Cryptocurrency 

CME Sees Second-Best Month for Bitcoin Futures Trading

January was the second-best month for CME’s Bitcoin futures trading since its 2017 launch, averaging 10,800 contracts, 69% greater than the average daily volume in 2019. Last month also saw new options on Bitcoin futures picking up pace. Since launch, 466 options contracts, or 2,300 equivalent Bitcoin, have traded—nearly 40% as blocks, showing signs of institutional interest, CME said. It also registered a record monthly average of 56 large open interest holders (entities that hold 25+ contracts). The Chicago Mercantile Exchange (CME) launched its Bitcoin futures options last month, with…

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Cryptocurrency 

Crypto Capital Co-Founder Rejects Plea Deal in Shadow Bank Case

Crypto Capital co-founder Reginald Fowler has rejected a plea deal with the US government in an ongoing case in which he is accused of operating a “shadow bank” for several crypto exchanges. Fowler was indicted in April 2019, along with Israeli national Ravid Yosef, for allegedly running a shadow bank for several cryptocurrency firms, including Bitfinex and Tether, which are currently embroiled in a separate case in which they are accused of creating “the largest bubble in human history.” According to a letter submitted by the prosecution on January 31, the…

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Cryptocurrency 

Square Wins US Patent for Fiat-to-Crypto Payments Network

Square, the payment services provider founded and run by Twitter’s Jack Dorsey, has won a US patent to launch a new network that enables crypto-to-fiat transactions. Square was founded in 2009 by Jack Dorsey and Jim McKelvey in their hometown of St. Louis, around the same time as Dorsey’s other company, Twitter (NYSE:TWTR), was beginning to take off. In the intervening year, Square’s white payment terminals have become synonymous with the advent of contactless payment. The new patent covers a payment system that allows users holding different assets to transact with…

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Cryptocurrency 

Tether and Bitfinex Unopposed to Lawsuit Consolidation

Three plaintiffs who have been involved in three separate lawsuits against Tether and its sister company Bitfinex have moved to consolidate their cases into one class-action suit. Court filings by David Leibowitz et al., Eric Young et al., and Bryan Faubus et al., accuse Tether and Bitfinex of creating “the largest bubble in human history” after they allegedly manipulated the crypto market out of up to US$1.4 trillion. All three cases were brought against the companies off the back of longstanding claims that Tether essentially printed billions of dollars worth…

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Cryptocurrency 

Bitmain Co-Founder Starts Legal Battle to Regain Control

Bitmain co-founder Micree Zhan Ketuan has initiated legal proceedings to regain control of the company with the filing of a summons in the Cayman Islands. Bitmain Technologies is one of the largest crypto mining firms in the world and has been caught in turmoil since October when the company’s other co-founder, Jihan Wu, announced Zahn’s departure from the firm, saying, “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.” Zhan responded by saying he had been ousted from…

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Cryptocurrency 

Telegram Investors Stick With TON Plans Despite SEC Injuction

Telegram investors have turned down the offer of a refund on their investment in the TON ICO despite an injunction by the SEC delaying the launch of the network. Telegram, which is an important part of the crypto ecosystem due to its encrypted communication abilities, has been embroiled in a dispute with the US Securities and Exchange Commission, which argues that its planned blockchain, Telegram Open Network (TON), is a security, meaning the ICO was actually illegal. The commission issued an injunction last week preventing the company from launching TON…

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Cryptocurrency 

Libra Will Not Hit the Market Without US Approval, Says Zuckerberg

The crypto sphere is known for being a disruptive force, but even this sector got a disruptive jolt of its own when Facebook (NASDAQ:FB) announced it would be launching its own cryptocurrency, Libra, in 2020. However, ever since the company announced the launch of its own stablecoin, it has come under fire from regulators from all over the world. Major Setback? As a matter of fact, even the United States President slammed the project and asked the company to instead apply for a banking license. It has now emerged that…

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Cryptocurrency 

Facebook’s Libra May Cause Banks to Cut Financing to the Company

Ever since the potential launch of Facebook’s Libra was announced by the social media behemoth, the company’s cryptocurrency project has lurched from one problem to the next. Regulators from different parts of the world had voiced their concerns about the Libra cryptocurrency, and even the President of the United States slammed Facebook in one of his famous tweets. New Trouble? In a new development, it has now emerged that if Facebook (NASDAQ:FB) does not take care of the regulatory issues with regards to Libra, then banks might refuse to provide…

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Cryptocurrency 

Libra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project. Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered…

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Cryptocurrency 

Telegram to Delay the Launch of TON Due to SEC Meeting

Over the past few years, Telegram has become an important part of the crypto ecosystem due to its use as a communication platform for traders as well as market enthusiasts. Hence, it did not come as a complete surprise when the encrypted messaging service platform announced the launch of its own blockchain, the Telegram Open Network (TON). Major Details However, it seems to have run into issues with the all-powerful Securities and Exchange Commission. In a new development, the company told its investors that the date of the launch is…

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