Mesh, a U.S. fintech company backed by Paypal Ventures, has partnered with Italian digital asset wallet Conio to enhance cryptocurrency exchange access for Conio’s 430,000 customers. This collaboration allows users to access 10 leading crypto exchanges, including Binance and Coinbase, through the Conio app, and seamlessly transfer bitcoin purchases directly into their Conio wallets. By […]
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The Two-Class System of Regulation Plaguing Europe
In the rapidly evolving landscape of digital finance, the emergence of crypto assets has introduced unprecedented challenges as well as opportunities for regulators who provide proactive frameworks across the globe. The European Union is the largest government body that has done so through the Markets in Crypto-Assets Regulation (MiCAR), however, it finds itself at a […]
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XRP Price Set For Colossal 63,000% Breakout As Ripple Secures Crucial Partnership In Europe
In a market witnessing a strong bullish momentum with several cryptos reaching new all-time highs and experiencing price recoveries, the XRP price has remained in a consolidation phase for the past two months after a brief surge in March that took it to its yearly high of .7430.
However, recent positive developments and announcements surrounding Ripple, the blockchain payment company associated with XRP, coupled with an intriguing bullish pattern, have sparked speculation of a potential massive uptrend for the XRP price.
Ripple Expands With Clear Junction Partnership
Ripple recently revealed its partnership with Clear Junction, a global provider of cross-border payment solutions for regulated institutions.
According to the announcement, the new collaboration aims to enable Clear Junction to facilitate “instant and secure” GBP and EUR-denominated payout coverage for Ripple’s payments customers. Moreover, Ripple plans to introduce support for additional currencies later this year, further expanding its network of offerings.
Cassie Craddock, Managing Director, Europe at Ripple, expressed satisfaction with the partnership, stating the following:
Clear Junction is a great fit for Ripple. Right from the beginning, it has been able to support all of our use cases, including providing GBP and EUR payout coverage for our clients sending payments into the UK and European Union.
Clear Junction, an FCA-authorized e-money institution in the UK, offers operational support and reports to provide a secure environment for partners.
The goal is to ensure the safety and protection of funds through necessary payment industry and data security safeguards. The company has earned ISO 27001 certification, the highest global data security standard.
Dima Kats, Founder and CEO at Clear Junction, emphasized the significance of the partnership, stating that blockchain technology and cryptocurrencies will be at the core of the evolution of correspondent banking. Kats further states:
We are happy to partner with Ripple to be a part of this process. This collaboration exemplifies two institutions coming together to enhance their respective products and services. We look forward to working closely with the Ripple team and exploring more avenues for future growth.
XRP Price To 0?
Presently trading at .5269, XRP is experiencing a prolonged consolidation phase between the price range of .4780 and .5441.
Despite lacking significant catalysts to propel the token to previous highs, the possibility of retesting its all-time high of .40 in January 2018 is on the horizon.
A crypto analyst known as “Jack The Rippler” has identified a bullish triangle pattern emerging in the daily XRP price chart, as seen in the image below.
Should the pattern fully break out above the .600 mark and the anticipated bullish uptrend materialize, as indicated by the analyst, the projected 63,000% surge would skyrocket the XRP price to approximately 1.
Nevertheless, the realization of this scenario remains uncertain, and the timeframe required for XRP to overcome its upper resistance levels is yet to be determined. The upper resistance levels currently stand at .5414 and .5574 in the near term.
Featured image from DALL-E, chart from TradingView.com
SOL Price Breaks Crucial $150 Level Amid Robinhood’s Solana Staking Debut In Europe
Robinhood Crypto has announced the introduction of a Solana-staking product in Europe, accompanied by a bonus program for new customers.
This development comes as the company faces increased tensions with US regulators, which could potentially lead to legal repercussions. However, the move has propelled Solana’s (SOL) price to surpass the crucial 0 level, indicating a return of bullish momentum in the market.
Solana Staking And Crypto Rewards
According to the announcement, Robinhood unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards.
As part of its expansion, Robinhood has launched its first crypto-staking product exclusively for European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unstake their assets at any time.
Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investing experience.
While Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating the staff’s recommendation for an enforcement action against the platform.
Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the listed assets on their platform are not securities.
Vlad Tenev, the CEO of Robinhood, revealed that the company has held over 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage with the SEC in good faith but noted the regulatory body’s lack of reciprocal efforts.
SOL Bulls Eye 0 As Trading Volume Rises
Solana’s native token, SOL, experienced a significant rebound in the past hour, surging from the 0 zone to its current trading price of 3. This price movement holds key significance for bullish investors as they aim to retest the 0 mark previously surpassed in March.
CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching .7 billion in the last 24 hours, representing a 6.6% rise compared to the previous Monday’s trading session.
According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, followed by hitting three upside targets.
The price appears to form a higher low, increasing the probability of reaching “target four,” projected at the 5 mark.
Despite the bullish momentum, SOL faces crucial resistance walls at 7 and 2, which are expected to be significant obstacles toward higher price levels.
On the other hand, the 0 line has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest its yearly high of 9.
Featured image from Shutterstock, chart from TradingView.com
Makerdao Co-Founder Rune Christensen: Defi Frontends Might Need Licenses to Operate in Europe
Rune Christensen, a co-founder of the Makerdao project, has warned about the possible disruptions linked to hypothetical EU-wide requirements for defi fronteds to receive a license for operating. Christensen said this would decelerate the EU to the Stone Age, disrupting European defi access for less tech-savvy users. Makerdao Co-Founder Details Possible MiCA Disruptions in EU-Based […]
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Binance Appoints New Regional Head for Eastern Europe and Central Asia
Binance’s General Manager for Central and Eastern Europe, Kyrylo Khomiakov, will take responsibility for Central Asia as well. His promotion comes after the crypto exchange’s top executives in the region left the company last month, part of a string of executive exits at Binance this year.
Kyrylo Khomiakov to Manage Binance’s Business in 14 Markets in Central and Eastern Europe and Central Asia
Binance, the largest digital assets exchange by daily trading volume, has appointed Kyrylo Khomiakov as its new regional head for Central and Eastern Europe (CEE) and Central Asia. Until now he was Binance’s General Manager for CEE.
Khomiakov will manage the company’s teams, focus on enhancing products and services and optimizing user experience to grow its business, a press release detailed. He will also oversee Binance’s marketing strategy and contacts with governments.
“Having Kyrylo, who possesses a deep understanding of these local markets and plays an integral role in the Binance organization, taking responsibility for these regions is crucial. This appointment will ensure an effective allocation of our resources to uphold our position in this part of the world,” said Richard Teng, head of regional markets at Binance.
Kyrylo Khomiakov joined the cryptocurrency exchange in January 2022 and was initially responsible for Ukraine before taking charge of the business in the entire CEE region. He will now lead Binance across 14 countries in both Central and Eastern Europe and Central Asia.
“We’re focused on building a local presence in CEE and Central Asian countries. This way, we can build trust and create products that help our users every day,” Khomiakov stated, expressing his excitement about the opportunity to help the industry’s expansion in more regions.
Amid heightened regulatory pressure in the U.S. and the EU, Binance has sought to increase its presence in Eastern Europe and the post-Soviet space as part of its regional expansion. Since 2022, the leading global exchange has opened an office in Romania, a blockchain hub in Georgia, launched an educational program in Kazakhstan and offered to assist Azerbaijan with crypto regulations.
However, in late September, announced it’s exiting Russia, which had been an important market for the crypto trading company, and selling its Russian business. Its top two executives in the region, Regional Head of Eastern Europe and the Commonwealth of Independent States (CIS), Gleb Kostarev, and General Manager for Russia and the CIS countries, Vladimir Smerkis, left the exchange earlier that month. Binance saw a number of executive exits this year, most recently the departures of managers in the U.K. and France.
Do you expect Binance to announce new executive appointments in other regions in the near future? Tell us in the comments section below.
