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Huobi bans new user registration from China following the crypto ban

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One of China’s biggest crypto exchanges, Huobi decided to adhere to the ongoing crypto ban by pulling the plug on new user registrations from Mainland China. This move was directly linked to the big crypto takedown that the Chinese government had formulated.

China stunned the world with its big crypto takedown. The Chinese government ousted an array of crypto platforms from the region. Just as the country prepares to roll out its very own virtual currency, the digital yuan, it was seen bidding adieu to the platforms associated with crypto. The government decided to shut several prominent crypto mining platforms that were well established in the region. Further elevating their power, several financial regulators of China joined hands and imposed a blanket ban on crypto.

Prominent cryptocurrency exchange, Huobi went on to respond to this blanket ban by eliminating the option of new accounts for the users of mainland China.

Huobi succumbs to China’s govt.

In a recent tweet, Chinese crypto journalist, Colin Wu revealed that Huobi had stopped taking in new users from China. Even though this was a temporary measure, Huobi could endure loss considering its reach and hold over China. In the tweet, Wu wrote,

“Exclusive: Huobi, the largest exchange in the Chinese region, suspends the registration of all new users in mainland China. […] The regulatory pressure in China this time may be very high. The exchange began to react.”

While not many exchanges were responding to China’s move against the crypto-verse, Huobi hit back by blocking new users. Additionally, another prominent news agency, 8BTC noted that the crypto exchange had deleted Mainland China from the country/region section of its APP registration. Mainland China was the only region out of the crypto application. Taiwan and Hong Kong still remained intact in the region.

Just yesterday, Wu shared an array of tweets noting how China’s big crypto crackdown would make the Bitcoin mining industry traverse to the United States. However, since the US isn’t very crypto-friendly exchanges and other crypto firms could move to Singapore, the Chinese crypto-journalist noted.

China’s latest move was seen dementing the growth of the crypto market.

Hong Kong’s regulatory heat forces crypto exchange FTX to move

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Hong Kong’s latest regulatory turnover has caused an array of platforms to flee from the region. Prominent cryptocurrency exchange, FTX was the latest to move away.

This year was all about regulations in the crypto-verse. Even though the crypto market started out to steer away from the harsh regulatory system put forth by centralized entities, the digital asset market succumbed to this regulative society. Just as the value of the market began surging, regulators across the globe started taking a keen interest in the industry. This further pushed several crypto platforms to shut shop or even turn into a centralized firm.

Hong Kong was one such region that began overseeing its crypto scene. With newly established regulations, crypto platforms in the region were obligated to abide by it or close shop. Crypto derivative platform, FTX took another route and decided to relocate from HK.

Hong Kong bids adieu to FTX

In a recent tweet, Colin Wu Chinese crypto-journalist revealed that FTX had shifted its headquarters from Hong Kong to Nassau in the Bahamas. The tweet read,

This moe was directly linked to the harsh regulatory climate in the region. Nassau which is the capital of the Bahamas is reportedly more crypto-friendly and the chances of FTX thriving in the Bahamas was higher.

Just a couple of days ago, the crypto exchange noted that its subsidiary, FTX Digital Markets had garnered a registration from the Securities and Exchange Commission of the region. Not only did this open the doors for new opportunities but it also paves the way for the crypto platform’s growth.

Ryan Salame was appointed as FTX Digital Markets’ CEO. Salame was previously serving as the Head of OTC at Alameda Research. Speaking about this shift and his new position, Salame said,

“I’m excited to plant the flag for FTX in The Bahamas. The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”

Dogecoin [DOGE] could be joining other crypto assets at the world’s largest movie chain, AMC

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The world’s largest movie chain, AMC has decided to further elevate its association with crypto by showing its interest in the meme coin, Dogecoin [DOGE].

Cryptocurrencies have entered almost every industry. Recently, they made a debut at the cinemas. With several platforms across the globe welcoming crypto with open arms, an array of cinema chains also joined in. The world’s largest movie chain, AMC decided to jump onto the crypto bandwagon. Back in August, the platform announced the inclusion of Bitcoin [BTC] into its system.

Furthermore, this list was extended with the addition of several other coins. Just last week, the CEO and Chairman of AMC, Adam Aron announced the incorporation of Ethereum [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. Soon after this, the crypto community went on to urge Aron to add Dogecoin [DOGE]. It seems like the Chairman of AMC was interested in adding DOGE as a payment option.

