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Paxos To Shut Down Operations In Canada; More To Follow?

Paxos, a cryptocurrency platform headquartered in New York, has announced its decision to discontinue its services to customers in Canada. The announcement was made after several Canadian users reported receiving an email from Paxos, stating that it would be winding down its operations starting early next month.　　Paxos Ends Support For Canada　　Paxos, a New York-based cryptocurrency platform, has surprised its Canadian users with an email stating that it will be ending its services in Canada from May 9. The email from the firm cited a decision to stop supporting Canadian customers moving forward and the accounts of unfunded users would be disabled. This decision is said to be a response to increasing regulatory concerns in Canada, according to a report by Block. Another cryptocurrency platform, dYdX, also announced earlier this week that it would no longer accept new members based in Canada, which adds to the growing trend of cryptocurrency platforms exiting the Canadian market.　　The recent shutdown of Paxos in Canada occurred in the midst of new regulations introduced by the Canadian Securities Administrators in February. The regulatory body issued a warning to all cryptocurrency exchanges and trading platforms to comply with heightened “investor protection commitments”.　　In addition to regulatory pressures in

2023-04-13Deep Dive

G7 Talks to Cover Digital Currency Standards and Crypto Asset Regulation

The Group of Seven (G7) advanced economies, chaired by Japan this year, will focus on addressing challenges posed by fast-moving digital technology, including central bank digital currencies (CBDCs), during its discussions. Japans top currency diplomat, Masato Kanda, announced that a key theme will be to assist developing countries in introducing CBDCs while adhering to appropriate international standards. Kanda emphasized the need for transparency and sound governance to mitigate risks associated with CBDC development. China has been leading the way in digital currency adoption, but G7 central banks are setting common standards for CBDC issuance as some proceed with experiments.　　Kanda acknowledged the benefits of digital innovation but highlighted the fresh challenges of cyber-security, the spread of misinformation, social and political divides, and the risk of destabilizing financial markets. The collapse of crypto exchange FTX last year served as a “serious wake-up call” for policymakers to regulate across borders, he said. The international community agrees that more regulation is necessary for crypto assets, especially after the FTX incident, although there are some diverging views among countries.　　Another priority for the G7 talks this year is to address the debt vulnerabilities of middle-income countries such as Zambia, Ghana, and Ethiopia. Kanda stated that it

2023-04-12Deep Dive

TRON and Spell Tokens to be Removed From Binance.US

Binance.US, the American arm of cryptocurrency exchange Binance, has announced the removal of the digital asset tokens TRON and Spell from its trading platform. On Wednesday, the value of both tokens plummeted as a result of this news. Binance.US noted that the decision to withdraw the tokens was the result of a periodic assessment that takes into account a number of variables such as trading volume and liquidity, changes in risk profile, and proof of fraudulent or unethical activity, among others.　　According to CoinMarketCap statistics, the value of the TRON token plunged about 5% against the US dollar after the news, while the smaller Spell token fell more than 5%. Binance.US has announced that both coins would be delisted from its trading platform on April 18, with trading and deposits ceasing but withdrawals continuing.　　According to Justin Sun, the founder of TRON, Binance has a significant effect. The US decision would be “relatively small,” according to Binance.TRONs daily trading volume is now $400 million, compared to the United States daily trading volume of less than $1 million. The Securities and Exchange Commission (SEC) filed a fraud complaint against Sun earlier this month. Sun has argued that the SECs complaint lacks merit and

