[ByBit](https://www.bybit.com/en-US/) is a cryptocurrency exchange platform for derivatives established in 2018. By offering a reliable exchange service, ByBit has become one of the top three crypto exchanges in the world. It functions in most countries, except the UK and a few other locations where services are restricted:

-	Singapore.
-	Crimea.
-	Sudan.
-	United States. 
-	North Korea. 
-	Quebec (Canada). 
-	Mainland China. 
-	Cuba. 
-	Iran. 
-	Sevastopool.
-	Syria.
-	Luhansk.
-	Donetsk.

ByBit exchange provides a [wide range of services](https://www.bybit.com/en-us/promo/global/aboutus/), but what gives the platform an edge over competitors is the features. From having the largest transaction capacity, at 100,000 transactions per second, to providing a safe, risk-free environment for new traders, ByBit corners the market on developing helpful features.

Let's look at a few of them.

## Features of the ByBit Platform

### Security of Users Funds

ByBit ensures the security of funds by enabling the hierarchical deterministic (HD) cold wallet that provides a second layer of privacy and security for users' funds. The HD wallet changes receiving wallet addresses after use, thereby protecting the true value of the funds in the address.

### User-Friendly Platform

ByBit has an interactive and user-friendly platform that makes it easy for users to understand and navigate. This is especially important for beginners who aren't very familiar with the particulars of trading.

### Supports Multiple Currencies

ByBit users can withdraw, deposit, or open positions in multiple currencies – BTC, ETH, EOS, XRP, and USDT. Before using this feature, check for any added caveats. In addition, users can use the internal asset feature to convert from one cryptocurrency to the other.

### Anonymity

Unlike some other platforms, ByBit does not have any KYC requirements. You only need an email address and a phone number to open an account.

### Around-the-Clock Customer Service

24/7 customer service ensures that users can access timely help around the clock.
 
### 100x Leverage on Margin Trading

Bitcoin users on ByBit can get as much as 100x leverage on margin and futures trading. For other currencies, the leverage is 50x. A similar feature allows customers to insure against loss by taking out short-term loans.

## Pros of ByBit

The pros of using ByBit include the following:

•	Very low chances of server downtime. ByBit's system can process 100,000 transactions in a second.

•	24/7 customer service.

•	Offers 100x leverage for Bitcoin and 50x for other cryptocurrencies on margins and futures trading.

•	Affiliate reward program.

•	Easy-to-use platform.

## Cons of ByBit

•	No KYC means no ID verification.

•	Limited spot trading pairs.

•	There is no ByBit UK access.

## What happened to ByBit UK?

In the first quarter of 2021, the Financial Conduct Authority (FCA) in the UK banned the sale of derivatives citing [high risk](/news/article/fca-crypto-investments-risky) as the reason.

In response to this ban, ByBit UK [services](https://www.coindesk.com/markets/2021/03/05/bybit-to-suspend-services-for-uk-customers-after-fca-crypto-derivatives-ban/) were withdrawn. On 31 March, ByBit ended services for UK customers after sending out a missive asking them to close all open positions and withdraw their account balances.



ByBit UK; Features, Pros, and Cons

[Elon Musk’s Twitter](/news/article/elon-musk-twitter) deal has been finalised and he has taken over the company. The news seems to have had a positive influence on Dogecoin ([DOGE](/coins/doge)). The meme coin has continued its bullish market run for a second consecutive day. In July 2022, it made it to our list of "[altcoins to watch](/news/article/altcoins-to-watch-2022)”.

On 10 October, 2022, Dogecoin touched its monthly high of $0.084448. Its price climbed by nearly 17%, with the trading volumes peaking by 196% in the past 24 hours.

Besides, DOGE has also made substantial weekly gains as it soared by 31%. With that, it became the highest performer among the 20 largest cryptocurrencies by market cap. 

However, now its price is down by 5.3%, and it is worth $0.073775, according to [Coingecko](https://www.coingecko.com/en/coins/dogecoin). Nevertheless, over the past two months, Dogecoin’s price hovered around $0.05 to $0.06. Musk closing the deal with Twitter has boosted its position in the market, giving some hope to the Dogecoin investors.

On the other hand, as the DOGE’s value soared, investors [liquidated](/news/article/sell-doge-guide) their futures positions. Data insights from [Coinglass](https://www.coinglass.com/LiquidationData) suggest that around $8.69 million of funds were liquidated in the last 24 hours. 

Apart from that, the overall [crypto market](/news/article/crypto-fear-and-greed-index) has not seen a bullish run. Most cryptocurrencies experienced a flat or negative movement. But the meme coins, DOGE and SHIB, saw a positive price action. Shiba Inu’s value has increased by 7.8%, trading at $0.00001123.

## Elon Musk Twitter deal

Elon Musk’s ‘let that sink in’ move apparently triggered a positive movement for Dogecoin. He took to Twitter to announce his [takeover](/news/article/spend-elon-musk-money) of the company distinctively. 

The CEO of SpaceX and Tesla has been a supporter of [Dogecoin](/news/article/should-i-buy-dogecoin) for a long time. Several of his tweets and statements have been seen to influence the coin’s position in the past too. As he has acquired the company, it is experiencing a bullish movement.



Elon Musk Twitter deal boosts DOGE by 140%

A [press release](https://www.gov.uk/government/news/cryptocurrency-trading-firm-shut-down-after-scamming-investors) issued by UK authorities has confirmed that cryptocurrency trading firm PGI Global UK has been shut down by the High Court.

