Cryptocurrency

South Korea's Cryptocurrency Market Growth

Wednesday. September 18 at 10:30 AM

1 min. read

Chainalysis recently reported a surge in South Korea's cryptocurrency market, driven by the Korea Premium Index. Local demand, institutional trading, and unique market conditions are causing crypto prices on local exchanges to surpass global averages. The Korea Premium Index measures price differences for Bitcoin, Ether, and altcoins between South Korean exchanges and global markets. The report highlights a sharp increase in the premium, indicating South Korean traders are paying above-market prices for digital assets. This premium is highest during market uncertainty, attracting retail and institutional investors seeking gains. Institutional investors play a significant role in fueling the premium through large transactions and arbitrage opportunities. Additionally, a report by the Financial Supervisory Service revealed that employees of Dunamu, the operator of Upbit exchange, earn higher salaries compared to major bank employees in South Korea. Overall, the market is experiencing growth and attracting various investors.

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ByBit Secures Provisional Approval for VASP License in Dubai

Thursday. September 19 at 2:00 PM

ByBit, a global cryptocurrency exchange, has achieved a significant milestone by obtaining provisional approval for a Virtual Asset Service Provider (VASP) license in Dubai. The approval, granted by Dubai’s Virtual Assets Regulatory Authority (VARA) after a rigorous review process, marks the initial step towards acquiring a full operating license for offering crypto services in the region. ByBit's commitment to compliance with Dubai's regulatory standards and its expansion in the Middle East are evident through this approval. Helen Liu, ByBit's Chief Operating Officer, emphasized Dubai's strategic advantages for crypto ventures, citing the city's favorable location, progressive policies, and innovation-driven atmosphere. ByBit's recent approvals in Dubai, Kazakhstan, and Argentina underscore its global expansion strategy and dedication to promoting cryptocurrency adoption worldwide. These developments, along with Dubai's legal advancements in the crypto space, set the stage for a thriving environment for crypto businesses and blockchain innovation.

Cryptocurrency

Silvergate Bank Files for Chapter 11 Bankruptcy

Thursday. September 19 at 10:30 AM

Silvergate Capital Corporation, the parent company of Silvergate Bank, has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company's assets are estimated to be between $100 million and $500 million, with liabilities ranging from $10 million to $50 million. The bankruptcy plan aims to fully pay off certain debts such as administrative fees and taxes, while canceling claims related to common stock and securities lawsuits. Silvergate's internal debts are proposed to be reinstated, with preferred stockholders receiving partial payments. The bankruptcy filing comes after the bank faced liquidity issues and voluntarily liquidated its subsidiary, Silvergate Bank, due to challenges in the banking system and regulatory scrutiny. Despite facing legal actions, the company is moving forward with the bankruptcy process with legal representation and financial advisers in place.

Cryptocurrency

Louisiana Government Accepts Crypto Payments for State Services

Thursday. September 19 at 8:30 AM

Louisiana's government recently accepted its first crypto payment, allowing residents to pay for state services using Bitcoin, the Bitcoin Lightning Network, and USD Coin. State Treasurer John Fleming stated that the collaboration with Bead Pay and integration partners aims to reduce fraudulent transactions. The crypto payments are converted to US dollars to mitigate concerns about accepting cryptocurrency. Republican State Representative Mark Wright, who advocated for crypto acceptance, praised the expansion of payment options. Louisiana previously commended Bitcoin's creator, Satoshi Nakamoto, for their economic contributions. In contrast, the state banned central bank digital currencies and established regulations for crypto miners and node operators. The move signifies Louisiana's embrace of new technologies and digital payment methods, marking a significant shift in government systems.

Cryptocurrency

SEC Settles with Prager Metis Over FTX Audits

Wednesday. September 18 at 3:00 PM

The US Securities and Exchange Commission (SEC) has reached a settlement with audit firm Prager Metis, requiring them to pay $1.95 million to address misconduct allegations related to their audits of the now-defunct cryptocurrency exchange FTX. As part of the agreement, Prager Metis and its California affiliate will pay a civil penalty of $745,000 and implement corrective actions, including hiring an independent consultant to review their audit and quality control procedures. The SEC accused Prager of failing to comply with auditing standards while auditing FTX, resulting in significant deficiencies. The regulator emphasized the importance of auditors maintaining independence and professional skepticism. Prager Metis also faced charges for violating auditor independence rules and aiding client violations of federal securities laws, leading to additional penalties. The SEC's actions serve as a warning to auditors to uphold legal obligations and ensure investor protection in the crypto space.

Cryptocurrency