Hong Kong and Singapore’s wealthy elite appear to be looking at digital assets with fervor, after a new report from KPMG suggesting over 90% of family offices and high-net-worth individuals (HNWI) are interested in investing in the digital assets space or have already done so. According to an Oct. 24 report from KPMG China and Aspen Digital titled “Investing in Digital Assets,” as much as 58% of family offices and HNWI of respondents in a recent survey are already investing in digital assets, and 34% “plan to do so.” The survey took the pulse from 30 family offices and HNWIs …

Technology heavyweight Apple has clarified its App Store rules around nonfungible tokens (NFTs) and cryptocurrency exchanges marking the first time its codified specific rules for NFTs. The new rules confirm how NFT purchases will be taxed and what they can and can't be used for, while also clarifying rules around when a crypto exchange app can be listed. The Oct. 24 update to its App Store guidelines saw language added that allows fo in-app purchases of NFTs, but bars any NFTs acquired elsewhere to be used for anything other than viewing. It also allows applications to use in-app purchases to …

African crypto exchange Yellow Card has received significant regulatory approval to continue expanding its operations across the continent. Yellow Card has obtained a virtual asset service provider license (VASP) from the Non-Bank Financial Institution Regulatory Authority of Botswana (NBFIRA), according to the announcement on Oct. 19. The new license officially authorizes Yellow Card to allow its customers buy and sell Bitcoin (BTC), Ether (ETH) and Tether (USDT) stablecoin with the local fiat currency, Botswana pula. According to Chris Maurice, CEO and co-founder of Yellow Card, the new license opens up greater opportunities for the firm’s expansion to payment partners and …

Crypto lending platform Celsius filed for Chapter 11 bankruptcy on July 13, 2022. Although the Celsius case involves digital assets, it remains subject to United States Bankruptcy Code under the Bankruptcy Court for the Southern District of New York. While this may be, a series of unusual events have ensued since Celsius filed for bankruptcy. For instance, Chief United States Bankruptcy Judge Martin Glenn — the judge overseeing the Celsius case — stated on Oct. 17 that the court will look abroad for guidance. Glenn specifically mentioned that “Legal principles that are applicable in the United Kingdom are not binding …

Changpeng “CZ” Zhao, the founder and CEO of global cryptocurrency exchange Binance, is one of the most influential crypto personalities today, but his story is a true rags-to-riches one. CZ was born in a village in Jiangsu, Shanghai, and his family migrated to Vancouver, Canada, in the 1980s when he was 12. He studied computer science engineering in college and spent the next few years building trading systems for popular exchanges such as the Tokyo Stock Exchange and Bloomberg Tradebook. CZ left his lucrative job in 2005 to start his own venture and moved back to Shanghai. In 2013, after …

Automated crypto trading bot provider 3Commas issued a security alert after identifying certain FTX API keys being used to perform unauthorized trades for DMG cryptocurrency trading pairs on the FTX exchange. 3Commas and FTX conducted a joint investigation in relation to reports from users of unauthorized trades on the DMG trading pairs on FTX. The duo identified that hackers used new 3Commas accounts to perform the DMG trades adding that “The API keys were not taken from 3Commas but from outside of the 3Commas platform.” A subsequent investigation found fradulent websites posing as 3Commas were being used to phish API …

Hackers took over the official Twitter account of crypto exchange Gate.io, putting over 1 million users at risk of losing funds to an ongoing fraudulent Tether (USDT) giveaway. Social media platform Twitter serves as the most effective medium to reach the crypto community. As a result, the trend of hacking into official Twitter handles of verified accounts to promote scams is on the rise. Hackers of unknown origin took over Gate.io’s Twitter account and changed the website URL from Gate.io to gąte.com (https://xn--gte-ipa.com/) — a fraudulent website impersonating the exchange. The fake website is actively promoting a fake giveaway of …

Bitcoin (BTC) entered an ascending channel in mid-September and has continued to trade sideways activity near $19,500. Due to the bullish nature of the technical formation and a drop in sell pressure from troubled miners, analysts expect a price increase over the next couple of months. Independent analyst @el_crypto_prof noted that BTC's price formed a "1-2-3 Reversal-Pattern" on a daily time frame, hinting that $20,000 could flip to support soon. $BTC #Bitcoin Yes, the price action of $BTC is really boring, isn't it? But if you look closely, a textbook "1-2-3 Reversal-Pattern" has formed in the last few days, which …

The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening. While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of …

New York-based multi-asset trading services Oanda has launched a new cryptocurrency trading service in the United States. This latest addition developed in partnership with regulated blockchain infrastructure provider Paxos Trust Company is designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment. The collaboration will enable U.S.-based investors to spot-trade cryptocurrencies on Paxos’s itBit exchange through Oanda’s mobile platform, the broker said. Investors will be able open and fund trading accounts, as well as access major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). According to Oanda, users will benefit from the company’s …

Three Arrows Capital. Celsius. Voyager Digital. The list of crypto bankruptcies, shutdowns and trading freezes has been endless in 2022. And the year isn’t over yet. This week, German crypto bank Nuri urged its users to withdraw funds ahead of the company’s planned shutdown in December — at least Nuri’s users were given proper notice. The crypto bear has been relentlessly cleansing the market of excess, leverage, poor risk management and outright scams. If industry prognosticators are to be taken seriously, the market could see one final capitulation before conditions begin to improve. This week’s Crypto Biz chronicles Nuri’s shutdown, …

The current crypto bear market has induced panic, fear and uncertainty in investors. The dire situation started when the global crypto market capitalization dropped below the $2 trillion mark in January 2022. Since then, the price of Bitcoin (BTC) has decreased by over 70% from its all time-high of $69,044.77 it reached on November 10, 2021. Similarly, the values of other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE) have decreased by around 90%. So does history tell us anything about when the bear market will end? Let’s start by examining the causes of the …