The U.S. Securities and Exchange Commission (SEC) instituted administrative proceedings against Lufkin Advisors LLC on Wednesday. This follows an offer of settlement from Lufkin Advisors, which the SEC has accepted. The SEC found that Lufkin Advisors engaged in fraudulent activities, including the mismanagement of crypto assets, undisclosed investments with an employer related to the spouse […]
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Coinbase Reaches ‘Crucial Milestone’ in Canada With Restricted Dealer Registration
Cryptocurrency exchange Coinbase has announced that it has reached “a crucial milestone” in Canada by obtaining registration as a restricted dealer in the country. “Ranked as Coinbase’s third-most crypto-aware nation globally, Canada boasts an enthusiastic tech ecosystem that has the potential to be a leader in the global cryptoeconomy,” Coinbase noted. ‘Crucial Milestone in Coinbase’s […]
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Crypto Exchange Gemini Secures Registration in France — Now Operational in Over 70 Countries
Cryptocurrency exchange Gemini is now registered as a digital asset service provider in France. The crypto firm explained that following the launch of its EU headquarters in Ireland in 2022, “Gemini is now operational in more than a dozen EU countries and more than 70 countries worldwide, with more countries on the roadmap.”
Gemini Registered in France
Crypto exchange Gemini announced Wednesday that it is now registered as a digital asset service provider (DASP) by Autorité des marchés financiers (AMF), France’s financial markets regulator. Gemini detailed:
Following the launch of our EU headquarters in Ireland in 2022, Gemini is now operational in more than a dozen EU countries and more than 70 countries worldwide, with more countries on the roadmap.
The crypto exchange explained that with its French DASP registration, its products “will be available to retail and institutional users across France in the coming weeks.” Gillian Lynch, Gemini’s head of Ireland and the EU, opined: “We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe.”
In April last year, EU lawmakers voted to implement the Markets in Crypto-Assets Regulation (MiCA). “By creating a standardized legal framework across the EU, MiCA not only increases the accountability of service providers but also fosters consumer confidence in using and investing in crypto-assets,” Gemini described. “This harmonization also facilitates easier access to cross-border services, ensuring EU consumers benefit from a diverse and competitive market.”
An AMF survey, released in November last year, revealed: “The rate of individual holdings of crypto assets stands at 9% of the French population. The ownership rate of listed shares stands at 7%, close to the level estimated by the Kantar Institute in March 2023.” Moreover, the survey showed that “New investors invest less frequently in the stock market than traditional investors” and “Many have taken an interest in crypto assets.”
What do you think about Gemini obtaining registration in France? Let us know in the comments section below.
Regulatory Victory: Gemini Receives Digital Asset Service Provider Registration In France
Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has been granted crypto registration by the French markets watchdog Autorite des marches financiers (AMF).
According to a recent announcement made by the exchange, this approval allows Gemini to offer its services as a virtual asset services provider in France. The company plans to roll out its products to both retail and institutional clients in the coming weeks.
Gemini Seizes Growth Opportunities In Europe
As announced, Gemini customers in France will gain access to a wide range of cryptocurrencies for trading, as well as “advanced” trading platforms such as ActiveTrader. Institutional clients will also benefit from Gemini eOTC, an electronic over-the-counter trading solution.
Gemini’s regulatory approval in France marks a milestone in the company’s European expansion strategy. According to the exchange’s statement, with a strong sense of regulatory support for the cryptocurrency industry in Europe, Gemini sees growth opportunities in the French jurisdiction.
The founders of Gemini recognized the need for regulatory clarity, which is on the horizon with the European Union (EU) Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto companies to obtain licenses in one EU country and operate across the entire EU.
Interestingly, Gemini chose Ireland as its European headquarters, joining other major US crypto companies that have selected Ireland as their regulatory hub. On this matter, Gillian Lynch, Gemini’s Head of Ireland and EU stated:
We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe. France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom
US Crypto Companies Seek Regulatory Haven In Europe
According to a CNBC report, major US crypto companies are increasingly looking to expand their operations in Europe driven by regulatory challenges in the United States.
