• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for Australia

Australia

Australian Cryptocurrency Watchdogs’ New Plans To Secure Its Consumers

February 3, 2023 by Aishwarya shashikumar

Australia sought to expand the regulations and change the regulatory environment surrounding cryptocurrency. In order to determine which digital assets will be subject to legal regulation, the administration declared that it would publish a consultation paper in the early months of 2023.

According to regulators, the paper’s findings will serve as the foundation for a new “strategic strategy” for the payments system. The government was apparently improving the rules governing bitcoin providers among other things.

In order to regulate the cryptocurrency ecosystem in the country, Australia is reportedly considering giving the securities regulator more resources, including staff.

Australian Cryptocurrency Regulatory Aspects

The Australian Securities & Investments Commission [ASIC] is growing its digital asset team and enforcement measures, according to a statement released by Treasurer Jim Chalmers on Friday. The Australian Competition & Consumer Commission [ACCC] is also intensifying its initiatives to limit bitcoin ransomware schemes.

The declaration made a point of how “more crooks” are looking to get paid using this unique asset type. In 2022, losses associated with cryptocurrency payments reached a total of $221 million.

The government is also trying to change how crypto assets are licensed and kept. The portion of bitcoin assets that are now exempt from the regulatory framework for financial services will continue to get the majority of attention. In his statement, Chalmers said,

“We will establish a set of obligations and operational standards for crypto asset service providers to ensure they adequately safe‑keep assets for customers.“

The agency also made it clear that consultations on the framework’s design for custody and licensing will start “mid-2023.” Additionally, the Australian Treasury has published a consultation paper on token mapping. Which components of the cryptocurrency ecosystem will be regulated will be decided by the same.

The three reasons the government is acting on cryptocurrency are “protecting consumers, protecting our financial system, and cracking down on criminals.”

This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz

— Stephen Jones MP (@StephenJonesMP) February 2, 2023

Finally, the nation is using a “multi-stage method” that consists of three components. To be more precise, they entail enhancing consumer protection, enhancing enforcement, and developing a framework for its token mapping reform.

The treasurer claimed that while the previous administration experimented with cryptocurrency policy, it never took the time to future-proof its regulatory structures. He however added,

“We are acting swiftly and methodically to ensure that consumers are adequately protected and true innovation can flourish.“

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: Australia, Crypto Regulations, Cryptocurrency

XRP: Australia Embraces Ripple With Open Arms; $1 Target Achievable?

January 18, 2023 by Aishwarya shashikumar

Recently, one of the trending topics on Twitter has been Ripple (XRP). At the time of publication, there were numerous causes for the same. In the company’s case against the SEC, a recent development involving MoneyGram was first made public.

XRP already dominates trade volumes at some of Australia’s main digital exchanges, according to the Australian Financial Review news site, as Ripple-based international remittances become a key use case.

Ripple now dominates Australian crypto exchange volumes #XRP https://t.co/yaeFIqsNIn

— Neil Smith (@nsmithau) January 18, 2023

Over the last 24 hours, XRP accounted for 82% of volumes on the Independent Reserve exchange and 62% of volumes on Melbourne-based BTC Markets. XRP accounted for a bigger portion of BTC Markets’ trading volumes because BTC Markets is a Ripple on-demand liquidity (ODL) partner for Australia, according to Caroline Bowler, chief executive of BTC Markets.

Bowler further said,

“Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs, It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms. It is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry.”

XRP transactions represented $10.2 million in 24-hour volume on Sydney-based Independent Reserve, far more than all other cryptocurrencies combined. Market makers and foreign remitters on the ODL network were among the clients trading XRP, according to the exchange’s CEO Adrian Prezelozny. Many believe that the legal conflict between Ripple and the SEC, which is now in progress, will have a significant impact on the cryptocurrency markets.

