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US CFTC Chief Delivers Damning Verdict on Crypto Market

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United States Commodity Futures Trading Commission (CFTC) chief Rostin Behnam commented that Bitcoin is the only crypto-based commodity to date, while speaking to an audience at an event at Princeton University.

In a Fortune report, the publication cited Benham’s comments, which contradicted his positive sentiments on Ether as a commodity. According to the interview, he aimed to explain whether a crypto asset was a commodity or security.

In the US, Republican lawmakers have slammed the Securities and Exchange Commission (SEC) chairperson of collaborating with the now-bankrupt FTX to “obtain regulatory monopoly.”

Despite this most do not consider Bitcoin a security due to its decentralisation. The news comes after SEC officials targeted Ripple with a massive lawsuit, sparking backlash from blockchain advocate groups such as the Blockchain Association.

SEC Ties to FTX

Conversely, the SEC has been similarly lambasted due to links with FTX. The Digital Commodities Consumer Protection Act (DCCPA) provided the CFTC with oversight capacities, with the CFTC exec defending the Committee’s actions.

He said that it had limited oversight powers and slammed authorities for creating a “matrix of regulators.” The leader also urged better collaboration to manage the growing number of regulations on crypto.

Following the statements, Benham attended a congressional hearing on Thursday to explore the downfall of the FTX exchange, triggered by massive liquidity instability and a major bank run on the FTT cryptocurrency.

Global Crypto Crackdown?

The news comes as the United States, Bahamian, South Korean, Singaporean, and Australian regulators launch a heavy crackdown on crypto platforms to regulate their activities.

Many governments have reconsidered the stability of some cryptocurrencies and aim to require licences of operation for crypto firms in their respective countries, among other measures.

BlackRock CEO Fires Warning About Cryptocurrencies in Wake of FTX Scandal

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BlackRock, the world’s largest asset management firm, suspects FTX’s creation of its centralised FTT native token led to the company’s collapse.

Larry Fink, BlackRock chairman and chief executive, commented at the New York Times 2022 Dealbook Summit, stating FTX’s crypto coin was at loggerheads with the “whole foundation of what crypto is.”

Despite the accusation, he added that cryptocurrencies and their underlying blockchain technologies would reshape the industry.

Fink’s criticisms of centralised crypto tokens such as BNB, FTT, XLN, and SOL continued after he said he predicted “most of these companies [controlling the tokens] are not going to be around.”

Currently, native tokens comprise roughly $57 billion out of $862 billion of the crypto market’s total market capitalisation, figures reveal.

Sorkin Speaks with Fink, SBF

Andrew Sorkin hosted the talks with Fink, with the Blackrock executive stating exchange-traded funds would contribute significantly to the development of investments and tokenisation following shortly after.

Social media has also slammed Sorkin for hosting talks with disgraced former chief executive Sam Bankman-Fried at the event. The FTX founder faces investigations from numerous intelligence agencies in the United States, the Bahamas, and others.

He added: “I believe the next generation for markets, the next generation for securities, will be tokenization of securities.”

Tokenisation would benefit investments to change its industry’s ecosystem more than banks by using distributed ledgers to conduct “instantaneous settlement” complete with identifying securities data.

He added: “Think about instantaneous settlement [of] bonds and stocks, no middlemen, we’re going to bring down fees even more dramatically.”

Concluding, he explained in the interview that people could “make all the judgement calls” on FTX regarding “misbehavior of major consequence,” adding: “[If] you look at the Sequoia’s of the world they’ve had unbelievable returns over a long period of time, I am sure they did due diligence.”

FTX Disaster Continues

The news comes after many have stated Bankman-Fried misused funds via Alemeda Research, the company’s research wing, to process funds due to a lack of access to banking institutions.

The company also faced a huge bank run, triggering a liquidity crisis up to its collapse, causing millions of users to lose their entire crypto holdings.

South Korea Ramps Up Terraform Manhunt, Targets Eight Suspects

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South Korean authorities have expanded investigations to locate Terraform Labs executives after the company’s chief executive Do Kwon disappeared in hiding, reports revealed this week.

National prosecutors have issued an arrest warrant for eight of Terra’s key executives, including company co-founder Daniel Shin, investors, and engineers. The warrant accuses the group of illegally profiting from the Terra collapse in early May.