The announcement from the UK Government was published yesterday (27 October). It was released by The Insolvency Agency, which is an executive agency sponsored by the Department for Business, Energy, and Industrial Strategy.

## PGI Global promised 200% returns

Between July 2020 and February 2021, the UK-based business gathered around £612,000, or $710,000, from potential investors. It told these investors that their investments in the firm would provide a 200% return. When it failed to keep its commitment, it forbade its investors from withdrawing their money.

Investigations discovered that the business utilised three accounts to collect the payments. As a result, PGI had allegedly diverted about £200,000 by paying no less than £195,000 to personal accounts and £10,000 to a luxury department shop.

## Director fails to comply

According to the Court, Ramil Ventura Palafox, the company's only director, refused to participate in the [inquiry](/news/article/token-sniffer-threats) into the charges. 
Furthermore, Insolvency Service Chief Investigator Mark George emphasises that limited liability safeguards need compliance with the Companies Act by both companies and individuals. 

He adds that this case demonstrates that if we have legitimate concerns about a firm's trading practices, the court will take a poor view of any failure to cooperate with a statutory investigation and will wind up with the company in the public interest. 

## Background

PGI UK is a subsidiary of Praetorian Group International Trading, which is in the United States. After obtaining a seizure warrant from the US District [Court](/news/article/xrp-court-case-update) for the Eastern side of Virginia, the US Department of Justice closed the corporation.

According to a Chainalysis [analysis](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/), cryptocurrency-related crime hit an all-time high in 2021, with illegitimate addresses collecting $14 billion, up from $7.8 billion in 2020. In contrast, according to another Intelligent CIO [analysis](https://www.intelligentcio.com/me/2022/08/22/crypto-criminal-activity-has-fallen-in-2022-with-illicit-cryptocurrency-volumes-down-15-yoy/), illicit cryptocurrency volumes fell 15% year over year in 2022, owing to a decline in crypto-criminal activities.



PGI Global Closed by UK High Court

Ruja Ignatova, aka Cryptoqueen, the founder of OneCoin, has been on the run since 2017. She is allegedly involved in a multibillion-dollar [Ponzi scheme](/news/article/crypto-hacks-peaking-october).

Now, three of her associates have been presented to the German court. The charges against them include money laundering, fraud, and embezzlement.

On 18 October, a lawyer from Munich and a couple who allegedly worked for Cryptoqueen appeared in court. [Reportedly](https://www.bloomberg.com/news/articles/2022-10-18/onecoin-s-cryptoqueen-associates-face-german-fraud-trial#xj4y7vzkg), the lawyer helped Ignatova in purchasing two apartments in London. For this, it is claimed, he transferred $19.7 million (€20 million) from the Cayman Islands.

The couple was allegedly involved in payment handling for [OneCoin](https://www.investopedia.com/terms/o/onecoin.asp). Within a year, they are said to have dealt with $315.4 million (€320 million).

## Charges of $4 billion against Cryptoqueen’s OneCoin

Ruja Ignatova founded the OneCoin platform in 2014. She falsely claimed that it is a cryptocurrency and trade platform. However, after the US’s Federal Bureau of Investigation ([FBI](https://www.fbi.gov/)) investigated, it turned out to be a multi-level marketing [Ponzi scheme](/news/tag/scam). 

The platform allured investors through false claims. It claimed to run a token mining program, but in truth, there was not any. As per the investigation by the FBI, Cryptoqueen's company scammed more than three million investors. The total amount fraudulently obtained is roughly $4 billion.

Ruja Ignatova disappeared in 2017. Reportedly, she was last seen in Athens, Greece. The FBI also added her to the top ten most wanted criminals list. The bureau also announced a $100,000 reward for anyone who could share information about her whereabouts.

The OneCoin company also allegedly bribed the presidents of Bulgaria and Serbia. An economist, Angelina Lazar, claimed this in an [interview](https://cointelegraph.com/news/angelina-lazar-presidents-of-serbia-bulgaria-took-bribes-from-onecoin-my-war-against-onecoin-part-2). 

Previously, some other actors who were part of the company also faced charges. Christopher Hamilton was one of them. He faced [money laundering](/news/article/crypto-aml) charges involving around $105 million in embezzlement. 

Ruja’s brother, Konstantin Ignatov, was also accused of money laundering and pleaded guilty in 2019.



cryptoqueen ruja ignatova and crypto fraud

Cryptoqueen Associates Face Fraud Trial

Germany's Nuri bank has become another victim of the crypto winter. It has notified its 500,000 customers to withdraw assets from their accounts as the company heads to close and liquidate the business.

In August, Nuri first reported liquidity issues after revealing that it had declared bankruptcy due to the economic strains of crypto winter. At the time, it announced that operations would go on as usual while it worked on a restructuring strategy and secured a buyout. However, an acquisition did not take place.

Nuri CEO Kristina Mayer stated in an 18 October [blog post](https://nuri.com/blog/letter-from-ceo/) that the company could not continue operations despite its best efforts.

## Nuri urges users to withdraw funds before 18 December

Nuri asked its customers to withdraw all of their funds before the deadline of 18 December. By contrast, bankrupt cryptocurrency lender [Celsius](/news/article/celsius-bankruptcy-protection) halted user fund withdrawals before everything went down.

The [bank](/news/article/crypto-friendly-banks-uk) assured its customers that all funds would be accessible and available for withdrawal until the specified date. Users' account's assets are all secure and unaffected by Nuri's bankruptcy. According to the post, trading will be available until 30 November, 2022.

