Thai SEC intensifies crackdown on unauthorized digital asset service providers.

Binance and Bybit are highlighted as major platforms operating without proper licenses.

SEC advises users to withdraw assets from unlicensed platforms.

The Thai Securities and Exchange Commission (SEC) is intensifying its crackdown on unauthorized digital asset service providers. SEC Secretary-General Pornanong Busaratrakul announced that the commission actively blocks access to these illegal platforms to curb financial crimes.

The SEC pointed to similar cases with major platforms, such as Binance and Bybit, accused of operating without proper licenses. Binance, in particular, faced accusations in 2021 but later established a regulated exchange in Thailand through a joint venture. Furthermore, Bybit, flagged by the SEC in December 2023, continues to operate despite regulatory issues.

The Thai SEC has advised users of unlicensed platforms to withdraw their assets promptly, echoing similar measures taken in India and the Philippines. The Philippine SEC chair, Emilio Aquino, stated on April 23 that Binance’s actions violated securities regulations. In light of this, the agency instructed tech companies to remove the Binance app from digital marketplaces.

This move followed Philippine’s recent blocking of “Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.” In January 2024, Binance was one of the nine cryptocurrency exchanges banned in India for failing to observe FIU and PMLA guidelines.

While the Thai SEC seeks to hunt down unauthorized operators, the specific platforms facing impending restrictions remain unclear.

These developments mirror regulators’ delicate balance when addressing crypto-related issues. For example, Hong Kong’s Securities and Futures Commission has intended to approve crypto ETFs. At the same time, the agency is taking steps to enforce licensing requirements to combat investment fraud.

Furthermore, this action by the Thai SEC adds to Binance’s ongoing financial issues. In November 2023, the company’s CEO, Changpeng Zhao, was replaced by Richard Teng, the former head of the Abu Dhabi Global Markets regulator. The Binance founder voluntarily stepped down after pleading guilty to money laundering charges. 

Meanwhile, the Central Bank of Nigeria (CBN) has identified Binance, KuCoin, and OKX as unauthorized crypto operators within the country.

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A ‘Buy Bitcoin’ notepad, famously displayed behind Janet Yellen, has sold for over $1 million.

It was sold to the highest bidder with 16 BTC following the week-long auction.

Christian Langalis held up the “Buy Bitcoin” sign during a televised congressional testimony in 2017.

The individual who photobombed former Federal Reserve Chair Janet Yellen with a “Buy Bitcoin” pad has auctioned off the very notepad for over $1 million.

Notably, the yellow pad containing the “Buy Bitcoin” inscription was flashed by the then-22-year-old Christian Langalis during Yellen’s televised congressional testimony in 2017. Little did Langalis know that his impromptu act would later become a symbol of enduring allure in the crypto sphere. The now iconic sign was auctioned on the Scarce City platform last week.

The Pubkey Bar in NYC hosted the concluding event on Wednesday, April 24. Throughout the duration of the auction, the iconic “Buy Bitcoin” sign was prominently displayed for public viewing at Pubkey.

Remarkably, Langalis himself was at the final auction event. Following the week-long auction, the iconic sign was sold to the highest bidder, the pseudonymous “Squirrekkywrath.” He outbid others with 16 BTC worth $1,023,915.52.

The closest to Squirrekkywrath’s bid was 15.5 BTC by NoCBs. The auction website noted that the yellow legal pad “marked Bitcoin’s intrusion into the global monetary landscape.” It added that the “Buy Bitcoin” display “is one of few widely recognized physical Bitcoin artifacts, given Bitcoin’s virtual nature.”

Notably, Christian Langalis, who was an intern at Cato Institute, made headlines in July 2017 when he boldly held up the “Buy Bitcoin” sign behind Janet Yellen. Yellen was reportedly delivering remarks on the Fed’s semi-annual monetary policy report to Congress.

Source: Bloomberg

Although Langalis was later escorted out of the hearing room for his actions, the impact was immediate. As reported by CNBC, the price of Bitcoin surged by 3.7% during the broadcast.Since then, Bitcoin has maintained remarkable upswings in value. From around $2,700 in July 2017, Bitcoin has soared by 2,631% to peak at  $73,750 in March 2024.

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Progress on stablecoin regulation could enhance investor confidence and broaden adoption.

Federal oversight aims to protect investors and ensure stability in the stablecoin market.

Advocacy for marijuana banking legislation reflects efforts to address industry challenges and foster financial inclusion.

Democratic Representative Maxine Waters has pointed out the major breakthroughs in stablecoin regulation and cannabis banking bills, pinpointing the potential for future improvements in these critical fields.

In an interview on Bloomberg Television’s “Balance of Power,” Waters, the ranking member of the Financial Services Committee, talked optimistically about a near-term deal with Committee Chairman Patrick McHenry on an act governing stablecoins. Additionally, she emphasized her efforts towards advancing marijuana banking legislation, aiming to address long-standing issues faced by the cannabis industry.

Waters, a member of the Southern California District, discloses that the negotiations with McHenry of North Carolina have been going on for nearly two years. While acknowledging the need for more adjustments, Waters expressed confidence that the forthcoming legislation would garner bipartisan support. 

She noted consultations with Senate Majority Leader Chuck Schumer and Senate Banking Chairman Sherrod Brown and inputs from the Federal Reserve, Treasury Department, and the White House in shaping the bill.

As articulated by Waters, this legislation’s primary objectives are investor protection and ensuring stability within the stablecoin ecosystem. By introducing federal oversight, Waters believes that stablecoins’ legitimacy could be reinforced, potentially paving the way for wider adoption and market confidence.