Yonhap News Agency also noted four Terraform engineers and three investors had received arrest warrants for their role in TerraUSD (UST) and LUNA. Authorities also seized over $104 million in assets from Shin after authorities suspected him of earning profits illegally.

What Are the Charges, Officers?

According to the Seoul Southern District Prosecutors Office, Shin owned Terra LUNA tokens without public investor knowledge, gaining him roughly $105 million (140 billion Korean Won) in profits.

Prosecutors explained Shin earned the pre-issued tokens amid the former bull market. He was also charged with violating the Electronic Financial Transaction Act after using customer funding and information from Chai Corp, a fintech company, to promote his cryptocurrency.

Shin’s attorney said in a public statement: “Reports that CEO Shin Hyun-seong sold LUNA at a high point and realized profits or that he made profits through other illegal methods are not true.”

Speaking against the arrest warrant, Shin pointed out: “I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse.”

The news comes after Binance chief executive Changpeng Zhao (CZ) commented that people should reduce LUNA holdings with burns and abandon those attempting to rescue the coin.

He concluded “I don’t own any LUNA or UST either. Just commenting.”

Dash 2 Trade’s presale to soon end amid ‘unprecedented investor demand’

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Crypto-intelligence platform Dash 2 Trade continues to make waves after announcing that it will soon end its presale due to unprecedented investor demand.

With over $7.5 million in funding raised since the presale commenced, Dash 2 Trade’s team has opted to bring forward the platform’s release to aid traders and investors during today’s volatile trading environment. 

All eyes will be on the development team’s next move since major centralized exchange (CEX) listings and a dashboard beta are now confirmed.

Unprecedented market conditions prompt hard-cap revision

Most (if not all) crypto investors will be aware of the ongoing volatility stemming from FTX’s collapse. This volatility has created a challenging investment environment for everyone — but particularly for beginner traders. 

Due to this, Dash 2 Trade’s team has opted to cut the presale hard cap to $13.4 million. This means that the presale phase will end after Stage 4 rather than Stage 9, which was initially planned.

At the time of writing, Dash 2 Trade is still in Stage 3, meaning early investors can buy D2T tokens for just $0.0513. However, once the presale moves into Stage 4, D2T’s price will increase to $0.0533. Ultimately, this means that purchasing D2T now will enable investors to get in at the lowest price point possible.

Upcoming beta phase for Dash 2 Trade’s features

The creation of Dash 2 Trade’s crypto analytics ecosystem has gathered pace in recent weeks, with the development team revealing that the ecosystem will be ready to launch much quicker than initially anticipated.

As per Dash 2 Trade’s roadmap, certain features will enter a beta phase in the coming weeks, enabling traders and investors to get a taste of what the complete ecosystem will offer.

To this end, Dash 2 Trade has bought on board Ilyes Kooli as the project’s new chief technology officer. Kooli has extensive experience within the crypto market, having previously held a prominent role at ConsenSys.

By combining Kooli’s expertise with the experience of Dash 2 Trade’s team, there’s a genuine belief that the upcoming crypto analytics platform could reshape the trading experience for millions of investors worldwide.

Major CEX listings are already confirmed

However, Dash 2 Trade isn’t stopping there. Recently, major CEX LBank announced that it would list D2T tokens “soon.”

Not only that, but BitMart has also opted to get on board and will soon list D2T tokens.

LBank and BitMart are both listed by CoinMarketCap as two of the world’s top 25 crypto exchanges as measured by daily trading volume. With over 3.3 million weekly visits between them, the listing of D2T is sure to dramatically boost awareness.

However, as noted on Dash 2 Trade’s website, the team plans to make this just the beginning of a historical journey by facilitating additional centralized and decentralized exchange listings in Q1 2023. The liquidity these listings provide would be a significant driver of price, which is why investors worldwide are so hyped about D2T’s future.

An all-in-one crypto analytics ecosystem set to revolutionize the industry

But why are CEXs so eager to list D2T tokens ahead of the project’s official launch? The main reason for this appears to be Dash 2 Trade’s unique use case, which is needed more than ever following FTX’s collapse. 

Dash 2 Trade’s ecosystem has been specifically designed to help traders navigate challenging market conditions. The ecosystem’s features empower traders to identify trending cryptocurrencies and develop strategies to trade them effectively.

