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EU Investment Firms Should Clearly State Crypto Is Unregulated, Watchdog Says

Companies that market crypto alongside traditional securities might mislead consumers about access to fair advice and compensation, the European Securities and Markets Authority worries.

Investment firms in the European Union that offer crypto alongside more traditional products could be misleading their consumers into a false sense of security, the European Securities and Markets Authority (ESMA) said in a Thursday statement.

The EU agency said it’s worried that firms may use a seal of regulatory approval they have to offer traditional finance (TradFi) stocks or funds to make customers believe they’ll have access to sound financial advice or compensation schemes in the event of crypto mishaps.

EU rules known as the Markets in Financial Instruments Directive (MiFID) ensure investment intermediaries promote only appropriate financial products to clients – but don’t always apply to more exotic investment opportunities like gold, real estate or non-transferable loans.

The EU’s Markets in Crypto Assets regulation (MiCA) is set to bring MiFID-style rules to the sector, but the regime will only take effect in around 18 months. In the meantime, ESMA, a Paris-based agency that groups and coordinates national regulators, is worried some companies are encouraging and exploiting the ambiguity.

“ESMA recommends that investment firms take all necessary measures to ensure that clients are fully aware of the regulatory status of the product/service they are receiving and clearly disclose to clients when regulatory protections do not apply,” ESMA said, adding that regulatory approval shouldn’t be used as a promotional tool.

ESMA has previously warned people crypto can be risky, while an October paper highlighted novel threats such as hacks and consensus manipulation. The agency is also set to consult shortly on detailed secondary laws that will put MiCA into effect.

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Crypto Exchange Coinone’s Former Exec Acknowledges Bribery Charges in South Korea: Report

A lawyer for the accused reportedly said he admits “the facts of the prosecution,” during a May 25 trial hearing.

A former executive of South Korean cryptocurrency exchange Coinone, who was accused of taking bribes in return for listing certain coins, has acknowledged the charges, local news agency Yonhap reported on Thursday.

“Mr Jeon,” Coinone’s former director of listing, was accused of receiving nearly 2 billion won ($1.51 million) in return for listing virtual assets such as “Furiever Coin,” which was listed exclusively on the exchange, and has since been linked to a kidnapping and murder investigation in the Gangnam district in Seoul. Jeon’s broker, known as “Mr Ko,” is accused of facilitating the listings.

At a trial hearing on May 25, a lawyer for the two reportedly said: “I admit the facts of the prosecution.”

“Basically, we are acknowledging the facts of the prosecution, but since we have not been able to view all the evidence, we will present a final opinion after review,” the lawyer added.

Coinone’s listing team leader and another broker have also been accused, but their lawyers said they have yet to finish reviewing evidence and will respond to the charges at the next trial hearing on June 15.

Coinone didn’t immediately respond to a CoinDesk request for comment.

First Mover Americas: Digital Currency Group is Closing Down TradeBlock

The latest price moves in crypto markets in context for May 26, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Digital Currency Group (DCG), the parent company of CoinDesk is closing down its trade execution and prime brokerage services unit, TradeBlock, citing crypto winter and regulatory uncertainties. The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk. TradeBlock was acquired in 2020 by CoinDesk, and was later spun out as its own standalone business. CoinDesk kept the index data operating from the deal, which was rebranded as CoinDesk Indices, and “has proven to be a successful acquisition,” the spokesperson said. The story was first reported by Bloomberg.

The number of ether (ETH) on exchanges has hit a low not seen since July 2016 as staking saps up available tokens. Data from Glassnode shows that as of Thursday, 14.85% of all ether was held in wallets owned by centralized exchanges. That’s the smallest proportion since ether was in its infancy during the summer of 2016. In contrast, during the bull market of 2021, the exchange balance was around 25%. Low exchange balances are typically thought to be a bullish sign as it means the supply of ether available for purchase is limited.

U.S. Bitcoin Corp. (USBTC) is set to become one of the largest miners in America following a deal to buy mining assets from bankrupt lender Celsius. The company is part of the Farenheit consortium that won a bankruptcy auction for the Celsius assets, which include a lending portfolio, cryptocurrencies and 121,800 mining machines. Once it brings all the mining rigs online, its fleet will total at least 270,000 mining rigs and computing power of 12.2.exahash/second (EH/s), the firm told CoinDesk, putting U.S. Bitcoin Corp. alongside other U.S. mining giants likes Riot Platforms (RIOT), Core Scientific (CORZ) and Marathon Digital Holdings (MARA).

Chart of the Day

Avalanche’s AVAX Token Remains Flat Ahead of its $130 Million Token Unlock

More than 9.3 million tokens will be unlocked Sunday, representing 1.2% of AXAX’s total supply.

Millions of AVAX tokens – the native crypto of the Avalanche blockchain – will be unlocked on Sunday and distributed to key players in that ecosystem, adding a major 1.2% increase in total supply.

The 9.3 million tokens entering circulation on May 27 were worth roughly $130 million at press time. They’re set to go to the Avalanche Foundation, strategic partners and Ava Labs, as well as an airdrop, said Patrick Sutton, Avalanche’s communications chief.

