The Federal Court of Australia has ruled that Kraken’s local operator, Bit Trade Pty Ltd, breached cryptocurrency regulations and Australian Corporations Act. The court found that Bit Trade breached section 994B of the Corporations Act by offering “margin extension” products to retail customers without first “determining the target market.” This requirement, designed to protect consumers, came into effect in October 2021. The ruling acknowledged the complexities of applying the existing regulatory framework to innovative technologies, but ultimately agreed with ASIC’s interpretation that margin extensions in national currency create deferred liabilities and classify the product as a credit facility. Kraken expressed…
Author: Crypto Flexs
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You may have already seen it. Yesterday, a new meme coin was born from Simons Cat. It is also one of the most popular memes on the internet. Somehow, these guys did it perfectly. They bought the IP rights to the meme. They first launched on MEXC, Gate, KuCoin and then added liquidity to the pair on the BNB chain. Boasting massive trading volumes and perhaps the best meme coin trader ever, with over $700,000 invested? I added an additional $200,000 to the $500,000 I initially prepared. And I just picked up ~$700k $Cat The average purchase price is around…
A prominent crypto analyst says a Solana (SOL) competitor could see its stock price surge by up to 30% after updating its outlook on Bitcoin (BTC) and other digital assets. Cryptocurrency trader Ali Martinez told his 69,600 followers on social media platform X in a new strategy session that one of the key indicators is a buy signal for SUI, the native cryptocurrency of layer 1 blockchain and smart contract platform Sui Network. “TD Sequential has a buy signal on the SUI weekly chart. A sustained close above the 50-week moving average could see a 30% rally to $1.20!” Source:…
Ted Hisokawa 23 Aug 2024 10:50 The Hong Kong Monetary Authority (HKMA) and the Hong Kong Banking Association (HKAB) have established a joint taskforce to enhance lending support for SMEs. The Hong Kong Monetary Authority (HKMA) and the Hong Kong Banking Association (HKAB) have announced the establishment of a joint task force on SME lending, according to the Hong Kong Monetary Authority. The initiative aims to enhance support for small and medium-sized enterprises (SMEs) facing financial difficulties. Background and Recent Actions Eddie Yue, Chief Executive Officer of the Hong Kong Monetary Authority (HKMA), spoke…
Bitcoin (BTC) hit an intraday high on August 23 as markets braced for the week’s major macroeconomic events.BTC/USD 1-hour chart. Source: TradingViewBitcoin Seeks Liquidity Signals in Jackson Hole SpeechAccording to data provided by Cointelegraph Markets Pro and TradingView, $61,000 was recovered in the hours before the Federal Reserve’s annual symposium in Jackson Hole.The centerpiece of this will be a speech by Chairman Jerome Powell, scheduled for 10 a.m. ET, which is being closely watched by traders for signs of easing in monetary policy.As Cointelegraph reported, the market is pricing in a 100% chance of a rate cut, a major bullish…
At the time of writing, ETH is stuck in a 4-hour symmetrical triangle, showing no clear directional trend. On-chain data suggests a potential rally is coming. Ethereum (ETH) market activity is muted, with the price up slightly by around 2.45% and currently trading at around $2,600. This type of price action is commonly seen when an asset is trading within a symmetrical triangle, a pattern characterized by converging diagonal upper and lower lines. Previous instances of similar trading patterns often resulted in large price increases or decreases. Analyst Predictions for ETH at Recent TweetsCryptocurrency analyst Karl Runefeld emphasized that ETH…
Crypto Ecosystems • August 23, 2024 2:12 AM EDT Posted 1 minute earlier ~ in Updated: August 23, 2024 3:18 AM EDT MakerDAO is a decentralized autonomous organization. die die +0.029% Stablecoins have proposed an optional revaluation. MSEK +3.56% Governance Tokens, converting each MKR into 24,000 NewGovToken (NGT) tokens. This is part of the strategic endgame plan that is expected to be launched soon.MakerDAO stated that the purpose of the rebalancing is to allow more users to hold significant amounts of the new governance token, NGT, thereby enabling broader participation in platform governance and democratizing the decision-making process.Along with the…
Omega Pro co-founder Andreas Šakac has been arrested in Türkiye. Authorities tracked $160 million worth of cryptocurrency transactions and seized computers and cold wallets. One investor in the Netherlands reported losing $7 million, while more than 3,000 people lost $103 million in the scam. OmegaPro co-founder Andreas Szakacs, who was arrested in Turkey, is facing serious charges for allegedly orchestrating a massive Ponzi scheme. Omega Pro, a company that claimed to invest in cryptocurrencies and forex, is said to have defrauded investors of a whopping $4 billion before its collapse in late 2022, which coincided with the infamous collapse of…
Caroline Bishop 23 Aug 2024 07:41 Astar Network announced the first phase of its evolution to migrate Astar zkEVM to Soneium L2 in collaboration with Sony Group and Startale. Astar Network has announced the start of Phase 1 of its evolution, which involves migrating Astar zkEVM to Soneium, an Ethereum Layer 2 (L2) chain developed in collaboration with Sony Block Solutions Labs, a joint venture between Sony Group and Startale. According to astar.network, this strategic move is aimed at aligning with Astar Network’s mission to connect users to Web3 and create greater value for…
We round up the weekly news from across Asia, highlighting the most important industry trends. Power struggle with Southeast Asia’s Bitcoin miners Southeast Asia has become a hotbed of Bitcoin mining following China’s massive crackdown in 2021. Authorities across the region are now battling a surge in electricity theft used to fuel these mining activities. Malaysian authorities arrested seven people this week for allegedly mining bitcoin illegally using stolen electricity, according to Malaysian state-run news agency Bernama. Police seized 52 pieces of mining equipment along with electronic devices and several vehicles worth about 250,000 ringgit (US$57,000). But that’s just the…