2023-04-12Deep Dive

Binance US To Delist Justin Sun’s Tron (TRX) Amid Arrest FUD

Binance, the worlds largest cryptocurrency exchange, has decided to delist Tron (TRX) from April 18, 2023, following a probe by the U.S Securities and Exchange Commission (SEC) into Justin Sun, the founder of TRON.　　　　　　TRX In Big Trouble After Binance Move　　Binance.US, the US-based arm of Binance, has announced that it will delist the TRX token associated with Justin Sun from its trading platform. The decision was made as part of the periodic review of Binances digital asset listings, which takes into account various factors. As a result, Tron (TRX) will be removed from the platform starting April 18, 2023. The review flagged the TRX token profile for its perceived risks and its potential negative impact on the crypto ecosystem, including regulatory compliance concerns. Additionally, based on the review, the exchange will also delist the SPELL token.　　To summarize, Binance.US has decided to delist both TRX and SPELL tokens from its platform as part of its regular digital asset listings review. The decision was based on a range of factors, including regulatory compliance and perceived risks associated with the tokens.　　The announcement of TRXs delisting by Binance.US caused a significant drop in the cryptocurrencys price, which fell by nearly 13%. As of the press

2023-04-12Deep Dive

Binance's CZ To Participate In The 2023 Hong Kong Web3 Carnival Online

According to a post from the Binance Chinese channel, Changpeng Zhao, CEO of Binance, will participate in the 2023 Hong Kong Web3 Carnival. The event will bring together some of the most intelligent individuals in the Web3 industry to discuss the most current developments in blockchain technology and their applications.　　The Hong Kong Web3 wave is coming, and CZ will be the last speaker on the first day of the “2023 Hong Kong Web3 Carnival” event, talking about “CeFi From Now On” beside the fire.　　CZ, as he is more often known, is one of the most well-known figures in the blockchain industry. He founded Binance in 2017, which is one of the largest cryptocurrency exchanges in the world. Since then, he has grown it into a multibillion dollar company with more than 10 million clients worldwide. He is widely renowned for his fervor for business, passion for blockchain technology, and ability to lead a team of talented individuals.　　The 2023 Hong Kong Web3 Carnival is a key event for the blockchain industry as it provides a place for information exchange and commercial cooperation. Due to CZs participation, this years event will definitely be considerably more fascinating and instructive than prior ones.　　If youre

2023-04-11Deep Dive

Ripple Win Against US SEC Might Upgrade Howey Test For Crypto

A highly anticipated Summary Judgment in the SEC vs. Ripple case is expected to be announced soon by the United States Southern District Court of New York. The outcome of the XRP lawsuit is expected to have a significant impact on various aspects of the cryptocurrency industry. It is also anticipated that the verdict may lead to the improvement of traditional analysis tools utilized by regulatory authorities.　　　　　　Can US SEC Secure Win In XRP Lawsuit？　　　　Ripple and its executives are currently engaged in a legal battle against the US Securities and Exchange Commission (SEC), which has recently won multiple lawsuits against companies in the cryptocurrency industry. According to attorney Jeremy Hogan, the SECs success in these cases was due in part to the fact that the companies involved did not raise the issue of “post-loss obligation”.　　Hogan has also noted that Ripple has argued that a “contract” must exist for there to be an “investment contract”. However, the SEC has successfully argued in several cases that a formal written agreement is not necessary, as the Howey test covers a wide range of investment purchases.　　In the XRP lawsuit, the US SEC contends that the second, third, and fourth prongs of the Howey test eliminate

2023-04-11Deep Dive

FTX Founder SBF Lost Track Of $50 Million, Then “Joked Internally” About It

A recent report submitted as part of the ongoing investigation into the now-defunct cryptocurrency exchange FTX lists a range of allegations made against the company. The report claims that senior executives of the firm laughed about misplacing millions of dollars, fostered a culture of punishing anyone who raised concerns, and completely disregarded standard accounting principles.　　　　　　Joked About Losing Track Of Funds　　In a court filing submitted on Sunday, the administrators responsible for overseeing FTXs bankruptcy proceedings made an allegation against Sam Bankman-Fried and other executives. They claim that these executives casually joked about losing millions of dollars worth of digital assets. Bankman-Fried is currently facing federal fraud charges, and this allegation is likely to add to his legal troubles.　　The report identifies FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison as the other two executives involved. According to the allegations, the trio suppressed criticism, intermingled and misused customer and corporate funds, deceived third parties about their business practices, and made internal jokes about the possibility of losing track of millions of dollars worth of assets. This conduct ultimately led to the collapse of the FTX group, which had grown rapidly before its downfall.　　Bankman-Frieds FTX Fiasco　　FTXs creditors have reported that they have

2023-04-11Deep Dive

Can cryptocurrency foster development in the African continent?

