A leading crypto lending firm, [BlockFi](https://blockfi.com/), has enforced the suspension of withdrawals for its clients. The firm has taken the step after the sudden collapse of [FTX](/news/article/ftx-vs-binance-liquidate-funds) that affected the entire market. 

Regarding this issue, the firm has put out a statement on Twitter to give clarity to its customers. It has announced that "we aren't able to operate business as usual".

The cryptocurrency lender has cited a need for more clarity by FTX.com, FTX US, and Alameda on this issue. It has further notified that it has to pause withdrawals until these platforms provide more clarity. Moreover, it has requested its clients not to deposit funds in its interest accounts and wallets.

![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_938e08c10e.png)

## Earlier statement of BlockFi’s founder and COO

Paradoxically, this statement came just a few days after the COO and founder of BlockFi gave assurances about its operationality. On 8 November, Flori Marquez posted a long [thread](https://twitter.com/FounderFlori/status/1590030309076058112) to assure the clients that it was completely operational.

Marquez’s statement for the market downturn was that BlockFi could handle such situations. Moreover, he mentioned that the company runs independently and will remain the same till July 2023. 

Furthermore, he maintained that the company has access to 400 million USD through a line of credit from FTXUS. He also assured customers that the business was processing all client withdrawals in accordance with the Terms of Service.

However, today's announcement has refuted all these assurances. Clients cannot withdraw funds from their BlockFi wallets for an unknown period.  

## What happened to Sam Bankman-Fried’s exchange?

Sam Bankman-Fried has recently lost over [$14.6 billion](/news/article/sam-bankman-fried-lost-billions), which has removed him from Bloomberg’s list of billionaires. The reason for this is his company’s potential insolvency. Meanwhile, there’s also no lack of certainty whether Changpeng Zhao, [Binance’s](/news/article/guide-to-binance-uk) CEO, will assist the firm or not. 

Earlier, the FTT token also crashed, and Zhao announced to sell off all of its FTT holdings. Currently, both firms are in a clash, which could be one of the reasons the crypto market is tumbling.



FTX collapse prompts BlockFi to suspend withdrawals

The FTX exchange is being investigated for mishandling consumer funds and violating securities regulations. Regulatory investigations were among the primary reasons Binance decided not to acquire the firm.

## FTX exchange agreed to sell to Binance

After undergoing the cryptocurrency equivalent of a bank run, the [crypto business](https://fortune.com/crypto/2022/11/10/ftx-sam-bankman-fried-doj-sec-examining-source-says/) decided earlier this week to sell itself to a larger rival, Binance. Customers abandoned the exchange after getting worried about their capital.

## Why is SEC investigating the FTX exchange?

The [cryptocurrency market](https://www.reuters.com/technology/us-probes-ftx-over-handling-client-funds-bloomberg-news-2022-11-09/) has been volatile, with worries over the company's financial stability leading to $6 billion in withdrawals in the 72 hours following Tuesday morning. Binance later announced a [non-binding deal](https://www.reuters.com/markets/currencies/cryptocurrencies-slide-concerns-over-ftx-exchange-rattle-markets-2022-11-08/) to purchase FTX's non-US business to address a "liquidity constraint" at the rival exchange.

According to the source, the SEC is also looking into the business's ties with its US equivalent FTX US and Chief Executive Officer Sam Bankman-Fried's trading firm. The SEC does not want to speak on the existence or nonexistence of a prospective probe, said an SEC representative. A CFTC spokeswoman declined to comment as well.

The crypto community's and securities authorities' inquiry into [Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) and his crypto company are centred on the potential that the firm utilised client deposits to support bets at Bankman-hedge Fried's fund, Alameda Research. Brokers in conventional markets are supposed to keep customer cash apart from other firm assets. Regulators can punish violations. 

An individual acquainted with the [FTX and Binance](/news/article/ftx-vs-binance-liquidate-funds) transactions described them as a "black hole" in which it was hard to distinguish between assets and liabilities. This individual said Bankman-Fried committed the "ultimate sin" by using custodial assets to support Alameda Research.

## Gensler's view on FTX exchange

Under Democratic leadership, the SEC has increased its examination of the cryptocurrency industry. Chair Gary Gensler has already expressed concerns about whether crypto platforms effectively separate funds and if their market-making operations are trading against their clients.

Earlier this year, a cryptocurrency start-up BlockFi Inc subsidiary [agreed to pay](https://cointelegraph.com/news/blockfi-limits-platform-activity-including-a-halt-on-client-withdrawals) a record penalty to resolve allegations connected to its retail lending product. Other organisations, like FTX, enable users to "stake" certain cryptocurrency tokens in exchange for a return.



FTX Exchange Under Investigation

Solana announced several launches during the ecosystem's yearly gathering at Breakpoint 2022 in Lisbon as it prepares to enter the mainstream. During the conference, the company unveiled its roadmap, which includes the introduction of smartphones, [partnerships with Google Cloud](https://coinculture.com/au/business/solana-announces-google-partnership/) and decentralised application stores (dApps).

## Latest Solana crypto news: 

### 1.     Smartphone launch

The [Solana](/news/article/solana-phantom-wallet-guide) mobile team stated, "It's made for the people" when announcing the release of its smartphones. According to the sources, pre-orders for smartphones will start in 2023. The company still needs to make the official date public.

The smartphone stands out for its ability to securely store crypto [wallet](/news/article/best-ethereum-wallet) secret keys. A Qualcomm processor with an Arm-based system-on-chip (SoC) will power the smartphone, enabling increased productivity.