Mayer stated that the challenges of 2022 were "insuperable" due to a tough economic and political environment and that this had prevented Nuri from raising new funds or finding a buyer.

While Mayer did not name its business partner, Celsius seems to be the most likely candidate because it had partnered with Nuri to offer Bitcoin interest accounts to its customers. When Celsius declared bankruptcy, these accounts were frozen.

Mayer also stated that the company remains enthusiastic about the potential of blockchain-based financial services.

She said Nuri is "convinced" that blockchain, cryptocurrency, and decentralised finance will offer opportunities that "add true value to the lives of people".

## The adverse effect of crypto winter

The term "crypto winter" refers to an underperforming cryptocurrency market. There have previously been several crypto winters. For instance, cryptocurrency prices dropped and remained well below previous peak prices from late 2017 to December 2020.

But the 2022 crypto winter is different. Many renowned businesses have been closed in the year 2022 because of liquidity issues.

Nuri bank joins a growing list of cryptocurrency companies that have had to halt trading and withdrawals due to unfavourable market volatility, including [Voyager Digital](/news/article/crypto-lending-platform-voyager), [Freeway](/news/article/freeway-crypto-halts), [Celsius](/news/article/celsius-data-breach) Network LLC, and Babel Finance.


Nuri Bank Asks 500k Users to Withdraw Funds

Zapper Finance, a startup founded in 2020, is a dashboard that helps you keep track of your DeFi portfolio. Zapper exchange is a one-stop shop for you to keep track of assets, debts, liquidity pools, claimable prizes, stakes, and much more.

And the best part? It requires no personal information!

Just connect your wallet to Zapper and you're done. Moreover, Zapper gives you access to additional tools and benefits.

## How does Zapper work? 

Using Zapper is not rocket science. Follow the steps given below and you can get started in no time.

•	Click on the ‘Connect Wallet’ button [on the homepage](https://zapper.fi/).

•	Once connected, you can access your DeFi portfolio, including loans, outstanding debts, etc.

•	On your dashboard, you will see your current holdings, information about your portfolio, investments, and even NFTs. The price floor for certain NFTs will also be displayed here.

## What is the exchange? 

Exchange refers to when you can exchange your tokens on any network. If Zapper supports it, you will be able to swap your token without needing a DEX. On your screen, look to the bottom left corner and choose a network and start swapping.

## Zapper features 

Zapper comes with some amazing features that you would want to check out, namely:

•	DeFi Integrations - Zapper lets users stake liquidity from several DeFi protocols, all from a single dashboard.

•	Portfolio Rebalancing - Zapper makes it easy to rebalance your portfolio with its connectivity. With this feature, you can ensure you have a well-diverse portfolio.

•	Pooling - Zapper allows users to have multiple liquidity pools across several platforms with only a single cryptocurrency token.

•	Monitoring - You can [monitor your DeFi positions](/news/tag/defi) with Zapper by using its live updates feature. This allows users to manage and track their investments accordingly.

•	Zapper Exchange - With Zapper exchange, you can easily swap supported tokens without requiring a DEX.

If you are looking to enter the DeFi network or system, Zapper makes the process smooth. With its yield farming and liquidity opportunities, [Zapper](https://www.zapper.com/) makes it easier for investors to take advantage of the system.

It makes the tracking system that much better, and with Zapper, you can easily swap your Bitcoin, [Dogecoin](/news/article/should-i-buy-dogecoin), ETH, and more swiftly.



Zapper Exchange Explained

According to an October poll conducted by US asset management firm [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2022/Schwab-401k-Study-Finds-Millennials-and-Gen-Z-Take-Advantage-of-Broader-Range-of-Retirement-Resources-Than-Previous-Generations/default.aspx), over half of Gen Z and Millennials want crypto to be in their 401(k) retirement plans. 

When the business asked participants what they wanted to add to their 401(k) retirement products, [46% of Gen Z and 45% of Millennials](https://www.investing.com/news/cryptocurrency-news/almost-50-of-gen-z-and-millennials-want-crypto-in-retirement-funds-survey-2921428) indicated they hoped to invest in crypto as part of their financial planning. 

It's hardly surprising, given that 43% and 47% of Gen Z and Millennials are already investing in cryptocurrencies outside their 401(k), indicating their fondness for the asset class.

The asset management firm asked 1,100 401(k) members aged 21 to 70 to take a 10-minute poll between 4 April and 19 April, 2022.

## Who qualifies for a study on crypto retirement funds?

Participants in the study had to have worked for a firm with 25 or more workers and be current 401(k) plan participants. 

Millennials are individuals born between the early 1980s and the mid-1990s. Gen Z is those born between the mid to late 1990s and the early 2010s. 

The percentages contrast sharply with individuals born between the mid-1940s and the late 1970s, with only 31% and 11% wishing to invest in cryptocurrencies, respectively.

## What could challenge the success of the crypto retirement fund? 

Inflation is seen as the major deterrent to pension success. Fidelity Investments reportedly [put plans in place](/news/article/fidelity-crypto-increase) in April to allow Bitcoin investing for its 401(k) retirement saving account holders, with investors permitted to deploy up to 20% of Bitcoin to their savings portfolio. 

[Rest Super](https://rest.com.au/super/super-products/rest-super) was the first pension fund in Australia to provide Bitcoin allocation to its 1.9 million members in November 2021. 

