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Crypto Exchange Regulation Check

Damus Founder Banned From Apple App Store: Crypto Investors Beware!

Decentralized social media app Damus threatened with delisting by Apple over “zaps” feature.　　Users can send small amounts of BTC over the Lightning Network to content creators.　　Apple wanted the zap button removed from all content sections, leading to criticism from users and former Twitter CEO Jack Dorsey.　　Damus is a decentralized social media platform that runs on the Nostr protocol, which is quite popular with bitcoiners.　　One of the reasons for its popularity is that most implementations of Nostr support payments over the blockchain‘s Lightning Network. Lightning is Bitcoin’s second layer payment network that enables faster transactions and lower transaction fees.　　The Damus app was launched in the App Store earlier this year, but it faced a threat of delisting on June 13. The reason behind this threat was the “zaps” feature of the app, which allows users to send small amounts of bitcoin over the Lightning Network to tip their favorite content creators. This feature is similar to Twitters “tip” feature. Apple deemed this feature to be a violation of its App Store Review Guidelines 3.1.1 and 3.2.1 (vii).　　According to Apple, the zap button should be removed from all “notes” or content sections as this is equivalent to selling digital content. However, it

2023-06-27Deep Dive

Binance.US Solves USD Withdrawal Problems but Warns that Solution Is Only Temporary

Binance.US withdrawals are now fully operational on the exchange, even as it warns users to convert all USD to USDT.　　Binance.US has announced that users can now resume USD withdrawal, as it has solved the problem. The US arm of the worlds largest crypto agency also said that by working with banking partners, it has almost completely resolved all previously delayed withdrawal requests for USD. However, the exchange warns that this resolution may not be permanent.　　In an official announcement, Binance.US noted that its systems are fully operational and that users with failed requests can begin to resubmit. The exchange then assured that all requests would be successful within the usual maximum time frame of five business days. Nonetheless, Binance.US advises users to quickly switch to stablecoins.　　Binance Suspended USD Withdrawals after SEC Lawsuit　　Earlier in the month, Binance.US suspended USD deposits, noting at the time that banking partners were also preparing to suspend withdrawals. The move came shortly after the United States Securities and Exchange Commission (SEC) sued Binance for violating securities laws, commingling investor funds, misleading customers, and allowing “high-value US customers” to trade outside Binance.US. The companys US arm was launched as an independent company designed to follow US securities and

2023-06-26Deep Dive

BNB Can’t Break Through $255, What Happens Next?

BNBs value has fallen due to external pressures and investor sentiment, failing to break through the Fib 23.6% level and currently trading below $240.　　The market for Binance Coin is currently pessimistic due to regulatory issues related to the Binance exchange.　　If the coin breaks below the $220-$225 price zone, it could lead to panic selling, but a slow rally could help strengthen its position and potentially reclaim the $250 price point.　　BNB still seems to be in a pessimistic state, as the whole market is still bullish. The reason is why？　　The date of Greenfields future maintenance update has been revealed by BNB Chain. The update will not only correct a few flaws in BNB Greenfield, but it will also include a slew of new features.　　According to the notice, all objects previously saved on the Greenfield Testnet will be wiped and will no longer be accessible for inquiry. Some noteworthy features include support for multiple messages in a transaction using the EIP712 sign method.　　BNB will provide functionality that will enable mirroring buckets, objects, or groups by ID or name. Moreover, the upgrade will add keyManager support to txOpt, allowing it to manage a huge batch of transactions submitted by a single client.　　Despite the

2023-06-26Deep Dive

Hong Kong’s ‘One Country, Two Systems’ Policy Boosts Virtual Asset Ecosystem

As we approach next month, Hong Kong is set to commemorate a significant milestone: the 25th anniversary of its reunification with mainland China.　　As the milestone approaches, the citys burgeoning crypto hub is seen as a major benefit of the “One Country, Two Systems” policy.　　In recent days, regulators and other stakeholders have been discussing opportunities for Hong Kongs virtual assets sector.　　As Hong Kong continues its efforts to become a leading global hub for virtual asset services, regulators have acknowledged that crypto trading plays a crucial role.　　Opportunities in the space are being debated ahead of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR). And as they mark the milestone, officials are talking up Hong Kongs growing status as a major center of virtual asset activity in the Asia Pacific and beyond.　　Crypto Trading is an Important Part of the Virtual Asset Ecosystem　　During an event in Bangkok last week, Leung Fung-yee, the Chief Executive of the Hong Kong Securities and Futures Commission (HKSFC), delivered a speech on the citys new virtual asset licensing regime.　　In her speech, Fung-yee said that the Commissions goal is not to make HKSAR a cryptocurrency trading center. However, she said it recognizes that crypto