### 2.	Google to become a Solana node validator soon    

Google stated that it would run a block-producing Solana validator enabling it to participate in and validate the network.
In addition to joining the ecosystem as a validator, Google Cloud has collaborated with the company to integrate its [Blockchain](/news/article/what-is-blockchain) Node Engine.

Google Cloud's Blockchain Node Engine is a fully managed node-hosting service that eliminates the need for complex node operations. Previously, the service provided turnkey node hosting for Ethereum and its burgeoning developer ecosystem.

Including Solana in the Blockchain Node Engine will significantly cut the time required to run a Solana node, making it available to a wider range of users.

The company also disclosed that it is currently indexing and bringing network data into BigQuery.

### 3.	DApp store to enhance Web3 user experience

The company announced the launch of the dApp Store in preparation for [Web3](/news/article/what-is-web-3.0-crypto) disruption. 

On the latest Solana crypto news, SOL- the native token rose more than 15%.



Solana crypto news: Google becomes Solana validator

[Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix) has vanished from the Bloomberg Billionaires Index after his estimated personal wealth fell nearly 94% in a single day to $991.5 million.

Bankman-Fried was worth an estimated $15.2 billion before his company's cash crunch, but according to Bloomberg, $14.6 billion was lost overnight. SBF became one of the crypto industry's darlings due to his rapid rise to financial success and eccentric personality.

## Binance to acquire Sam Bankman-Fried’s FTX

With the market moving as it is, it may take some time for bulls to recover, especially since the circumstances surrounding FTX's insolvency and whether or not CZ can bail out SBF remains unclear.

[FTX](/news/article/ftx-uk-warning) was reportedly seeking funding from Silicon Valley and Wall Street billionaires to cover the bank run on its exchange, according to [Semafor](https://www.semafor.com/article/11/08/2022/before-deal-with-rival-ftx-scoured-wall-street-silicon-valley-billionaires-for-1-billion-lifeline). This is surprising given that SBF previously stated that FTX's client holdings are not invested anywhere. However, it appears that one of the world's largest exchanges was looking for $5-6 billion to cover the liquidity crisis.

Meanwhile, Binance CEO CZ announced his intention to purchase FTX after concerns about the Bahamas-based exchange's apparent insolvency grew, causing withdrawals to slow and FTT tokens to plummet. However, they have signed a non-binding letter of intent, which means CZ can back out of the deal if FTX's problems are more severe than anticipated.

Prior to this, CZ announced on Sunday his plan to [sell off his remaining FTT token holdings](/news/article/ftx-vs-binance-liquidate-funds), which he acquired as part of his exit from FTX.

## What does this mean for cryptocurrency?

Even if [Binance](/news/article/guide-to-binance-uk) acquires [FTX](/news/article/what-is-ftx), antitrust laws may apply, and it is still being determined whether both entities can proceed with the merger.

Furthermore, FTT's bleeding appears unabated (down 70% for the day), which may make the exchange unappealing for acquisition, especially if most customers have already left.

Suppose this turns out to be another case of retail suffering massive losses. In that case, regulators may be compelled to impose stricter rules, further restricting the freedom crypto has relished in recent years.


Sam Bankman-Fried lost $14.6 billion overnight

[Dex Labs](https://www.dexlab.space/) is one inventive decentralised exchange built on the [Solana network](/news/article/solana-price-gbp). The company is based in Korea and launched in May 2021.

It is a unique platform as it offers an infrastructure that allows token minting on Solana. It has an easy-to-navigate interface which makes token launching seamless. Because of this, users on the network have easy access to new tokens.

Furthermore, the exchange offers a cross-chain swapping feature and allows instant transactions. With its native token, you can also earn yields by staking them.  

## Dexlab offerings

This platform is inspired by the Project Serum on the SOL blockchain. This project itself has many parallels with [Uniswap](https://uniswap.org/). Like both these platforms, Dex Labs offers swift and efficient transactions. It also allows swapping and supports stablecoins and [wrapped tokens](/news/article/weth-vs-eth). 

With all these features, Dex Labs offers various products. These products facilitate trading and allow secure storage of your assets. Let's explore some of its offerings.

1.	Trading and swapping

Dexlab is a complete platform for trading or swapping assets. It provides users with market analytics leveraging Serum technology. It also presents data in visuals which assist you in reading it with ease. 

2.	Wallet

You can not only trade on the platform but can also keep your assets on it. It offers a secure wallet with a multi-chain feature. Therefore, you won’t have to use third-party wallets while making trades.

3.	MintingLab

One of the best features of the platform is its minting capability. On its MintingLab, you can issue Solana-based tokens. Meanwhile, its user-friendly interface makes listing and management relatively straightforward.

4.	IDOs

As new projects can be launched on the platform, users enjoy initial decentralised exchange offerings. That’s why it can be a great way to explore or acquire nascent coins on the blockchain.

5.	Staking

[Staking](/news/article/what-is-staking-crypto) is a popular way among investors to generate good yields. And this platform has a high-yielding staking program. You can use your DXL tokens to receive weekly incentives. Besides, you can also avail of the airdrops and participate in the liquidity pool.

## What is Dex Lab's launchpad?

Dexlab is architectured on Solana and introduces a minting platform for new tokens. It has an intuitive interface that allows a smooth user experience. Also, it enables you to integrate the Solana CLI with it.

This eases the coding process for you. On this platform, you can also mint tokens and [mint NFTs](/news/article/solana-nft-marketplace) (non-fungible tokens). 

