Hey there, welcome to our Daily News Updates! We’ve got some interesting stories to cover today, so let’s dive right in.
XRP Trading Takes Off in South Korea: Here’s What’s Causing the Surge
Despite XRP’s legal battles with the SEC, it seems to be gaining popularity in South Korea. UpBit, Bithumb, and Korbit, three of Korea’s major exchanges by volume, have seen billions of dollars in XRP trading volume, with UpBit leading the way at nearly $790 million worth of tokens traded. Some of this volume may be the result of wash trading, a deceptive tactic, but rumors that XRP may be categorized as a commodity by the CFTC and the hope that Ripple will win its lawsuit against the SEC have contributed to a bullish outlook for XRP in the markets.
Canada’s Stricter Regulations: Kraken Leads the Way in Meeting Compliance Standards
Kraken, a leading cryptocurrency exchange, has pledged to follow Canada’s stricter crypto regulations and become a registered Restricted Dealer throughout Canada. This commitment will help protect investors and maintain market stability. However, Kraken has had to agree to stop staking activities involving retail investors and pay a $30 million fine following accusations from the SEC of selling unregistered securities.
CFTC FUD Causes Investors to Pull $1.6 Billion from Binance Exchange
Binance has been charged with operating illegally in the United States by the CFTC, which has led to investors withdrawing $1.6 billion worth of cryptocurrencies from the exchange. While Binance saw $852 million in total withdrawals in the 24 hours after the CFTC complaint, on-chain data firm CryptoQuant found that net flows stayed within historical ranges. This shows that investors are not panicking and are still confident in the crypto market.
Elizabeth Warren’s “Anti-Crypto Army” Strategy Backfires in Polls
Senator Elizabeth Warren is making her “anti-crypto” agenda a centerpiece of her re-election campaign, but recent polls suggest that the majority of Americans think crypto is an important innovation for the future. Warren’s campaign has been criticized by the pro-crypto community, and her past arguments that crypto would ruin the economy have not helped her cause. Despite this, she has vowed to reintroduce an AML bill that would extend to decentralized finance and decentralized autonomous organizations and require unhosted wallets, miners, and validators to implement AML policies.
FTX Founder SBF Faces Bribery Charges in China; Denies Allegations
Sam Bankman-Fried, founder of FTX, has pleaded not guilty to new accusations of violating campaign finance laws and bribing Chinese officials. He is also facing eight counts of fraud and conspiracy for allegedly stealing billions of dollars in customer assets from FTX to cover losses at his hedge fund, Alameda Research. Bankman-Fried’s trial is scheduled to begin on October 2, and federal prosecutors are currently analyzing nearly 6 million pages of documentation from seven electronic devices belonging to him, causing the investigation to move at a slower pace than anticipated.
That’s all for today’s news update! We hope this information has been helpful in keeping you informed about the latest happenings in the crypto world. As always, stay invested and stay informed.