Kategorie: Crypto Markets

• Bitget announced that it will halt operations for its Hong Kong unit by December 13.
• The crypto exchange said the decision is down to “business and market related considerations.”
• Users have until then to withdraw their funds.

Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.

The crypto exchange will also be halting all operations on December 13.

Bitget halts Hong Kong unit

Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.

According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday. 

BitgetX hk announced its decision not to apply for a compliant cryptocurrency exchange license in Hong Kong. Market rumors that Bitget has acquired or invested in Hong Kong’s first licensed exchange, OSL. OSL announced today that it would suspend trading due to major matters.…

— Wu Blockchain (@WuBlockchain) November 13, 2023

A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”

Bitget on the other hand pointed to “business and market related considerations.”

“With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) licence in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the crypto exchange wrote.

According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.

“It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.

Hong Kong’s new crypto licensing framework

Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.

The new requirements mandated crypto providers to seek and receive licences from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned crypto firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.

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• Hoskinson is eyeing a collaboration with Kraken for a Layer-2 network
• Kraken wants to follow Coinbase’s move to launch a Layer-2 blockchain.
• Memeinator presale continues to gather steam with $1,303,398 raised so far.

In a strategic move within the dynamic landscape of the cryptocurrency sector, Charles Hoskinson, the visionary founder of Cardano Blockchain, has hinted at a potential partnership with Kraken, a prominent US cryptocurrency exchange. The primary objective of this alliance is to jointly develop a cutting-edge Layer-2 (L2) blockchain network.

Kraken is actively seeking a proficient blockchain developer to enhance its technological capabilities, aligning with the industry trend of expanding into blockchain technology development. The pursuit of launching its own Layer-2 network positions Kraken to tap into new revenue streams and strengthen its position in the evolving digital currency landscape.

Kraken’s Layer-2 aspirations and industry trends

Kraken’s pursuit of a Layer-2 network aligns with broader industry trends where major players are venturing into blockchain technology development. The move not only signifies a strategic pivot for cryptocurrency exchanges but also reflects a commitment to embracing the transformative potential of blockchain technology.

As the competition intensifies for blockchain partnerships, Kraken’s considerations extend to evaluating leading blockchain technology firms, including Polygon and Matter Labs. The final selection remains uncertain, leaving the potential partnership with Cardano in suspense.

Charles Hoskinson remains optimistic about the potential collaboration with Kraken. If chosen, he sees the opportunity for Kraken to chart a path to success similar to Coinbase’s experience with Layer-2 networks. The increasing interest in Layer-2 networks among major cryptocurrency entities underscores the industry’s dedication to innovation and growth within the blockchain technology ecosystem.

🚀 Exciting crypto news! 🤝 Charles Hoskinson, #Cardano founder, drops hints about a potential collaboration with #Kraken for a Layer-2 (L2) network partnership. 🔗💱

Kraken is on the hunt for a #blockchain partner to build their L2, and the competition is heating up! 🔥 With… pic.twitter.com/IHlfvE1ph1

— Collin Brown (@CollinBrownXRP) November 13, 2023

Coinbase’s influence: a precedent for success

Coinbase’s precedent in collaborating with Optimism to build the OP Stack for its Layer-2 network, Base, has set a noteworthy example. The partnership led to substantial improvements in decentralized application efficiency and user experiences on the Ethereum platform.

Coinbase’s commitment to transparency, demonstrated through open-sourcing Base’s code, highlights the industry’s collaborative approach to enhancing Layer-2 networks.

Memeinator continues to make waves with its presale

While the Kraken and Cardano partnership unfolds, the meme coin market is experiencing its own surge with the ongoing Memeinator presale. Memeinator, touted as the ultimate meme coin set to dominate the meme trading space, has garnered significant attention with its unique narrative and promise of genuine utility.

The Memeinator project leverages AI technology, powerful viral marketing, and a mission to eliminate sub-par memes. As the presale progresses, the project aims to raise $1,504,310, with the current stage at $1,303,398. Memeinator’s roadmap includes the launch of innovative products like the Memescanner and the Memeinator Game, adding layers to its potential success.