## DXL tokenomics

DXL is the native token that fuels the platform. It is used for Dex labs’ governance and facilitates all transactions. There are 1 billion DXLs with a current market cap of [$3,957,867](https://coinmarketcap.com/currencies/dexlab/). 

The tokens are allocated for several purposes. Among them, the highest part (19.5%) goes to the mining pool reserve. 

![dex labs.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/dex_labs_c91fa275c4.png)
 
[Source](https://docs.dexlab.space/dxl-token)

## Bottom line

DexLabs is an entirely decentralised exchange in the Solana ecosystem. The platform is not only beneficial for crypto investors but is handy for issuers, too. Along with the trading analytics and swapping features, it also introduces its own [wallet](/news/article/best-crypto-wallet). Meanwhile, its IDOs and staking program allow high yields.



Solana Dex Labs Explained

Financial Action Task Force ([FATF](https://www.fatf-gafi.org/)) is a global financial policy-making body founded to combat money laundering and terrorism financing.

It provides guidelines for anti-money laundering ([AML](/news/article/crypto-aml)) and counter-terrorist financing (CTF) laws. In 2014, it expanded its mandate to digital assets, too. It was to prevent the misuse of funds for illegal activities.

Now, to ensure the FATF [crypto regulations](/news/tag/regulation), the organisation is planning to grey list the countries that fail to comply with its laws. According to an [Al Jazeera report,](https://www.aljazeera.com/economy/2022/11/7/countries-to-face-grey-list-for-shunning-crypto-guidelines) the financial watchdog will conduct annual surveys for each country’s performance. It will examine the countries’ measures to ensure FATF crypto regulations.  

## Annual reviews for FATF crypto laws compliance

The organisation has opted for annual reviewing instead of evaluations on 5-year cycles. This move reduces the time window for countries to impose terrorist financing and anti-money laundering regulations. Moreover, there will be the added pressure of greylisting. It will force them to bring virtual asset service providers and users within the country under regulations. 

The automatic greylisting of countries may affect their overall ratings. This may also result in being blacklisted by the organisation if no significant changes are evident in the country. 

## Response from the crypto industry

The industry leaders have responded to this move from the financial watchdog. They may reveal a plan of action in the Summit of G20 Leaders, which is scheduled this month. It is likely to highlight the difficulties cryptocurrency investors, exchanges, and other stakeholders face due to harsh regulatory measures.

Al Jazeera reported that Ron Tucker, the co-founder of the International Digital Asset Exchange Association (IDAXA), is of the view that it may cause trouble for the end user. The reason is that the greylisting fear will force “countries to unbank crypto exchanges.”

Ron Tucker also indicated risks to financial inclusion. He mentioned that the users of this asset class in developing countries would be affected. 
 



Defiance of FATF crypto laws may lead to countries greylisting

The [US Feds](/news/article/us-fed-crypto-rates-hike) announced Monday that it had [seized approximately $3.36 billion worth of Bitcoin stolen](https://www.nbcnews.com/now/video/feds-announce-seizure-of-3-36-billion-in-stolen-bitcoin-152877125774) during an unannounced 2021 raid on James Zhong's home.

Zhong pled guilty on Friday to one count of wire fraud, with a maximum prison sentence of 20 years.

According to the Feds, on November 9, 2021, US authorities seized approximately 50,676 Bitcoin, valued at more than $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia. It is the Feds' second-largest financial seizure to date, following its February announcement of $3.6 billion in allegedly stolen [cryptocurrency](/news/article/impact-of-cryptocurrency-on-society) linked to the 2016 hack of the [crypto](/news/article/crypto-hacks-peak-hacktober) exchange Bitfinex.

The raid was part of an investigation led by the United States Attorney's Office in Manhattan into the whereabouts of thousands of missing coins linked to Silk Road founder Ross Ulbricht. 

[Bitcoin](/news/article/bitcoin-prime-review) was trading more than $60,000 at the time of seizure, boosting the worth of the loot for investigators by billions of dollars. The digital currency is currently worth around $21,000. As per current data, the seizure is worth just 1 billion dollars. 

## How much Bitcoin, other crypto and cash was stolen? 

Zhong began his criminal behaviour in 2012 when he defrauded Silk Road, a website known for trading drugs and cryptocurrencies, out of more than 53,000 Bitcoin. According to court documents, he set up a series of Silk Road accounts to mask his identity. He carried out 140 transactions quickly to trick the platform into releasing Bitcoin into those accounts. Zhong then transferred the [digital currency](/news/article/cbdc-uk) into other accounts under his control.

Prosecutors claim that 50,000 Bitcoin were found in an underground safe and a single-board computer in a popcorn tin beneath a pile of blankets in Zhong's bathroom cabinet. He has since surrendered over 1,000 more coins and agreed to assist prosecutors in accessing the remaining coins and providing technical assistance.

Zhong agreed to sign over his 80% business ownership to the government as part of his plea deal for the Silk Road fraud. According to the forfeiture order, prosecutors also seized 25 Casascius coins worth 174 Bitcoin and $661,900 in cash. On Friday, Zhong was set free after posting a $310,000 bond.





Feds seize $3.36B Bitcoin stolen in crypto scam

According to news from Pi Coin's inventor and head of technology, Nicolas Kokkalis, Pi Network "has tried to make cryptocurrency accessible globally". Pi Network is the cryptocurrency community for PI, the Pi Coin, often known as Pioneers. 

PI, according to Kokkalis, allows Pioneers to mine on their phones with no fiat cost while contributing to development, inclusiveness, security and decentralisation, usefulness, stability, and durability.

