Crypto Guides, Knowledge & Insights

Relocation And Exchange Launch: Huobi's Latest Move in Hong Kong

Justin Sun recently stated in an interview that Huobi, the worlds sixth-largest cryptocurrency exchange, has sought for a license that would enable it to provide cryptocurrency trading services in Hong Kong. The relocation is part of Hong Kongs plans to become a digital asset center, and Huobis Asia headquarters will be transferred from Singapore to Hong Kong as well. Sun, the creator of the blockchain network TRON, indicated that the initiative will entail the establishment of a new exchange in Hong Kong named Huobi Hong Kong, which would first serve high-net-worth individuals and institutional investors.Justins good prediction about cryptos future regulation　　Sun expressed optimism about the future of crypto compliance in Asia, namely Hong Kong and maybe China, noting significant advancements in Hong Kongs regulatory structure over the last three years. He stressed that the action was a significant step for the major cryptocurrency exchange and demonstrated the companys ongoing commitment to operate in a legal and regulated way. Huobis new exchange would be completely compliant with local legislation, giving consumers a variety of trading pairs and services.　　The Hong Kong government is attempting to recruit digital asset enterprises, which would provide regular investors with greater access to leading cryptocurrencies and crypto

2023-02-21Deep Dive

Gemini Co-Founder Predicts That The East Will Be The Starting Point For The Next Crypto Bull Run

The next bitcoin bull run will come from the East, according to Cameron Winklevoss, co-founder of the US-based cryptocurrency exchange Gemini. He thinks that this will serve as a reminder that cryptocurrency is a global asset class, and that the West, notably the United States, must embrace it or risk falling behind. He highlighted that crypto cannot be stopped and that any government that does not provide clear laws and direction would fall behind and lose out on designing the worlds future financial infrastructure.The risk of having no clear crypto legislation　　Yet, the Securities and Exchange Commission (SEC) of the United States has been chastised for its recent enforcement measures against crypto businesses. The regulator charged Kraken for its staking program and Paxos for issuing the stablecoin Binance USD. In January, the SEC charged Gemini with promoting and selling unregistered securities to individual investors via its “Earn” crypto asset loan scheme. Numerous cryptocurrency proponents, including SEC Commissioner Hester Peirce and many senators, have voiced worry that the SEC is not establishing clear guidelines for crypto businesses to follow.　　As a consequence, a rising number of Asian jurisdictions, including Hong Kong, Singapore, and South Koreas second-largest city, Busan, are attempting to establish themselves

2023-02-21Deep Dive

Unauthorized Crypto Firms Warned By FCA

FCA (Financial Conduct Authority) is the regulatory body in the UK responsible for overseeing financial markets and ensuring that financial institutions and firms operate in a fair and transparent manner. In recent years, the FCA has warned consumers about the risks of investing in cryptocurrencies, citing concerns over their volatility and lack of regulation.　　In January 2021, the FCA announced that it would require all cryptocurrency firms operating in the UK to register with the agency by June 30, 2021. The FCA has also issued warnings to several crypto firms for failing to comply with its regulations and has taken action against firms that have engaged in fraudulent or deceptive practices.List of unauthorized crypto firms warned by FCA　　Cryptox Arena Ltd 　　Crypto Bulltrade Inc 　　One notable example is the case of Binance, a major cryptocurrency exchange, which was warned by the FCA in June 2021 that it was not authorized to operate in the UK. The FCA stated that Binance had failed to meet its anti-money laundering requirements and that the firm posed a potential risk to consumers.　　The FCAs actions against crypto firms reflect its commitment to protecting consumers and ensuring that financial markets operate in a safe and transparent manner. As

