Crypto Market Highlights October 16, 2021

CFTC punishes Tether for lying & Bitfinex for “illegal” trading, BIT Mining announces that its subsidiary is leaving China, etc. are the highlights of the crypto market in the past 24 hours.

Crypto Market Highlights: Legal News

The US Commodity Futures Trading Commission (CFTC) announced that it has issued an order simultaneously indicting Tether Holdings Limited, Tether Limited, Tether Operations Limited and Tether International Limited (d / b) / a Tether) for false or misleading representations filing and settling statements and omitting an important fact regarding the most popular stablecoin, tether (USDT). The order requires Tether to pay a civil penalty of $ 41 million.

In addition, the CFTC has issued a separate order in which fees against iFinex Inc., BFXNA Inc. and BFXWW Inc. (d / b / a Bitfinex) in connection with their operation of the cryptocurrency trading platform Bitfinex. The order indicates that Bitfinex conducted illegal retail forex trading transactions using digital assets with US persons on the trading platform and acted as a Futures Commission Seller (FCM) without the required registration. The order requires Bitfinex to pay a civil fine of $ 1.5 million.

Crypto Market Highlights: New Product and Service News

According to CNBC, the U.S. mortgage lender is giving up plans to accept cryptocurrencies as payment due to a lack of interest rates. The team says borrowers “like it” and “say great,” but that the ability to trade crypto was “not a motivator”.

López Obrador, President of Mexico, said that cryptocurrency is not “real money” and ruled out accepting it as legal tender, according to the local outlet El Financiero. He also added that he supports “orthodoxy” in financial matters.

The 3D virtual reality platform Decentraland is organizing a four-day “Metaverse Festival” from October 21st. Guests include Paris Hilton, Deadmau5, Alabaster dePlume, and 3LAU.

Crypto Market Highlights: Regulatory News

Cryptocurrency exchange Coinbase has released a proposal for a Digital Assets Directive that will propose to U.S. Congress to pass laws regulating cryptocurrency exchanges, which it calls the Digital Assets Marketplace (MDA), and create a registration process for these companies. Coinbase’s proposal suggests four “regulatory pillars” to guide the process: regulating digital assets in an industry-specific framework, creating a new regulator, introducing fraud protection and disclosure requirements for crypto companies, and promoting interoperability.

Crypto Market Highlights: Mining News

Cryptocurrency mining company BIT Mining has announced that mining pool subsidiary BTC.com will exit the mainland China market. In order to comply with local regulations, BTC.com will cease registering new users from mainland China and is expected to begin removing accounts of existing users from mainland China starting October 15.

Crypto Market Highlights: Stock Market News

Bitfinex has announced that it has increased the volume of high-performance servers in its data center in Zug by doubling the capacity as the demand for digital token trading between hedge funds, institutional home investments and family offices has increased. Their new level of service is “on par with that of the major stock exchanges,” they claim.

Crypto Market Highlights: CBDCs News

The Bank of Japan (BoJ) will seek to develop a central bank digital currency (CBDC) that can easily coexist with private payment methods, CEO Shinichi Uchida said in a statement. CBDCs should be made with “relatively simple, easy-to-cook materials,” he added.

Crypto Market Highlights: NFTs News

The auction house Sotheby’s has launched its own Ethereum (ETH) -based marketplace for non-fungible tokens (NFT) called Sotheby’s Metaverse. Their first sale will be NativeDigital, with 53 pieces from 19 NFT collectors and opening on October 18th.

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