## Pi Network news: Pioneers warned 

Pi informed pioneers that Pi Coin will have no initial coin offering or crowdfunding sales. This is because the main goal is to "create the most inclusive and broadly dispersed digital currency and ecosystem for all Pioneers"'

It clarified that it is not associated with any organisation purporting to sell or generate PI, PI futures, PI non-fungible tokens, PI airdrops, or other PI derivatives. The [blog](https://minepi.com/blog/pi-account-safety) further informs Pioneers that any website asking them to claim PI is a scam since users can only claim all mined PI through the official Pi Network app.

It continued by saying that the names do not imply an official affiliation with Pi Network. Unless otherwise clearly verified by their official communication channels.

## Pi Network: How to mine Pi Coin

[Pi Network](https://twitter.com/PiCoreTeam/status/1555674682480680960), the Pi Coin (PI) crypto community, has produced an instructive video on how to build and utilise the Pi Wallet. 

The movie, which is now on Pi's [home screen](https://minepi.com/), explains how mining works. Unlike Bitcoin (BTC), PI is the only [cryptocurrency](/news/article/asian-yuan-china-token) that can be mined with a smartphone. Furthermore, the video claims that mining PI with a user's phone is free of charge and causes no battery drain.

## Pi Network news: Where does PI rank? 

According to [Watcher. Guru data](https://twitter.com/PiCoreTeam/status/1564349423215190016), as of 28 August, 2022, Binance Coin (BNB) ranked #1 among the top ten cryptos' Twitter profiles, with 9.36 million followers. Bitcoin (BTC) came in second with 5.49 million followers, while Shiba Inu (SHIB) came in third with 3.46 million followers. Pi Coin (PI) is the ninth most followed cryptocurrency on Twitter, with 1.65 million followers. 

Pi conducted a [Twitter](https://twitter.com/PiCoreTeam/status/1559317083309035520) poll, and 61% of Pioneers, or Pi members, were recommended to it by a friend. Family members came in second with 17%, and coworkers came in third with 4%. However, 18% said “other." A total of 54,722 people voted in the Twitter poll.

Pi Network, the [crypto](/news/article/time-tokens) community for Pi Coin, has expressed gratitude to its Pi Chat moderators for their assistance in translating Pi messages into more than 50 different languages. The moderators are the "backbone of communicating with the whole Pi community".


Pi Network News: Pi Going Global?

The CEO of [Binance](/news/article/guide-to-binance-uk) tweeted on Sunday that he will sell the remaining FTX token holdings he acquired as part of his exit from Alameda's sister company, FTX, last year.

## FTX vs Binance: Binance to sell off FTX token holdings

The exchange plans to sell off its FTX token holding. Changpeng "CZ" Zhao did not specify how much of the token holding his company would sell. 

The company received the funds in FTT as part of its exit from an early equity position in FTX that it had held since 2019. According to Zhao, FTX purchased Binance's stake in the company for $2.1 billion in FTT and BUSD—the stablecoin native to Binance's exchange.

The decision comes after weeks of criticism directed at [Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix), for regulatory plans he put forth in a blog post recommending DeFi restrictions. He has since agreed to revise his regulatory stance.

Due to market conditions and limited liquidity, CZ expects the liquidation to take several months. He also stated that it would be done in a way that attempts to minimise the market impact on FTT.

According to CoinGecko, [FTX](/news/article/ftx-uk-warning) native token has dropped 9.5% in the last day to $23.03 from $25.55, bouncing off a drop of around $22 on Sunday.

According to Etherscan, 22,999,999 FTT, worth $584 million, were transferred from a wallet to Binance's exchange on Saturday. As per CoinGecko, this is the equivalent of 17% of the circulating supply of the token. CZ confirmed that the funds were transferred as part of the exchange's plan to liquidate its stance in its holdings.

## FTX CEO response to rumours

Caroline Ellison, CEO of Alameda Research, responded to the rumours on Saturday by [tweeting](https://twitter.com/carolinecapital/status/1589264375042707458) that Alameda had more than $10 billion in assets "not reflected" on the leaked balance sheet. Ellison said that Alameda had unnamed hedges in place and had already given back the majority of their outstanding loans.

In a Sunday Twitter thread, Zhao stated that liquidating its position in FTT was not intended to be a dig at its competitor.

Caroline Ellison [offered](https://twitter.com/carolinecapital/status/1589287457975304193?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589287457975304193%7Ctwgr%5E0c48a34558db0fa0aa1e49b2de077b6568e651f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F11%2F06%2Fbinance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition%2F) to purchase Binance's remaining FTT for a fixed price of $22 if Zhao also wanted to "minimise the market impact" of the move.

Binance has been the most active exchange in terms of FTT volume in the last 24 hours. According to CoinGecko, Binance accounted for 6.3% of FTT's trading volume, or $95.4 million, in the previous 24 hours.

FTX vs Binance clash: Binance to liquidate funds

Santander said in an emailed statement on Friday that it will prohibit UK clients from transferring real-time payments to cryptocurrency exchanges beginning next year as part of steps to safeguard customers from fraudsters.

## When will the block begin?

The bank will implement a plan meaning all payments made to cryptocurrency exchanges via telephone banking and in-branch payments will be blocked, as well as internet and mobile banking, at an unspecified point in 2023.

The bank will follow in the footsteps of other UK retail banks in restricting client transfers to cryptocurrency exchanges. For transfers to crypto exchanges via mobile and online banking, its users will face restrictions of 1,000 pounds ($1,123) per transaction and 3,000 pounds overall in any rolling 30-day period. Last year, the [Natwest Group](https://www.reuters.com/technology/natwest-caps-transfers-crypto-exchanges-including-binance-over-fraud-concerns-2021-06-29/) in the United Kingdom set a daily limit for consumers to transmit to bitcoin exchanges. 

