Bitcoin News and Finance: What You Need to Know

The Hong Kong cryptocurrency exchange JPEX recently converted user funds to a native token known as JPC. According to JPEX, affected users will only be able to cash this token out after two years. One affected user said the crypto exchange did not inform them of the conversion rate used to complete this transaction. Conversion Supposedly Backed by 68% of Users The beleaguered Hong Kong cryptocurrency exchange, JPEX, has reportedly proceeded with its controversial plan of converting users funds to its in-house digital token known as JPC. As part of the exchange’s plan, users whose assets were converted to the currently illiquid token will only be able to redeem their funds in two years. The exchange said converting user funds will help it boost its cash flow position and retain investors. JPEX also claimed that the plan had been endorsed by 68% of user. However, according to a report in the South China Morning Post (SCMP), some users of the exchange platform said they were not cons

Crypto exchange Kraken has unveiled its plan to acquire Dutch crypto broker Coin Meester B.V. (BCM). Kraken explained that the Netherlands is a key market in its European expansion plans. “We are committed to growing our business in compliance with European regulations,” the exchange emphasized, adding that it is “actively pursuing” registrations in several European markets. Kraken to Acquire a Crypto Broker in the Netherlands Cryptocurrency exchange Kraken announced on Thursday its “planned acquisition of Coin Meester B.V. (BCM) in the Netherlands.” Kraken explained that BCM, founded in 2017, is one of the Netherlands’ “oldest and most respected registered crypto brokers.” The company provides services to buy, sell, and stake crypto, including access to over 170 cryptocurrencies. The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s product offering, liquidity, security standards, and 24/7/365 liv

Steven Schoenfeld, former head of International Equity Product Strategy at Barclays Global Investors (now Blackrock), expects the U.S. Securities and Exchange Commission (SEC) to approve all spot bitcoin exchange-traded fund (ETF) applications in three to six months. He also anticipates that the greenlighting of spot bitcoin and ethereum ETFs has the potential to inject between $150 billion and $200 billion of capital into these investment products. Spot Bitcoin ETFs Could Be Approved in 3-6 Months Steven Schoenfeld, CEO of Marketvector Indexes, shared his view on the potential for the U.S. Securities and Exchange Commission (SEC) to approve spot bitcoin exchange-traded funds (ETFs) during a panel discussion at the Ccdata Digital Asset Summit on Tuesday. Schoenfeld is a 36-year veteran of the investment management industry, having served in senior fiduciary positions at Northern Trust. He was also Managing Director and Head of International Equity Product Strategy at Barclays Globa

On Friday, FTX’s co-founder, Gary Wang, delivered a riveting testimony to federal prosecutors, alleging that CEO Sam Bankman-Fried covertly diverted billions from customer accounts to fuel trades for his hedge fund, Alameda Research. Wang detailed how Bankman-Fried allegedly instructed him to devise a specialized trading tool, enabling Alameda to overdraw its account, tapping into FTX clients’ funds without their knowledge. Wang’s Second Day of Testimony Reveals SBF’s Alleged Misappropriation of Client Funds Formerly FTX’s chief technology officer, Zixiao (Gary) Wang recounted how he, alongside developer Nishad Singh , engineered the “allow negative” feature, granting Alameda the ability to trade on unbacked credit. Contrary to the narrative presented by “The Big Short” author Michael Lewis, Wang painted a grim picture of FTX’s internal operations, emphasizing : FTX was not fine. Assets were not fine. This gripping testimony was streamed on the X social media platform (formal

Jeffrey Sachs, an American economist and best-selling author, has stated that the end of the dollar’s hegemony is near and that central bank digital currencies (CBDCs) will become the basis of cross-border settlements. For Sachs, the abuse of the U.S. dollar as a geopolitical weapon is one of the factors that will contribute to its demise in the coming decade. Sachs Predicts Dollar Hegemony’s End in Next Decade Jeffrey Sachs, an American economist, professor at the University of Columbia, and best-selling author, has issued his opinion about the end of the dollar’s status as the dominant world currency. In statements given at the 20th annual meeting of the Valdai Discussion Club, a Moscow-based think tank, Sachs explained that the end of U.S. dollar hegemony might happen in the next decade due to the misguided use the country has given to its currency, which is currently the standard for cross-border settlements. Sachs stated : The epoch of the international financial system domi

Dubai’s Virtual Assets Regulatory Authority (VARA) recently said the company distributing and marketing islamic coin (ISLM) lacks the authority to do so. VARA said Bored Gen DMCC must cease marketing activity until it obtains the appropriate approvals. The steps taken by the regulator came just a few days after the crypto project was named the blockchain innovation of the year. Unauthorized Issuance and Distribution of Islamic Coin The Dubai digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has alerted investors and market participants to what it describes as “an unauthorized issuance, marketing and retail distribution” of islamic coin (ISLM) by Bored Gen DMCC (BG). In an alert issued on Oct. 4, the regulator insisted that BG is not a licensed or registered virtual assets (VA) issuer hence its activities are in violation of the region’s regulations. VARA also said the public sale of the token through a “Regulation D Offering arranged by Opendeal Portal LLC”