“Tokens from unlocks aren’t automatically put to use. It just means the Foundation can now use them, but it is at their discretion when and how to use them,” added Sutton.

AVAX is the gas to Avalanche’s smart contracts ecosystem and also used to secure the blockchain via staking. It has remained stable in the past 24 hours, standing at $14.20, CoinDesk data shows.

“Token unlocks freak people out in general, but the upcoming Avalanche unlock has been mapped out for a while now and most sophisticated actors have adjusted for it,” said Lindsey Winder, CEO of token infrastructure firm Hedgey Finance.

Data from crypto analytics firm Token Insights shows 358.55 million AVAX remains locked, though Sutton says the figure of remaining locked tokens is 96.06 million, about a quarter of Token Insights’ figure.

Gulf Binance Clinches Thai Regulatory Approval

The joint venture between Gulf Innova and Binance aims to begin offering crypto services in the country later this year.

Gulf Binance, a joint venture between crypto exchange Binance and Gulf Energy’s innovation arm Gulf Innova, has received a digital asset operator license in Thailand, according to a Friday press release.

The rubber-stamp from Thailand’s Ministry of Finance will allow the firm to advance plans to open a regulated crypto exchange and broker in the southeast Asian country. The platform will likely launch by year’s end, according to a press statement.

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers.

Thailand has signaled it is warming up to positioning itself as an emerging Asian crypto hub. In January, the country’s regulators introduced a set of rules for crypto custody services, and later announced a $1 billion tax break for firms issuing digital tokens for investment. A 2022 ban on crypto lending and staking services and restrictions on digital asset-related advertising, however, indicates the nation is taking a careful approach to supervising the emerging market.

Stablecoin Issuer Lybra Finance Nears $100M in TVL

Lybra Finance was launched last month and uses liquid staking derivatives to offer a decentralized interesting-bearing stablecoin.

Lybra Finance, a protocol built on liquid staking derivatives that aims to provide a decentralized interest-bearing stablecoin, has seen its total value locked (TVL) skyrocket nearly 400% in the past two weeks, nearing $100 million as of Friday.

Launched one month ago, Lybra’s surge in TVL coincides with Lido upgrading to its second version on May 15, which enabled Lido users to unstake their stETH and receive ETH. According to Lybra documents, the protocol “leverages Lido Finance-issued ETH proof-of-stake and stETH as its primary components, with plans to support additional LSD assets in the future.”

LBR, the native token of the Lybra Protocol, which gives holders governance powers and access to the protocol’s revenue, has jumped 33.8% in the past 24 hours and 173% in the past seven days, standing at $2.23, CoinGecko data shows.

Decentralized exchanges hold 9.61% of the total LBR supply, a steady decline from 23% two weeks ago, according to blockchain data firm Nansen. Nansen also reports that smart money wallets hold 4.74% of the total LBR supply today, an increase from 0.82% on May 16, indicating that savvy crypto investors are accumulating the token.

Nansen considers a wallet to be “smart money” if it has profited at least $100,000 by providing liquidity or made multiple profitable trades on decentralized exchanges.

Bitcoin Moves Little on the Week Despite Debt Deal, Inflation Concerns

Bitcoin trades flat to move one step closer to logging its first losing month of 2023. Ether rises slightly but also seems headed for a negative May.

Bitcoin and ether took slightly divergent paths during the last full week of May. While ether rose 1.5%, bitcoin moved little to recently trade at about $26,700, a little below where it stood last Friday.

Ether’s year-to-date performance gap to bitcoin has narrowed to single digits with ETH gaining 52% YTD versus BTC’s 60% increase. Since May, the ETH/BTC ratio has increased 6.7%. Still both assets are in line to have their first losing month of 2023.

BTC and ETH’s seven-day performance ranked them sixth and 14th among cryptocurrencies with a market cap of $1 billion or more.

The weekly leaders were Render Token (RNDR) and Tron (TRX), up 21.9% and 7.6% respectively, while LDO and ALGO lagged, declining 8.5% and 9.3%

Investors have been focusing on President Joe Biden and U.S. House Speaker Kevin McCarthy’s debt ceiling negotiations. While it’s widely expected that a deal will be reached ahead of the June 1 deadline, the two sides had yet to reach an agreement going into the Memorial Day weekend.

Markets were also weighing Friday’s Personal Consumption Expenditure (PCE) report showing U.S. prices rising more than expected in April. Core PCE, which excludes volatile food and energy prices, rose 0.4%, versus expectations of a 0.3% increase.

The unexpected increase reduces the likelihood that the Federal Open Market Committee (FOMC) will pause interest rate hikes during its June 14 meeting.

According to the CME Fedwatch tool, the probability that interest rates would remain at the current target rate of 5%-5.25% declined from 83% to 38% this week. The probability of a 25 basis point increase rose from 17% to 62%.

Drawdowns across multiple sectors

All six sectors in the CoinDesk Market Index fell this week, with the Smart Contract Platform sector declining the least (0.2%). The Culture and Entertainment sector had the roughest week, falling 4%.

