FTX becomes first exchange to receive crypto license in Dubai
Crypto exchange FTX on Friday said it received the "Minimum Viable Product" license from Dubai’s Virtual Assets Regulatory Authority, becoming the first crypto exchange to receive the approval. Previously, FTX received only a temporary license.
The FTX Exchange FZE, a subsidiary of FTX’s division in Europe and the Middle East will offer regulated crypto derivatives products and trading services to institutional investors. Along with that, crypto exchanges will operate an NFT marketplace and provide custodial services.
"FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world," FTX CEO Sam Bankman-Fried said in a press release on Tuesday.
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Crypto exchange FTX on Friday said it received the "Minimum Viable Product" license from Dubai’s Virtual Assets Regulatory Authority, becoming the first crypto exchange to receive the approval. Previously, FTX received only a temporary license.
The FTX Exchange FZE, a subsidiary of FTX’s division in Europe and the Middle East will offer regulated crypto derivatives products and trading services to institutional investors. Along with that, crypto exchanges will operate an NFT marketplace and provide custodial services.
"FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world," FTX CEO Sam Bankman-Fried said in a press release on Tuesday.
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Export of goods from Turkey to Russia increased by 46% in a year
In June, Turkey exported over $790 million to Russia, up 46% year-on-year and 52% more than the previous month. Such an increase allows the country to become the fourth largest supplier in the Russian market after Germany ($1.1 billion), Belarus ($1.65) and China ($5 billion).
According to the Turkish Statistical Institute, the volume of Turkish imports to Russia hit a record for at least a month since the beginning of 2010. The export of Turkish fruits showed a noticeable increase, while the supply of machinery, equipment and components also surged.
At the same time, Russia's share in Turkey's total exports for the first half of the year is 2.3% ($2.9 billion), while Turkey's share in Russian exports is 16% ($27.7 billion).
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In June, Turkey exported over $790 million to Russia, up 46% year-on-year and 52% more than the previous month. Such an increase allows the country to become the fourth largest supplier in the Russian market after Germany ($1.1 billion), Belarus ($1.65) and China ($5 billion).
According to the Turkish Statistical Institute, the volume of Turkish imports to Russia hit a record for at least a month since the beginning of 2010. The export of Turkish fruits showed a noticeable increase, while the supply of machinery, equipment and components also surged.
At the same time, Russia's share in Turkey's total exports for the first half of the year is 2.3% ($2.9 billion), while Turkey's share in Russian exports is 16% ($27.7 billion).
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Michael Saylor allows Ethereum’ instability in next 3 years
MicroStrategy CEO Michael Saylor, speaking at the Blockchain Economy Istanbul Summit, criticized Ethereum on the eve of the Merge upgrate.
Saylor noted that it is important for institutional investors to see the finished version of the protocol, pointing to Ethereum founder Vitalik Buterin, who recently said the blockchain is about 40% done. "Every time you do a big upgrade you introduce new attack surfaces," he added.
MicroStrategy CEO admitted that Ethereum could be unstable in the next three years. Moreover, Ethereum's monetary policy could change over this period, while Bitcoin's monetary policy has been decided for the next 1,000 years, he said.
Saylor considers it crucial that no individual can change the Ethereum protocol so that investors can be sure that the assets they held wouldn't be diluted. Therefore, he does not invest in Dogecoin and shares of some large technology companies.
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MicroStrategy CEO Michael Saylor, speaking at the Blockchain Economy Istanbul Summit, criticized Ethereum on the eve of the Merge upgrate.
Saylor noted that it is important for institutional investors to see the finished version of the protocol, pointing to Ethereum founder Vitalik Buterin, who recently said the blockchain is about 40% done. "Every time you do a big upgrade you introduce new attack surfaces," he added.
MicroStrategy CEO admitted that Ethereum could be unstable in the next three years. Moreover, Ethereum's monetary policy could change over this period, while Bitcoin's monetary policy has been decided for the next 1,000 years, he said.
Saylor considers it crucial that no individual can change the Ethereum protocol so that investors can be sure that the assets they held wouldn't be diluted. Therefore, he does not invest in Dogecoin and shares of some large technology companies.
