Crypto Guides, Knowledge & Insights

Bitget would no longer provide services for Hong Kong users because of the new regulatory demands

Hong Kongs Securities and Futures Commission (SFC) will release guidance on the crypto licensing framework in May.　　Hong Kongs SFC CEO, Julia Leung, disclosed this at an event reported by Bloomberg on April 27. According to her, there is an ongoing consultation process for the regulatory framework for crypto entities in the city, and there have been more than 150 responses so far.　　The regulator said the new regulatory framework will become effective by June 1. This would mandate crypto platforms to register with the authorities of the city.　　With the law, licensed exchanges can offer cryptocurrency trading of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to retail traders.　　Meanwhile, this is part of Hong Kongs effort to become a financial hub for cryptocurrency in Asia. Two exchanges — Hashkey and OSL — already offer crypto trading services under the supervision of the Hong Kong SFC.　　But more exchanges might follow, mainly because the citys banking sector also offers support for crypto firms. Several crypto firms are struggling for new banking partners following the U.S. banking crisis.　　Binance CEO Changpeng ‘CZ’ Zhao previously said more funds would move to Hong Kong as banks in the region support crypto.　　BitGet launches a platform for Hong Kong users　　Crypto

2023-04-28Deep Dive

What Are Crypto Whales, and How Do You Identify Them?

Crypto whales are individuals or entities who hold large amounts of cryptocurrency and can influence markets with their trades.　　You can spot whales by checking blockchain explorers for large transactions, as well as social media platforms for updates from whales and accounts that cover whale activity.　　While whale activity can provide useful insights, it can be risky to rely on such activity to make trading decisions.　　Introduction　　Crypto whales are individuals or entities who hold large amounts of cryptocurrency, having amassed their substantial holdings through early investments, mining, or other means. With significant crypto holdings at their fingertips, whales have the ability to influence the market by buying or selling large amounts of assets, causing price fluctuations.　　In the crypto world, whales are often associated with high levels of volatility. Traders and investors watch them closely — an activity dubbed “whale watching” — to obtain valuable insights and make informed investment decisions.　　What Makes a Cryptocurrency Holder a “Whale”？　　While whales are individuals or entities who hold a large amount of cryptocurrency, there is no fixed amount of crypto assets someone must hold to be considered a whale. The term is relative and depends on the specific cryptocurrency in question.　　A crypto holder can be considered a whale

2023-04-28Deep Dive

Coinbase CEO Hits Back At U.S. SEC, Says “Coinbase Does Not List Securities”

Coinbase Global Inc. has issued a formal response to a Wells Notice received from the Securities and Exchange Commission (SEC) on Thursday. The notice was issued to investigate the companys Earn product, wallet service, and exchange operations, prompting Coinbase to assert that it has not violated any securities laws while operating in the United States. The crypto exchange is based in California.　　Coinbase Asserts No Rules Were Broken　　Coinbase Global Inc.s CEO, Brian Armstrong, emphasized in a 14-minute video that the company is prepared to defend its position in court against the SECs investigation into its Earn product, wallet service, and exchange operations. Armstrong also expressed the companys willingness to engage in “true dialogue to a workable path forward” for the broader crypto industry. He criticized the SECs issuance of a Wells Notice, stating that it is not constructive or beneficial for the country given the lack of a clear regulatory framework.　　In response to the SECs investigation, Coinbases Chief Legal Officer, Paul Grewal, provided several examples to demonstrate the companys compliance with securities laws. He explained that Coinbase does not list securities, adheres to the SECs robust process, and rejects over 90% of crypto assets during an internal review before they are

