We have collected the most important news from crypto industry participants over the week.
- The Australian regulator accused Kraken’s subsidiary of failing to comply with margin trading requirements.
- Bybit will cease serving UK customers in October.
- CoinShares launched a division focused on US clients.
- Bitbuy has entered into a strategic partnership with the Localcoin crypto ATM network.
The Australian regulator accused Kraken’s subsidiary of non-compliance with margin trading requirements
The Australian Investments and Securities Commission (ASIC) has opened a civil case against Kraken-linked Bit Trade Pty for failing to comply with its obligations to develop and distribute margin trading.
The regulator explained that the company failed to identify a target market for the product and continued to offer it despite ASIC’s notice to discontinue in June 2022. Since October 2021, at least 1,160 customers have used the product, incurring a total loss of approximately 12.95 million AUD ($8.35 million), according to the document.
ASIC is seeking public comment from the firm, a monetary penalty and injunctions against offering the product.
Bybit will end service to UK customers in October
Crypto exchange ByBit will suspend operations in the UK due to the entry into force of new rules for the promotion of digital assets on October 8.
These requirements require registration with FCA. Bybit is not in the regulator’s register. The announcement comes a week after platform representatives assured of their intention to maintain a presence in the UK market in the long term.
They were preceded by a comment from the exchange’s CEO Ben Zhou, who allowed the cessation of services for users from the United Kingdom due to stricter regulation.
CoinShares launched a division focused on US clients
Digital asset manager CoinShares has launched a new hedge fund division to expand its reach to US investors.
The initiative involves CoinShares Capital holding a broker-dealer license in FINRA marketing activities to qualified market participants in support of CoinShares Hedge Fund Solutions strategies and products.
“The long-awaited return of interest rate-driven volatility is a great opportunity that we plan to capitalize on with our new fund products,” – said the head of the department, Lewis Fellas.
Bitbuy has entered into a strategic partnership with the Localcoin crypto ATM network
The Bitbuy platform, part of the WonderFi digital asset exchange alliance in Canada, has entered into a strategic partnership with the local Bitcoin ATM operator Localcoin.
The latter, thanks to the cooperation, will expand the range of cryptocurrencies offered and launch a wallet application. The company manages 900 ATMoccupying a third of the Canadian market.
Previously, WonderFi management announced its intention to create the largest regulated crypto platform in Canada.
Also on ForkLog:
What to read this weekend?
Bloomberg journalists conducted an investigation that showed the key role of the parents of FTX founder Sam Bankman-Fried (SBF) in creating a business empire. ForkLog provided excerpts from the article:
ForkLog also studied materials from The New York Times regarding SBF’s thoughts on the development of FTX. They contain details of his life in recent months and give an idea of the worldview of the ex-CEO of the exchange.
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