Customers will still be able to receive crypto [exchange](/news/article/best-exchanges-for-crypto-uk) payments into their accounts. [According to a note](https://www.santander.co.uk/personal/support/fraud-and-security/cryptocurrency) on the bank's website, there has been a significant increase in the number of UK clients who have become victims of cryptocurrency fraud in recent months. Global regulators have warned of the risks of scams and fraud in the primarily unregulated realm of cryptocurrency trading.

A spokeswoman for Santander stated that securing our clients from cryptocurrency fraud is a primary concern. "We want to further safeguard clients by barring all faster payments we find from Santander accounts to cryptocurrency exchanges - this will come into play in 2023".

## Faster Payments in the UK that Santander News refers to

Faster Payments is the infrastructure that enables real-time bank transactions for most UK bank accounts. Pay UK, which owns the respective company, stated in an email that it is working with authorities and the [payments](/news/article/russia-approves-cross-border-crypto) sector to create and implement more robust protection for fraud victims. 

Santander said it would continue to prohibit all payments to the cryptocurrency exchange Binance, a policy implemented in July 2021 in response to a warning from the UK's financial authority regarding the exchange. Binance did not reply immediately to a request for comment.




Santander UK news - Crypto transfers blocked

[Bitcoin Prime](https://www.business2community.com/cryptocurrency/bitcoin-robots/bitcoin-prime-review) is a cryptocurrency bot. It is a trading service that automatically analyses the cryptocurrency markets for trading opportunities. Read on for a Bitcoin Prime review.

Bitcoin Prime executes trades on users' behalf when it discovers potentially profitable situations. According to the website, up to 90% of their deals are profitable under favourable market circumstances. 

The platform's performance is shown by its AI system, which detects and responds to price trends. While it does not disclose the intricacies of its algorithm, it searches for many of the tried and proven technical patterns that traders worldwide use to earn money.

It is available for free. All users need to begin is a $250 down payment. The platform generates revenue by charging a 2% fee on successful accounts. However, investors will not pay a commission until their trading account earns money.

## Bitcoin Prime review - How the platform works 

The [platform](https://bitcoinprimeapp.com/) monitors price changes in 14 major cryptocurrencies, including Bitcoin, BTC Cash, Ethereum, Litecoin, Bitcoin Gold, ZCash, Dash, Ethereum Classic, [Cardano](/news/article/cardano-hard-fork), IOTA, EOS, NEO, Binance Coin, and Ripple.
 
Bitcoin Prime initiates a transaction when the algorithm identifies a price pattern. Furthermore, it will place an order in the user's [brokerage](/news/article/genesis-crypto-claim) account and track the deal as it progresses. When the time comes to close the position, it will issue the order, and all money, including any gains, will be refunded to their account (minus a 2% commission for profitable accounts). The algorithm also learns from successful and unsuccessful transactions to trade more consistently and successfully in the future.

[Bitcoin](/news/article/bitcoin-dropping-price-us-news) Prime promises to be open for business every hour of every day. While trading on the system requires little effort, users need to tweak the algorithm's settings to be effective in different market circumstances. One of the good features of the platform is that it offers a plethora of instructional resources and a sample account to allow you to understand how the algorithm works.

Most importantly, investors' monies are in third-party broker accounts. It can issue trading orders using the funds in your account but cannot directly access your cash. Because only you have access to your money, this might give some security when utilising this service. Users can withdraw funds at any moment and receive a payment within a few hours. 

## Bitcoin Prime - Is it worth the investment?

Bitcoin Prime is legitimate and has received positive feedback from sites such as Trustpilot and testimonials.

However, we highly advise potential investors to do their homework and weigh the possible hazards before joining up and depositing money into the platform.


Bitcoin Prime Review - Fraud or Legit?

[THORSwap](https://thorswap.finance/) is a decentralized cross-chain exchange built on THORChain, a decentralized liquidity protocol. It allows users to swap multiple cryptocurrencies on different blockchains in a non-custodial manner. THORSwap also serves as a DEX aggregator to support a broader range of assets.

## History

THORSwap’s history begins in April 2021 when it was built on top of MCCN - THORChain’s multi-chain chaosnet. This was a few months (July 2020) after BEPSwap launched on SCCN - THORchain’s single-chain chaosnet.

After its launch, the THORSwap exchange quickly became the leading decentralized exchange on THORChain, responsible for a majority of the protocol’s trading volume.

Within 14 months of its existence, it had processed 2.7 million transactions and $1.85 billion in volume, representing 20% of the total volume on THORChain.

## Features

Several features distinguish the aggregator from its competitors. Some of them include;

•	Cross-chain swaps

It currently supports swaps for over 4,800 crypto assets across nine blockchains, including Bitcoin, Ethereum, Binance Chain, Cosmos, Avalanche, [Dogecoin](/news/tag/dogecoin), Litecoin, Bitcoin Cash, and THORChain.

•	Cross-chain DEX aggregation

As an aggregator, it taps into different liquidity sources to support a wide range of digital assets from multiple blockchains.

In August 2022, the exchange launched an [Ethereum cross-chain aggregator](https://docs.thorswap.finance/thorswap/thorswap-products/thorswap/cross-chain-dex-aggregation/ethereum-dex-aggregator), allowing users to swap between 4,800+ whitelisted ERC-20 tokens and its eight supported blockchains.

