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

The Coinbase news on 11 October was Google's announcement of its partnership with the cryptocurrency exchange. The move will allow some customers to pay for cloud services with cryptocurrencies in 2023.
The announcement saw the exchange’s shares rise by 8.4% on the same day.

According to the deal, the tech company plans to use Coinbase Commerce, a platform that helps merchants accept cryptocurrency payments, to allow crypto payments for its cloud service. Over time the company plans to enable more customers to make payments with cryptocurrencies.

The Commerce platform supports ten cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, DAI, [Litecoin](/news/article/moon-litecoin), Shibu Inu, Tether, USD, and USD Coin.

The deal will also see the exchange move its data-related applications from Amazon Web Services to Google. The move will enable it to use the company's cloud computing platform to process blockchain data at scale and enhance the global reach of its services.

The exchange will also be able to leverage Google Cloud’s leading data and analytics technologies to provide its customers with machine learning-driven cryptocurrency insights.

## Coinbase Prime

The tech company also plans to use [Coinbase Prime](https://www.coinbase.com/prime#:~:text=Coinbase%20Prime%20is%20an%20integrated,Coinbase). This service provides a secure store for organizations' cryptocurrencies and allows them to execute trades, for institutional crypto services such as secure custody and reporting.

According to Amit Zavery, vice president and head of the platform at Google Cloud, it was not a guarantee that they would have gone with the crypto platform for the payments portion of the deal. They had looked into other companies, including Paypal, but settled on it because "it had the greatest capability".

This Coinbase news did not surprise many people, as the tech company had previously indicated it was exploring the potential of adding support for payment with digital currencies.

## Support for the partnership

The tech company had been in discussions with the crypto platform for months before the deal was made public.
In support of the partnership, Brian Armstrong, CEO and co-founder of the exchange, said they are excited that the tech company has selected them to provide developers with powerful solutions and to help bring Web3 to new users.

Armstrong added that the exchange has spent more than ten years building industry-leading products on top of blockchain technology and they were happy about the new opportunities the partnership brought.
Thomas Kurian, CEO of Google Cloud, said that they want to make building in Web3 faster and easier, and that the partnership with the exchange helps developers get closer to that goal.

He added that they were proud the exchange had chosen them as a partner and they were ready to serve global Web3 customers and partners.

Many in the crypto space are excited about the Coinbase news and welcome the partnership. They see it as a big win for the crypto industry and hope for more partnerships between blockchain-based and traditional companies.


Coinbase News: Google Partnership

Biticodes is a crypto trading bot marketed as the most accurate AI auto-trading software in the crypto industry. Its site further states that it is designed to give users the best trading experience and apply the most sophisticated trading strategies.

Is all this just marketing lingo, or does the bot deliver?

## How it works

[Biticodes](https://biticodes.com/) uses high-speed artificial intelligence algorithms to look for trading opportunities and place trades on behalf of users. Users only have to monitor its performance once in a while to ensure everything is working well.

It is also not entirely autonomous. Biticodes can be customized to a user's needs. It can, for example, be tweaked to trade based on a trader's strategy and risk tolerance.

## Key features

There are a few notable features that enable the Biticodes bot to stand out.

•	Speed: It is powered by the Biticodes quantum machine designed to make quicker and more efficient trading decisions. It is faster than any human trader.

•	Multi-asset platform: Users can trade many digital assets, including the most popular cryptocurrencies like Bitcoin, [Ethereum](/coins/eth), Solana, Cardano, and XRP.

•	Demo account: There is a demo account for investors who wish to test its capabilities before committing any funds.

•	Personal account manager: Each user, after registration, gets a dedicated personal account manager to help with any inquiries or when they get stuck.

It also features high security, advanced risk management tools, and 24/7 customer support.  

Users must part with a minimum of $250 to access the platform. There aren’t any other charges. Members can withdraw funds at any time. There are many withdrawal options.

According to its site, it is compatible with all devices, including desktops, mobile, and tablets.

## Is it a scam or a legit bot?

There are many things to like about Biticodes. However, there are a few things that raise concerns about its legitimacy. Some of them include;

## The promise of high returns

According to its site, it claims 96% proven accuracy. Also, 94% of its users have seen instant profits. Users see a profit of $500 to $1,500 daily, depending on how much time they spend on their accounts. Its claimed high success rate is a red flag.

The crypto market does not guarantee any returns, let alone high returns. The market is highly volatile, making it highly unpredictable.

## Questionable legitimacy

Most of the articles that review the platform question its legitimacy. There are a few positive reviews on its site, but some reviewers have quickly pointed out that they may be fake. The platform is best approached with a lot of caution.

