USDJPY hits 1990 highs as yen weakens; Intervention in focus
-- The Japanese yen weakened on Wednesday amid persistent pressure from a strong dollar and relatively dovish outlook for the Bank of Japan, with the USDJPY pair...
-- The Japanese yen weakened on Wednesday amid persistent pressure from a strong dollar and relatively dovish outlook for the Bank of Japan, with the USDJPY pair...
-- Chinese industrial profits grew sharply in the first two months of 2024, reflecting some improvement in factory activity after a lull through most of the prior...
-- Australian consumer price index inflation remained steady in February, slightly missing expectations and further factoring into a less hawkish outlook for the...
According to Foresight News, the UK Treasury's Technical Working Group has released a new report on the tokenization of funds. The report builds on the group's first report, published in November 2023, and expands on the potential use cases for tokenized funds initially emphasized in the initial report. It specifically explores the use of tokens as collateral for money market funds and the role of tokenized funds in fully on-chain investment markets. In the third phase of their work, the Technical Working Group will now shift its focus to how the UK investment management sector can leverage the opportunities brought by artificial intelligence.
The S&P 500 has had a remarkable run over the past five months, chalking up a 25% gain. But contrary to feelings that things have risen too quickly, history says that strength begets strength.
Research by WuBlockchain in 2022 pointed toward a principal risk for KuCoin as its main user traffic source is the United States. The cryptocurrency exchange has not even banned American IP addresses, unlike many other offshore exchanges. According to data from Similarweb, while the largest source of traffic for exchanges like Binance, OKEx, and Huobi is Russia, KuCoin's largest demographic is US users. OKEx's second-largest and Deribit's largest traffic source also comes from China.
According to the United States Attorney's Office: Cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, have been indicted for allegedly operating an unlicensed money transmitting business and violating the Bank Secrecy Act. KuCoin is accused of failing to maintain an adequate anti-money laundering (AML) program, neglecting to verify customer identities, and not filing any suspicious activity reports as required by law. As unveiled by U.S. Attorney Damian Williams, KuCoin is alleged to have deliberately concealed a large number of U.S. users trading on the platform. It further took advantage of its extensive U.S. customer base to become a leading cryptocurrency exchange with a daily trading volume in billions of dollars. The indictment alleges that KuCoin knowingly neglected its obligation to implement an adequate know-your-customer (KYC) program. It only adopted a KYC process for new customers in July 2023 after being notified of a federal criminal investigation into its activities. According to the charges, KuCoin and its founders tried to mask the existence of U.S. customers to evade U.S. AML and KYC requirements. The indictment also alleges that KuCoin received over $5 billion and sent over $4 billion of suspicious and criminal funds since its founding in 2017. If found guilty, both Gan and Tang face a maximum sentence of five years in prison for each of the two counts charged. The three entities under KuCoin's umbrella could face up to 25 years in prison for the combined charges.
According to Foresight News, Portugal's data protection authority, CNPD, has ordered Sam Altman's iris scanning project, Worldcoin, to stop collecting biometric data for 90 days. CNPD stated that citizens' data protection rights are at high risk, and there is reason to take emergency intervention measures to prevent serious harm. CNPD also mentioned that over 300,000 people in Portugal have provided biometric data to Worldcoin. Worldcoin said that the company began transitioning to 'individual custody' in March, which will enable users to control their own data, including deletion and any future use.
According to Foresight News, Turkish investment bank Misyon is partnering with Swiss crypto custody provider Taurus to enter the digital asset custody and tokenization sector. Misyon will deploy several solutions developed by Taurus, including the custody platform Taurus Protect, tokenization tool Taurus Capital, and blockchain node infrastructure Taurus Explorer. This collaboration aims to expand the digital asset services offered by both companies and strengthen their presence in the growing cryptocurrency market. The partnership will enable Misyon to provide secure and reliable custody services for digital assets, as well as tokenization solutions for various industries.
- The U.S. dollar edged lower in European trade Tuesday, in limited volatility after the excitement of last week’s central bank meetings and ahead of the release of...