In tandem with the stablecoin legislation, Waters also expressed hopes for advancing the marijuana banking bill championed by Senator Brown’s committee. Despite the legalization of marijuana in various states, federal restrictions have hindered the industry’s access to mainstream banking services, leading to operational challenges primarily reliant on cash transactions.

The current political climate appears conducive to legislative breakthroughs in stablecoins and marijuana banking. Waters urged for timely action, highlighting the opportunity to address lingering hurdles in financial services faced by the cannabis sector.

Senator Brown’s recent openness to combining stablecoin regulation with other legislative initiatives, including executive compensation at failed lenders, underscores a strategic approach to simultaneously advancing multiple financial reform measures. This approach could facilitate bipartisan support and streamline the legislative process.

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BNB’s price rose 11.57% in a week, hitting a high of $615.38.

Trading volume surged 4.32%, signaling increased investor interest.

Despite bullish trends, technical indicators hint at possible corrections.

Over the past week, Binance’s BNB token has enjoyed a robust bullish trend, marking an 11.57% increase in value. Throughout this period, its price has fluctuated between $615.38, its weekly high, and $528.57, its weekly low. However, in the last 24 hours, the bullish momentum has tempered slightly. As of press time, the BNB token is trading at $607.83, reflecting a modest increase of 0.08%.

BNB/USD 24-Hour Chart (Source: CoinStats)

In tandem with this, its intraday market capitalization has followed a similar trajectory, edging up by 0.09% to reach $89,726,634,461. Notably, trading volume has surged over the past day, climbing by 4.32% to $1,479,606,735. This surge in trading volume suggests heightened investor interest and engagement with the BNB token despite the recent moderation in bullish sentiment. 

Keep an eye on $BNB 🧐Looks Promising for the 40-45% Bullish Wave in the Short term..📈#Crypto #BNB #Binance pic.twitter.com/qYMLkI1MlJ

— Captain Faibik (@CryptoFaibik) April 25, 2024

Prominent crypto analyst Captain Faibik echoes this sentiment, suggesting potential for a significant bullish wave, estimating it to be in the range of 40-45% in the short term.

BNB/USD Price Action

The BNB token is demonstrating a bullish pattern on the 4-hour chart, characterized by a consistent trajectory where new highs surpass previous peaks and old lows remain solid. This positive momentum is supported by a 20.6% increase from its recent swing low, which was established a week ago, as depicted by the price range tool. 

BNB/USD 4-Hour Chart (Source: Tradingview)

As of press time, the price of the BNB token is above the 78.6% Fibonacci retracement level, targeting the $630.9 mark, which serves as a critical resistance point during this period. Despite the bullish signs, there are potential risks from bearish forces. Should the bears gain control, the BNB price might retreat to test the support level beneath it before potentially rebounding.

Contrasting with this optimistic trend, technical indicators suggest a more cautionary scenario. The Moving Average Convergence Divergence (MACD) indicator is showing signs of bearish sentiment as it points downward at 8.3, positioned below the signal line. This orientation suggests a possible bearish trend in the near future.

BNB/USD 4-Hour Chart (Source: Tradingview)

However, since it remains in the positive region, this bearishness could represent a brief correction within an overall bullish context and may not persist. Additionally, the MACD histogram is expanding its red, below-zero bars, indicating that bearish sentiment is intensifying.

Parallel to these indicators, the Chaikin Money Flow (CMF) indicator reinforces the concern of bearish pressure. With the CMF moving below the zero line at 0.11, it signals a reduction in money flowing into the market, which could exacerbate the downward price movement in the short term.

The post Binance’s BNB Trends Bullish Despite Emerging Bearish Signals appeared first on Coin Edition.

XRP’s Bollinger Bands suggest a major move, historically linked to bull market gains.

Despite a short-term correction, XRP’s bullish signs persist on charts.

Increased XRP trading volume indicates sustained trader interest amidst volatility.

Crypto enthusiasts and investors are closely watching Ripple’s XRP as technical indicators on its monthly chart suggest an upcoming significant price movement. Historical data shows that similar conditions in 2017 and 2020 led to sharp increases in volatility, corresponding with substantial gains during bull markets.

🚀 $XRP HOLDERS… BRACE FOR LIFT OFF! 📈 The $XRP Bollinger Bands are tighter than ever on the monthly chart… 👀🚀Last time we saw this in 2017 and 2020, volatility exploded! Leading to our largest gains during the bull market! 🙌While it's not a directional indicator, it… pic.twitter.com/uiQHYCJSRu

— Good Morning Crypto (@AbsGMCrypto) April 24, 2024

According to AbsGMCrypto’s tweet, the Bollinger Bands have narrowed significantly on XRP’s chart, an occurrence that often precedes major price shifts. The last instances of such tightening were followed by periods of high volatility and notable price increases, supporting current speculations of an impending bullish trend.

While Bollinger Bands are not used to predict the direction of the market, their current tightness signals a potential for large-scale price action in the near term. Moreover, the cryptocurrency has shown strong support levels, further hinting at an upward trajectory.

AbsGMCrypto noted in a tweet:

<blockquote> “While it’s not a directional indicator, it screams ‘big move ahead!’ Signs point to an upward swing, especially with strong support above.” </blockquote>

Consequently, AbsGMCrypto advised monitoring XRP’s trading volume closely, as an increase could validate the expected bullish push.

XRP Price Action

Ripple’s XRP token has experienced a notable uptick in bullish momentum over the past week, with its price increasing by over 7%. However, the positive trend faced a setback in the last 24 hours. As of press time, XRP is trading at $0.5265, marking a decline of 3.63% from the previous day. 

