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MEXC Global Vice President Andrew Weiner Explains The Appeal Of Futures Trading

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MEXC Global Vice President Andrew Weiner Explains The Appeal Of Futures Trading

A 6-year veteran of the crypto industry, Andrew Weiner serves as the Vice President of MEXC Global. As the former executive of RegTech and digital identity pioneer iComplyKYC, he worked with notable brands that include Thomson Reuters, ComplyAdvantage, IBM, Mastercard, Deloitte, and KPMG to deliver innovative solutions to Virtual Asset Service Providers in over 170+ countries.

Andrew recently joined the Bitcoin.com News Podcast to talk about the appeal of futures trading, the importance of liquidity, regulatory challenges and why “the Western market is four-years behind Asia”:

Andrew Weiner, Vice President, MEXC Global

About MEXC

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MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 10 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,700 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories.

Official website: www.mexc.com

Official Blog: blog.mexc.com

MEXC Global twitter: twitter.com/MEXC_Global

M-Ventures twitter: twitter.com/MVenturesLabs

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The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: CME Group To Face Off With FTX After Filing For Futures Commission Merchant Status

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Report: CME Group To Face Off With FTX After Filing For Futures Commission Merchant Status

According to a recent report, the world’s largest derivatives exchange CME Group is looking to register as a direct futures commission merchant (FCM). CME Group’s decision follows the digital currency exchange FTX, as the crypto company applied to become a derivative clearing organization and awaits approval from the U.S. Commodity Futures Trading Commission (CFTC). If CME Group is approved to be an FCM, the company can bypass third-party brokers and offer futures directly on the CME platform.

Derivatives Exchange CME Group Registers for FCM While FTX Awaits CFTC Approval

The world’s largest financial derivatives exchange, CME Group, has reportedly filed paperwork to become a futures commission merchant (FCM), according to a report published by the Wall Street Journal (WSJ). WSJ author Alexander Osipovich explained CME filed the registration in August and Osipovich opines that the company is “taking cue from [the] crypto rival FTX.”

If CME Group’s FCM registration is approved, CME will be able to offer derivatives directly without the need for brokerage houses like TDAmeritrade, Saxo Bank Interactive Brokers, Robomarkets, and Grandcapital. FTX is awaiting approval from the CFTC to become a derivatives clearing organization. Last March, the CFTC opened public comments so it could get insight into FTX’s proposal. In mid-May, CME Group chair and chief executive officer Terry Duffy wrote that the move by FTX could present “market risk.”

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“FTX’s proposal is glaringly deficient and poses [a] significant risk to market stability and market participants,” Duffy opined at the time. “FTX proposes to implement a ‘risk management light’ clearing regime that would significantly increase market risks by potentially removing up to $170 billion of loss-absorbing capital from the cleared derivatives market, eliminating standard credit checks, and destroying risk management incentives by limiting capital requirements and mutualized risk.”

The report written by Osipovich details that the chairman and chief executive of Advantage Futures, Joseph Guinan, says the move could be very dramatic. “I would not expect the CME to go down the path where they compete directly with FCMs for clients,” Guinan remarked. “However, if they did go down this path, that would be a game-changer for the FCM industry and a dramatic concern for every FCM.”

While the CFTC weighs in on the FTX proposal, Osipovich cited Craig Pirrong, a finance professor at the University of Houston when he said that CME’s FCM decision was a response to the FTX plan. “From a philosophical perspective, they would prefer not to do this,” Pirrong said on September 30. “But in the event that the CFTC does approve the FTX model, from a competitive perspective, they may feel that they have to do this.”

Osipovich also published commentary from a CME Group spokesperson who commented on CME’s FCM August filing. “Our commitment to the FCM model and the significant risk management benefits it provides to all industry participants remains unwavering,” the CME Group representative said. In terms of bitcoin (BTC) futures volume, FTX and CME Group have relatively the same amount of bitcoin futures open interest and BTC futures trade volume as well.

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bitcoin futures, CME Group, CME Group CEO, CME Group chair, Craig Pirrong, derivatives, derivatives exchange, derivatives markets, ftx, FTX Exchange, Futures, futures exchange, Grandcapital, Joseph Guinan, Options Exchange, Robomarkets, Saxo Bank Interactive Brokers, TDAmeritrade, Terry Duffy, trading

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What do you think about CME Group going face to face with FTX by applying for a futures commission merchant status? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bank of Spain

Spanish Securities Regulator Orders Binance To Stop Offering Cryptocurrency Derivatives

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Spanish Securities Regulator Orders Binance To Stop Offering Cryptocurrency Derivatives

The Spanish securities regulator, the CNMV, has ordered Binance to stop offering cryptocurrency derivative products to customers in the country. According to local media, the crypto exchange giant has followed the orders of the regulator, withdrawing these products from its customers in Spain.