Kraken to Expand Its Presence in Europe With Acquisition of Dutch Crypto Broker
Crypto exchange Kraken has unveiled its plan to acquire Dutch crypto broker Coin Meester B.V. (BCM). Kraken explained that the Netherlands is a key market in its European expansion plans. “We are committed to growing our business in compliance with European regulations,” the exchange emphasized, adding that it is “actively pursuing” registrations in several European markets.
Kraken to Acquire a Crypto Broker in the Netherlands
Cryptocurrency exchange Kraken announced on Thursday its “planned acquisition of Coin Meester B.V. (BCM) in the Netherlands.” Kraken explained that BCM, founded in 2017, is one of the Netherlands’ “oldest and most respected registered crypto brokers.” The company provides services to buy, sell, and stake crypto, including access to over 170 cryptocurrencies.
The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s product offering, liquidity, security standards, and 24/7/365 live client support, the announcement details.
Kraken CEO David Ripley commented: “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.” The executive added:
The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans.
“Our decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services,” Kraken detailed.
The crypto exchange explained:
We are committed to growing our business in compliance with European regulations; in addition to our VASP [virtual asset service provider] licenses in Ireland, Italy and Spain, we are actively pursuing registrations in other European markets.
Kraken noted that the proposed acquisition is “subject to customary closing conditions, including obtaining the required regulatory approvals.”
What do you think about Kraken acquiring a Dutch crypto broker as part of its European expansion plan? Let us know in the comments section below.
US Crypto Exchange Kraken Wins ‘Milestone’ Regulatory Approvals in Europe
Cryptocurrency exchange Kraken announced new achievements in implementing its strategy to pursue expansion on the European market. The U.S. trading platform for digital assets said it has received regulatory nods from the monetary authorities of Ireland and Spain, two of the EU nations with relatively clear rules for the industry.
Another Major U.S. Crypto Exchange, Kraken, Strides On With European Expansion
Digital asset exchange Kraken has obtained authorization from the Central Bank of Ireland as an e-money institution (EMI) and has registered with the Bank of Spain as a virtual asset service provider (VASP). In a press release on Tuesday, the San Francisco-based company emphasized that the regulatory approvals highlight its commitment to growing its business in Europe.
With the EMI license, which has been granted to Kraken’s subsidiary in Ireland, the exchange will be able to partner with European banks in order to expand its euro fiat services for clients in the EU’s 27 member states as well as the countries in the European Economic Area (EEA), which form a key growth region for the American crypto firm.
Kraken further explained that the VASP registration with Spain’s central bank allows it to provide cryptocurrency exchange and custodial wallet services to residents of the country. The exchange has already received similar registrations in Ireland and Italy and considers these a “testament to its ongoing commitment to regulatory compliance.”
“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s vice president of global operations. He pointed out that the company is excited to become part of the local fintech sectors in the two countries and looks forward to continuing its European investments. Ting also stated:
We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain.
Kraken’s push to expand on the Old Continent, which is preparing to implement its new Markets in Crypto Assets (MiCA) legislation, is not an isolated effort among U.S. exchanges. Earlier in September, America’s leading crypto trading platform, Coinbase, indicated in a blog post that it intends to focus on growing in markets that have clear crypto regulations.
Coinbase provided as an example of the opposite the United States, where government agencies have taken the path of enforcing existing rules through courts. This week, Coinbase announced it has obtained a Spanish registration, too, and a report unveiled it has tried to buy FTX Europe for its derivatives business.
As one of the world’s longest-standing crypto platforms, Kraken highlighted its “robust security and excellent client service that spans more than a decade.” Curtis Ting emphasized that these features, coupled with Kraken’s leading position in liquidity and volume for euro-crypto pairs, “bring a compelling value proposition for future clients in Europe” and vowed that the exchange will continue to work to advance crypto adoption in the region.
Do you think other U.S. crypto companies will also seek to expand their business in Europe? Share your expectations in the comments section below.
Coinbase Sought to Buy FTX Europe for Its Derivatives Business, Report
Leading U.S. crypto exchange Coinbase pursued the acquisition of failed coin trading competitor FTX’s European subsidiary, a media report revealed. The move has been seen as proof of the growing importance of derivatives for the American platform’s plan to expand business globally.
