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Crypto Exchange Plans Scrapped: Russian Lawmakers Shift Focus to Regulation

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In a surprising turn of events, Russian lawmakers have scrapped their plans to establish a state-owned cryptocurrency exchange. Instead, they have decided to concentrate on creating a regulatory framework for existing crypto enterprises, according to a report by a Russian news outlet. Wu Blockchain on Twitter revealed that private companies could build and operate crypto exchanges.

Ivan Chebeskov, the Director of the Financial Policy Department of the Russian Federation’s Ministry of Finance, stated, “The Ministry did not support the establishment of one national crypto-exchange.” The new approach aims to regulate private business exchange platform establishment legally. Anatoly Aksakov, the head of the Russian lower house committee on financial markets, explained that the plan is to establish rules for operating these infrastructures instead of creating a single national exchange.

While details about the specific exchanges that will be allowed to facilitate cross-border payments remain undisclosed, Aksakov acknowledged that these platforms are likely to face new restrictions.

Izvestia, the Russian news outlet that published the story, reported that the Central Bank would likely assume the responsibility of regulating these platforms and overseeing international settlements within the country’s regulatory framework.

Crypto Operators In Russia Applaud Regulatory Focus

Several private crypto operators in Russia have been enthusiastic about the news. Oleg Ogienko, representing BitRiver, a cryptocurrency mining operation in the country, expressed his support, stating, “This will help minimize the risks of sanctions and cyber attacks on infrastructure and eliminate possible market monopolies.” Ivan Gostev, the commercial director for GIS Mining, echoed this sentiment, emphasizing that the new approach will foster the development of more competitive and innovative companies.

The positive reaction from the private sector is not unexpected, given Russia’s ranking of #137 out of 180 countries on the 2022 Global Corruption Index. This ranking indicates the need for caution when embarking on state-led initiatives. Russian authorities have been hesitating on their stance toward digital assets for years. Last year, the Bank of Russia proposed a complete ban on crypto payments, while the Ministry of Finance submitted a Bitcoin regulatory proposal a month later. Subsequently, Vladimir Putin signed a law banning payments in digital assets, only to later explore stablecoins to circumvent sanctions.

Today’s announcement comes when Russia faces ongoing financial sanctions imposed by Western nations following its invasion of Ukraine. Despite the history of mixed signals, this development potentially signifies a new chapter in the Russian government’s approach to cryptocurrencies.

The decision to shift from a state-owned exchange to regulate existing crypto enterprises marks a significant change in the Russian government’s strategy. Russia aims to balance innovation and oversight by allowing private companies to operate exchanges. The Central Bank is likely to assume regulatory responsibilities. This approach could provide greater stability and promote competition in the crypto sector.

Related Reading: | Bitcoin Core 25.0 Release: Enhanced Transaction Support & Improved Performance

Huobi And Visa Partner To Launch New Global Card

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Popular cryptocurrency exchange Huobi has teamed up with payments behemoth Visa to introduce a brand-new card named Huobi Visa Card across the globe. The agreement, according to the official press release, aims to boost the sector’s development and give customers a more efficient fiat-to-crypto gateway.

Several European countries will be the first to offer the new crypto-Visa Card, with additional regions following soon after. TRON founder and member of the exchange’s global advisory board, Justin Sun, said,

“The launch of the Huobi Visa Card marks a significant milestone in Huobi’s push in making virtual assets accessible to everybody. Huobi and Visa are both prominent leaders in their respective industries.

With the exchange-branded card, the company, according to Sun, hopes to promote “global financial inclusion.”

The company wants to act as a conduit between the cryptocurrency ecosystem and Visa’s extensive worldwide network of merchants and financial institutions, according to Cuy Sheffield, Head of Crypto at Visa.

Sheffield went on to say,

“We’re excited to work with innovative platforms like Huobi to make it easy and seamless for consumers to spend from their crypto balances anywhere Visa is accepted.”

Here’s How Huobi’s New Card Will Work

Users’ crypto accounts (the exchange linked accounts) will be linked to the new crypto Visa Card. By converting the virtual asset balance in their crypto accounts, customers of the exchange can effortlessly use this card to pay for goods and services at any of the 80 million merchant locations worldwide that accept Visa.