No matter how you dissect it, the experts agree — the outcome of the Ripple case will likely have a significant impact on crypto's future in the US. https://t.co/2IS5OR8O1W

— Stuart Alderoty (@s_alderoty) January 17, 2023

Depending on how the case turns out, it may be possible to determine if XRP and perhaps all other cryptocurrencies should be under the control of the U.S. Securities and Exchange Commission (SEC).

XRP: Bulls Target $1; Is It Possible?

After the CPI report indicated that inflation had decreased from 7.1% to 6.5% last week, the cryptocurrency markets began to rise. Ethereum reached $1,595 levels and Bitcoin surpassed $21,000 as the top altcoins surged double digits.

The SEC v. Ripple case is impeding the targeted target, even though the long-term objective is above $1. After John Deaton, an attorney for the Amicus Curiae gained attention on Tuesday by discussing the importance of the Amicus brief, the lawsuit once again became the focus of attention this week. He claimed that the SEC is actively pursuing the designation of XRP as a security. He further added,

“The SEC literally claims XRP itself was, is, and always will be a security. The scope of the SEC’s Howey argument has become so stretched that it is truly indefinable, in space or in time.”

But guess what? The SEC ALSO claims that #XRP itself represents all the promises and inducements and efforts made by Ripple since 2013 until the present.

Do you realize what this means? It means the SEC is arguing #XRP itself satisfies both the second and third prongs of Howey.

— John E Deaton (@JohnEDeaton1) January 16, 2023

In conclusion, the token’s market growth is being hampered by the lawsuit developments and updates. When the legal dispute is resolved, Ripple’s native token may eventually surpass the $1 threshold. The token could continue to be in a consolidated state until then.

Filed Under: News, Altcoin News, World Tagged With: Australia, Cryptocurrency, ripple, xrp

Australia Sets up First Lightning Network Enabled Bitcoin ATM

January 3, 2023 by Goku

The first Bitcoin ATM with built-in Lightning network capabilities is located in Coolangatta, Australia. The public can now use the new ATM, which has been installed at The Strand shopping center in Coolangatta.

A Bitcoin Lightning ATM functions very similarly to a traditional Bitcoin ATM, but it saves a lot of time thanks to layer-2 Lightning’s instant transaction capabilities. Additionally, it enables the acquisition of very small quantities of BTC, typically in Satoshi (sats), the smallest unit of measure for Bitcoin, where one satoshi is equivalent to 0.00000001 BT.

At the moment, blockchain transactions are settled directly by cryptocurrency ATMs. This has its own limitations. For instance, when miner fees on the Bitcoin network increased, operators had to adjust the batching of transactions.

In actuality, this means that even though a user buys bitcoin using an ATM, it isn’t sent to them right away. Before clustering and sending out transactions to multiple users at once in one bulk transaction, the operator has steps in place that queue up for other ATM network users to use the machines. A Lightning network could significantly help with this issue’s resolution.

Because the operator does not have to batch the funds when using Lightning, the transaction is immediate. As quickly as cash is inserted, the user is paid using the Lightning network. Although it is still unclear whether the fees would be significantly decreased, they are most likely to be less than an on-chain payment.

Australia dethroned El Salvador in terms of Bitcoin ATMs

Australia recently put in a Lightning-enabled Bitcoin ATM, passing El Salvador to become the fourth-largest Bitcoin ATM hub in the world. In Australia, there will be 216 ATMs by 2023. 6,071 of the 38,602 crypto ATMs currently in use around the world were installed in 2022.

In terms of the overall number of crypto ATM installations, El Salvador, the first country to legalize Bitcoin, has fallen yet another spot as Australia reports 216 ATMs as 2023 is here.

President Nayib Bukele decided to set up more than 200 cryptocurrency ATMs across El Salvador as part of his effort to make Bitcoin a recognized form of currency. After the US and Canada at the time, this move made El Salvador the third-largest hub for crypto ATMs in September 2021; however, in 2022, Spain and Australia passed El Salvador in terms of ATM density.

