CoinCodeCap WeekInFocus: October 1, 2023

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.



Hong Kong Cracks Down on “Suspicious” Crypto Platforms After JPEX Scandal

  • The SFC, one of Hong Kong’s main financial regulators, has committed to increasing measures to tackle unregulated cryptocurrency platforms.
  • The SFC announced that it would also maintain a specific list of “suspicious VATPs,” which will be displayed on a website.

Taiwan Cracks Down: Bans Unregistered Foreign Crypto Exchanges

  • By enacting new regulations, Taiwan’s Financial Supervisory Commission (FSC) is working to strengthen investor protections for cryptocurrency.
  • The FSC also mandated that overseas VASPs refrain from operating in Taiwan without the requisite regulatory permits.

9 Taiwan Crypto Exchanges Unite for Regulatory Adaptation

  • Nine Taiwanese crypto exchanges created a working group aimed at setting up industry associations.
  • The Taiwan Crypto Association will base its rules on government guidelines to enhance industry discipline.

Congressional Committee Threatens SEC with Subpoena Over FTX Probe

  • US Congressmen highlighted SEC Chair’s refusal to be transparent  regarding his interaction with FTX.
  • SEC had formally charged Bankman-Fried with defrauding investors in December.

Gemini Halts Services in Netherlands Amidst Stringent Crypto Regulations

  • Gemini services would cease operation as of November 17, 2023.
  • The exchange plans  to adhere to the Markets in Crypto-Assets Regulation (MiCA).

Paradigm Alleges SEC of Rule Bypass in Binance Lawsuit

  • The US SEC has come under fire from Paradigm for avoiding the traditional rulemaking processes in its current legal case against Binance.
  • The SEC is attempting to change the law without following the established rulemaking process, according to a statement made by Paradigm.

Platform and Tokens

Ex-FTX US Chief’s Architect Fintech Secures NFA Approval to Offer Brokerage

  • NFA approval lendts the startup to offer derivatives brokerage, encompassing both cryptocurrency and traditional markets.
  • The firm  intends to offer clearing services through regulated partners.

Mixin Network Suffers $200 Million breach, suspends deposits

  • The breach is linked to the compromise of a third-party cloud service provider’s database.
  • In response to the breach, Mixin Network suspended all deposit and withdrawal services

Huobi Global Suffers $7.9M Hack: Security Breach Impacts Crypto Exchange

  • Cyvers, a blockchain analytics platform, has reported that Huobi Global’s HTX cryptocurrency exchange was compromised on September 24.
  • The alleged Huobi hot wallet delivered 4,999 Ether, worth about $7.9 million, to an address with no prior history.

Binance Belgium Resumes Operations Following 3-Month Regulatory Pause

  • Binance resumes user registration in Belgium post a regulatory shutdown
  • The halt was due to an order from Belgium’s FSMA, citing laws against money laundering and terrorist financing.

Binance’s Complete Exit from Russia Finalized with CommEX Sale

  • Binance has announced its complete withdrawal from Russia by selling its company to CommEX.
  • The off-boarding procedure will take up to a year to ensure a smooth transition for current Russian users.

Coinbase Granted Regulatory Approval for International Retail Perpetual Futures Offering

  • Additional regulatory permission has been granted to Coinbase International Exchange, a class F license holder from the Bermuda Monetary Authority.
  • The cryptocurrency platform will start providing qualifying users with access to regulated perpetual futures contracts on the Coinbase Advanced platform in the upcoming weeks.

World Federation of Exchanges Advocates Crypto Trading Regulation and TradFi Integration

  • The World Federation of Exchanges believes that crypto-asset trading platforms can contribute more to society and the “real” economy.
  • The introduction of distributed ledger technology (DLT) into the TradFi exchanges the WFE represents caused the organization some concern.

Celsius Objects to Galaxy Digital’s $190k Fee Demand

  • Celsius has objected to a petition by cryptocurrency firm Galaxy Digital asking for nearly $190,000 in fees for holding just $2.67 worth of digital assets belonging to Celsius.
  • Celsius claims that only $2.67 worth of cryptocurrency was kept with Galaxy after it acquired a portion of the company from Galaxy in a bankruptcy sale.

FTX Hacker Emerges from 10-Months Hiatus, Transfers $4.2 Million in ETH

  • The digital wallet linked to last year’s $600 million FTX theft saw recent activity.
  • The suspect moved $4.2 million worth of ETH tokens from this wallet.

Project Updates

OpenSea NFT Marketplace Suffers Third-Party Breach

A security incident involving one of OpenSea’s third-party vendors led to the exposure of user API key information. OpenSea plans on sunsetting existing keys by Oct. 2

MicroStrategy’s Bitcoin Investment Grows: Adds $147M to Hold 158K BTC

By announcing the purchase of yet another sizable hoard of cryptocurrencies, MicroStrategy is sending an optimistic message to the market. MicroStrategy and its affiliates had a total of around 158,245 BTC, inclusive of fees and expenses.

Mixin Network Announces $20M Bug Bounty After $200M Security Breach

In a message sent to the hacker responsible for the $200 million exploit, Mixin Network offered a $20 million bug bounty to recover the lost funds. Mixin’s founder stated that the business would compensate impacted users with the remaining sum being returned in bond tokens.

The Uniswap Foundation suggests funding $62,37,000,000.

The Uniswap Foundation published a proposal on September 27 asking for a total of 62.37 million USD in funding, with an on-chain vote set for October 4. These monies will be used to support the ecosystem, including financing for research and developer assistance. The organization has disclosed a number of long-term goals, including advancing the Hooks ecosystem.

Podcasts and Interviews

  • Interview with Ruud Feltkamp, founder of Cryptohopper
  • “Crypto Mindset Returns!” podcast by FreshandFit
  • “Fidelity’s Bull Case For Ethereum” podcast by BankLess

Job Listings

Looking for an internship? Don’t worry; we’ve got you covered this week.

2k23 Events

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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