Investors eyeing the Memeinator presale are witnessing the MMTR token’s value on the ascent. The current price stands at $0.0133, with the next presale stage offering a higher value at $0.014. This upward trajectory underscores growing interest and demand for MMTR tokens, fueled by the project’s ambitious goals and the anticipation of its unique offerings in the meme coin space.

The post Kraken and Cardano forge alliance amidst Memeinator presale surge appeared first on CoinJournal.

• XRP whales recently moved nearly 900 million tokens in significant weekend transactions.
• Ripple Labs has also strategically transferred 100 million XRP.
• The Shiba Memu presale countdown intensifies with only 46 days left.

In a weekend marked by significant cryptocurrency movements, XRP whales have stirred the waters by transferring nearly 900 million XRP tokens between anonymous addresses.

Simultaneously, the Shiba Memu presale is gaining momentum, with only 46 days left until its conclusion. This article delves into the jaw-dropping XRP transactions and the ongoing Shiba Memu presale dynamics.

XRP whales in action

Over the weekend, large XRP holders, commonly known as whales, executed massive transfers, bringing the total close to 900 million XRP tokens.

Two substantial transactions, one involving 425,807,780 XRP and the other moving 424,307,758 XRP, were conducted by wallets with unregistered owners. At the time of these transfers, the transactions were valued at $288,496,378 and $281,090,947, totalling a staggering 850.1 million XRP and $569.4 million in fiat.

Ripple Labs’ strategic moves

Last week, Ripple Labs, the driving force behind XRP, was also in action. The fintech behemoth initiated a transfer of 100 million XRP between its wallets.

Additionally, Ripple Labs carried out customary transfers to the Bitstamp and Bitso crypto exchanges via Ripple-related wallets. Both Bitstamp and Bitso have been long-term Ripple partners, actively participating in Ripple Payments, the evolution of what was formerly known as On-Demand Liquidity service (ODL).

Shiba Memu presale countdown

Amidst the bustling Ripple (XRP) activity, the Shiba Memu presale is making headlines. With only 46 days remaining until its conclusion, the presale is entering a critical phase.

Participants have a limited window to secure Shiba Memu tokens before the presale concludes. The countdown emphasizes the urgency for potential investors to consider participation in this unique and revolutionary meme token.

In the next few hours, Shiba Memu anticipates an increase in its presale price. This dynamic pricing strategy adds an element of urgency for potential investors, encouraging early participation before the next price surge. The pricing adjustments align with Shiba Memu’s commitment to providing value to its community and adapting to market conditions.

Shiba Memu’s marketing autonomy

Shiba Memu distinguishes itself by its self-sufficient marketing capabilities, powered by AI technology. Unlike traditional meme tokens relying on human marketing teams, Shiba Memu generates its marketing strategies, drafts its PR, and promotes itself across forums and social networks.

AI technology not only produces content but actively engages with users. The upcoming launch of an AI marketing dashboard further highlights Shiba Memu’s commitment to transparency and user interaction.

Conclusion

XRP whales’ massive XRP transfers underscore the ever-evolving nature of the market, while Shiba Memu’s innovative approach, empowered by AI, adds a unique dimension to the crypto landscape.

With both XRP and Shiba Memu capturing attention, investors navigate a landscape of strategic moves and market dynamics, emphasizing the need for vigilance and adaptability in the ever-fluctuating world of cryptocurrencies.

The post XRP whales make waves as Shiba Memu presale nears conclusion appeared first on CoinJournal.

• Bithumb aims to be the first crypto-related company listed on KOSDAQ.
• Bithumb has selected Samsung Securities as the underwriter for its strategic move into traditional financial markets.
• Former Chairman Lee Jeong-hoon has made a comeback, boosting confidence as Bithumb seeks to rebuild trust.