Filed Under: Industry, Bitcoin News, News Tagged With: Australia, Bitcoin, Lightning Network

Australia is Inching Closer Towards Establishing a Crypto Framework

December 14, 2022 by Goku

According to a statement made by Australia’s Treasury on Wednesday, the country’s government has committed to establishing a framework for the licensing and regulation of crypto service providers by 2023.

Following the FTX collapse, which made the management of its Australian entities hand over regulation to licensed insolvency professionals who individually assess the financial situation, the move is part of a plan to modernize the country’s financial system.

Australia to develop appropriate custody and licensing rules

The next steps the government takes will include creating appropriate licensing and custody arrangements to protect consumers, according to the announcement.

“Unfortunately, our regulatory architecture has not kept pace with changes in the market.” “In many areas, the previous government sat on its hands. In other areas, it made announcements but didn’t deliver.”

stated the joint release by the country’s Treasurer Jim Chalmers MP and Assistant Treasurer and Minister for Financial Services Stephen Jones

As part of its ongoing “token mapping” work, the government will evaluate which tokens or “digital assets should be regulated by financial services laws.” The country’s Treasury declared in August 2022 that it would give “token mapping” work top priority. 

This work entails identifying all Australian digital asset tokens’ characteristics, including their type, underlying code, and any other distinctive technological aspects.

image 34
Australia is Inching Closer Towards Establishing a Crypto Framework 2

A consultation paper was simultaneously released for the country’s “strategic plan for the payments system,” which is scheduled to be unveiled in the first quarter of 2023, and it will include the framework for the licensing and regulation of cryptocurrency service providers.

The consultation paper, which touches on a variety of aspects of the crypto ecosystem, which includes digital wallets, stablecoins, crypto-assets, and central bank digital currencies, is open for comments until February 6, 2023.

Additionally, this entails “investigating the economic, legal, regulatory, and technological considerations associated with an Australian CBDC, as well as the policy justification for an Australian CBDC.” By the middle of 2023, the Australian central bank should have finished its CBDC pilot.

On Tuesday, word spread that Blockchain Australia’s CEO Laura Mercurio had left the organization, which supported appropriate regulation and policy.

Mercurio reportedly resigned in early September, just a few weeks after being appointed, citing “differences of opinion” with the board, according to The Australian Financial Review.

Filed Under: News, World Tagged With: Australia, Crypto

Gemini managed Holon’s crypto funds suspended by Australian regulators

October 17, 2022 by Aishwarya shashikumar

Gemini specifically has been battling its way into many nations together with other cryptocurrency organizations. While many people think that cryptocurrency exchanges may be the next hotspot for regulators, it appears that Gemini has jumped on board. The Winklevoss twins’ exchange, may have gotten into a tiff with the Australian cryptocurrency watchdogs.

According to a press statement, Australia’s financial services and markets regulator has halted Sydney-based asset manager Holon Investments’ ability to offer or distribute three cryptocurrency funds to retail investors for a period of 21 days. It has come to light that these crypto funds were being managed by the prominent crypto exchange Gemini.

The Australian Securities and Investment Commission (ASIC) made the decision as a result of Holon Investments’ non-compliant target market determinations (TMD).

The target market document, or TMD, outlines the target market for an investment product. ASIC expressed concern that Holon did not adequately take into account the characteristics and dangers of the Funds when deciding on their target markets.

According to the regulator, the broad target market specified in Holon’s TMDs, which includes investors with possibly medium, high, or very high risk and return profiles, is not a good fit for the cryptocurrency funds.

The funds held by Holon in Bitcoin, Ether, and Filecoin are affected by the suspension. The cryptocurrency exchange Gemini oversees the management of all three funds. The press release read,

“If the ASIC’s concerns are not addressed in a timely manner, final stop orders will be placed on the funds….. Holon will have an opportunity to make submissions to ASIC before any final stop order is made.”

Winklevoss resigns as Gemini Europe’s director

The millionaire co-founder of the cryptocurrency exchange Gemini, Cameron Winklevoss, has resigned from the Gemini Europe board of directors.

