SEC - Page 299

3440 result(s) found.

OKX and McLaren Racing Host Panel on Technology in Sports and Film at Tribeca Festival

//

New York City, New York, June 15th, 2023, Chainwire

OKX, a leading Web3 technology company, yesterday hosted a panel discussion with McLaren Racing at the Tribeca Festival titled, “Need for Speed: How Technology Powers Change in Sports, Movies, and Crypto,” featuring OKX Chief Marketing Officer Haider Rafique, McLaren Racing Chief Executive Officer Zak Brown, McLaren F1 Driver Lando Norris, and director, producer and screenwriter Stephen Kay.

The panel, moderated by Emmy-nominated filmmaker and Webby Awards Founder Tiffany Shlain, was held at the Tribeca Screening Room and focused on how technology has transformed various industries, including sports, entertainment, cryptocurrency and finance. During the discussion, the panelists emphasized the impact of innovation on speed, performance and efficiency across the different sectors.

OKX Chief Marketing Officer Haider Rafique said: “We’ve achieved a lot together in just one year. The McLaren F1 team has a huge appetite to lean into Web3 and make its heritage more discoverable for younger generations, and we want to play a big role in making that a reality for them. There are incredible stories here that can motivate the next generation of drivers and fans to get involved with the sport and, in particular, celebrate McLaren’s achievements on and off track. Our goal is to help McLaren transcend into this future and share what we are cooking together on our panel”.

McLaren Racing CEO Zak Brown said: “This panel was a great opportunity to share the stage with our Primary Partner OKX, and discuss how technology can power change in our respective industries. In Formula 1, we constantly look to innovate and leverage technology to maximize our fan engagement opportunities. Partners like OKX can support us in these commitments, exploring how they can guide our Web3 strategy and make our sport ever-more exciting and accessible for the fans.”

OKX CMO Haider Rafique (left) and McLaren F1 Driver Lando Norris (right)

McLaren Racing CEO Zak Brown (in orange, left) and McLaren F1 Driver Lando Norris (in orange, right) with OKX CMO Haider Rafique

Tribeca Festival 2023 is OKX’s second consecutive year as the presenting sponsor. The company’s multi-year partnership with Tribeca Festival aims to unlock new Web3 opportunities for creators, fans and talent. OKX also introduced the first-ever Tribeca Festival NFT pass for 2023 in January.

In May of last year, OKX and McLaren Racing announced a multi-year partnership that would make OKX a Primary Partner of the McLaren Formula 1 Team and McLaren Shadow esports team. Through this partnership, OKX supports the team’s global fan experience, providing exciting opportunities and product innovations that bring fans closer to the action. OKX branding is featured on the McLaren cars, the helmets of McLaren F1 drivers Lando Norris and Oscar Piastri, as well as the McLaren F1 and McLaren Shadow team kits.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including the OKX Wallet, NFT Marketplace and DEX.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology to replace existing centralized systems.

To learn more about OKX Web3, download our app or visit: okx.com/web3

About McLaren Racing

McLaren Racing was founded by racing driver Bruce McLaren 60 years ago in 1963. The team entered its first Formula 1 race in 1966. McLaren has since won 20 Formula 1 world championships, 183 Formula 1 grands prix, the Indianapolis 500 three times, and the Le Mans 24 Hours at its first attempt.

McLaren Racing competes across five racing series. In 2023, the team will compete in the FIA Formula 1 World Championship with McLaren F1 drivers Lando Norris and Oscar Piastri, the NTT INDYCAR SERIES with Arrow McLaren drivers Pato O’Ward, Felix Rosenqvist and Alexander Rossi, the ABB FIA Formula E World Championship with NEOM McLaren Formula E Team drivers René Rast and Jake Hughes, and the Extreme E Championship with NEOM McLaren Extreme E Team drivers Emma Gilmour and Tanner Foust. The team also competes in the F1 Esports Pro Championship as McLaren Shadow, having won the 2022 Constructors’ and Drivers’ Championships.

McLaren is a champion for sustainability in the sport and a signatory to the UN Sports for Climate Action Commitment. It is committed to achieving net zero by 2040 and fostering a diverse and inclusive culture in the motorsport industry.