•	Impermanent loss protection

Impermanent loss occurs when the price of an asset staked in a liquidity pool is different than if it were held outside a liquidity pool. The loss deters liquidity providers from providing liquidity.

The aggregator protects users from impermanent loss with an Impermanent Loss Protection program. The program protects liquidity providers from impermanent loss, ensuring they keep providing liquidity.

## THOR Tokens

Launched in 2021, THOR tokens are the native utility and governance tokens of THORSwap. They also serve as incentives for trading activities and can be staked to receive vTHOR tokens.

vTHOR tokens are a representation of staked THOR. They allow stakers to earn 75% of THORSwap's revenue, among other benefits, including trading fee discounts. They can also be staked to receive daily rewards.

THOR tokens have a max supply cap of 500,000,000 million coins. They are to be issued to the public in four years.

According to [Coinmarketcap](https://coinmarketcap.com/currencies/thorswap/), the coins are currently worth $0.1244 each. They are ranked 4,632nd largest cryptocurrencies in the world.

The coins are listed in several crypto exchanges, including CoinEX, SushiSwap, and THORChain. They, however, can't be bought directly with fiat money. Investors must first purchase other cryptocurrencies, ETH or BTC, and then move to an exchange that lists them and uses their ETH or BTC to buy them.

## Conclusion

As of writing, THORSwap hasn't been in the market for long. However, it has quickly proven to be a cross-chain exchange worth watching out for with its great track record. It is already the leading decentralized exchange aggregator on THORChain. Its roadmap reveals that even more great things are on the way.
 


What is THORSwap?

The credit card giant [Mastercard](/news/article/crypto-trading-services-mastercard) has been running an accelerator program for startups since 2014. It has recently announced that this year, applications from 7 FinTech startups have been accepted for [Mastercard Start Path](https://startpath.mastercard.com/spglobal/home.html). The firm intends to promote innovation in blockchain, FinTech, and the web3 space with this move.

The upcoming cohort of firms that have joined the program is quite diversified. They are from four countries: the United States, Singapore, United Arab Emirates, and Colombia.  

## Blockchain companies accepted in Mastercard Start Path

There are a few known names among the companies that will be joining the program. One of them is Abu Dhabi-based [Fasset](https://fasset.com/), which is a digital asset gateway service provider. 

The credit card company, previously, has also worked with it to provide digital solutions in Indonesia. Another firm from the UAE is Take Back the Mic ([TBTM Studios](https://tbtm.app/)). It allows entertainment platforms to leverage blockchain technology.

There are three companies from the US: [Loot Bolt](https://lootbolt.com/), [Uptop](https://www.uptop.xyz/), and Quadrata. Loot Bolt provides services related to web3-based payment systems. Uptop offers a platform for brands to manage their customer relations, and [Quadrata](https://quadrata.com/) allows blockchain-based solutions for preserving privacy.

From Singapore, the [Digital Treasures Center (DTC)](https://dtcpayment.com/) will be part of the program. And from Colombia, [Stable](https://www.stable-app.com/), a stablecoin startup, is accepted. 

## What’s the goal of Start Path?

Start Path was launched in 2014 to help startups get the initial funds and expand. It is a yearly program that lasts for six months. So far, this initiative has boosted the performance of over 350 firms, some of which have also reached unicorn status. 

Last year, Mastercard decided to launch a crypto division for this program. It was to support web3 and [crypto projects](/news/article/crypto-app-mastercard-nft) by investing in them. It helps companies build a community of developers and bring more innovation to the industry. 

However, this credit card corporation is not the first to take such an initiative. Many corporations like [Binance](/news/article/guide-to-binance-uk), [Disney](/news/article/matic-disney-collab), and others also run accelerator programs. 




7 FinTech startups joined Mastercard Start Path

In August 2022, [Opulous](https://opulous.org/), a blockchain-based music platform, launched its Royalty Vault project. The project enables anyone and everyone to invest in music copyrights.

According to the platform’s founder and CEO, Lee Persons, for the longest time, music copyright investment has only been available to large entities like banks, family funds, and major labels. Through the Royalty Vault project, it seeks to change that.

The project, part of the Opulous roadmap, relies on a set of new tokens called OVAULT, which can be bought and staked to earn rewards. The platform has a native utility token called OPUL.

How the project works is that it identifies and acquires lucrative catalogs. It adds them to the Royalty Vault, where they are minted into OVAULT tokens. Investors then buy the OVAULT tokens with OPUL tokens and stake them to receive daily rewards.

The rewards not only incentivize investors to buy OVAULT tokens, but hold on to them. The longer investors hold on to the tokens, the more they can use them to earn stable rewards.

In an interview with Music Business Worldwide (MBW), Lee stated that Opulous has spent more than a billion acquiring several catalogs by iconic evergreen artists. He didn’t name the artists. However, he said they have garnered up to eight Grammy nominations between them.

The project has also received a grant from the [Algorand](/news/article/algo-price-five-years) Foundation to secure more lucrative catalogs. The project is led by ex-Kobalt executive Jay Moore, currently the Chief Investment Office (CIO) at Opulous.

## About Opulous

Opulous is an MFT (Music Fungible Token) platform built on Algorand, an open-source proof of stake blockchain. It features several services, including an MFT Launchpad, Exchange, and Music Loans.

The Opulous Launchpad allows users to buy MFTs to support their favorite artists and earn a share of royalty revenue. Users can purchase and trade MFTs on Launchpad, while Music Loans lets artists access low-risk loans backed by real-world music assets.