XRP/USD 24-Hour Chart (Source: CoinStats)

Concurrently, XRP’s market capitalization mirrored this decline, falling by 3.55% to reach $29,044,188,582. Despite the downturn in price and market cap, the trading volume tells a different story. 

Over the last 24 hours, XRP trading volume surged by 8.57%, totaling $1,509,110,092. This increase in trading activity suggests that interest in XRP remains high among traders, indicating a robust engagement with the token despite its recent price drop.

XRP/USD Technical Analysis

In the technical analysis of the XRP token on the one-day chart, there’s a notable bullish trend indicated by its overall trajectory. However, the pattern depicted by the last three candlesticks suggests a temporary reversal, signaling a potential short-term correction in the market. This observation is crucial as it hints at the direction XRP might take in the near future.

XRP/USD 1-Day Chart (Source: TradingView)

If this correction drives the XRP token below the 50% Fibonacci retracement level, investors could witness a further decline in its price. This descent could test the resilience of the support level set at $0.465 before any possibility of a bullish recovery emerges.

Conversely, should the correction halt above the 50% fib level, it positions XRP to challenge the higher 78.6% Fibonacci level. Successfully breaching this could lead the token to overcome the resistance at $0.60, potentially catalyzing a significant upward movement in price.

Adding to the technical perspective, the Moving Average Convergence Divergence (MACD) indicator presents an intriguing scenario. Although it currently hovers in negative territory at 0.0186, its position above the signal line suggests that bullish momentum is gradually accumulating despite the prevailing selling pressures. This is further supported by the MACD’s histogram bars, which are expanding in the green zone, indicative of growing bullish energy.

XRP/USD 1-Day Chart (Source: TradingView)

Moreover, the Relative Strength Index (RSI) stands at 43.35, near the neutral zone, indicating a lack of strong volatility in either direction for XRP. Nonetheless, the index briefly touching the 50 mark before receding slightly underlines the token’s current phase of short-term correction amidst an overarching bullish trend.

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EU Parliament mandates new KYC and AML rules for crypto on April 24, 2024.

New regulations under MiCA are to be fully applicable by year-end.

AMLA in Frankfurt will oversee compliance with crypto regulations.

On April 24, 2024, the European Parliament approved new regulations targeting money laundering within the cryptocurrency sector. These rules impose mandatory due diligence and identity verification for customers. They apply to crypto asset managers and centralized exchanges.

The legislation enhances existing Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Under the Markets in Crypto-Assets (MiCA) framework, crypto-asset service providers (CASPs) must now conduct thorough customer due diligence (CDD) and report any suspicious activities to the authorities.

This initiative aligns with the European Union‘s broader strategy to govern digital assets and their markets effectively. MiCA, effective June 2023, will be fully applicable by the end of the year. The new anti-money laundering regulations will complement this framework to secure a transparent crypto ecosystem.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), located in Frankfurt, Germany, will oversee these regulations and ensure compliance among CASPs and other relevant entities.

While the European Parliament has passed the law, the Council of the European Union must formally adopt it. It will also need publication in the EU Official Journal before enforcement. The legislation is set to be applied three years after these steps.

Patrick Hansen, EU strategy and policy director at Circle, confirmed these details. He noted that the new CASP requirements build on those already established under Anti-Money Laundering Directive 5 (AMLD5).

Earlier proposals for the Anti-Money Laundering Regulation (AMLR) had suggested stricter KYC measures for self-custody wallets. This version raised concerns about potential negative impacts on innovation and adoption in the crypto industry.

However, industry advocacy led to a revised, balanced version of the law. It allows multiple compliance options, considering the unique aspects of the crypto world. This final version has been described by Hansen as a “positive result.” The adoption of these new rules by the European Parliament is a crucial step in refining the regulatory framework for the cryptocurrency industry.

4/ The AMLR will apply to all CASPs (exchanges, brokers etc.) that are regulated under MiCA. These CASPs will need to follow standard KYC/AML procedures like customer due diligence (CDD) etc.This is nothing new, as all crypto exchanges & custodial wallet providers in the EU are… pic.twitter.com/ZN1AsWdBpw

— Patrick Hansen (@paddi_hansen) March 24, 2024

The European Parliament has adopted new rules to adjust the regulatory framework for the cryptocurrency industry. As the sector expands, the EU seeks to balance innovation with financial system integrity. The framework established by MiCA and the new rules reflect the EU’s regulatory approach.

The post EU Sets Crypto AML Standards: Here Is What You Need to Know appeared first on Coin Edition.

CZ Zhao’s legal team requests probation ahead of the April 30 sentencing.

The defense emphasizes Zhao’s first-time, non-violent offender status.

Advocates propose home confinement in Abu Dhabi to prevent re-offending.

While prosecutors seek a 36-month prison term, Binance former CEO Changpeng Zhao’s “CZ” defense has submitted a sentencing memorandum highlighting several reasons their client should be granted probation.CZ’s legal team has asked the court to grant him probation after he pleaded guilty to money laundering charges. This request comes before the sentencing hearing scheduled for April 30. 

The defense argues that Zhao is a first-time, non-violent offender convicted solely of anti-money laundering compliance failure. CZ’s team stressed that the government did not accuse him of additional financial crimes such as “money laundering, fraud, theft, market manipulation, or any comparable form of unlawful conduct.”

Zhao’s attorneys also highlighted his background and commitment to societal well-being as grounds for leniency. The defense stated that CZ built Binance “as a force for positive change in the world.” In addition, they pointed to his involvement in charitable endeavors, including contributions to humanitarian aid worldwide and education initiatives through Binance Charity.

