Monat: Januar 2024

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NYDFS says Genesis Global Trading to pay $8M fine, forfeit BitLicense

  • The New York Department of Financial Services (NYDFS) says Genesis Global Trading will pay an $8 million fine and surrender its BitLicense.
  • NYDFS said in a press release that investigations found the crypto platform had significant failings in its anti-money laundering and cybersecurity programs. 
  • Genesis Global Trading is a subsidiary of Digital Currency Group and received its BitLicense in 2018.

The New York Department of Financial Services (NYDFS) has announced an $8 million penalty against Genesis Global Trading, a subsidiary of crypto company Digital Currency Group.

Superintendent Adrienne A. Harris also announced that Genesis will surrender its BitLicense as part of a settlement following the New York regulator’s investigation. According to the NYDFS, investigations into the crypto platform’s activities revealed significant failings in its anti-money laundering and cybersecurity programs.

“Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” Superintendent Harris said.

The regulator found that the trading platform, the only Genesis entity that held the BitLicense, failed to meet the required Bank Secrecy Act and Anti-Money Laundering compliance standards. This also applied to transaction monitoring, Suspicious Activity Report (SAR) filings and Office of Foreign Assets Control (OFAC) screening, Harris added in the press release.

Genesis Global Trading, different from the Genesis Global Capital that filed for bankruptcy in 2023, received the NYDFS’ virtual currency business license in 2018. 

Read more: Genesis Global Trading closes its OTC trading platform

In its announcement today, the state regulator said the DCG subsidiary “was not involved in the Gemini Earn program.”

The post NYDFS says Genesis Global Trading to pay $8M fine, forfeit BitLicense appeared first on CoinJournal.

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CoinShares exercises option to buy Valkyrie Funds

  • CoinShares exercises option to buy Valkyrie Funds following SEC’s spot ETFs approval.
  • The acquisition will add $110 million in assets under management (AUM) to CoinShares’ $4.5 billion.
  • It also allows the Europe-based asset manager to expand into the US.

CoinShares, a digital assets investment firm based in Jersey, Channel Islands, has exercised its option to buy Valkyrie Funds LLC, the crypto exchange-traded funds arm of US-based firm Valkyrie Investments Inc.

The acquisition allows CoinShares to enter the US market, and follows the US Securities and Exchange Commission (SEC)’s approval of spot Bitcoin ETFs, the company said in a press release published on Friday.

On Wednesday, SEC allowed spot Bitcoin ETFs to start trading on stock exchanges, including The Valkyrie Bitcoin Fund (BRRR). Like the other funds, which include BlackRock’s IBIT, Fidelity’s FBTC and Ark/21 Shares’ ARKB, BRRR trading went live on Nasdaq on January 11, 2024 at 09:30 am ET.

SEC’s approval provides a positive regulatory development for the crypto industry, and offers CoinShares an opportunity to expand its crypto footprint into the US market.

“Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space,” Jean-Marie Mognetti, CEO of CoinShares, said in a statement.

When the companies finalise the strategic acquisition, CoinShares’ current assets under management (AUM), of $4.5 billion will increase by about $110 million. 

The increase will account for the current total AUM of Valkyrie’s ETF products. These include the just approved Bitcoin Fund (BRRR) and previous offerings Bitcoin and Ether Strategy ETF (BTF) and Bitcoin Miners ETF (WGMI). 

Valkyrie Funds will maintain its operational independence until after the deal has received the necessary legal approval. The companies did not disclose the deal’s financial terms.

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Pullix on track as Vanguard’s BTC move draws criticism

  • Asset manager Vanguard has blocked its customers from purchasing spot Bitcoin ETFs via its platform.
  • That came as the ETFs began trading on Thursday and some people have said they will exit Vanguard.
  • Meanwhile, headlines in coming months could focus on Pullix, a new hybrid exchange currently in presale.

As crypto celebrates the approval of the first spot Bitcoin ETFs in the US, the broader feeling is that this puts the industry on the cusp of further regulatory clarity.

Within this scope are also the projections of a thriving crypto trading market, with the key sector of decentralized finance (DeFi) among those to see greater traction. It’s for this that the upcoming launch of the new hybrid crypto exchange Pullix (PLX) has the industry thrilled.

Vanguard blocks purchases of spot Bitcoin ETFs

Amid the frenzy that was the first day of trading for spot Bitcoin ETFs, reports emerged that asset manager Vanguard was blocking its customers from purchasing the crypto ETF products.

The move has seen some customers threaten to ditch the asset manager for competitor Fidelity Investments. Will this be enough to persuade Vanguard to change its stance, or will Fidelity, other providers, benefit from the status quo?

While the firm is within its rights to dictate the use of its platform, its outlook on crypto with the latest stance has agitated a number of customers. Many have posted on X that they are willing to switch to another platform, with Fidelity’s support for Bitcoin making it a likely destination.

A screenshot Bitcoin Archive shared shows several people saying they were exiting the platform.

Steven Lubka, the managing director and head of private and family offices at Swan Media, noted in a Thursday post Citi, Merrill Lynch, Edward Jones and UBS had taken a similar approach.

New hybrid exchange Pullix launching soon

Pullix (PLX), a new hybrid cryptocurrency exchange, is eyeing a major impact in the DeFi ecosystem.

Designed to offer the best of both centralized (CEX) and decentralized (DEX) exchanges, Pullix aims for dominance with a simple yet effective approach – incentivising customers to provide liquidity by offering unique rewards and capturing markets with a robust security structure.

