NYSE, Nasdaq withdraw 3 more requests for crypto ETF options rule changes

August 16, 2024 Coin Telegraph

Activity keeps heating up around Bitcoin and Ethereum ETF options.

New York Stock Exchange (NYSE) American and Nasdaq International Securities Exchange (ISE) withdrew three more requests for rule changes related to listing options on Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), according to regulatory filings submitted after market close on Aug. 14 and Aug. 15.

The withdrawals are the latest in a flurry of activity surrounding spot BTC and ETH ETF options in the United States. On Aug. 13, NYSE Arca withdrew another requested rule change intended to chart a path toward listing crypto ETF options.

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Binance reaches $1.7M agreement with Brazilian securities regulator

August 14, 2024 Coin Telegraph

Binance

Brazil’s CVM issued a warning to the crypto exchange in 2020 that it was offering residents derivatives products without authorization.

Cryptocurrency exchange Binance reached an agreement with Brazil’s Securities and Exchange Commission (CVM) over offering derivatives products.

In an Aug. 14 notice, the CVM said Binance agreed to pay 9.6 million reais — roughly $1.7 million at the time of publication — to the securities regulator. The CVM issued a warning to Binance in 2020 that the exchange was offering Brazilian residents derivatives products without authorization.

“Since the regulator’s first communication to Binance in 2020, the exchange has taken all necessary measures and actions to respond to the authority and comply with local requirements,” said Binance in a translated statement to Cointelegraph Brazil. “The CVM board’s decision to accept the proposed Term Sheet reaffirms that the adjustments and updates made by Binance over time are sufficient for the regulator.”

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Exchanges gear up crypto advocacy in Canada as elections loom

August 14, 2024 Coin Telegraph

Canada

Cointelegraph’s Sam Bourgi discussed Canada’s evolving regulatory landscape with Kraken and Coinbase at the Blockchain Futurist Conference, highlighting areas where the country still lags.

Canada has been actively developing and refining its regulatory framework for digital assets over the previous years, positioning itself ahead of leading markets worldwide, such as the United States. However, crypto exchanges are still lobbying for more cooperation with leaders as the 2025 elections approach in the country.

Cointelegraph’s senior editor, Sam Bourgi, discussed with Kraken and Coinbase during the Blockchain Futurist Conference how the local regulatory space is evolving and where the country is still lagging behind.

“The reality is that members of parliament today in Canada are not hearing from their constituents about the importance of digital assets and cryptocurrencies,” explained Coinbase’s CEO for Canada, Lucas Matheson.

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Canada needs to overhaul crypto regulations — Coinbase exec

August 13, 2024 Coin Telegraph

Canada

The Canadian government has previously come under fire for undermining the economic freedom of its citizens and freezing crypto donations.

Coinbase country director for Canada Lucas Matheson took the stage at the Blockchain Futurist Conference on Aug. 13 to discuss the state of Canadian digital asset regulation and promote the newly expanded Stand With Crypto initiative.

Matheson argued that although Canada’s regulatory framework is already robust, the country still needs to modernize crypto regulation.

The director noted that 85% of countries will be adopting comprehensive regulatory frameworks for digital assets over the next year and urged the importance of public dialogue in educating public officials about the importance of cryptocurrencies. Coinbase’s Canadian director summed up the long-term goal for Stand With Crypto’s advocacy:

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Crypto Biz: Massive inflows to exchanges amid market turbulence

August 10, 2024 Coin Telegraph

Binance

This week’s Crypto Biz examines Hong Kong’s crypto ETF market, Morgan Stanley’s green light for Bitcoin funds, Xapo Bank license in the UK, and Core Scientific’s billionaire deal with CoreWeave.

The market downturn on Aug. 5 led to the price of Bitcoin plunging 10% in less than two hours, from $58,350 to $52,500. The volatility, however, drove massive inflows into centralized exchanges (CEXs).