A Companies House statement states that on October 12th, Winklevoss resigned as a director of the European division of the larger firm, Gemini Europe, which is incorporated in the UK.

Blair Halliday, the former UK managing director, lost his board membership at the same time as Gillian Lynch, the company’s new head of Ireland and the EU, took his place. Last week, Halliday also relocated to the competing exchange Kraken.

Gemini, a New York-based company established by Tyler and Cameron Winklevoss, just started its cryptocurrency exchange and custody services in Ireland after obtaining an e-money license there six months prior and opening an office there in 2021.

Filed Under: News, World Tagged With: Australia, Cryptocurrency, Gemini, regulator

Australia’s Central Banks Hikes Interest Rate by 25 BPS, Lesser Than Global Nations

October 4, 2022 by Goku

Australia follows suit with other nations in hiking interest rates to combat inflation. The aggressive approach of central banks throughout the world is still present. The governments of many economies have recently announced back-to-back increases in interest rates, with Australia being the most recent to do so.

The Board agreed to raise the cash rate goal by 25 BPS to 2.60 percent at its meeting today. The interest rate on Exchange Settlement accounts was also raised by 25 basis points to 2.50 percent.

The Board is dedicated to gradually bringing inflation down to the 2-3% level. The current increase in interest rates will assist in achieving this objective, and more increases will probably be needed in the coming months.

Within a short time, there has been a significant rise in the cash rate. As a result, the Board agreed to raise the cash rate by 25 basis points this month while considering Australia’s prospects for inflation and economic expansion.

Australia’s inflation is high in comparison to other nations

Australia’s inflation rate is excessively high, as it is in the majority of other nations. Strong local demand in relation to the economy’s capacity to supply that demand and international forces both contribute to this high inflation, which is mostly explained by these variables.

Over the coming months, further inflation is anticipated until it starts to drop back to the range of 2-3%. The continued settlement of supply-side issues worldwide, recent drops in the pricing of some commodities, and the effects of rising interest rates all contribute to the anticipated slowdown in inflation next year.

However, the rate hike would definitely have an impact on the crypto and casino industry. Even though the 25 BPS rate hike won’t have any major effect on the price of crypto assets, it will have an impact on crypto and casino businesses.

The crypto market is slumping in a never-ending bear market. With the rise in interest rates by the Reserve Bank of Australia, crypto and casino firms have to amend the necessary measures to ensure that they are stable during extreme market conditions. These have also urged top online Australian casinos to take a good look at the cryptocurrency ecosystem on the nation.

Filed Under: World, News Tagged With: Australia, Interest rate

BTC Markets Becomes Australia’s First Domestic Crypto Exchange To Score AFSL License

June 21, 2022 by Lipika Deka

Australia’s home-grown crypto exchange- BTC Markets announced that it has bagged the Australian Financial Services license [AFSL] via its sister firm, BTCM Payments.

An AFS license is mandatory to conduct a financial services business in the country. It authorizes the holder to provide service, advice, deal, or create a market for a financial product. Besides that, it also allows the provision of custodial or depository services, and so on.

Three months ago, FTX’s Australian subsidiary gained the AFS Licence by acquiring an unnamed entity that previously held the permit.

BTC Markets founded in 2013, rose to become Australia’s largest cryptocurrency exchange. It boasts of having over 325,000 local users who have traded $21 billion on its platform.

The fintech firm was instrumental in providing remitters access to Ripple’s On-Demand Liquidity [ODL] payments solution. This in turn made cross-border payments completed in seconds, the first of its kind technology in the nation.

Even though licensing would not be a deal-breaker, BTC Markets says it would prepare the firm for upcoming regulations.

That said, the nation’s lack of regulatory clarity has acted as a roadblock for financial firms.

The country’s largest bank, Commonwealth Bank [CommBank] had recently planned to launch its crypto trading app. But due to regulatory hassles, it had to halt the release of the pilot program.