## Final word

Biticodes appears to be a good crypto trading bot, considering all it offers. However, its exaggerated high success rate and proven rate of accuracy are things about which to worry. The platform requires extensive research before considering using it. Its demo account should be the first destination for anyone who wants to test its capabilities without spending any money.



Biticodes Review: Legit or Scam?

According to the most recent statistics, October has broken all records for crypto exploits and the number of digital assets stolen, living up to its new name of "Hacktober."

PeckShield, a blockchain security company, [tweeted](https://twitter.com/PeckShieldAlert/status/1587112410082512897) some alarming data on October 31. The company stated that $2.98 billion in digital assets had been stolen, almost twice the $1.55 billion lost in 2021.

According to the report, October 2022 saw 44 exploits affecting 53 protocols. In just one-month, malicious actors stole $760M. However, $100M was refunded. 

March has been the second-highest month for hacked funds after October, with $710M stolen. Most of this came from the Ronin bridge exploit, which resulted in the theft of $625M in crypto assets.

According to PeckShield, the top October exploit was the [BNB Chain](/news/article/bnb-chain-security-system), which lost $586M. The second major exploit of the month was the Mango Markets DeFi protocol, despite an agreement with the exploiter to return some funds and [fix the crypto hack](/news/article/bankman-fried-crypto-hack-fix).

## DeFiYield's Rekt crypto hack data

According to [DeFiYield's Rekt Database](https://defiyield.app/rekt-database), there were several other notable exploits in October. These include the $60 million rug pull of the [Freeway crypto](/news/article/freeway-crypto-halts) yield platform, [Transit Swap](/news/article/crypto-hacker-transit-swap), which lost $29 million, Team Finance, which lost $13 million; and Moola Market, which lost $9 million.
 
On November 1, DeFiYield published its [report](https://blog.defiyield.app/report-over-1b-lost-in-october-in-crypto-scams-d27d03c15efd) outlining the dire circumstances surrounding the hackfest that took place the previous month.
 
The report states that over $1 billion was lost to crypto scams, including rug pulls, Ponzi schemes, and direct protocol exploits. DeFiYield reported 35 incidents, 15 of which were rug pulls.
 
On a more upbeat note, the report noted that in 2022, nearly $890 million in cryptocurrency funds had been recovered.

Chainalysis declared Hacktober "the biggest month" for crypto hacks.

Chainalysis, a leading blockchain analytics firm, has previously declared [October "the biggest month" for cryptocurrency hacks](/news/article/crypto-hacks-peaking-october). According to the data released by the firm, the total value hacked reached $718 million by the middle of the month.
 
 
 



Crypto hacks peak in "Hacktober"

An imminent closure is looming for [Argo blockchain](/news/article/argo-blockchain-stock) as multi-million funding has been called off. It is a Bitcoin mining services firm which is listed on NASDAQ as well as London Stock Exchange. 

On 31 October 2022, the firm released an [official statement](https://www.londonstockexchange.com/news-article/ARB/strategy-company-ops-update/15693615) in which it revealed to its stakeholders that fundraising of £24 million, which is approximately $27 million, has been cancelled. It stated that “the Company no longer believes this subscription will be consummated.”

## No assurance of a definitive deal from Argo Blockchain

It has shared that it will explore other options to secure financing. However, it does not give any assurance for definitive deals. Nonetheless, it will strive to raise enough for the following year. 

It also revealed that if it failed to secure sufficient funds, it may “become negative cash flow.” If that happens, then the firm might have to curtail its operations or move towards complete closure. 

## What steps has Argo blockchain taken to optimise liquidity?

[Argo blockchain](https://argoblockchain.com/) is taking several steps to preserve cash and increase liquidity. It has sold around 3,843 new Bitmain S19J Pro machines for around £4.8 million ($5.6 million). It was the last batch from the original Bitmain order and was planned to be installed in October 2022. Currently, the company is maintaining a hash rate capacity of 2.5 EH per second. 

Earlier, the miner firm sold out mined [BTCs](/coins/btc) to pay off its debt to the crypto investment company Galaxy Digital. The company is owned by a well-known American investor Michael Novogratz. 

In June, the firm traded around 637 Bitcoins; in July, the total number of Bitcoins sold was 887. With this move, it became one of the Bitcoin [mining firms](/news/article/mining-company) to sell mined BTCs during the extremely bear market. Other firms that also sold mined tokens included Bitfarms, Riot Blockchain, and Core Scientific.



