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Gemini co-founders Tyler and Cameron Winklevoss have agreed to pay a $5 million fine to settle CFTC allegations of misleading regulators during their attempt to launch the first US-regulated Bitcoin futures contract. The settlement avoids a trial set for January 21, following accusations of providing false assurances about safeguards against price manipulation.In a separate development, Gemini plans to exit the Canadian market by September 30, 2024, amid increasing regulatory challenges, while securing a license in Singapore to offer cross-border money transfer and digital payment services.
Justin Sun, founder of Tron, has denied allegations of selling his Ethereum holdings, clarifying that recent wallet transfers were merely inter-wallet movements. This comes amid concerns over Ethereum's price volatility, which recently dipped to $3,127 before rebounding to $3,391.20. Analysts remain optimistic, predicting a potential rally for Ethereum if it can breach the $3,540 resistance level.
Independent Reserve Singapore has launched Ripple USD (RLUSD), a stablecoin backed by the US dollar, enabling secure trading in SGD and USD. This addition marks a significant milestone for the exchange, enhancing cross-border transactions and supporting decentralized finance. RLUSD operates under strict regulatory oversight, with monthly third-party verification of its reserves, reinforcing its credibility in the cryptocurrency market.
PrimeXBT, HyperLiquid, dYdX, Bexback, and BingX are leading no-KYC crypto futures exchanges, each offering unique features like high leverage, low fees, and advanced trading tools. PrimeXBT excels in multi-asset trading, while HyperLiquid focuses on decentralized efficiency. dYdX is known for its tiered fee structure, and Bexback provides high leverage with a commitment to user privacy. BingX stands out with its extensive cryptocurrency selection and copy trading options, catering to both novice and experienced traders.
The Straits Times Index (STI) fell 2.43% this week, closing at 3,719.93 amid global economic concerns. CapitaLand Investment announced a S$162 million sale of its stapled securities and plans to acquire Wingate Group's investment management business for A$200 million. Jardine Matheson Holdings saw a significant decline of over 7%, while the U.S. markets continued their downward trend despite a late-week rally.
Deutsche Bank is developing a compliance-driven layer-2 blockchain solution on Ethereum using ZKsync technology, aimed at addressing regulatory challenges in financial systems. Part of Project Dama 2, it will enhance transaction efficiency while ensuring oversight for regulators. A minimum viable product is expected by 2025, pending regulatory approval.
Singapore has emerged as the global leader in cryptocurrency adoption, with 40% of its investors holding digital assets, according to a report. The city-state boasts a robust infrastructure for digital tokens, with around 30 licensed payment firms, and is implementing tax incentives for crypto. As traditional financial systems evolve, both Gen-Z and Baby Boomers are increasingly recognizing the potential of mainstream crypto transactions.
A recent interest rate cut by the Swiss National Bank has positioned Zurich to potentially surpass Hong Kong as the world's most expensive city for real estate. With the key interest rate halved to 0.5 percent, home prices in Zurich are expected to rise by 3.5 percent in 2025, further increasing the financial burden on young families seeking home ownership. As prices in Zurich outpace those in major cities like New York, Paris, and London, the real estate market is poised for continued growth despite concerns over affordability.
Denmark's Nykredit has made a DKr24bn ($3.5bn) cash offer to acquire Spar Nord Bank, representing a 49% premium on its share price, with completion expected in the first half of 2025. In other news, AllianceBernstein plans to sue Switzerland over the $17bn writedown of Credit Suisse's AT1 bonds, joining a lawsuit that claims investor rights were violated during the UBS takeover. Additionally, DBS Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group are potential bidders for Indonesia's Panin Bank, which has seen a significant rise in its share value this year. Morgan Stanley will pay $15mn to settle SEC allegations regarding inadequate fraud prevention measures at its Smith Barney unit.
Bybit participated in the Vietnam Tech Impact Summit 2024, discussing the regulatory landscape for digital assets. Chief Legal & Compliance Officer Robert MacDonald emphasized the need for robust regulations to foster trust and innovation, highlighting the challenges of integrating digital assets into traditional finance. The panel called for global regulatory consistency to enhance scalability and protect investors, with Vietnam positioned to align with best practices while addressing local needs.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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