A [Quebec pension fund](https://www.reuters.com/markets/us/canadian-pension-fund-cdpq-explores-legal-options-over-failed-crypto-firm-2022-08-17/) lost nearly all of its $154.7 million investment in the now-defunct cryptocurrency [lending platform Celsius](/news/article/celsius-data-breach). Controversies like these have split US Senators on the magnitude of the dangers associated with crypto-exposed 401(k) retirement plans.



Crypto Retirement Fund Popular with Millennials

Token hash values are random strings generated every time a password is saved on your computer, smartphone, or anywhere on the internet. [Token](/news/article/crypto-coin-vs-token) hash values are usually encrypted, but sometimes they can be easily decoded, and all the sensitive information is sent to any hacker who cares to listen. With token sniffing, all you need to hack into accounts is a sniffer, a database of stolen tokens, and a [database of leaked passwords](/news/article/celsius-data-breach), along with their corresponding token hashes.

## Dangers of Public WiFi

A token sniffer steals user data by monitoring and collecting the encrypted data that passes between your computer and a network. This information can include usernames, passwords, and other sensitive information.

This attack can happen when surfing the web on public WiFi networks, like at your local coffee shop or airport lounge. Hackers can use special tools to monitor the traffic passing through their device's WiFi card and steal any data transmitted over the network.

The dangers of public WiFi include the fact that anyone can use it within range to access your data. [A VPN will also protect your](/news/article/reddit-using-vpn-for-crypto) login details from hackers while on public networks such as airports or coffee shops where lots of people gather together in one place.

## How Can You Safeguard Your Information?

Token sniffer attacks are a common way to compromise an organization's network. In addition to collecting information about a user's account, this attack allows someone to access their network connection and remotely log into their system as if they were using it themselves.

There are ways for you to safeguard your information from token sniffers.

First, you should ensure that you're using [two-factor authentication](https://www.investopedia.com/terms/t/twofactor-authentication-2fa.asp) whenever possible. You'll need more than just your password when you log into a site. You'll also need a code sent to your phone or email address to verify that it's you trying to get into the account.

Second, if you don't already have a strong password for each account, consider creating one now. A strong password comprises letters and numbers (no symbols), and it should be at least 12 characters long - more if possible!

Third, don't use public computers or public WiFi networks when signing into sensitive sites like banking accounts or social media platforms because these connections can leave your information vulnerable to sniffing attacks.
 


Token Sniffer Threats and You

South Africa's crypto regulation is being redefined as authorities recognise cryptocurrencies as financial products. It will likely include all digital tokens and assets in the country's financial laws. This move is a long-awaited step towards the complete [regularisation](/news/article/crypto-regulations) of the cryptocurrency market in the country.

On Wednesday, October 19, the South African crypto regulation authority, the FSCA (Financial Sector Conduct Authority), notified the public about the [update](https://www.greengazette.co.za/notices/financial-sector-conduct-authority-finansi%C3%ABle-sektor-gedragsowerheid-1350-financial-advisory-and-intermediary-services-act-37-2002-declaration-of-a-crypto-asset-as-a-financial_20221019-GGN-47334-00000.pdf). It briefed about the amendments in the Financial Advisory and Financial Intermediary Services Act (FAIS) of 2002.

## A new definition of cryptocurrencies

The notification declared that the cryptocurrencies are "a digital representation of value". Moreover, the new regulation defined them as values that can be traded, transferred, and reserved on a distributed ledger. It also maintained that these are to be recognised as "financial products".

Therefore, all the laws that apply to traditional financial products will also apply to cryptocurrencies. The update in the act is likely to boost the regulatory efforts in the country.

## Earlier indications for South Africa crypto regulation upgrade

Earlier this year, in July, the regulatory body and the South African Reserve Bank (SARB) indicated upgrades in monetary laws. It specified that BTC and altcoins will be defined as assets. 

However, a [draft](/news/article/south-africa-crypto-regulation) for this declaration was published back in November 2020. After that, in mid-2021, The Intergovernmental Fintech Working Group (IFWG) proposed a complete roadmap in a [position paper on crypto assets](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2021/IFWG-CAR-Working-Group-position-paper-on-crypto-assets). 

It discussed in detail the anti-money laundering ([AML](/news/article/crypto-aml)) laws and the KYC (know your customer) requirements for service providers. Also, among the digital asset community in RSA, there were debates about their inclusion in monetary laws.

Thus, the step was highly anticipated among virtual asset holders and issuers. And now, they have finally made the reforms in the laws with the FAIS Act 2022. It will guide them on how the market will shape RSA in the coming years. 

Besides, RSA is a growing country for cryptocurrencies; many firms are providing related services. With the introduction of this act, authorities will be able to manage them efficiently.


South Africa Crypto Regulation Update

Tech powerhouse Apple has published crypto and non-fungible token-specific rules in its App Store policies.
The new rules specify what uses of NFTs are permitted and prohibited. It also discusses when a cryptocurrency exchange app can be listed. 

It allows apps to make use of in-app purchases to "sell and sell services" associated with NFTs, such as "listing, minting, and transferring."

Additionally, it restricts NFTs obtained elsewhere to viewing only.

Furthermore, new Apple crypto guidelines prohibit apps from including "external links, buttons, or other calls to action", which may allow users to avoid app-store transaction fees when buying NFTs. It will also forbid apps from using "QR codes, cryptocurrencies, and cryptocurrency wallets" to unlock any content or functionality.

The guidelines also do not allow the use of cryptocurrency for in-app purchases, instead allowing only fiat purchases such as debit or credit cards with a "valid payment method".

The tech company seems to be stepping up its NFT "Apple tax", which comprises in-app NFT purchases in its standard 30% fee on all purchases, by mandating that all [NFT](/news/category/nft-news) transactions take place within apps.