Customers may receive cashback in HT, Huobi’s native cryptocurrency token while making purchases with the card. Users are also qualified for several benefits, including access to the exchange earn items, cashback coupons, sure-win coupon airdrops, and APY booster coupons. “Scout,” “Navigator,” “Adventurer,” “Explorer,” and “Expert” are the five ranks of the card.

Visa is not new to cryptocurrency. A proposal outlining how Ethereum users can set up automatic payments directly from their self-custodial wallets was recently published by the company. Banks and other centralized entities will be eliminated as a result.

The biggest names in payments are well aware of cryptocurrencies’ appeal. Consequently, they might not want to miss the celebration. So it comes as no surprise that Visa is upping its cryptocurrency game.

At the time of writing, HT, was trading at $5.33, up 1.4% over the last 24 hours.

Binance And Ledger Partner To Enable Smooth Crypto Purchases And Web3 Growth

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To increase the accessibility of purchasing cryptocurrencies, Binance and Ledger have formally partnered. A renowned manufacturer of hardware wallets and one of the biggest bitcoin exchanges have joined forces.

The action made public today places more focus on the rising practicality of trading and keeping cryptocurrency. The CZ lead crypto exchange has developed the Web3 ecosystem by fusing the two consumer bases with the Ledger collaboration.

The agreement, which was just announced, aims to increase Binance’s accessibility while also extending its reach. The two businesses’ compatibility was started with the intention to “…make crypto available to as many people as possible,” according to a statement made by Binance.

The recently made public arrangement enables Ledger bank card holders to directly purchase cryptocurrencies on the CZ lead exchange. The coins are subsequently sent over a secure Ledger device directly to their blockchain address. What’s more intriguing is that Ledger users can now open a Binance account using the Ledger Live program.

The desktop and companion apps for Ledger Live already include Binance. Ledger Live customers can acquire more than 80 different cryptocurrencies in addition to 10 different languages.

Users now have the freedom and convenience to purchase digital assets using fiat currency thanks to this partnership. Through the Ledger established system, the collaboration is embracing a new sort of accessibility.

Binance To Become A Bridge Between Banks And Crypto?

According to an interview given to Bloomberg at the Web Summit conference in Lisbon, Binance founder, and CEO Changpeng Zhao (CZ) is considering perhaps purchasing banks as a means of bridging the gap between the worlds of traditional finance and cryptocurrencies.

CZ said he’s open to either a full acquisition or a minority investment but did not mention any specific prospects. He further stated,

“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things.”

CZ added that investing in banks is a wise move for Binance since when the cryptocurrency exchange partners with a bank, the exchange frequently attracts a large number of new customers, raising the bank’s value.

Gemini lands in Ireland with its crypto services

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Numerous cryptocurrency businesses, Gemini per se, have been strutting their stuff in Europe. While many people believe that Europe may become the next hotspot for cryptocurrencies, another exchange joined the Euro bandwagon. Gemini, the Winklevoss twins’ exchange, has succeeded in getting approval from Irish regulators.

Recent rumors claim that Gemini has started offering cryptocurrency trading and custody services to Irish citizens. The exchange’s most recent action comes a few months after the Central Bank of Ireland gave its blessing.

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Now, users in Ireland can buy cryptocurrency through the exchange’s website or the mobile app. Over 100 cryptocurrencies are available for users to deposit or trade. You can buy cryptocurrency assets using either Euro [EUR] or British Pounds [GBP].

Additionally, Irish customers will be able to buy cryptocurrency via Apple Pay, Google Pay, debit cards, or even bank transfers.

Gillian Lynch Head of Ireland and Europe at Gemini further stated,

“Financial institutions, fintech, and other corporations in Ireland now have access to Gemini’s institutional-grade, a crypto-native platform through which they can access custody, clearing, trade execution, price discovery, and portfolio management services, all in one place.”

Gemini Garners Central Bank approval

As reported earlier, Gemini received the central bank’s blessing back in July. The exchange thereafter became Ireland’s first authorized provider of virtual assets.

Elaborating on the exchange’s latest move, Lynch stated,

“Ireland is an internationally recognized finance and technology hub that serves as a gateway to the wider European fintech market. We are excited to service the strong demand for accessible and secure crypto services among the highly educated and tech-literate consumer base here.”

