Category: crypto

Malaysia’s Securities Commission has ordered crypto exchange Bybit and its CEO to cease operations in the country due to lack of authorization as a digital asset exchange. The regulator highlighted the importance of investor protection and compliance with local laws. Bybit is also facing regulatory challenges in France. Bybit plans to re-enter the Malaysian market…

Algorithmic trading, or algo trading, is becoming increasingly prevalent in the volatile crypto market, allowing for automated, systematic trading strategies. Despite misconceptions that it is only for high-frequency traders, algo trading can benefit all traders by providing precision and structure to decision-making. With the potential for significant growth, these technologies are transforming the crypto market…

Hong Kong lawmaker Wu Jie suggested integrating Bitcoin into the city-state’s fiscal reserves to leverage foreign exchange funds for long-term digital asset holdings. He highlighted Bitcoin’s potential as a competitor to traditional assets, advising caution in allocation due to volatility. China praised Hong Kong’s regulatory progress in managing digital assets.

CryptoQuant analyst Maartunn shared data showing increased velocity on the XRP Ledger (XRPL), indicating growing network utility. The velocity is approaching resistance, suggesting potential price growth. Despite a decrease in total deposits, developments like the launch of Ripple USD stablecoin could drive further growth and boost XRPL usage.

Pig butchering scams caused $3.6 billion in crypto losses in 2024, the most significant fraud scheme of the year. Cyvers reported that victims were groomed over time to invest in fake crypto platforms. Scammers used dating apps and social media to build trust. Increased user education and stricter regulations are recommended to combat these scams.

Montenegro’s Minister of Justice signed an order to extradite Terraform Labs co-founder Do Kwon to the US, denying South Korea’s request. The decision was based on factors such as the severity of the alleged crimes and Kwon’s citizenship. Kwon faces legal challenges in the US, including a lawsuit from the SEC.

Stephen Akridge, co-founder of Solana, is being sued by his ex-wife Elisa Rossi for allegedly misappropriating significant gains from Solana tokens. Rossi claims Akridge used his expertise to take staking rewards from her digital wallet, resulting in her losing millions. Liquid staking on Solana offers a potential APY of 5.6% to 12%.

The US Treasury and IRS have released broker rules for digital asset providers, requiring DeFi protocols to conduct KYC procedures. Industry experts criticize the new provision for being unlawful. Brokers must report user tax by Jan. 1, 2025, with DeFi brokers required to comply by Jan. 1, 2027. There are exclusions and a transition period,…

Bitget Wallet will prioritize BGB token for gas payments across multiple blockchains starting in January 2025. Users can pay gas fees using BGB, USDT, or USDC. The wallet will offer opportunities to earn free gas vouchers through simple tasks. Bitget plans to burn 40% of BGB token supply and allocate profits for token burns.

Japan’s Financial Services Authority plans to strengthen internal audit processes at financial institutions, including crypto exchanges, to address industry gaps and align with global standards in regulatory compliance. The FSA aims to revise guidelines and crack down on unregistered exchanges, emphasizing consumer protection and caution towards digital assets like Bitcoin.