## Apple NFT taxation

Apple has been working on a framework for NFT sales for quite some time. Regarding token taxation, Apple has integrated in-app purchases to apply a standard 30% commission rate on all purchases. 

The tech firm has been criticised for charging a 30% commission on NFT sales made via apps from popular NFT marketplaces such as OpenSea or Magic Eden. Many people have described this taxation as "grotesquely overpriced". The average commission on NFT purchases is around 2.5%.

Because of the high taxes, Magic Eden has reduced their functionality and removed its services from the App Store. 

Users can only browse and view their NFTs with the [Magic Eden](/news/article/magic-eden-expands) Apple app.

## Bottom line

The new Apple crypto guidelines do not alter the company's existing policy on cryptocurrency trading apps provided by exchanges such as [Binance](/news/article/guide-to-binance-uk) and [Coinbase](/news/article/coinbase-singapore-approval), where crypto trading is exempt from the 30% "Apple [tax](/news/article/uk-crypto-tax-regulations)".

New language, however, was added to clarify that crypto trading apps can only be provided in "countries or regions where the application has appropriate licencing and authorisations to provide a cryptocurrency exchange".



Apple Crypto and NFT Rules Published

[Santander](https://www.santanderbank.com/) is one of the largest networks of banks in the world, with its headquarters in Spain. In August, it announced that it would be launching the [Santander cryptocurrency trading](/news/article/santander-crypto) feature in Brazil. Now, the firm has proposed using the Brazilian CBDC (central bank digital currency), Digital Real, to tokenise assets. 

The firm intends to facilitate trading real estate properties and cars for crypto users in Brazil. For this reason, it will be working with the [FinTech ParFin](https://parfin.io/en/), which can assist in tokenising ownership rights and controlling the exchange of assets or currencies. 

## Santander cryptocurrency trading project for LIFT Challenge

The proposal for the tokenisation of real estate properties and vehicles through CBDCs is for the LIFT Challenge program. The Central Bank of Brazil initiated the program to promote the use of CBDC, Digital Real, in the country. The coin could be launched in 2024.

Along with Santander, several other institutions became part of it, including the [Mercado Bitcoin Exchange](https://www.mercadobitcoin.com.br/), [Itau Unibanco](https://www.itau.com/), and Visa do Brazil. Because of this initiative from the central bank, various use cases of the upcoming digital currency came forward.   

## Digitising real-world assets

The banking institution is looking to build an infrastructure that can digitise real-world assets. It will provide a complete platform to the users where they can easily buy or sell properties, vehicles, or other assets via virtual currency. 

According to a local news agency, the bank's Executive Superintendent of Open Finance, Jayme Chataque, [said](https://livecoins.com.br/santander-projeto-real-digital-ompras-de-carros-e-casas/) that the tokenisation would allow the users to leverage [smart contract](/news/article/smart-contracts-blockchain) and blockchain technology for making deals for their houses, cars, or other assets. 

Meanwhile, the CTO of ParFin, Alex Buelau, stated that the firm has built a permissioned blockchain, ParChain, which will be used for digitisation for this project. Also, he mentioned that the blockchain could provide enhanced security through Multi-Party Computation technology.



Santander Cryptocurrency Services Expand

The [Freeway](https://freeway.io/) crypto platform suspended some of its services, citing "unprecedented volatility" in the currency and cryptocurrency markets in recent times.

The platform announced on 23 October that it was halting purchases, deposits, and withdrawals. The crypto staking platform will not buy Supercharger simulations until its new plans are implemented.
 
The website states that their "Superchargers" product can reward customers with annual yields of up to 43%. Users can use fiat and cryptocurrency to finance regulated brokerage accounts, which can then be leveraged for future profitable returns.
The centralised platform combines the best aspects of traditional and decentralised finance (DeFi).

Freeway has not provided specifics on its new strategies. However, it stated in the Twitter post that it intends to "diversify its asset base" in an attempt to manage exposure to "future market fluctuations and volatility". This, it said, would ensure the "long-term sustainability and profitability of the Freeway Ecosystem."

It's unclear what this means for the platform and its users, but the post ends with a promise to provide updates soon.

The scheduled date for the update is not released. But, via a [Twitter post](https://twitter.com/FreewayFi/status/1584213310970347521), the firm said it would notify users when it is ready to restart "partial Supercharger simulation purchases (buy-backs)", and again when it can begin "full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys".

## Users expressing concern

Users have expressed their worries on the Freeway Telegram group and social media.

The primary user concerns are whether withdrawals will be honoured and whether Freeway will join other well-known cryptocurrency platforms in closing permanently.

As of right now, nothing can be predicted. We can wait for future updates to be provided by the firm. 

## FWT price plummets

The Freeway crypto platform's native token, FWT, has dropped by more than 80% in the last 12 hours. FWT was trading at around $0.007 before the service suspension. It fell nearly 87% to $0.001 on Monday morning and has yet to recover from that low.

FWT was now 96% lower than its all-time high of $0.031 in May 2021. Its market capitalisation has dropped to $8.5 million.
Freeway joins a growing list of cryptocurrency platforms, including [Voyager](/news/article/voyager-lending-ftx) Digital, [Celsius](/news/article/celsius-data-breach) Network LLC, and Babel Finance, battered by unfavourable market volatility and forced to suspend trading and withdrawals.



Freeway Crypto Platform Halts

The Fidelity crypto division will have 500 staff members in total within the first three months of 2023, according to a spokesperson.

