ASIC’s Deputy Chair Emphasizes Regulatory Scrutiny

According to a Sept. 20 filing, the Australian Securities and Investments Commission has begun legal proceedings against Bit Trade Pty Ltd, the firm responsible for delivering the Kraken cryptocurrency exchange services to Australian clients.

ASIC Deputy Chair Sarah Court emphasized the importance of regulatory scrutiny in protecting consumers within the cryptocurrency sector. Court remarked, “These proceedings should send a message to the crypto industry that products will continue to be scrutinized by ASIC to ensure they comply with regulatory obligations in order to protect consumers.”

Bit Trade has offered its margin trading product to Australian customers via Kraken since January 2020. Despite ASIC’s concerns raised in June 2022, the company continues to provide the product without establishing a target market determination, which is essential for responsible distribution under the DDO.

In response to the allegations, ASIC is seeking declarations, monetary penalties, and injunctions to stop Bit Trade’s ongoing conduct. The date for the first case management hearing is yet to be scheduled by the Court.

#news #ASIC #Autralia

New languages

Exciting news from our company! We are pleased to announce that we are continuing to expand the horizons of accessibility and convenience for our users. We are delighted to inform you that we have added Persian and Arabic languages to our list of supported languages on our website.

This significant addition will bring us even closer to our Arabic-speaking and Persian-speaking customers, providing them with a better experience when using our products and services. Regardless of where you are located and which language you prefer, you can now enjoy all our resources in Persian and Arabic.

We are committed to ongoing improvement and diversity in our services to meet the needs of all our customers. Thank you for your support, and stay with us for even more updates and enhancements in the future!

Bitcoin energy pivot achieves what ‘few industries can claim’

While the Bitcoin network has continued to expand over the years, the Bitcoin mining industry has yet to see a comparable increase in carbon footprint — an achievement that a Bloomberg analyst argues “few industries can claim.”

This, in turn, could drive the next wave of institutional investment.

On Sept. 20, Bloomberg crypto market analyst Jamie Coutts cited data showing that the sustainable energy mix for Bitcoin has continued to rise since 2021 and is now over 50%. This has led to the growth of emissions slowing relative to the network’s continued expansion.

He said that the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could “catalyze a wave of institutional and even sovereign investment capital.”

#news #btc #crypto

Bitcoin futures open interest jumps by $1B: Manipulation or hedge?

Bitcoin’s open interest on derivatives exchanges experienced a sudden surge of $1 billion on Sept. 18, prompting investors to question whether whales were accumulating in anticipation of the unsealing of Binance’s court filings.

However, a closer look at derivatives metrics suggests a more nuanced picture, as the funding rate did not exhibit clear signs of excessive buying demand.

The decision to unseal these documents was granted to the United States Securities and Exchange Commission, which had accused Binance of non-cooperation despite previously agreeing to a consent order related to unregistered securities operations and other allegations.

The open interest spiked to $12.1 billion, while Bitcoin’s price concurrently increased by 3.4%, reaching its highest point in over two weeks at $27,430.

However, investors soon realized that, aside from a comment by the Binance US auditor regarding the challenges of ensuring full collateralization, there was little concrete information revealed in the unsealed documents.

#news #sec #btc

Bitcoin investors are bullish on the US Fed’s $100B loss

The U.S. Federal Reserve made a significant announcement on Sept. 14, revealing accumulated losses of $100 billion in 2023. What’s more, this situation is expected to worsen for the Fed, according to Reuters. But for risk assets like Bitcoin
BTC, this may actually be a blessing in disguise

The primary reason behind this financial setback is that the interest payments on the Fed’s debt have surpassed the earnings generated from its holdings and the services it provides to the financial sector.
As a result of this development, investors are now scrambling to grasp how this will impact interest rates and the demand for provably scarce assets like BTC.

Some analysts are of the opinion that the Fed’s losses, which commenced a year ago, could potentially double by 2024. The central bank categorizes these negative results as “deferred assets,” arguing that there’s no immediate necessity to cover them.

#news #crypto #us #BTC

Investment company Galionex attracted more than 8,000 Clients in its first month of operation!

Australian Investment company Galionex is bringing a sensation to the investment market by announcing its exciting success just one month after its launch. Today, the company is proud to announce it has attracted over 8,000 clients, a clear testament to its growth and impact on the investment world.

Galionex is a young but ambitious company founded by a team of finance and investment professionals. Its main goal is to provide access to high quality investment opportunities for everyone, regardless of their experience and initial capital.

Since its launch, Galionex has stood out for its innovative investment approaches and outstanding results. The company provides clients with a wide range of investment products from POS and Defi to cryptocurrency investments.

Galionex CEO Ethan Walker expressed his gratitude to all clients for their trust and support.

This impressive success for Galionex has been a proud moment for the entire investment industry. The company hopes that its long-term vision of creating a more sustainable and prosperous future for all investors will continue to inspire and attract new clients.

Galionex Investment Company plans to further develop its products and services to provide the best investment experience for its clients and continue to conquer the heights on the road to financial success.

September 18, 2023