2023-02-21Deep Dive

Starlink suggests alternative payments methods for Nigerians Subscribers

By: Damian Okonkwo　　In a bid to expand its reach in Nigeria, Starlink, a satellite internet service provider, has recommended two alternative payment channels for Nigerians to order its hardware. This includes using Payday and barter cards for making payments for its Nigerian subscribers.　　Starlink has been making waves in the internet service provider space, promising to provide high-speed internet connectivity to underserved communities around the world. The companys service has been highly sought after in Nigeria, where internet connectivity remains a major challenge.　　However, the company has faced payment challenges in Nigeria, as many Nigerians have had difficulty paying for its hardware using traditional payment channels. This is why the company has moved to provide two new additional payment methods for Nigerians to make it easy for Nigerian subscribers to do so easily.　　This move by Starlink is expected to further make it easier for Nigerians to access its internet services, which will undoubtedly improve internet connectivity in the country. Nigerians who have been eagerly waiting to access Starlinks internet services can now do so with ease, using these alternative payment channels.　　Starlinks recommendation of alternative payment channels for Nigerians is a welcome development, as it highlights the companys commitment to expanding its reach

2023-02-20Deep Dive

Breaking: Another Hedge Fund Collapses In Foray Of FTX; Market To Decline?

The FTX collapse led by Sam Bankman-Fried continues to affect the global crypto market. One of the major victims of the FTX crash has now decided to close down and return the money to its investors.　　FTX Still Hounding Crypto Market　　Galois Capital has reportedly shut down and returned money to investors after terminating all trading and unrolling all its positions in the market. The hedge fund was managing approximately $200 million in assets and was one of the largest crypto-focused pools in the market last year. According to Kevin Zhou, Galois Capital believes it cannot continue operating after being impacted by the FTX crash, although he expressed regret about the situation. As previously reported by WikiBIT, Galois Capital was caught off guard when around half of its assets were trapped in the collapsed FTX exchange.　　Galois Clients To Get Their Money Back　　The Financial Times report claims that one million creditors were identified in the bankruptcy proceedings of FTX led by Sam Bankman-Fried (SBF). SBF is expected to face trial for fraud charges in October, and he has already pleaded not guilty to the charges.　　In a letter to its clients, Galois Capital stated that its clients will receive 90% of the money that

2023-02-20Deep Dive

Binance US Repudiates Claims About Illegitimate Digital Currency Exchanges

Binance US, a cryptocurrency trading platform linked with global exchange Binance, has denied accusations that it is similar to fraudulent and insolvent cryptocurrency exchanges. Binance US stressed that the two are distinct organizations with independent management teams. The platforms leadership is made up of former US government personnel. The Department of Justice, Securities and Exchange Commission, Federal Bureau of Investigation, and Federal Reserve Bank of New York have all pledged to operate a secure platform that complies with US laws and regulations.Binance access to unauthorized bank accounts　　Binance US also addressed the claim that Binance had unauthorized access to its bank account. According to the allegation, more than $400 million was moved from Binance USs bank account to Merit Peak Ltd., a trading business run by Binance CEO Changpeng Zhao, in the first three months of 2021. Binance US explained that, although a market-making business called Merit Peak functioned on the Binance.US platform, it ceased all operations in 2021. Binance US argued that only Binance US personnel had access to the exchanges bank accounts and that the exchange displays its competitive and transparent market maker program on its website, demonstrating that companies compete fairly for rebates.　　Additionally, Binance US promised the crypto

2023-02-20Deep Dive

Tighter Controls Put in Place for Crypto Exchanges and Margin Trading in Canada

According to unidentified sources, the Canadian Securities Administrators (CSA) will introduce a coordinated supervision framework for cryptocurrency transactions later this month. All bitcoin trading platforms seeking registration will be required to sign undertakings that agree to investor safeguards under the new guidelines. Also, crypto applicants would need to agree to stricter restrictions, such as a prohibition on margin and leverage trading, making it more difficult for regular investors to trade cryptocurrencies using leveraged bets and prohibiting crypto providers from taking credit card payments.　　By proposing additional registration requirements, the CSA intends to tighten its regulation of cryptocurrency exchanges operating in the nation. This includes a suggestion that providers be required to store all Canadian customers assets with a suitable custodian and keep these assets separate from the platforms own company. Additionally, the plan mandates that cryptocurrency providers retain consumer assets separate from their own operating finances.Top crypto exchange in Canada　　- Coinsquare - Coinsquare is a Toronto-based cryptocurrency exchange that supports the trading of several popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.　　　　　　- Kraken - Kraken is a popular cryptocurrency exchange that is based in the United States but also serves Canadian customers. It supports a wide range of cryptocurrencies, including Bitcoin,