Spanish Securities Regulator Sets Eyes on Binance

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The CNMV, which is the Spanish securities regulator, is putting more pressure on exchanges offering cryptocurrency-linked derivatives in the country. Binance, one of the biggest exchanges in the world by volume traded, has been required to drop the offer of cryptocurrency-related derivatives, like futures contracts, for customers in the country, according to local media.

The purpose of the measure is ostensibly to protect investors using such products as investment tools. The regulator warned last year about the danger of derivatives, stating they increase the complexity of trading operations, and also can cause investors to lose even more than the initial investment capital.

Binance has reportedly withdrawn all of its derivatives offerings from its investments page for Spanish users, preventing them from opening new operations. However, the operations that were already open are being maintained in the same state, as the exchange awaits more feedback from the regulator.

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Gray List

Binance is following the orders of the Spanish regulator as a way of getting the needed permits to establish its operations in the country. Currently, the exchange is in regulatory limbo, being mentioned in a gray list that was published last year with several cryptocurrency exchanges that also operate in Spain. However, Binance has been in talks with the CNMV to get out of this current state and get approval from the Bank of Spain.

The exchange has been in talks to get licenses from the Bank of Spain and the securities regulator since January, but there has not been a positive answer from either as of writing. At the time, Alberto Ortiz, country manager of Binance in Spain, declared:

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By joining the Bank of Spain registry we hope to encourage other firms to do the same.

However, other exchanges have already been greenlighted by the Bank of Spain. Bit2me, a local exchange, was the first one to receive this license, and others have followed since.

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What do you think about the restriction imposed by the CNMV on Binance in Spain? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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30 day data

Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across The Board Last Month

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Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across The Board Last Month

Digital currency markets have been tumultuous during the past month as bitcoin shed 15.43% and ethereum dropped 17.49% against the U.S. dollar. Moreover, crypto spot volumes are down 18.95% lower than the month prior, and both futures and options volumes were down in April as well. Lower than average trade volumes typically suggest overall interest has declined, and investors may be waiting on the sidelines for lower prices.

April’s Crypto Market Spot Volumes Slip Close to 19% Lower Than Last Month

The crypto economy ended the month of April in the red, as most digital assets suffered losses during the last few weeks. At the time of writing, all ten of the top crypto assets are down significantly as they lost between 10.39% to 31.43% during the trailing 30 days. Metrics further indicate that April’s cryptocurrency exchange volumes dropped 18.95% lower than in March.

As of May 1, 2022, bitcoin lost 15.43%, ethereum dropped 17.49%, BNB slipped by 10.39%, solana slid 31.43%, and XRP lost 25.27% over the last 30 days. Trailing 30 day data indicates that terra is under 27.66%, cardano dropped 31.39%, but dogecoin only shed 3.46% this past month.

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Statistics show that during the month of March, $739.4 billion in trade volume was recorded, in terms of overall crypto spot market volume. April’s spot volume, according to the Block’s Legitimate Index and Crypto Compare metrics, came in at $599.22 billion.

30 Day Crypto Derivatives Volume Slide, Dex Volumes Slip, NFT Sales Increased by 64%

The same can be said for crypto derivatives markets as data indicates April saw $1.06 trillion in bitcoin futures volume, while $1.32 trillion was recorded in March. April’s statistics, in terms of bitcoin futures open interest, are lower during the past 30 days as well.

Today, there is $14.58 billion in futures open interest, and a month ago there was $16.59 billion in bitcoin futures open interest. Bitcoin options volume from Deribit, CME, Okex, Bit.com, Ledgerx, FTX, and Huobi was lower in April than the month prior. In March, there was $20.77 billion in bitcoin options volume, while April’s bitcoin options volume saw $15.81 billion.

NFT sales data between March 1st to April 1, 2022.

Furthermore, the recent defi report covered by Bitcoin.com News indicates that April’s decentralized exchange (dex) trade volumes were 21% less than in March. In March dex trade volume was $117 billion, while April’s dex trade volume recorded $92.18 billion.

Non-fungible token (NFT) sales, on the other hand, saw a 39.25% increase during the last seven days, which bumped NFT sales over the last month up 64.44%. Moonbirds was the top-selling NFT collection this past month with $492 million in global sales.

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Tags in this story

30 day data, April, Bit.com, Bitcoin, Bitcoin options volume, Block’s Legitimate Index, bnb, Cardano, CME, Crypto Compare, deribit, derivatives, dex volumes, dogecoin, Ethereum, ftx, Futures, LedgerX, March, Month Stats, NFT sales, Okex, options, Solana, Spot Volumes, Terra

What do you think about the crypto market action during the last 30 days? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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