McLaren Racing – Official Website

About the Tribeca Festival

The Tribeca Festival, presented by OKX, brings artists and diverse audiences together to celebrate storytelling in all its forms, including film, TV, immersive, games, audio storytelling, music, and online work. With strong roots in independent film, Tribeca is a platform for creative expression and immersive entertainment. Tribeca champions emerging and established voices; discovers award-winning filmmakers and creators; curates innovative experiences; and introduces new technology and ideas through premieres, exhibitions, talks, and live performances.

The Festival was founded by Robert De Niro, Jane Rosenthal, and Craig Hatkoff in 2001 to spur the economic and cultural revitalization of lower Manhattan following the attacks on the World Trade Center. Tribeca will celebrate its 22nd year from June 7–18, 2023.

In 2019, James Murdoch’s Lupa Systems, a private investment company with locations in New York and Mumbai, bought a majority stake in Tribeca Enterprises, bringing together Rosenthal, De Niro, and Murdoch to grow the enterprise.

Disclaimer

This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your risk tolerance and financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Contact

Press
media@okx.com

OKX Middle East Receives MVP Preparatory License From VARA in Dubai

//

Dubai, United Arab Emirates, June 15th, 2023, Chainwire

OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that OKX Middle East Fintech FZE (OKX Middle East) has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA).

The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to scale OKX Middle East’s operations. As part of this effort, OKX has opened a new office in Dubai World Trade Center, and will seek to expand its number of Dubai staff to 30 with a focus on local hires and senior management. OKX also plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.

The MVP preparatory licence allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime. Once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

OKX Global Chief Commercial Officer Lennix Lai said: “We’re thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”

OKX Global Head of Government Relations Tim Byun said: “Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it’s of the utmost importance for VASPs to be highly secure, transparent, compliant and backed by strong, clear regulation. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security and consumer protection, benchmarked against well-known existing regulatory principles for traditional financial services. This provides confidence to operators and customers alike, and positions the crypto and Web3 industry in MENA for increased participation and overall growth in the near and long term.”

OKX Chief Marketing Officer Haider Rafique said: “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. We’ve done that while out-innovating the industry in Web3 with our leading decentralized ecosystem. We’ve also launched numerous new security features while adding more depth in markets. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way.”

For more information on OKX, please visit OKX.com.

About OKX

OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.

OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

About VARA

Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialized regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre.

VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Contact

Marc Rognon
media@okx.com

TrueUSD loses its USD peg after minting suspension

/

Stablecoin TrueUSD (TUSD) saw a slight deviation from its dollar peg on June 10, following the suspension of its minting activities through tech partner Prime Trust. At its lowest point, the fifth-largest stablecoin by market capitalization traded at $0.9964, and it is currently valued at $0.9981, according to CoinMarketCap.

Data from LedgerLens indicates that the current TUSD supply stands at $2.04 billion, backed by $2.08 billion in collateral.

This fluctuation follows an announcement by the TrueUSD team that the minting of TUSD through Prime Trust has been temporarily halted. The team confirmed that minting and redemption services via other banking partners remain unaffected. “Our partnerships with other banking institutions remain intact, ensuring smooth transactions,” the statement assured. Over the past year, the stablecoin has frequently deviated from its USD peg.

The connection between the minting suspension and recent insolvency rumors surrounding Prime Trust remains unclear. Prime Trust, a Nevada-based fintech infrastructure provider, laid off a third of its staff in January. The company has been managing Binance.US customer funds through its banking partners amid the broader US banking system’s resistance to crypto businesses.

Crypto custodian BitGo is reportedly planning to acquire Prime Trust. BitGo signed a non-binding letter of intent to purchase the company on June 8, aiming to acquire Prime Trust’s payment rails and cryptocurrency IRA fund to expand its wealth management services. The deal’s specific terms have not been disclosed.

This potential acquisition emerges as the U.S. Securities and Exchange Commission is proposing regulatory changes that would restrict crypto companies’ capacity to act as a customer’s custodian.

