2023-10-18 20:37

Ethereum co-founder Vitalik Buterin's crypto wallet has seen a surge in activity, with a series of large transactions totaling over $3.9 million, according to blockchain analytics firm Spot On Chain. This increase in activity coincides with a period of heavy selling pressure in the market, reported Coin Gap. On Wednesday, Buterin clarified that these transactions are not for personal gain but typically for humanitarian causes. The beneficiaries then sell the received Ether (ETH) to cover their operational costs. He hasn't sold any Ether since 2018, despite frequently receiving tokens from new digital currency projects on the Ethereum platform. In early October, during this market stress, Buterin transferred $1.64 million of Ethereum to the Bitstamp exchange. His wallet transferred 400 ETH ($0.63 million) to Coinbase (NASDAQ:COIN) on September 25, 2023, as part of a series of deposits totaling 2,421 ETH ($3.94 million) since September 15. Other exchanges like Kraken, Bitstamp, and Paxos also received 321 ETH, 1,700 ETH, and 500 ETH respectively in mid-September. A wallet named "Vitalik.eth" transferred 600 ETH to Coinbase a month ago, as reported by CoinCu. Another associated wallet, "Vb 2," transferred 2,000 ETH ($4.9 million) to the address managing these transactions. Additionally, the wallet exchanged 500 Maker (MKR) tokens for 350 ETH and $3.12 million in ETH. Buterin also moved $15 million USDC stablecoin to the Geminai exchange recently. He received a $15 million grant from a Biotechnology Foundation for COVID-19 research, contributing to the increased activity in his wallets. Another wallet linked to Buterin holds 37,000 ETH and has seen significant transactional activity over the past year. Despite his request not to be sent tokens, Buterin continues to donate these to charities and non-profit organizations, particularly during the Coronavirus pandemic, using this method. https://www.investing.com/news/cryptocurrency-news/ethereum-cofounders-crypto-wallet-shows-increased-activity-amid-charity-donations-93CH-3202432

2023-10-18 20:30

Marathon Digital Holdings (MARA) disclosed: Marathon Digital Holdings, Inc. (the “Company”) has entered into a Custodial Services Agreement (the “Agreement”) with Fidelity Digital Asset Services LLC (“Fidelity”). Pursuant to the Agreement, the Company will establish one or more custodial asset accounts with Fidelity to house a portion of its digital assets. The Agreement contains details on administrative matters such as the transfer of assets into and out of the accounts, as well as on policies on trades, including order execution. The Agreement is terminable at any time by either party upon 30 days’ prior written notice to the other and is terminable without notice upon the occurrence of certain specified events. Fees are specified in the Agreement and the Agreement contains other standard provisions for a custodial services agreement of this like and tenor. https://www.investing.com/news/cryptocurrency-news/marathon-digital-holdings-enters-custodial-services-agreement-with-fidelity-432SI-3202407

2023-10-18 20:21

The leading cryptocurrency exchange, Binance, has ceased accepting new UK customers as of October 16, in response to the recently implemented Financial Promotions Regime for qualifying crypto assets by the UK's Financial Conduct Authority (FCA). This shift comes as Binance seeks to align its operations with the new regulatory climate. Initially, Binance had partnered with Rebuildingsociety.com Ltd (REBS), an FCA-authorized firm, to promote its business in the UK. However, due to legally binding requirements imposed on REBS by the FCA, REBS was compelled to withdraw all existing approvals and cease approving financial promotions. This move has left Binance without an approved entity for its financial promotions in the UK. As a result, Binance is now actively seeking a new FCA-authorized entity to approve its financial promotions. Until such an entity is found and re-approval is secured, temporary restrictions have been placed on Binance's platform and mobile app for UK users. Current UK customers will retain access to existing services but will be prohibited from accessing any new products or services. On the first day of the new regime, the FCA issued 146 alerts for non-compliance and advised consumers to consult its "Warning List" before making crypto investments. The Financial Promotions Regime, announced in February, provides four routes for crypto companies to promote cryptocurrencies, including compliance with conditions of an exemption in the Financial Promotion Order. This development underscores the evolving landscape of cryptocurrency regulation in the UK and highlights the importance of regulatory compliance. The UK's Financial Promotion regime aims to strike a balance between fostering growth in crypto assets and ensuring investor protection by setting guidelines for cryptocurrency businesses. https://www.investing.com/news/cryptocurrency-news/binance-halts-new-uk-registrations-amidst-regulatory-changes-93CH-3202429

