Exchange

Upbit Exchange's First Public Disclosure and Compliance with Virtual Asset User Protection Act

Friday. July 19 at 12:00 AM

1 min. read

Upbit Exchange, the largest digital asset trading platform in Korea, made its initial public disclosure on July 18 as the country transitions into a new regulatory era under the Virtual Asset User Protection Act. The legislation, effective Friday, brings crypto operators and asset custodians under the oversight of the Financial Services Commission and the Bank of Korea. Upbit's Transparency Report, released on the same day, introduces the Upbit Market Monitoring System to prevent price manipulation and restrict trading by employees and their families. The exchange aims to comply with the new regulations by curbing insider trading, price manipulation, and unfair trading practices. Despite its success, Upbit has faced scrutiny for potential market manipulation, particularly with altcoins. Korean exchanges like Upbit thrive under clear regulatory frameworks, unlike major players in the US. Traders in Korea have been known to engage in pumping and dumping altcoins, exploiting the Kimchi premium and facing challenges due to strict capital controls.

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Gemini Receives Preliminary Approval for Services in Singapore

Tuesday. October 29 at 11:00 PM

Gemini, a crypto exchange, has obtained preliminary approval from the Monetary Authority of Singapore (MAS) to offer its services in the country. The approval grants Gemini a Major Payment Institution (MPI) license, enabling the provision of digital payment tokens and cross-border money transfer services. This milestone signifies Singapore's importance in Gemini's Asia-Pacific operations. The exchange is striving for final approval for the MPI license to offer tailored services to Singaporean users. Saad Ahmed, head of Gemini's Asia-Pacific division, highlighted the team's expansion and search for talent, emphasizing their commitment to Singapore. If granted the full MPI license, Gemini can surpass volume limits set for payment institutions, joining other US-based firms like Coinbase and Ripple in Singapore. This development reflects Gemini's growth and dedication to the region.

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Impact of US Presidential Election on Cryptocurrency ETFs

Saturday. October 26 at 11:00 AM

The surge in applications for listing alternative cryptocurrency exchange-traded funds (ETFs) in the US is seen as a bet on a Trump victory in the upcoming presidential elections. Eric Balchunas, an ETF analyst at Bloomberg Intelligence, suggested that if Trump wins, he would appoint a more libertarian chair for the Securities and Exchange Commission (SEC). Conversely, a victory for Kamala Harris would likely delay ETF approvals. The US saw the listing of Bitcoin and Ether ETFs earlier this year, with plans for ETFs on other tokens like Solana and XRP in progress. The election outcome is crucial for the crypto industry, as Trump aims to make the US a crypto hub, while Harris has a more reserved stance. The ETF landscape is evolving rapidly, with cryptocurrency funds making up a significant portion of new launches in 2024.

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Aptos and MEXC Collaborate for Token Events

Monday. October 21 at 5:00 PM

Aptos and MEXC have partnered to launch events featuring Aptos' native token, APT, with a prize pool of up to 1.5 million USDT. The events, starting on October 21, 2024, offer opportunities for users to win prizes through activities like Locked Savings and futures trading. MEXC allows fee-free trading and holding of APT tokens during the event period. Participants can enjoy zero trading fees for APT/USDT spot trading and fee-free withdrawals via the APT network. Staking APT tokens on MEXC for 30 days can yield up to 20% APR for new users. Additionally, trading APT futures on MEXC can earn users bonuses. These events cater to both new and existing users, providing exclusive rewards and lower participation thresholds. Aptos, a secure Layer 1 blockchain, and MEXC, a leading exchange, aim to engage users globally with these events.

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Launch of STKD Bitcoin & Gold ETF Amidst Rising Geopolitical Tensions

Thursday. October 17 at 5:30 AM

Stacked, also known as STKD, has introduced an exchange-traded fund (ETF) offering leveraged exposure to Bitcoin (BTC) and gold. The launch of the STKD Bitcoin & Gold ETF (BTGD) aims to provide investors with the opportunity to invest in assets that can safeguard against inflation and currency devaluation. This actively managed ETF allocates $1 of exposure to BTC and $1 to a gold portfolio for every $1 invested. It utilizes a combination of ETFs and futures contracts linked to the prices of BTC and gold. The move comes as investors seek refuge in BTC and gold amidst escalating geopolitical tensions and uncertainties surrounding the upcoming US presidential elections. STKD's product launch coincides with a surge in proposed ETFs holding cryptocurrencies, with asset manager Canary Capital and Bitwise also planning to introduce similar offerings. Additionally, leveraged MicroStrategy ETFs have seen significant growth in net assets as retail investors flock to high-risk BTC investments.

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