Coinbase Held Talks to Acquire FTX Europe After Bankruptcy and in September
Coinbase has looked into the potential acquisition of FTX’s entity in Europe, according to documents seen by Fortune. The U.S.-based digital assets exchange explored the option to buy the Cyprus-licensed platform both right after FTX filed for bankruptcy protection in the United States last November and as recently as early September.
“Coinbase’s interest in FTX Europe demonstrates the growing importance of derivatives to its global business plan as spot trading volumes have tumbled during the bear market,” the magazine commented while noting the talks never reached a late stage and quoting a person familiar with the matter who said that the American company is no longer pursuing such deal.
The report further points out that the financial instruments based on the value of cryptocurrencies like bitcoin (BTC) and ethereum (ETH) now form a significant portion of crypto trading, reaching a volume six times larger than the volume of spot trades in the second quarter of 2023, as per data from crypto analytics firm Kaiko Research.
The regulatory future of crypto derivatives remains uncertain in the U.S. while the EU is yet to implement its own comprehensive set of regulations under the newly adopted Markets in Crypto Assets (MiCA) law. FTX Europe, bought for 6 million in 2021, was the only platform offering crypto derivatives called perpetual futures on the Old Continent before FTX’s collapse.
In a blog post analyzing the regulatory environments in key markets around the world earlier this month, Coinbase confirmed its plans to expand in jurisdictions that are adopting clear regulations for the sector, including in Europe, as opposed to the United States which has been enforcing existing rules and new regulation through courts, according to the exchange.
Fortune also cited the financials of FTX Europe indicating that the platform continued to add tens of thousands of users until the crash of its parent company. With the FTX debtors’ estate selling parts of FTX, the value of its European license has drawn interest from other potential buyers as well such as a crypto firm called Trek Labs. The deadline for offers has been extended to Sept. 24, according to another source quoted in the article.
Do you think FTX Europe will be sold to another crypto company? Tell us in the comments section below.
Binance Executives for Russia and Eastern Europe Leave Top Exchange
Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia.
Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues
Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets.
On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange.
“Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, heartfelt thanks to all our partners and Binance users for your support,” said Kostarev who was previously overseeing the Asia-Pacific (APAC) region, too. He gave no specific reasons for quitting after his five years in executive roles at Binance.
“Almost two years have passed in the blink of an eye, and as of tomorrow, I no longer work at Binance,” the exchange’s General Manager for Russia and the CIS countries, Vladimir Smerkis, also revealed in a Facebook post published the same day. He promised to share details about his decision and plans for the future after a needed vacation.
The two exits are part of another chapter in an executive exodus from Binance that has been going on in the past few months. Earlier this week, a spokesperson for the company told Reuters that Product Lead, Mayur Kamat, had resigned.
According to a report by the Wall Street Journal, Helen Hai, who was overseeing Binance’s global fiat business, has also left. The publication quoted sources familiar with the matter. Meanwhile, founder and CEO, Changpeng Zhao (CZ), commented on the departures in a post on X, formerly Twitter:
Some of our team members are growing into bigger roles, some outside of #Binance. Some are doing new exciting ventures. I even made intros/references for many of them. We are supportive of everyone. We are one community.
This also creates more growth opportunities within…
— CZ
Binance (@cz_binance) September 6, 2023
These latest exits come after in early July, Binance’s Chief Strategy Officer, Patrick Hillmann, confirmed on social media he was leaving the crypto behemoth and a Bloomberg report unveiled that Senior Vice President for Compliance, Steven Christie, and Binance’s General Counsel, Hon Ng, had also left. Leon Foong, who ran the APAC business, is no longer on the job either.
The exchange has also reportedly laid off over 1,000 employees. The job cuts came amid heightened regulatory scrutiny over Binance’s operations in the U.S., where it’s engaged in lawsuits over alleged breaking of securities and futures laws and is being investigated for suspected violations of sanctions against Russia, whose market it may leave. In Europe, it’s also facing a probe, including for money laundering, and has already pulled out of several markets.
Do you think there will be more executive exits at Binance in the coming weeks? Tell us in the comments section below.