Binance, for instance, recorded $1.2 billion in net inflows in 24 hours as traders reacted to a sharp drop in cryptocurrency prices. According to DefiLlama’s CEX Transparency dashboard, inflows into Bybit, Crypto.com and OKX increased by $301.4 million, $107.8 million and $97.7 million, respectively.

Inflows could be attributed to transfers from external wallets, fiat deposits and trading activity. Binance CEO Richard Teng credited positive flow amid market stress as a sign of “strong investor confidence.”

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Regulators postpone listing decision for Hashdex Nasdaq Crypto Index ETF

August 9, 2024 Coin Telegraph

Banks

If approved, the ETF would be the first US fund to hold a diversified portfolio of spot cryptocurrencies.

United States regulators said they would need more time to decide if an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can list on Nasdaq’s electronic securities exchange, according to an Aug. 9 regulatory filing.

The filing was a response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

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Bitrace warns of new crypto scam using QR codes

August 8, 2024 Coin Telegraph

Coin Telegraph

The scam starts with a small payment of Tether (USDT) to the user.

According to a social media post by blockchain analysis firm Bitrace, scanning the wrong QR code could drain users’ wallets.

Bitrace is warning of a new type of crypto scam “where theft is carried out through a payment QR code transfer test, essentially deceiving users into authorizing wallets.”

According to Bitrace, the scam follows a specific pattern. First, the scammer proposes that the user swap tokens over-the-counter (OTC) — through a wallet-to-wallet transfer rather than an exchange — and offers an exchange rate that beats the market.

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Nasdaq asks to list options on spot Ethereum ETFs — Filing

August 6, 2024 Coin Telegraph

Bitcoin Price

Exchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.

Nasdaq’s options exchange asked United States regulators to permit options trading on spot Ethereum exchange-traded funds (ETFs), according to an Aug. 6 regulatory filing.

Nasdaq’s proposed rule change would apply exclusively to Blackrock’s iShares Ethereum Trust (ETHA), which is the only Ether (ETH) ETF listed on Nasdaq’s electronic exchange. The others are listed on the New York Stock Exchange’s (NYSE) Arca or Cboe.

The filing marks an important step towards widespread adoption of ETH ETFs, which listed in July and and proceeded to attract approximately $1.5 billion in net inflows, according to Morningstar.

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Nearly every token Binance listed in 2024 is now bleeding red — Coin98

August 6, 2024 Coin Telegraph

Airdrop

Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.

Of the 30 tokens listed by cryptocurrency exchange Binance in 2024, all but one are in the red—and most are down badly, according to a post by crypto researcher Coin98 Analytics on the X social media platform.

The sole exception is Jupiter’s native token, JUP, which has risen 21.2% since listing on Jan. 31 and now has a fully diluted value (FDV) of some $8 billion. FDV is a measure of market capitalization assuming a token’s entire supply is circulating at current trading prices.

Launched in January, Jupiter is a Solana-based decentralized exchange that has attracted upward of $610 million in total value locked (TVL), according to DefiLlama. Its Jan. 31 airdrop was the largest in Solana’s history, with some $700 million worth of JUP tokens distributed to around 1 million wallets.

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Bitcoin trading volume recorded post-halving ATH as crypto market bled

August 6, 2024 Coin Telegraph

Bitcoin Trader

Bitcoin trading volumes reached unprecedented levels amid the market turmoil, while crypto hackers capitalized on discounted Ether.

Bitcoin transactions on crypto exchanges skyrocketed amid turbulent market conditions, marking a new all-time high in trading volume in the fourth cycle of Bitcoin halving.

On Aug. 5, numerous crypto traders suffered huge losses after having their positions liquidated due to falling prices of prominent cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL). As a result of the commotion, some crypto investors sold their Bitcoin holdings to minimize losses, while others chose to purchase the heavily discounted BTC at the $50,000 range.

According to Blockchain.com data, the total United States dollar value of trading volume on major Bitcoin exchanges exceeded $1.14 billion on Aug. 6, as shown below.

Cryptocurrency Exchange