Is it a complex platform? According to the Pullix whitepaper, the exchange will offer a user-friendly system with access to global trading assets, including cryptocurrency, stocks and commodities.

Apart from its focus on customer security and liquidity, Pullix also has a distinct revenue-sharing mechanism powered by the PLX token. In this regard, the new exchange bids to be the first platform to provide a share of daily revenue to its users as they trade and provide liquidity to market makers.

The PLX token presale is ongoing, currently in stage 6, with the community allocated 60% of the fixed supply of 200 million PLX during this sale. Afterwards, the tokens will be available on major exchanges.

Visit Pullix’s website to learn more.

The post Pullix on track as Vanguard’s BTC move draws criticism appeared first on CoinJournal.

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Grayscale applies for a covered call Bitcoin ETF

  • Grayscale Investments files for covered call Bitcoin ETF post-SEC’s GBTC approval.
  • Covered call strategy leverages options on Grayscale Bitcoin Trust, targeting income.
  • Grayscale’s legal triumph shapes the evolving regulatory landscape for cryptocurrency.

Cryptocurrency asset manager Grayscale Investments continues its strategic moves in the crypto market, recently applying for a covered call Bitcoin ETF.

This comes hot on the heels of the successful launch of its spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC). The move signifies Grayscale’s commitment to diversifying its offerings and expanding its presence in the cryptocurrency landscape.

Grayscale continues crypto market forays

Grayscale Investments’ bold move follows the approval of its spot Bitcoin ETF, GBTC, by the US Securities and Exchange Commission (SEC). The covered call ETF is designed to allow investors to generate income from options on Grayscale’s Bitcoin Trust.

The Grayscale Bitcoin Trust Covered Call ETF will involve the strategic sale of call options, enhancing investor yield by combining asset purchases with option writing.

The covered call strategy incorporated in Grayscale’s ETF suits investors anticipating minimal movement in the underlying Bitcoin price over the long term. Investors employing the covered call strategy often have a long-term asset retention plan while seeking to generate income through options trading.

Grayscale’s move to introduce a covered call Bitcoin ETF aligns with the broader industry trend of expanding investment avenues in the cryptocurrency market.

Background: Grayscale’s journey to Bitcoin ETFs

Grayscale’s foray into the covered call ETF space comes on the heels of a complex regulatory journey. The asset management firm had initially faced hurdles when the SEC rejected its application to convert the existing Grayscale Bitcoin Trust into an ETF.

However, a federal appeals court ruled in Grayscale’s favour in August 2023, prompting optimism and paving the way for the recent SEC approval.

The post Grayscale applies for a covered call Bitcoin ETF appeared first on CoinJournal.

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Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

  • BTC options expiry reveals short-term volatility post ETF approval.
  • Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions.
  • With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings.

As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17.

In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale, exploring the potential for exhilarating opportunities in the evolving crypto landscape.

First BTC Options expiry post Bitcoin ETF approval

The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibits a muted response, currently trading at $46,080.

According to Greeks.Live, as of January 12, 36,000 Bitcoin options are on the verge of expiration, presenting a Put Call Ratio of 0.9. With a Maxpain point at $45,000 and a notional value of $1.68 billion, the market anticipates a short-term rollercoaster ride.

Crypto market post-Bitcoin ETF approval

While the adoption of the Bitcoin Spot ETF promises long-term benefits, short-term uncertainties persist. Short-term implied volatilities (IVs) experienced a peak before declining, creating an environment of caution and anticipation among investors.

Santiment’s data suggests a potential shift post-ETF approval, with a slight decrease in active Bitcoin (BTC) wallets. Although this might not significantly impact prices, traders may explore transitioning to ETF exposure, adding a layer of intrigue to market dynamics.

Bitbot’s presale buzz

As the crypto community braces for potential market shifts, Bitbot, a Telegram bot, emerges as a disruptive force, offering a self-custodial trading solution on Telegram. The Bitbot token presale, set to launch on January 17, introduces a new wave of excitement and investment opportunities.

The Telegram bot boasts a total supply of 1,000,000,000 tokens. The presale, spanning eight stages, will see 30% of the tokens distributed. An additional 20% is allocated to the Bitbot development team to fund ongoing innovation, ensuring long-term utility.

Bitbot’s ultra-flexible wallet management, powered by MPC custodial API technology, sets it apart. The MPC system replaces private keys with individual key shares, enhancing privacy and accuracy. Knightsafe, Bitbot’s custody partner, adds an extra layer of security with an open-source and decentralized digital asset self-custody service.

Is Bitbot a good investment?

Well, any cryptocurrency investment move is up to the investor. However, a thorough background check and market analysis are required due to the volatile nature of the cryptocurrency market.

As Bitbot’s presale launch approaches, it is important to note that the Telegram bot introduces an Anti MEV Bot, preventing monitoring by MEV bots and anti-rug features to thwart potential scams. Additionally, Bitbot users can copy trades of top traders, enjoy a built-in referral program, and sign up with ease, creating an enticing user experience.

Bitbot allocation strategy, focusing on development, marketing, and liquidity provision, aims to achieve a $1B market cap and secure listings on top exchanges. In addition, the upcoming $100K competition adds a layer of excitement, making Bitbot a potential gem in the evolving crypto landscape.

Conclusion

In the midst of evolving market trends and the potential for a crypto Bull Run, Bitbot and Bitcoin stand as key players.

The BTC options expiry and Bitbot’s presale create a dynamic landscape, offering traders and investors a myriad of opportunities.

The post Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval appeared first on CoinJournal.