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Binance CEO: We Improve Exchange Lockdown for US Residents

Changpeng Zhao, founder and CEO of the Binance cryptocurrency exchange, spoke to Bloomberg about the prospects for the digital yuan and the blocking of traders from the United States.

“There are more users coming to the exchange now, we are seeing more adoption and more institutional participation,” Zhao said. "Overall, things are going pretty well."

China is “far ahead” of other countries in developing a central bank digital currency (CBDC), Zhao said. “The first central bank with a working CBDC will be able to implement its use at the international level,” he said. “This is likely to significantly help make the yuan the more dominant currency in the world. If it works, then I think it will put pressure on other central banks to want to release their CBDCs as soon as possible. "

​Exchanges Resume Support for Bitcoin Cash After Hard Fork

On November 15, a planned hard fork occurred on the Bitcoin Cash network, the controversial nature of which resulted in two separate chains.

According to the BitMEX forks monitoring service, the Bitcoin ABC 0.22.6 client did not accept the first block of the BCHN 22.1.0 client after the fork, which led to the formation of two separate chains. Currently, the overwhelming majority of the hashrate is supported by BCHN, just like before the fork. This allowed his chain to move 74 blocks forward.

The emergence of two separate chains was a reaction to the plan of the leading Bitcoin Cash developer Amory Sechet to implement a rule of collecting 8% of block rewards for the cryptocurrency development fund, which many in the cryptocurrency community do not support. As a result of the fork, Bitcoin Cash holders received two separate assets.

Cryptocurrency exchanges, meanwhile, are announcing the resumption of cryptocurrency-related trading activity. “As evidenced by data from many popular trading platforms, BCHN is currently priced substantially higher than BCHABC,” writes OKEx. - So we have adopted the BCHN chain as the new BCH. BCHABC tokens will be credited to users' accounts at a 1 to 1 ratio. "

Huobi also announced the relaunch of trading services on the BCH market.

The value of the assets in the Grayscale Bitcoin Cash trust dropped by $ 1.6 million to $ 46.8 million during the week before the fork. The BCHN rate is now $ 246, the BCHA rate is $ 13.

​​Startup Kirobo has released a tool to return erroneously sent ETH

The developers of the Israeli startup Kirobo have created a tool to "rollback" erroneous transactions in Ethereum. Previously, the startup developed a technology for returning erroneously sent BTC.

According to the developers' statement, the Retrievable Transfer service is now available for returning erroneously sent coins on the Ethereum network. Previously, the technology allowed returning bitcoins sent by mistake to the wrong addresses. ERC-20 tokens will be supported by the service later.

“Leveraging our logic layer finally removes the need to send a test transaction, dramatically reducing user anxiety when transferring cryptoassets to a third party,” said Kirobo CEO Asaf Naim.

Retrievable Transfer is available to MetaMask users and any wallet using the WalletConnect protocol. The tool gives users the ability to recover cryptoassets sent to the wrong address by generating a password that the sender enters. The recipient must also enter the appropriate password. Failure to do so allows the sender to return the money by canceling the transaction.

​​US SEC head resigns from office

US Securities and Exchange Commission (SEC) Chairman Jay Clayton has confirmed that he will leave the post at the end of 2020 after three and a half years of work, the agency said in a statement.

Clayton was sworn in on May 4, 2017, following President Donald Trump's arrival at the White House, and has served the longest serving as head of the SEC.

According to the statement, the Commission, led by Clayton, "has enhanced the ability of businesses of all sizes to raise capital in both public and private markets, with reliable and effective investor protection."

The regulator has also "strengthened its investigative and law enforcement programs by establishing various annual reports."

During Clayton's term in office, the SEC secured orders for the payment of fines and refunds in the amount of more than $ 14 billion and returned $ 3.5 billion to investors. The record was the 2020 financial year, for which the regulator collected $ 4.68 billion, of which $ 1.26 billion fell on ICO Telegram and token sales of cryptocurrency companies.

During Clayton's tenure, the SEC paid out $ 565 million to whistleblowers, including a record $ 114 million in program history.

Under Clayton's presidency, the regulator acknowledged that Bitcoin and Ethereum are not securities, which allowed the launch of regulated futures based on these assets.

However, the Commission never approved applications for launching exchange-traded funds (ETFs) based on the first cryptocurrency. The latest, filed by Wilshire Phoenix, was rejected by the SEC in February this year. Clayton recently announced that the regulator is ready to consider creating tokenized ETFs.

​​Fantasy Sports Could Become New Major Cryptocurrency Market

According to research firm Messari, as native digital ecosystems like esports are increasing their collaboration with blockchain technology, industries like fantasy sports can look forward to massive adoption.