Argo Blockchain is at risk of closure

Since 2018, distributed ledger technology has seen a boom in [DeFi ](/articles/learn-moni/what-is-a-defi-token)(decentralised finance) industry. There have been numerous projects that have reimagined traditional financing, including Cake DeFi.

Among these projects, the idea of allowing investors to earn tremendous yields through [crypto staking](/news/article/what-is-staking-crypto) is quite popular. One leading platform in this regard is [Cake DeFi](https://cakedefi.com/) - an innovative platform for investors that offers various services to generate passive income.

This guide will take a deeper look at its ecosystem and how it works. We will also explore how you can leverage its unique offerings!

## Cake DeFi: A quick overview

Cake DeFi is a rapidly expanding project that makes services relating to decentralised finance more accessible. It is a[ Singapore](/news/article/coinbase-singapore-approval)-based fintech firm that was founded in 2019. Popular crypto influencers Julian Hosp and U-Zyn Chua founded the firm intending to promote cryptocurrency usage. Being a Singapore-based firm, it complies with the [crypto regulations](/news/article/crypto-regulations) of the Monetary Authority of Singapore (MAS). Besides, it claims to be a transparent firm that allows investors to gain high returns. It has its [DApp](https://app.cakedefi.com/welcome), through which you can avail of various income-generating offerings. Its primary offerings include staking, liquidity mining, and lending. Meanwhile, services like Cake Freezer and investment options in decentralised assets also exist.

## How does the platform work?

Though it is named a decentralised finance platform, it operates as a custodial portal. Its ecosystem is built on the Chain blockchain, which allows seamless trading. Also, the native token of [the Chain](/news/article/bnb-chain-security-system), DFI, is used for distributing incentives and rewards. Moreover, it works on the Proof-of-Stake [(PoS)](/news/tag/pos) consensus mechanism for generating new blocks. It allows better throughput and is more energy-efficient than Proof-of-Work [(PoW)](/news/tag/pow).

The platform gives you a variety of financial products to assist you in investing. Moreover, it also supports various digital assets, so you get numerous options.

## How to use Cake DeFi?

Let’s look at how you can use Cake DeFi’s services:

###  1. Staking

In the PoS ecosystem, you can stake tokens in nodes to validate transactions. The Cake also offers this service, and here you have two options for [staking](/news/article/gemini-staking-support-launches). The first is the native token, DFI, and the second is the DASH token. Against these two, you can earn profits.

### 2. Liquidity mining

Liquidity mining pools are another option through which you can generate yields. You have to pick a pair of cryptocurrencies with DFIs and enter your preferred amount. It may give you an upward of up to 68%. Also, there is no complicated procedure for collecting rewards, as they will be directly transferred to your wallet.

### 3. Lending

You can further boost your cash flows through its lending feature. It includes lending of [Bitcoin](/coins/btc), [Ethereum](/coins/eth), [USDC](/news/article/circle-usdc), and [USDT](/news/article/trending-crypto-coins). It offers a risk-free and transparent procedure through which you can gain lucrative bonuses.

To earn profits, you have to deposit the supported cryptocurrencies. These assets are locked on the platform for about a month and divided into lending batches. One batch ends in 28 days, from Friday to Friday. After this period ends, you can continue with the next batch or withdraw your returns.

### 4. Asset freezing

Its asset freezing is another option to get higher returns. You have to lock your desired DFI tokens for at least a month. Against this amount, the platform generates yields, giving you a regular cash flow. Also, through this, you can get a markdown of up to 85% on fees.

### 5. Investment in assets

Lastly, you can also invest in various decentralised assets on this platform. These are referred to as dTokens, and you can mint them on the Chain network. These assets are unique as their prices are related to real-world possessions like stocks.

## Final take

Cake DeFi appears to be one of the most secure and transparent platforms. It offers various financial products through which you can maximise your yields. Its staking, liquidity mining, and [crypto lending](/news/article/crypto-lending) features can generate regular cash flow. Also, you can invest in real-world assets through this platform.

Cake DeFi 101: The Ultimate Guide

## FTX UK warning - not authorized to operate in United Kingdom, warns FCA

A notification about FTX exchange's UK operations has been issued by Britain's Financial Conduct Authority (FCA). The statement said that FTX, one of the world's largest crypto exchanges, is not authorized to operate in the UK.

[The statement](https://www.fca.org.uk/news/warnings/ftx), first published on 16 September, 2022, said the FCA believed FTX might be providing financial services or products without authorization. It further stated that the firm is not authorized by the FCA and is targeting people in the UK.