The crypto industry has faced scrutiny from US regulators, including the Securities and Exchange Commission (SEC). Gemini and Genesis, a crypto lender, were charged by the SEC last year for allegedly selling unregistered securities. Gemini is contesting the lawsuit, asserting that its interest-bearing products do not qualify as securities.
Per the report, the European Union offers a “more favorable” regulatory environment, and the MiCA regulation provides a framework for companies to operate across EU member states.
While the US has yet to approve comprehensive federal-level crypto regulation, recent developments indicate a growing acceptance of cryptocurrency trade. The SEC’s approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) is seen as a significant step toward integrating crypto into traditional finance.
Despite initial concerns about market manipulation, the approval of Bitcoin ETFs by the SEC is a positive development for the industry. At the same time, several bills related to crypto regulation are making their way through the US House of Representatives.
Featured image from Shutterstock, chart from TradingView.com
Paypal Achieves FCA Registration in the UK, Paving the Way for Crypto Services Resumption in 2024
The payments giant Paypal has successfully achieved registration with the Financial Conduct Authority (FCA) in the United Kingdom, a fact verified by the FCA’s website on October 31. This move comes shortly after Paypal’s temporary cessation of crypto purchases within the U.K., although the company pledged to reinstate these services at the start of 2024.
FCA Greenlights Paypal to Engage in ‘Certain’ Crypto Asset-Related Activities
Paypal UK Limited is now listed on the FCA’s web registry, having received authorization to engage in “certain” crypto asset-related activities. This development is in sync with the U.K.’s recent extensive revamp of regulatory policies affecting the crypto industry. Just two days earlier, the U.K.’s Treasury introduced its detailed framework, titled “Future financial services regulatory regime for crypto assets.”
This crucial document from His Majesty’s Treasury sets forth the regulatory expectations for crypto asset issuance, disclosures, and the operations of crypto asset trading platforms. It emphasizes the imperative for any entity providing crypto services to secure FCA approval and to comply with rigorous anti-money laundering (AML) and know-your-customer (KYC) protocols.
In a separate release, the FCA and Treasury have presented the Stablecoins Update, mandating that any financial service entity interacting with crypto assets must operate within the regulatory boundaries established by the Financial Services and Markets Act of the U.K. Likely anticipating this new regulatory environment, Paypal temporarily put its crypto asset purchasing services on hold in August.
In the meantime, other firms in the crypto asset realm have opted for diverse strategies, ranging from halting the acquisition of new customers to exiting the U.K. market altogether. Consequently, due to these extensive regulatory shifts, Paypal may also find itself needing to restrict access to new customers and could potentially undergo changes in its operational framework in comparison to the previous regulatory scenario.
What do you think about Paypal’s FCA approval? Share your thoughts and opinions about this subject in the comments section below.
Bitwise Retracts Bitcoin and Ether Market Cap Weight Strategy ETF Registration
In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund.
Bitwise Halts Plans for Bitcoin and Ether Market Cap Weight Strategy ETF Launch
Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023. The digital asset manager submitted the fund to the SEC on August 3, 2023. It relies on a five-year-diluted market cap among other qualifying factors to ascertain the weight of each cryptocurrency.
Owing to the market cap of bitcoin (BTC) and ethereum (ETH), the combined allocation of these crypto assets within the proposed ETF would have been constrained at 75%. The most recent filing presented by Dowling does not divulge any justifications for the company’s withdrawal. The document declares:
The Trust no longer intends to seek effectiveness of the Fund and no securities of the Fund were sold, or will be sold, pursuant to the above-mentioned Post-Effective Amendment to the Trust’s Registration Statement.
Bitwise was one of the seven ETF filings that experienced a delay this past week, which encompassed Wisdomtree, Valkyrie, Fidelity’s Wise Origin, Vaneck, Blackrock, and Invesco Galaxy. Regardless of this setback, Bloomberg’s senior ETF analyst Eric Balchunas mentioned that he and James Seyffart still assign a 75% probability for spot BTC ETF approval in 2023.
It is essential not to mistake the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF for their spot BTC ETF since it is a physically-backed Bitcoin ETF that monitors bitcoin’s price. This particular proposed fund owns BTC intending to grant investors exposure to the crypto asset’s price fluctuations without directly holding BTC.