Researcher Mason Nystrom said that fantasy sports will see significant growth due to the COVID-19 pandemic. He also believes blockchain-based applications can help increase fan engagement:

"While esports and cryptocurrencies await improvements in new technologies and 5G integration, blockchain fantasy sports is gearing up for consumer adoption."

Citing PwC research, Nystrom noted that betting and fantasy sports will grow 7.2% over the next 3-5 years. This could bode well for the segment, according to a 2018 study, as 75% of traditional sports bettors are also interested in fantasy sports.

Unlike traditional betting, where participants place bets on the outcome of the game, fantasy sports are when you put together a team and compete for a cash prize with opponents.

The need to digitalize the sports experience has become paramount after the spread of COVID-19 has led to a sharp decline in ticket revenues. Since mass gatherings are unlikely to be allowed until at least 2022, the industry is looking for new ways to increase user engagement.

Blockchain applications can be used as a foundation for digital ownership and monetization, while platforms like Ethereum offer a high level of trust. According to Messari, the current drawback is a poor user experience, as if assets are lost, they will disappear forever.

Blockchain-based fantasy games are powered by the sale of non-fungible tokens (NFT), which can increase in value depending on the performance of real athletes.

The top three crypto fantasy sports games - Sorare, MLB Champions and NBA Top Shot - have already grossed over $ 10 million in sales. Sorare and MLB Champions are built on Ethereum, while NBA Top Shot is built on the Flow blockchain.

While there are hundreds of types of NFT assets, the vast majority are either not traded anywhere or have extremely low trading volumes.

​​On CME, open interest in BTC futures reaches $ 1 billion

Open Interest (OI) on CME has renewed its all-time high, surpassing the August indicators.

“Aggregate open interest in the bitcoin futures market has also increased during the week and is now on its way to new all-time highs. The total OI for futures for the first cryptocurrency is currently $ 6.3 billion, ”the experts emphasized.

The Block analyst Larry Cermak noted that there are over 100 players on CME, each with at least 25 BTC of open interest.

“Open interest on CME is now 50% higher than on BitMEX,” the expert stated.

OKEx is the leader in terms of the amount of open positions. It is followed by Binance and CME, which account for about 15% of the total OI in the segment.

​​Zcash (ZEC) halving took place today

The halving of the Zcash (ZEC) blockchain network is scheduled for November 18, as a result of which the block mining reward has been halved, making mining less attractive.

This project implements the Proof-of-Work (PoW) consensus protocol, which focuses on securing transactions to make them as secure as possible while maintaining privacy.

Yesterday the block reward was set at 12.5 ZEC, today it has dropped to 6.25 ZEC, which at the current price of about $ 64 equals about $ 400 per mined block.

The update was called the Zcash Blossom Upgrade and included several changes, including a different distribution of Founders Rewards, which will stimulate the team and developers working on the project.

Recently, a similar approach led to the fork of the Bitcoin Cash blockchain, as the cryptocurrency community did not agree with the deductions of miners for the development of the network.

Hypothetically, a reduction in the block reward and the number of mined coins should raise the price of the ZEC. This will be influenced by the deflation mechanism that is present in the most famous Bitcoin blockchain.

However, another option is possible, in which cryptocurrency mining will become less profitable and miners will switch to other, more profitable networks. Consequently, the hash rate can drop and increase the risk of a 51% attack.

​​OKEx's own token is up 20% after reports of the release of its founder

The OKEx (OKB) cryptocurrency exchange's own token has grown by 20% to $ 5.70 over the past 24 hours, after reports of the release of its founder from custody appeared on the network.

The alleged detention of Star Xu became known in mid-October. OKB was then trading above $ 6, but quickly dropped to $ 4. Now the token price is returning to the previous levels.

According to Chinese journalist Colin Wu, Xu "got some freedom." In addition, according to him, the issue of closing the case or releasing Xu on bail is being decided on the eve of the trial. OKEx denies claims that its founder is under investigation for money laundering.

Wu also states that the exchange is still unable to name a timeline for resuming withdrawals. "Xu's release could bring a little bit of optimism about the series of investigations that have hit the Chinese crypto industry," he adds.

Trading volumes for OKB token have been growing since the beginning of the week. On Monday, they were $ 56 million, and today they have reached $ 178 million. The main purpose of the token is to reduce trading commissions and ensure margin positions, so the value of OKB is largely determined by activity on OKEx.

​​Bitcoin exchange Bitonic obliges users to take screenshots of wallets

The Dutch bitcoin exchange Bitonic has notified users of the introduction of an additional verification due to the requirements of the local regulator. Since November 16, the company has been forced to track the movement of funds, according to a press release.

