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Singapore’s MAS says FTX does not operate in the country

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Singapore’s MAS says FTX does not operate in the country

Singapore’s MAS says FTX does not operate in the country Oluwapelumi Adejumo · 4 hours ago · 2 min read

The financial regulator argued that it did not have have cause to list FTX on its Investor Alert List.

2 min read

Updated: November 14, 2022 at 2:02 pm

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Cover art/illustration via CryptoSlate

The Monetary Authority of Singapore (MAS) stated that the bankrupt crypto exchange FTX does not operate in the country, Wu Blockchain reported on Nov. 14.

The Monetary Authority of Singapore (MAS) response to the FTX incident: https://t.co/VMoN0hPYvm pic.twitter.com/HizRtXXNvw

— Wu Blockchain (@WuBlockchain) November 14, 2022

The report noted that the embattled exchange was “neither licensed nor exempted from licensing in Singapore.”

It continued that the exchange could onboard Singapore users because authorities could not prevent its citizens from “directly accessing overseas service providers.”

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Binance is not banned in Singapore

MAS also responded to speculations that it specifically targeted Binance with its regulatory effort, which allowed FTX to gain ground in the country.

According to the regulator, it only lists entities that may be “wrongly perceived” as being regulated on its Investor Alert List (IAL), adding that while Binance was not banned in Singapore, the exchange does not “have the requisite license to solicit customers from Singapore and had to cease doing so.”

“It would not be meaningful for MAS to list all unlicensed entities on the IAL. MAS did not have cause to list FTX on the same basis as Binance.”

Quinone and FTX are separate entities

The financial regulator further clarified that Quinone, an FTX subsidiary that operates a Singapore-based liquid exchange, is a separate legal entity in the country.

According to the authorities, Quinone is currently exempted from licensing while its license application is under review. The regulator said it is reviewing the application carefully, considering recent developments.

The watchdog further added that it had not required FTX to migrate its Singapore users to Quoine.

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Quinone is one of the 134 companies affected by FTX’s bankruptcy filing on Nov. 11.

FTX is currently under strict regulatory scrutiny. Bahamas’ financial watchdog said it did not direct nor authorize FTX to prioritize local withdrawals. The exchange is also facing a U.S. Securities and Exchange Commission probe over its handling of clients’ funds.

Exchanges

XeggeX sets industry standards for exchange transparency

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XeggeX sets industry standards for exchange transparency

Disclosure: This is a sponsored post. Readers should conduct further research prior to taking any actions. Learn more ›

The recent collapse of the FTX exchange has made transparency a crucial topic in the crypto community. For a long time, several stakeholders have been advocating for more openness in exchanges. The incident has led many exchanges to provide their Proof of Reserves. But in most cases, the exchanges only shared proof of assets without corresponding proof of liabilities. Fortunately,  XeggeX is taking a different path.

The full-service cryptocurrency exchange has developed a Proof of Assets and Proof of Liabilities page using the Merkle Tree approach, aggregating all customer balances while keeping private information safe. This way, it is possible for users to verify that the exchange is holding their assets.

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Although XeggeX is a small cryptocurrency exchange focusing on low-cap tokens, it prioritizes customer trust. Its Proof of Reserves page allows all registered users to verify that their assets are stored on the exchange. The page is easily navigable, and users won’t have any problems as long as they are logged in.

The exchange signs a message for each address, making it possible for users to verify the assets cryptographically. The Merkle tree standard means that users verify their assets on the blockchain, which is immutable and cannot be manipulated. This is the approach that industry stakeholders have encouraged, even though no major exchange is yet to implement it.

XeggeX has designed the page to update every six hours to ensure that the information provided is relevant and accurate. This makes it easy to track liquidity on the exchange and ensure that the exchange is solvent. Proof of Reserves and Proof of Liabilities are integral to Proof of Solvency. Users can check the code for the Merkle tree on GitHub.

The FTX implosion significantly affected customers’ confidence in centralized exchanges. The proof of reserves and liabilities is part of XeggeX efforts to ensure that customer assets are safe while it rebuilds this trust. This development distinguishes XeggeX from other centralized exchanges and sets a standard that other crypto exchanges need to follow.

The exchange already implements cold storage, two-factor authentication, encrypted wallets, live backups, etc. Also, XeggeX does not invest customers’ assets, and every deposit is safely custodied until the customer wants to withdraw it. While many other centralized exchanges have also made the same claim, XeggeX Proof of Reserves and Liabilities means users don’t have to rely on the words alone; they can verify.

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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations

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Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations

Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations Samuel Wan · 40 mins ago · 2 min read

YouTuber Coffeezilla gives his take on a Tiffany Fong interview with Sam Bankman-Fried, in which he claimed to be a secret Republican donor.