She added that the exchange’s foray into the Irish market was built on “proactive and positive engagement” with the local regulators.

A number of platforms have been testing the waters in Europe, including Binance, Crypto.com, Coinbase, and others. Therefore, Gemini’s most recent action was not unexpected. The aforementioned discussions are likely to include Ireland in the upcoming days as well.

Huobi global to be acquired by Hong Kong-based firm

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The boost that cryptocurrency had been longing for has finally materialised. Crypto exchanges like Huobi Global continued to expand despite the turbulent bear market. While many of them suffered significant losses, certain notable ones, including Binance, Crypto.com, and Coinbase, continued on their expansion drive. Apparently just joining this list with its most recent announcement is Huobi.

Bitcoin exchange One of the largest token trading platforms in Asia, Huobi Global, said late Friday that it had consented to be acquired by the M&A fund of Hong Kong-based investment firm About Capital Management.

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When the acquisition concludes, About will “hold the majority interest” of Huobi, according to a blog post by Huobi Global, a top-10 exchange by trading volume. The exchange said the ownership shift will not have an effect on trading activities.

The announcement follows months of rumors and speculating that Huobi’s founder Leon Li was looking for a buyer for his approximately 60% ownership in the company and was demanding at least $1 billion. The agreement’s terms with About Capital were kept under wraps.

According to the blog post, the exchange is planning an international expansion under the new ownership and will get a “injection of appropriate money in margin and risk provision fund.”

Li, who established Huobi in China in 2013, said in a statement that the exchange’s exit from the Chinese mainland in late 2021 marked the beginning of a push toward globalization that will now pick up speed under About Capital.

How had Huobi Global been doing in the past?

The Financial Transactions and Reports Analysis Centre [FINTRAC] of Canada issued Hbit Technologies Limited, a subsidiary of Huobi Technology Holdings Limited, a Money Services Business [MSB] Registration License in August.

The business is allowed to engage in a number of regulated activities with this license. This covers the trading of cryptocurrencies in Canada, as well as money transfers and exchange transactions.

A Memorandum of Understanding (MoU) was signed later in September by Huobi Global, Huobi Korea, and the government of Busan Metropolitan City. The collaboration will help the city’s local blockchain infrastructure grow.

The exchange was to help supply the essential technology, funding, and research and development for the Busan exchange.

The topic of Huobi has been widely discussed during the past few months. There were unfavorable rumors that Leon Li, the founder of Huobi Group, was selling a significant portion of his ownership. Many people started thinking that the platform will eventually fold, just like its counterparts had.

With the most recent information, however, the businesses appeared to confirm the rumors. If it really fails like its contemporaries, only time will tell.

Binance and Busan come together for blockchain tech

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The crypto-verse seems to have a special meaning for the letter “B.” Blockchain, bulls and bears, and Binance, the biggest cryptocurrency exchange in the world. The company has been dabbling in numerous markets over the past few months as it prepares to expand. The Changpeng Zhao-led crypto platform was seen helping governments grow the crypto and blockchain industries in addition to opening offices in several jurisdictions. Busan, South Korea, has recently entered the list.

CZ said that Binance and Busan signed a Memorandum of Understanding (MoU) earlier today.

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Busan Mayor Park Hyung-joon and Binance 
CEO Changpeng Zhao

Binance hopes to help the city create a blockchain ecosystem through this partnership. According to reports, the exchange would give the city help for the same in terms of technology and infrastructure. The site would also promote the Busan Digital Asset Exchange in addition to these activities.

Heong-Joon Park, the mayor of Busan, made the following remarks about the same,

“With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets. By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”

Binance to take advantage of Busan’s regulatory free zone

The company plans to support blockchain efforts and business by utilizing Busan’s regulatory-free zone. Binance would support all blockchain-related research in the area. The agenda also included spreading technological education among the general public and launching activities through the Binance Charity to promote societal well-being.

It should also be emphasized that the exchange has become a favorite for governments all over the world. The exchange teamed up with the Philippine government earlier this week to introduce rules governing the crypto-verse. The business previously said in May that it had inked an MoU with Kazakhstan’s Ministry of Digital Development.