The exchange said that the Dutch authorities have ordered cryptocurrency service providers to verify incoming and outgoing transactions in accordance with the Sanctions Act. Otherwise, the company faces a refusal to register.

“Now we have to request additional information, including the purpose for which you are going to buy bitcoins, and which wallet you are using,” the message says.

Bitonic users need to confirm each withdrawal address by sending a screenshot of the wallet or a signed message. The exchange stressed that it had repeatedly asked the regulator to abandon "this ineffective and disproportionate requirement."

“The Netherlands is currently the only country in the European Union where such large-scale measures are applied,” Bitonic said.

​​Bank of England urged to pay attention to the benefits of digital currencies

Andy Haldane, chief economist at the Bank of England, admitted that the use of digital currencies could improve financial stability. He stated this at the TheCityUK conference.

The regulator is currently considering the possibility of reducing the key rate to negative values. For citizens, this means that banks will start charging fees for deposits.

In his speech, Haldane touched on the topic of both central bank digital currencies (CBDC) and stablecoins. In his opinion, attention should be paid not only to the risks, but also to the potential benefits of such assets.

“In principle, widespread digital currencies can reduce, if not completely eliminate, the technological constraints that force us to introduce negative rates,” said a representative of the regulator.

Haldane attributed the instability of the banking system to the risks associated with lending. The introduction of digital currencies will help to differentiate between these activities and payments, he said.

“This would reduce the internal instability of the traditional banking model,” said the chief economist.

​​BNP Paribas and Crédit Agricole will explore the possibilities of an interbank digital currency

The investment units of the French banking giants have become participants in a joint project to study the potential and risks of using blockchain-based interbank digital currency.

According to the press release, in addition to BNP Paribas CIB and CA CIB, the pilot will be attended by the state financial institution Caisse des Dépôts, as well as by Tokeny and The Blockchain Xdev (subsidiary of Blockchain Group).

The partners will test the settlement of financial transactions with digital assets on platforms using Ethereum and Tezos technologies.

They will focus on multicurrency multilateral transactions with digitized securities, when security tokens and tokenized money exist in the same ledger.

Also, interested parties will consider the problems of the tool's compatibility with other public and private blockchains.

​​Solidus Labs Introduces A Tool To Trace Cryptocurrency Market Manipulations

Solidus Labs has introduced a tool for tracking cryptocurrency transactions and market manipulations. The decision is aimed at creating a loyal attitude of regulators to Bitcoin ETFs.

Earlier, the US Securities and Exchange Commission (SEC) stated that the main reason for rejecting applications for launching exchange-traded funds (ETFs) on Bitcoin is market manipulation. So, last year, the SEC rejected a joint application by Bitwise Asset Management and NYSE Arca to launch a Bitcoin ETF. In addition, the agency has repeatedly rejected a request by the Winklevoss brothers, founders of the Gemini exchange, to create an ETF for Bitcoin.

The Solidus Labs developers reported that they have created a dedicated tool to solve this problem. It will allow you to monitor the market, check data on cryptocurrency transactions and identify possible manipulations on different platforms. Chen Arad, COO of Solidus Labs, said traditional markets have the same problems and are being addressed with dedicated market surveillance systems.

According to Arad, the Solidus tool has four functions: collecting, storing and processing data, and providing reporting. The program collects data from virtual asset service providers (VASPs) and cryptocurrency exchanges, which will act as "information intermediary". At the same time, exchanges will not have to exchange confidential data on trade operations with each other.

The system then processes the information and also compares data on the purchase and sale of digital assets. This is necessary in order to track market manipulations and suspicious transactions that may be associated with money laundering. Solidus CEO Asaf Meir said data processing also includes comparing market data from different marketplaces and analyzing user activity.

In addition, Solidus verifies that exchanges comply with regulatory reporting requirements. The tool analyzes which cases exchanges report to their clients and regulators, and which parties may be involved, before exchanges start sending alerts. The Solidus product works with confidential data that will be provided by exchanges, brokers and regulators.

Arad noted that Solidus technology can be used in different jurisdictions. It should be viewed as an international standard to help exchanges comply with the Financial Action Task Force (FATF) rules. Solidus management is already in talks with several regulators and cryptocurrency exchanges willing to use this tool in the US. Arad added that Solidus was developed specifically to address regulatory issues and is already being used by several clients outside the United States.

​​Poloniex disconnected again due to the soaring price of bitcoin

Due to the setting of a new record high bitcoin price, the Poloniex crypto exchange stopped working this night.

