Richard Teng takes over Binance with expansion plans
Following Changpeng Zhao’s departure, former Binance director Richard Teng, now CEO, announced his plan to expand the cryptocurrency exchange. In a November 27 post, Teng revealed he has the support of Binance’s leadership and CZ, who stepped down following an agreement with U.S. authorities. He will focus on growth and adoption of Web3, promising frequent updates to the community. The future of Binance under Teng, balancing U.S. oversight and CZ’s departure, remains uncertain, though there has been no fund flight after the agreement.
OKX launches crypto and Web3 services in Brazil, aiming for market leadership
OKX, a cryptocurrency exchange and Web3 developer, announced its expansion in Brazil, introducing a local cryptocurrency exchange and a Web3 wallet platform. The company, on November 27, revealed its focus on facilitating access to decentralized finance (DeFi) and cryptocurrency trading with a fiat ramp in Brazilian reais. According to Guilherme Sacamone, general manager of OKX Brazil, the Brazilian market has great potential for leadership in cryptocurrencies and DeFi. OKX highlights the Brazilian demand for transparency in investment security and the importance of proof of reserves in the legitimacy of the cryptocurrency market. The expansion to Brazil, one of the main cryptocurrency markets in Latin America, represents a significant commitment from OKX to the crypto community in the country.
Hong Kong maintains grace period for cryptocurrency exchanges despite scandals
Despite recent scandals, Hong Kong decided to maintain the one-year grace period for its cryptocurrency exchanges. Julia Leung, CEO of the Securities and Futures Commission, emphasized that frauds can occur regardless of the deadline. Exchanges have until June 2024 to obtain a VASP license or face registration cancellation, but can operate provisionally during this period. The region witnessed significant scandals, such as the collapse of JPEX and the alleged Ponzi scheme of Hounax, causing major financial losses. HKVAEX, linked to Binance, is among those seeking licensing.
Standard Chartered to test China’s Digital Yuan as first foreign bank
British bank Standard Chartered (LSE:STAN) will join the tests of the Chinese digital yuan, e-CNY, becoming one of the first foreign banks to do so. Announced on November 27, the bank, through City Bank Clearing Services Co, will offer customers the possibility to buy, exchange, and redeem e-CNY. Xiaolei Zhang, president of Standard Chartered China, expressed optimism about the future of the digital Renminbi. “As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of the digital Renminbi,” said Zhang. The bank will also participate in the pilot testing program of e-CNY in 26 cities and provinces in China, exploring areas such as international commercial payments and supply chain financing. Additionally, Standard Chartered collaborated on previous projects related to CBDCs, such as the “Multilateral Central Bank Digital Currency Bridge” in Hong Kong and the publication of a report on CBDCs with PricewaterhouseCoopers China.
Nine Blocks Capital Management obtains VARA license in Dubai
Nine Blocks Capital Management became the first cryptocurrency hedge fund to obtain a VARA license in Dubai and is moving its global headquarters there. Dubai has attracted cryptocurrency companies due to favorable and comprehensive regulation. Henri Arslanian, co-founder of Nine Blocks, highlights the creation of a crypto ecosystem in Dubai, with many of the fund’s counterparts located nearby. Nine Blocks adopts a market-neutral trading strategy, focusing on arbitrage and leveraging inefficiencies in the crypto market.
BlockFi and Vrai Nom reach agreement in complex bankruptcy
BlockFi, a cryptocurrency lending company, managed to reach an agreement with Vrai Nom Investment during its complicated bankruptcy process, signaling an important moment in overcoming its financial challenges. The agreement comes after the bankruptcy declared in November 2022, and the company hopes to continue facing the consequences of a tumultuous cryptocurrency market. The development occurs after BlockFi emerged from a period of frozen withdrawals and intense restructuring, highlighting the interconnected nature of the cryptocurrency sector. The agreement between BlockFi and Vrai Nom may resolve pending legal issues, although the details are still being finalized.
Jae Kwon of Cosmos launches AtomOne fork after controversial vote
Jae Kwon, co-founder of Cosmos (COIN:ATOMUSD), is creating a fork of the main Cosmos Hub network, called AtomOne, with its own ATOM1 token. This follows the approval of proposal 848, which limits Atom inflation to 10%. The new network will mainly reward opponents of the proposal, excluding those who voted in favor. About 10% of the initial supply will be pre-mined for various purposes. AtomOne will maintain the original Cosmos algorithm and have a new fee token, Photon (phATOM1), functioning alongside ATOM1. This fork, which retains many features of the Cosmos Hub, such as the IBC, occurs after debates over network security and inflation rate.
Justin Sun responds to allegations of Tron’s use by terrorists
Justin Sun, creator of Tron (COIN:TRXUSD), reacted to a Reuters report on November 27, pointing out the increasing use of the network by terrorist organizations. He highlighted the decentralization of Tron, emphasizing his commitment to security and efficient transactions, without denying the allegations. “While we are committed to combating terrorism financing through the integration of various analysis projects and partners, our main priority continues to be maintaining decentralization, ensuring the security of everyone’s assets, and providing instant, accessible, and reliable transactions, as has always been the case,” said Sun in a post. Tron, known for its ease and low cost, has been used by terrorist groups, according to Reuters and other sources, despite arguments from the cryptocurrency industry that terrorist financing still relies mostly on traditional financial channels.
Primex Finance expands to Arbitrum One, enhancing flexibility and reach
Primex Finance, a spot margin trading protocol for DEXs, expanded to Arbitrum One, marking a significant step in its multichain initiatives. Already active on Polygon PoS, the protocol offers users greater flexibility and a better experience, broadening its reach. Primex connects lenders and traders for leveraged trades on DEXs, providing lenders with high APYs and traders with tools similar to those of CEXs. Margin trading is facilitated through a decentralized network of Keepers, avoiding centralized backends. The expansion to Arbitrum One, known for its fast and economical transactions, allows Primex to access a wider audience and capitalize on the platform’s TVL of $7 billion.
Thomas Chippas takes over as CEO of Argo Blockchain
Argo Blockchain (NASDAQ:ARBK) appointed Thomas Chippas as its new CEO. Chippas, with extensive experience in cryptography and finance, is eligible to receive 2.85 million shares in Argo. Previously, he led CBOE Digital and founded ErisX, standing out in executive positions in the industry.
HIVE Blockchain acquires Data Center in Boden, Sweden, expanding European operations
HIVE Blockchain (NASDAQ:HIVE), a Bitcoin miner, completed the purchase of a data center in Boden, Sweden, in a deal with Turis AB. This acquisition represents a significant increase in HIVE’s presence in Europe. The facility, part of the EU’s Horizon 2020 project, will increase HIVE’s bitcoin (COIN:BTCUSD) production capacity, especially with the introduction of state-of-the-art ASIC servers. The deal, valued at about $2.25 million, includes payment in cash and shares, pending regulatory approvals.