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

## 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

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

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?

Among 500 registered crypto exchanges globally, [Bitforex](https://www.bitforex.com/) is one of the best known for its customer experience.

Along with a wide range of trading tools like spot, margin and future trading, BitForex Earn, [NFT marketplace](/news/article/solanart-nft-marketplace), and Crypto Loans, the exchange has very low fees, high liquidity, and multiple layers of security.

It launched in 2017 and has more than six million users across 200 nations. The exchange even helps new projects to gain exposure. Recently, it became the first crypto exchange to [support IOTA's Shimmer Network Token](https://www.newsfilecorp.com/release/139998/BitForex-Becomes-the-First-Exchange-to-Support-IOTAs-Shimmer-Network-Token).

## Who runs Bitforex crypto exchange?

With its head office in Hong Kong, [Bitforex](https://www.bitforex.com/) is led by Jason Luo and is becoming one of the fastest-growing crypto exchanges due to its high security and variety of trading tools. The exchange provides token and margin trading, BitForex Earn, NFT marketplace, and futures contracts with leverage up to 100x.

The crypto exchange raised more than $20 million in the funding round from famous VCs like Crypto Capital, TRON, Genesis Capital, and Block VC.

## Geographical presence

Registered in the Republic of Seychelles, the exchange is maintained and run by an international team who resides in different corners of the world, such as Germany, Singapore, Malaysia, Estonia, and the Philippines.

## Features of this crypto exchange

•	Deposit: The users can deposit funds into their Bitforex account using multiple methods such as Wire transfers, cryptos from other exchanges, credit and debit cards, cash, and bank account transfer.

•	Web presence: The platform can be accessed via the web and mobile app on Android and iOs.

•	Even the mobile web version of this exchange is user-friendly.

•	The trading system is capable of handling more than 1.6 million trading orders per second.

•	Bitforex has 163 listed major cryptocurrencies in 360 trading pairs.

•	It gives its users a vast variety of virtual assets to trade, such as the assets with top market cap, DeFi tokens, NFT coins, [meme tokens](/news/article/meme-coin-invest), etc.

•	It does not charge any deposit fee and the withdrawal fee depends on the network.

•	Bitforex also has a decentralized token mechanism for ERC-20 tokens known as EasySwap, which has no gas fee, very low slippage cost, and offers more than 980 ERC-20 tokens for trading.

## Are funds safe?

The team at Bitforex is concerned about the security of their user's funds, hence they have the following security features.

•	Only 0.5% of the total funds are kept in hot wallets to ensure easy withdrawals and security.

•	The exchange has multi-factor authentications like 2FA, SMS verification, and insurance security coverage to safeguard the funds.

•	To add further protection for the safety of its user's funds, the exchange keeps 98% of the funds in different multi-sign offline cold wallets across various locations.

## Final word

There is no surprise, given how interactive and innovative the platform is with the wide selection of products, that BitForex appears all around a good platform despite being a newcomer to the cryptocurrency exchange market.



What is Bitforex Crypto Exchange?

This [Gemini](https://www.gemini.com/) crypto review will look at a regulated cryptocurrency trading platform, wallet, and custodian that makes buying bitcoin, ether, and other cryptocurrencies simple and secure.

Created by Cameron and Tyler Winklevoss, the platform is among the most popular exchanges. The most significant advantage is its security - all funds are stored in cold storage, and two-factor authentication is required for all transactions.

A Gemini crypto review shows that the exchange makes it easy to buy cryptocurrencies with a bank account or debit card. It is also possible on this platform for you to trade cryptocurrencies.

[The exchange](https://www.gemini.com/) offers a tier-based service with distinct interfaces and fee structures for casual investors and experienced traders.

It has its currency, the Gemini dollar, a mobile app, and a payment app. The Gemini dollar, unlike most cryptocurrencies, is a "stablecoin" tied to the US dollar.

## Gemini crypto services

Gemini offers a variety of services apart from trading cryptos. The primary services provided are:
Gemini Exchange: Here, you can buy, sell, and store cryptocurrencies.

Gemini Earn: This is a lending service where you can lend your crypto to institutional borrowers to earn interest. With this, you can get up to 8.05% interest on your cryptocurrencies. This is available only in the US, Singapore, and Hong Kong.

[Gemini Credit Card](https://www.gemini.com/credit-card): It is possible to receive up to 3% rewards in crypto on your purchases using this card. This card is available only in the US.

The platform also includes more advanced services like an active trader, staking, Gemini dollar, Gemini Custody, Gemini Clearing, and Gemini Wallet.

## How to use Gemini

Continuing our Gemini crypto review, we look at the mobile app and [website](https://www.gemini.com/). These are the two main places where you can buy and sell cryptocurrency on this exchange platform.

The steps to buying cryptocurrencies on the exchange are: 

### Firstly, create an account on the exchange platform.

To buy cryptocurrency, you'll need to fund your account after you've opened one and been verified. You can add funds to your account in various ways, including a debit card, a wire or bank transfer, and Apple Pay or Google Pay. After you've verified your account and linked a funding source, you'll be able to start buying cryptocurrency on the website in just a few steps.

