Lưu trữ cho từ khóa: #DeFi

DeFi

Taiwan FSC drafts new AML rules for crypto firms with penalties for non-compliance

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Taiwan’s Financial Supervisory Commission has drafted new anti-money laundering regulations for virtual asset service providers, which will soon require compliance or lead to penalties.

According to a recent announcement, the FSC has introduced a draft of the ‘VASP Registration Regulations,’ which will take effect on Jan. 1, 2025. 

These measures follow amendments to the AML Act made in July 2024 as part of Taiwan’s broader efforts to regulate the growing crypto sector.

Unlike prior AML regulations, these new rules explicitly target cryptocurrency-related businesses, requiring virtual asset service providers—such as crypto exchanges, trading platforms, and custodians—to register and comply with stricter anti-money laundering protocols. 

VASPs must submit annual risk assessment reports and set up internal control and audit systems as a part of the new rules.

Penalty for non-compliance 

VASPs that have already completed compliance declarations under Taiwan’s existing AML laws must register under the new system within three months of the law’s effective date. Other firms, including new entrants, must complete their registration by the deadline of Sept. 30, 2025, to avoid penalties.

According to local media, 26 businesses have already completed compliance declarations. If these entities fail to register in time, it could lead to up to two years in prison and a maximum fine of NT$5 million (roughly $156,140). Previously, penalties for non-compliance were only limited to fines.

The FSC also mentioned that a comprehensive “special law” for virtual assets is in the works. A draft of this law is expected to be finalized by the end of December 2024 and submitted to the Executive Yuan by June 2025. 

The special law will introduce further regulations, such as capital requirements, personnel qualifications, and other standards.

The development follows FSC Chairman Huang Tianzhu’s earlier warning about a surge in illicit activities in the crypto space and his call for harsher penalties on non-compliant exchanges, adding that cryptocurrencies lack any direct connection to the real economy.

Taiwan is also steadily aligning itself with global markets that are embracing digital asset investments. On Sept. 30, the FSC allowed professional investors, including institutional investors and high-net-worth entities, to access foreign crypto exchange-traded funds via local brokers.

In June, regulators allowed BitoGroup, the parent company of Taiwanese crypto exchange BitoPro, to introduce crypto-friendly bank accounts in partnership with Far Eastern International Bank, allowing investors to avail banking services when transferring funds to the exchange.

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Theo Crypto News

DeFi

FLR leads top altcoins in 24-hour gains despite market wide selloff

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FLR has emerged as the leading gainer among the top 100 cryptocurrencies, witnessing a 21% rise in price within the past 24 hours, driven by positive developments within its ecosystem.

Flare (FLR) climbed from a low of $0.0149 to a high of $0.0178, eventually stabilizing around the $0.016 range when writing. This significant uptick solidified a 12% gain for the day and propelled the market capitalization of its circulating supply of 48.487 million tokens to approximately $819.2 million while most of the crypto market struggled as Wall Street traded deep in the red.

FLR’s price upswing coincides with an explosive increase in trading volume, which has soared by over 390%, translating to more than $30 million worth of the token exchanging hands. 

Strategic growth and technological integrations

The Flare Network has been actively broadening its technological and strategic footprint, which has contributed to its recent price performance.

Among key developments is the integration of Google Cloud earlier this year as an infrastructure provider—a partnership that significantly enhances the network’s data handling and validation capabilities, thereby elevating its standing in the blockchain ecosystem.

In an aggressive push to foster sustainable growth, Flare has committed to reinvesting 50% of its FLR token sales back into the ecosystem. This strategic reinvestment is earmarked for the enhancement of vital network functions, including lending protocols and decentralized exchanges, aiming to boost both the utility and intrinsic value of the FLR token.

Further, Flare has implemented a token burn policy, recently eliminating 66 million FLR tokens from the total supply. This adds to the bullish narrative, as reduced supply tends to increase scarcity and potentially drive up the token’s value.

Market sentiment

According to data from CoinMarketCap, the social sentiment around the token was largely bullish, with the majority of community members expecting the rally to continue.

Technical indicators, such as the Moving Average Convergence Divergence on the 1-day price chart, illustrate a bullish crossover—where the MACD line has crossed above the signal line, a pattern which typically means that the strength of the bullish trend is building.