It also features a staking pool where OPUL holders stake their tokens and receive APY as a reward. The longer they stake OPUL, the higher the APY they receive.

Every OPUL staked also earns the owner a raffle ticket that can be used to apply for exclusive rewards like early access to MFT drops, artwork NFTs, airdrops, and swag packs.

Its native utility token, OPUL has several use cases. It can be used to buy MFTs, OVAULT tokens, and to buy into MFT drops. Artists can use it to purchase campaigns. It can also be staked to earn more OPUL tokens, apply for exclusive rewards, and get early access to MFT drops.

The coins have a max supply cap of 500,000,000 OPUL coins. There are currently 43,914,363 of them in public circulation. According to [Coinmarketcap](https://coinmarketcap.com/currencies/opulous/), each of the coins, as of writing, is worth $0.06613. They are ranked the 1088th largest cryptocurrencies by market cap.

Notable artists already benefiting from the platform include Lil Pump, Ard Adz, and Kyle. Tyga and Blaq Jerzee MFT sales are also on the way.

## Final word

Opulous's [roadmap](https://opulous.medium.com/opulous-announces-roadmap-update-for-2022-23-b1d84ce7869d) reveals a promising future for its users. Besides the Royalty Vault, there are plans to launch an ambassador program that will reward key community members.

A self-service MFT sales feature is also on the way, allowing artists to create and sell MFTs independently. Music Advances is another feature that will enable artists to use their future copyright earnings as collateral for loans. There is a lot to expect from the platform.
 


Opulous Launches Royalty Vault

Crypto [Hong Kong regulations](/news/article/is-crypto-legal-in-hong-kong) are likely to see new laws for virtual asset investment. The Securities and Futures Commission (SFC) intends to introduce a consultation paper with the suggested regulations for cryptocurrencies. The regulatory body is also planning to launch cryptocurrency exchange-traded funds ([ETFs](/news/article/crypto-etfs)).

This step will likely give easy access to institutional and retail investors in the country. At the initial stage, only [BTC](/coins/btc) and [ETH](/coins/eth) will be available for futures trading on the Chicago Mercantile Exchange.

On 31 October 2022, the government released a [policy statement](https://www.info.gov.hk/gia/general/202210/31/P2022103000454.htm) about crypto Hong Kong regulations. It shared the government’s vision about the future of virtual assets in the country. Also, it discussed the regulatory approach and the anti-money laundering laws. Along with that, it also discussed cryptocurrency ETF. 

The Financial Services and the Treasury Bureau believe that using cryptocurrencies as a medium of investment by individuals and institutions is growing. That’s why they are introducing ETFs to facilitate investors. 

The bureau expects that launching such products will engage digital asset investors with financial institutions. This will allow them to avail of the products through a secure channel. Also, it will play a significant part in promoting digital assets in the market.

## Crypto Hong Kong policies for ETF service providers

[SFC](https://www.sfc.hk/en/) has also mentioned details about service providers who can operate in the market. According to SFC, only the firms with a “good track record of regulatory compliance” and dealing with [ETFs](/news/article/crypto-etf-uk) for a minimum of three years will be given the approval.

Moreover, these finance management firms would be required to maintain active management strategies. The strategy should be flexible for portfolio management and disruptive market events. All in all, Hong Kong has so far been eminent in drafting policies that aim to promote cryptocurrency adoption. 





Crypto Hong Kong regulators may allow ETFs

Bitcoin Rejoin is an automated crypto trading platform that advertises itself as able to generate a 90% winning rate.

For many beginner crypto investors, the platform's success rate is a major reason to use it. However, for those who've been in the crypto market for a minute, the market's volatility makes the platform's claim a huge red flag. So, is it legit or a scam?

## How it works

[Bitcoin Rejoin](https://bitcoinrejoin.io/) uses Artificial Intelligence (AI) and other complex algorithms to find and execute trades on behalf of users. 

According to its team, its Bitcoin robot software is 0.0001% faster than any other automated trading bot in the market. It, therefore, identifies profitable market positions more quickly and executes them rapidly.

It is also designed to set buy and sell limits, stop loss, and take profit orders, among other functions. Profits made are directly deposited into investors' accounts.

A plus is that it is not entirely autonomous. Those who wish can choose to have some control by changing certain parameters to their preferences.

## Key features

Many of its features make it enticing to use. Some of these features include;

•	Automated trading: Exceptional trading skills are not a requirement to use and profit from it. It does everything on behalf of the user, from finding to executing profitable trades. It requires very little supervision and also works 24/7.

•	Multiple assets: Users have access to multiple digital assets to earn from. They can trade popular cryptocurrencies like [Bitcoin](/coins/btc), [Ethereum](/coins/eth), Litecoin, and Ripple. It also offers crypto CFDs.

•	Demo account: Users must deposit a minimum of $250 or euros to use it. However, there is a demo account for those who wish to test its capabilities before spending any real money.

•	Fees: There are no deposit or withdrawal fees, transaction fees, account maintenance fees, commissions, or any hidden charges.

The platform also promises daily rewards and guarantees instant withdrawals. There is 24/7 customer support to assist at any time.

## Is it legit or a scam?

There are a few reasons to approach the service as a scam.

•	A promise of high returns: It assures users a 90% success rate. The cryptocurrency market does not guarantee results. Its volatile nature makes it one of the most highly unpredictable markets. Promising users' returns is a clear red flag.

•	Shady reviews: A quick Google search about the platform reveals many articles questioning its 
legitimacy. There is reason to worry about any service provider with questionable services.