2023-06-26Deep Dive

To HODL or not? Bitcoin investors should rethink their strategy as…

Bitcoin‘s illiquid supply equated to more than 78% of BTC’s total circulating supply, indicating a marked rise in HODLing sentiment.　　As per the on-chain analytics firm Glassnode, a fascinating divergence came to light between supply on exchanges (i.e, liquid supply) and supply held in illiquid wallets with no history of spending. While the exchange balance dropped to 2.3 million, the lowest since early 2018, the illiquid supply reached a fresh all-time high of 15.2 million.　　Source: Glassnode　　BTC available for trading falls　　BTC‘s illiquid supply has continuously increased in Q2 2023, as shown below, revealing an inversely proportional relationship with BTC’s price. It was interesting to note that the illiquid supply equated to more than 78% of BTCs total circulating supply, indicating a marked rise in HODLing sentiment.　　Source: Glassnode　　This trend could be explained by the fact that Bitcoin was increasingly viewed as a ‘Store of Value’ rather than a speculative asset in intraday trading, lending credence to its long-held narrative of being a safe-haven asset.　　Will the sentiment change？　　After extended periods of rangebound price movement, BTC breached the $30,000 mark at press time, the first time since mid-April, as per CoinMarketCap. According to blockchain analytics firm Santiment, this caused a dramatic shift in investors behavior

2023-06-25Deep Dive

Bitcoin bulls have one last hurdle before $35k

A recent report highlighted the growing accumulation among Bitcoin sharks but distribution among miners.　　The market was riding a wave of disbelief higher, and Bitcoins sally past $30.8k could open the bullish floodgates.　　A retracement back toward $28k could offer a buying opportunity.　　Bitcoin [BTC] did not see a retracement beneath the $29k mark over the past two days. Instead, the bulls could defend the $29.6k level, as at the time of writing, BTC was trading at $30.7k.　　A recent report highlighted the growing accumulation among Bitcoin sharks, but BTC miners and whales aided the distribution of the king coin. Despite market sentiment in recent weeks, demand and prices continued to grow, and could catch long-term bears offside.　　The price is at a vital resistance once more, but a breakout was likely　　Source: BTC/USDT on TradingView　　The daily timeframe bias for Bitcoin was bullish. The prices retested a crucial resistance in the vicinity of $30k. In particular, the $30.8k level served as resistance back in mid-April. A move above this level appeared likely.　　The trend has been bullish in 2023, although that doesnt mean a bull run was on. Above $30.8k-$31.5k, the next levels of resistance to watch out for are $32.8k and $34.5k. The 100% Fibonacci extension

2023-06-25Deep Dive

Stablecoins re-enter exchanges, what it means for you

The number of stablecoins getting transferred on to centralized exchanges has surged considerably in the last few days.　　The stablecoin influx was not entirely driven by crypto markets rally on 21 June.　　Binance.US asked its users to convert their USD holdings to stablecoins.　　After witnessing a large exodus from centralized exchanges (CEXs) over the last month, stablecoins made a comeback. According to a tweet by on-chain research firm Unlocks Calendar, the number of stablecoins getting transferred on to exchanges surged considerably in the last few days.　　Source: Unlocks Calendar　　Demand for stable coins shoots up　　Typically, a high influx of stablecoins indicates buying pressure. This is simply because they remain the primary way for traders on non-fiat crypto exchanges to enter and exit trades. Most novice investors prefer to convert their fiat currencies to U.S. dollar-pegged stablecoins like USD Coin [USDC], and Tether [USDT] before opening their positions.　　The crypto market got a fresh lease of life after bellwether Bitcoin [BTC] rallied to 30,000, persuading many long-term investors to lock in gains after weeks of HODLing.　　However, Glassnode revealed that 21 Junes surge did not solely cause the increase. Rather, the supply has been slowly expanding over a two-week period.　　Source: Glassnode　　Following the legal action against crypto behemoth Binance