In addition, Dash 2 Trade will feature a custom-built presale scoreboard that employs an array of metrics to help traders assess whether a new project is up to scratch. The ecosystem will even offer regular trading signals and an exclusive Discord server where individuals can network and share ideas.

Since Dash 2 Trade is being developed by the team behind Learn 2 Trade, a 70,000-strong trading education company, there’s a fundamental belief that the platform could become the go-to for beginners and advanced investors.

New website and community manager highlight Dash 2 Trade’s ambitions

Dash 2 Trade’s development team hasn’t just been focusing on the analytics ecosystem — they’ve also made some huge moves from a marketing perspective.

Firstly, Dash 2 Trade has recently launched a brand-new website, complete with a breakdown of what the platform does and how investors can get involved in the ongoing presale. The website also provides access to Dash 2 Trade’s white paper and roadmap.

Moreover, Dash 2 Trade’s team has a clear focus on safety and reliability, evidenced by the contract code being fully audited by SolidProof. The team is also Know Your Customer-verified by CoinSniper.

Secondly, Trevor M. has been brought on board to expand Dash 2 Trade’s reach and grow its social channels. Trevor is a well-known video producer working for CoinMarketCap and runs a successful YouTube channel.

Trevor’s knowledge of the crypto market and ability to simplify complex topics will likely be invaluable when introducing new traders to the Dash 2 Trade ecosystem. For those already familiar with it, this is another massive step toward making Dash 2 Trade a global phenomenon.

How to buy D2T — A quick step-by-step Guide

Those looking to get involved in the Dash 2 Trade presale and buy D2T tokens at a discount can do so by following the four steps below:

  • Step 1 — Create a crypto wallet: Download and set up a MetaMask wallet (desktop users) or a Trust Wallet (mobile users). Once set up, import the D2T token contract address, which can be found on the Dash 2 Trade website.
  • Step 2 — Obtain Crypto: Buy Ether ETH$1,250 or Tether USDT$1.00 from a broker or exchange or using a credit or debit card directly through D2T’s website.
  • Step 3 — Link wallet to the presale dashboard: Click “Connect Wallet” and follow the instructions.
  • Step 4 — Buy D2T tokens: Click “Buy with ETH” or “Buy with USDT” and confirm the transaction.

Website: https://dash2trade.com/

White paper: https://dash2trade.com/assets/documents/Whitepaper.pdf

Socials:

Binance Re-Enters Japanese Crypto Market after 4-Year Pause

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Binance, the world’s largest cryptocurrency exchange plans to rejoin the Japanese crypto market after it bought out a 100 percent share of Sakura Exchange BitCoin (SEBC), reports revealed on Wednesday.

Company chief executive Changpeng Zhao said in an announcement that his crypto platform had vowed to reenter the Japanese market and would strictly comply with regulations.

The acquisition would signal a reentry to the world’s third-largest economy after a four-year pause.

In a statement, a Binance spokesperson told the media: “We can say that the acquisition of SEBC marks Binance’s first license in East Asia, and as Asia is a market with potential, we hope to expand in other regions.”

Rethinking Market Strategies

The news comes after the Japanese Financial Services Agency (FSA) hit the crypto trading firm with a notice for failing to obtain an operating licence. Japanese authorities issued similar warnings in 2021.

Binance has acquired similar stakes in major firms in Malaysia after it faced difficulties entering the Southeast Asian nation’s cryptocurrency markets.

It also resurfaced in Singapore after buying 18 percent of shares in a national stock exchange and regained access to the United Kingdom’s pound payment systems after teaming up with Paysafe due to blocks from regulators.

Location, Location, Regulation

According to Binance, the SEBC acquisition notes Binance’s first East Asian operating licence. It previously secured approvals to conduct business in Bahrain, Italy, France, Abu Dhabi, Spain, New Zealand, Dubai, Poland, Cyprus, Lithuania, and Kazakhstan.

Takeshi Chino, general manager of Binance Japan, said in a statement the Japanese market would “play a key role in the future of cryptocurrency adoption.

He added: “As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

Hitomi Yamamoto, Chief Executive of SEBC, added that his company was “honored and delighted” to announce the news with Binance.

She concluded: “On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”

Israeli Chief Economist Recommends Crypto Regulations

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Shira Greenberg, Israel’s chief economist for the Ministry of Finance, outlined several recommendations for regulating digital assets amid the country’s cryptocurrency adoption plans.