By: Damian Okonkwo　　Cryptocurrency has been making headlines around the world as a new form of digital currency that operates independently of central banks. Despite its volatile nature, cryptocurrency has seen widespread adoption in many parts of the world, including Africa. Now, the question on everyones mind is whether cryptocurrency can foster development in the African continent in the 21st century.　　There are several reasons why cryptocurrency could be a game-changer for Africa.　　First, it offers a way for individuals and businesses to engage in financial transactions without relying on traditional banking systems. This is particularly important in Africa, where many people lack access to banking services. Cryptocurrency can help to bridge this gap and provide a way for people to store and transfer wealth.　　Another benefit of cryptocurrency is that it can reduce the cost of financial transactions. Traditional banking systems often charge high fees for money transfers and other financial services.　　Cryptocurrency, on the other hand, operates on a decentralized network, which means that fees are typically much lower. This could make it easier for people in Africa to engage in cross-border trade and other financial activities.　　In addition to these benefits, cryptocurrency could also help to promote financial inclusion in Africa. By providing

2023-04-10Deep Dive

FTX Identifies Critical Failures By Sam Bankman-Fried And His Inner Circle

On Monday, FTX, a cryptocurrency exchange, released its first report under the leadership of CEO John J. Ray III. The report identifies mistakes and failures made by FTXs former management under Sam Bankman-Fried that resulted in the collapse of the exchange and its subsidiaries.　　In an April 10 press release, FTX Debtors announced the discovery and discussion of control failures by the previous team led by former CEO Sam Bankman-Fried and his inner circle. The report outlines blunders in critical areas, including management and governance, finance and accounting, digital asset management, information security, and cybersecurity.　　With the assistance of experts in various fields including legal, restructuring, forensic accounting, cybersecurity, computer engineering, cryptography, and blockchain, the Debtors conducted a thorough review and examination to prepare the report.　　In an effort to maintain transparency, John J. Ray III, the new CEO of FTX, announced the release of the first report since the Chapter 11 process began. 　　The report outlines the failures of FTXs previous management, particularly their inadequate implementation of controls in critical areas such as safeguarding cash and crypto assets.　　FTX was largely controlled by a small group led by Sam Bankman-Fried (SBF), alongside Caroline Ellison, Nishad Singh, Gary Wang, and others. This group neglected

2023-04-10Deep Dive

ApeCoin Might Turn Out To Be 2023’s Biggest Surprise; APE’s Price Poised For Rally?

Following its surge past $26 in 2022, ApeCoin has not received the attention it deserves in 2023. Despite dropping to around $4, a decline of nearly 90% from its previous peak, many traders have given up on the assets chances of recovering. Nonetheless, some on-chain metrics suggest positive growth indicators that could potentially trigger a new rally for the token used for governance purposes.　　　　　　ApeCoins Network Growth　　Data from Santiment, a crypto analysis platform, indicates that ApeCoin (APE) is currently witnessing a surge in network growth not seen in the past two months. The network has seen the creation of 1,142 new APE addresses on April 7, which is the largest number since February 7.　　A similar pattern was observed on another crypto platform, Stargate Finance, where increased network activity led to a significant surge in the price of STG. Analysts are predicting that ApeCoins native cryptocurrency may experience a similar outcome due to the current high levels of activity on its network.　　APE Price Action　　Recent data from Santiment suggests an increase in APE activity, with token holders accumulating more of the cryptocurrency. This could indicate growing involvement from retail investors, which may lead to a price surge if the market responds positively to

2023-04-10Deep Dive
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