In sharp contrast to the recent squeezing out of crypto talent, $4.5 trillion asset management company Fidelity Investments is to employ another 100 individuals to support the firm's developing digital assets division. 

## Search for live jobs related to the Fidelity crypto division 

A [search](https://jobs.fidelity.com/job-search-results/?keyword=digital%20assets) on the bank's job board showed 74 active results for digital asset-related roles covering blockchain technology, business analysis, customer support, finance and accounting, product development, and corporate services such as compliance. 

Most of the current listings are from the United States, with the bulk originating from its offices in Boston, New York, Texas, Colorado, and Utah. According to Bloomberg, the new positions will be in the US, UK, and Ireland.

## What has caused the increase of staff at Fidelity? 

Fidelity's recruiting drive came after BlockFi, Coinbase, Gemini, and Crypto.com, among the top [crypto-native entreprises](/news/article/how-maiar-exchange-leverages-elrond), laid off 20%, 18%, and 10% of their staff, respectively. The mass layoffs appear to have created a new pool of digital asset talent for conventional corporations like Fidelity [to recruit](https://www.fnlondon.com/articles/fidelity-hiring-crypto-jobs-blockchain-20221019).

## Crypto division to increase digital assets offering

Fidelity has begun to provide more extensive [digital asset](/news/article/best-crypto-card-uk)-related services as investor interest in digital assets grows. 

A bank representative recently revealed to a cryptocurrency news outlet that the bank would begin offering [ETH](https://en.ethereumworldnews.com/fidelity-digital-assets-to-allow-clients-to-purchase-ethereum/) custody and trading services to institutional clients on 28 October, 2022.

In September, industry observers speculated that the company would soon "transition" towards offering Bitcoin trading services to its 34 million retail consumers. 

At the time, the company did not confirm the rumours, merely stating that extending its capabilities to provide further access to digital content remains an area of attention.

The company has previously established a tool that allows holders of 401(k) retirement savings accounts to invest directly in Bitcoin (BTC).


Fidelity crypto department to increase by 25%

The cryptocurrency market is expanding, with various companies providing related financial products. In particular, automated [trading bots](/news/article/bitcoin-motion-trading-bot-scam) have gained much popularity. However, they are also one of the most significant sources of [crypto scams](/news/article/crypto-hacks-peaking-october). That’s why investors are always doubtful about trusting one with their assets, and rightly so.

One emerging name among the automated trading platforms is [Bitcoin Storm](https://bitcoin-storm.app/). Like many similar platforms, it also faces questions about its legitimacy. To answer these questions, here is a thorough review of the program.

## A quick overview of Bitcoin Storm

Bitcoin Storm is a crypto trading platform, similar to [eToro](/news/article/etoro-uk-review), that has eased the trading process for investors. It introduces an automated system to help you decide when to buy or sell crypto. In simpler words, it is an analytical bot that can read or predict market behaviour. 

Through its analytics, you do not have to constantly track the price charts and the news to make investment decisions. It also offers brokerage services. So, you can get [BTCs](/coins/btc) or altcoins at lower prices without requiring substantial upfront investments. And then, by leveraging its market analysis, you can sell them to earn profits.  

## What services and features does it offer?

1.   Automated market analytical tool
One of the platform's best services is providing crypto trading signals. It uses an automated market analytical tool built on advanced technology. It eases and assists the buying and selling decisions by offering deeper market analysis.
Based on these signals, you can also develop an investment strategy. It is also suited for all investors, whether experienced or novice.

2.    Multiple cryptocurrencies and payment options
Though its name might suggest that it only supports BTC, you will have numerous other options too. It is compatible with popular coins like [ETH](/coins/eth), [BNB](/news/article/bnb-chain-security-system), and others. It also allows multiple payment options. These include both credit/debit cards and bank transfers. 

3.    Instant registration
Instant registration is another feature of the platform. It only demands basic personal details such as your name, phone number, and email address. You must also provide your bank details, and you will be all set to use the platform. The entire procedure hardly takes 30 minutes.

4.     Affiliated brokers
Various regulated brokers are affiliated with this platform. They monitor the trade activities on the platform and ensure transparency.

5.     Efficient and low-cost trading
Where it makes crypto trades effortless, it also proves to be a low-cost and efficient option. It only charges 0.01% fees as commission. Additionally, there is no registration fee or other hidden charges. In fact, it is 0.01 sec faster than its counterparts.

## Is Bitcoin Storm legit?

This trading bot assists you in making trade decisions. It charges minimal fees and maintains transparency. Moreover, it offers an accuracy of 99.4%, which assures that it can be a trustworthy platform. The platform also has an award from the [US Trading Association](https://www.taforum.org/) in the category of trade software. 

These indicators speak volumes about whether you can trust your assets with this app or not. However, conducting your research and investing according to your risk tolerance is advisable.



Bitcoin Storm Review: Is it Legit?

The [CoinSmart cryptocurrency exchange](https://www.cryptovantage.com/best-crypto-exchanges/) came into existence because the founders found it challenging to fund and obtain verification on existing exchanges. They intended to develop a dependable, user-friendly exchange for beginners and easily accessible to Canadians. 

The result is a crypto exchange with rapid verification, a user-friendly interface, bank-grade security, and several financing possibilities in various fiat currencies. They also provide more complex choices for experienced traders with bigger volumes.