The defense further noted Zhao’s “remarkable” and “exceptional” acceptance of responsibility, indicating several instances as evidence of his deep remorse. These include a voluntary guilty plea, cooperation with the government, a $4.3 billion fine, and his decision to step down from his CEO position at Binance and related entities. 

Furthermore, CZ’s defense asserted that probation is a fair and just outcome, citing legal precedents such as the BitMEX prosecution, where defendants were granted probation instead of imprisonment. The team also expressed concerns about potential sentencing disparities and the potentially harsher conditions non-citizen defendants may face in prison, highlighting the need for a balanced and equitable approach.

In proposing probation, the defense suggested the possibility of Zhao’s home confinement at his Abu Dhabi residence, noting that this arrangement would mitigate any risk of re-offending.

Zhao’s defense advocated for probation over imprisonment, contending that it would address pertinent factors outlined in 18 U.S.C. § 3553(a) while serving the interests of justice and fairness.

The post Changpeng Zhao’s Defense Calls for Probation in Money Laundering Case appeared first on Coin Edition.

Lark Davis has observed a compelling trend among BlackRock Bitcoin ETF investors.

Many BlackRock ETF investors bought at $73,000, with the product seeing a diminishing inflow at $64,000.

Users think the majority of ETF buyers are novices triggered by FOMO and FUD.

A foremost Bitcoin investor, Lark Davis, has observed a compelling trend among BlackRock Bitcoin ETF investors. In a recent post on X, the renowned investor noted that BlackRock Bitcoin ETF buyers purchased a billion units at $73,000 in one day. However, with Bitcoin at $64,000, the novel product saw zero inflow in a whole day.

Blackrock Bitcoin ETF buyers at $73,000 bought a billion in one single day. Today, saw zero inflows into the Blackrock Bitcoin ETF. BTC price now $64,000. There's a lesson there.

— Lark Davis (@TheCryptoLark) April 25, 2024

Davis’ observation triggered varying reactions among several crypto users, most of whom added their opinions as responses to his post. While the investor noted a lesson in the observed development, one respondent thinks it is all about investor sentiment and the fear of uncertainties.

According to a respondent, most people prefer to buy digital assets when the market is in the green. His suggestion implied that the crypto market is ruled by the “Fear Of Missing Out (FOMO)” and “Fear of Uncertainty and Doubt (FUD)”. Hence, many investors buy at higher prices rather than when the assets are cheaper.

Meanwhile, another respondent to Davis’ post believes many BlackRock Bitcoin ETF buyers are inexperienced. He considers then non-veterans who need to learn from those who have been in the system. For him, the right way to invest in crypto is to “buy the dip.”

A third respondent added his opinion, noting that the lesson there is that market sentiment can shift quickly, and timing is everything when investing in cryptocurrency. According to him, crypto investors need to stay sharp at all times, no matter the point at which they enter the market.

Bitcoin surged significantly after the U.S. Securities and Exchange Commission (SEC) approved several Bitcoin ETFs. The flagship crypto rallied above $73,000, with investors flooding the market. BTC pulled back after reaching an all-time high of $73,794, with users expecting a rebound. The pioneer crypto traded for $64,012 at the time of writing, according to data from TradingView.

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Santiment argued now may be a good time to buy altcoins before the bull run.

It observed that over 85% of monitored assets are in a historically buying opportunity zone. 

This observation draws from the MVRV of wallets’ combined returns over one-month, three-month, and six-month periods.

Prominent market intelligence firm Santiment has suggested that now may still be an opportune moment to buy altcoins before the bull rally that typically follows a Bitcoin halving. Santiment called attention to this view in a recent post on X after examining the mid-term gains and losses realized for most altcoins.

Specifically, the intelligence platform noted that average wallets’ mid-term gains and losses indicate heavy realized losses across most altcoins. It observed that over 85% of the assets it monitors are in a historically buying opportunity zone. 

Santiment noted that this observation is particularly true when evaluating the market value to realized value (MVRV) of wallets’ combined returns over one-month, three-month, and six-month periods. As a result, Santiment suggested that it could be justifiable to consider buying, especially as growing fear permeates the crowd following these successive market cap dips.

Notably, the crypto community recently witnessed Bitcoin’s fourth halving cycle, slashing miners’ rewards to 3.125 BTC per block. However, before the halving of April 19, the crypto market witnessed severe bearish performances that erased most of the gains most altcoin accrued in the early phase of the bull run.

For instance, Shiba Inu has collapsed by approximately  60% to $0.00001853 this month after reclaiming the $0.00004534 range in March, one of its peak points in 2021. A comparable landslide collapse was observed with BONK, which sank to $0.00001257 on April 13 after hitting $0.00004704 previously.

These depressing performances followed Bitcoin’s retrace to the $60K range before the halving. While the halving has been completed, the market has barely fully recovered as Bitcoin continues to battle bearish forces, dampening the morale of the investing public.

Meanwhile, Santiment believes individuals who risk investing now stand a good chance of reaping better profits when the anticipated bull run emerges.

The post Data Shows Now Might Be Prime Time to Buy Altcoins: Here’s Why appeared first on Coin Edition.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy.

U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February.

Uncertainty over the potential outcome of the Ripple vs SEC case contributed to XRP’s decline.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy and growing uncertainty in Ripple’s ongoing litigation. Wednesday’s slump marked an extension in the XRP price drop after the altcoin dipped by 2.21% last Tuesday. 

