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Swiss Financial Institutions Bet on ETH2, BCH and USDC

Swiss financial entities focused on cryptocurrencies are engaging clients with new opportunities. From expanding existing ecosystems to staking large amounts on upcoming projects, Switzerland’s crypto connections are only increasing. Swiss bank SEBA announced on Nov 19 that it now accepts Bitcoin Cash and stablecoin USDC. The FINMA-registered Swiss bank stated that customers may now use … Continued

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Swiss financial entities focused on cryptocurrencies are engaging clients with new opportunities.

From expanding existing ecosystems to staking large amounts on upcoming projects, Switzerland’s crypto connections are only increasing.

Swiss bank SEBA announced on Nov 19 that it now accepts Bitcoin Cash and stablecoin USDC. The FINMA-registered Swiss bank stated that customers may now use the coins for services. This includes trading, digital custody, earning interest (USDC), and fiat lending against BCH. SEBA is headquartered at Zug in Switzerland’s Crypto Valley.

To date, SEBA works with seven fiat currencies, including CHF, USD, GBP, EUR, HKD, SGD and PLN. It also gives access to six cryptocurrencies, namely BCH, BTC, ETH, LTC, USDC, and XLM.

SEBA’s additions are the first changes to the lineup since the bank changed its Board of Directors in September. First and foremost, the bank replaced interim Chairman Sébastien Mérillat. The incoming chair, Päivi Rekonen, is formerly of UBS, Credit Suisse and Adecco. The addition of Hans Kuhn and Sanjeev Karkhanis to the board strengthened regulatory and financial risk management.

They’re Busy in the Crypto Valley 

Also, Zug-based Bitcoin Suisse announced on Nov 20 that the company’s clients had staked over 71,891 ETH in their ETH2 staking. The amount, as of the close of business on the 20th, equalled roughly one-seventh of the total amount of ETH needed for Ethereum 2 to go live on Dec 1. At the time that Bitcoin Suisse published the release, the ETH stake equalled over $33 million.

The focus on ETH2 comes after Bitcoin Suisse announced a partnership with Zug-based Evolute on Nov 18. The pair will focus on strengthening the availability of cryptocurrency assets and targeting content for the Evolute digital wealth management platform for external asset managers (EAMs).

The Evolute – Bitcoin Suisse partnership will help EAMS expand their wealth management services. With the partnership, EAMs will have acquisition and custody capabilities for digital assets while dealing directly through a known and regulated broker.

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Source: https://beincrypto.com/swiss-financial-institutions-bet-on-eth2-bch-and-usdc/

Blockchain

Are Crypto Whales Silently Gobbling All the BTCs and Manipulating the Crypto Market?

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Welcome to 2021 says BTC bullish trend, and all the influential personalities asking the general public to invest in the latest technology at the same time brought a huge amount of money into the crypto-space. But, the sudden fall in the price of BTC in mid-January eventually imposed the big question of “WHAT’S NEXT!” in front of investors. 

Undoubtedly, the coin has shown a massive surge of 197% in just three months. Considered as the safest asset of the crypto-sphere, Bitcoin, has always been the first preference of investors. Also, the adoption of digital assets and using peer-to-peer technology for transactions, i.e., without involving any financial institution in between, is what makes a serenade in the minds of investors. 

Don’t Be a Whale Food!

The statement from crypto-analyst Lark Davis has meaningful insight into it. According to him, the rich and powerful players are manipulating the market. They first shake the market via massive selloffs and short the market immediately after that. And when the market goes down, they buy bitcoin from those who panic sold the BTC’s at 10% or 20% down. The process continues as rinse and repeat and thus making the small investors serve BTC as food to the big whales of the market. 

Mark Cuban says “crypto is exactly like the internet stock bubble” has made the investors think about investing in Bitcoin again. And the best part is that the explanation is with bullish predictions of Bitcoin and Ethereum again. Similarly, Scott Minerd, Guggenheim investors’ global chief investment officer, has shared his thoughts in a tweet stating: 

“Bitcoin’s parabolic rise is unsustainable in the near term, vulnerable to a setback. The target technical upsides of $35,000 have been exceeded, time to take some money off the table.”

In his tweet, he clearly pointed out that it would not be wise to invest “more” in BTC.

But from the eye of analysts, BTC whales kept on buying them as the price drops. Yes, both statements are supporting each other in a certain way! And it won’t be wrong to say that why he wanted us to take the money out? Because these bitcoin whales can scoop more BTCs?

In December, Minerd himself stated that Guggenheim is into investing more funds into BTC once the SEC approves his funds. So what’s the reason behind asking for taking our money out?

READ  OKEx Introduces Loyalty Rewards Program For Thanking Customers

The Bottom Line: Is Price Sink a Strategy?  

Clearly, the signs show that crypto-whales first manipulate the market by stating that decentralized ways of investing should be adopted, and investing in digital assets, especially Bitcoin, can gross larger profits. Basically, these influential people generate cash flow in the market, which eventually gets reflected in the price of BTC. 

Now, again a tweet by Scott Minerd comes and the newbies of the market get into the dilemma to either HOLD or sell at the surge! This creates a situation of selling in a panic, which brings the price of BTC low. This is the time these millionaire whales scoop more numbers of BTCs to their accounts as per the Twitteratis.  

The investors have to understand that even if you have invested at a time when the market is going high, it won’t be wise to simply withdraw when the situations are not favorable enough! Thinking on your terms and then acting accordingly has always been the best strategy to adopt for.  

Source: https://www.cryptoknowmics.com/news/are-crypto-whales-silently-gobbling-all-the-btcs-and-manipulating-the-crypto-market

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source: https://coingenius.news/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know-28/

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Blockchain

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source: https://coingenius.news/following-coinbase-and-bakkt-winklevoss-gemini-reportedly-considers-going-public-26/

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Blockchain

FinCEN Extends Comment Window on Proposed Crypto Regulations

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source: https://coingenius.news/fincen-extends-comment-window-on-proposed-crypto-regulations-20/

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