Dogecoin to make entrance into AMC?

In a recent tweet, Aron put out a poll and asked the community if they wanted AMC to add Dogecoin. With four options to choose from, the tweet read,

“I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”

About 69.1% of the 119,952 votes, were given to the first option “Yes, for sure do it,”. The second option, “Yes, but I won’t use it,” had only 8.5% votes, and the third one, “No, not that important,” had a total of 6.9% votes. Only 15.5% noted that they weren’t interested in the asset by choosing the last option, “No, a waste of effort.”

The first option was a clear winner. The community noted that they wanted the inclusion of DOGE. Despite the downfall of DOGE, the fervor and popularity surrounding to coin still seemed to be high. The meme coin could join the list of other coins that were waiting to join AMC by the end of this year.

Texas residents express interest in crypto as a payment method

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Following El Salvador’s footsteps, several governments were seen trying to accommodate crypto into their system. Texas, a state in the United States of America is the latest to express interest in crypto. However, the residents of the state were seen pushing for crypto payments.

Just as the world was traversing into the digital world, digital asset payments were seen thriving. While the value of crypto surged, the demand for it followed suit. The crypto industry noticed a drastic growth from its nascent stage to its fully-fledged current rate of adoption. Trying to keep up with the trend and reap the benefits of the crypto-verse, several governments across the globe were seen adopting cryptocurrencies.

As per a recent poll reported by Newsweek, it was noted that an array of people from Texas were interested in bringing crypto into the region. In a survey with 9,700 voters over various states of the United States from 20 to 22 August in California and 20 to 24 August in nine other states. About 37% of the residents from Texas were noted voting to make crypto legal. However, 42% of the crowd wanted crypto-friendly legislation.

This could further mean that about 10 million of the existing 29 million population of Texas were seen favoring the adoption of crypto in the region.

Texas to go crypto-friendly?

Redfield & Wilton Strategies, a UK-based platform, carried out a survey in light of the state’s efforts to recognize cryptocurrencies. While some parts of the US still remain hostile towards the emergence of crypto, regions like Wyoming and Texas seem to be driving the crypto bandwagon.

Additionally, several politicians have started to express support for crypto, particularly during campaigns. While some of them have a genuine interest in bringing crypto into the system, a few others could be using it to lure voters. Louisa Idel, the head of insights at Redfield & Wilton spoke about the same and said,

“If a party wants to catch these receptive voters, it should act swiftly—not only to beat the other party to the punch but also to preempt legislation that would prove difficult to reverse if enacted.”

Brazil’s BTG Pactual launches crypto trading platform mynt as users number spikes

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With each passing day, the world of digital assets seems to become closer and closer to mainstream adoption. The latest news from Brazil was a positive marker for an industry going through a bear market. On Tuesday, Brazil’s BTG Pactual launched its native platform for virtual assets trading.

South America has become a hotspot for cryptocurrency adoption with several countries considering cryptocurrencies as a legal tender. Brazil’s focus on crypto was helped along by a rapid influx of new traders into the ecosystem. BTG had earlier expressed their interest in entering the cryptocurrencies as the Mynt platform worked towards achieving that goal.

As of now, Mynt platform users can purchase Bitcoin and Ether in a few quick steps. The bank further added that it had plans to add other cryptocurrencies to it’s roster in the future. Post the latest announcement, BTG Pactual’s head of digital assets Andre Porhilo said:

“At this first moment, we will have the two main assets of the market but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets. With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility characteristics that are fundamental in a new category of investments with which most people are not used to.”

Officials close to the bank claimed that the massive demand for cryptocurrency trading amongst users was the main factor for Mynt’s origins. BTG Pactual CEO Robert Sallouti also informed the public that the company would take the onus of informing the public of the burgeoning market. The bank plans to launch educational content about blockchain and virtual assets with the mission of acclimatizing the new entrants.

BTG Pactual’s foray into cryptocurrencies has also made it the first major institution in Brazil to do so. The bank assured users that the platform was being assessed by the Brazilian Securities Commission and the local central bodies for total credibility. We now have to wait and watch how the platform takes of in the South American country.

