• Coinbase CEO Brian Armstrong considers the Chinese digital payments industry an “ambitious adversary”.
• The US Commodity Futures Trading Commission (CFTC) has issued a warning to digital asset clearinghouses.
• Binance is considering allowing investors to hold collateral in banks.
Coinbase CEO Views China’s Digital Payments Industry as Adversary
Coinbase CEO Brian Armstrong recently suggested that the Chinese digital payments industry is an “ambitious adversary” to the cryptocurrency sector. This comes as China continues its development of a centralized digital currency and blockchain infrastructure, with many expecting it to be adopted by other countries soon.
CFTC Issues Digital Asset Clearing Warning
The US Commodity Futures Trading Commission (CFTC) recently issued a warning to digital asset clearinghouses, cautioning them against potential risks associated with their services. CFTC member Rostin Benham also called for more rulemaking in order to protect investors from fraudulent activities such as insider trading schemes.
Bybit Exits Canada
Cryptocurrency exchange Bybit recently announced its exit from Canada due to stringent government regulations and lack of clarity on the legal status of cryptocurrencies in the country. This follows similar announcements from other exchanges, including Kraken and Bittrex, who have also exited Canada due to regulatory issues.
SEC Settles Charges With Wahi Brothers
The US Securities and Exchange Commission (SEC) has settled charges with brothers Robert Wahi and William Wahi related to an alleged insider trading scheme involving Coinbase stock ahead of its direct listing in April 2021. The SEC accused the brothers of misusing confidential information from Robert’s employer at Coinbase which allowed them to purchase shares before they became publicly available on the open market.
Binance Considers Allowing Investors To Hold Collateral In Banks
Binance is reportedly considering allowing investors to hold collateral in banks instead of directly on its platform. This would provide users with more security and reduce risk, while also giving Binance access to more capital and liquidity via banking partnerships around the world.