The 109-page report urges lawmakers to develop a more comprehensive set of regulations to control cryptocurrency trading platforms via Tel Aviv’s financial watchdogs.

She said that the country should restrict licencing requirements for trading platforms and crypto issuers along with the safe management of digital assets and subsequent funds.

Expanded Powers across Crypto Industry

Greenberg also calls for expanding powers to regulate licencing rules and build a better framework for taxing, buying, and selling cryptocurrencies. It also recommends that the government determine if it should monitor digital assets and cryptocurrency payments under Israeli law.

She also urged licencing and supervision mandates for stablecoin-issuing firms and an interministerial committee for scrutinising decentralised autonomous organisations (DAOs) using the blockchain.

Despite this, she noted technological neutrality was crucial while imposing cryptocurrency regulations.

She also cited data that Israelis only comprised 0.04 percent of total global cryptocurrency transactions, or 21 million transactions, with 2 percent owning or using crypto digital wallets.

ISA Cautions Crypto Investors

The figures come after the Israel Securities Authority (ISA) cautioned investors on cryptocurrencies in a statement, stating such investments “carry heavy risks for investors, including a tangible risk of loss of the entire investment amount.”

It added: “The ISA urges investors who are considering putting their money in this field, either directly or indirectly, to read this warning carefully before making a decision.”

Reasons behind the statement included market risks such as low liquidity and market bubbles, operational risks involving fraud or trade manipulations, cybersecurity risks due to hacking and theft of passwords, and regulatory risks leading to “significant” restrictions for companies in the sector.

Shocking New Development in FTX Scandal

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Reports have revealed additional misconduct issues at FTX, with the most recent revealing dealings between it and subsidy research firm Alameda Research.

This incident comes after numerous crypto exchanges could not reach deals with banks for fiat transaction processing, with many banking institutions citing insufficient regulations on digital currencies.

FTX used Alameda Research bank accounts to avoid issues with banks and requested some customers to wire deposits to the research wing, which had ties to Silvergate Capital, reports found.

The bankrupt exchange’s former chief executive, Sam Bankman-Fried, said in the Vox report it had never gambled FTX user funds, but rather loaned them to Alameda Research and assumed the latter held sufficient collateral to back the loans.

He used the company’s native FTX token, FTT, for the collateral.

FTX and Silvergate Crypto Transfers

The news comes after the company filed bankruptcy, which revealed further abuses of bank loopholes, FTX’s Alameda Research allegedly invested in a Washington state-based rural bank, which many speculate allowed Alameda to avoid applying for a bank licence.

According to a Bloomberg report, Silvergate, the financial institution implied in the misconduct, stated it did not on customer activities due to its privacy policies.

The bank provides “on-ramp” solutions for customers by transferring fiat currencies such as USD and Euros to cryptocurrency exchanges. It held $11.9 billion in cryptocurrency customer deposits, with FTX holding 10 percent of total digital assets, the bank said in a 30 September statement.

It told Bloomberg in the report it was a federally regulated, state-chartered bank “whose solutions are built on a deep-rooted commitment and proprietary approach to regulatory compliance.”

Bahamian Authorities Confirm Active Civil, Criminal Investigation of FTX Bankruptcy

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Ryan Pinder, the Bahamas’ Attorney General (AG) and Minister of Legal Affairs, confirmed in a statement on Sunday that authorities had opened an “active and ongoing” investigation of the disgraced cryptocurrency exchange FTX.

The country’s Facebook page revealed a post from the Office of the Prime Minister that noted “civil and criminal authorities” were investigating the “affairs of FTX Digital Markets.” It added that they also collaborated with “a number of specialists and experts and will continue to do so as the need arises.”

Prime Minister Pinder said in his address: “The Securities Commission, our financial intelligence unit, and the financial crimes unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX’s insolvency crisis and any potential violations of Bahamian law.”

Continuing, he stated that authorities would hold accountable all involved entities guilty of committing offences and would work jointly with international regulatory bodies and law enforcement agencies.

He concluded: “These events remind us of the lessons learned from securities and other financial regulation about the need for strong cross-border cooperation. The public worldwide will be best served by a strong international regulatory cooperation.”

The Bahamas Ramp Up Efforts on FTX Crisis

According to statements, the Bahamian Securities Commission terminated FTX’s business licences and ordered the firm to transfer all of its assets to a government cryptocurrency wallet for safekeeping.