2023-04-28Deep Dive

OKX Brings “Bitcoin Ordinals” To Its Wallet and NFT Marketplace

OKX, a cryptocurrency exchange, is introducing Bitcoin ordinals to its OKX Wallet and OKX NFT Marketplace. This makes OKX the first multi-chain platform to enable the viewing and transfer of Bitcoin ordinals. These are digital assets that are recorded on the smallest unit of Bitcoin, called Satoshi.　　Bitcoin ordinals have recently gained popularity in the crypto world, reinvigorating the NFT market and providing relief to Bitcoin miners who were struggling during the bear market. Bitcoin ordinals were made possible by the 2021 upgrade to the Bitcoin protocol called “Taproot,” which enables a unique digital signature on Bitcoin.　　OKX Introduces Bitcoin Ordinals on the Platforms　　　　OKX, the second-largest crypto exchange in terms of trading volume, has announced an upgrade to its OKX Wallet and NFT Marketplace. The upgrade will allow users to view and transfer Bitcoin (BTC) ordinals on the platforms, making OKX the first multi-chain platform to support this feature. The OKX Wallet currently supports BTC taproot addresses on its browser extension, with support for mobile devices coming soon. With this integration, customers can import their BTC wallets and manage their Bitcoin ordinals using a single wallet.　　According to OKX Chief Marketing Officer Haider Rafique, the integration of Bitcoin ordinals was a necessary move

2023-04-27Deep Dive

Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny

Binance.US, the American branch of the biggest cryptocurrency exchange globally, has joined forces with Unstoppable Domains, a prominent domain name registrar in the Web3 space. As a result, they will now offer customized “.BinanceUS” addresses for their US-based clients. This allows users to choose a personalized digital identity, making it simpler to send and receive cryptocurrencies compared to the traditional alpha-numeric wallet addresses.　　Binance.US Offers Branded Web3 Domains　　Binance.US has partnered with Unstoppable Domains to offer its customers the ability to create unique digital identities for their cryptocurrency wallets using “.BinanceUS” domains. These domains can be easily used in the Binance.US app for buying, selling, and transferring digital assets, replacing the traditional alpha-numeric wallet addresses.　　In a recent official statement, it was announced that the .BinanceUS domains will soon be available exclusively through the Binance.US app. This partnership with Unstoppable Domains will also provide customers with two-digit domain names such as “00.BinanceUS” or “99.BinanceUS” for the first time. Unstoppable Domains also currently offers two-letter domains like “ok.BinanceUS”.　　BinanceUS Addresses To Start From $10　　As part of the partnership between Binance US and Unstoppable Domains, users of the latter can now withdraw cryptocurrency to a range of domain addresses, including those with “.crypto,” “.nft,” and “.x”

2023-04-27Deep Dive

The Next Bicasso: Binance NFT Releases AI-Powered NFT Generator

The new tool allows marketplace users to create computer-generated images and mint them as NFTs.　　Crypto exchange Binances non-fungible-token (NFT) marketplace users are getting creative with “Bicasso,” a new artificial intelligence (AI)-powered NFT generator the company released in beta Wednesday.　　Bicasso is similar to AI art platforms such as DALL-E or Midjourney, where users can type in a creative prompt to produce a unique image or upload an image for the tool to adapt. Users can then mint their images as NFTs on Binances native BNB chain.　　“You can turn your creative visions into NFTs with AI,” Binance CEO Changpeng Zhao said on Twitter. “Give it a try and show me what you make with it.”　　Binance NFT users quickly hopped on the new feature and shared their work. According to early mint data from the platform, nearly 3,300 users have minted at least one Bicasso NFT. The initial free mint is capped at 10,000 NFTs.　　Conversations around NFTs and AI have been on the rise in the past year, as generative art technology continues to push into Web3. Last year, generative art NFT collections weathered crypto winter with high prices and increasing trading volumes.

2023-04-27Deep Dive

Imagining the Future AI and Web3 Can Build

While the full range of innovations driven by AI, Web3 and the metaverse remains uncertain, the potential is undeniably vast　　Imagine a world where your artificial intelligence (AI) assistant could manage your finances, schedule appointments and tailor your social media feed to show content that wont aggravate you. This AI might be trained to also curate your non-fungible token (NFT) art collection and help you file your crypto taxes.　　It may sound like science fiction, but AI, Web3 and the metaverse are rapidly converging to make this digital utopia a reality.　　Where is Web3 headed？ Take a look to the future with this pioneering investor in the metaverse and NFTs.　　Secure Your Seat　　Imagine a world where your artificial intelligence (AI) assistant could manage your finances, schedule appointments and tailor your social media feed to show content that wont aggravate you. This AI might be trained to also curate your non-fungible token (NFT) art collection and help you file your crypto taxes.　　It may sound like science fiction, but AI, Web3 and the metaverse are rapidly converging to make this digital utopia a reality.　　Sandy Carter is chief operating officer and head of business development at Unstoppable Domains, a platform for user-owned digital identity.　　If the researchers from