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Today Ethereum celebrates its 7th birthday!
On July 30, 2015, the Ethereum network was launched. Since then Ethereum has grown to become the second-largest cryptocurrency by market cap, managed to generate over 15,200,000 blocks and hit $4,800.
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On July 30, 2015, the Ethereum network was launched. Since then Ethereum has grown to become the second-largest cryptocurrency by market cap, managed to generate over 15,200,000 blocks and hit $4,800.
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Santander to launch crypto trading services in Brazil
Spanish banking multinational Santander plans to offer crypto trading to its clients in Brazil in the coming months, Santander Brazil CEO Mario Leao said on Thursday.
Speaking to journalists on Thursday, Santander Brazil CEO Mario Leão reportedly said that the bank hopes to share more information on the matter in the next few months, possibly during the publication of its next quarterly results.
Santander’s Brazilian subsidiary is also mulling the use of blockchain technology to tokenize traditional market assets, such as debt securities issued by companies, with the goal of making these assets accessible to a wider audience.
Earlier in March, Santander launched loans in Argentina for farmers collateralized with tokenized commodities in partnership with Agrotoken, an Argentina-based agricultural commodities tokenization platform.
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Spanish banking multinational Santander plans to offer crypto trading to its clients in Brazil in the coming months, Santander Brazil CEO Mario Leao said on Thursday.
Speaking to journalists on Thursday, Santander Brazil CEO Mario Leão reportedly said that the bank hopes to share more information on the matter in the next few months, possibly during the publication of its next quarterly results.
Santander’s Brazilian subsidiary is also mulling the use of blockchain technology to tokenize traditional market assets, such as debt securities issued by companies, with the goal of making these assets accessible to a wider audience.
Earlier in March, Santander launched loans in Argentina for farmers collateralized with tokenized commodities in partnership with Agrotoken, an Argentina-based agricultural commodities tokenization platform.
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Israel bans use of cash for purchases over $1,700
From August 1, a new law will come into force in Israel prohibiting payments in cash and bank checks in excess of NIS6,000 ($1,700). The goal of the reform is to fight organized crime, money laundering and tax non-compliance.
Under the new law, any payment to a business over NIS6,000 must be made using alternative methods such as digital transfer or debit card. Trading between individuals who are not listed as business owners will be limited to NIS15,000 ($4,360) in cash.
"We want the public to reduce the use of cash money," said Tamar Bracha, tasked with executing the rules on behalf of the Israel Tax Authority. "The goal is to reduce cash fluidity in the market, mainly because crime organisations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out."
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From August 1, a new law will come into force in Israel prohibiting payments in cash and bank checks in excess of NIS6,000 ($1,700). The goal of the reform is to fight organized crime, money laundering and tax non-compliance.
Under the new law, any payment to a business over NIS6,000 must be made using alternative methods such as digital transfer or debit card. Trading between individuals who are not listed as business owners will be limited to NIS15,000 ($4,360) in cash.
"We want the public to reduce the use of cash money," said Tamar Bracha, tasked with executing the rules on behalf of the Israel Tax Authority. "The goal is to reduce cash fluidity in the market, mainly because crime organisations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out."
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Multipolar Market
Michael Saylor allows Ethereum’ instability in next 3 years MicroStrategy CEO Michael Saylor, speaking at the Blockchain Economy Istanbul Summit, criticized Ethereum on the eve of the Merge upgrate. Saylor noted that it is important for institutional investors…
Vitalik Buterin slams Michael Saylor as 'total clown'
Ethereum co-founder Vitalik Buterin called MicroStrategy CEO Michael Saylor "a total clown" in his recent tweet, responding to Saylor's claims that Ethereum is inherently unethical.
Earlier this month, Saylor stated that Ethereum was apparently "a security." Moreover, MicroStrategy CEO believes that Ethereum is an unethical security, since securities laws are based on the Decalogue, a set of biblical principles regarding ethics and worship. Hence, he does not consider it possible that the securities laws may become obsolete.
