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Crypto Exchange Bybit Gets Warning From Japan’s FSA

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On Monday, Japan’s Financial Services Agency (FSA) issued a warning to crypto exchange Bybit over unregistered operations. 

Crypto derivatives exchange Bybit Fintech Limited has been officially warned by the FSA for running its operation without proper registration. Bybit functions as a crypto derivative exchange offering futures in digital currency, perpetual swaps, and a number of other contracts used by crypto traders.  

The warning alleges that Bybit’s operations are giving Japanese traders the ability to leverage the exchange and that the exchange has yet to register with the FSA. This marks the first warning the FSA has sent out in more than three years to a crypto exchange.

The last being Binance back in 2018 for failing to meet similar registration requirements. Currently, Japan has more than two dozen crypto exchanges operating with proper registration under the FSA. 

This marks the second warning for Bybit, though the first in Asia. Earlier in the year, the United Kingdom’s Financial Conduct Authority (FCA) issued a similar warning to Bybit. The FCA was a bit sterner with their wording, and Bybit halted all operations in the U.K. 

Despite these recent hurdles, Bybit still ranks in the top five in terms of the largest bitcoin (BTC) futures exchanges volume of trades.

Japan not the only country cracking down 

The warning to Bybit comes during a time, where federal officials worldwide have begun scrutinizing cryptocurrency services more and more.  

South Korea, for example, will be rolling out a new 20% income tax on crypto transactions beginning in the 2022 tax year. This, like most of the new regulations, is not only about the country getting in on the profit, but also combating illegal or illicit activities using crypto as a shield. 

One of the biggest issues surrounding crypto trading worldwide is tax evasion, which has become a significant problem in the United States. For the 2020 tax year, which just ended a few weeks ago, the U.S. added crypto questions to tax returns in order to shrink the massive tax gap in the country.

Charles Rettig, Commissioner for the IRS, believes that more than $443 billion in unpaid taxes may be attributed to virtual currencies. Other countries, such as China, have begun to regulate crypto mining operations, recently. This move has less to do with illegal activities or tax evasion than it has to do with environmental and infrastructure issues. Earlier in the month, China also banned national financial institutions from offering crypto-related services.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/bybit-gets-warning-from-japans-fsa/

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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.

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Source: https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen

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Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

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Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.

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Source: https://cointelegraph.com/news/ethereum-london-upgrade-launches-on-testnet-as-100k-staked-in-a-day-on-eth2

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Crypto Companies Innovate to Serve Their Users Better

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The quest to leverage the crypto and DeFi boom means crypto companies must constantly be innovative to serve their users. If company “A” doesn’t do it, there is every certainty that company “B” will fill in that gap. TrustToken, Phemex, and Kryll are among the many crypto companies constantly innovating and launching new features on their platform. In this article, we shall look at some of the ways these companies are evolving in order to meet the demands of their users, and serve them better.

New $USDT lending pool by TrustToken

On June 18, 2021, TrueFi launched a new USDT lending pool for collateral-free loans. According to Head of Strategy Ryan Rodenbaugh, USDT remains one of the most demanded assets by crypto borrowers – and the new pool has grown rapidly in both size and utilization.

Growing these lending pools was helped by lucrative incentives: depositors enjoyed loan interest and generous TRU token rewards totaling more than 40-50% APY. In lending, utilization is key: with much of the capital sitting unallocated, are TrueFi users “overpaying” for stablecoins deposits?

TrueFi governance was quick to respond: a new proposal adjusting pool incentives based on utilization, pegging incentives for given lending pools (of TUSD, USDC and USDT today) to their rate of borrowing – dynamically – helping TrueFi reward the most productive assets.

The pools add a new way for crypto holders to earn returns while sitting in the safe haven of stablecoins during the market’s swings. In fact, TrueFi pools may offer some of the highest earning opportunities on stablecoins – and are free of impermanent loss.

Phemex launches Learn and Earn on its platform

Since its launch in 2019, Phemex crypto and futures trading exchange has been making giant strides in the crypto space. The platform offers spot trading, contract trading, and futures trading. It seeks to position itself as the most trusted in the industry.

In its bid to educate beginners on the crypto and blockchain industry, Phemex has recently launched its “learn & earn” program. The purpose of the new feature is strictly to incentivize new crypto users.

The new feature comes with interactive videos and other intuitive lessons designed for beginners. To motivate these learners, the crypto exchange has come with a way for learners to earn rewards while they learn. At the end of each lesson, users will be presented with a short quiz for them to provide the right answers. If a user answers all the questions correctly, the user will receive a reward from the platform. This becomes a good motivation for learners to pay attention and be serious throughout the learning process.

No more struggle to understand jargon-filled information

The “learn & earn” program is designed to be beginner-friendly and offers learners a fun and easy way to understand cryptocurrency basics. Users will first learn about Phemex’s essential features and how each feature works. The program also explained how cryptocurrency works and how beginners can trade cryptos on exchanges.

Kryll allows users to create their own crypto trading strategies

Krill is a crypto trading marketplace where users can create and own trading bots. There are currently more than 270 active trading strategies on the platform. Users can also publish their trading strategies for other users to use, and the publisher makes good profit in the process. In its bid to offer efficient services to users, Kryll developed tools that allow its users to create powerful trading bots for Binance, Kraken, and Bittrex. The interesting thing is that users don’t need to have prior coding skills to use this new feature on Kryll. Creating your trading bots on the platform is as easy as drawing on a whiteboard.

Users no longer have to constantly stay in front of their computers to trade. These bots are hosted in the cloud and operate 24/7. As a user of Kryll, you can now leverage the trading bots to save time and optimize your profits.

The platform also has a marketplace which gives users access to a community of experienced crypto traders who automate their trades on Binance, Kraken, Bittrex, and HitBit. Users can test, rent and offer automated trading strategies with each other.

Building better interaction with users

The innovative approach of crypto companies like TrustToken, Phemex, and Kryll is the tip of the iceberg, considering the high number of features introduced in the crypto space every day. It is an indicator that the cryptocurrency industry is still growing, and there are still more grounds to cover. TrustToken, Phemex, Kryll, and other crypto platforms are persistently leveraging the crypto boom to interact better with their users.

Image by Arek Socha from Pixabay

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Source: https://bitcoinist.com/crypto-companies-innovate-to-serve-their-users-better/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-companies-innovate-to-serve-their-users-better

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