Schlagwort: crypto business

• Harvest Hong Kong is the first institution in Hong Kong to file for a spot Bitcoin ETF.
• A local news outlet suggests the Hong Kong Financial Services Commission (FSC) could announce a decision in coming weeks.
• The US recently approved 11 ETFs, including for BlackRock, Fidelity and Grayscale.

Harvest Hong Kong, one of the largest fund companies in China, has filed for a spot Bitcoin exchange-traded-fund (ETF).

A Tencent News report says that the company filed the ETF application with the Hong Kong Securities and Futures Commission (FSC) on January 26, 2024. Harvest Fund is the first institution to submit a proposal to list a spot Bitcoin ETF in Hong Kong, the news outlet noted.

According to the report, the regulator could release its decision on the ETF after the Lunar New Year holiday. However, market experts say the SFC could take a cue from the US Securities and Exchange Commission (SEC) and look to approve several ETFs at a go.

Institutions eye spot ETFs

Early this month, the SEC approved 11 spot Bitcoin ETFs, with the nod coming after a decade of market anticipation. The SEC’s court loss to Grayscale paved the way for the eventual approvals, including for BlackRock, Fidelity Investments and Bitwise.

Analysts have noted a decent performance for the ETFs amid massive outflows for Grayscale’s GBTC.

As Hong Kong reportedly looks to allow its first spot Bitcoin ETF, the outlook contrasts with South Korea. In the aftermath of the SEC decision, South Korea’s Financial Services Commission (FSC) warned financial institutions and brokerages regarding the trading of spot ETFs.

However, the country’s top office looked to intervene, asking the FSC to reconsider its stance on the issuance of spot Bitcoin ETFs in the country.

The post Harvest Fund files for spot bitcoin ETF in Hong Kong: report appeared first on CoinJournal.

• Avalanche has spiked double-digits amid new momentum forecast for rally to $100.
• BITBOT could be the pick of presale tokens with its investment potential buoyed by its likely dominance of Telegram crypto trading landscape.

Bitbot (BITBOT) token is creating a huge wave of interest from traders as the market bounces following Bitcoin’s upside this weekend. Meanwhile, one of the top altcoins currently signaling potential momentum is Avalanche (AVAX).

AVAX has seen double-digit gains as analysts point to its future potential. The opportunity available with BITBOT’s presale is however attracting huge attention.  

Avalanche (AVAX): A potential rally to $100?

Avalanche (AVAX) stands out as one of the top performing altcoins in the past 24 hours. The token’s price was trading at $35, up 12% as bulls pushed higher following the recovery from lows of $32. 

With prices up 8% in the past week, it looks like Avalanche is building fresh momentum.

Crypto analysts are bullish on AVAX long term. Amid other factors, Avalanche’s growing traction as a smart-contracts Layer 1 blockchain and expectation ahead of Bitcoin’s halving could prove key tailwinds for AVAX price.

A rally similar to the breakout recorded when prices rose from lows of $9 in 2023 could put AVAX on the track to December highs of $50. Amid a bullish outlook for the Avalanche network and the broader market, it is possible AVAX is one of the top altcoins currently trading below $100.

But while this token may present a good investment opportunity, investors eyeing near-term gains are also aware of what’s possible in the presale market.

Bitbot (BITBOT): Redefining Telegram based crypto trading

Bitbot’s upcoming launch of a new Telegram trading bot has the entire space excited. As the crypto presale landscape becomes one of the best markets for unearthing gems, traders keen on what’s trending have flocked to Bitbot.

The Telegram trading bot looks to stand out from the rest by focusing on the security of its users’ assets. Its non-custodial trading solution is the first in the world for Telegram trading apps. With it, users can trade directly from their app’s interface. 

Wondering what this means? Simply, this is the feature that puts into practice the fact that if its “not your keys, [its] not your crypto.”

Also key are the anti-MEV and anti-rug features that add another security layer, with users protected against MEV bots and potential scams.

Also distinguishing Bitbot is that its trading solution delivers institutional-grade tools to retails traders. Anyone can leverage the same tools institutional investors tap into to trade different cryptocurrencies and products, regardless of a trader’s skill level or experience.

BITBOT presale attracts traders

Bitbot’s advanced trading capabilities and security, market experts say it could dominate the Telegram trading space. That has seen a remarkable surge in interest for BITBOT, the ERC-20 token of Bitbot.

The token will offer holders governance rights in the Bitbot ecosystem. It will also provide access to key network features, including revenue share, trading discounts and access to best presale gems in the market.