The Bitwise spot bitcoin ETF aspires to be listed on the NYSE Arca under the ticker symbol “BITW.” The ticker for the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF was going to be “BITC,” before the fund was withdrawn.
What do you think about Bitwise withdrawing its Bitcoin and Ether Market Cap Weight Strategy ETF (BITC)? Share your thoughts and opinions about this subject in the comments section below.
Crypto․com Granted Registration Approval in the Netherlands
Digital asset exchange Crypto․com has been approved for registration as a crypto service provider in the Netherlands. The regulatory nod comes after a review of its business operations and compliance with the Dutch anti-money laundering legislation, the company pointed out.
Trading Platform Crypto․com Adds Another Regulatory Approval in Europe
Cryptocurrency exchange Crypto․com has secured an approval for registration with the Dutch central bank as a provider of crypto services in the Netherlands. The confirmation follows a comprehensive review of its compliance with the country’s Money Laundering and Terrorist Financing (Prevention) Act, the company noted in a press release.
Crypto․com’s CEO Kris Marszalek described the registration approval from De Nederlandsche Bank (DNB) as a significant milestone for the company’s business and a testament to its commitment to compliance. He was also quoted as stating:
Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.
Marszalek further emphasized that the exchange looks forward to continuing to work with the DNB and other regulators around the world. With the Dutch registration, the trading platform adds another approval from authorities in Europe amid increased regulatory uncertainty and scrutiny for the industry in many jurisdictions.
The Singapore-based crypto exchange has already obtained its license as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and cross-border and domestic money transfer services from the city-state’s monetary authority. It has registrations and authorizations in the U.S., Australia, Dubai, and South Korea.
On the Old Continent, Crypto․com has received registration as a Digital Asset Service Provider (DASP) from the Financial Markets Authority (AMF) of France and registration approval as a crypto asset business from the U.K.’s Financial Conduct Authority (FCA). The crypto firm is registered as a Virtual Asset Service Provider (VASP) in Spain as well and has registrations in Italy, Greece and Cyprus.
Crypto․com’s approval in the Netherlands comes after the decision of to pull out of the Dutch market after failing to obtain registration as a crypto service provider. Sayings it wants to focus on fewer regulated entities in Europe, the world’s largest exchange for digital assets also applied for deregistration in Cyprus, canceled its U.K. authorization, and withdrew its license applications in Germany and Austria. In the past months, Binance has been under increased pressure from regulators around the world.
The EU is yet to implement its package of comprehensive regulations for the sector, the Markets in Crypto Assets (MiCA) law. A provisional agreement on the legislation was reached in June 2022, EU lawmakers voted to approve it in April of this year and the EU Council adopted the new rules in May. However, their Union-wide implementation is expected to take another 18 months.
What future do you see for cryptocurrency exchanges operating in Europe? Share your thoughts on the subject in the comments section below.
Banking Giants Crédit Agricole, Santander Seek to Provide Crypto Custody Under French Registration
A subsidiary co-owned by Crédit Agricole and Santander has registered as a digital asset service provider in France. The registration of Caceis, a company that specializes in offering financial services to institutional investors, allows the two major European banks to tap into the crypto market.
Crédit Agricole Asset Management Unit Obtains AMF Registration in France
An asset servicing business owned by France’s second largest bank, Crédit Agricole, and Spain’s biggest bank, Santander, has registered with the French financial markets authority, Autorité des Marchés Financiers (AMF) as a digital asset service provider (DASP).
The registration, granted by the AMF earlier this week, will allow the entity, Caceis, to provide custody services for digital assets, including cryptocurrencies. At the end of 2022, the firm had 4.1 trillion euros (.51 trillion) in assets under its custody.
The move adds a major traditional financial services group to the growing number of crypto companies registered by the French watchdog, Reuters noted in a report. The DASP list already includes subsidiaries of other big players in the French financial market such as Societe Generale and AXA.
Caceis was established in 2005 through the merger of the asset management activities of Crédit Agricole and Caisse d’Epargne, a French cooperative banking group. With a 69.5% stake, Crédit Agricole is its majority owner while Santander has a 30.5% stake.