2023-10-18 19:31

The Sui blockchain's native token, SUI, reached an all-time low of $0.367 on Wednesday, following accusations of market manipulation and an impending investigation by South Korean authorities. The price of SUI has seen a 9% decline over the past week, including a 4% drop in the last day, with a trading volume of $54 million recorded within 24 hours. These dramatic price movements come in the wake of allegations questioning the integrity of Sui's supply circulation. South Korean Lawmaker Min Byeong-deok has called for an investigation into these claims and criticized DAXA for its lack of action. In response to these allegations, the Sui Foundation has maintained that no sales of SUI tokens have occurred beyond those distributed through the initial Community Access Program (CAP). The foundation has reiterated its commitment to transparency and compliance, dismissing the allegations as baseless. The future price trajectory of SUI remains uncertain as it largely depends on the outcome of the South Korean investigation. The implications of this probe could significantly influence investor confidence and market dynamics surrounding the SUI token. https://www.investing.com/news/cryptocurrency-news/sui-blockchain-token-hits-record-low-amid-market-manipulation-allegations-93CH-3202317

2023-10-18 19:23

Stéphanie Cabossioras, the managing director of Binance France, has stepped down from her position, marking the fifth executive departure from the company since July. The news was confirmed by David Prinçay, president of Binance France. Prior to her role as managing director, Cabossioras had served as head of legal and deputy general counsel at Autorité des Marchés Financiers. The resignation follows a series of senior leadership departures this year under CEO Changpeng Zhao. Cabossioras's move comes in the wake of ongoing regulatory issues that Binance faces across Europe, including allegations of illegal activities and money laundering. These allegations have prompted an investigation by French authorities and led to service suspensions in multiple countries. In addition to regulatory challenges, Binance has been accused in several lawsuits of mishandling customer funds and misleading regulators. Despite these hurdles, the company has continued to expand its operations in France. It has added over 150 positions and invested $105 million into its blockchain ecosystem, reflecting a surge in crypto activity. Companies like Crypto.com and Circle have established bases in Paris, indicating a growing interest in the city as a hub for cryptocurrency businesses. However, the recent executive departures and ongoing regulatory scrutiny faced by Binance underscore the complexities and challenges within the rapidly evolving crypto industry. https://www.investing.com/news/cryptocurrency-news/binance-france-managing-director-steps-down-amid-regulatory-issues-93CH-3202307

2023-10-18 19:22

Copyrighted Image by: Reuters Credit Agricole (OTC:CRARY) highlighted an unusual divergence in the financial markets on Wednesday. Despite US 2-year rates and 10-year yields hitting their highest levels since 2006/2007, the US dollar (USD) remains sluggish. This discrepancy is driven by rising global rates, particularly in Australia, and a strategic pullback from overextended USD long positions in the forex market. The bank's short-term fair value models, which take into account relative rate differentials and other key foreign exchange drivers, suggest that the USD is undervalued against major currencies such as the Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), and Japanese Yen (JPY). While Credit Agricole expects this decoupling to persist in the short term due to global rate hikes and profit-taking in the forex market, it emphasizes the growing undervaluation of the USD as a strong indicator for a potential rebound. The bank's observation underscores the complex dynamics at play in the international currency markets where multiple factors can influence currency valuations concurrently. https://www.investing.com/news/forex-news/us-dollar-undervalued-despite-high-yields-says-credit-agricole-93CH-3202315