According to a U.S. economic report released on Tuesday, U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February. The report further showed that core durable goods rose by 0.2%, marking an improvement from February’s figure of 0.1%. The improved data signaled a robust U.S. economy, impacting inventors’ outlook regarding a September Fed rate cut.

Apart from XRP, several other cryptocurrencies declined on Wednesday, leading to a 2.97% drop in the overall value of the crypto market. Hence, the crypto market lost over $2.3 billion on Wednesday following the selloff.

Besides the Fed monetary policy’s impact on investor sentiment, the crypto market felt the impact of new developments in the case between Ripple and the U.S. Securities and Exchange Commission (SEC). Increased uncertainty over the potential outcome of the case contributed to XRP’s decline.

Last Tuesday, the fintech firm filed a redacted version of the remedy-related opposition brief. Ripple argued against the SEC’s proposed $2 billion fine and filed a motion to strike, contesting the inclusion of new expert testimony in the SEC opening brief. 

Investors perceive that Ripple’s recent action could introduce a new twist to the case, possibly opening new litigation frontiers, thereby elongating the legal battle. However, many crypto users think a convincing rebuttal by the SEC could result in a punitive penalty against Ripple for selling unregistered XRP to institutional investors.

XRP traded for $0.52662 at the time of writing, with the price struggling around multiple supports established in the last week of March, according to data from TradingView.

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Morgan Stanley allows 15,000 brokers to solicit customer purchases of Bitcoin ETFs.

The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency.

The company executives state that Morgan Stanley assures every one of the accessibility of ETFs.

A recent report revealed Morgan Stanley’s plans to explore the expanding Bitcoin exchange-traded funds (ETFs) market. The firm reportedly plans to allow its 15,000 brokers to encourage customers to purchase Bitcoin ETFs.

Two senior executives familiar with the matter shared insights on the company’s plans to establish “guardrails” for solicited purchases. The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency. Though neither of the executives revealed the exact timeframe for the company’s policy changes, one of the executives stated,

“We’re going to make sure that we’re very careful about it. We are going to make sure everybody has access to it. We just want to do it in a controlled way.”

The second executive stated that the customers have shown strong interest in purchasing Bitcoin ETFs. He added that the investors invest money in ETFs as it seems interesting to them. He added, “Our clients aren’t betting the ranch on Bitcoin.”

Other financial firms like Bank of America’s Merill Lynch, Wells Fargo, and Cetera Financial Group have also introduced Bitcoin ETFs. Matt Fries, Head of Investment Products at Cetera, posited,

“We will continue to proactively evaluate the implications of Bitcoin ETFs and related products and modify our policies accordingly, and we look forward to partnering with our financial professionals to adopt Bitcoin ETFs when appropriate with their clients.”

As of Wednesday, the net inflow of the US Spot Bitcoin ETFs from leading asset managers like BlackRock, Ark Invest, and Grayscale has reached a massive $12.29 billion. In addition, they have amassed over $53.6 billion in assets under management (AuM).

The post Morgan Stanley Allows 15,000 Brokers to Recommend Bitcoin ETF Purchase  appeared first on Coin Edition.

Lack of legal expertise and compliance issues at Binance highlighted serious concerns by co-founder He Yi.

CZ expresses remorse and accepts responsibility, appealing for a second chance and emphasizing compliance changes at Binance.

Prosecutors push for harsher penalties, while CZ’s family highlights his role as a caring parent and generous philanthropist.

He Yi, the co-founder of Binance, recently emphasized that Changpeng Zhao (CZ), Binance founder, apparent lack of awareness has had serious consequences for him and the company. Yi pointed out that despite Zhao being the only English-speaking member in the early management team, the absence of legal expertise within the startup has been a notable issue.

Binance co-founder He Yi said that CZ’s biggest mistake was ignorance. As a startup with no fancy background, the founding team members had no legal background, and even most of the early management team members, except CZ, could not even read English. Both Binance and CZ have…

— Wu Blockchain (@WuBlockchain) April 25, 2024

Addressing these concerns, CZ penned a letter to Judge Richard A Jones of the US District Court for the Western District of Washington on 24 April, expressing remorse for his actions and accepting full responsibility. He acknowledged the need for implementing compliance changes at Binance sooner, emphasizing the subsequent implementation of stringent controls during his tenure.

Furthermore, CZ emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities. He appealed for a second chance, highlighting his unconventional career path marked by simplicity and integrity.

CZ has apologized in a letter to the judge overseeing his case filed on Tuesday: There is no excuse for my failure to establish the necessary compliance controls at Binance. CZ gave an assurance that this would be his only “encounter with the criminal justice system.” CZ said he…

— Wu Blockchain (@WuBlockchain) April 24, 2024

Moreover, CZ’s family, including his wife, two children attending US institutions, and his sister, a former managing director at Morgan Stanley, publicly supported him for the first time among 161 letters seeking leniency. Their testimonials portray CZ as a supportive father and a philanthropist, emphasizing Binance’s charitable efforts.

Despite the pleas from CZ’s legal team, prosecutors are pushing for a harsher sentence of three years imprisonment and a $50 million fine. They argue against probation, expressing concerns about his susceptibility to negative influences in prison.

Although the US sentencing guidelines permit a maximum of 10 years in federal prison for CZ’s offenses, the usual recommendation falls within the range of 12 to 18 months. However, the final outcome remains uncertain as the case progresses, with CZ potentially facing incarceration at the Federal Detention Center (FDC) SeaTac in Washington.

The post Binance Founder CZ Faces Legal Battle Over Ignorance Claims appeared first on Coin Edition.