BITBOT’s presale launched last week, hitting stage 1 milestone within 72 hours as traders allocated $200k to their positions. The project continues to see this pace, with over $346k raised so far as stage 2 draws to a close.

According to the Bitbot whitepaper, a total of 300 million BITBOT are available in the presale phase. This accounts for 30% of the total supply of 1 billion BITBOT. 

A total of 20 million tokens will be available at each of the 15 presale stages as the project targets to raise $4.32 million.

For more information on Bitbot, visit their website.

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• Binance US faces bans in Florida and Alaska after CEO’s guilty plea triggers regulatory crackdown.
• Florida suspends Binance US’s license, Alaska denies renewal, citing concerns over Zhao’s plea.
• Despite setbacks, Binance US remains operational in select states.

Binance US, the Binance cryptocurrency exchange branch licensed to operate in the US, is under increased regulatory scrutiny as Florida and Alaska enforce bans on its services following the guilty plea of its founder and former CEO, Changpeng Zhao.

These developments mark a critical juncture for the crypto industry, emphasizing the challenges faced by Binance US in navigating the evolving legal landscape in the United States.

Regulatory crackdown in Florida

Florida’s Office of Financial Regulation took swift action, suspending Binance US’s local license and prohibiting the exchange from conducting money transmission activities in the state. The regulatory move follows Zhao’s admission to anti-money laundering violations and his subsequent guilty plea.

Zhao’s plea in November 2023 triggered an emergency order in Florida, leading to the ban on Binance US’s money transmitter license. The crackdown underscores the strict stance on regulatory enforcement and anti-money laundering compliance within the cryptocurrency industry. Binance US, in response, emphasizes operational continuity while grappling with Zhao’s legal troubles.

Alaska’s denial of license renewal

Simultaneously, Alaska’s Division of Banking and Securities denied Binance US’s license renewal in January 2024, citing concerns over Zhao’s guilty plea and its implications for the exchange’s operations. The decision reflects a growing trend of regulatory actions impacting cryptocurrency businesses operating in the United States.

Despite these setbacks, Binance US remains operational in several states, having secured agreements in Arkansas, Illinois, and South Dakota. The exchange assures users of uninterrupted services, but the regulatory bans in Florida and Alaska highlight the legal complexities faced by Binance US.

The road ahead for Binance US

As the legal landscape for cryptocurrency firms continues to shift, Binance.US faces uncertainties regarding its future in states like Florida and Alaska. Zhao’s guilty plea and the regulatory actions serve as a cautionary tale for the entire digital currency sector, emphasizing compliance with anti-money laundering laws.

These developments also shed light on Binance US’s ongoing lawsuit with the Securities and Exchange Commission (SEC) and the broader industry’s efforts to address regulatory challenges. Binance US’s ability to navigate this complex environment and adhere to evolving regulations will shape its trajectory in the competitive US crypto market.

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• OKX Exchange discontinues Mining Pool services, citing business adjustments.
• New-user registrations are halted immediately; existing users are allowed until Feb 25.
• Complete cessation of mining pool-related services scheduled for Feb 26.

In a recent announcement, OKX, a major cryptocurrency exchange, has disclosed plans to cease its Mining Pool and related services. This decision, attributed to business adjustments, is set to impact users starting January 26, 2024.

The discontinuation schedule, outlined by OKX, indicates a phased approach with new-user registrations ceasing immediately and existing users having until February 25, 2024, to utilize the service before a complete halt on February 26, 2024.

OKX business adjustments

While revealing its intention to discontinue the mining pool services, OKX cited business adjustments as the driving force behind the decision.

Effective immediately, new-user registrations for mining services are no longer being accepted. Existing users, however, have been granted a brief window until February 25, 2024, to continue utilizing these services. Come February 26, 2024, all mining pool-related services provided by OKX will be discontinued, marking the end of an era for its mining operations.

Mining pools play a pivotal role in the cryptocurrency ecosystem by allowing miners to combine their computational power to solve blocks more efficiently. These pools enable individual miners to collaborate, thereby increasing the chances of successfully mining a block and receiving rewards. By pooling resources, miners can achieve more consistent and stable mining income compared to solo mining. Additionally, mining pools contribute to the overall security and decentralization of blockchain networks by distributing computational power across multiple participants.

While OKX’s decision to discontinue its mining pool services may disrupt the operations of some users, it underscores the importance of adaptability and strategic adjustments in the dynamic world of digital assets.

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