source: SCMP

Governments throughout the world hold differing views on cryptocurrencies. A few people are still unsure, while others have been openly supporting the profession. Hong Kong has joined those areas that choose to adopt a regulatory approach to the burgeoning cryptocurrency market. In addition to the government's position, organizations working in the region have also been urged to follow the same principle. In the instance of Hong Kong, the government is said to have pushed HSBC and Standard Chartered to accept cryptocurrency exchanges as clients. During a meeting last month, the Hong Kong Monetary Authority (HKMA) reportedly questioned the Bank of China and UK-based banks about their opposition to accepting cryptocurrency exchanges as clients.

In a letter dated April 27, the HKMA stressed the need to avoid placing undue constraints on prospective clients when completing due diligence. This is mainly for organizations setting up shops in Hong Kong with the aim of investigating potential there. Not all banks, though, agreed with this.

They had a conundrum, according to a bank spokesman. Supporting the government's plans for the growth of cryptocurrency was up for debate, as were worries about potential scrutiny related to KYC and anti-money laundering problems. Without providing any more information, Standard Chartered also claimed to maintain constant contact with the authorities. The growing crypto business in Hong Kong is being closely watched by HSBC, which has stated its active participation in this process.

The most recent effort from Hong Kong comes at a time when the American crypto sector is under intense investigation. U.S. cryptocurrency investors were shocked to learn that the Securities and Exchange Commission [SEC] was pursuing two significant exchanges, Binance and Coinbase. This was seen by the Hong Kong authorities as an appropriate time to get in touch with Coinbase and other exchanges about opening up shop in the area.

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It is no news that the crypto bull run could begin soon, which means that there will be an upward trend in the price of many crypto assets.

This significant increase in the value of different crypto assets is the cause of many investment scams during the cryptocurrency bull run.

Here are 4 tips to follow during the bull run:

1) The problem of scams has become bigger because newbies don't have much knowledge about how the industry works.

Gemini, the cryptocurrency exchange founded by the wealthy Winklevoss brothers, has filed a legal complaint against Digital Currency Group (DCG) and its CEO and founder, Barry Silbert.

In a July 7 Twitter thread, Cameron Winklevoss of Gemini accused DCG and its CEO, Barry Silbert, of fraud and deception. According to Winklevoss, DCG and Silbert were involved in a scheme to hide Genesis’s insolvency and deceive creditors. DCG is the parent company of Genesis. 

Silbert Hid “Gaping Hole on Genesis’s Balance Sheet”

Cameron Winklevoss has previously threatened to sue Silbert and DCG over the repayment of a $900 million loan after Genesis filed for bankruptcy. Gemini had a close connection to Genesis, and steered investors to the platform, through its Gemini Earn division.

In the complaint, Winklevoss claimed that when Gemini decided to terminate its Earn program in October 2022, Silbert contacted Gemini to convince the exchange to continue the program. “He did those knowing Genesis was massively insolvent,” claimed Winklevoss.

Cameron Winklevoss is the CEO and co-founder, with his twin brother, of Gemini. Source: TechCrunch Disrupt NY 2015 – Day 3

Genesis, the lender, powered Gemini Exchange’s Earn program, offering depositors yields of up to 8%. Depositors entrusted their funds to Genesis, which then lent them out to generate interest for Gemini’s customers.

In reality, Genesis had a gaping financial hole caused by the collapse of Three Arrows Capital (3AC). Instead of being honest about the losses, Genesis and DCG came up with a ruse, according to the complaint.

DCG allegedly pretended it had absorbed the losses of Genesis, and provided a ten-year promissory note with a low-interest rate. Genesis told its creditors and depositors that its parent company, DCG, had “absorbed” 3AC losses.

“This was a carefully crafted lie,” said Winklevoss on Twitter.

DCG, Genesis “Conspired” Against Creditors

The complaint by Gemini alleges that the promissory note was simply an accounting trick. Designed to make it look as if the struggling company had positive equity. In doing so, Genesis appeared solvent without DCG actually having to provide the cash.

Winklevoss alleged that Genesis and DCG conspired to make false financial reports, misrepresenting the value of the promissory note. They allegedly then hid this from Gemini and other creditors. He further accused DCG executives, including Mark Murphy (then COO and current president), of being aware of the deception and not correcting the false reports.

The complaint provides multiple “falsified” balance sheets that appear to show DCG and Genesis attempting to hide their financial distress. According to Winklevoss, this fraud involves the “direct participation” and cooperation of Barry Silbert, DCG, and Genesis.

DCG hit back on Twitter within hours, calling the legal action “yet another publicity stunt… to deflect blame and responsibility.” The firm denied any suggestion of wrongdoing and confirmed it expected Genesis’s Chapter 11 bankruptcy proceedings to conclude soon.

In January, the SEC named Genesis and Gemini in a complaint accusing the pair of offering and selling unregistered securities through Gemini’s Earn program. In May, Gemini attempted to have the complaint thrown out, arguing it was beyond the regulator’s scope.

#REXBOX #GEMINI #NEWS #crypto2023

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The world’s largest asset manager has added two high-flying executives to its Asia team. The timing is sensitive, as the firm and the market await the SEC’s approval of BlackRock’s spot Bitcoin ETF.