Referring to FTX UK operations, the statement added that "almost all firms and individuals" who offer, promote, or sell financial services in the UK must be registered. When asked about the notice, a spokesperson of the exchange told [Bloomberg ](https://www.bloomberg.com/news/articles/2022-09-19/uk-regulator-issues-warning-on-crypto-exchange-ftx-to-consumers?sref=3REHEaVI)that they were aware of the FTX UK statement by the FCA. They also noted that among the contact info listed about the exchange, the phone numbers were incorrect, indicating a scammer might be impersonating it. 
On 19 September, 2022, Sam Bankman-Fried, the firm's CEO, [tweeted](https://twitter.com/SBF_FTX/status/1571877868963233792?s=20&t=v-X6cbEyYbmN__tYUB-R2A), reiterating that a scammer was impersonating the platform in the UK by phone. In the tweet, he stated that the exchange will never call anyone by phone and provided links that allowed access to the platform.

As of 14 October, the FCA has updated its warning against the platform to exclude the phone numbers believed to be tied to scammers. However, the regulator still warns UK citizens against engaging with the platform as it is unauthorized to operate in the country.

The statement warned UK citizens about engaging with unauthorized firms. Those who engage with unauthorized firms will not be able to access the Financial Ombudsman Service that settles disputes between companies and individuals.

There will also not be protection under the Financial Services Compensation Scheme (FSCS). If anything goes wrong and they lose their funds, they might not be able to recover the money.

## About the exchange

Launched in May 2019, FTX is a multibillion-dollar crypto exchange and trading platform owned by Bankman-Fried. It is incorporated in Antigua and Barbuda and headquartered in the Bahamas.

It has more than a million users worldwide and is available in many countries. While it is not available in the US, among other countries, it offers US citizens its services through FTX US.

The firm is not the only crypto asset firm to be put in the spotlight by Britain’s regulator for conducting business in the UK without authorization. [Binance](/news/article/guide-to-binance-uk), another major global crypto exchange, has been issued several warnings by the regulator about its activities in the UK. On 7 March, 2022, the firm was warned against undertaking any regulated activities in the UK without their written consent.

So far, only a few crypto asset firms are authorized by the regulator to operate in the UK. They include Gemini, Kraken, and Crypto.com.

FTX UK Warning from FCA

Is crypto legal in Hong Kong? It looks like it will be soon.

Hong Kong is taking steps to reclaim its position as a worldwide cryptocurrency hub. It intends to achieve this by launching several legal initiatives related to the crypto industry.

The Chinese city is willing to differentiate its crypto regulation approach from the crypto ban in mainland China.

Years of political upheaval and Covid restrictions prompted a talent departure from Hong Kong, undermining the city's claim to be Asia's financial hub. Officials are now attempting to repair some of the damage by luring businesses back, though how successful they will be remains to be seen.

## Crypto legalisation in Hong Kong

Hong Kong intends to legalise retail cryptocurrency trading to become a crypto hub.

The government unveiled a master plan to become a leading Asian crypto hub with legalised retail trading and digital-asset exchange-traded funds to reestablish the city's credentials as a financial centre.

According to a government statement issued on Monday, a consultation will begin on how the retail sector "may be given a suitable degree of access" to tokens. The city has invited global crypto exchanges to explore opportunities.

The Securities and Futures Commission detailed criteria for authorising crypto ETFs for the first time, which would initially only allow investment in Bitcoin and Ether traded on CME Group Inc. exchanges. The permitted futures portfolios could grow over time, according to the regulator.

According to SFC Deputy Chief Executive Julia Leung, asset managers and banks can apply to roll out such ETFs right away. She added that retail customers would be able to purchase the products.

In a policy paper, Hong Kong stated that it would be cautious about the risks to retail investors, improve education, and ensure the proper [regulatory](/news/article/uk-crypto-exchange) framework is in place.

The government also stated on Monday that it is willing to review property rights for tokenised assets and the legality of smart contracts.

The Hong Kong Special Administrative Region's government announced a bill suggesting creating a [regulatory framework](/news/article/g7-crypto-2022) for companies that offer virtual asset services. City authorities want to make Hong Kong an "international virtual assets centre" by embracing new technologies like non-fungible tokens and the Metaverse.

## Hong Kong crypto adoption 

Reports claim that Hong Kong has so far been successful in promoting the adoption of cryptocurrencies. In [a study](https://forexsuggest.com/worldwide-crypto-readiness-report/) by Forex Suggest released in July 2022, the city was ranked the best-prepared country for widespread crypto adoption, taking into account several factors, including crypto ATM installations, pro-[crypto regulations](/news/article/uk-crypto-regulation-eu), and start-up culture.


Is Crypto Legal in Hong Kong?