Furthermore, investors have been warned by CZ to stay away from cryptocurrency inventors who switch between projects. Following his jab at poor players for causing cryptocurrency exchange jitters, the senior executive gained attention.

The CZ-led exchange appears to be attempting to win over the entire world by dominating the cryptocurrency market.

Kucoin and OSC in a tiff?

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The OSC was in the news once more as a result of its most recent alert regarding popular cryptocurrency exchange Kucoin and other parties.

Regulators from all over the world have recently shown a greater interest in the cryptocurrency world. While some have been attempting to enforce strict controls, others have been banning platforms that are inappropriate for use in their particular jurisdictions. The Ontario Securities Commission [OSC] has received a lot of attention recently in the cryptocurrency community.

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The most recent warning made note of Kucoin and its affiliates’ lack of registration to advise or trade in securities in Ontario. The alert lists 13 cryptocurrency platforms that were handling regional securities but weren’t reported. It should be emphasized that this was the second time this month alone that the OSC had criticized Kucoin.

In June, the OSC also prohibited Kucoin from conducting business in Ontario. At the same time, the OSC was seen shutting down several unregistered exchanges, including Bybit. According to OSC Director of Enforcement Jeff Kehoe,

“Foreign crypto asset trading platforms [CTPs] that want to operate in Ontario must play by the rules or face enforcement action. The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law.”

These guidelines include adhering to the Terms and Conditions for Registered CTPs, requesting consent before providing a loan, and providing staking services. Leverage and margin also call for the final battle. Additionally, users of social media and advertising were included in the list.

Kucoin in troubled waters

More than ever, regulators are showing an interest in the cryptocurrency market. Although some companies providing these services were prepared for regulatory involvement, others, such as Kucoin, did not appear to be.

In addition to its most recent dispute with the OSC, the company also capsized in tumultuous South Korean waters. The nation’s Financial Services Commission [FSC] warned about 16 unregistered cryptocurrency platforms last week. On this list, Kucoin and Justin Sun’s Poloniex were both presents.

Although the company seems to be flourishing in other areas, the community theorizes that Kucoin may be under more regulatory pressure.

Huobi Global ceases trading derivatives in New Zealand

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Lately, Huobi Global seemed to be having a lot of problems. While Binance, Crypto.com, and other companies were expanding, Huobi was closing down operations in a number of regions. In perspective, there is no doubt that the cryptocurrency sector has grown. Governments have been attempting to accommodate cryptocurrency businesses as the entire world is moving toward the crypto sector. Exchanges have been looking for permits to run legally all over the world.

The limitation schedule of New Zealand user accounts for derivative trading was released by Huobi earlier today. This stated that from the following week, the cryptocurrency exchange would stop offering derivatives trading services in New Zealand. As of the following week, the Seychelles-based cryptocurrency exchange would no longer offer margin trading services, options, or ETPs due to “local compliance restrictions.”

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Source: Huobi blog post

The provision of services for coin-margined futures, coin-margined swaps, Tether [USDT]-margined contracts, options, and any exchange-traded products [ETP] to consumers residing in New Zealand has been suspended, according to the crypto exchange. These users wouldn’t be able to use these features beginning on August 23.

Note that the firm made the decision to enter New Zealand in June 2022. However, New Zealand would be subject to “limited jurisdiction” starting the following week on the aforementioned day.

The exchange stated,

“Underpinning Huobi Global’s commitment to local compliance policies, we will be including New Zealand as a restricted jurisdiction in respect of trading in derivatives, and restrict New Zealand user accounts for derivatives trading in an orderly manner while ensuring the safety of user assets.”

Huobi under distress?

Not the first area to be included in the restricted area is New Zealand. It is unlawful for residents of 11 countries, including the US, Singapore, Iran, Canada, and Japan, to use Huobi’s services. After a dispute with the regulators not too long ago, the Seychelles-based crypto exchange left Thailand’s borders.

Only last week did speculations regarding Huobi Group founder Leon Li selling the majority of his company stock start to circulate. The neighbourhood guessed that the cryptocurrency exchange would be in jeopardy given this downward tendency.

Huobi co-founder to sell major stake worth over $1B?