The Prime Minister will also launch additional measures sanctioned by the Supreme Court in due course. He also blasted FTX Trading Limited as “extremely regrettable” after the latter accused the Government of “directing unauthorised access to the Debtors’ systems” amid its bankruptcy proceedings.

PM Pinder also encouraged continued investment in the cryptocurrency industry, stating there would be “little contagion beyond the digital asset sphere” in the Bahamas and globally.

In its statement, shortly after the crypto crisis unfolded with FTX, he said: “Based on the analysis and understanding of the FTX liquidity crisis to date, we have not identified any deficiencies in our regulatory framework that could have avoided this. In fact, it was because the Bahamas already had in place a regulatory framework for digital assets and digital asset businesses, that the regulator was able to take immediate steps in order to protect the interest of clients, creditors, and other stakeholders globally.”

Wemade CEO Slams WEMIX Delisting by Korean DAXA Alliance

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South Korea’s major cryptocurrency exchanges have planned to remove gaming firm Wemade’s blockchain platform WEMIX, citing “false information” from an investment warning.

The Digital Asset eXchange Alliance (DAXA) announced on Thursday it would end support for WEMIX and cease trading on 8 December.

The warning stated that there were much greater numbers of Wemix than previously disclosed, adding the suspected cryptocurrency would collaborate with DAXA to tackle the issue.

DAXA hosts multiple platforms such as Korbit, Gopax, Bithumb, Upbeat, and Coinone. Following DAXA’s decision, WEMIX nosedived nearly 71 percent to $0.476.

WEMIX Communication later issued a statement that it had responded to DAXA’s concerns and resolved several issues in question, adding,

“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”

Wemade chief executive Henry Chang created The Legend of Mir, including Mir 4, one of the world’s top free-to-play (F2P) blockchain games.

It later stated Microsoft, Kiwoom Securities, and Shinhan Asset Management had raised $46 million for Wemade to expand its operations.

This is Gapjil!

According to Joong Ang Daily, Chang criticised the measures in a recent press statement, stating the decision had been arbitrary and unfair.

He repeated slammed the moves, stating “This is gapjil!” at the Friday conference. ‘Gapjil’ is Korean for an abuse of power.

Chang said in a recent response to the DAXA move: “Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”

It aims to build a Web3 economy based on non-fungible tokens (NFTs) and decentralised autonomous organisations (DAOs).

Currently, South Korean authorities have banned play-to-earn blockchain games, but may potentially lift restrictions under President Yoon Suk-Yeol, who has supported crypto assets in recent history, reports show.

Tornado Cash Developer Alexsey Pertsev to Remain in Jail for Three Months

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Tornado Cash developer Alexsey Pertsev will remain detained for a further three months in the Netherlands, a court hearing on 22 November revealed.

To date, Dutch authorities have detained Pertsev for 103 days.

According to the hearing, which took place at the Palace of Justice in ‘s-Hertogenbosch, prosecutors stated Pertsev was central to Tornado Cash’s business.

WK Cheng defended Pertsev, stating the embattled company’s use cases and attempting to clear up misunderstandings from its operations.

During the trial, prosecutors officially accused him of money laundering, citing Tornado Cash’s protocol code.

Pertsev, from Moscow, Russia, is a flight risk and will not be released on bail, Dutch courts said. Dutch Public Prosecutor Martine Boerlage argued that Pertsev had complete control of the crypto platform.

Boerlage added that Pertsov and two additional developers, Semenov and Storm, held sufficient governance tokens to “always outvote everyone else” in proposals.

The US Treasury sanctioned Tornado Cash for alleged use from North Korean hackers laundering over $1 billion in digital assets, leading to Pertsev’s arrest in mid-August.

The Netherlands Public Prosecution Service said in a statement at the time: “On August 24th the Den Bosch District Court held a session regarding the [pre-trial] detention of the suspect. The courts chamber consisted of three judges, they heard the public prosecutor on the investigation and the suspicion. They also heard the defense. Afterwards the court decided to extend the pre-trial detention of the suspect by 90 days.”

The arrest has triggered outcry among open-source developers creating Web 3.0 platforms, many of whom are concerned how code will be used. Many have also slammed the detention as unjust, adding that disgraced former chief executive of the bankrupt FTX platform, Sam Bankman-Fried, remains at large and is still active in the crypto community after millions of customers lost their crypto holdings.

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