Although [CoinSmart](https://crypto.coinsmart.com/register) began as a Canadian-only exchange, it has recently extended to several other countries worldwide. That means more people have benefited from its outstanding UI and simple onboarding procedure. The United Kingdom, Germany, France, Italy, Spain, Portugal, Sweden, Norway, Turkey, Poland, Ireland, the Netherlands, Georgia, and Estonia are all represented.

It offers a limited variety of digital currencies for purchase, sale, and trading. The most popular cryptocurrencies are: [Bitcoin (BTC)](https://www.cryptovantage.com/buying-crypto/bitcoin/), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Stellar (XLM), Bitcoin Cash (BCH), EOS, NEO, Dash (DASH), and QCAD.

## Is CoinSmart secure? 

CoinSmart is a trustworthy cryptocurrency exchange that takes security seriously. They are a FINTRAC-registered Money Service Business, which means they comply with regulatory criteria and produce documents to retain their licensing status. A recognised Canadian bank also backs them.

CoinSmart Canada prevents fraud by utilising a sophisticated identity verification procedure that detects bogus addresses and dates of birth by using a database provided by data-gathering companies. CoinSmart can authenticate a person's identification while keeping personal user information protected by using these agencies.

The organisation also allows customers to use a two-factor authentication mechanism (2FA). Users must provide a password generated on their phones when attempting to log in. They must then input the freshly produced code and their account details.

CoinSmart also provides consumers with a cold digital wallet for each coin available on the market. Whether a user acquires a particular cryptocurrency or not, a cold wallet is accessible. This wallet uses industry-standard techniques and processes.

## Fees with Coinsmart 

CoinSmart charges reasonable fees for fiat deposits and withdrawals, and cryptocurrency withdrawal fees are common. Their costs follow industry standards, but they are not a compelling reason to use the exchange. 

There are no fees for Canadian Dollar deposits made through bank transfers or drafts. However, both methods need a minimum deposit of $10,000 and $500, respectively.

If users deposit via an Interac e-Transfer, there are no costs if their deposit $2,000 or more, but there is a [1.5% fee](/news/article/etoro-fees) if you deposit less. The 1.5% charge is standard; investors can find it on the neighbouring Canadian [exchange](/news/article/best-exchanges-for-crypto-uk) [Bitbuy](https://www.cryptovantage.com/best-crypto-exchanges/bitbuy/). Credit and debit card funding costs are the highest, with some fees reaching as high as 6%.

Meanwhile, bank wire and electronic funds transfer options have a 1% fee with a $15 minimum for Canadian Dollar withdrawals. Crypto withdrawals are subject to a fixed charge that varies according to the asset. The Bitcoin withdrawal charge, for example, is 0.0005 BTC, whereas the Cardano withdrawal fee is 0.3 ADA.

## Key Features at CoinSmart
 
CoinSmart offers a few unique features that distinguish it from the competition.

The first is that it is a beginner-friendly platform, making it an excellent starting point for novice crypto users. The site has an exemplary user interface that makes depositing simple.

CoinSmart is also the only exchange that provides the SmartGuarantee, which offers the following advantages: 

•	All deposits are credited to users' accounts the same day they are received. 

•	Every account is confirmed the same day, and all fiat withdrawals are made within five days. 

•	CoinSmart has a good referral programme in which customers may suggest friends and get $15 if they invest at least $100.

## How users can set up their CoinSmart account

Setting up an account with CoinSmart is simple, and they provide fast verification using Equifax, so users may be verified and trading within minutes of signing up. To open a CoinSmart account, follow these steps:

•	Navigate to the [CoinSmart webpage](https://www.coinsmart.com/) 

[![Coinsmart1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Coinsmart1_cc9f4818b1.png)](https://imp.i246982.net/c/3491845/794942/11346?subId1=nl&trafsrc=Impact)
  
•	Insert the respective email address and press "[Get Started](https://crypto.coinsmart.com/register)." 
 
[![Coinsmart2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Coinsmart2_605e9c8553.png)](https://imp.i246982.net/c/3491845/794942/11346?subId1=nl&trafsrc=Impact)
  
•	On the next page, choose the name, choose a password, and press "Sign Up."

[![Coinsmart3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Coinsmart3_d0af1cc0bf.png)](https://imp.i246982.net/c/3491845/794942/11346?subId1=nl&trafsrc=Impact)
  
•	Verify email through email sent to the user's email address

•	Enter the user's phone number and verify through the code sent to the number

•	Enter users’ information, including full name, date of birth, and address

If they can instantly verify investors, they are ready to deposit and start trading!

If they are unable to verify the user's identity instantly, they must provide the following information:  

•	Easy-to-read copies of the front and back of their government-issued ID

•	A selfie with users holding the same ID and a piece of paper with the word "CoinSmart" written with today's date.

•	A recent copy of their utility bill with their name and address.

After the respective users enter this information, the site will personally verify their identity before allowing them to fund their account and begin trading.


CoinSmart - A Guide for Beginners

N26, a German fintech valued at $9 billion, has partnered with Bitpanda to enable crypto trading on its mobile app. N26 Crypto will let consumers purchase and trade 200 cryptocurrencies, including Bitcoin, beginning in Austria and expanding to additional countries in the following months. 

The Berlin-based fintech [firm said](https://n26.com/en-eu/press/press-release/n26-launches-new-cryptocurrency-trading-product-n26-crypto) on Wednesday that the Austrian launch addresses "high local demand", with 40% of customers actively trading or investing in cryptocurrency. N26 intends to expand its cryptocurrency trading business to significant additional markets over the next six months.

