Kraken closes Abu Dhabi office; Bithumb owner arrested

admin February 2, 2023

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The biggest news in the Cryptoverse on February 2nd was Kraken announcing the closure of its Abu Dhabi office. Meanwhile, Kang Jong-hyun, the owner of Bithumb, was arrested on suspicion of embezzlement. Elsewhere, a Texas judge ruled in favor of Sam Bankman-Fried in a securities lawsuit.

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Kraken closes Abu Dhabi office, lays off eight staff

Bloomberg News reported on February 2 that cryptocurrency exchange Kraken will close its Abu Dhabi office and end support for the UAE’s national currency, the dirham.

The crypto firm has dismissed eight members of its MENA team, leaving managing director Benjamin Ampen to oversee the regional transition.

The Abu Dhabi Global Market registry shows that Kraken is not active in the country. The exchange is one of a number of companies that received a license to operate in Abu Dhabi last year.

bloomberg report Kraken users in that region can still use the platform. However, deposits in dirhams are automatically converted to US dollars. He added that clients in the region can use other currencies supported by the platform.

South Korean authorities arrest Bithumb owner for embezzlement of $50 million

Bithumb exchange owner Kang Jong-hyun has been arrested on suspicion of embezzling about $50 million, according to local news JTBC.

A South Korean-based cryptocurrency exchange executive recently faced fraud charges. For example, former chairman Lee Jong-hoon was accused of embezzling about $70 million in a transaction with BK Group chairman Kim Byung-gon.

An investigation into the allegations against Jong-hoon reveals that the little-known Kang Jong-hyun is the owner of the exchange.

SBF Wins Texas Lawsuit Alleging Securities Law Violation Via FTX Offering

Former FTX CEO Sam Bankman-Fried has won an early victory in a Texas securities lawsuit, according to Bloomberg News. report February 2.

The Texas Securities Commission (TSSB) filed a complaint against Bankman-Fried last October. At the time, regulators said Bankman-Fried violated state securities laws when FTX US offered yield products to U.S. customers.

Today, Texas Judge Sarah Stearns ruled that the state’s securities regulators do not have jurisdiction over Bankman-Fried, who is not a Texas resident.

Charlie Munger Calls on US to Join China in Banning Cryptocurrencies

Warren Buffett’s business partner Charlie Munger has suggested that the US should follow China’s procedures to ban cryptocurrencies. He sees this as a gambling deal.

and WSJ Opinion Article Munger, who went public on February 2, said thousands of new cryptocurrencies flooded the market, prompting the general public to buy them at much higher prices in favor of promoters.

Bitcoin critics added that the overreach of the cryptocurrency market is due to regulatory gaps. As a result, he called on the US government to enact federal legislation to regulate the market. Munger compared cryptocurrency to gambling contracts and showed an almost 100% advantage of homes.

Indonesia To Have A Nationwide Crypto Exchange By June

Indonesia’s Ministry of Trade originally planned to set up a domestic cryptocurrency exchange by the end of 2022, but now the ministry says it aims to set up the exchange by June 2023. Local news reports. report.

Stock exchanges are being established as part of regulatory reform adoption in the Indonesian House of Representatives in December.

The Indonesian government is currently considering a cryptocurrency exchange to become part of the national stock exchange. According to the report, out of the 25 exchanges registered with the Commodity Futures Trading Regulatory Agency, five active exchanges are participating in the competition.

Solana-based Everland closes operations amid shrinking lending market

Decentralized finance (DeFi) lender Everland Finance suspended operations on February 1, citing a lack of liquidity in the lending market.

The Solana-based protocol says it has decided to close the platform despite having “enough runway.” Everlend said the lending market continues to shrink and moving forward in the current environment is a “gamble”, although he sees it as a “good product” in its own right. increase.

The application is currently running in withdrawal-only mode and will continue to function until all funds are fully withdrawn. announcementThe protocol urged users to withdraw all assets on the platform as soon as possible.

Binance Signs Memorandum of Understanding to Provide Cryptocurrency Infrastructure in Georgia

binance Signed a Memorandum of Understanding (MoU) with t.Georgia Innovative Technology Agency (GITA).

The agreement sees collaboration with ‘large’ educational institutionsCation and Community Blockchain Initiativeincluding support for the development of the cryptocurrency industry in Georgia.

India Wants Consensus On Crypto Regulations Among G20 Members This Year

India aims to gain consensus among G20 members on roadmap for regulating digital assets this year, Economic Times of India report February 2.

India recently assumed the presidency of the G20 in December.

research highlights

Survey: Asia, EU and US Bullish on Bitcoin, Ethereum

Glassnode data analyzed by crypto slate Analysts show Asia, the US, and the EU have been bullish on Bitcoin (BTC) and Ethereum (ETH) since late January.

Investors in all three regions are more bullish on BTC than ETH, as the regional price indicators show. Meanwhile, year-over-year BTC supply in Asia means BTC will continue to grow in the short term.

The regional price index used in this study shows 30-day changes in regional prices for Asia, the EU, and the US. Before calculating the regional price index, we need to record price changes during regional business hours. A region’s price can then be determined by calculating the cumulative sum of price changes recorded during that region’s business hours.