Monthly Archives

October 2019

The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

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The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company. SEC allegations In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements governing security-based swaps. The SEC went on to say that XBT Corp. SARL used a multitude of marketing methods to entice U.S. individuals into using

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Volume of Crypto Futures Trades Is Catching Up to Spot Trading

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Crypto futures trading volume now reportedly amounts to nearly 50% of the value of spot trading on crypto markets, according to Bloomberg. 13 exchanges analyzed Citing volume data from 13 major global crypto exchanges, Bloomberg reported on a massive growth of cryptocurrency futures markets Oct. 31. The analyzed exchanges include institutional digital asset platform Bakkt, the Chicago Mercantile Exchange Group (CME), Binance, Bitfinex, the Huobi Derivative Market (DM), Kraken, FTX, Bitz, Deribit, CoinFlex, Bybit, OKEx and BitMEX. First ever Bitcoin futures launched in late 2017 Spot trading is simply buying or selling a commodity or, in this case, a crypto

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Zilliqa Offers $5M Fund to Oxford DLT Students to Support Diversity

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Singapore-based blockchain firm Zilliqa launches blockchain workshops in collaboration with Oxford University to encourage diversity in the industry. Together with Zilliqa, the Oxford Women in Computer Science Society (OxWoCS), an Oxford society that aims to support women in computer science, will carry out a series of interactive workshops called Blockchain A-Z. Winners to apply for grants to Zilliqa’s $5 million Ecosystem Grant Programme According to the announcement, Blockchain A-Z will be conducted on-site at the University of Oxford and will be open to all students currently enrolled at the University of Oxford. Limited to 20 students, the workshops will take

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Bitcoin and Stocks Break 2019 Inverse Correlation Trend — Chart Data

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In many ways, Bitcoin (BTC) and the crypto markets as a whole live somewhat independently from traditional markets. The global crypto space never sleeps, operating at all hours of the day on a global scale. Traditional market price movements and conditions, however, may still have an impact on Bitcoin. If the economy is healthy, seeing rising prices for traditional market indices such as the S&P 500, it makes sense that people might be more willing to take risks by putting money into Bitcoin, an asset that is still speculative at this point in its history. Crypto-Twitter has hosted many discussions

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Canada Pushes to Regulate Crypto Adoption, Forgoing Volatile BTC Past

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Recently, Canada’s central bank has been leading working groups with global partners exploring a blockchain future. Their crypto presence has soared with Ernst & Young’s announcement that it is using Toronto to test its public government expenditure blockchain. But what is the cryptocurrency landscape currently like in Canada? The history of crypto in Canada may seem as volatile as a token with a small market cap, yet mainstream use and adoption have been on a consistent incline since 2013, when Canadians started pushing mainstream adoption. Now, the Canadian government is leading working groups. What else has the country been up

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Regulators Hostile to Bitcoin Will Fall Out of Favor, Warns Samson Mow

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Hostility to Bitcoin (BTC) from the global regulators is a double-edged sword that can hurt authorities if they lose their power, the Blockstream Chief Strategy Officer (CSO) warned. During a panel at a Liquid meetup at Litecoin Summit on Oct. 29, Blockstream CSO Samson Mow predicted that regulatory restrictions to Bitcoin could have both favorable and unfavorable consequences for the regulators themselves. Regulators should be careful while enforcing Bitcoin regulation The panel is a part of the event hosted by BTC technology firm Blockstream and BTSE exchange in Las Vegas, BTSE’s global marketing director Lina Seiche shared on Oct. 31.

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Crypto Trading Platform Will Allow Users to Copy Established Traders

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The crypto trading platform eToro is preparing to launch a new feature that will enable users to automatically copy every trade made by its top traders.  The team at eToro says CopyTrader, which has already launched in the U.S. in October, will create a marketplace where consumers have the opportunity to find and emulate the winning trading strategies of crypto traders on the platform. Profiles can be filtered based on a trader’s portfolio, rate of returns and their number of followers. From here, users can pick the dollar amount that they would like to dedicate to copying a trader. Any

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Mt. Gox Bitcoins Stay Put: Claims Deadline Pushed Back to Spring 2020

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The trustee in charge of refunding users who lost money in the implosion of Bitcoin (BTC) exchange Mt. Gox has again extended the submission deadline for claims. In a statement released on Oct. 28, Nobuaki Kobayashi said that the high volume of problematic requests for money meant that a five-month extension was inevitable. New claims deadline March 31, 2020 In a statement released on Oct. 28, Nobuaki Kobayashi said that the high volume of problematic requests for money meant that a five-month extension was inevitable. Kobayashi confirmed the plan just one day before the current deadline arrived. That, too, was

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New IRS Guidance: How to Report Crypto Assets Accurately

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The United States Internal Revenue Service (IRS) is continuing to focus its efforts in cryptocurrency. After sending a recent enforcement letter, the IRS has released two new pieces of guidance for taxpayers who engage in transactions involving digital currency. The new guidance includes Revenue Ruling 2019–24 and FAQs, including guidance for using the specific identification method. Additionally, the IRS has published a new draft for form 1040 Schedule 1, including a broad declaration regarding crypto holdings or trade. Here is a breakdown of these publications. Revenue Ruling 2019–24: airdrops and hard forks So, what are airdrops and hard forks, and

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Binance Quietly Launches Ruble Trading for ‘Top-10 Market’ Russia

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Major global crypto exchange Binance has silently launched Russian ruble trading on Oct. 30 allowing users to deposit and withdraw in RUB. Binance Ruble trading goes live according to the plan Less than two weeks after announcing Binance’s plans to launch fiat trading starting with Russian ruble, Binance CEO Changpeng Zhao (CZ) revealed that ruble trading is live in a tweet on Oct. 31. CZ noted that the launch of Russian ruble was released silently and in conjunction with his interview on Coindesk stating that Russia is one of the biggest markets of Binance exchange. CZ first announced the ruble

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