While FTX customers across the world patiently await Sam Bankman-Fried’s (SBF) legal conclusion in hopes of getting back their investments, users of FTX Japan have started withdrawing all of their funds. On Nov. 7, 2022, crypto exchange FTX and its subsidiaries halted all funds withdrawal after SBF was accused of misappropriating users’ funds. The domino effect forced Liquid Group — a Japanese crypto trading platform owned by FTX since February 2022 — to halt withdrawals on Nov. 15, 2022. However, to some investors’ delight, FTX Japan resumed withdraws on Feb. 21 — which involved moving funds from the defunct exchange …

Bitcoin’s (BTC) recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests that many interested buyers (including whales) were left on the sidelines. The recent rally to $25,000 shared many similarities with the 2019 bear market rally, which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low at $3,250. Recently, the BTC/USD pair rose 60% from its November 2022 low. On-chain and market indicators relative to the 2019 rally are sending mixed signals on whether …

Crypto assets made their way onto the United States Securities and Exchange Commission’s list of priorities for 2023. So far, though, we haven’t tasted the “regulatory certainty” many have been calling for. Instead, the regulator threw the book at Kraken for allegedly failing to register its staking program. Coinbase appears next on the chopping block, but its lawyers are ready to fight. This week’s Crypto Biz newsletter delves into Coinbase’s defense of its staking program and its not-too-pleasant quarterly financials. We also look at the latest company to fall victim to Sam Bankman-Fried’s FTX. Coinbase beats Q4 earnings estimates amid …

Bitcoin (BTC) is struggling to stay above $23,000 as the weekend approaches. The selling pressure increased after the personal consumption expenditures excluding food and energy rose 0.6% in January and 4.7% over the year, above market expectations of an increase of 0.5% and 4.4% respectively. This could trigger fears that the United States Federal Reserve may have to continue its rate hikes to bring inflation under control. Expectations of a rate hike could strengthen the U.S. dollar index further, which is already near a seven-week high, and that may put pressure on the cryptocurrency markets in the near term. A …

It’s possible that many people have already forgotten that Bitcoin’s (BTC) price closed 2022 at $16,529 and the recent rebound and rejection at the $25,000 level could raise concern among certain investors. Bears are pushing back at the $25,000 level and there has been multiple failed attempts at the level between Feb. 16 and Feb. 21. Currently, it looks like the $23,500 resistance is continuing to gain strength with every retest. Pinpointing the rationale behind Bitcoin’s 45.5% year-to-date gain is not apparent, but part of it comes from the United States Federal Reserve’s inability to curb inflation while raising interest …

Bitcoin's (BTC) 16% price gain between Feb. 13 and Feb. 16 practically extinguished the bears' expectation for a monthly options expiry below $21,500. As a result of the abrupt rally, these bearish bets are unlikely to pay off, especially since the expiry occurs on Feb. 24. However, bulls were not counting on the strong price rejection at $25,200 on Feb. 21 and this reduces their odds of securing a $480 million profit in this month’s BTC options expiry. Bitcoin investors' primary concern is a stricter monetary policy as the U.S. Federal Reserve (FED) increases interest rates and reduces its $8 …

Binance Australia Derivatives users reported abrupt notifications sent by the digital asset platform on Feb. 23, saying it is starting to close certain derivatives positions and accounts. According to screenshots posted by various users on Twitter, users who did not meet the requirements to be a “wholesale investor” were told all of their positions would be closed, and they would no longer be able to access the Binance Australia Derivatives Platform. Binance closed derivative positions for many Australian users abruptly #Australia #binance pic.twitter.com/4t1gL08oK6 — Moidul Islam (@Mi_moidulislam1) February 23, 2023 Users were informed that to continue using Binance Australia’s derivatives …

The United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital. According to a Feb. 22 filing submitted to the U.S. Bankruptcy Court in the Southern District of New York, the SEC believes that certain elements of the asset restructuring plan of Binance.US’ acquisition could breach Securities Laws. The SEC is formally investigating whether Binance.US and related debtors violated anti-fraud, registration and other provisions of the federal securities laws. The SEC noted particular concern around the security of assets through the planned …

Cryptocurrency exchange CoinEx has been sued by the New York Attorney General, Letitia James, alleging the firm falsely represented itself as an exchange due to failing to register as a securities and commodities broker-dealer in the state. A 38-page petition filed by James in the New York Supreme Court on Feb. 22 alleged CoinEx “engaged in repeated and persistent fraudulent practices” and violated the state’s Martin Act — considered one of the most strict anti-fraud and securities regulation laws in the United States. She also asserted CoinEx listed various tokens that qualified as “both commodities and securities” naming Amp (AMP), …

Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government's planned $6.4 million (50 million Hong Kong dollar) cash injection into Web3 as per the city’s 2023-24 budget. Gate Group said on Feb. 22 that it will apply for a crypto license in Hong Kong allowing it to launch “Gate HK.” The firm's local company, Hippo Financial Services, gained a license in August 2022 to provide virtual asset custodial services. It comes as Hong Kong financial secretary, Paul Chan, announced the Web3-related funding and the creation of a crypto task force in a …

The United States equities markets saw their worst performance of 2023 as concerned investors dumped stocks on Feb. 21, fearing continued rate hikes by the U.S. Federal Reserve. Although the cryptocurrency markets also gave back some of the gains, the fall was comparatively muted. UTXO Management senior analyst Dylan LeClair said that Bitcoin’s (BTC) correlation to the S&P 500 index has fallen to the lowest since late 2021. After the sharp recovery from the lows, Glassnode data showed that only 21% of the coins sent by Long-Term Holders to exchanges at the start of this week moved at a loss. …

A self-confessed crypto trading addict and father of two is facing the dire prospect of losing his family forever after secretly racking up $180,000 in debt from his crypto trading habits. Posting his story on the r/relationship advice subreddit on Feb. 21, Reddit user “Leather_Opposite2135” said he started dabbling in cryptocurrency trading around 2021. Fast forward two years to the present day and he’s been kicked out by his wife and is at least $180,000 in debt. “It started just dabbling,” said Leather. “It’s a tech space so I found it very interesting. Joined a bunch of online spaces (discord) …