2023-02-20Deep Dive

FTX Japan Restarts Withdrawals Of Client Funds

FTX Japan, the Japanese division of FTX.com, has begun the process of moving customer funds out of its collapsed platform. The move comes after the company launched beta testing for a balance transfer process for a randomly selected group of customer accounts. FTX Japan will use the feedback from the testing to make the process of confirming and transferring balances “as transparent as possible” for a wider group of FTX users. The company has apologized for causing inconvenience to its customers due to the long-term suspension of its services. FTX Japan laid out a timeline for the restoration of customer funds and resuming asset withdrawals as early as February.The development of FTX exchange Japan　　The exchange has developed a recovery system that will enable affected users to retrieve their assets via Liquid Japan, which is the first exchange to be officially licensed by the Japan Financial Services Agency (JFSA). Under the process, FTX Japans customers will become clients of Liquid, which acquired the client book and then conducted balance checks. FTX completed the acquisition of Liquid Group a year ago to serve Japanese customers through its subsidiary. The FSA-regulated venue also operates a clearinghouse for fiat-backed stablecoins which facilitates swaps, FX

2023-02-20Deep Dive

Big Reason To Worry For The Terra Luna Classic (LUNC) Community

The Terra Luna Classic community has fallen short in their effort to burn a significant amount of LUNC tokens this week as part of their plan to reduce the total circulating supply. They only managed to burn 5 million LUNC tokens, as their focus was lost due to the absence of Binances monthly LUNC burn mechanism.　　However, the Cremation Coin project burned 3.39 million LUNC tokens, contributing to a total burn of over 34 million LUNC tokens. Additionally, the validator LUNC DAO burned 1.77 million LUNC tokens during the week, but the Terra Luna Classic community did not burn a significant amount of tokens besides this.　　Last week, the Terra Luna Classic community burned more than 15 million LUNC tokens, which is an improvement from the 12 million burned in early January. This milestone is seen as a positive step towards their goal to burn billions of LUNC tokens in 2023, and the community is optimistic that regular burns and the restoration of utility will increase the LUNC price to $1 in 2023.　　The community was focused on a successful blockchain upgrade v1.0.5, which was completed at block height 11,543,150 on February 15 at 18:28:24. However, during this time, they failed to reach

2023-02-19Deep Dive

Elon Musk Promises To Monetize Twitter User Content Soon, Dogecoin To Pump?

Since taking over as CEO of Twitter, Elon Musk has implemented various changes to the social media platform, including plans to allow creators to monetize their content. This development coincided with a significant increase in the value of Dogecoin, a cryptocurrency Musk has promoted on his Twitter account.　　On Saturday, a Twitter user reported that the impressions on one of their tweets exceeded 1 million for the first time, but they were unsure how to monetize it. The tweets impressions ultimately reached 1.37 million, an increase of 102.8%.　　A Twitter user expressed excitement over reaching one million impressions on a tweet for the first time and asked for advice on how to monetize it. The founder of Dogecoin, Billy Markus, responded, offering to let the user know if he figures out a method to make money from tweets.　　Elon Musk then replied to the user, confirming that his team is currently developing a plan to enable Twitter users to earn money from their content. This response sparked discussions among users, with some offering suggestions on how to monetize tweets indirectly. In response, the original user stated that they would be willing to accept Dogecoin as a form of payment if fiat currency was

2023-02-18Deep Dive

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