SEC Chair Clayton: Bitcoin Needs ‘Better Regulation’ Before Major Exchange Listing

Better regulation is needed around bitcoin markets before they can be traded on major exchanges, the head of the U.S. Securities and Exchange Commission said on Thursday. Speaking at CNBC’s Delivering Alpha conference, SEC Chairman Jay Clayton said investors are “sorely mistaken” if they think bitcoin and other cryptocurrencies undergo the same price discovery practices as products on top exchanges like the Nasdaq or New York Stock Exchange. “We have to get to a place, in my view — just speaking for myself — we have to get to a…

New York Among 13 States Excluded as Binance.US Opens for Registrations

The U.S. arm of cryptocurrency exchange Binance is opening for registration and deposits on Wednesday. The platform will go live supporting just six cryptocurrencies initially – bitcoin, (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC) and the tether stablecoin (USDT). The platform expects more to be added in “coming weeks,” providing they pass Binance.US’s Digital Asset Risk Assessment Framework. Notably, Binance’s own token Binance Coin (BNB) and its recently launched dollar-linked stablecoin BUSD are not yet supported. The new launch comes after stateside users of its global platform Binance.com were barred from…

Binance Makes Strategic Investment in Chinese Crypto Media Firm

Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance. According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million. Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder of bitcoin mining firm Bitmain, Jihan Wu. The media site was founded by…

Binance Futures Platform Suffers 3% Flash Crash amid Market Maker’s Error – CCN.com

Binance CEO CZ has retracted accusations that a sudden 3% flash crash was deliberately and maliciously executed by a market maker. | Credit: Shutterstock.com Earlier today, Binance’s futures platform suffered a flash crash of nearly 3 percent in a matter of just seconds. Initially, Binance CEO Changpeng Zhou (CZ) took to Twitter to announce that the flash crash had comprised a deliberate attack executed by a market maker known to the exchange. A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated,…

OKEX Korea Drops 5 Privacy Cryptocurrencies Citing FATF Rules

Regulatory pressure on cryptocurrency exchanges to stop providing users with access to so-called privacy coins is growing. The South Korean arm of the Malta-based OKEX exchange announced early on Monday that it is to delist five cryptocurrencies that provide extra privacy features for users. From Oct. 10, the exchange will no longer support trading in Monero (XMR), dash, zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC). In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.” Specifically, in…

BitMarket Co-Founder Faces 10 Years in Prison for Multi-Million Bitcoin Fraud – CCN.com

BitMarket co-founder is at the center of a multi-million-dollar fraud investigation. | Image: Shutterstock The District Prosecutor’s Office in the Polish city of Suwałki has charged a co-founder of BitMarket.pl for committing fraud while operating the now-defunct cryptocurrency exchange. On Sep. 12, the court revealed that it had charged an individual identified as Marcin A for committing fraud between mid-2015 until July 7, 2019. The investigation found that Marcin A. defrauded 525 customers while acting under the BitMarket.pl domain resulting in “an unfavorable disposition of property with a total value of…

CME Seeks to Double Monthly Bitcoin Futures Trading Limit to 10K BTC

The Chicago Mercantile Exchange (CME Group) wants to let futures traders make even bigger bets on bitcoin. CME announced its intention to increase in the so-called spot month position limit for its bitcoin futures contracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday. The limit would jump from 1,000 contracts per month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced until…

Binance to List Its New Dollar-Backed BUSD Stablecoin Next Week

Binance’s new dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will be made available for trading on the cryptocurrency exchange the week of Sept. 16. Announced on Thursday at CoinDesk’s Invest: Asia conference, Paxos co-founder Rich Teo said: “We minted out first batch of Binance U.S. dollars. It will be made available for trading starting next week [against] a few trading pairs such as BTC and BNB.” Earlier this month, the Paxos Trust Company, which already issues its own dollar-backed and gold-backed stablecoins, obtained additional regulatory approval…

Bakkt to Require $3,900 Down Payment on Bitcoin Futures Contracts

Bakkt has officially revealed the initial deposits its customers will have to make to margin trade its bitcoin futures products. In a new notice posted Tuesday, ICE Futures U.S. – the actual futures exchange Bakkt’s contracts are trading on – announced the initial hedge and speculative requirements for customers, as well as its monthly rate add-ons. According to Tuesday’s notice, customers will have a $3,900 deposit requirement for both Bakkt’s daily and monthly futures contracts as an initial hedge. The speculative initial requirements will be somewhat higher, at $4,290 each. Likewise,…