2023-06-25Deep Dive

Twitter Suspends Memecoin-Linked AI Bot Amid Scam Crypto Allegations

The account of “Explain This Bob,” a prominent meme coin-linked artificial intelligence (AI) bot, has been formally suspended on Twitter. This suspension was announced lately, following Elon Musks charges that it was implicated in a “scam crypto account.” Furthermore, this move has sparked a wave of controversy and disagreement within the cryptocurrency community.　　Explain This Bob Case Explained　　Explain This Bob, as previously stated, used OpenAIs GPT-4 model to comprehend and respond to tweets from people who tagged the account. It was founded by Prabhu Biswal from India and has amassed over 400,000 fans.　　The bot‘s account, however, was suspended shortly after Musk publicly condemned it on June 18. Furthermore, the project’s link with the ERC-20 memecoin, Bob Token (BOB), which was created in April, has been called into question. According to CoinGecko, the suspension prompted a substantial drop in BOBs price, which fell by more than 30%.　　Interestingly, Musk‘s previous sentiments toward the bot were supposedly favorable, as indicated by a tweet from April 20 in which he proclaimed his affection for Bob. This tweet, which is prominently placed on the project’s website, stands in stark contrast to his previous charges.　　While Twitter suspended the Explain This Bob account, no action was taken against

2023-06-21Deep Dive

Layer 2 Polygon Wants To Upgrade Polygon PoS Chain Compatible With zkEVM

On Tuesday, Polygon, an Ethereum scaling solution, published a pre-proposal discussion post to make its primary chain, the Polygon PoS chain, compatible with zero knowledge (ZK) technology.　　According to the proposal, the update intends to connect the present Polygon PoS chain with the concept for Polygon 2.0, a future version of Polygon that employs zkEVM validium, a sort of zero-knowledge scaling technology.　　The proposal, named “Polygon 2.0,” indicates that it intends to employ Polygon‘s in-house zkEVM to improve the security and efficiency of the sidechain while maintaining its low fees. This would be distinct from the team’s current zkEVM, which was released in March 2023.　　The update would still be Ethereum Virtual Machine compatible. A valium varies from a ZK rollup in that it employs an off-chain data availability architecture. Polygon also provides a ZK rollup, which became live in March.　　According to Polygon co-founder Mihailo Bjelics blog post, if accepted by the Polygon community, the massive update would boost security and make the blockchain foundation more “future-proof.”　　Polygon Labs said that the updated Polygon PoS and the old zkEVM would coexist inside the Polygon ecosystem. If the update is authorized, it might be deployed on the mainnet by the end of 2024.　　Moreover, Bjelic claims

2023-06-21Deep Dive

Crypto Exchange Backed by Fidelity, Schwab, Citadel Launches With Trading of 4 Cryptocurrencies

The cryptocurrency exchange backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial has launched and completed a new funding round. The platform offers the trading of four cryptocurrencies.　　EDX Markets announced Tuesday “the successful launch of its digital asset market and the completion of an investment round with new equity partners.” According to the announcement and the new exchanges website:　　Products traded on EDX include bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).　　EDX offers “a unique, non-custodial model designed to mitigate conflicts of interest,” the announcement adds. In addition, the platform has “introduced a retail-only quote to the crypto markets, allowing participants the benefit of better pricing for retail-originated orders” and plans to launch EDX Clearing later this year “to settle trades matched on EDX Markets.”　　The company also recently closed a funding round with the participation of new strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets Ltd., and HRT Technology. The firms founding investors include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Bitcoin.com News first reported Schwab, Citadel, and Fidelity planning to launch a cryptocurrency trading platform in June last year.　　EDX Markets launched at a

2023-06-21Deep Dive
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