Binance decides to pull the plug on futures and options trading in Australia

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One of the world’s largest cryptocurrency exchanges, Binance has been undergoing extreme scrutiny from regulators across the globe. The regulatory pressure surrounding the exchange has been surging by the day. This has further pushed the exchange to shut shop in several parts of the world. Australia was the latest country to lose certain services of Binance.

The crypto-verse has been subject to heat from regulators despite being known for its decentralized nature. Governments have started to pry into the crypto industry just as its demand began to surge. Binance recently had a major fallout with not just one regulator, but with regulators from several different regions. As the exchange continues to put in place better compliance methods, it was seen pulling the plug on various services it offers.

In a recent announcement, the exchange revealed that it would no longer offer futures and options trading services to its Australian customers by the end of this year. In a detailed post, Binance noted that Australian users would be given a period of 90 days to reduce and close their positions on derivative offerings.

Binance Australia to end derivatives offerings by December

The exchange noted that it intends to comply with the regulations put forth by the Australian government. In order to do so, the exchange would be discontinuing futures, options as well as leveraged tokens services in the country.

With a total of 90 days starting from 24 September 2021, Australian users would not be able to reduce or close their positions post 23 December 2021. Any positions that exist after this date would be closed automatically.

Additionally, during this period, Aussie users would still have access to certain services like being able to top-up margin balances to avoid liquidations and margin calls. However, the option of increasing or opening up new positions would not be allowed.

A spokesperson from the exchange reportedly stated,

“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements.”

The exchange clearly seemed to be enduring immense loss following the hold on an array of its services in its numerous branches. Recently CZ even admitted to the need for a “centralized entity.”

Bybit decides to shut shop in South Korea

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Similar to every other regulator across the globe, South Korean regulators decided to mandate the need for a license. Bybit, a prominent crypto exchange decided to steer away from the region just while the final date to apply for a license was looming.

The cryptocurrency industry witnessed massive growth over the last couple of years. The drastic change from its nascent to its current stage had left the whole world in awe. Financial regulators, however, feared that cryptocurrencies could hamper the existing dynamics of the monetary world. This further pushed regulators into heavily scrutinizing the crypto market and exchanges seemed to be highly impacted by this.

The regulatory environment in South Korea has been hazardous for the last couple of days. With new regulations in place, over 60 crypto platforms were urged to alert their customers of either a full or partial suspension on trading. Exchanges operating in South Korea were obligated to register with the Financial Intelligence Unit by 24 September.

With this deadline just days away, Bybit decided to discontinue a few of its services in the region. These services were deemed important for the exchange to survive in the country.

Bybit to halt two major services in South Korea

In a recent announcement, Bybit stated that it would discontinue two services including its support for the Korean language on all its platforms and the official Korean community on social media. Both these features would be shown suspended from 20 September 2021.

Almost every exchange believes that regulations are needed in the crypto-verse. Bybit went on to address the same and asserted the reason behind its latest decision. The exchange stated,

“Bybit believes that regulations are necessary for the democratization of cryptocurrency. Bybit accepts its responsibility as an exchange and an industry leader in actively cooperating with regulations implemented by various jurisdictions to promote financial inclusion and develop the overall crypto industry.”

Additionally, the exchange noted that all other services would function as usual. However, Bybit also affirmed that it supported no Korean won markets as the exchange had no trading pairs that entailed the Korean won.

With Korea’s big crypto takedown underway, only a few exchanges like Upbit, Coinone, Bithumb, and Korbit have reportedly been allowed to function as they have fully complied with the local regulations.

Bitcoin creator, Satoshi Nakamoto’s statue unveiled in Budapest

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The world’s first and largest cryptocurrency, Bitcoin [BTC] is one of the most popular currencies to exist. This asset not only changed the whole dynamics of the financial world but also initiated a whole new wave of digitalization across the globe. The asset always had a love-hate relationship with regulators and governments. While the world has slowly started to recognize and accept this asset, the fervor around it has witnessed parabolic growth.

It has been more than a decade that BTC has come into existence, however, nobody knows the man or woman behind this coin. The creator of Bitcoin goes by the pseudonym, Satoshi Nakamoto and that is all the information that is there about the person behind the world’s largest cryptocurrency. Despite this, Budapest went on to formulate a statue commemorating Satoshi Nakamoto.