Choose the cryptocurrency you want to purchase. After logging into the [Gemini website](https://www.gemini.com/), you'll be taken to the homepage. Navigate to the ‘Market’ tab to browse the 70+ cryptocurrencies available for purchase and sale. Choose ‘view details’ on the cryptocurrency you want to purchase.

Make your order. When you get to the page of the cryptocurrency you want to buy, you'll see much information about it. Begin filling out the fields under 'Make a Trade' on the right-side panel of the page. 

Determine whether you want to place a one-time or recurring order and how much you want to purchase. You may, depending on your jurisdiction, be able to immediately transfer crypto you purchase directly into Gemini Earn by toggling 'Transfer to Earn' if the crypto is supported in Earn.

### Select a payment method.

### Double-check your order and click Confirm.

Choose one from the Market tab or your portfolio to sell your cryptocurrency on the exchange website. When you're on the price page for a cryptocurrency, you can toggle the sell order type on the right-side panel, enter the amount you want to sell, and click confirm.

## Gemini [trading charges](https://www.gemini.com/fees)

When you buy or sell crypto on Gemini, you'll be charged convenience and transaction fees. These fees apply whether you purchase through Gemini's online store or the mobile app. Both will be displayed as your "quoted price" before you complete your purchase.

## Convenience fee

The convenience fee for a given trade is approximately 0.5% of the Gemini market price. However, this can vary depending on the market. This fee is also reflected in the cryptocurrency you purchase. For example, if bitcoin (BTC) currently trades at $30,000 per unit, you'd pay $30,150 for one, including the fee.

## Transaction fee

A transaction fee based on your trade payment will be added to the convenience fee. This fee is standard for crypto conversions, such as trading bitcoin for [litecoin](/news/article/litecoin-price-gbp). The fee for buying and selling cryptocurrency varies depending on the currency used. It ranges from a flat fee for less pricey orders to a percentage of more expensive transactions.

## Pros and Cons

### Pros

More than 60 countries have access to the platform. It is also available to users in all 50 states and the District of Columbia.

### Cons

Gemini charges relatively high fees in comparison to its competitors. Some investors may be confused by the platform's layered fee structure, and high prices can reduce investors' returns.

## Security features and safety

Unlike money in a bank account, money in cryptocurrency is not FDIC-insured. However, [Gemini](/news/article/gemini-crypto-exchange) protects users' digital assets with multi-layered security measures highlighted on its website.

According to the exchange, the "majority" of your cryptocurrency is stored in an offline, cold storage system - the safest way to safeguard cryptocurrency from hackers. However, a small portion is kept in an online hot [wallet](/news/article/best-crypto-wallet) protected from theft due to a security breach, hack, fraudulent transfer, or employee theft.

The policy does not protect against losses caused by unauthorised access to your account. Within Gemini, you can create a list of approved addresses that restricts who can withdraw from your account (along with other account security features like two-factor authentication). Still, if your identity is stolen or your password is compromised, you may be unable to recover any funds lost.

## Conclusion

Gemini crypto exchange is a regulated exchange platform, and that's a big plus. It means you can have greater faith that your funds are safe and secure. The exchange platform has more than 70 selections of cryptocurrencies. It is a solid choice for those looking for a safe and secure place to buy crypto or earn interest on their crypto investments.

Also, if you want a simple platform with a great mobile app for buying, storing, and selling cryptocurrencies, then the exchange could be the right place for you.



Gemini Crypto Review

In the latest [SEC vs Ripple](/news/article/xrp-court-case-update) news, the Blockchain Association has come out in favour of Ripple Labs as it continues its legal battle with the Securities and Exchange Commission. The US crypto advocacy group argues that the case is critical to the future of the crypto sector.

## SEC vs Ripple - Basis of Case

In a 28 October article, the advocacy organization said it would "stand" with the American crypto economy by filing a legal brief in the SEC enforcement case against Ripple. 

The SEC said [nearly two years ago](https://www.sec.gov/news/press-release/2020-338) that it would sue Ripple, former CEO Christian Larsen, and current CEO Brad Garlinghouse for allegedly generating $1.3 billion through unregistered securities transactions using XRP. 

This case is just one in a long series of SEC efforts to regulate through enforcement," the organisation stated, highlighting its efforts to entrench and legitimise its broad interpretation of the Howey test.

The [Howey Test](https://www.forbes.com/sites/roslynlayton/2022/10/30/crypto-law-experts-suggest-sec-likely-to-lose-key-case-and-discredit-howey-test/) decides what qualifies as an investment contract and hence what is subject to US securities laws. 

## Why is Blockchain Association involved in SEC vs Ripple?

The Blockchain Association explained in its brief why it believes the SEC and Chairman Gary Gensler's views on securities rules might have disastrous implications for the crypto sector. 

It says that [blockchain technologies](/news/article/moonriver-staking) have several applications in the cryptocurrency business; tokens may be used to pay for products and services, transfer intellectual property rights, maintain inventories, and serve a specific role in a particular blockchain project. 

