Kraken OTC clients can now access the features and trading functionality they love from the OTC Portal within the Kraken Pro app.
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OTC
Automated OTC trading now available on Kraken Custody
Kraken Institutional is proud to announce that its institutional crypto custody solution, Kraken Custody, now offers integrated OTC trading.
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DBS Bank to Launch OTC Crypto Options Trading for Institutional Clients in Q4 2024
DBS Bank, Singapore’s largest bank, has announced plans to launch over-the-counter (OTC) crypto options trading and structured notes for institutional clients in Q4 2024. This new offering will allow institutional investors to gain exposure to bitcoin and ethereum, the two largest cryptocurrencies by market capitalization. The initiative aims to provide sophisticated tools for managing digital […]South Korean Inmate on Funeral Leave Robs Crypto Buyer of $363,000
Local sources have reported that a South Korean inmate, temporarily released to attend a funeral, exploited a cryptocurrency over-the-counter (OTC) deal to rob another individual. He enticed the buyer by offering to sell the digital assets at a rate below the prevailing market value and stole 500 million won. Temporary Release Turns Criminal A face-to-face […]New OTC RFQ pairs available for APT, ARB, INJ and TIA
Kraken OTC is pleased to announce that our RFQ system now supports new pairs for Aptos (APT), Arbitrum (ARB), Injective (INJ) and Celestia (TIA).
The post New OTC RFQ pairs available for APT, ARB, INJ and TIA appeared first on Kraken Blog.
New OTC Portal pairs available for ETH, INJ and SOL
Kraken OTC is pleased to announce that our RFQ system now supports new Ethereum (ETH) and Solana (SOL) non-stablecoin crypto-to-crypto pairs (an OTC Portal first!) as well as a new pair for Injective (INJ).
The post New OTC Portal pairs available for ETH, INJ and SOL appeared first on Kraken Blog.
South Korea focuses on OTC crypto regulations as unlawful deals reach $4B
According to the Korea Customs Service report, the value of unlawful foreign exchange transactions made using digital currency was estimated to be worth $4 billion last year.
South Korean regulators have turned their focus to over-the-counter (OTC) crypto trades amid growing concerns about their use for criminal activities. The financial regulators in the country are reportedly monitoring trading in the OTC crypto market.
According to a report published in a local daily, deputy chief prosecutor Ki No-Seong and Park Min-woo of the Financial Services Commission (FSC) and other vital regulatory officials attended a session on “Criminal Legal Issues Related to Virtual Assets” with a focus on the unregulated OTC crypto market. During the event, No-Seong called for regulating the OTC crypto market due to money laundering concerns.
A Google-translated version of Seong’s statement read:
“Illegal virtual currency OTC companies have overseas corporations and are engaged in the business of converting illegally obtained virtual currency into Korean won or foreign currency. There is a need to regulate these companies as undeclared virtual asset trading businesses.”
The term “OTC crypto market” describes exchanges that are not officially recognized by the government. Digital currency OTC transactions include all transactions outside regulated platforms, including peer-to-peer (P2P) exchanges. According to the report, there are a total of 172 cryptocurrencies available on Upbit, the largest regulated crypto platform in South Korea, while OTC platforms offer up to 700 cryptocurrencies.
The report cited several instances of the use of OTC platforms to convert digital assets into Korean won. The International Crimes Investigation Department of the Incheon District Prosecutors’ Office arrested and indicted three people on charges of engaging in illegal foreign exchange transactions between October 2021 and October 2022.
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The arrested trio were found to be purchasing $70.9 million (94 billion won) worth of digital currency from overseas OTCs at the request of Libyans and then sending it to Korea to be converted into cash, according to the report. The value of unlawful foreign exchange transactions made using digital currency was estimated by the Korea Customs Service to be worth $4 billion (5.6 trillion won) last year.