Poloniex is currently unavailable due to an unexpected issue, according to the exchange's customer support page on Twitter on Friday. - We are studying the problem and will keep you informed.

In recent weeks, Bitcoin has shown a rapid rise in price, due to which it has attracted a lot of attention. When the traffic on the exchanges increases, the servers often go down, blocking traders. This also happens on other exchanges, including BitMEX and Coinbase.

For the time being, Poloniex has ceased its service, - reads the next tweet of Poloniex. - Our spot and margin markets are limited and withdrawals are temporarily unavailable.

A subsequent update talked about the resumption of trading in futures contracts on the platform.

If you look at the publications on Twitter, the team of the trading platform has not completely solved all the existing problems, although the work of most of the services has been restored.

Meanwhile, bitcoin continues to close to its all-time high of around $ 20,000. This growth was also due to the fact that large well-known investors, such as Paul Tudor Jones, Jack Dorsey's Square company and MicroStrategy, entered the crypto space, opening large positions in the digital coin.

​​ECB: CBDC start-up - advantage

These conclusions are made in an article written by the economist from the department of analysis of international policy of the ECB Maccimo Minesco Feppapi in collaboration with two politicians.

"Paralleling the introduction of CBDC can give the issuer significant first-hand advantage," says Feppapi's article.

In addition, it is generally stated that countries without CBDC will find themselves in an unfavorable position compared to other states that have issued such currencies. It is very likely that they are losing control over their own monetary policy due to the "side effects" and competition.

Since investors will tend to buy CBDC, pushing bonds and other assets on the second plan, the effect of these transboundary "secondary effects" can be significant.

"The presence of the CBDC in a significant way enhances international secondary shocks, thus stimulating international connections."

Further, the authors gave an explanation of their statement:

“The presence of CBDC has a significant impact on monetary policy ... and enhances the balance in the international currency system. In particular, the release of CBDC by the internal economy will noticeably reduce the autonomy of the monetary policy in the external economy. This forces the foreign central bank to change its monetary policy in order to mitigate the stronger international secondary effects generated by the CBDC. "

Over the past few months, the ECB has activated its efforts to introduce digital euro

​​Jeff Bezos-Supported African App Launches Crypto Trading

African-based Chipper Cash, backed by Amazon CEO Jeff Bezos, has raised $ 30 million and is launching a crypto trading service due to high demand for digital assets. Platform customers will be able to buy and sell cryptocurrency and US stocks (such as Tesla, Amazon, or Apple) through the app.

An African international payments startup Chipper Cash raised $ 30 million in its next investment round, news.bitcoin writes. It was led by venture capital firm Ribbit Capital with the participation of Bezos Expeditions, personal investment fund of Amazon CEO J. Bezos.

Chipper Cash, created 2 years ago by H. Serunjogi (Uganda) and M. Mujaled (Ghana), implements free mobile P2P payment services. They are available in 7 regions of the continent (Ghana and Uganda, Nigeria and Tanzania, Rwanda and South Africa, and Kenya). The application enables customers to send and receive money throughout Africa. The service boasts 3 million customers. At the same time, he conducts about 80 thousand transactions daily.

The platform team is going to use the collected funds to provide additional products, as well as to develop their services in the territories of other states. The CEO noted that they noted the demand from their users "for the provision of other valuable services ... for example, the acquisition of cryptoassets and investment in shares."

Chipper Cash has already added the ability to buy and sell BTC in beta to its website and app. In addition, the partnership with the US financial company Drivewealth allows using the application to also invest in American stocks.

Serunjogi explained that the first to test the new product are Nigerians, and then residents of other countries. He noted that Nigeria users “will be able to purchase shares in Tesla, Apple, Amazon and others” using the app.

Serunjogi believes the support of prominent investors such as Jeff Bezos benefits Africa as a whole. Recall that Bezos is now the richest man in the world with a fortune of $ 200 billion.

​​Ripple has opened a vacancy for the director of relations with central banks

Fintech company Ripple has posted a vacancy for an expert specializing in central bank digital currencies (CBDC).

The Senior Director of Central Banking requires years of experience in corporate technology sales and working with financial institutions.

Ripple will give preference to a candidate well versed in digital assets and blockchain technology.

The responsibilities of the future employee include managing CBDC projects, as well as creating communication channels between central banks and various project teams. Another area of ​​responsibility is managing the company's strategy in this direction and building relationships with global regulators.

​​PayPal CEO believes bitcoin will become a means of payment

PayPal chief executive Dan Shulman believes Bitcoin will ultimately be used more for day-to-day payments rather than as a store of value. He said this in an interview with CNBC Squawk Box.

