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13.10.[News of the day] • Binance will remove over-the-counter marketplace for the Chinese yuan • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

Last week, for the first time since the beginning of September, the price of the primary digital asset climbed above USD 50,000 and only continued to rise. This resulted in $ 55,000 and later rising to nearly $ 58,000, the highest price level since mid-May. However, it did not manage to overcome this and stopped at her for a while yesterday. The situation has changed in the last 24 hours, when the asset fell below $ 54,000, shot back above $ 56,500 and dropped again to $ 54,500 a few hours ago. The latest price drop came in connection with reports that China’s largest social network, WeChat, has blocked users from searching on cryptocurrency exchanges. BTC is currently rebounding and is currently above $ 55,000, which is still more than 4% lower than yesterday.

Most alternative coins have accepted today’s retracement better than BTC. ETH has lost only 1% of its value in the last 24 hours and costs $ 3,460.

BTC analysis – where is the nearest support for short term correction?

Cryptocurrencies

SEC President Gary Gensler is, in fact, for BTC, Vault Equity CEO argues

The founder of Vault Equity believes that the US regulators have good reason to slowly approve the BTC-linked Exchange Trading Fund (ETF).

Vault Equity CEO and founder Tad Park has expressed support for the US Securities and Exchange Commission (SEC) over the reluctance of the regulator to approve an ETF that would monitor BTC directly.

In an interview with Fox Business Park on Tuesday, he claimed that SEC chairman Gary Gensler “is in fact for BTC” but is also “a little misunderstood” about his view of cryptocurrency regulation in the United States.

Banks, crypto exchanges, companies

Binance will remove the over-the-counter marketplace for the Chinese yuan

Binance announced that on December 31, it will end its support for the Chinese yuan on its over-the-counter trading platform. The company claims that the removal of the OTC marketplace is related to “regulatory requirements”. Mainland China users will only be able to withdraw funds or close their positions.

Binance’s announcement pushed the price of BTC to an intraday low of $ 54,684.

After China banned crypto exchanges in 2017, local cryptocurrency traders would rely primarily on over-the-counter counters in the midst of strict regulatory control. However, mainland Chinese residents are now running out of options in response to increasing government intervention.

SEBA Bank is launching a program for users to obtain revenues in the crypto

Clients of the Swiss financial institution SEBA Bank will soon be able to obtain income from their cryptocurrencies.

In an announcement on 13 October, SEBA Bank stated that investors can use its BTC and ETH lending services to generate returns under the SEBA Earn program. According to the bank, which focuses on offering digital assets, it planned to integrate support for other cryptocurrencies.

SEBA stated that in addition to centralized loans and borrowings, institutions will be able to generate income through their betting and decentralized financing (DeFi) programs. Customers can currently generate revenue for Polkadot, Tezos and Cardano, but the bank said it plans to add more proof-of-stake protocols in the coming months.

Coinbase plans to launch its own NFT platform

Coinbase has announced that it plans to launch its own platform for NFT.

According to a blog post published on October 12, the Nasdaq-listed Coinbase crypto exchange will launch a platform for NFT minting, buying and selling in the near future. The new platform, called Coinbase NFT, will serve as a peer-to-peer marketplace for NFT to facilitate access for millions of people to engage in NFT trading.

People interested in trying out Coinbase NFT can “sign up for timely access and regular updates.

The news of the Coinbase NFT platform comes just a day after the competing crypto exchange FTX.US announced the launch of the Solana-based NFT marketplace, and intends to add Ethereum-based NFT in the future.

CBDC, Regulation

Chinese WeChat is now blocking crypto exchanges search results

WeChat, a Chinese “superapplication” with more than a billion users, has banned searches for Huobi, Binance and other crypto exchanges, according to blogger Colin Wu.

After China said in September that foreign exchanges could not serve residents from mainland China, trading platforms rushed to ban trading for Chinese users. Huobi will eliminate all of its Chinese users by the end of the year. In the WeChat group, Leon Li, the founder of Huobi, recently explained that exchange will leave China forever due to dizzying interventions.

South Korean crypto exchange tightens anti-money laundering measures

Coinone, one of South Korea’s major crypto exchange, announced yesterday that it has set up an Anti-Money Laundering Center (AML) and is reporting suspicious transactions (STRs) to tax authorities. Coinone’s Anti-Money Laundering Center, together with its partner NH Nonghyup Bank, will carry out Known Customer Verification (KYC), investigate incidents and disputes, and establish a system of cooperation with external entities. Coinone has also completed basic training for AML center staff in the fight against money laundering and suspicious transaction reporting, and plans to expand the center through further recruitment.

The Suspicious Transaction Reporting System (STR) is a legal and institutional tool for detecting and preventing money laundering. Financial companies, such as banks and securities dealers, are required to monitor transactions suspected of money laundering and report them to the FIU. After submitting a compliance report to the FIU last month, Coinone is now classified as a financial company and has to comply with its obligations.

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