2 min read

Updated: November 30, 2022 at 2:09 pm

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Cover art/illustration via CryptoSlate

Former FTX CEO Sam Bankman-Fried (SBF) gave his first interview with “citizen journalist” Tiffany Fong post-collapse.

The pair discussed multiple aspects of the FTX saga, including the “backdoor,” FTT as collateral, and his regrets. But of particular interest were SBF’s comments on dark money donations made to Republican politicians.

It is widely known SBF was a significant supporter of the Democrat administration. His $37 million donations made him the party’s second-biggest donor, after investor George Soros.

Some speculate this link is a factor in the lack of criminal proceedings against him. For example, lawyer John E. Deaton questioned why authorities have failed to respond, calling the criminal justice system “compromised.”

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Let me make this clear if SBF isn’t arrested and charged with fraud, wire-fraud, theft, and possibly money laundering before and instead gets to spew out his bullshit narrative, our system of justice has been compromised. @ewarren you claim to be for the little guy, where are you https://t.co/cdmOa7U0an

— John E Deaton (@JohnEDeaton1) November 23, 2022

However, based on Fong’s interview, it seems SBF has more political clout than first thought.

Sam Bankman-Fried played both sides

In recent months, Fong’s investigations into Celsius, and now FTX, have earned her a reputation for sound investigative journalism.

During the 20-minute interview, the issue of political donations cropped up, with SBF saying he donated “about the same amount” of money to both parties. Further, donations to the Republican party were “dark.”

“I donated to both parties, I donated about the same amount to both parties… All my Republican donations were dark.”

Explaining why he chose this route, SBF said it was not for regulatory reasons. Rather, it was to quell the potential backlash from left-biased news outlets.

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“It’s because reporters freak the f*ck out if you donate to Republican. They’re all secretly liberal and [I] didn’t want to have that fight, so I made all the Republican ones dark.”

Coffeezilla speaks

Chiming in on the disclosure, YouTuber Coffeezilla aka Stephen Findeisen, said there was a lot to unpack with SBF’s comments.

Firstly, referring to SBF’s now infamous tweet in which he said “FTX is fine,” Coffezilla said he is skeptical about whether the former CEO is telling the truth. Nonetheless, whether he is lying or not, it is a lose-lose situation for SBF.

Sharing his insights, Coffeezilla said it goes to show that SBF has no political agenda, only that he wanted to be powerful and to be seen to care, “that’s why he played both sides.”

“If he’s lying, this looks bad for him. But if he’s telling the truth it looks worse. It shows you how cynical Sam was. He never cared about politics. He cared about power and perception”

Coffeezilla continued by saying this mindset is about “trying to craft an image.” With the generous billionaire image in tatters, SBF is now trying to deflect the criminal narrative into one of “the smart guy who made an embarrassing mistake.”

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Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume

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Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume

Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume Oluwapelumi Adejumo · 4 hours ago · 2 min read

Binance now controls over 75% of exchnages’ monthly trading volume, according to available data.

2 min read

Updated: November 30, 2022 at 11:53 am

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Cover art/illustration via CryptoSlate

Binance has re-entered the Japanese market with its acquisition of Sakura Exchange BitCoin (SEBC), according to a Nov. 30 announcement.

#Binance Acquires JFSA Registered Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliancehttps://t.co/xfdnaY2hiO

— CZ 🔶 Binance (@cz_binance) November 30, 2022

The Changpeng Zhao-led exchange revealed that it bought a 100% stake in the Japanese-regulated exchange for an undisclosed sum, giving it its first license in East Asia.

Speaking on the development, Binance Japan’s general manager, Takeshi Chino, said:

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“We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

Binance exited the Asian country in 2018 after Japan’s Financial Services Agency (JFSA) ordered it to stop operating without a license. The financial watchdog issued another warning in 2021 that the exchange had failed to register with regulators.

With this move, Binance can expand its influence and market dominance, which has increased significantly since FTX’s recent collapse.

The crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, etc. though some of the approvals have drawn the ire of some lawmakers.

Binance makes up 75% of all exchange trading volume

Crypto analyst Miles Deutscher highlighted that Binance now controls 75% of all crypto exchanges volume as of Nov. 29, citing data from The Block. According to the data, its closest rival, Coinbase, controls only 11.6% of the crypto trading volume.

Binance now has 75% of all exchange volume. 🤯 pic.twitter.com/ZTwbnb0RMP

— Miles Deutscher (@milesdeutscher) November 30, 2022

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Nomics data confirms Binance’s dominance in its 24 hours trading volume metrics. According to the data aggregator, Binance’s trading volume was $38.53 billion in the last 24 hours, which accounted for 18.69% of all trades.

Its closest rival was OKX which processed 4.46% ($9.20 billion) of all crypto exchanges’ trading volume.

Other top rivals like Coinbase, ByBit, KuCoin, Huobi Global, Gate.io, and Kraken processed less than 10% of exchanges’ trading volume cumulatively in the last 24 hours.

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