READ: Bitcoin hits 3-month low with bear market on the horizon

Xxc Renegade 1000 Xxc price prediction and lessons for crypto investors

The XXC Renegade 1000 coin was initially a super bullish token for the crypto price, with analysts releasing ambitious price predictions. However, five years on, the XXC Renegade 1000 coin is abandoned and none of the price predictions materialised.

XXC Renegade 1000 Highlights the Risks of Crypto

Investing in cryptocurrencies has become increasingly popular, attracting investors worldwide with the promise of high returns. However, the crypto market is fraught with risks that investors must be aware of before diving in.

Market Volatility

One of the most significant risks of investing in cryptocurrency is its extreme volatility. Prices of cryptocurrencies can skyrocket or plummet within short periods, often based on speculative demand rather than inherent value. This volatility is attributed to several factors, including limited liquidity, market sentiment, and news events. For instance, a single tweet from a prominent figure can lead to massive price swings. Such unpredictability makes it challenging for investors to make informed decisions and poses a high risk of loss.

Regulatory Uncertainty

The regulatory environment surrounding cryptocurrencies is still in its infancy and varies significantly across countries. Regulatory announcements can have dramatic effects on the market. For instance, announcements of tighter regulations or outright bans in certain jurisdictions have led to sharp declines in cryptocurrency values. This uncertainty makes it difficult for investors to anticipate future legal constraints that could affect the viability or legality of their investments.

Security Issues

The digital nature of cryptocurrencies makes them susceptible to security risks such as hacking and fraud. Despite advancements in blockchain technology, exchanges, and wallets have been compromised, leading to substantial financial losses for investors. Furthermore, the irreversibility of transactions means that once funds are lost or stolen, retrieving them is often impossible. Investors must be vigilant and adopt robust security measures to protect their assets.

Market Manipulation

The cryptocurrency market is also vulnerable to manipulation due to its relatively unregulated nature and concentration of holdings among a small number of individuals or groups. Practices like “pump and dump” schemes, where the price of a cryptocurrency is artificially inflated to sell off at a profit, causing the price to crash, can lead to significant losses for unsuspecting investors.

Lack of Inherent Value

Unlike traditional investments, most cryptocurrencies do not generate cash flow or have a physical asset underlying their value. Their worth is highly dependent on speculation and market sentiment, which can lead to bubbles and subsequent crashes. This lack of inherent value complicates the assessment of a fair price for cryptocurrencies, increasing the investment risk.

Bybit completes integration with Copper’s ClearLoop network

/

Bybit, one of the largest crypto exchanges in the world, has announced that its integration with Copper’s ClearLoop network has been completed.

This integration will allow investors to trade on Bybit’s exchange while settling off-chain, to ensure the near-instant settlement of their trades. This is especially useful during periods of heightened market volatility, as blockchain transaction confirmation times typically increase significantly during such periods.

As the assets will be safeguarded under secure Multi-Party Computation custody at Copper, Bybit’s integration with ClearLoop also empowers institutions with its clear English Law trust structure.

Copper’s ClearLoop network provides clients with off-exchange settlement which mitigates counterparty risk and improves capital efficiency. 

Clients can also benefit from Copper’s market-first trust documentation, which mitigates both exchange counterparty and insolvency risk.

By joining the ClearLoop network, Bybit has demonstrated its commitment to transparency, accountability, safety, and effective governance.

Ben Zhou, co-founder and CEO of Bybit, hailed the integration, saying: “Bybit now sits alongside major industry players within the ClearLoop network that honor the pillars of good governance by being transparent, accountable, and, above all, secure.

“A little over a year ago, security was the biggest concern for institutional investors, but we are now removing concerns by partnering with custodians like Copper that offer the right set of tools for our institutional clients,” Zhou added.

Meanwhile, Copper CEO Dmitry Tokarev said his company is “excited to join forces with Bybit, who share our commitment to asset security, user experience and to setting higher standards for the crypto industry to reach its full growth potential.”

Hacker steals almost $1 million of Ethereum from DeFi protocol

/

In a recent security breach, Decentralized finance (DeFi) platform Sturdy Finance has lost 442 Ether (ETH), approximately $800,000, due to a flaw in its price oracle system. The attacker reportedly took advantage of this vulnerability, enabling them to siphon off the substantial sum from the platform.