•	Unknown team: While the crypto space thrives on anonymity, not knowing anything about the team behind Bitcoin Rejoin is another red flag.

If the service is not a scam, then it stands out as worth checking out if you are interested in trading digital assets.

## Conclusion

Bitcoin Rejoin may look like a legitimate automated digital assets trading platform, but there are many reasons to be wary of it. Before committing your hard-earned money to the platform, do your research. Not many automated crypto trading platforms are worth using.



Bitcoin Rejoin: Legit or a Scam?

Philip Hennche, director of Channels Innovation, believes that investing in [gaming](https://www.cryptopolitan.com/nfts-play-to-earn-gaming/?swcfpc=1) is a "marquee moment" since "gaming is a highly essential channel for them in terms of how they connect to their clients."

## Burberry Metaverse new collection

Philip Hennche, director of Channels Innovation, believes that investing in [gaming](https://www.cryptopolitan.com/nfts-play-to-earn-gaming/?swcfpc=1) is a "marquee moment" since "gaming is a highly essential channel for them in terms of how they connect to their clients."

## Burberry's Metaverse inspiration 

The company's metaverse is inspired by the British fashion brand founded in 1856. The firm is presently engaged in advertising its commodities in the metaverse industry. According to Rachel Waller, their Global Innovation Director, the metaverse is the "New Frontier of Storytelling" for Brands looking to engage customers in novel ways.

Minecraft is a [metaverse](/news/article/facebook-metaverse-nft) game that will soon allow people to play on any chain. The [game](/news/article/web3-games-raised-millions) seeks to offer each player a distinct [NFT](https://www.cryptopolitan.com/news/nft/) personality and visually represent the game using various animations and settings. There would be a metropolis named SkyCity where people may play it with one another. Minecraft is regarded as one of the most sophisticated games on the globe.

## Previous Burberry and Minecraft partnerships

It has collaborated with another gaming franchise before. It has several more industry partners, beginning with B bounce (2019), B Surf (2020), in-game NFT collection (2021), and the second one in July 2022. 

Burberry and Minecraft started a new journey in the game world on November 1, 2022, to increase brand consumers and raise awareness of the metaverse. Burberry: Freedom to Go Beyond is a four-round video game set in a simulated London metropolis. For game purposes, requiring the players to wear several Burberry brands.

## Burberry Metaverse collection helps the environment

The game location is in a natural setting where players must overcome various tasks and interact with multiple creatures. The goal is to magnify nature's marvels in this way. Furthermore, to safeguard the environment, both firms will give enough money to protect around 525,000 trees through various measures. This programme will ensure the environment and aid in preserving numerous animal species lives.



Burberry Metaverse new collection

The approvals come after the Singapore Monetary Authority released two consultation papers proposing to lower regulatory barriers for [digital asset](/news/article/freeway-crypto-halts) service providers.

## How Circle and Paxos crypto firms received approval 

[Circle](https://www.circle.com/en/pressroom/circle-earns-in-principle-regulatory-approval-in-singapore) obtained in-principal permission for a Major Payments Institution License, which will let it issue cryptocurrency and deal with domestic and cross-border payments. At the same time, Paxos gained authorisation to provide digital payment token services. 

Circle and [Paxos](https://paxos.com/2022/11/02/paxos-secures-major-payments-institution-license-from-monetary-authority-of-singapore/) announced their approvals on November 2, only a week after the Monetary Authority of Singapore [(MAS) released two consultation papers](https://www.mas.gov.sg/news/media-releases/2022/mas-proposes-measures-to-reduce-risks-to-consumers-from-cryptocurrency-trading-and-enhance-standards-of-stablecoin-related-activities#:~:text=Singapore,%2026%20October%202022%E2%80%A6,in%20the%20digital%20asset%20ecosystem.) outlining suggestions for regulating digital payment token service providers and stablecoin issuers under Singapore's Payment Services Act (PSA). 

The Singapore Parliament enacted the PSA in 2019, which seeks to regulate payment systems and empowers the MAS to monitor the behaviour of payment service providers.

## What will Circle and Paxos crypto firms be able to do with approval

Circle, the creator of USD Coin ([UDSC](https://www.coingecko.com/en/coins/usd-coin)), and Paxos, the creator of Pax Dollar (USDP), both US dollar-pegged stablecoins, will now have the approval to sell their stablecoins and digital payment token products in Singapore. 

Circle's Global Head of Public and Chief Strategy Officer, Dante Disparte, believes that the licence would increase the potential for cryptocurrencies and open payment systems to stimulate economic growth in Singapore under the more creative legal environment.

## Paxos crypto firms Asia CEO's view

We're happy to have MAS as our regulator. With their oversight, we'll be able to safely drive consumer adoption of digital assets internationally in conjunction with the world's largest corporations, said the Paxos Asia CEO, Rich Teo. 

While we remain to see how many other enterprises will follow in the footsteps of Circle and Paxos, the [regulatory](/news/article/pgi-global-closed) relaxation comes after MAS rejected over 100 out of 170 applicants in late 2021 under the stricter system.

Singapore is working hard to claim back its reputation as one of the most crypto-friendly countries. However, it remains cautious for individual investors, with Singapore's largest bank, [DBS, recently opting to limit its crypto trading services to approved investors who fulfil strict requirements.](https://www.bloomberg.com/news/articles/2022-09-23/singapore-s-dbs-expands-crypto-trading-for-wealthier-clients#:~:text=DBS%20Group%20Holdings%20Ltd.,%20Singapore's,said%20in%20a%20statement%20Friday.)


Circle and Paxos crypto approval in Singapore