Although the fall of Terra’s stablecoin UST along with the recent price drop in the broader crypto market might have also acted as a catalyst.

However, Australia’s newly-elected Prime Minister Anthony Albanese reportedly tasked his cabinet to deal with three top agendas. One of them is regulating the digital assets industry.

Australia’s New PM Includes Crypto As A Top Priority

Caroline Bowler – Chief Executive Officer of BTC Markets and a member of Blockchain Australia has doubled down on the newly-elected government to continue the work of the previous one and create a regulatory bill focused on digital assets.

According to the chief exec, the authorities’ “primary concern” will be to maintain a balance between formulating suitable rules and “leaving room for innovation.”

“There is a real opportunity for the government to assist with innovation and support it, relating to the significant role that financial services play in the Australian economy, but also its position globally,” Bowler concluded.

Filed Under: Fintech, News Tagged With: Australia, BTC markets, licence

Australia Gets the Green Light to List Its First Bitcoin ETF Next Week

April 21, 2022 by Goku

According to the Australian Financial Review, Australia’s bitcoin exchange-traded fund (ETF) is poised to debut on the Cboe next week, as the country’s largest equities markets clearinghouse gives participants the green light.

According to the article, Cosmos Asset Management might launch its bitcoin ETF as early as April 27.

However, unlike other comparable products globally, Australia’s first Bitcoin ETF would invest in shares of Purpose Investment’s bitcoin ETF – North America’s first bitcoin spot ETF that began trading in early 2021. In February, Cosmos teamed with Purpose Investments.

Australia’s bitcoin ETF might attract $1 billion

To let a bitcoin ETF begin trading under its cover, ASX Clear wanted a 42 percent margin. According to reports, there are currently three institutional clearing participants and one retail clearing participant prepared to offer the required margin to trade a bitcoin contract.

Last year, Cosmos, which Nasdaq-listed bitcoin miner Mawson Infrastructure Group controls, entered the cryptocurrency fund management sector. The entry was along with the Global Digital Miners Access ETF, which invests in bitcoin mining companies.

“We are now at our minimum number of clearing participants and that means we are good to go.”

Hamish Treleaven, chief risk officer at ASX

According to the article, ETF Securities, VanEck Australia, BetaShares, and Monochrome Asset Management are among the asset management firms interested in registering bitcoin-linked ETFs in Australia.

A successful launch, according to Grumelart, will result in an influx of new gamers. “If outside markets are any indicator, a successful debut would almost certainly result in a slew of listings for crypto asset-based funds other than Bitcoin,” he added.

Since last year, when Cosmos launched its Global Digital Miners Access ETF, this will be the firm’s second crypto-related ETF.

Over the last year, the country’s officials have been striving to establish clear laws for the crypto business. Senator Andrew Bragg believes that additional jurisdiction for the Australian Securities and Investments Commission (ASIC) is improper until bitcoin is recognized as a financial asset under Australian law.

Filed Under: World, News Tagged With: Australia, Bitcoin ETF

Australia’s Commonwealth Bank Falls Prey to a Crypto Scam

April 20, 2022 by Goku

Commonwealth Bank of Australia has recently come across fake news spreading on social media, including Facebook. The phony news state that the bank has partnered up with a cryptocurrency trading platform.

The news also encouraged people to invest in crypto assets which the bank completely denies and tags as false.

Australian citizens warned of the scam

The reported scam, which is in the form of articles purports as a story on the Australian Broadcasting Corporation, is generally a scam. It lures the customers to click on the link, redirecting them to the scammer’s website.

The scammers will collect the personal details and funds of the users who click on the link.

CBA has reported the issue to the relevant authorities and asked the media publications to take down the fake article.

The bank has warned the customers not to click the links on the articles as it can result in the users losing all their funds. The bank also warned that they would never ask for the customers’ personal information through email or phone calls.

They also asked the customers to be cautious before clicking any link and always navigate to the official website to stay safe and log in.