FLR price, MACD and RSI chart – Oct. 2 | Source: crypto..news

However, the subdued histogram suggests that while momentum is building, it may not be strong enough for a major breakout yet.

The Relative Strength Index further corroborates this view, resting at 58.83—above the midpoint but below the overbought threshold, indicating a gentle but persistent uptrend.

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Theo Crypto News

DeFi

Ripple to fight SEC’s appeal over XRP’s non-security status

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Ripple Labs will fight the United States Securities and Exchange Commission’s appeal of the court ruling that determined retail XRP sales were not in violation of securities laws.

In an Oct. 3 X post, Ripple (XRP) CEO Brad Galinghouse vowed to fight the SEC as long as it takes to uphold XRP’s status as a non-security and defend against the regulator’s appeal. Calling the SEC’s appeal “misguided and infuriating,” the Ripple exec wrote:

“Somehow, they still haven’t gotten the message: they lost on everything that matters. Ripple, the crypto industry, and the rule of law have already prevailed.”

The SEC filed an appeal on Oct. 2 to counter a ruling by the Southern District Court of New York that concluded that XRP cannot be classified as a security.

Recall that on July 13, Judge Analisa Torres ruled that the sales of XRP to retail investors were not an illegal securities offering, and the altcoin itself did not qualify as a security under the Howey test.

However, it was stated that Ripple’s institutional offerings violated the same laws due to the manner in which the sales were conducted, leading the SEC to propose a $1.95 billion penalty against Ripple Labs.

Judge Torres reduced the penalty to $125 million while mandating that Ripple must formally register with the SEC if it wants to offer securities in the future. 

Subsequently, in a Sept. 4 filing, both parties agreed to a stay order, under which Ripple would deposit 111% of the $125 million fine into a secure account, pending the resolution of any appeal. This arrangement effectively postponed the payment and strongly hinted at the SEC’s intention to appeal the ruling.

Ripple’s chief legal officer, Stuart Aldertoy, said the commission’s decision to appeal was “not surprising” as he criticized the agency and its current chair, Gary Gensler, for engaging in what he described as “litigation warfare” against the crypto industry.

“This just prolongs what’s already a complete embarrassment for the agency,” Aldertoy wrote in an Oct. 3 X post, adding that the blockchain payments firm will opt for a cross-appeal if it deems fit.

Hodl Law founder Fred Rispoli speculated that the process could be lengthy, noting that a ruling from the Second Circuit appeals court is unlikely to come before January 2026 and, more realistically, around March or April 2026. 

Meanwhile, Gensler has recently come under fire from U.S. lawmakers for the SEC’s aggressive enforcement action strategy towards the crypto sector. During a congressional hearing, the SEC chair was criticized for forging terms like “crypto asset security” and the SEC’s unclear language regarding digital assets like Ethereum.

In related news, Ripple has continued to focus on its global expansion efforts despite the legal complexities, with the firm recently securing an in-principle approval in Dubai.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Thousands of Indians trapped in Southeast Asia’s crypto fraud rings

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Indians are being lured with fake job offers promising high salaries, only to be trapped in Southeast Asia’s cyber slavery and cryptocurrency fraud rings.

According to reports from local media, tens of thousands of Indian nationals are trapped as cyber slaves in Southeast Asia, where they are coerced into participating in online scams, including cryptocurrency fraud, phishing scams, and pig butchering scams, often targeting individuals back in India.

In some cases, the victims are also forced to impersonate law enforcement officials to extort funds from unsuspecting Indians via drugs-in-parcel scams.

Around 45% of cyber crimes targeting Indians are estimated to originate from Southeast Asia, the report added.

Government intervention and rescue efforts

The victims, mostly young Indians, are lured by fake job postings offering attractive salaries for IT and data entry positions. Upon arrival in countries like Cambodia, Laos, and Myanmar, their passports are confiscated, and they are taken to guarded compounds where they work under inhumane circumstances.

A March report claimed that Indians had lost at least inr 500 crores (roughly $60 million) to these operations between October 2023 and March 2024.

The severity of the issue has prompted the Indian government to initiate rescue efforts by collaborating with international organizations, NGOs, and local authorities in Southeast Asia to repatriate trapped citizens and dismantle the cyber slavery networks.

As reported by crypto.news, on Aug. 14 Indian youths were rescued from scam centers operating in the Bokeo province of Laos. At the time, the Indian Embassy in Laos cautioned that employment on a ‘Visa on Arrival’ basis is illegal and urged residents to verify the credentials of recruiting agents before accepting job offers in Laos.

