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Kraken Staking, FTX Post-Bankruptcy Hell, Binance News...

Published on

February 11, 2023
Read Time:6 Minute, 54 Second

High tales of this week

Kraken reaches $30 million settlement with SEC over staking whereas IRS seeks consumer info

Kraken has agreed to stop offering any staking service or program to customers in the United States after reaching an agreement with the US Securities and Exchange Commission (SEC). Along with ceasing operations, the crypto exchange will pay $30 million in disgorgement, prejudice interest, and civil penalties. The SEC alleges that Kraken failed to register the program as a securities offering. The move has sparked controversy within the SEC. Commissioner Hester Peirce has publicly rebuked her own agency over the closure, arguing that regulation through enforcement is "not an efficient or fair way to regulate" a burgeoning industry.

FTX CEO says "hell" on trading days after bankruptcy

John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm after the company filed for bankruptcy in a court hearing. According to Ray, there was "not a single list of anything" related to bank accounts, income, insurance or personnel, leading to a "massive scramble for information." As the bankruptcy proceedings continue, the names of two guarantors who signed part of Bankman-Fried's $250 million bail are being withheld following a last-minute appeal. In another headline, a federal judge denied a joint agreement between Bankman-Fried's legal team and prosecutors that would allow him to use certain messaging apps, including Facebook Messenger.

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Binance is temporarily suspending US dollar bank transfers

Binance has temporarily suspended U.S. dollar (USD) deposits and withdrawals via bank accounts. The suspension has not been declared and other trading methods are not affected. The freeze only applies to international users as Binance.US claims its customers will not be affected. The crypto exchange giant faced banking problems in the US. Recently, Binance's SWIFT transfer partner, Signature Bank, said it would only process trades from users with USD bank accounts over $100,000.

Genesis creditors expect an 80% repayment under the proposed restructuring plan

Genesis Global has reached an “Agreement in Principle” with Digital Currency Group and its creditors, which aims to return at least 80% of their funds. The agreement will eventually result in Genesis' crypto trading and market-making division being sold as part of the restructuring effort. The effects of Genesis' bankruptcy reached Cash Cloud, an ATM operator in the United States and Brazil. Genesis is Cash Cloud's largest creditor with a $108 million unsecured loan. Cash Cloud has liabilities ranging from $100 million to $500 million.

Ethereum co-founder Joe Lubin says no chance of ETH being classified as collateral

Ethereum co-founder and crypto entrepreneur Joseph Lubin is confident that Ether will not be classified as a security in the United States. "I think it's just as likely and would have the same impact as if Uber were made illegal," he told Cointelegaph in an interview in Tel Aviv at Web3's Building Blocks 23 event. In September 2022, the US SEC chairman slammed it Gary Gensler said before Ethereum's transition to a Proof-of-Stake (PoS) consensus model may have put ETH in the regulatory spotlight.

Winner and Loser

Bitcoin at the end of the week (Bitcoin) is at $21,707ether (ETH) at $1,525 And XRP at $0.38. The total market capitalization is at $1.01 Trillion, after to CoinMarketCap.

Among the many prime 100 cryptocurrencies, the highest three altcoin gainers of the week are The Graph (GRT) at 74.43%, SingularityNET (AGIX) at 65.51% and Rocket Pool (RPL) at 15.155%.

The highest three altcoin losers of the week are Fantom (FTM) at -31.15%, optimism (OP) at -23.79% and Aptos (SUITABLE) at -22.28%.

For extra info on crypto costs, see Cointelegraph's Market Evaluation.

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Most Memorable Quotes

"What we're seeing is that, by and enormous, clients are completely eager on digital property."

Michael DemissieHead of Digital Belongings at BNY Mellon

“The digital pound may coexist with different types of cash, together with stablecoins.”

Financial institution of England and HM Treasury

"If you need integrity inside a metaverse, then blockchain will play a job."

Robert JoyceChief Know-how Officer at Nokia Oceania

"Banks [in the U.S.] are at present checking whether or not these will proceed to be supplied [crypto] companies is definitely worth the danger.”

Aaron KaplanCo-CEO of Prometheum and of Counsel to Gusrae Kaplan Nusbaum

“MetaMask has traditionally been an Ethereum pockets. We have now to start out going past that. The multichain future could be very clear.”

Alex JupiterProduct Supervisor Accounts and Key Administration at MetaMask

"CBDC is a option to drive the complexity of cost techniques and supply financial safety by means of a neighborhood foreign money that isn't depending on different nations."

SoramitsuJapanese developer of monetary software program

forecast of the week

Ethereum value dangers a 20% correction amid SEC crackdown on crypto staking

Ethereum's native token noticed its worst every day efficiency of the yr because the US SEC blocked crypto trade Kraken from providing crypto staking companies. The information pushed down the costs of many proof-of-stake blockchain challenge tokens.

The The SEC crackdown on crypto staking begins as Ethereum's flagship community improve, Shanghai, is ready to be launched in March. Bitwise Asset Administration's Chief Funding Officer Matt Hougan thinks Shanghai is a bullish occasion for Ether:

“At present, many traders who wish to stake ETH and earn returns are sitting on the sidelines. In any case, most funding methods can't tolerate an indefinite lockup,” Hougan mentioned in a January investor letter. From a technical perspective, ether value is positioned for a possible 20% value correction in February, in response to Cointelegraph evaluation.

FUD of the week

SEC Chairman Warns Crypto Firms Over Kraken Staking Measures

Securities and Exchange Commission Chairman Gary Gensler warned crypto companies to “step up and obey the law” after the agency announced a settlement with crypto exchange Kraken. This is the latest attempt by the country's authorities to crack down on crypto firms, as banks have allegedly been barred from doing business with crypto firms in recent weeks by US officials with the aim of doing crypto trades "completely unbanked," sources said to Cointelegraph.

Stablecoin issuer Paxos has reportedly come under investigation by New York regulators

The New York State Department of Financial Services is reportedly investigating Paxos Trust Company, the stablecoin issuer behind Binance USD (BUSD) and Pax Dollar (USDP). The department reportedly seeks to protect clients from the risks associated with cryptocurrency investments. On its website, Paxos claims that its BUSD and USDP token reserves are 100% backed by US dollars and US Treasuries.

3AC's new exchange sparks backlash from crypto community – 'No thanks'

The launch of the stock exchange project, backed by bankrupt hedge fund Three Arrows Capital (3AC), drew a crowd of angry community members. Open Exchange, a crypto exchange project initially proposed by 3AC and CoinFLEX, launched a website on Feb. 9. 3AC co-founder Su Zhu pointed out that the project is a way to make up for its past mistakes. 3AC went bankrupt in July after suffering losses from the collapse of Terra two months earlier.

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China's 180 million yuan airdrop, devastation in Turkey, Laos CBDC: Asia Express

China drops 180 million digital yuan out of the air to celebrate the Lunar New Year, boosting consumption. APAC crypto exchanges donate to Turkey after devastating earthquake. Laos and Soramitsu launch proof of concept for CBDC.

2023 is a pivotal year for blockchain gaming: play-to-own

While the thesis for crypto gaming is compelling, the way forward is unclear. Interoperability is a thorny issue, and playability has yet to catch up with traditional games.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 11, 2023
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