3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange Christian Nwobodo · 6 hours ago · 1 min read Kyle Davis and Su Zhu will join CoinFLEX co-founders Mark Lamb and Sudhu Arumugam as the founding team of GTX.1 min read Updated: January 16, 2023 at 2:40 pm Cover art/illustration via CryptoSlate Defunct Three Arrows Capital’s (3AC) co-founders Kyle Davies and Su Zhu — along with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam — are looking to raise about $25 million to launch a new crypto exchange called GTX.GTX is designed to help creditors of bankrupt exchanges like FTX, Celsius, BlockFi and Mt.Gox lay claims on their holdings and used the claims for trading.According to a pitch deck made available to CryptoSlate, the GTX team is looking to raise about $25 million to fully develop the exchange.The funds will be used to streamline the onboarding process for creditors of bankrupt exchanges.If the fundraising is completed, GTX said it expects to launch its product by end of February 2023.Read Our Latest Market Report Recent 3AC Stories Binance launches off-exchange custodial settlement platform Mike Dalton · 4 seconds ago · 1 min read Institutional users can “mirror” funds in custody to their exchange account.
1 min read Updated: January 16, 2023 at 9:46 pm Cover art/illustration via CryptoSlate Binance announced on Jan.16 the launch of a settlement platform that will allow institutional users to access exchange services while storing funds off-exchange.The new service, called Binance Mirror, will be available to institutional users who lock their assets in Binance Custody’s cold storage service.
Those users will be able to “mirror” the balance in their custodial account to their exchange account.Then, they will be able to use the mirrored funds with Binance’s various trading and investment products, including VIP Loans.Binance has offered its custodial service since 2021.Athena Yu, VP of Binance Custody, commented on how the platform has developed since then.She said: We spent much of last year refining [Binance Custody’s] operations to help our clients unlock the liquidity of their assets held in our cold storage… [We] can’t wait to introduce our upcoming new features that will elevate Binance Mirror’s functionality even further.
Though Binance Mirror was not officially unveiled until today, it seems that Binance has been offering the service for some time.The company said that mirrored assets currently make up 60% of all assets on its custody platform.It also said that assets mirrored from custody to exchange accounts increased by 67% during the last quarter of 2022.Binance did not reveal how much is stored in its custodial or mirror program.The company’s recent proof-of-reserves statement suggests that it has $69 billion of crypto holdings, though it is not clear that the statement accounts for all of its funds.Though Binance Custody is not of use to retail users, it is of interest to institutional users who must store funds with qualified institutions according to certain security standards.
Other notable institutional custody providers include BitGo, Coinbase Custody, Bakkt, Gemini, Fidelity Digital Assets, and Nasdaq.Read Our Latest Market Report Bankruptcy Monex Group shows interest in buying FTX Japan Monex Group shows interest in buying FTX Japan Soumen Datta · 1 hour ago · 1 min read Due to Japan’s liberal regulations, the crypto market in the country has a lot of potential, according to Monex’s CEO.1 min read Updated: January 16, 2023 at 8:25 pm Cover art/illustration via CryptoSlate Investment advisory firm Monex Group expressed interest in buying FTX Japan, the Japanese subsidiary of bankrupt exchange FTX, Bloomberg News reported on Jan.16.Monex CEO Oki Matsumoto told Bloomberg that less competition within the local market would invest a “very good thing” for the firm.Matsumoto said, “Generally speaking, we naturally are interested.” Furthermore, Matsumoto noted that the crypto market in Japan has a lot of potential because companies might use nonfungible tokens for marketing campaigns or invest in digital assets due to liberal Japanese regulations.Thus, the Monex CEO hopes to establish the company as one of the most preferred options for local customers.
As part of Monex’s diversification efforts, it also acquired Coincheck Inc., the exchange that hackers attacked in 2018.It acquired the company to enhance its equities and foreign exchange services portfolio.Monex also bought 100% shares of ChatBook Ltd.in July 2022.
FTX Japan to allow customers to withdraw funds Formerly known as Liquid, FTX Japan offered spot and derivative trading services.The US court earlier approved the sale of FTX’s Japanese and European subsidiaries while the firm is still in bankruptcy proceedings.At the end of September, FTX Japan held approximately 10 billion Yen ($78 million) in net assets and 17.8 billion Yen ($13.88 million) in cash and deposits.
The company is expected toallow its customers to withdraw money next month.
Read Our Latest Market Report Recent FTX Stories The body ensuring that consumer rights are respected in Poland has initiated proceedings against a crypto exchange falsely claiming to be Polish.The trading platform also misled customers that it was operating with the regulatory approval of the financial authorities in the country.Belize-based Exchange Risks Hefty Fine in Poland for Allegedly Deceiving Crypto Traders The Polish Office of Competition and Consumer Protection (UOKiK) is pressing charges against Good Solution Investments Ltd., the operator of Kanga Exchange.According to the agency, the coin trading platform claims that its “business model” has been approved by the Polish Financial Supervision Authority (KNF).
“Kanga Exchange has never received the approval it refers to.Moreover, its activities are not subject to supervision or evaluation by the KNF.
Providing such information could mislead consumers as to the legality and safety of the performed operations,” the head of UOKiK, Tomasz Chróstny, explained in an announcement.The crypto market in Poland is not specifically regulated as it’s not considered part of the financial market, the office noted.So far, KNF has published only a warning of the risks associated with the acquisition and trading of crypto assets.
UOKiK established that the false information about the Polish regulatory approval was published on two websites, kanga.exchange and kangakantor.pl.Kanga Exchange also promoted itself as a “Polish cryptocurrency exchange” when its operator is registered in the Caribbean nation of Belize.According to its terms, the law applicable to the contracts with users is also the one of Belize.
Just because a person authorized to represent the company is a citizen of Poland does not justify the claims that the product offered is of Polish origin, Chróstny elaborated further.Misleading consumers in that regard may impact their financial decisions.Had they known that Poland’s legislation was not applicable, they could have chosen not to use its services, he pointed out.If the charges against it are confirmed, Good Solution Investments would face a fine of up to 10% of its turnover for violating collective consumer interests.
The company’s name is also on a warning list issued by the KNF and the case is being examined by the District Prosecutor’s Office in Warsaw.The Office of Competition and Consumer Protection has taken action regarding other cryptocurrency platforms before, including Coincasso OÜ, which it fined, the Lodz-based Selfmaker Technology, and the Dubai-registered Selfmaker Smart Solutions, suspected of running a pyramid-like promotional system.Tags in this story agency, Belize, Case, Charges, consumer protections, Consumers, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Kanga Exchange, Law, Legislation, misinformation, Office, Poland, polish, Regulations, rules, UOKiK What do you think about the case against Kanga Exchange in Poland? Share your thoughts on the subject in the comments section below.Lubomir Tassev Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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