"The basis of securities laws is thou shall not lie, cheat or steal. That’s the basis of the law," Saylor said.
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Ethereum co-founder Vitalik Buterin called MicroStrategy CEO Michael Saylor "a total clown" in his recent tweet, responding to Saylor's claims that Ethereum is inherently unethical.
Earlier this month, Saylor stated that Ethereum was apparently "a security." Moreover, MicroStrategy CEO believes that Ethereum is an unethical security, since securities laws are based on the Decalogue, a set of biblical principles regarding ethics and worship. Hence, he does not consider it possible that the securities laws may become obsolete.
"The basis of securities laws is thou shall not lie, cheat or steal. That’s the basis of the law," Saylor said.
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Bitcoin due 'one of greatest bull markets,' says Bloomberg Intelligence's Mike McGlone
The future for Bitcoin price action may be much more bullish than the short-term charts, says Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Hints that the Federal Reserve would address rate hikes on a "meeting by meeting basis," as per Chair Jerome Powell this week, "may mark the pivot for Bitcoin to resume its tendency to outperform most assets," he argued on Twitter.
"July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover," he added.
"I see risk vs. reward tilted favorably for one of the greatest bull markets in history," McGlone concluded.
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The future for Bitcoin price action may be much more bullish than the short-term charts, says Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Hints that the Federal Reserve would address rate hikes on a "meeting by meeting basis," as per Chair Jerome Powell this week, "may mark the pivot for Bitcoin to resume its tendency to outperform most assets," he argued on Twitter.
"July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover," he added.
"I see risk vs. reward tilted favorably for one of the greatest bull markets in history," McGlone concluded.
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Russia's central bank extends restrictions on foreign cash withdrawals until March
The Central Bank of Russia extended restrictions on foreign currency cash withdrawals for another six months, until 9 March 2023.
The Bank of Russia is forced to maintain the restrictions due to the current sanctions against Russia, which prohibit Russian financial organizations from acquiring cash currency from Western countries.
The limit of $10,000 or €10,000 to withdraw cash foreign currency from a foreign currency account or deposit will be valid until September 9, 2022.
However, those who have not yet been able to use this option from March 9, 2022 will only be able to withdraw money in foreign currency from an account or deposit before March 9, 2022.
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The Central Bank of Russia extended restrictions on foreign currency cash withdrawals for another six months, until 9 March 2023.
The Bank of Russia is forced to maintain the restrictions due to the current sanctions against Russia, which prohibit Russian financial organizations from acquiring cash currency from Western countries.
The limit of $10,000 or €10,000 to withdraw cash foreign currency from a foreign currency account or deposit will be valid until September 9, 2022.
However, those who have not yet been able to use this option from March 9, 2022 will only be able to withdraw money in foreign currency from an account or deposit before March 9, 2022.
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TSMC head warns of potential disruption to global semiconductor supply
Taiwanese tech giant TSMC chairman Mark Liu warned that in the event of possible military actions, his factory could become "not operable", further disrupting global supply. The announcement came amid rising tensions ahead of US House Speaker Nancy Pelosi's possible visit to Taiwan.
The Taiwanese semiconductor company is one of the main suppliers of the world's most advanced microchips, used in everything from smartphones and cars to rockets.
TSMC dominates more than half of the global semiconductor market, with Apple and Sony among its customers.
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Taiwanese tech giant TSMC chairman Mark Liu warned that in the event of possible military actions, his factory could become "not operable", further disrupting global supply. The announcement came amid rising tensions ahead of US House Speaker Nancy Pelosi's possible visit to Taiwan.
The Taiwanese semiconductor company is one of the main suppliers of the world's most advanced microchips, used in everything from smartphones and cars to rockets.
TSMC dominates more than half of the global semiconductor market, with Apple and Sony among its customers.
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French authorities froze assets of Russians for €1.2 billion
French authorities have frozen the assets of Russian citizens worth about €1.2 billion, said Guillaume Valette-Valla, head of Tracfin, the anti-money laundering service of the French Ministry of Economics and Finance.
According to the official, it is not only about money, but also about real estate. It is also noted that this amount did not include the frozen reserves of the Central Bank of Russia.