The CBN denied reports stating that it froze accounts related to unlicensed crypto firms.

The regulator said that it wasn’t responsible for issuing the circular.

“Always refer to the Bank’s website for authentic information,” said CBN.

The Central Bank of Nigeria (CBN) has refuted claims suggesting that it ordered local banks to freeze accounts associated with unlicensed crypto exchanges. 

Reports surfaced alleging that the CBN directed financial institutions to freeze accounts associated with exchanges like Binance, OKX, Bybit, and KuCoin, but the bank has denied issuing such directives. 

In a post on X, the central bank clarified that the circular instructing banks to freeze accounts linked to unlicensed crypto exchanges did not originate from the regulator. It urged the public to rely on its official website for authentic information.

The CBN emphasized, “Always refer to the Bank’s website for authentic information.”

Earlier reports claimed that the CBN issued a directive instructing banks to identify and freeze accounts engaged in transactions with cryptocurrency exchanges. These accounts were to be placed under a “Post No Debit (PND) instruction” for six months. Additionally, the reports listed Bybit, KuCoin, OKX, and Binance as exchanges not licensed for operations in Nigeria.

However, as of press time, no official orders regarding the freezing of banking accounts linked to crypto transactions have been published on the CBN’s official website.

The CBN’s stance on cryptocurrency transactions has evolved over time. In late 2023, the bank lifted its previous ban on crypto activity in the country, pushing institutions to carry out cryptocurrency services while signaling a shift in Nigeria’s approach to the crypto market.It is also important to note that Nigeria also ranks in the list of the top 50 major cities with the infrastructure to experience mass adoption of cryptocurrencies.

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KPMG’s survey states that 22% more financial institutions in Canada provided crypto services in 2023.

In 2023, 26%+ institutional investors added digital assets to their portfolios.

40% institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021.

A recent survey released by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) has revealed increasing crypto adoption in Canada. Embracing a better regulatory framework, Canada has returned to the developing crypto markets, with investors and organizations actively taking part in the crypto trade.

According to the survey, crypto services in Canadian financial institutions in 2023 have grown by 22%+ compared to 2021. In addition, 26% more institutional investors have included digital assets in their portfolios.

Reportedly, 2021 was a strong year for crypto assets as the bullish market attracted investors. However, the following year was a “turbulent year, marked by fraud and collapses of major crypto asset trading firms.” Kunal Bhasin, partner and co-leader of KPMG in Canada’s Digital Assets practice, commented that the long crypto winter of 2022 had a “cleansing effect on the industry.” Further, he added,

“Rising U.S. debt combined with increasing inflation likely provided a catalyst for the crypto rally of 2023, and it appears investors are looking for alternative asset classes that act as a debasement hedge and a reliable store of value. Our survey findings suggest crypto assets are increasingly seen as an investible alternative asset class…in Canada.”

The survey further highlighted that 50% of financial services firms offered a minimum of one crypto service, up from 41% in 2021. Of these financial service firms, 24% issued exchange-traded funds or similar regulated products. In addition, 48% of the firms offered custody, clearing, and settlement services in 2023, while only 33% provided the same in 2021.

Moreover, nearly 40% of institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021. It is noteworthy that 75% of investors owned crypto assets directly, while 50% had connections through ETFs and other regulated products.

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Korean won surpassed USD in terms of trading volume.

Upbit hosts 80% of the total Korean trading volume.

Crypto.com recently delayed its debut in the South Korean market.

The Korean won has surpassed the United States dollar as the most-used currency for trading Bitcoin and other digital assets.

According to a report from Bloomberg, this uptick is centered around Upbit, an exchange based in Seoul’s Gangnam district. Upbit’s wide selection of listed coins and user-friendly interface have helped it capture the majority of Korea’s crypto market. 

With over 80% of Korean trading volumes, Upbit’s dominance in the local market is unrivaled, ranking among the top five exchanges globally by volume and closely competing with Coinbase.

Notably, new legislation aimed at protecting investors after the collapse of Do Kwon’s TerraUSD stablecoin in 2022 seems to further consolidate Upbit’s grip on the market. Under these regulations, crypto exchanges will be required to increase reserves, obtain investor-protection insurance, and enhance monitoring for suspicious transactions. 

While these measures aim to protect investors, they may inadvertently strengthen Upbit’s position, as compliance costs could prove prohibitive for smaller exchanges.

Upbit, operated by fintech firm Dunamu Inc., has been a major player since its launch in 2017. Its trading volume has surged, accounting for almost 5% of global crypto trading volume, up from 1.4% in January 2021. 

Backed by early investors such as South Korean internet giant Kakao Corp. and Woori Technology Investment, Dunamu saw its valuation skyrocket during the pandemic bull run, reaching a peak of $15.7 billion.

Singapore-based Crypto.com recently delayed its launch in South Korea, just six days before it was set to go live. This delay followed a report that the Financial Intelligence Unit (FIU) visited Crypto.com’s regional office over concerns about anti-money laundering procedures. This highlights the challenges international exchanges face when entering the Korean market, despite its attractive volume and volatility.

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HashKey Exchange completes the first crypto subscription for BTC and ETH ETFs for Hong Kong Bosera International and HashKey Capital.

Hong Kong began raising funds in ETFs and will be listed on the Stock Exchange on April 30.

As per reports, HashKey Capital will begin trading Bitcoin ETF on Tuesday.

In a recent development, HashKey Exchange announced that the platform had completed the first crypto subscription for Hong Kong Bosera International and HashKey Capital’s Bitcoin spot ETF and Ethereum spot ETF.

