Connect with us

Blockchain News

Crypto.Com Secures EMI License to Offer Bank Transfers to Maltase Customers

Published

on

Cryptocurrency payment firm Crypto.com has obtained Malta’s Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA), thus allowing it to issue payment cards and provide direct bank transfers to customers in the European island country. 

It is important to note that Crypto.com is the first cryptocurrency company to get such a license. The firm received the permit because it worked closely with the regulator to enable the process.

Based on the development, Hong Kong-based Crypto.com stated that it plans to become fully compliant with regulations that govern the crypto industry in every nation where it operates.

Kris Marszalek, crypto.com CEO and co-founder, talked about the firm’s achievement regarding getting the license.

“We have been committed from day one to building a fully regulated business. Working with regulators is the best way to fulfil our mission of accelerating the world’s transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a major milestone for the industry as a whole.”

The EMI is just an additional license that allows Crypto.com to dig deeper into its operations in Malta. In May, the firm became the first global crypto company to get a Virtual Financial Assets (VFA) license from the MFSA, thus allowing the company to provide crypto trading services to customers in the nation.

Crypto.com once had hopes of getting Malta’s EMI license. In February last year, the MFSA highlighted why the exchange was not authorised to operate in the country.

In 2018, Malta was considered one of the most crypto-friendly nations and its crypto regulations regarded as the most innovative globally. However, with time, the country enforced stricter regulations in its financial industry. As a result, all financial and banking firms, including crypto firms, are expected to obtain several licenses to provide their services.

About 70% of the firms, which completed the first stage of securing the MFSA license failed to continue the application process after the regulator enhanced its regulations due to money-laundering concerns raised by the European Union.

Last month, the Financial Action Task Force (FATF) put Malta among nations taking adequate measures to prevent financial crime.

Global Regulatory Scrutiny

The necessity to acquire appropriate licenses has become the key to operate cryptocurrency businesses safely. Many regulators across the globe have beefed up their scrutiny of cryptocurrency exchanges, which do business without appropriate licenses.

Recently, crypto exchange Binance has been facing new regulatory crackdowns from several nations, including Japan, the UK, Canada, and others.

Last month, the UK’s regulator banned Binance from conducting regulated activities in the nation. 

In May, the UK withdrew Binance’s application to register with the Financial Conduct Authority because it did not meet anti-money laundering requirements. The regulator, therefore, ordered the exchange to add a notice on its app and website to show U.K users that it is not allowed to conduct any regulated activities in the nation.

Meanwhile, regulators in Thailand, Japan, and Canada also issued similar warnings to the exchange.

Canada’s Ontario Securities Commission recently accused Binance of failing to comply with regulations in the country. Japan’s Financial Service Agency also recently announced that the exchange was carrying out its business in the nation without permission.

A few days ago, Thailand’s Securities and Exchange Commission filed criminal charges against Binance, accusing the exchange of doing business in the nation without legal approval.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/crypto.com-secures-emi-license-offer-bank-transfers-maltase-customers

Blockchain

Bybit Launches $BIT Token Listing

Published

on

On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.

Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.

The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.

“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.

The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.

Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/bybit-launches-bit-token-listing

Continue Reading

Blockchain News

Ethereum Stands at Significant Support Based on the Purchase of Over 10 Million ETH

Published

on

Ethereum (ETH) continues to witness a surge in activities as the second-largest cryptocurrency was up by 4.35% to hit $3,517 during intraday trading.

At this level, ETH sits on significant support.

Market analyst Lark Davis explained:

“More than 10 million Ethereum has been bought between $3,426 and $3,536. This is a very significant supply wall for support, but also it is critical to note there is very little supply bought above this level to be dumped when the price starts running.”

Image

Ali Martinez echoed these sentiments and noted that Ethereum was edging closer to a breakout, which could see the $3,750 or $4,000 level hit. The on-chain analyst stated:

“Ethereum is a few dollars away from breaking out! The IOMAP shows Ethereum faces only one supply barrier. Roughly 500K addresses had previously purchased 8.50M ETH between $3,475 and $3,577. Slicing through this resistance wall could push ETH to $3,750 or even $4,000.”

Meanwhile, burnt Ether recently inched closer to a billion-dollar value, given that scarcity was introduced every time ETH was burnt after being used in transactions. This feature was introduced by the London Hardfork or EIP 1559 upgrade that went live on August 5. 

Ethereum leaving exchanges set a new record

According to data analytic firm IntoTheBlock:

“The net amount of ETH leaving exchanges just hit a new record. Over $1.2B worth of ETH left centralized exchanges yesterday. Last time $1B+ left CEXs, Ethereum increased by 60% within 30 days.”

Image

This is a bullish sign because it illustrates a holding culture. Furthermore, a drop in ETH supply on exchanges is usually correlated with a price increase. 

On the other hand, the total value locked (TVL) in Ethereum 2.0 deposit contract reached an all-time high of 7,683,394 ETH.

Image

Ethereum 2.0, also known as the beacon chain, went live in December 2020 and is expected to boost scalability by offering a transition to a proof of stake (POS) consensus mechanism from the current proof of work (POW) framework. 

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/ethereum-stands-at-significant-support-based-on-the-purchase-over-10-million-eth

Continue Reading

Blockchain News

Bitcoin Futures Perpetual Funding Rate Turns Positive as BTC Balance on Exchanges Slip to a 3-Year Low

Published

on

Bitcoin (BTC) was up by 4.47% in the last seven days to hit $47.978 during intraday trading, according to CoinMarketCap.