Customers who have confirmed their identification may access N26 Crypto through the "Trading" part of their app's new "Finances" section. As a result, people may purchase cryptocurrency using their fiat [bank](/news/article/revolut-bank-uk-crypto) account. For standard accounts, the transaction price is fixed at 1.5% for Bitcoin and 2.5% for other currencies, with some further savings for metallic card holders. 

According to N26 co-founder and co-CEO Valentin Stalf, the business sees its new offering as an entrance point for a new generation of investors who, despite recent market turmoil, are interested in digital assets.

## Partnership with Bitpanda

The site runs in collaboration with Vienna-based [Bitpanda](https://www.bitpanda.com/en) GmbH, which handles transaction execution and coin custody.

In November 2021, the firm declared its plan to depart the US market and focus only on the European market. However, the corporation also ran into some issues in Europe, with the German Federal Financial Supervisory Authority (BaFin) imposing a new client cap on the company in May 2021.

## Bitpanda gives more people the power to invest

This collaboration brings together two renowned DACH [fintech firms](/news/article/crypto-friendly-banks-uk) with a shared goal of providing everyone with easy, safe, and convenient financial control.

N26 customers will now be able to invest in around 200 cryptocurrencies for as little as €1 with [Bitpanda's White Label Solution](https://www.bitpanda.com/en/whitelabel), depending on their budget and risk tolerance.

Bitpanda and N26 Enter Crypto Partnership

[Sam Bankman-Fried](/news/tag/sbf), the cryptocurrency billionaire, has [proposed a framework for reducing the damage caused by the hacks and vulnerabilities](https://www.msn.com/en-us/money/other/billionaire-bankman-fried-tries-to-fix-crypto-s-hacking-problem/ar-AA13axks) affecting the sector. It includes setting the highest reward for attackers at $5 million.

Recently, crypto attacks have increased, with more than $3 billion looted from the crypto sector so far in 2022. This year is anticipated to set a hacking record.

The involvement of the FTX crypto exchange founder and CEO comes days after a hacker was allowed to keep $50 million of the approximately $100 million taken from the Mango decentralised finance programme. This was as part of a settlement with the platform following the heist.

In crypto, some white-hat hackers aim to reveal flaws in exchange for a reward rather than for nefarious purposes.
A white-hat hacker is a person who uses hacking techniques to find security flaws in the blockchain ledger in exchange for rewards. However, sometimes these rewards could be too costly to be justifiable.

As seen in the above case, the hacker was given 50% of the total value, accounting for $50 million of the $100 million funds. Such numbers must be addressed. They cause outrage and are unsustainable for the company and the community. For that reason, people like Bankman-Fried are seeking solutions to crypto hacking.

[Bankman-Fried](/news/article/ftx-acquires-bithumb) claims that implementing his [5-5 strategy](https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards) can reduce hacker effect by more than 98%, but he is still unsure about what should be the industry norm.

## Is DeFi an easy target?

DeFi protocols provide software-based algorithms that let cryptocurrency traders, borrowers, and lenders transact, borrow, and lend on digital ledgers without needing a central mediator. According to blockchain expert Chainalysis Inc. data, DeFi has been the primary target of most flaws and breaches this year. DeFi is hailed as crucial for the widespread adoption of digital tokens, which also suffered from this year's plunge in coin prices. 

The recent attacks are placing pressure on crypto players to find answers.



Bankman-Fried Floats Crypto Hack Fix

The European Union has released a set of documents relating to an EU crypto regulation action plan for implementing the European Green Deal and the REPowerEU Plan. Both are intended to save energy by digitising the energy sector. It shows that [crypto miners](/news/article/crypto-mining-farms) are on the radar of European energy planners.

## The REPowerEU plan

[The REPowerEU Plan](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52022DC0230&from=EN) was unveiled in May in response to Russia's invasion of Ukraine, which significantly impacted European energy supplies. The document outlines the EU's strategy for achieving energy independence from Russian fossil fuels by 2027.

The document was a follow-up to the first 'REPowerEU' document, released on March 8, 2022, and outlined steps to avoid Europe's fuel dependence on Russia becoming a weapon against the bloc.

### REPowerEU's primary goal is:

•	Ending Europe's reliance on Russian fossil fuels as soon as possible, ideally by 2027, with a two-thirds reduction in Russian gas consumption by the end of 2022.

•	Securing the EU energy system's long-term sustainability, cost-effectiveness, and energy supply through a controlled exit from this long-entrenched relationship with Russia.

## Commission Staff Working Document

According to the document, Europe accounts for about 10% of global crypto mining, with Germany and Ireland leading the continent and Sweden seeing a significant increase in activity after [mining was banned in China](/news/article/chinas-ban-on-crypto). The European Securities and Markets Authority is expected to draft technical standards for the crypto-mining industry.

The paper also stated that investors require more information about cryptocurrencies' energy consumption. It echoes the EUBOF document, that the EU crypto regulation should take the lead in developing international blockchain standards.

According to a communication from the Commission to bodies including the European Parliament, Council, and European Economic and Social Committee, energy consumption for cryptocurrency mining has more than doubled in the last two years. The proposed [Markets in Crypto Assets (MiCA)](/news/article/euroc) legislation would require crypto-asset market participants to make environmental disclosures.

Meanwhile, due to the tight energy situation this winter as a result of disruptions in Russian fuel supplies, the European Commission, the EU's executive branch, is urging member states "to implement targeted and proportionate measures to lower the electricity consumption of crypto-asset miners to put an end to tax breaks and other fiscal measures benefiting crypto-miners in the longer term".



EU Crypto Regulation to Save Energy