Applying securities rules to such tokens, whether or not via the lens of the Howey test, would severely limit their ability to function. 

The group further alleges that the regulatory body is ignoring clear Supreme Court and Second Circuit decisions establishing that transactions offshore are outside its authority.

## Blockchain Association hopes in SEC vs Ripple case

According to the Blockchain Association, the lawsuit allows the industry to push back against the "SEC's [regulation](/news/article/uk-crypto-tax-regulations) by enforcement agenda" and perhaps open the way to upgraded industry standards.

SEC vs Ripple News: The Latest

[BitMiner](https://bitminer.io/) is claimed to be a Bitcoin mining pool that provides its services for free. It claims to have mined more than 3,109 Bitcoins since its initial launch, which is quite an impressive feat in [Bitcoin mining](/news/article/free-bitcoin-mining). The platform claims itself as the "ultimate mining pool". In addition to the free version, it offers four different premium memberships.

The platform is listed under [“not recommended websites” by newsonlineincome.com](https://newsonlineincome.com/what-is-bitminer-is-bitminer-a-scam-noi/). This free [Bitcoin mining pool](/news/article/norway-bitcoin-mining) is the sister site of StartMiner, which itself is considered as a Ponzi scheme.

## Popularity

The affiliated websites that advertise the platform cause the site's popularity. 

Affiliate websites like [startminer.com](https://www.startminer.com/) and btcprominer.life run by the same business, BitMiner Cloud Eu LTD, bring in about 12.5% of visitor traffic. The majority of the other traffic comes from shady YouTube channels or false reviews with affiliate links that can be found on Google.

## Red flags

BitMiner generates a plethora of warning signs. The company's inability to pay its financial obligations and the fact that the site was created by the same scammer who developed StartMiner are obvious red flags. 

Enter "BitMiner reviews" into any search engine to find more alarming warning signs. You'll find many forum posts and articles alleging that investors haven't been able to withdraw their money.

## Conclusion

As per my research, BitMiner is probably considered a [scam](/news/article/bitcoin-doubler-scam). The website refuses to process withdrawal requests while the company behind the website is in financial distress. According to research, when the platform was first launched, it served as a legitimate [mining](/news/article/best-crypto-miner) pool operation. Several complaints were reported within a few months, mainly about the lack of withdrawals.

Withdrawal requests were initially dispersed when the site was first developed due to a steady stream of new depositors. However, as the stream of new depositors slowed, so did withdrawal request acceptance. So, it can be said, Bitminer is likely to be a ponzi scheme.




BitMiner: A Ponzi Scheme?

The latest Shopify news involves the [e-commerce platform's partnership with Novel](https://www.novel.com/post/novel-has-landed-in-the-shopify-app-store), a no-code Web3 commerce platform, to make Web3 technologies more accessible and approachable to all merchants.

[The Novel](https://www.novel.com/) is a commerce platform powered by [Web3](/news/article/uquid-web3-integrates-with-polygon) technology. According to the partnership, the company will release an app that will provide merchants with the necessary features to immerse them in the Web3 experience.

In Shopfy news, commerce platform Novel launched an app in the Shopify App Store as part of the partnership. It gives existing vendors the tools they need to try out Web3 technologies in e-commerce without having to learn new skills or spend a lot of time and money.

The Novel Shopify app's primary functions are minting and distribution, and utility.

The minting and distribution feature allows users to create artwork for a new collection of NFTs or upload artwork from an existing series. The app then utilises [smart contracts](/news/article/smart-contracts-blockchain) over the collection and sells them to users via the Shopify storefront. When a customer purchases an NFT, the app will automate the currency bridge and create a cryptocurrency wallet for that customer.

On the utility front, Novel enables token-based utility on merchants' Shopify storefronts, including brands and creators. This covers ERC-20 gating, cross-chain gating on [Solana](/news/article/solana-price-gbp), Ethereum, and [Polygon](/news/article/polygon-nft-drops-2022), token-gated discounts, URLs, and products.

Sharing the details, Novel's CEO and co-founder said that by collaborating with the e-commerce giant, they could leverage the leading platform and provide merchants with the tools they require to enter the advanced ecosystem.

The Shopify Novel app is an all-in-one tool that allows retailers to add use cases to their NFT collections via token-gating.

## Web3 ecosystem - The new goldmine

Novel CEO Roger Beaman, commenting on the Shopify news, said the partnerhsip will allow them to infuse Web3 capabilities into the already-built ecosystem. In this way, they meet the fundamental needs of merchants interested in joining the ecosystem.

One of the new app's tools is the token gating feature, which allows merchants to add use cases to their platform collections. This feature will let merchants take advantage of many of the platform's benefits. They include gateways for chains such as Ethereum, Solana, and others.

Over the last few years, businesses have started moving into the Web3 ecosystem. This is because most traders are embracing new technologies, and companies are looking for ways to help them make money.


Shopify News: Partnership with Novel

[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. Many now accuse Musk of market manipulation whilst others see Musks net worth billionaire status and experience as an entrepreneur for companies like Tesla as a great way to boost awareness and credibility of the cryptocurrency market. 



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