Singapore central bank explains why Binance was on its alert list, but FTX wasn’t

The Monetary Authority of Singapore (MAS), the country’s central bank, released a statement Nov. 21 to address “some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.”  The first point MAS wanted to make was that it could not protect local users from the fallout from FTX collapse “such as by ringfencing their assets or ensuring that FTX backed its assets with reserves” because “FTX is not licensed by MAS and operates offshore. MAS has consistently warned about the dangers of dealing with unregulated entities.”…

Let’s Stop Regulating Crypto Exchanges Like Western Union

The unfortunate failure of one of these money transmitters, West Realm Shires Services Inc., may be the final straw for this rickety arrangement. West Realm Shires Services is the official name for FTX US, a large spot exchange that serves around 1 million Americans. On its website, FTX US lists the 40 money transmission licenses it has been awarded. For states where it has no licenses, like California, FTX US presumably uses a rent-a-license agreement, whereby it contracts with a third party to ride shotgun under its licenses. Source

Binance Coin Loses $270 Support As Bears Eye $200; Will Bears Push Harder?

 BNB’s price continues to hold strong as the bull refuses to give in to the FTX fiasco as price trends are above $260.   BNB’s price continues to look weak as bearish market sentiments increase, with things looking uncertain for most traders and investors.  BNB’s price looks weak and continues to trade below the daily 50 Exponential Moving Average (EMA) as bulls attempt to reclaim the region. The price action displayed by Binance Coin (BNB) has not met expectations, with the price showing less price action in recent weeks, rallying to…

On-Chain Data Shows Close Ties Between FTX and Alameda Were There From the Start: Nansen

“We could see that something’s going on, that they’re closely connected, that there are sufficient flows,” Polk said, referring to Nansen’s latest report, which takes a deeper look at what may have been happening between the corporate siblings. “But since FTX is a centralized entity, you can’t really see what’s happening inside [and] you can’t really know how much money should be there.” Source

China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’ – Economics Bitcoin News

During the first week of November, the World Gold Council’s (WGC) report that covered last quarter’s global gold demand noted that central banks worldwide purchased close to 400 tons of gold in Q3 2022. The study highlighted that it was the “most on record,” and the WGC researchers also spotted a “substantial estimate for unreported buying.” A report published on Nov. 22 now says the mystery gold buyer is likely China, and it further alleged that the country “bought a substantial amount of gold from Russia.” The Third Quarter’s Mystery…

The Gaming Industry Doesn’t Need Web3, but Gamers Might

Acknowledging the remarkable pace of innovation in Web3, today’s infrastructure cannot scale to the computing power needed to enable today’s AAA games. This shouldn’t surprise anyone, nor does it mean that Web3 will never scale to the degree it needs. What it does mean, however, is the crypto industry was attempting to bring to market a technology that didn’t line up with the infrastructure needs of the incumbent industry. We may have wanted Web3 gaming to explode onto the scene, but the reality is that the gaming industry just doesn’t…

Ethereum bears have the upper hand according to derivatives data, but for how long?

Ether (ETH) price experienced an 11.9% decline from Nov. 20 to Nov. 22, bottoming at $1,074 — the lowest level seen since July. Currently, investors have reason to be concerned after crypto lending company Genesis reportedly faced difficulties raising money, triggering rumors of insolvency on Nov. 21.  However, a spokesperson for Genesis told Cointelegraph that there were no plans for imminent bankruptcy because the company continues to hold discussions with its creditors. Unease about the centralization of decentralized finance (DeFi) surfaced after Uniswap Labs changed the privacy policy on Nov.…

Genesis Global Capital Has Hired Investment Bank Moelis to Explore Options Including Bankruptcy: New York Times

“In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG,” Silbert wrote. “For those unaware, in the ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms. These loans were always structured on an arm’s length basis and priced at prevailing market interest rates. DCG currently has a liability to Genesis Global Capital of ~$575 million, which is due in May 2023. These loans were used to fund investment opportunities and to…