The alarming situation came to light on June 12, when blockchain security firm PeckShield identified and reported a suspicious transaction seemingly linked to price manipulation within Sturdy Finance. Almost an hour after this notification, Sturdy Finance acknowledged the security compromise. As a safety measure, all markets under the DeFi protocol were immediately paused to prevent further potential losses, and users were assured that no additional funds were in jeopardy.

However, even with the timely intervention, the culprit managed to transfer nearly $800,000 in ETH to cryptocurrency mixer Tornado Cash. PeckShield confirmed that the underlying cause of this unauthorized transaction was a flawed price oracle, a critical system component that provides price feeds to the platform.

In further analysis, another blockchain security company, BlockSec, revealed that the hacking was executed through a reentrancy attack. This technique allows hackers to repeatedly call a function within a single transaction before the first function call has completed, hence enabling them to withdraw more funds than should normally be allowed.

Meanwhile, in a separate incident, fraudsters managed to hijack eight Twitter accounts belonging to prominent figures in the cryptocurrency world. These included the accounts of well-known DJ Steve Aoki, Pudgy Penguins founder Cole Villemain, and even outspoken crypto skeptic Peter Schiff. Blockchain investigator ZachXBT estimated that the hackers made off with nearly $1 million in crypto assets.

Elsewhere, the US Justice Department has recently indicted two individuals, 43-year-old Alexey Bilyuchenko and 29-year-old Aleksandr Verner, for their alleged involvement in the infamous Mt. Gox hack. The duo is accused of stealing and conspiring to launder an enormous amount of 647,000 Bitcoin.

Other Stories:

SEC lawsuits prompt Binance and Coinbase users to flock to Bitget

Is crypto mining legal in the UK?

Is crypto haram or halal? Everything Muslims need to know

Crypto.com suspends institutional service in the US amid challenging market conditions

/

Crypto.com, the Singapore-based cryptocurrency exchange, has announced the suspension of its service to institutional clients in the United States, effective from June 21. The move is attributed to limited demand from institutional customers, a situation that has been aggravated by challenging market conditions. The platform’s institutional users were given advance notice about the service suspension.

Despite this, Crypto.com’s retail mobile application and platform will continue to operate in the U.S. The retail customers can still access cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission, as well as the exchange’s UpDown Options feature. This allows users to speculate on the future movements of various cryptocurrencies, by opening long or short trading positions.

The company remains open to the possibility of reinstating its institutional exchange service in the U.S. in the future.

While the firm’s U.S. institutional offering is being suspended, Crypto.com recently received a major payment institution license from the Monetary Authority of Singapore for digital payment token services. This enables the company to continue offering its services in Singapore.

June 2023 has been a volatile month for cryptocurrency exchanges operating in the U.S. The Securities and Exchange Commission (SEC) initiated legal actions against Binance.US and Coinbase, citing various alleged violations of securities laws.

These developments come as part of a growing regulatory crackdown on the cryptocurrency industry in the U.S., which has been intensifying over the past eight months, following the collapse of the FTX exchange. The wider cryptocurrency ecosystem has responded critically to the SEC’s actions, highlighting the ongoing tension between the crypto industry and regulatory authorities.

READ: Moody’s downgrades Coinbase to ‘negative’ amid SEC lawsuit

Lawmaker invites Coinbase and other crypto exchanges to Hong Kong

//

Hong Kong lawmaker Johnny Ng has extended an invitation via Twitter to Coinbase and other cryptocurrency exchanges to establish operations in Hong Kong. This invitation hints at potential stock listing opportunities and comes amidst recent lawsuits against key industry players like Binance and Coinbase by the United States Securities and Exchange Commission (SEC).

Unlike the cautious stance adopted by several Western countries, Hong Kong has taken a more proactive approach towards cryptocurrencies. In January 2023, Financial Secretary Paul Chan announced the government’s commitment to building a robust ecosystem for fintech and crypto. As part of this commitment, Hong Kong has been actively developing regulations and implementing compliance measures to facilitate the growth of the cryptocurrency industry.

