TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinbase said to ready historic US stock market listing. Bitcoin Cash now traded on Binance Korea. Telegram will refuse to serve data requests from Hong Kong. SEC approves Arca Ethereum-based fund. China imposes transactions on big transactions to avoid bank runs. Brazilian regulators stop Binance derivative trading, and Sideshift now supports SLP Tether.
Coinbase to be First Exchange on US Stock Market
Reuters is reporting “people familiar with the matter” insist San Francisco-based cryptocurrency exchange Coinbase “has started plans for a stock market listing that could come as early as this year, making it the first major U.S. cryptocurrency exchange to go public.” The move requires Securities and Exchange Commission (SEC) approval, and as of publication no formal documentation exists. Coinbase, as of 2018, is valued at $8 billion and might consider a direct listing rather than a traditional IPO. The New York Stock Exchange is an investor.
Bitcoin Cash Listed, Traded on Binance Korea
— Bitcoin ABC (@Bitcoin_ABC) July 9, 2020
Telegram Will Not Serve Data Requests From Hong Kong
Telegram, the encrypted messaging app, declared it will refuse to serve data requests from the government of Hong Kong given events surrounding the approval of a law punishing behaviours deemed as a danger to the national security in the territory. Mike Ravdonikas, a Telegram spokesperson, told Kong Kong Free Press that “Telegram does not intend to process any data requests related to its Hong Kong users until an international consensus is reached in relation to the ongoing political changes in the city.”
SEC Approves Arca Labs Ethereum-Based Fund
The US SEC approved a new crypto investment vehicle called the “Arca U.S. Treasury Fund,” defined as a blockchain transferred fund managing ArCoins (its “digital shares”) with the Ethereum blockchain. Arca Labs, an LA-based money manager, managed to get this innovative instrument approved after 20 months of introducing several proposals to the SEC. “The fund is significant because it is the first registered fund to issue digital securities through the use of blockchain technology,” said Susan Gault-Brown, an advisor for Arca.
China Imposes Checks on Large Transactions to Avoid Bank Runs
The People’s Bank Of China started a program that would require businesses and individuals to report withdrawals or deposits of large sums in the province of Hubei. The program will have a duration of two years, and it will be extended to other provinces (Zhejiang and Shenzhen) in October, according to Bloomberg. These measures would stop possible banks runs in small banks and lenders to keep systemic risks at check. The amounts to be reported would be 500,000 yuan for businesses and 100,000 yuan for individuals.
Brazilian Regulators Stop Binance From Offering Derivatives Trading in the Country
The Brazilian equivalent to the US SEC, the CVM, ordered Binance to stop the trade of cryptocurrency derivatives in the country, after having determined the exchange had no approval from the institution. The CVM stated Binance was not authorized to “act as a securities intermediary” in the country and determined the exchange should pay a (rather laughable) fine of $186 daily. Despite this, Binance and its derivatives trading are still accessible for users in Brazil. Brazilian laws treat all derivative products as securities.
Sideshift Introduces SLP USDT Trading
// LISTING ANNOUNCEMENT //
USDt (BCH) is now LIVE on https://t.co/KB959qmcmb, good job! 🎈
Be one of the first HUMANS to use USDt on the Simple Ledger Protocol (SLP).
— SideShift.ai CRLF (@sideshiftai) July 7, 2020
SideShift, the popular cryptocurrency swap platform, added the SLP version of Tether (USDT), the most used stablecoin of the cryptocurrency market, to its pool of supported currencies, meaning users can now convert any of the supported currencies on the platform to SLP Tether. While there are just $1,010 dollars issued in this protocol, according to Tether’s own transparency page, it is starting to be supported by several important players in the BCH environment, and is expected to grow on the Bitcoin Cash blockchain.
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