Over the years, South Korea has become known for its stringent crypto regulations and has several regulations in place to tackle crypto-related crimes. The country’s regulators have become more proactive in the wake of Terra’s collapse.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
DRC20 Tokens Take Dogecoin Community by Storm, Driving Record-Breaking Daily Transactions on the Network
With the BRC20 token economy maintaining a market capitalization of nearly $500 million, the introduction of the DRC20 token standard has sparked a flurry of excitement within the Dogecoin community. The emerging token type has ignited a surge of activity, leading to a substantial increase in daily transactions on the Dogecoin blockchain. Specifically, on Wednesday, […]Blockchain platform for trading securities OTC moves forward with SEC approval
Upon approval, both the SEC and the FINRA will become Certificate Holders in the private blockchain, allowing regulators to view transactions and access the network governance.
A Delaware company is seeking registration with the United States Securities and Exchange Commission (SEC) to carry out over-the-counter (OTC) stock trading on-chain.
BlackStar Enterprise Group has been developing the platform since 2018 and spent almost two years in communication with the regulator, answering dozens of questions and comments from examiners. Recently, the company has taken the next step in providing a detailed plan to the SEC Trading and Market division about how its platforms will be operated.
BlackStar CEO Joseph Kurczodyna told Cointelegraph that he sought the SEC’s permission to build the platform’s demo in 2018. “We have proved that U.S. registered securities can be traded digitally on a blockchain, that the process is compliant with broker dealers’ back-office and SEC rules," commented the senior executive.
The platform will allow trading OTC securities within the existing regulated brokerage ecosystem from the Financial Industry Regulatory Authority (FINRA) and SEC, the company said in its filings. As stated in the document:
“For example, customers will continue to use brokerage accounts and broker-dealers and the transfer agent will continue to maintain the shareholder records. [...] All custodial duties are intended to remain the same because the platform will pass encrypted customer information to buy or sell orders to the appropriate parties."
According to Investopedia, OTC refers to the process of trading securities via a broker-dealer network, rather than through a centralized exchange such as the New York Stock Exchange (NYSE).
BlackStar’s platform is built on a private blockchain and powered by Amazon Quantum Ledger Database. Kurczodyna said it would remain in the testing phase until licensed to a broker-dealer, clearing firm or Alternative Trading System (ATS).
Upon approval, both the SEC and FINRA will become Certificate Holders in the blockchain, with full access to transactions. Tokens, crypto assets and short selling transactions will not be supported on the platform.
“From a timing standpoint, we feel this is an exciting time for BlackStar. Our proposed digital trading platform [...] could potentially help resolve multiple existing trading issues, including concerns related to fraud in the U.S. financial markets,” claims Kurczodyna, who believes the platform will increase transparency and mitigate risks of investing in OTC stocks.
A similar development is taking place in Germany, where the government wants to use blockchain technology to power stock trading. A recently introduced legislation targets the capital markets’ digitalization through the issuance of electronic securities on a blockchain, aiming to make the stock markets more accessible to startups and small businesses.
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EOS Network lands $60M investment and partnership from DWF Labs
DWF Labs invests over $60 million in a partnership with the EOS Network Foundation, providing a $45 million EOS token purchase agreement and a $15 million pledge for EOS-based projects to expedite growth and adoption.
In its most substantial investment to date, DWF Labs, a digital asset market maker and investment firm, has announced an alliance with the EOS Network Foundation (ENF), entailing an investment deal worth over $60 million. EOS is a Layer-1 network for developers looking to build blockchain-based games (GameFi) and deploy decentralized applications (dApps).
DWF is bolstering the EOS Network by means of a $45 million EOS token purchase agreement and a $15 million pledge to invest in businesses and projects based on EOS. This pledge is aimed at expediting the expansion and acceptance of the EOS Network.
The ENF plays a pivotal role in the EOS network’s development by coordinating support, creating feedback loops for innovation, promoting community involvement, allocating funding and facilitating the growth of the EOS ecosystem.
The timing of this collaboration is advantageous, as the EOS Network is set to unveil its enterprise-grade EOS Ethereum Virtual Machine (EVM) on April 14, featuring that surpasses Polygon, BSC and Avalanche, with over four times more swaps per second.
The synergy between DWF Labs and the EOS project is set to unlock potential in the blockchain ecosystem and the world of web3. The partnership will bring together their respective expertise and resources, ensuring a future for the EOS Network.
Related: Synthetix nets $20M from Web3 quant trading firm
DWF Labs has emerged as an investor during the crypto bear market. Recent investments have included a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai.
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