Of the 156 individual assets across the base of CMI sectors, only 20 finished the week in positive territory. Another standout, albeit one with a market cap of less than $1 billion, was decentralized computation token ARPA, up 88%. ARPA is trading 167.2% higher on the month, and over 200% higher over the last 12 months.

China’s Top Prosecution Agency Says Although Not Banned NFTs Have #prizmabet Crypto-Like Attributes

NFT collections, targeted in new published guidelines, have been gaining popularity in China since the country prohibited the trading of cryptocurrencies.

China’s highest national agency responsible for legal prosecution has warned non-fungible token (NFT) digital collections share “the attributes of virtual assets,” which are banned in the country.

The Supreme People’s Procuratorate of the People’s Republic of China published its guidelines for the treatment of NFTs on Monday, recommending stronger “risk research and judgment” and to “accurately punish crimes.”

After China cracked down on local crypto trading and cut off banks from offering crypto-related services in 2021, the local industry all but vanished – until NFTs stormed the scene, and started gaining popularity in China as “digital collectibles,” that didn’t fall into the same basket as high-risk crypto. But the prosecution agency’s new report warns otherwise.

“While it has high popularity, it is very likely to cause financial risks, management risks, network security risks, etc., especially the legal risks. Prosecutors are paying close attention,” the report from Monday said.

NFTs attach a unique digital identifier to virtual or real items, that allows proof of ownership to be recorded on a blockchain. China’s prosecution agency argues owners cannot really “enjoy” the ownership, particularly of digital art, which can still be replicated and distributed.

“From the perspective of property rights, consumers do not enjoy the ownership of the NFT digital assets they purchase in the sense of civil law, and consumers cannot prohibit others from accessing, copying or disseminating the digital assets mapped by NFT,” one author of the report said. “What consumers enjoy is only an exclusive right to prohibit others from tampering with the ownership of the NFT recorded on the blockchain.”

Despite China’s aversion to crypto, the country is looking to harness the blockchain technology that underlies virtual assets to build out national digital infrastructure.

“As a new application of blockchain technology, NFT has certain development potential,” the prosecution agency said.

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Edited by Parikshit Mishra.

Axie Infinity’s Token Jumps 12% After Firm Lists Game on Apple App Store #prizmabet

The dollar valued locked in the open futures contracts tied to AXS has surged to highest since February, signaling an influx of new money into the market.

Blockchain-based play-to-earn project Axie Infinity’s native cryptocurrency AXS rallied after CoinDesk reported on Axie’s card-based strategy game debuting on the Apple app store.

AXS surged over 12% from $7.16 to $8.04 after the news, becoming the top gainer on CoinDesk Indices’ leaderboard. At press time, AXS was on track for its best single-day percentage gain since Jan. 22. The cryptocurrency fell by over 3% in April, registering its third consecutive monthly decline amid the token unlock and risk aversion in the broader market.

Initially, Apple store users across Latin America and Asia in countries including Argentina, Colombia, Peru, Mexico, Venezuela, Indonesia, Malaysia and Vietnam will have access to the card-based game called Axie Infinity. The game already has 1.5 million installations across all platforms. Sky Mavis, the creator of the play-to-earn project, plans to expand the game’s outreach via Google and Apple mobile users.

Open interest spikes

AXS’s price rally was accompanied by a sharp increase in the notional futures open interest or the dollar value locked in open futures contracts. That’s a sign of an influx of new money into the market.

The notional open interest rose to over $75 million from nearly $40 million a day ago, reaching the highest since February, according to Coinglass.

However, the leverage appeared skewed to the bearish side, as funding rates in the perpetual futures market remained negative. Negative rates indicate the dominance of bearish short positions in the market.

Investors probably shorted perpetual futures contracts to protect the long position in the spot market from a sudden price drop, a reflection of lack of confidence in the sustainability of the price rally.

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Edited by Parikshit Mishra.

StanChart-Backed Zodia and LMAX Digital to Provide CoinShares With #prizmabet Crypto Trading Infrastructure

LMAX Digital and Zodia Custody are to provide institutional-grade trading infrastructure and custody to CoinShares.

A trio of European cryptocurrency firms are teaming up to bolster their digital asset trading offering to institutions.

Crypto exchange LMAX Digital and Standard Chartered-backed custodian Zodia Custody are to provide institutional-grade trading infrastructure and custody to digital asset manager CoinShares (CS.ST), according to an emailed announcement on Wednesday.

CoinShares will make use of LMAX’s trading capabilities and Zodia’s Interchange product, which allows clients to keep their assets on its platform, while their holdings are mirrored and available on an exchange for trading.

The three firms’ aim is to offer institutional adopters with the trading infrastructure, security and governance that they would expect in the traditional finance world, thereby assuaging concerns about the digital asset industry heightened by the events of the past year.

“This joint effort with Zodia Custody and LMAX Digital is aligned with our long-term strategy,” CoinShares CEO Jean-Marie Mognetti said. “We are committed to shape a reference standard for digital asset management.”

Edited by Parikshit Mishra.

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