Nevertheless, government records show that nearly 30,000 Indians who traveled to Southeast Asian countries such as Cambodia, Thailand, Myanmar, and Vietnam between January 2022 to May 2024 have not returned.

Among other initiatives by the Indian government, an inter-ministerial panel, including representatives from various government departments, is working to crack down on cyber slavery networks and ensure the safe return of trapped Indians. 

Meanwhile, telecom operators in the nation have been ordered to block international spoofed calls, monitor suspicious roaming activity in Southeast Asia, and disconnect millions of allegedly compromised sim cards linked to the scams.

Beyond crypto scams

Past investigations reveal that these crypto-related cyber scam networks often extend beyond financial fraud, with potential links to global human trafficking and exploitation rings.

In 2023, Bloomberg journalist Zeke Faux uncovered what initially appeared to be a scam involving the stablecoin Tether but led to the discovery of a massive human trafficking operation in Cambodia tied to Chinese criminal networks. Victims were held in compounds like “Chinatown” in Sihanoukville, subject to brutal conditions, physical abuse, and forced drug use to keep them compliant.

The severity of such cases has drawn the attention of international authorities, including the U.S. Department of the Treasury, which recently sanctioned a Cambodian senator with links to cyber-scam centers.

The sanctions targeted not only the senator but also his conglomerate and associated entities, all of which were involved in exploiting trafficked workers for crypto-related fraud.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Altcoins plummet as geopolitical instability and long liquidations shake the market

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On Oct. 2, several major altcoins, including STRK, AR, LDO, and CORE, experienced double-digit losses as geopolitical tensions and long liquidations hit the crypto market.

Starknet (STRK) led the altcoin losses, dropping 13.4% over the past 24 hours. Trading volume remained around $151 million, while its market capitalization shrunk by 13.75%, now sitting at $772 million.

Similarly, Arweave (AR) fell 14.3% to $19.98, with a daily trading volume of $226 million and a market cap of $1.3 billion—its lowest point in the last seven days.

Lido DAO (LDO) also suffered, down 12.7%, trading at $1.16. Lido’s market cap declined to $1.03 billion, with a daily volume of $179 million. Core (CORE) followed suit, slipping 12.4% to $0.9292, with $50.4 million in daily trading volume and a market cap reduced to $851 million.

Broader market conditions and Bitcoin’s role

The sharp decline in these altcoins coincided with a broader contraction in the cryptocurrency market, which saw its total market capitalization drop by over 5.5% to approximately $2.26 trillion. The downturn occurred against a backdrop of rising geopolitical instability, including Iran’s missile strikes on Oct. 1 and a pullback in US equities, which compounded a weakening investor outlook for the traditionally bullish “Uptober.”

Bitcoin (BTC), the market’s anchor asset, dropped 3.2% in the last 24 hours, shedding nearly $4,000 hitting a two-week low of $60,315 earlier today, per data from crypto.news. The decline was partially driven by geopolitical developments, which spurred sell-offs in risk assets across global markets.

BTC 24-hour price chart | Source: crypto.news

Though Bitcoin has recovered slightly to $61,850, its price action stands in stark contrast to that of traditional safe-haven assets such as gold and oil. Gold surged 1.4% to $2,665 per ounce, nearing a record high, while crude oil spiked 7% to $72 per barrel.

The rising value of gold, oil, the US dollar, and bonds highlights the divergence between Bitcoin and traditional hedges, raising questions about Bitcoin’s status as a store of value during times of crisis.

Liquidations amplify market downturn

Data from CoinGlass shows the scale of market turbulence, with $453 million in long positions liquidated over the past 24 hours, compared to $72 million in short positions. This liquidation of long trades, where investors bet on price increases, added to the selling pressure, further accelerating the drop.

This cycle of liquidations and sell-offs, particularly in a volatile market, tends to ripple through the altcoin sector, dragging down the broader market.

Bitcoin needs to secure $71K

Veteran trader Peter Brandt remarked that despite Bitcoin’s rally in the last weeks of September, it remains trapped in a seven-month pattern of lower highs and lower lows. 

According to Brandt, only a close above $71,000, accompanied by a new all-time high, would confirm that Bitcoin’s upward trend, which began in November 2022, remains intact.