2023-04-27Deep Dive

Binance.US Has Abandoned Its Plans To Acquire Voyager Digital's For $1.3 Billion

Binance.US has abandoned its plans to acquire bankrupt crypto lender Voyager Digitals assets due to the challenging regulatory environment in the United States. The American affiliate of the worlds largest crypto exchange terminated the agreement as federal regulators were poised to contest the deal in court. Binance.US expressed disappointment over the situation, citing the unpredictable American regulatory landscape as a barrier to assisting Voyagers customers.　　A committee representing Voyager creditors in bankruptcy proceedings expressed their disappointment and is considering potential claims against Binance.US. In March, a federal judge temporarily halted the proposed deal following a request from the US government for an emergency stay. The US Attorneys Office for the Southern District of New York and the Department of Justices (DOJ) bankruptcy watchdog appealed against the sale, which had been approved by a bankruptcy judge. The emergency stay was requested on the grounds that the transaction could involve unregistered securities and transactions violating federal securities laws.　　The sale process is paused until the DOJ pursues appeals challenging the deals legality through the US court system. Despite objections from federal and state regulators, Judge Michael Wiles approved the proposed restructuring plan earlier this month. The winning bidder was to make a $10 million

2023-04-26Deep Dive

Exploring the Role of Cryptocurrencies in the Evolution of E-Commerce and Online Transactions

Cryptocurrencies have come a long way since the inception of Bitcoin in 2009. Over the years, these digital assets have gained traction as an alternative to traditional fiat currencies, enabling people to make transactions without the need for banks or other intermediaries. With the rise of e-commerce and online transactions, cryptocurrencies are beginning to play an increasingly important role in the global economy. This article will explore the potential impact of cryptocurrencies on the future of e-commerce and online transactions, examining various aspects of this burgeoning industry.An Alternative Payment Method　　One of the most prominent use cases for cryptocurrencies in e-commerce is as an alternative payment method. Digital currencies like Bitcoin, Ethereum, and Litecoin offer an appealing option for both consumers and businesses due to their decentralized nature, lower transaction fees, and faster processing times. Additionally, cryptocurrencies are not bound by national borders, allowing for seamless international transactions without the need for currency conversions or international fees.Enhanced Security and Privacy　　Cryptocurrencies provide a higher level of security and privacy compared to traditional payment methods, as transactions are recorded on a decentralized ledger called the blockchain. This system allows for increased transparency and reduces the risk of fraud and chargebacks. Moreover, since cryptocurrencies

2023-04-26Deep Dive

USDC-Issuer Circle CEO Hints At US Exit

According to Circle CEO Jeremy Allaire, the declining market value of USD Coin (USDC) stablecoin is being caused by regulatory pressure and skepticism towards the cryptocurrency market. Allaire stated that investors are seeking to minimize their exposure to the US due to the unclear regulatory environment in the country.　　USDC Issuer Circle CEO Hints At US Exit Amid Regulatory and Banking Woes　　　　　　The market value of USDC stablecoin has been declining since mid-2022 and fell to $30.6 billion as of today. Meanwhile, other stablecoins like Tether (USDT) saw their market value recover above $81 billion due to the market rally this year. Circle CEO Jeremy Allaire pointed out during an interview with Bloomberg Television on April 26 that the US banking system and regulatory environment are causing global concerns.　　USDC stablecoin reserves are mainly backed by US treasuries and cash deposits. However, during the banking crisis, USDC depegged from the US dollar when US regulators shut down three crypto-friendly banks: Silvergate, Silicon Valley Bank, and Signature, under Operation Choke Point 2.0.　　USDC stablecoin is losing support from crypto exchanges, companies, and investors due to its compliance with the U.S. Office of Foreign Assets Control (OFAC). Circle froze USDC in blacklisted wallet addresses after OFAC

2023-04-26Deep Dive

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