’s laws.
Earlier in October, it was targeted by the FCA along with several other
exchanges, ending up on a list of restrictions.

Argo Blockchain Excels in Bitcoin Production, Announces COO Exit

https://www.financemagnates.com/cryptocurrency/argo-blockchain-excels-in-bitcoin-production-announces-coo-exit/

The UK’s
cryptocurrency miner Argo Blockchain (LSE: ARGO) reported its highest Bitcoin (BTC) mining
output since May. Additionally, the company announced the departure of Chief
Operating Officer (COO) Seif El-Bakly “to pursue other
opportunities.” In a separate statement, the firm also reported the
issuance of new ordinary shares with a total value of £7.8 million.

Argo Blockchain Reports
Increased Bitcoin Production in December

The company
announced a significant boost in its Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
production for December 2023,
reporting mining 155 Bitcoin and averaging 5.0 BTC daily, marking a 4% increase
from the previous month. This growth in Bitcoin production is attributed to
several factors, including heightened transaction fees on the Bitcoin network
and improved operational efficiency. Argo’s mining revenue for December reached
$6.6 million, a substantial 25% increase from November 2023 and the highest in
the year.

The year’s
trajectory showed a varying pattern in Bitcoin mining, with the highest
production in January (168 Bitcoin) and a notable decline in August (105
Bitcoin). However, the company demonstrated resilience with a steady increase
towards the end of the year, culminating in December’s peak. The revenue
figures followed a similar trend, indicating the company’s ability to adapt to
the dynamic nature of cryptocurrency mining.

Month

Bitcoin Mined

Unaudited Mining Revenue, ($ in millions)

January 2023

168

$3.4

February 2023

162

$3.8

March 2023

161

$4.1

April 2023

144

$4.2

May 2023

173

$4.7

June 2023

139

$3.8

July 2023

129

$3.9

August 2023

105

$2.9

September 2023

136

$3.6

October 2023

143

$4.3

November 2023

145

$5.3

December 2023

155

$6.6

“During the
fourth quarter, our daily production was 4.8 Bitcoin per day, which was a 20%
increase from the prior quarter,” commented Thomas Chippas, the CEO of Argo. “This
is despite a 19% increase in monthly average network difficulty in the fourth
quarter compared to the prior quarter.”

COO Steps Down

In a
significant shift within the company’s management, Seif El-Bakly stepped down
from his role as COO effective 5 January 2024. El-Bakly, who served as the
Interim CEO from February to November 2023, has been thanked for his
contributions and leadership.

The
operations team, under the guidance of Chief Strategy Officer Sebastien Chalus
since February 2023, will continue without disruption. In line with El-Bakly’s
departure, Argo Blockchain issued 1,973,892 new ordinary shares as part of his
separation agreement.

Funding Round to Support
Growth

In a separate
move, Argo Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
secured £7.8 million ($9.9 million) through a new share
issuance to institutional investors. The placement of 38,064,000 new ordinary
shares, priced at £0.205 each, represents a modest discount compared to the
30-day average trading price. This influx of capital is earmarked for working
capital, debt repayment, and general corporate purposes, positioning Argo
Blockchain for sustained operational stability and growth.

The UK’s
cryptocurrency miner Argo Blockchain (LSE: ARGO) reported its highest Bitcoin (BTC) mining
output since May. Additionally, the company announced the departure of Chief
Operating Officer (COO) Seif El-Bakly “to pursue other
opportunities.” In a separate statement, the firm also reported the
issuance of new ordinary shares with a total value of £7.8 million.

Argo Blockchain Reports
Increased Bitcoin Production in December

The company
announced a significant boost in its Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
production for December 2023,
reporting mining 155 Bitcoin and averaging 5.0 BTC daily, marking a 4% increase
from the previous month. This growth in Bitcoin production is attributed to
several factors, including heightened transaction fees on the Bitcoin network
and improved operational efficiency. Argo’s mining revenue for December reached
$6.6 million, a substantial 25% increase from November 2023 and the highest in
the year.

The year’s
trajectory showed a varying pattern in Bitcoin mining, with the highest
production in January (168 Bitcoin) and a notable decline in August (105
Bitcoin). However, the company demonstrated resilience with a steady increase
towards the end of the year, culminating in December’s peak. The revenue
figures followed a similar trend, indicating the company’s ability to adapt to
the dynamic nature of cryptocurrency mining.

Month

Bitcoin Mined

Unaudited Mining Revenue, ($ in millions)

January 2023

168

$3.4

February 2023

162

$3.8

March 2023

161

$4.1

April 2023

144

$4.2

May 2023

173

$4.7

June 2023

139

$3.8

July 2023

129

$3.9

August 2023

105

$2.9

September 2023

136

$3.6

October 2023

143

$4.3

November 2023

145

$5.3

December 2023

155

$6.6

“During the
fourth quarter, our daily production was 4.8 Bitcoin per day, which was a 20%
increase from the prior quarter,” commented Thomas Chippas, the CEO of Argo. “This
is despite a 19% increase in monthly average network difficulty in the fourth
quarter compared to the prior quarter.”

COO Steps Down

In a
significant shift within the company’s management, Seif El-Bakly stepped down
from his role as COO effective 5 January 2024. El-Bakly, who served as the
Interim CEO from February to November 2023, has been thanked for his
contributions and leadership.

The
operations team, under the guidance of Chief Strategy Officer Sebastien Chalus
since February 2023, will continue without disruption. In line with El-Bakly’s
departure, Argo Blockchain issued 1,973,892 new ordinary shares as part of his
separation agreement.

Funding Round to Support
Growth

In a separate
move, Argo Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
secured £7.8 million ($9.9 million) through a new share
issuance to institutional investors. The placement of 38,064,000 new ordinary
shares, priced at £0.205 each, represents a modest discount compared to the
30-day average trading price. This influx of capital is earmarked for working
capital, debt repayment, and general corporate purposes, positioning Argo
Blockchain for sustained operational stability and growth.