The Crypto Fear and Greed Index, which measures market sentiment, dropped from 59 last week (neutral) to 42 when writing, indicating a shift toward fear as geopolitical risks spook investors.

Historically, Bitcoin has exhibited heightened volatility during stressful periods, as seen earlier this year following the Israeli-Iranian conflict, which triggered a major price correction.

Looking ahead, the current geopolitical situation could continue to weigh on the market, particularly if the conflict escalates. Increased instability could spur further sell-offs, heightening volatility across the crypto space.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

6 Solana protocols crossed $1b TVL 

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For the first time since Solana launched, six SOL-based platforms held over $1 billion in user deposits.

According to DefiLlama data, Jito (JTO), Kamino, Jupiter (JUP), Raydium (RAY), Marinade, and Sanctum all surpassed $1 billion or more on layer-1 blockchain network Solana (SOL).

Oct. 1 marked the first time in SOL’s four-year history that its top six protocols boasted nearly $9 billion in total value locked. Liquid staking provider Jito led other smart-contract projects, with over $2 billion in TVL.

Solana lender Kamino trailed in second with $1.58 billion in TVL, followed by decentralized exchanges Jupiter and Raydium, which held $1.26 billion and $1.24 billion in user deposits, respectively. Liquid stakers Marinade and Sanctum completed the Solana big six, with users parking $1.21 billion in Marinade and around $1 billion in Sanctum.

Bitget: $180 possible for Solana in October

Interest in Solana’s Jito, Kamino, Jupiter, Raydium, Marinade, and Sanctum accelerated alongside an appetite for SOL. The native token has grown by over 547% in the past year, with one token costing almost $150 at press time, per CoinGecko.

Crypto community members applauded SOL chain features like Actions and Blinks as retail adoption funnels. Others argue that fast transactions and memecoin speculation fuel most of SOL’s on-chain activity.

In a note shared with crypto.news, Bitget Research chief analyst Ryan Lee agreed with the memecoin thesis and said SOL could trade at $180 in October due to this hype. Lee added that support from Franklin Templeton and Citibank may also boost SOL’s institutional appeal.

During market downturns, the $110 support level has been exceptionally strong, and during each rebound, SOL has been one of the strongest-performing high-market-cap tokens. The Solana ecosystem’s meme sector has also consistently been one of the most robust during rebounds.

Ryan Lee, Bitget Research chief analyst

24-hour SOL price chart – Oct. 1 | Source: crypto.news

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Theo Crypto News

DeFi

EIGEN token unlock goes live with debut of more than $6.5b FDV

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Restaking protocol EigenLayer’s native token EIGEN has officially been launched and is currently trading at $4.10 per token.

On Oct. 1 at 05:00 UTC, EigenLayer‘s token EIGEN was listed on several major exchanges including Binance and MEXC. The token is now transferrable and trading at a fully diluted value reaching over $6.5 billion.

According to data on Coinmarketcap, EIGEN’s price is currently up 10% at $4.10. Around 1.68 billion tokens have entered the market including 86 million tokens that were airdropped to users that interacted with the protocol earlier this year.

One trader on X deposited al total of 5.24 million EIGEN tokens, or approximately $21.5 million USD using five addresses since the token has gone live.

According to EigenLayer’s X post, developers can also build Actively Validated Services using EIGEN staking.

“Stakers play a direct role in securing these services and diversifying use cases, while partners integrate EigenLayer’s security to enhance their protocols,” stated the account @eigenfoundation. The protocol also plans to introduce a programmatic incentives reward for stakers and operators supporting AVSs.

The EIGEN token was described as a “universal intersubjective work token” on the protocol’s website.

According to the blog post, the aim of the token is to solve challenges of “universality, isolation, metering and compensation”. It will also use social consensus and forking to execute a variety of digital tasks.

The protocol is built on Ethereum and accepts ETH deposits, providing users the ability to secure additional networks in return for additional yield.

In recent years, EigenLayer has become one of the biggest players in the crypto industry that offer staking solutions. According to data on DeFi Llama, Eigenlayer has become the third-biggest player in the DeFi industry with over $10.9 billion in total value locked.

The protocol employs staking technology that lets Ethereum stakers reuse their tokens on other protocols. In addition from EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.

