Bitcoin News and Finance: What You Need to Know

Since people are once again talking about self-custody as one of crypto’s unique strengths, I would like to remind everyone about an equally important fundamental value proposition of crypto that, in the early days, was touted as the killer feature. I’m talking about censorship resistance. The following opinion editorial was written by Bitcoin.com CEO Dennis Jarvis. The Three Pillars of Censorship Resistance In the financial context, censorship resistance is the ability to carry out financial actions despite the wishes of any third party. In crypto, the three pillars of censorship resistance are: The freedom to transact. This means third parties cannot prevent you from sending or receiving assets. The freedom from confiscation. Third parties cannot take away or freeze your assets. The immutability of transactions. It is impossible for third parties to change or revert transactions after the fact. Troubling actions increasingly taken by centralized entities in the public a...

The billionaire owner of the NBA team Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he were the former FTX CEO Sam Bankman-Fried, he would be afraid of going to jail for a long time. “I talked to the guy and thought he was smart … I had no idea he was going to take other people’s money and put it to his personal use,” Cuban said. Mark Cuban on Sam Bankman-Fried and FTX’s Collapse Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, talked about the collapsed crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports, published Saturday. Despite the FTX meltdown, Cuban still sees value in cryptocurrency. He opined: There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value. FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The crypto exchange is currently being probed in several jurisdictions. In the U.S., several authori...

JPMorgan has outlined key changes it expects in the crypto industry and its regulation following the collapse of crypto exchange FTX. The global investment bank envisages several new regulatory initiatives, including those focusing on custody, customer asset protection, and transparency. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown Global investment bank JPMorgan published a report Thursday outlining major changes it expects to happen in the crypto industry following the collapse of cryptocurrency exchange FTX. Global strategist Nikolaos Panigirtzoglou explained that “Not only has the collapse of FTX and its sister company Alameda Research created a cascade of crypto entity collapse and suspension of withdrawals,” but it is also “likely to increase investor and regulatory pressure on crypto entities to disclose more information about their balance sheets.” Panigirtzoglou proceeded to list the main changes JPMorgan expects after the FTX meltdown. Firstly, he ...

As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.” ‘No Relationship With FTX’ The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform’s “exceptionally talented people.” The exchange insisted the lay-offs were not linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had “no relationship with FTX” Before the global economic downturn, Quidax, which sponsored Nigeria’s biggest reality television show Big Brother Naija, had better prospects. According to a report by Nairametrics, the crypto exchange even “made several plans and growth projections.” Severance Packages for Laid-off Workers However, the economic ...

According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit was the brains behind the Digital Asset Exchange Joint Consultative Body (DAXA)’s decision to delist WEMIX. The Wemade CEO accused Upbit of applying different standards and of failing to furnish his company with the token supply guidelines. Wemade Not Formally Notified About the Delisting Decision Just days after an association of South Korean crypto exchanges announced the delisting of the WEMIX token, Henry Chang, the CEO of Wemade — the token issuer — accused the Upbit crypto exchange of orchestrating the token’s removal. Speaking at an online press briefing, Chang also claimed to not have been formally notified about the decision to delist the token. As reported by Bitcoin.com News, South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA) said the WEMIX token will be delisted in December. Justifying the decision, DAXA claimed the token information provided by Wemade — a gamin...