During the coronavirus pandemic, the use of cash has dropped significantly, Shulman says. According to him, up to 70% of consumers do not want to deal with them anymore.

Earlier this month, PayPal opened up Bitcoin and several altcoins to its US customers and is working to integrate trading platforms to allow merchants of goods and services to accept digital payments.

“Using cryptocurrency as a potential payment instrument for daily purchases will increase its functionality and stabilize it,” said Dan Shulman, noting that the company had consulted with global regulators before launching the service.

According to him, merchants will be able to accept bitcoin as payment next year.

​​Australian company WCA raised 89% of capital in USDT stablecoin at IPO

Australia's West Coast Aquaculture (WCA) completed its IPO as the first in the country to use USDT stablecoin to raise capital.

Fintech industry company STAX helped WCA raise just over 89% of A $ 5M in an IPO - about 4.4M - via USDT stablecoin. The rest of the money was collected in Australian dollars. WCA is now listed on the Sydney Stock Exchange (SSX) under code 833.

“We are proud to be part of this historic moment in the history of Australian investment,” said WCA CEO and Founder Neo Ching Hoe. "We hope this bold initiative will help open the door to more global investment in local companies."

WCA, an international fishing company with offices in the Asia-Pacific region, will channel the money to expand its operations and build a supply chain, according to a statement. STAX describes itself as the first capital raising platform in Australia to accept cryptocurrency on par with the Australian dollar.

“WCA's successful IPO fundraising pave the way for the future of capital markets in Australia,” said STAX CEO Kenny Lee. “We are opening up a market that is difficult for foreign investors to enter and will benefit Australian business in the long term.”

​​BIS: "tools to oversee stablecoins need to be developed"

According to a new BIS report, the possible emergence of Libra and other global stablecoins requires regulators to rethink the ability to monitor and supervise their circulation.

Analysts at the Bank for International Settlements (BIS) have released a new report proposing to create tools for monitoring global stablecoins. According to the report, Libra's potential for rapid mass adoption across multiple jurisdictions will require authorities to develop dynamic, adaptable tools to oversee and track regulatory compliance by stablecoin issuers.

While this can be challenging, analysts say the operating principles of a stablecoin could be key to creating such mechanisms:

“Offering stablecoins is one area where built-in controls can work in practice. Information is a central regulatory function, both in terms of improving the functioning and efficiency of the market and in terms of supervision, whether it is to ensure market integrity, protect customers and investors, or prudential oversight. ”

This “built-in control” will automate direct reporting and registration for all potential stablecoin issuers. Some existing digital payment platforms that do not use stablecoins already work in a similar way, such as AliPay and WeChat Pay in China.

Distributed ledger stablecoins can generate secure information and support automated ledger monitoring, reducing the need for issuers to actively collect, verify, and share data with regulators.

Implementing built-in stablecoin oversight has three goals. First and foremost, reducing the cost of regulatory compliance for both large and small companies. Second, the development of an open source monitoring toolkit to clarify the applicability of the regulatory framework. Finally, to ensure the legal finality of payments, which is different from the economic and contractual finality.

After carefully analyzing the various problems within the proposed model, the authors of the report noted that the best solution would be to include fiat currencies in a similar paradigm. Central bank digital currencies will not represent the same “conflicts of interest” that privately issued stablecoins carry. Analysts concluded that stablecoins could be an experimental proposal that points the way to innovation within the existing system, rather than outside it:

“Just as stablecoins of yesteryear were an evolutionary step towards the concept of a central bank, today's stablecoins may eventually give way to other transformations. This could include robust government-backed alternatives and new mechanisms for the cross-border exchange of central bank money. ”

​​South Korean parliament postpones introduction of 20% tax on cryptocurrency transactions

The South Korean parliament has postponed the entry into force of a new law on income tax on cryptocurrency transactions. This is reported by Cointelegraph with reference to the local publication DongA.

The law on 20% tax on income derived from operations with cryptocurrencies will come into force on January 1, 2022. Initially, the law was supposed to come into force on October 1, 2021.

Parliament has postponed the deadline to give cryptocurrency exchanges time to prepare to include solutions that will implement the requirements of the law into their infrastructure.

The new tax structure was announced in July this year. More than 2.5 million won (~ $ 2,260) annual income from crypto trading will be subject to 20% resident tax. Income less than this amount is not taxed.

The Korean Blockchain Association, a consortium of cryptocurrency companies in South Korea, criticized the timing of the transition to new legislation and requested a delay until January 1, 2023. Parliament agreed to extend the term by three months, rather than 15 months.