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Theo Crypto News

Phân tích

WOO surges 17% amid South Korean trading frenzy

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WOO’s price shot up 17% in the last 24 hours, ranking it as the top performer among the 300 leading cryptocurrencies.

WOO (WOO) was exchanging hands at $0.2109 at press time, marking a 59% rise from its monthly low of $0.1327. The asset’s market cap had surpassed $385 million, up from $284.9 million recorded at the beginning of September.

The WOO ecosystem offers a combination of centralized and decentralized financial services aimed at providing enhanced liquidity for cryptocurrency market participants. Its services include WOO X, a centralized exchange; WOOFi, a decentralized exchange; and Wootrade, a liquidity pool tailored for institutional clients.

South Korean traders are driving the rally, as CoinGecko data shows that the WOO/KRW pair on Bithumb alone generated over $36.8 million in 24-hour volume. Binance came in second, recording $23.5 million in trading volume.

This led to a staggering 691% surge in daily trading volume, which now stands at approximately $119.5 million.

Possible short squeeze approaching?

CoinGlass data shows WOO’s open interest jumped 81.4% to $20.16 million, alongside a boost in trading volume, pointing to more investor action.

WOO price, 50-day SMA and RSI – Oct. 1 | Source: crypto.news

WOO trading above its 50-day Moving Average signals strong bullish momentum, while an RSI above 76 indicates it’s entering overbought territory. This suggests potential for further gains but also raises the likelihood of a short-term pullback or consolidation as traders may start to take profits.

Source: CoinGlass

The critical liquidation thresholds for WOO are currently set at $0.2074 and $0.2143, with high leverage observed among intraday traders, according to CoinGlass. A drop to $0.2074 could trigger $358K in long liquidations, while a rise to $0.2143 might liquidate $168.92K in short positions. 

At press time, data showed that bears dominated the market, increasing the likelihood of long position liquidations at lower price levels.

Further, WOO’s funding rate has dropped from 0.0055% to -0.0433%, suggesting a shift in sentiment to the bearish side. However, if the price continues to climb, it could trigger a short squeeze, pushing short sellers to cover their positions and possibly driving higher prices.

Amid the hype surrounding WOO among Korean traders, an X user questioned WOO X’s transparency principles, accusing it of pressuring exchanges to disable the sell button for WOO tokens. The user called the move “shady,” suggesting that despite WOO’s claims of openness, the community had noticed this questionable action.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Gemini follows Binance and OKX in departing Canada

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Crypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment.

Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets.

According to the Sept. 30 notice, all Canadian accounts will be closed by the given deadline “with limited exceptions.” Users have been asked to withdraw their crypto and fiat balances.

The move comes as a surprise, considering that the exchange previously described Canada as an “essential market” for its international expansion. Gemini’s decision to exit Canada mirrors that of other major platforms like Binance, OKX, dYdX, and Bybit, all of which have struggled to navigate the regulatory environment. 

These exchanges have cited the complexity and cost of compliance with Canadian regulations as primary factors in their decision to leave the market. 

Currently, some global platforms, such as Coinbase, Crypto.com, and Kraken, are among those still operating within Canadian borders.

Restrictive regulations

Notably, the regulatory environment began tightening in February 2023 when the Canadian Securities Administrators required all crypto exchanges operating in the country to sign legally binding pre-registration undertakings. This came on top of existing restrictions, including the prohibition on offering margin trading to Canadian users.

The regulations were aimed at bolstering investor protections and bringing more transparency to the crypto sector but also imposed strict limitations on certain activities within the crypto market. 

Since the CSA considers some stablecoins to be securities or derivatives, exchanges were prohibited from offering stablecoins or value-referenced crypto assets through contracts without prior approval. This regulation was one of the most challenging for platforms to comply with.

Some exchanges, such as Bybit and KuCoin, were also hit with fines from the Ontario Securities Commission for operating without proper registration.

Although Gemini initially complied with these regulations by submitting its pre-registration in April 2023, it ultimately decided to cease operations in Canada.

With exchanges like Gemini bowing out, Canadian users have fewer ways to access the decentralized market as crypto regulations get tighter by the day.

On April 17, 2024, the Canadian government introduced a new Crypto-Asset Reporting Framework, set to be enforced in 2026, which will require all cryptocurrency service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually.

Further, the framework requires service providers to disclose client-specific information, such as names, residential addresses, and taxpayer identification numbers.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News