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French authorities have frozen the assets of Russian citizens worth about €1.2 billion, said Guillaume Valette-Valla, head of Tracfin, the anti-money laundering service of the French Ministry of Economics and Finance.
According to the official, it is not only about money, but also about real estate. It is also noted that this amount did not include the frozen reserves of the Central Bank of Russia.
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Crypto market saw inflows totalling record $474 million in July
According to a report published by the analytical agency CoinShares, July was marked by a record for 2022 inflow of funds into the crypto market of $474.4 million. However, such a strong inflow did not overlap with the $481 million outflow of funds seen in June.
The last week of July also ended with a positive flow value, showing a plus of $81 million. Meanwhile, Bitcoin-oriented crypto products received $84.8 million, while Ethereum-oriented crypto products saw $1.1 million inflows. Moreover, the inflows of Solana-based crypto products last week exceeded that of Ethereum by $400,000.
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According to a report published by the analytical agency CoinShares, July was marked by a record for 2022 inflow of funds into the crypto market of $474.4 million. However, such a strong inflow did not overlap with the $481 million outflow of funds seen in June.
The last week of July also ended with a positive flow value, showing a plus of $81 million. Meanwhile, Bitcoin-oriented crypto products received $84.8 million, while Ethereum-oriented crypto products saw $1.1 million inflows. Moreover, the inflows of Solana-based crypto products last week exceeded that of Ethereum by $400,000.
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Binance loses 90% of users after implementing KYC, senior team members say
In a recent interview, Binance crypto exchange compliance team members Tigran Gambaryan and Matthew Price said the exchange's tighter KYC (Know Your Customer) policy has cost Binance dearly.
"We have lost 90% of customers after implementing KYC, losing billions in revenue," said Gambaryan.
Earlier in July 2021, Binance made a controversial decision to reduce the maximum amount of Bitcoin that customers without Binance KYC accounts may withdraw from 2 BTC to 0.06 BTC.
Nonetheless, this limitation has led to a "huge difference" in illicit activity as a percentage of overall transactions, according to Gambaryan and Price.
It’s worth noting that just hours after the news, Binance CEO Changpeng Zhao tweeted that this was a "complete mis-quote" without revealing how many customers the platform ended up losing.
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In a recent interview, Binance crypto exchange compliance team members Tigran Gambaryan and Matthew Price said the exchange's tighter KYC (Know Your Customer) policy has cost Binance dearly.
"We have lost 90% of customers after implementing KYC, losing billions in revenue," said Gambaryan.
Earlier in July 2021, Binance made a controversial decision to reduce the maximum amount of Bitcoin that customers without Binance KYC accounts may withdraw from 2 BTC to 0.06 BTC.
Nonetheless, this limitation has led to a "huge difference" in illicit activity as a percentage of overall transactions, according to Gambaryan and Price.
It’s worth noting that just hours after the news, Binance CEO Changpeng Zhao tweeted that this was a "complete mis-quote" without revealing how many customers the platform ended up losing.
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July was the best month for Bitcoin and Ethereum in 2022
After a devastating second quarter, with the crypto market registering massive declines for three consecutive months, the flagship cryptocurrencies finally saw some increases in July, marking the best month in 2022 to date.
The second quarter ended as the worst trading quarter for BTC in over a decade with a huge drop of over 55%. June alone was the most brutal month for the asset in years.
However, the broader crypto market reacted positively after the Fed again hiked interest rates. Bitcoin began to gain value and climbed to a 6-week high above $24,500. Ethereum was able to gain a foothold at $1,700 level thanks to the timeline’s announcement for the transition to Proof-of-Stake consensus algorithm, which saw the asset rise by 56.62% in July.
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After a devastating second quarter, with the crypto market registering massive declines for three consecutive months, the flagship cryptocurrencies finally saw some increases in July, marking the best month in 2022 to date.
The second quarter ended as the worst trading quarter for BTC in over a decade with a huge drop of over 55%. June alone was the most brutal month for the asset in years.
