Genesisโ€™ Crypto Trading Arm Is Moving Money Around, a Sign of Normality Amid Siblingโ€™s Bankruptcy

A wallet controlled by the Genesis over-the-counter trading desk sent about $125 million of ether (ETH), fantom (FTM) and tether (USDT) to the Coinbase, Binance, Bitstamp and Kraken exchanges on Thursday, the day of the bankruptcy filing, according to blockchain data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USD coin (USDC). Source

Genesisโ€™ Crypto Trading Arm Is Moving Money Around, a Sign of Normalcy Amid Siblingโ€™s Bankruptcy

A wallet controlled by the Genesis OTC trading desk sent about $125 million of ETH, FTM and USDT to Coinbase, Binance, Bitstamp and Kraken on Thursday, the day of the bankruptcy filing, according to blockchain data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USDC. CryptoX Portal

IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action to Avoid Crypto Contagion to Legacy Finance โ€“ Regulation Bitcoin News

An International Monetary Fund (IMF) division chief and deputy managing director are calling for more action to be taken in the regulatory aspect to avoid cryptoโ€™s ups and downs affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy division chief of the financial supervision and regulation division of the IMF, and Bo Li, deputy managing director at the IMF, believe that, given the growing links between legacy finance and crypto, cryptocurrencyโ€™s volatility might bring systemic risks to the existing markets. IMF Blog Post Calls for Containing Future Crypto Contagion The…

Bankrupt Crypto Exchange FTX Could Restart Operations, Says New CEO: Report

John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange. The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets. In his first interview since becoming FTXโ€™s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in…

Nexo Pays $45M In Penalties And Settles With US Authorities

The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. The $22.5 million fine for selling EIP to US investors. Moreover, the $22 million…

Bitcoin Surges Above $22K, Genesis Has Over $5B in Liabilities

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Binance Garnered Largest Market Share of Crypto Investors From Emerging Markets in 2022

Amid last yearโ€™s macroeconomic chaos, inflation in Brazil and Russia, which CryptoCompare groups with other emerging economies, reached 11.9% and 17.2%, respectively. About the time of these highs,ย  Russian Ruble (RUB) and Brazilian Real (BRL) volumes on Binance increased 232% and 72%, respectively. Source BinanceCryptoEmergingGarneredInvestorsLargestMarketMarketsShare CryptoX Portal