The Hong Kong Monetary Authority (HKMA) recently expressed its plans to lay the groundwork for the introduction of a retail central bank digital currency (CBDC). This initiative, announced on June 9, aims to explore the benefits of CBDCs for everyday transactions and enhance customer access to cryptocurrency exchanges.

Ng’s invitation reflects Hong Kong’s commitment to becoming a digital hub for the cryptocurrency industry. Two major crypto platforms, OKX and Huobi compliance entities, are already participating in this initiative and are currently listed on the Hong Kong Stock Exchange.

Hong Kong’s favorable approach towards cryptocurrencies has attracted significant interest from major international tech companies. For instance, in January, Samsung, the well-known Korean tech giant, announced the launch of a Bitcoin Futures Active Exchange-Traded Fund (ETF) on the Hong Kong Stock Exchange. This move demonstrates the increasing engagement of influential industry players in Hong Kong’s burgeoning crypto ecosystem.

READ: Australia’s largest bank restricts crypto exchange deposits

Judge allows FTX to remove customers’ names from court filings

/

The bankrupt cryptocurrency exchange, FTX, has been allowed to remove individual customers’ names permanently from court filings, according to a ruling by Judge John Dorsey in the Delaware-based bankruptcy court.

Corporate and institutional investors’ identities will also be kept confidential temporarily. This decision comes after mainstream media outlets sought access to FTX’s customer list, asserting a “presumptive right of access to bankruptcy filings.”

FTX had opposed revealing customer identities, citing potential security risks for individuals and potential depreciation in the sale value of the exchange. Judge Dorsey granted FTX the authority to “permanently redact” individual customer names from all filings to ensure their safety and protect them from potential scams.

While the Judge acknowledged the potential for scams and identity theft, he stated that companies and institutional investors are not as susceptible to these risks as individuals. Consequently, their names have been temporarily removed from the list.

FTX will need to request again in 90 days to retain the confidentiality of these corporate and institutional investors.

However, it was stressed that, although these entities don’t share the same vulnerabilities as individual customers, their identities could still have substantial value if FTX decides to sell the exchange or its customer list separately.

In a hearing on June 8, Kevin Cofsky, a member of the FTX restructuring team and partner at investment bank Parella Weinberg, stated that revealing customer names would harm restructuring efforts.

READ: Scam alert: Is Big Eyes Coin legit or a rug-pull?

Bitcoin hits 3-month low with bear market on the horizon

/

The cryptocurrency market has been hit hard with Bitcoin dropping to a three-month low of $25,483 on June 10, a significant decrease of over $1,200 from the previous day, according to data from Cointelegraph Markets Pro and TradingView. Despite this, Bitcoin has fared better than major altcoins, which have suffered severely from US regulatory scrutiny.

The recent legal action by the U.S. Securities and Exchange Commission (SEC) against leading exchanges, Coinbase and Binance, has resulted in certain altcoins being delisted. In response, Robinhood, a popular trading app, revealed it would cease support for several cryptocurrencies implicated in the lawsuit. These include Cardano, Polygon, and Solana, which are expected to be dropped on June 27th, 2023 at 6:59 PM ET.

The announcement sparked a notable decrease in the value of the affected cryptocurrencies, with Cardano and Solana recording a 25% loss in 24 hours. Robinhood justified this move stating it regularly reviews its crypto offerings, and the decision was based on the latest assessment.

Crypto.com CEO, Kris Marszalek, expressed that such delistings and regulatory pressures are part of the growth and maturation process of the crypto industry. He anticipates the sector will emerge stronger, despite the current challenges. The platform also revealed that it would stop its U.S. institutional trading service from June 21.

Michaël van de Poppe, CEO of trading firm Eight, highlighted the significant impact of these developments on the overall cryptocurrency market capitalization. If the total market cap drops below its 200-week moving average (MA), currently standing at nearly $26,400 for Bitcoin, it will indicate a clear bearish trend. Van de Poppe conveyed his concern to his Twitter followers, suggesting that the worst might be yet to come.

READ: Robinhood takes action amid SEC crypto lawsuit

1 … 297 298 299 300 301 … 344