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The complaint charges KuCoin illegally dealt in off-exchange commodity futures transactions and leveraged, margined, or financed retail commodity transactions; Solicited and accepted orders for commodity futures, swaps, and leveraged, margined, or financed retail commodity transactions without registering with the CFTC as a futures commission merchant (FCM); failed to diligently supervise its FCM activities; operated a facility for the trading or processing of swaps without registering with the CFTC as a swap execution facility (SEF) or designated contract market (DCM); and failed to implement an effective customer identification program (CIP).https://www.cftc.gov/PressRoom/PressReleases/8884-24
The project is focus on been decentralized but their decentralization is not throughly decentralized, the image below says a lot about their limitations about their decentralization and I hope anyone planing to use in the future thread with caution.What is the thing against decentralization there? Proof of burning and minting does not indicate centralization. You can do proof of burning in Bitcoin by sending to an address where they cannot be spent. Does this make Bitcoin centralized?
Latest news: const burnUSDM = await adaTokenMessengerContract.call("depositForBurn", [
amount,
destinationAddressInBytes32,
USDC_UDSM_CONTRACT_ADDRESS,
]);They need to have several exchanges and other crypto services listing this USDM coin.They do not need high liquidity to maintain the stability but they need it if large amounts of USDM are burned. This happens if panic occurs or everyone wants to burn USDM to obtain Bitcoin or dollars, then it will be the real test of the protocol.
Without having real liquidity it won't really matter how good and stable token is if nobody is using it.
Primary market liquidity is limited to the USDC facility secured by Mountain Protocol. Note that very large movements of the market may deplete this buffer and liquidity SLA will fallback to T+2 business days. NOTE: T+2 business days is the standard TradFi settlement timeline. Mountain Protocol is not responsible for delays associated with delayed settlement of financial partners. Secondary market liquidity is limited to liquidity in secondary markets.
Maybe nobody can freeze USDM coins, but they can freeze their bank accounts and ban it in future.
https://cointelegraph.com/news/usdm-stablecoin-retail-rollout-april-mehen-founder
With new altcoin avoiding PoW and there aren't many existing PoW altcoin with strong community or uniqueness, i'd assume altcoin mining would be less attractive in the future. If we look at https://www.coingecko.com/en/categories/proof-of-work-pow, there are only 9 PoW coins in top 100 and 37 PoW coins in top 1000.Many of them are bitcoinForks and the rest have low hashrates that make renting nicehash a good amount of money to perform a 51% double spend attack.
Exchanges cannot do anything if governments decide to consider cryptocurrencies illegal or set complex conditions for obtaining licenses, Binance is forced to leave the US market
There is no way the exchange will be deleting those data, they wouldn't because that alone is expensive and can be exchange for money. Even if they wouldn't sell it, there is no way that exchange are going to delete any of those details from India.
There are already some local exchanges that work but I heard one of them is a scam. Users will continue to buy Bitcoin either via p2p or by using a VPN.
Last i read, some local exchanges have registered with this body, but i don't think global exchanges are happy with what the demands are, so i am sure it is not only OKX that is going to cease operation here, other exchanges will follow too.
I heard that there is a regulatory framework soon before the end of the year, so let's see what it will be like.
They just give up unlike Binance whos willing to comply.
Nothing is on the news behind the scene. OKX probably won't register to operate legally and pay Indian government.
As a result, OKX users in India were instructed to close all margin positions, perpetuals, futures, and options and redeem funds from products like Earn, Loan, and Jumpstart before the April 30 deadline at midnight.
Furthermore, OKX customers are also advised to expedite the withdrawal of their funds before the deadline to avoid any losses. Moreover, the OKX exchange assures users that their funds will remain safe and available until withdrawn. This decision came after the FIU requested that the Ministry of Electronics and Information Technology block the websites of the notified crypto exchanges within two weeks; OKX faced website and application blocks in January.
Personally, although when I used to make price analyses and predictions, I used to end with the phrase 'history need not repeat itself', I have been surprised by this end of the cycle. We will see if things stay as they are or if there is another ath before halving, let's say closer to $80,000, which would augur a very good post-halving price performance.History does not repeat in a fixed pattern, but events can be similar as long as the options are similar. Even now, the reasons that lead the price of Bitcoin to rise exist, and perhaps the acceptance of ETFs is what gave the price a push above $50,000, which was supposed to be a temporary peak before halving. The end of the current cycle will be a return to the $70,000 levels, but determining the ATH will be very difficult.