Hong Kong’s Markets:
The watchdog for Hong Kong’s financial markets has warned against the dangers of online platforms for depositing cryptocurrencies and other digital assets.
The Securities and Futures Commission (SFC) issued a statement warning of the “potentially substantial dangers” connected to so-called “virtual asset arrangements.”
In a turbulent period for the bitcoin market, the news was made.
The creator of the defunct cryptocurrency exchange FTX, was detained and charged last week.
“Even while some VA [virtual asset] Arrangements are frequently advertised or marketed as “deposits” or “savings” products, they are not subject to the same regulations as bank deposits and are not equivalent to them. No type of protection is offered to investors, “said the SFC.
It said, “They should only make an investment if they completely understand them and face the possible significant or total losses.
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It happened after Sam Bankman-Fried, the creator of the defunct cryptocurrency exchange FTX, was detained on Monday in The Bahamas.
Authorities in the US accused him of committing “one of the largest financial frauds in US history” within hours.
FTX CEO:
According to Gary Gensler, chair of the Security and Exchange Commission (SEC), the former FTX CEO constructed a “house of cards on a foundation of lies.”
A judge in the Bahamas dismissed Mr. Bankman-request Fried’s for bail later on Tuesday.
He was remanded on detention at a jail until February 8 after Bahamas Chief Magistrate JoyAnn Ferguson-Pratt rejected the petition for his release on bail due to a “great” danger of escape.
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.
I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. 💪
— CZ 🔶 Binance (@cz_binance) December 13, 2022
Twitter’s original tweet was seen.
After announcing that it will “temporarily stop” withdrawals of the USDC stablecoin, competitor exchange Binance has seen more than $1 billion over the past 24 hours.
The largest cryptocurrency exchange in the world saw user withdrawals of $1.9 billion, according to blockchain data company Nansen.
Changpeng Zhao, also known as CZ, the CEO of Binance, estimated the amount to be roughly $1.14 billion.
“We have net withdrawals on some days and net deposits on other days. For us, it’s business as usual “In a tweet, he added.
Cryptocurrencies are not real money in the classic sense; instead, they are digital assets that function more like securities or investment vehicles, frequently with high levels of volatility.
Because of their anonymity, they have been used for illegal activities, including drug trafficking and ransomware attacks. Still, their defenders claim the tremendous potential for innovation and freedom from a centralized authority.
Conclusion:
This year, the value of other digital assets, as well as the largest cryptocurrency in the world, Bitcoin, has decreased significantly.
