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The biggest news in the cryptoverse for February 2nd saw Kraken announce the closure of its Abu Dhabi office. Meanwhile, Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges. Elsewhere, a Texas judge favored Sam Bankman-Fried in a securities case. Plus, research on the “joy” of investors around the world.
CryptoSlate Top Stories
Kraken closes Abu Dhabi office, lays off 8 staff
Crypto exchange Kraken has closed its Abu Dhabi office and ended support for the United Arab Emirates’ national currency Dirham, Bloomberg News reports Feb. 2.
The crypto firm fired eight members of its MENA team, keeping managing director Benjamin Ampen to oversee the transition in the region.
The Abu Dhabi Global Markets Registry shows that Kraken is no longer active in the country. The exchange is one of many companies licensed to operate in Abu Dhabi last year.
Bloomberg reports that Kraken users in the region will still be able to use the platform. However, their deposits in Dirhams will be automatically converted to US Dollars. That added clients in the region can use other currencies supported by the platform.
South Korean authorities have arrested the owner of Bithumb on charges of embezzling $50 million
Kang Jong-hyun, owner of the Bithumb exchange, has been arrested for allegedly embezzling around $50 million, according to local news JTBC.
South Korea-based crypto exchange executives have been facing fraud allegations lately. For example, former Chairman Lee Jung-hoon was accused of misappropriating approximately $70 million from his deal with BK Group chairman Kim Byung-Gun.
Following the investigation into the accusations against Jung-hoon, it was revealed that the little-known Kang Jong-hyun was the owner of the stock exchange.
SBF won the Texas case alleging securities law violations through the FTX offering
Former FTX CEO Sam Bankman-Fried won an early victory in a case concerning Texas securities laws, Bloomberg News reported Feb. 2.
The Texas State Securities Board (TSSB) filed charges against Bankman-Fried last October. At the time, regulators said that Bankman-Fried had violated state securities laws when FTX US provided yield-bearing products to customers in the United States.
Today, Texas judge Sarah Starnes ruled that the state’s securities regulator had no jurisdiction over Bankman-Fried, who is not a resident of Texas.
Charlie Munger calls for the US to join China in banning crypto
Warren Buffett’s business partner Charlie Munger has proposed that the United States follow China’s lead to ban cryptocurrencies – which he views as contract gambling.
In a WSJ opinion piece published on February 2, Munger said that thousands of new cryptocurrencies have flooded the market, leading the public to buy at much higher prices in favor of promoters.
Bitcoin critics add that the excesses in the crypto market are caused by regulatory gaps. As a result, he has asked the US government to enact a federal law that would regulate the market. Munger compares cryptocurrencies to gambling contracts with an almost 100% edge to the house.
Indonesia will have a national crypto exchange before June
Indonesia’s Ministry of Trade originally planned to set up a national cryptocurrency exchange by the end of 2022, but the ministry is now aiming to regulate the exchange before June 2023, according to a local news report.
The Exchange is being formed as part of regulatory reforms adopted by the Indonesian House of Representatives in December.
The Indonesian government is currently reviewing crypto exchanges that will become part of the national exchange. There are five active exchanges in the race out of 25 listed with the Commodity Futures Trading Regulatory Agency, as per the report.
Solana-based Everlend is closing operations amid a shrinking lending market
Decentralized finance (DeFi) lender Everlend Finance closed operations on February 1, citing a liquidity crunch in the lending market.
Solana-based Protocol said it decided to shut down its platform despite having “considerable runway”. Stating that the loan market continues to shrink, Everlend said moving forward amid the current environment will be a “gambling”, although it regards itself as an “excellent product”.
The app is now running in withdrawal-only mode and will continue to function until all funds are fully withdrawn, according announcement. The protocol urges users to withdraw all assets on the platform at the earliest.
Binance signs MoU to provide cryptocurrency infrastructure in Georgia
Binance signed a Memorandum of Understanding (MoU) with tGeorgia Agency for Innovation and Technology (GITA).
The agreement will see collaboration with “large-scale” education.national and community blockchain initiativesincluding helping to develop Georgia’s cryptocurrency industry.
India wants consensus on crypto regulation among G20 members this year
India aims to bring G20 members to a consensus on a roadmap to regulate digital assets within this year, the Economic Times of India reported on Feb. 2.
India recently became president of the G20 in December.
Research Highlights
Research: Asia, EU, US bullish on Bitcoin, Ethereum
Glassnode data were analyzed with CryptoSlate analysts point out that Asia, US, and EU have been bullish on Bitcoin (BTC) and Ethereum (ETH) since late January.
As regional price metrics show, investors from all three regions feel more bullish on BTC than they are on ETH. Meanwhile, the year-over-year supply of BTC for Asia means that BTC will continue to increase in the short term.
The regional price metrics used in this study show the 30 day change in Asian, EU and US regional prices Price movements during business hours of a region should be recorded before calculating regional price metrics. Then, the price of an area can be determined by calculating the cumulative amount of price changes recorded in the hours worked for that area.
Crypto Market
In the last 24 hours, Bitcoin (BTC) was down 0.75% to trade at $23,578.59, while Ethereum (ETH) was up 0.4% at $1,649.73.
Biggest Gain (24h)
- Conflux Network (CFX): 29.74%
- EthereumPoW (ETHW): 21.47%
- Iluvium (ILV): 16.1%
Biggest Loser (24h)
- Mini (MINA): -7.05%
- Gala (GALA): -6.73%
- Synthetix (SNX): -6.12%
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