Chinese crypto researcher Colin Wu shared an X post shedding light on the matter. The reporter further elaborated on the idea of cryptocurrency redemption, stating that it means “the underlying assets do not have to be sold immediately, which brings cost and liquidity advantages.”

HashKey Exchange announced that it has completed the first cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF of Hong Kong Bosera International and HashKey Capital. Cryptocurrency redemption means that the underlying assets do not have to be sold immediately,…

— Wu Blockchain (@WuBlockchain) April 25, 2024

In addition, it is also reported that Hong Kong began raising funds in crypto ETFs today and will be listed on the Stock Exchange on April 30. The announcement came days after Hong Kong’s Securities and Futures Commission’s (SFC) approval of several Bitcoin and Ethereum ETF applications.

Meanwhile, HashKey Capital confirmed that it will begin trading Bitcoin ETFs on Tuesday. With this official announcement, HashKey Capital became one of the first companies to launch a spot Bitcoin ETF in Hong Kong.

In mid-April, Hong Kong’s SFC signaled a positive nod to the exchange-traded fund applications submitted by multiple firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited. Subsequently, Bosera Asset Management and HashKey Capital together decided to launch a spot Bitcoin ETF and a spot Ether ETF called the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, respectively.

Reports stated that other leading asset managers in China are also preparing to introduce Spot Bitcoin ETFs into the market by the end of April. These developments are expected to contribute significantly to Hong Kong’s vision of establishing a crypto hub.

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SEC instructs Google and Apple to remove Binance apps in the Philippines, citing security threats to investors’ funds.

Aquino highlights Binance’s violations of securities regulations, leading to the proactive removal of its apps.

SEC warns against investing in Binance, emphasizing its lack of necessary licensing.

The Securities and Exchange Commission (SEC) of the Philippines has directed Google and Apple to remove the Binance app from their respective app stores. A press release by the SEC disclosed that this instruction was contained in separate letters addressed to the tech giants on April 19.

SEC Chairperson Emilio B. Aquino stated, “The SEC has identified [Binance] and concluded that the public’s continued access  to  these  websites/apps  poses  a  threat  to  the  security  of  the  funds  of investing Filipinos.” Aquino asserted that Binances’ sale of unregistered securities and operation as unregistered violates the “Republic  Act  no.  8799,  or  The Securities Regulation Code.” 

He further stressed that blocking and removing the Binance app will mitigate potential risks to the investing public and safeguard the national economy. This action follows previous requests by the SEC to the National Telecommunications Commission, urging the blockage of access to Binance websites within the Philippines. 

Since November 2023, the SEC has actively cautioned against investing in and utilizing Binance services. The regulatory body also signaled ongoing consideration of potential measures to restrict Binance’s online presence within the country. 

The SEC revealed that Binance lacks the license to solicit investments or operate as an exchange. In light of this, the agency urged investors against using the platform for cryptocurrency transactions. 

Binance is renowned for offering several financial instruments and investment products, including spot trading, futures contracts, and cryptocurrency staking services. According to the SEC, the exchange averages a daily trading volume of $65 billion and has a user base exceeding 183 million.

However, this development adds to a series of setbacks for Binance, as Changpeng Zhao, Binance’s former CEO, faces charges in the US. Moreover, Binance is entangled in legal battles with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

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CBN instructs banks to identify and freeze accounts involved in crypto transactions.

Regulated financial institutions are banned from accepting cryptocurrency payments.

The government scrutinizes platforms like Binance for alleged regulatory breaches.

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. Per CBN’s instructions, such accounts should be placed on a Post No Debit (PND) instruction for six months.

Under the “Post No Debit instructions,” customers are prohibited from conducting certain transactions, such as withdrawing funds or making payments. In light of this, the CBN released a circular identifying Bybit, KuCoin, OKX, and Binance as crypto exchange platforms lacking operational licenses in Nigeria.

The apex bank has emphasized its determination to clamp down on individuals illicitly trading Tether USDT on the platforms mentioned, particularly through peer-to-peer (P2P).

Furthermore, the CBN asserted that regulated financial institutions are prohibited from accepting or facilitating cryptocurrency payments. This stance contradicts an earlier ban lifted in December 2023, which allowed banks to facilitate crypto exchange transactions.

Due to the swift depreciation of the naira and inflation surge reaching 29.9%, the government has shifted focus towards platforms facilitating cryptocurrency transactions.

It recently took action against crypto trading platforms, particularly those known for fixing valuations different from the CBN Naira rate. Notably, Binance has faced intensified investigations following allegations of questionable financial transactions conducted through Binance Nigeria in 2023.

CBN’s governor, Olayemi Cardoso, revealed that an estimated $26 billion flowed through Nigeria via Binance in 2023, originating from undisclosed sources and users. This development has drawn attention to potential regulatory breaches within the crypto ecosystem.

Binance continues to face hurdles in Nigeria as Tigran Gambaryan, a US-based Binance executive, has been apprehended. Following discussions between Nigerian officials and Binance regarding regulatory issues, Gambaryan faces five charges related to money laundering.

Furthermore, Nadeem Anjarwalla, another executive involved in discussions with Nigerian authorities regarding Binance’s regulatory concerns, managed to evade custody but was later traced to Kenya. Anjarwalla now faces potential extradition back to Nigeria to address the charges against him.

The post Nigeria’s Central Bank to Freeze Bybit, KuCoin, OKX, Binance Accounts appeared first on Coin Edition.

XRP met resistance around $0.55 amid expectations of another round of litigation.

The XRP pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal.

