DappRadar explains why it counted less than 40 active users on Decentraland
2 hours ago DappRadar only tracks users directly interacting with blockchain, a new blog post...
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Autor Cointelegraph By Prashant Jha
South Korean foreign ministry orders Do Kwon to return his passport
South Korea’s Ministry of Foreign Affairs on Wednesday issued an order for Terraform Labs CEO Do Kwon to surrender his passport. The fugitive co-founder must hand over his Korean passport to authorities within 14 days of the said order. A failure to comply with the order will result in the cancellation of his passport altogether. The official order also warned that failure to comply will lead to the rejection of requests for re-issuance in the future.Another local report noted that the passport return order was issued for a total of six Terraform Labs employees including Kwon.South Korean authorities have made significant efforts to get their hands on Kwon — a Korean court issued a warrant for his arrest on Sept. 14 followed by an Interpol red notice issued on Sept. 26. However, his exact current whereabouts are unknown.Kwon became quite a controversial figure in the aftermath of the Terra ecosystem implosion resulting in a loss of over $40 billion in investors’ money. Even after an arrest warrant and an Interpol notice against his name, the fugitive crypto founder claimed that he has not been contacted by any authorities regarding any investigation.Related: Korean police reportedly arrest first person involved in Terra collapseThe Do Kwon saga took another turn last month as local reports suggested that the Korean authorities have requested the freezing of $67 million worth of Bitcoin reportedly tied to the tainted co-founder. Kwon again came out to deny that the funds were his and even claimed that he has not used the two crypto exchanges mentioned in the report in two years.Do repeatedly has implied that the South Korean government keeps lying about his case https://t.co/enaKqXBi77— Laura Shin (@laurashin) October 5, 2022Terraform Labs, the developer firm behind the Terra ecosystem, claimed that the case against Kwon is highly politicized. A spokesperson from the company said that prosecutors gave in to public pressure and expanded the definition of security after its associated cryptocurrencies collapsed.
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Nasdaq needs clear regulations to launch crypto exchange, says VP
Nasdaq, the American stock exchange, has no immediate plans of launching a crypto exchange until there’s better regulatory clarity from policymakers, said Tal Cohen, the company’s executive vice president.In an interview with Bloomberg, Cohen said that the retail side of the crypto market is fairly saturated and there are enough crypto exchanges catering to the needs of retail investors. He added that his firm would continue its focus on crypto custody services that were launched on Sept. 20.Cohen also shed some light on other crypto-related services that the exchange is working on, namely building execution capabilities on the platform to move and transfer assets.The world’s second-largest stock exchange might be hesitant to launch a crypto exchange in the United States, but the firm partnered with Brazil’s leading brokerage service provider XP to launch a crypto exchange last year itself.The crypto market has gone through another price cycle like clockwork, but policymakers in the United States are yet to offer a clear framework to bring crypto markets under the purview of the law. The U.S. Securities and Exchange Commission (SEC) led by Gary Gensler has been quite outspoken about the vulnerabilities that the nascent market posses and yet despite numerous calls for clearer regulations from Congress, the U.S. hasn’t made much headway on the regulatory front. Related: CFTC can issue summons through Ooki DAO’s help chat box, says judgeThe SEC continues its enforcement actions against crypto firms and expanded its crypto enforcement team earlier this year. As a result of growing enforcement actions despite a lack of regulatory clarity, Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” SEC enforcement actions.The lack of regulations isn’t just preventing established players like Nasdaq from entering the space, but even existing crypto platforms in the country have suffered from time to time due to enforcement actions and fines.
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Ether exchange netflow highlights behavioral pattern of ETH whales
The exchange netflow of Ether (ETH) over the past couple of years highlights a behavioral pattern among Ether whales that market analysts believe is done to pump the price of the second-largest cryptocurrency.The “exchange netflow” is an indicator that measures the net amount of crypto entering or exiting wallets of all centralized exchanges. The metric’s value is simply calculated by taking the difference between the exchange inflows and the exchange outflows.Data shared by one of the pseudonymous traders of crypto analytic firm Cryptoquant indicates that ETH whales have consistently sent their holdings onto exchanges to raise the price of ETH and sell it at a higher market price. The Ethereum exchange netflow data confirmed the behavioral pattern among ETH whales and indicate it has been persistent since 2020. The price pump is often followed by whales selling their holdings at an increased market price. The price pump is then followed by a correction as visible in the graph below.ETH price movement against exchange inflow. Source CryptoQuantThe behavioral pattern came as a surprise given a positive netflow or a rise in the number of deposits on centralized exchanges is often viewed as a bearish signal since traders mostly send their holdings onto exchanges for selling. The trader in their analysis noted that the Ethereum exchange deposits increased periodically during short-term or long-term lows for the asset. The Ethereum netflow chart confirms that the spike in exchange flows has often come at a time when the price of ETH was trading at lower levels.Related: Ethereum Merge spikes block creation with a faster average block timeEthereum whales’ heavy deposits onto exchanges continued even in the run-up to the Merge, as the price of ETH rallied prior to the key proof-of-stake transition. The price of Ether dipped after the Merge despite numerous market pundits claiming otherwise, thus confirming the behavioral pattern associated with Ether whale’s exchange deposits. However, the trader concluded that exchange inflow does not necessarily rise before Ethereum prices rise.
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Binance signs MoU with Kazakhstan to fight financial crime
Global cryptocurrency exchange Binance has signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan as a part of its global law enforcement training program.The program, which involves officials from regulatory and law enforcement organizations worldwide, aims to strengthen industry cooperation with national and international law enforcement in the fight against financial crime and cybercrime.The program further aims to identify and block digital assets obtained illegally and used to launder criminal proceeds and finance terrorism.Kazakhstan has emerged as one of the leading crypto nations for Bitcoin (BTC) mining and in recent times, the Central Asian nation has also beedeveloping favorable crypto regulations such as allowing crypto exchanges to open bank accounts, and even looking to legalize crypto use more broadly. Binance obtained an in-principle approval to operate in Kazakhstan earlier in August this year.The Binance law enforcement training program has previously been conducted in Israel, Canada, Brazil, Brazil, France, Germany, Italy, the United Kingdom and Norway. The program was officially launched on Sept. 26, but the company’s investigations team has been holding workshops for law enforcement for the past year. Related: Binance signs MOU with Kazakhstan to further crypto adoption and regulationIn the absence of any robust crypto regulatory framework among the majority of the countries, the expansion of crypto exchanges like Binance in these jurisdictions comes with its own challenges. Thus, with the help of the training program, Binance hopes to raise awareness among law enforcement agencies and officials to develop cooperation at a global level.The crypto exchange’s focus on compliance and regulations comes after facing several warnings and investigations from financial regulators around the globe. However, the exchange has managed to improve and even returned to several jurisdictions such as Italy and France where it was deemed illegal to operate. Binance attributed its recent regulatory approvals in France, Italy and Spain to the compliance measures it has undertaken recently.
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