On Monday, news broke of two high-profile appointments to lead BlackRock’s Greater China and Singapore wealth teams, respectively.

BlackRock Refreshing Its Asia Line-Up

Dennis Quah will take on the role of Singapore Wealth head. He will concentrate on establishing partnerships with insurers, consumer banks, and private banks while collaborating with specialists to build client portfolios. Quah comes to BlackRock with twenty years of experience in Asian asset management, distribution, and product development. 

Mandy Lui will join BlackRock in the middle of August as head of Greater China Wealth. Lui will lead the department from a base in Hong Kong.

The firm, which has approximately $8.59 trillion dollars in assets in management as of December 31, 2022, is headquartered in New York. But the financial powerhouse’s global growth is relentless. It currently has 78 offices in 36 countries, with a prominent presence in all of the world’s leading cities.

But even an asset manager this ambitious faces significant turnover. The change to BlackRock’s Asia-Pacific team comes after Nicholas Chiu left the asset manager earlier this year.

Chui was the co-manager of the BlackRock GF China Fund, the BlackRock GF Asian Dragon Fund, the BlackRock GF China Flexible Equity Fund, and the BlackRock Asia Fund.

Amin Nasser Recently Joined From Saudi Aramco

The asset manager has recently made controversial changes to its top lineup. Including the hiring of executives who, some believe, do not fit BlackRock’s supposed profile as a socially conscious firm.

Last week, BlackRock added Amin Nasser to its board, joining from oil titan Saudi Aramco, the world’s largest oil company. Nasser was previously the CEO of the Saudi state-owned oil giant.

The change puzzled many, as BlackRock has been at the forefront of ethical investing and implementing environmental, social, and governance (ESG) standards. And rarely ceases to remind the public of this fact.

Even more concerning for BlackRock, and investors, are recent scams and the fear, uncertainty, and doubt (FUD) resulting from them. Such as the SEC going after a former executive for a conflict of interest involving movie ad investments.

It is a highly sensitive juncture. The firm is currently awaiting approval for the United States’ first spot Bitcoin ETF. Many speculate that the SEC will eventually approve the Bitcoin ETF, despite its initial rejection due to minor application errors.

#REXBOX #NEWS #Binance

Binance Recommends Coinmerce To Netherlands Users Amid Dutch Exit

Dutch crypto exchange Coinmerce is an option for Binance users looking to withdraw their funds as crypto’s largest exchange bows out of the Netherlands due to licensing complications.

The update was confirmed by both Binance in an email to Dutch users and a blog post from Coinmerce. “The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled transition,” said Coinmerce CEO Jaap de Bruijn on Thursday. Notably, the transfer is optional and free.

Binance is unable to continue servicing Dutch users after failing to secure a license from the Dutch Central Bank as a virtual asset provider. The company will exit the Netherlands and shut down its local business as announced last month.

Per an email sent to Dutch users, the platform chose Coinmerce as its local partner since it is regulated by the DNB since 2020. Coinmerce boasts a “nearly identical” list of cryptocurrencies as noted by the exchange in its email to users.

Binance In Europe

The Dutch Central Bank fined Binance $3.6 million (3.3 million euros) last year for operating without a license. Months later in 2023, the company is winding down local Dutch operations and referring users to a rival exchange.

French investigators stormed the platform’s Paris office as part of a probe into suspected money laundering. Australia’s securities regulator ASIC revoked the company’s license and also launched a probe into client classification at the exchange.

The company has reaffirmed its commitment to complying with local laws and working with regulators to secure licenses needed to service users across jurisdictions.

#Binance #BNB #NEWS #REXBOX #crypto2023

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RichQuack Accuses Hotbit of Rugpull 

Again, RichQuack claimed that its balance of around $100,000 in crypto, specifically USDT and QUACK went missing on the Hotbit platform. 

The DeFi project’s attempts to proceed with withdrawal have not been approved and until now, RichQuack says no answer has been given. BabyDogeCoin (BABYDOGE) and DogelonMars (ELON) seem to have been affected by the alleged rugpull. 

Some on-chain data insights have suggested that the exchange is busy engaging in dumping activities across different projects. According to BSC Scan, Hotbit has dumped 4,000 BNB worth of BABYDOGE on PancakeSwap and another $500,000 worth of ELON on Uniswap. 

Apart from RichQuack, no other projects or investors have reported any breach or attack so far.

Hotbit Shuts Down CEX Operations 

Noteworthy, the trading platform announced its decision to shutter its centralized exchange operations in June citing deteriorating operating conditions and changes in the broader crypto ecosystem. 

All users were, therefore, advised to withdraw their assets before June 21st. Before this tough decision was made, Hotbit had suspended withdrawals and deposits on its platform since August 2022 in the heat of the crypto winter. 

Law enforcement agencies had confiscated its assets during a criminal investigation that concerned a former employee. However, the firm was impacted much more by the implosion and bankruptcy filing of FTX Derivatives Exchange which happened in November. As Hotbit put it, the FTX collapse led to “continuous outflows of funds from CEX users … and deteriorating cash flow.”

Since the closure of its CEX operations, not much has been heard concerning the defunct crypto exchange until now. No official response has been made by Hotbit.

#REXBOX #HOTBIT #crypto2023 #NEWS

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