The statue of Nakamoto was unveiled and ready for viewing at Graphisoft Park in Budapest. The statue was reportedly created by sculptors Gergely Réka and Tamás Gilly.

Bitcoin creator’s first statue in Hungary

Priced at $47,471 and with a market cap of $893 billion, Bitcoin stands as the largest cryptocurrency. Little did Satoshi Nakamoto know that his/her/their creation would give birth to a whole new industry.

Celebrating Nakamoto’s creation, a bronze statue was placed in Budapest. This statue had a featureless face with a hoodie that entailed the logo of Bitcoin [BTC]. The sculptors behind the statue put forth the idea back in June 2021 itself. The face was built with a reflective material in which viewers could see themselves. With this, the sculptors intended to give the impression, “we are all Satoshi.”

Bitcoin

The co-founder of the statue project, András Győrfi, spoke about the coin and pointed out that Bitcoin created value along with its underlying technology, blockchain.

Several people were seen being a part of this event and Debreczeni Barnabás, CEO of Shinrai, a Hungarian crypto exchange was one of them. Barnabás spoke at the ceremony and said,

“Satoshi Nakamoto has created an independent money free of any middlemen that empowered people with financial sovereignty […] We have erected this statue to remind ourselves courage is virtue. We need to keep on dreaming big.”

PayPal finally opens its crypto doors to all UK customers

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Prominent payments firm, PayPal entered the crypto-verse and changed the market forever. The emergence of the crypto industry was identified by this major platform and it made a timely move with its entrance into the market. With an intention of further sprucing up its crypto game, it decided to expand its digital asset services all across the globe.

Back in August, PayPal had announced its interest in venturing into the UK. While the payments firm already has a well-established base all around the world, it was just starting to incorporate crypto into its system. Today, the firm finally revealed that it had opened the doors to its crypto services to all eligible customers of the UK.

With this announcement, the payments giant noted that UK customers would be able to buy, sell as well as hold an array of cryptocurrencies. This service was originally expected to go live back in the last week of August itself.

PayPal takes its crypto business to the UK

UK users would be able to choose from a wide range of crypto assets that include, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH]. While the platform currently offers only four crypto assets, the community was seen urging it to add a few more prominent ones like XRP.

In its initial announcement PayPal’s Vice President and General Manager, Blockchain, Crypto and Digital Currencies, Fernandez da Ponte, stated that the firm intends to closely work with regulators in the UK. He also added that the payments giant wanted to “meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

The payments facilitator took to Twitter to announce the commencement of this service. The tweet,

“We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.”

Taking its crypto business into the UK would be considered PayPal’s first international expansion after the United States. The fervor around crypto could certainly surge in the UK as a fully established brand like PayPal had entered the game.

Binance’s CZ admits to the need for a “centralized entity”

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Binance has been a constant visitor of the headlines for a while now. Regulators from across the world were seen squabbling with the exchange over issues pertaining to license. While exchange had to deal with an array of regulators all at once, the CEO of Binance Changpeng Zhao aka CZ has put forth the need for a centralized entity.

Centralized systems have existed for the longest time. The cons that come along with these systems stood out for the creator of Bitcoin, Satoshi Nakamoto. This further pushed this anonymous person to roll out the first and the largest cryptocurrency. The term “decentralization” was a selling point of the crypto-verse. However, with time the term began fading and centralization took over most of the crypto market.

After Binance’s tiff with several regulators, CZ seemed to have come to the conclusion that the requirement for a centralized entity was a must.

Binance takes the other route

Crypto platforms cannot survive without the involvement of regulators. Therefore, it further becomes necessary for crypto exchanges to comply with the regulations put forth by financial watchdogs.

In a recent interview with the South China Morning Post, CZ addressed the ongoing crackdown on its branches across the globe. He added,

“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators. [..] We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”

Binance is a prominent name in the crypto-verse. The recent takedown of the financial regulators from the UK, Cayman Islands, Malaysia, Singapore, Japan, Ontario, Italy had completely shattered the exchange. While Binance lost its spot in several of the aforementioned regions, the exchange’s efforts in complying with regulators from the other regions have been prolonged.

The platform was even seen hiring several experienced members that would further aid the exchange in understanding and complying with the regulators in a better way.