Our weekly roundup of news from East Asia curates the industry’s most important developments. OKX airdrop after token trading fiasco On Mar. 1, cryptocurrency exchange OKX announced that it would airdrop 3,014,381 Tether (USDT) to users who suffered losses as a result of the Celestial (CELT) token trading incident. On Feb. 26, Celestial revealed the…
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United States Securities and Exchange Commission Chair Gary Gensler has again backed a proposed rule that would extend asset custody rules to more cryptocurrencies, saying investors need more protection. The commission’s Investor Advisory Committee has proposed expanding 2009 rule designed to reduce the risk of advisers embarking on Ponzi schemes to all asset classes, including…
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United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers. They join a growing list of banks in the country to tighten restrictions on digital assets. A Bloomberg report on March 2 claims the step back is a response to warnings by UK regulators and scandals…
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Three United States senators led by Elizabeth Warren have sent a letter to Binance CEO Changpeng “CZ” Zhao and Binance.US CEO Brian Shroder expressing concern over a number of facets of Binance’s activities and requesting information from the companies that includes their balance sheets. Crypto skeptic Warren’s cosigners were fellow Democrat Chris Van Hollen and…
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Crypto traders’ urge to create leverage positions with Bitcoin (BTC) appears irresistible to many people, but it’s impossible to know if these traders are extreme risk-takers or savvy market makers hedging their positions. The need to maintain hedges holds even if traders rely on leverage merely to reduce their counterparty exposure by maintaining a collateral…
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Two United States senators have penned a letter asking Meta CEO Mark Zuckerberg to halt a plan to allow young adults to access the firm’s metaverse platform, Horizon Worlds. In a March 1 letter, Senators Edward Markey and Richard Blumenthal said that Meta’s reported plan to “invite young users into a digital space rife with…
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Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDC) would still be considered money under the proposed new definition. The 117-page amendment, introduced into the state house of representatives by Republican Mike…
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The Office of the Attorney General for the District of Columbia in the United States is moving forward on a lawsuit against business intelligence firm MicroStrategy executive chair Michael Saylor related to tax evasion. According to a Feb. 28 filing with the U.S. Securities and Exchange Commission, MicroStrategy said the court had not dismissed a…
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Bitcoin (BTC) popularised the term blockchain. Blockchains, or “decentralized and distributed digital ledgers used to record transactions across a network of computers,” have been around for over thirty years, the household name for a blockchain is Bitcoin. That’s despite the fact that the Genesis block was mined well over 14 years ago when George W.…
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Bitcoin (BTC) erased early-month gains on March 2 as fresh market uncertainty erupted over solvency of crypto bank Silvergate. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price avoids Silvergate, Coinbase stock slip Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $23,206 on Bitstamp, down around 1.5% on the day. The pair came under…
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