This surge in price has been instrumental in flipping BTC futures perpetual funding rate positive. Yann & Jan, the co-founders of crypto analytic firm Glassnode, explained:

“Traders in Bitcoin futures markets remain reasonably bullish with a positive funding rate returning to perpetual swap contracts. Note how funding rates are positive, but not up to the same level as before the $10K sell-off last week. The Bitcoin market is bullish, but cautious.”

Image

Bitcoin funding rate turned negative as the leading cryptocurrency recently recorded a 10% daily loss as over-leverage factors dominated. Precisely, BTC experienced a significant pullback that prompted a $10K loss, given that Bitcoin longs were over-leveraged.

Bitcoin exit exchanges in droves

According to Glassnode, Bitcoin balance on crypto exchanges sank to a 3-year low of 2,446,784.107 BTC.

Image

This usually signifies a holding culture because coins are transferred from exchanges to cold storage and digital wallets, which is bullish.

Meanwhile, BTC whales are on a buying spree, as acknowledged by Will Clemente. The on-chain analyst noted:

“Whales bought another 31,848 BTC today, equivalent to $1.5 billion & Exchange balances have now gone down 10 consecutive days.”

On the other hand, the amount of unique tokens moving on the Bitcoin network, known as token circulation, is uptrending. This is because 187.9 unique coins recently moved, a fate not seen since July 29.

Image

Therefore, BTC has witnessed an uptick in activities, which recently helped the top cryptocurrency surge above the 200-day moving average (MA). Moreover, a golden cross was confirmed, which occurs when a short-term moving average crosses over a major long-term moving average to the upside and is usually interpreted by analysts as an upward turn in a market.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/bitcoin-futures-perpetual-funding-rate-turns-positive-btc-balance-exchanges-slip-a-3-year-low

Continue Reading

Blockchain

Avalanche Received $230M Funding with its Token AVAX Hitting a Record High of $68.89

Published

on

On September 16, the Avalanche Foundation received a $230 million investment from a group led by Polychain and Three Arrows Capital. The price of Avalanche‘s token AVAX soared to a record high of $68.89 today.

Through the private sale of AVAX cryptocurrency, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices participated in the $230 million financings led by Polychain and Three Arrows Capital.

Avalanche stated that the Bauhinia obtained this time will accelerate the expansion with the rapid growth of decentralised finance or DeFi, enterprise applications, and enterprise applications on the Avalanche public blockchain.

The director from Avalanche Foundation stated that Avalanche continues to develop the community to cash out its competitiveness, and still has great potential to be tapped at the intersection of institutions and decentralised finance, and said that:

“Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers.”

Avalanche network is compatible with Ethereum cross-chain. Smart contracts initially operated on the Ethereum network can be migrated to the Avalanche ecosystem to enjoy higher throughput and low-cost transactions with higher gas fees than the Ethereum (ETH) chain.

According to the project’s website, the first layer protocol can exceed 4,500 transactions per second (TPS), and the finalised time is less than 2 seconds.

According to Coinmarketcap, AVAX has risen 52.08% in the past week and is currently ranked as the 13th largest cryptocurrency by market cap with a market cap of $14,128,365,250.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/avalanche-received-230m-funding-its-token-avax-hitting-a-record-high-68.89

Continue Reading
Crowdfunding5 days ago

Conister Bank Lends More to Time Finance

Esports5 days ago

NBA 2K22 Lightning Green Animation: How to Claim

Esports4 days ago

Rocket League Championship Series (RLCS) is expanding to more regions, features new format and $6 million prize pool for 2021-22 season

Esports3 days ago

NBA 2K22 The Game Quest Explained

Esports5 days ago

NBA 2K22 MyCareer Takeover Perks: Which to Use

Esports2 days ago

Shiny Zacian and Zamazenta promotion announced for Pokémon Brilliant Diamond, Shining Pearl preorders in South Korea

Esports3 days ago

Riot to launch new client that houses all of the company’s desktop titles in one hub, rollout begins next week

Esports4 days ago

The VCS hasn’t given up on Worlds 2021, continues to work with Riot to find a solution to travel restrictions, reports say

Esports5 days ago

Best Shooting Badges in NBA 2K22: Which to Use

Esports4 days ago

New 2021 Tin of Ancient Battles content confirms Yu-Gi-Oh! TCG is finally getting Crossout Designator, lots of good reprints

Esports4 days ago

New 2021 Tin of Ancient Battles content confirms Yu-Gi-Oh! TCG is finally getting Crossout Designator, lots of good reprints

Esports2 days ago

How to download Deltarune Chapter 2

Esports4 days ago

Rocket League Championship Series (RLCS) is expanding to more regions, features new format and $6 million prize pool for 2021-22 season

Energy3 days ago

Kontrol Technologies to Participate in Virtual Energy Conference on September 21st, 2021

Cyber Security3 days ago

How To Choose The Right Sales Training Software For Your Team?

Esports5 days ago

Riot lowers Ryze’s Q AP ratio, nerfs Soraka’s ultimate healing in detailed preview for League’s Patch 11.19

Esports4 days ago

Rocket League Championship Series (RLCS) is expanding to more regions, features new format and $6 million prize pool for 2021-22 season

Energy3 days ago

Technipaq Partners with DuPont™ Tyvek® and Freepoint Eco-Systems to Reduce and Recycle Medical Packaging Plastic Waste

Energy3 days ago

Momentum Manufacturing Group’s Strength Earns Third Straight Vermont Business Growth Award

Energy3 days ago

Teamsters Denounce Billionaire John Catsimatidis For Firing Striking Workers

Trending

Copyright © 2020 Plato Technologies Inc.