France has been open towards the crypto industry. Among the companies it registered as DASPs is , the world’s largest cryptocurrency exchange. Binance has been under pressure from regulators, particularly in the United States where it’s engaged in a legal battle with the Securities and Exchange Commission (SEC).
In May, French officials invited crypto companies seeking to escape the current crackdown in the U.S., which also affected leading U.S. digital asset exchange Coinbase, noting that France’s legal framework offers more regulatory certainty.
“If American players want to benefit, in the very short term from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome,” AMF Secretary General Benoît de Juvigny was quoted as saying. He was referring to France’s regulatory regime for crypto service providers known as PSAN and the EU’s recently adopted Markets in Crypto Assets (MiCA) rules which should be implemented in the next 18 months.
Despite the generally positive attitude, however, a press report revealed that Binance’s entity in France was recently targeted in an investigation for suspected money laundering and illegal provision of digital asset services. A spokesperson for the exchange said the company had an “on-site visit” by regulators, clarifying this is “part of regulatory obligations to which all financial institutions must adhere.”
Do you expect other major banks to attempt to obtain French registration as crypto service providers? Tell us in the comments section below.
LBank Secures Virtual Asset Provider Registration to Operate in Italy
PRESS RELEASE. Global crypto exchange LBank has registered as a Virtual Asset Provider with Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory approval allows the exchange to offer a range of services and products to Italian users.
On the 1st of February 2023, LBank completed its registration with the OAM as a Virtual Asset Provider, as required by Italian legislation on crypto assets. The global crypto exchange with over 9 million users will now be able to offer services and products to Italian traders. The regulatory nod also allows LBank to open offices in Italy and expand its team.
By registering with the OAM, LBank joins a growing line-up of crypto exchanges who recently gained regulatory approval in Italy. After the official register of cryptocurrency traders was opened by the regulatory body on 18 May 2022, world’s largest crypto exchange Binance secured a spot just 9 days later. Other key industry players like Coinbase, Crypto.com, Bitstamp and BitMEX have also signed on since.
“We appreciate the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy to operate with full transparency. Which is an essential part of enforcing anti-money laundering rules and driving mainstream adoption of digital assets. This registration serves as a significant milestone in our journey to gain regulatory approval from jurisdictions around the globe,” said Eric He, co-founder and chairman of LBank.
LBank’s registration comes at a crucial time as European regulators prepare for the upcoming Markets in Crypto Assets (MiCA) regulatory framework. MiCA will define requirements for crypto issuers and service providers, such as exchanges like LBank. Bank of Italy Governor Ignazio Visco shared in a speech on the 4th of February that regulators in Italy are preparing a supervisory environment in anticipation of future EU crypto laws. Visco also added that the central bank found that about 2% of Italian households hold “modest amounts” of crypto.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitget KCGI Trading Competition Opens for Registration on 20, October with a Prize Pool of 100 BTC
Derivatives exchange Bitget announced the launch of King’s Cup Global Invitational (KCGI). According to the announcement, the contest has set up a prize pool of 100 BTC and 500 million BGB as well as other custom-made prizes. The registration will open from 20 October to 4 November (UTC+8), and the competition will start from 10:00 am on 30 October to 10:00 am on 20 November (UTC+8).
It is reported to be an annual event for global elite traders held under the principle of unity, fairness and competitive spirit. “This contest aims to provide a level playing field for trade lovers. The competition rules are very user-friendly. All traders are welcome to participate in this game,” says Sandra, Bitget’s CEO.
Total Prize Pool: 100 BTC
The competition includes Team Battle and Individual Competition, each with a prize pool of 50 BTC, adding up to a total of 100 BTC.
The prize of Team Battle or Territory Battle will depend on the number of teams.1-100 teams will unlock 10 BTC. 101-300 teams will unlock 20 BTC, 301-500 teams will unlock 30 BTC. 500+ teams will unlock 50 BTC. A captain can form a team to join the battle if there are more than 30 team members. During the registration period, eligible users can pick their favorite captain to win rewards through futures trading.