The scams can also impersonate the bank representatives and can come through phone calls pretending and can gain access to user information, funds and account.

The Commonbank has been a victim of a themed SMS phishing where the scammers spammed the customers with a phishing link pretending to be from the bank.

That’s not it; the bank has cited numerous scams and mentioned them for the customers to stay cautious.

In 2021, the Commonwealth Bank of Australia made history when it partnered with Gemini to become the first high street bank to enable customers to trade cryptocurrencies.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need.”

said Matt Comyn, the bank’s chief executive

The Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Meta last month, alleging that it “aided and abetted or was knowingly involved in fraudulent or misleading behavior and statements by the marketers.”

According to the Commission, Facebook failed to handle fraudulent advertising that was shown on the network. In response, a corporate spokeswoman said the company will “examine the ACCC’s latest filing and expect to fight the proceedings.”

Filed Under: Crypto Scam, News Tagged With: Australia, Commonwealth bank, Crypto Scam

SBF-led FTX opens its new branch in Australia

March 22, 2022 by Lipika Deka

Sam Bankman-Fried, CEO of Bahamas-based crypto exchange FTX announced the launch of its services in Austalia in the opening keynote at this year’s Blockchain Week, held at the headquarters of the Australian Securities Exchange [ASX]. 

The latest move, according to Bankman-Fried, is part of a larger effort to penetrate as many countries as possible. Stating that the world is “very much” looking for a major crypto hub in the APAC, he noted that other locations in the region “haven’t played out as expected”. “I think that has really left an opening for someplace to kind of grab that and service that region,” he added.

Image

The recent development comes amidst the Australian gov preparing to roll out cryptocurrency regulation. As per sources, the administration is planning to release three crucial documents by EOD aimed at reforming the crypto industry.

They would include suggestions for a new taxation structure for cryptocurrencies, rules to ensure investor protections against unscrupulous sellers, and regulations for regulating digital banks, crypto exchanges, and brokers, the article read.

Senator Andrew Bragg in a speech stated, “A new Digital Services Act would protect consumers but also “wholeheartedly and comprehensively” grasp an opportunity for Australia and “signal that we fully appreciate the promise and potential of blockchain technology”.

FTX expansion spree in Africa

Recently, the world’s largest crypto exchange by volume announced a partnership with Africa’s leading cross-border payment solutions AZA Finance. According to the press release, the collaboration intends to “expand the adoption of Web3 and digital currencies throughout Africa.” This also encompasses non-fungible tokens [NFTs].

A statement released by AZA Finance said the two firms will work to “create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities.”

Super excited to have partnered with FTX to connect African markets to the global Web3 economy by building vital infrastructure. AZA Finance brings its payments expertise to FTX.

Find out more; https://t.co/SCI3WOlpCQ#AZAFinance #FTX #FTXAfrica #Crypto #Web3 #NFT pic.twitter.com/rCyY2SZI8c

— AZA Finance (@aza_africa) March 16, 2022

The P.R added that the two firms are also hoping to “Make it easier than ever to deposit and payout in African currencies on FTX.com, including mobile money and local bank account integrations.”

In addition to building the Web3 infrastructure, the two companies will work to “onboard African NFTs and artists onto the FTX NFT marketplace.” They will also launch African currency and digital currency trading pairs, the release read.

.

Filed Under: News, World Tagged With: Australia, ftx, SBF

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Alameda Wallets Spark Controversy with Million-Dollar Crypto Transfers: Report February 9, 2023
  • Orbeon Protocol (ORBN) Set To Explode by 6000% After Presale Concludes: Here’s Why February 9, 2023
  • Solana Price Spikes As Brave Announces dApp Support February 8, 2023
  • Losses Still Occurring With Cardano (ADA) And Litecoin (LTC), Orbeon Protocol (ORBN) Rallies 1400% February 8, 2023
  • Shiba Inu Burn Rate Soars Beyond 10,000%: Here’s What It Could Mean February 8, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.