Fred Rispoli thinks Ripple is in a great position to win the ongoing lawsuit against the SEC.

XRP met resistance around $0.55 amid expectations of another round of litigation between Ripple and the U.S. Securities and Exchange Commission (SEC). The top altcoin failed to overcome the $0.55 barrier on Tuesday despite showing significant momentum the day before.

Tuesday’s pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal for the firm to pay $2 billion in fines regarding the protracted legal battle between them. Ripple argued that the SEC had no basis for such a request, citing the commission’s lack of allegations or findings of recklessness or fraud against it.

Following the development, several crypto users suspect Ripple’s opposition filing could trigger another round of litigation between the pair. One such user, a crypto industry attorney, Fred Rispoli, noted that Ripple is in “a great position” to win the lawsuit. However, he observed that there are “ominous signs.”

In his post on X, Rispoli noted that Ripple told the Court that if the SEC wants to sue on the new contracts, it needs to bring a new enforcement action. He highlighted the possibility of the Judge penalizing the SEC, dissuading them from a repeat enforcement action. 

Bad news: The parties are teeing up (or posturing on) "Round 2." Ripple tells Court if SEC wants to sue on the new contracts, it needs to bring a new enforcement action (p16). SEC getting hammered with a low penalty will help in dissuading a repeat enforcement action. 5/8

— Fred Rispoli (@freddyriz) April 23, 2024

Despite the ongoing legal battle, on-chain metrics suggest increasing confidence among XRP investors. One such metric is data from Santiment showing that the number of wallets holding between 1 and 1 million XRP tokens is nearing all-time highs (ATH). This category of wallets represents small-volume wallets typically owned by retail investors. The increasing retail investor population for XRP suggests a growing confidence among market participants.

XRP traded for $0.54513 at the time of writing after pulling back 2.82% on Tuesday after Ripple’s remedies opposition filing, according to data from TradingView.

The post XRP Pulls Back as Ripple Opposes SEC in Recent Court Filing appeared first on Coin Edition.

Whale buys 1.15M $WIF for $3.77M, signaling major moves in the crypto market.

WIF’s price rally sees a 23.58% increase, reflecting investor optimism.

Technical breakout may push WIF to new heights. However, the risks of pullback looms.

A ‘whale’ has reportedly purchased 1.15 million $WIF , worth approximately $3.77 million, and engaged in multiple transactions. The transactions included withdrawing and depositing large quantities of $WIF tokens to and from Binance, hinting at tactical asset management by the individual or entity.

A whale spent 24,174 $SOL($3.77M) to buy 1.15M $WIF and withdrew 39,600 $WIF ($131K) from #Binance 5 hours ago.The whale also withdrew 357,298 $WIF ($1M) from #Binance on April 14.Then he deposited all $WIF into #Kamino and #Meteora.https://t.co/6exqPdOVoQ pic.twitter.com/VjBwhZgqCM

— Lookonchain (@lookonchain) April 24, 2024

According to Lookonchain, an analysis platform, the whale initially bought the $WIF tokens using $SOL, totaling 24,174 $SOL. Within the same period, the whale withdrew 39,600 $WIF , equivalent to around $131,000, from Binance. 

Further illustrating the whale’s active engagement in the market, on April 14, days before the latest acquisition, the investor withdrew an additional 357,298 $WIF , valued at about $1 million, from Binance.  Following these transactions, the whale transferred all the $WIF tokens into Kamino and Meteora, two platforms within the crypto ecosystem. 

WIF Token Bullish Breakout

The WIF token is witnessing a robust bullish trend, with its price rallying from an intraday low of $2.835 to a high of $3.550. As the trading day progresses, the token is maintaining momentum near this high, currently priced at $3.512. This marks a significant 23.58% increase since the day’s start, signaling strong investor confidence.

WIF/USD 1-Day Chart (Source: CoinStats)

This surge in the WIF token’s value is mirrored in its market capitalization, which has seen an impressive 23.49% growth, reaching $3.52 billion. Concurrently, trading volumes have greatly increased by 113.04%, totaling $811 million over the past 24 hours. 

Fueling this optimism is a confirmed breakout from a two-week ascending triangle pattern in the Dogwifhat trading chart, a development that has captured the attention of the crypto community. This technical breakout is a key driver of the current investment surge, as traders anticipate further gains and push the prices toward new highs.

Will the Bullish Trend Retain?

The WIF token recently closed above the 50% Fibonacci retracement level at $3.404, signaling a strong bullish trend that may continue in the short term. If the momentum persists, the price of WIF could challenge the resistance at the 61.8% Fibonacci level. A breakthrough here might set the stage for further gains, targeting the 78.6% level at $5.227.

WIF/USD 4-Hour Chart (Source: Tradingview )

However, this bullish breakout could be deceptive, merely capturing liquidity above the market before a potential pullback. If this scenario unfolds, the price could revert to the previous double-top formation, which now serves as immediate support. This could drive prices down further to the 10-day trendline.

From a technical perspective, the MACD indicator exhibits a positive trend, moving vertically above the signal line, which underscores the strong bullish momentum in the market. This could support a potential breakout above the 61.8% Fibonacci level. Concurrently, the increasing size of the histogram bars in the green zone further confirms the prevailing bullish sentiment.

WIF/USD 4-Hour Chart (Source: Tradingview )

On the contrary, the Relative Strength Index (RSI) is currently at 68.60, indicating an overbought condition. This suggests that there might be a short-term pullback or consolidation before the price can continue its upward trajectory. Moreover, the downward movement of the RSI line hints at potential room for a bearish outlook in the near term.

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