Singapore Crypto Exchange Eyes US Expansion After Registering With FinCEN
Singapore-based Bitget said Friday it had registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business ahead of plans for a full-scale launch in the country. Established in 2018, Bitget provides crypto trading services for retail and institutional investors. It started out as a spot exchange before pivoting into derivatives last summer, where it now averages around $1 billion a day in trading volume, according to a company spokesperson. Registering as an MSB is the first step to Bitget operating as a legitimate exchange, anywhere in the U.S, the spokesperson said. The company still needs state-level licensing to conduct most operations. According to its MSB registration documents, Bitget's U.S. office is in Denver, Colorado. Bitget has maintained a low profile in the West, but is "quite popular in the Chinese market," which makes up nearly two-thirds of its 800,000-strong client base, according to the spokesperson. The exchange has now begun offering English-language services. The company has also set up offices in South Korea and Japan, and last month received a license exemption from the Monetary Authority of Singapore (MAS) to operate as a virtual currency service provider, without further regulatory approval, until the end of August. Bitget is working on becoming a fully-licensed entity in Singapore. The exchange said it also has plans to apply for a permit to operate in the European Union.
Bybit to Roll Out USDT Perpetual Contracts
Singapore-based crypto futures exchange Bybit has announced the addition of Tether (USDT) perpetual contracts. By adding the stablecoin to its existing futures contracts (BTC, ETH, EOS and XRP paired with USD), the exchange aims to furnish traders with greater simplicity and flexibility, as they can now hold long and short positions simultaneously to better hedge their positions. As per Bybit’s announcement, USDT can be used as the quote and settlement currency, facilitating two-way trades and granting traders exposure to underlying spot market prices for assets such as bitcoin – with the option to apply high leverage if desired.
Telegram Denied: Court Sides With SEC, Grants Injunction Against Issuing GRAMs
A United States District Court has granted an injunction against Telegram, preventing the company from issuing its GRAM tokens at the present time. Court says that GRAMS are securities under Howey test. Telegram had held that since it filed a Form D 506(c) Notice of Exempt Offering of Securities prior to the first round of its offering, it was authorized to sell tokens to accredited investors. However, the Court noted in granting the injunction that since Telegram intended for the Gram tokens to reach the secondary market, disqualifying them from exemption. Concluding that the court must stop the delivery of GRAM tokens.
The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like
The U.S. Commodity Futures Trading Commission (CFTC) published its final guidance on "actual delivery for digital assets" Tuesday, seemingly settling a longstanding question on when a cryptocurrency can be "delivered" from one party to another.The CFTC shared a 35-page document stating that in its view, "actual delivery" occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction. The publication comes following several years of public input from exchanges and other stakeholders.
OKEx Will Let Users Perform C2C Loans via DeFi App
OKEx cryptocurrency derivatives exchange is launching a C2C loan service. It will be available via the official app, as well as via the website. The C2C loan service by OKEx is a useful addition to the already existent OKEx mobile app. The traders will now allow themselves to loan cryptocurrency to each other. The OKEx exchange offers users to top up their accounts with sums ranging from $200 to $1,000,000.
Ripple partners with Thailand’s DeeMoney to process faster cross-border payments
The partnership between Ripple and DeeMoney is entering a new phase. Sources say that the remittance blockchain company indicated this in a press release yesterday. The new partnership will allow Thais to remit funds to their homeland at cheaper rates. This comes as Ripple Labs Inc, that widely uses XRP in its solutions, is expanding the network of partners across countries. The Thais are reportedly quite conservative when it comes to financial services. DeeMoney is just about the only non-banking institution that has special licenses for all sorts of remittances. The partnership between Ripple Labs and DeeMoney gives the blockchain space a new mantra: Together Everyone Achieves Miracles! (Team).This could be the paradigm of collaboration rather than competition in the new decade.