South Korean cryptocurrency exchange Bithumb is strategically positioning itself for an initial public offering (IPO) on the Korean Securities Dealers Automated Quotations (KOSDAQ) by the second half of 2025, according to reports from a local news outlet.

Bithumb’s decision to go public is seen as a strategic response to recent industry challenges, such as hacks and collapses. By subjecting its operations to external validation, the company aims to build public trust in the cryptocurrency market.

Observers speculate that Bithumb’s IPO aspirations are not solely driven by external financial requirements, given the company’s substantial assets, transaction data, and revenues, exceeding 400 billion won.

With plans to reclaim the top spot in the Korean market, Bithumb’s IPO could potentially attract institutional investors and boost confidence among retail investors and new adopters.

This move follows the footsteps of Upbit, which currently holds a significant market cap in South Korea’s crypto landscape and is part of the self-regulating body known as the South Korean Blockchain Association.

IPO preparations in full swing

In its bid to become the first industry-related company listed on KOSDAQ, Bithumb has undertaken concrete steps, including the hiring of staff and onboarding traditional firms to facilitate the public listing. The move aligns with the company’s vision to secure the top spot in South Korea’s digital asset exchange market by trading volume.

Last month, Bithumb took a significant stride by selecting Samsung Securities as its underwriter for the IPO. While the company has yet to confirm the specific details of the public listing, it has acknowledged the appointment of an underwriter. This decision is indicative of Bithumb’s commitment to adhering to rigorous financial scrutiny as it ventures into the realm of traditional financial markets.

The CEO of Bithumb Holdings, Jaewon Lee, will lead the company through this strategic shift and potential listing on KOSDAQ, marking a significant development for the Korean cryptocurrency industry.

Lee Jeong-hoon returns amid strategic shift

As internal planning continues, former Chairman Lee Jeong-hoon, the largest shareholder, has returned to the board of directors. This move is aimed at instilling confidence in the management team and bringing a sense of stability as the company gears up for its IPO.

Notably, Lee Jeong-hoon had faced accusations related to fraud concerning Bithumb’s acquisition, but he was found not guilty earlier this year.

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• The FTX Bankruptcy is seeking to recover assets worth about $1 billion.
• The lawsuit will be heard by a Delaware Court.
• The funds in question were allegedly withdrawn from FTX.

FTX’s bankruptcy advisers have recently initiated legal action against Bybit Fintech and its affiliated companies, including Bybit’s investment arm, Mirana Corp.

The lawsuit, filed in a Delaware court, aims to recover approximately $953 million in cash and digital assets that were allegedly withdrawn from FTX just before its Chapter 11 bankruptcy filing a year ago.

Charges against Mirana Corp.

The lawsuit alleges that Mirana Corp. enjoyed special “VIP” benefits not available to regular FTX customers, exploiting these privileges to withdraw a substantial portion of assets from FTX. Mirana is accused of exerting pressure on FTX employees to fulfil its withdrawal requests while other customers faced delays accessing their funds as the exchange approached collapse in November 2022.

According to the complaint, Mirana withdrew over $327 million from FTX between the early morning of November 7 and November 8, 2022, during a critical period when FTX had paused withdrawals.

Bybit affiliates named in FTX’s Chapter 11 Bankruptcy lawsuit

Bybit Fintech Ltd., Mirana, and affiliated crypto trading firm Time Research Ltd. are listed as defendants in the bankruptcy lawsuit. Additionally, a senior Mirana executive and Singaporean residents allegedly involved in the FTX withdrawals are named in the legal proceedings.

FTX, under new management, is intensifying efforts to recover funds disbursed before its Chapter 11 filing. Legal actions have been initiated against various entities, including Kives and his venture capital firm, K5, to reclaim significant sums. FTX is also exploring the possibility of reclaiming funds donated to politicians, charitable organizations, and payments made to celebrities, such as Shaquille O’Neal and Naomi Osaka, for endorsing the platform.

This lawsuit represents the latest move in FTX’s ongoing legal battles as it seeks to navigate the complexities of Chapter 11 bankruptcy and recover lost assets.

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