The total prize pool will be divided among the ten teams with the highest profits. Within each team, the captain can receive 10% of the team’s total prize. The remaining prize will be distributed among other players according to the proportion of their profits. The 1st place will receive 30%, 2nd place will receive 20%, the 3rd place will receive 10%, and the 4th-10th places will share the remaining 30% according to the proportion of their profits. Among them, the top 7 team captains in terms of revenue can also get customized NFT. For teams ranked Top3 by trading profits, the top3 profit contributors in the team can each receive a PS5 game console.
Individual Competition is divided into Super Leaders (ranking by PNL%) and Super Heroes( ranking by profits) sessions. The total prize pool is 50 BTC each, which will be released according to the number of participants. 10,000 participants will unlock 5 BTC, 10,000-20,000 participants will unlock 10 BTC, 20,000-30,000 participants will unlock 20 BTC, 30,000+ participants will unlock 50 BTC.
The total prize pool will be shared by the top 10 teams/participants with the highest PNL% and profits respectively. In each session, the top 1 can share 40%, the second place will share 20%, the third place will share 10%, and the 4th-10th places will share the remaining 30% according to their proportion of trading volume or profits. Top3 traders can also receive DJI drones or HHKB keyboards, etc. It is worth noting that users participating in the Team Battle are also qualified to join the Individual Competition and share the prize.
Special Benefits: 5 million BGB
To attract more regular and new users, there are also additional events such as City Assembly, Lords Assembly, Airdrop for All, Lucky Lottery, Post-Competition Bonus and Early Bird Benefits, offering a total of 5 million BGB. All participants have the chance to win cool electronic devices and NFTs featuring the competition.
City Assembly: For the division with the most winning seats in Territory Battle, all the participants within the division will receive an airdrop of 50BGB on a first-come, first-served basis. The total supply of the airdrop is 500,000 BGB. Lords Assembly: Lords (Captains) of the team will unlock the BGB rewards pool if they can obtain active users. The Top1 team’s rewards pool will be doubled. Within each division, the Top10 captains in terms of obtaining new users will get an exclusive benefits package from Bitget to be “signed” as the co-ambassador for the next trading contest.
Participants whose total trading volume reaches 50,000 USDT during the competition will receive an airdrop of 99 BGB by following our official Twitter and joining our Telegram. The total supply of the airdrop is 1 million BGB. Users can earn points by completing tasks. For every 3 points accumulated, participants will be qualified for the “Lucky Lottery” to draw from meebits NFT, HTC-VIVE VR glasses, DJI drones, PS5 game consoles and HHKB keyboards.
At the end of the competition, participants who have a net deposit of 2000 USDT and a cumulative trading volume of no less than 500,000 USDT during the contest will receive 1 chance to draw an exclusive NFT custom-made for Bitget’s first trading competition. In addition, Bitget has prepared Early Bird Benefits. Captains who sign up and complete their team formation 5 days before the competition will receive 50 USDT trial funds for futures prior to the contest, While Individuals who sign up 5 days before the competition will receive 20 USDT.
Theme for KCGI-2021: Fight Pixel Intrusion
The theme for KCGI 2021 is “Defend the Earth against Pixel Invasion”. It tells a story of how the quantum civilization six light-years away plans to attack the Earth with its advanced weapon that can rapidly transform entities into pixels. Seven young people from different countries form the strongest battle team, each mastering one of the seven different elemental skills: silicon, gold, earth, wind, water, fire, and thunder to defend the Earth.
Bitget used this as a backdrop to create a set of NFT artworks representing the different forms of energies and objects in the story. The collections will be given as prizes to the Captains and lucky users who performed well in the Team Battle.
About Bitget
Bitget is among the fastest-growing derivatives exchanges, with 1.6 million registered users worldwide and an average daily trading volume of .6 billion. With the mission of Better Trading, Better Life, Bitget is committed to offering liberal, ultimate and fair trading services, including futures trading, spot trading and digital asset purchasing.
As a platform in pursuit of perfection and innovation, Bitget has pioneered to launch three flagship products of USDT-Margined Futures, One-Click Copy Trade, and Quanto Swap Futures to provide the best services to users. It is now the six-largest derivatives exchange and the largest crypto asset copy trading platform in the world.