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Huobi’s co-founder Leon Li is apparently in negotiations to sell the majority of his shares in the company, which may be worth over $1 billion.

According to Bloomberg, Li reportedly held talks with a number of investors about selling a 60% share in the cryptocurrency company, which may be worth more than $1 billion and, according to some, as much as $3 billion.

Without going into specifics, a Huobi representative told Bloomberg that the co-founder is in talks to sell his controlling stake in the cryptocurrency exchange with a number of global juggernauts. Li reportedly told the company’s other investors about his choices at a shareholder meeting in July of this year. Li has given Hua Zhu the CEO responsibilities so he can concentrate on his health.

FTX and Sun to invest in Huobi?

According to the Bloomberg story, Justin Sun, the founder of Tron, and the global cryptocurrency exchange FTX were among the initial investors in discussions with the co-founder of Huobi. At the time of publication, Huobi had not responded to Cointelegraph’s requests for comments.

The purchase might be completed by the end of this month, according to the article. Once completed, it may rank among the largest transactions since the upheaval that began in the crypto market in May of this year.

For crypto goliaths like FTX, who have pledged $1 billion to the rescue of crypto exchanges battling to stay afloat due to significant losses and a lack of money, the market slump has also turned into an opportunity.

However, Sun took to Twitter to deny his involvment.

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Source: Twitter

Huobi, which was established in 2013, now represents a daily trading volume of more than $1 billion. After BTCC was shut down, the cryptocurrency exchange rose in popularity and quickly became the main location for Chinese cryptocurrency traders. After Beijing declared all cryptocurrency exchanges illegal and forbade foreign exchanges from providing their services, the exchange eventually stopped serving Chinese users.

Since the Chinese government’s ban, Huobi has significantly increased its global presence by obtaining licences in Dubai and New Zealand, as well as one from the United States Financial Crimes Enforcement Network (FinCEN).

Cryptocurrency balance freeze of Vauld: Indian saga

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The cryptocurrency accounts of Bengaluru-based Yellow Tune Technologies, a provider of financial services, have been blocked, according to a Friday announcement from India’s Directorate of Enforcement (ED). Flipvolt, the Indian division of Singapore’s Vauld, held some of the accounts. The action is related to an ongoing investigation into money laundering by instant loan companies with ties to China. The organisation has intervened in the cryptosphere in relation to that matter twice this week.

After determining that Yellow Tune was a shell company formed by two Chinese nationals using aliases, the financial watchdog declared it was freezing the company’s bank balances, payment gateway balances, and balances in the Flipvolt cryptocurrency exchange for a total of 3.7 billion rupees, or $46.4 million. Newspaper reports claim that the ED spent three days searching locations connected to Yellow Tunes.

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Source: Press Release

The ED discovered 23 entities that had put money into Yellow Tune’s Flipvolt wallets before sending it elsewhere. The ED gave Flipvolt harsh criticism for how company handled the money. The agency further stated,

“Lax KYC [Know Your Customer] norms, loose regulatory control of allowing transfers to foreign wallets without asking any reason/declaration/KYC, non-recording of transactions on Blockchains to save costs etc, has ensured that Flipvolt is not able to give any account for the missing crypto assets. It has made no sincere efforts to trace these crypto assets.”

Cryptocurrency exchanges suspected by ED

The Enforcement Directorate (ED) of India is investigating cryptocurrency exchanges that may have handled transfers from companies under investigation to foreign wallets totaling more than 10 billion rupees, or nearly $130 million. ten cryptocurrency exchanges, at least, are apparently implicated.

However, local publications stated that WazirX, a cryptocurrency exchange, had its bank account suspended.

In a case involving rapid loans, it is claimed that organisations under investigation conducted transactions of up to 1 billion rupees ($1.3 million), or $1.3 million, in the names of individuals who had no relation to the money. These companies frequently had ties to China. Even though anti-money laundering and know your customer procedures indicated that the transactions were suspicious, neither enhanced due diligence nor suspicious transaction notifications were submitted to the ED.

Furthermore, WazirX bank accounts containing 647 million rupees ($8.1 million) were frozen by the ED. claiming that roughly 16 fintech companies under investigation for money laundering received assistance from the exchange.