However, the broader crypto market reacted positively after the Fed again hiked interest rates. Bitcoin began to gain value and climbed to a 6-week high above $24,500. Ethereum was able to gain a foothold at $1,700 level thanks to the timeline’s announcement for the transition to Proof-of-Stake consensus algorithm, which saw the asset rise by 56.62% in July.
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Oil showing weakness
Oil dropped on demand fears after China's unexpectedly weak economic data. US Crude lost almost 5%, trading near $93.
Such a sharp drop let one guess bears may be in control and a retest of the prior month's lows could be a plausible scenario for the coming day. Keep in mind OPEC's meeting this Wednesday, which will also affect the price.
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Oil dropped on demand fears after China's unexpectedly weak economic data. US Crude lost almost 5%, trading near $93.
Such a sharp drop let one guess bears may be in control and a retest of the prior month's lows could be a plausible scenario for the coming day. Keep in mind OPEC's meeting this Wednesday, which will also affect the price.
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Gold strong
Gold rose to the highest level since early July as investors are bracing for a cloudy outlook in growth and a stormy period in US-China relations with House Speaker Nancy Pelosi heading for Taiwan.
The precious metal often benefits from bouts of geopolitical turbulence, and the Pelosi trip only adds to tailwinds.
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Gold rose to the highest level since early July as investors are bracing for a cloudy outlook in growth and a stormy period in US-China relations with House Speaker Nancy Pelosi heading for Taiwan.
The precious metal often benefits from bouts of geopolitical turbulence, and the Pelosi trip only adds to tailwinds.
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French authorities froze assets of Russians for €1.2 billion French authorities have frozen the assets of Russian citizens worth about €1.2 billion, said Guillaume Valette-Valla, head of Tracfin, the anti-money laundering service of the French Ministry of…
Belgium freezes €50 billion of Russian funds
According to local media reports, Belgium has frozen €50.5 billion of Russian funds belonging to individuals and companies subject to EU sanctions.
The frozen funds of €50.5 billion include all types of financial assets, such as cash and shares, held in Belgium by 1,229 individuals and 110 entities.
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According to local media reports, Belgium has frozen €50.5 billion of Russian funds belonging to individuals and companies subject to EU sanctions.
The frozen funds of €50.5 billion include all types of financial assets, such as cash and shares, held in Belgium by 1,229 individuals and 110 entities.
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India is interested in the Russian market, the ambassador said
India is very interested in opening the Russian market for its business due to the withdrawal of a number of Western companies from Russia, said Russian Ambassador to India Denis Alipov.
According to Alipov, business interest is growing in both countries. "Almost every day there are contacts between Russian and Indian businessmen," he said.
The ambassador noted that "in the near future, Russia expects an increase on the market in pharmaceutical products, leather goods, textiles, agricultural products, components for machinery and equipment, telecommunications equipment and organic chemistry products."
"Negotiations are underway and certain results have been achieved on the entry of Indian retailers to the Russian market," Alipov concluded.
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India is very interested in opening the Russian market for its business due to the withdrawal of a number of Western companies from Russia, said Russian Ambassador to India Denis Alipov.
According to Alipov, business interest is growing in both countries. "Almost every day there are contacts between Russian and Indian businessmen," he said.
The ambassador noted that "in the near future, Russia expects an increase on the market in pharmaceutical products, leather goods, textiles, agricultural products, components for machinery and equipment, telecommunications equipment and organic chemistry products."
"Negotiations are underway and certain results have been achieved on the entry of Indian retailers to the Russian market," Alipov concluded.
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Yields jump as JOLTs number remain steady
US job openings fell in June to a 9-month low, suggesting tightness in the labour market is easing somewhat amid growing economic pressures. The number of available positions decreased to 10.7 million. The 605,000 decline is the biggest since April 2020. Though the number of vacancies remains elevated as demand for workers broadly outweighs supply.
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US job openings fell in June to a 9-month low, suggesting tightness in the labour market is easing somewhat amid growing economic pressures. The number of available positions decreased to 10.7 million. The 605,000 decline is the biggest since April 2020. Though the number of vacancies remains elevated as demand for workers broadly outweighs supply.
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