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LSE Group Plans to Offer Blockchain-Powered Market For Traditional Assets: Report

The London Stock Exchange (LSE) is considering using a separate entity for the blockchain-based markets business, according to the Financial Times.

The London Stock Exchange Group (LSEG.L), one of the oldest stock exchanges in the world, has drawn up plans to offer blockchain-based trading of traditional financial assets, the Financial Times reported Monday.

The company has reached an “inflection point,” having examined the potential for bringing traditional markets to blockchain rails for nearly a year and has now decided to take plans forward, LSE Group’s Head of Capital Markets Murray Ross told FT.

Ross stressed that the project does not involve cryptocurrencies and only uses the blockchain technology underpinning the digital assets to make buying, selling and holding of traditional assets more efficient.

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated,” Ross said.

A blockchain is a distributed, immutable ledger, facilitating record of transactions and tracking assets in a business network.

According to FT, the LSE Group is mulling a separate entity for the blockchain-based markets business and is in talks with regulators, multiple jurisdictions and the U.K. government and Treasury.

The reported move comes as several traditional finance firms look to come on chain to offer tokenised versions of traditional assets like gold and U.S. Treasury notes.

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Binance’s Head of Product Departs

Kamat’s departure follows those of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and SVP for Compliance Steven Christie, who both left the company in early July

Cryptocurrency exchange Binance has seen another senior executive depart the company, with Global Product Lead Mayur Kamat heading for the door.

“We can confirm that Mayur has stepped down from his role as product lead,” a Binance spokesperson said in an emailed statement. “We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best.”

A former vice president of product at travel agent Agoda, Kamat joined Binance in April 2022.

Kamat’s departure follows those of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, SVP for Compliance Steven Christie, who both left the company in early July.

Their departures were linked to founder Changpeng “CZ” Zhao’s response to the investigation of Binance by the U.S. Department of Justice, according to reports. CZ however described this as “FUD” (fear, uncertainty and doubt).

The news of Kamat’s departure was reported earlier by The Block.

Bitcoin’s Use as Margin Collateral in Crypto Futures Trading Is Growing

Using BTC as collateral for a derivative is effectively a double whammy, according to analysts.

Bitcoin (BTC) is unlikely to shed its tag as an unpredictable and volatile asset any time soon because crypto traders are increasingly using the largest cryptocurrency as a margin in futures trading.

Since July, the percentage of bitcoin futures open interest margined with bitcoin has risen to 33% from roughly 20%, according to data tracked by Glassnode. Cash or stablecoin-margined contracts still account for 65% of the total open interest.

Futures are leveraged products, allowing traders to maximize exposure for a deposit at the exchange, known as margin, which is a small percent of the contract size. The exchange provides the rest of the value of the trade. The renewed interest in BTC-margined contracts means potential for volatility-boosting liquidations cascades, according to research provider Blockware Intelligence. That occurs when multiple liquidations – or forced closure of positions due to margin shortage – happen consecutively, causing a rapid price change.

“Using BTC as collateral for a BTC derivative is effectively a double whammy,” analysts at Blockware Intelligence said in a weekly newsletter. “If you’re long BTC with BTC posted as collateral, the price going down brings you to your liquidation point faster because the value of your collateral is declining at the same time. “Leveraging against your BTC during its monetization phase is extremely risky, [as] you can be correct directionally, but volatility can wipe you out regardless.”

Coin-margined contracts are quoted in U.S. dollars, but margined and settled in cryptocurrencies. In other words, the collateral is as volatile as the position, creating a non-linear payoff, where a trader earns less when the market rallies and loses more when the market drops.

So, not only does a long position bleed as bitcoin’s dollar-denominated price drops, but the collateral also loses value, compounding losses. That, in turn, results in a relatively quick margin shortfall and potential liquidation.

The trend is worrying in a sense that should coin-margined contracts become dominant, we may see frequent volatility-boosting liquidations cascades. Such events were quite common before September 2021, when coin-margined contracts accounted for more than 50% of the global open interest.

According to Blockware, the renewed interest in such contracts represents a shortage of cash in the market.

“The spike in this metric over the past few months is curious, it may suggest that traders are running out of cash and are resorting to leveraging against their BTC as the last means of increasing their exposure,” the analysts said.

Liquidity has been leaving the crypto market for some time. According to CCData, the total market value of all stablecoins contracted by 0.4% to $125 billion in August, the 17th consecutive monthly decline. The market cap of tether (USDT), the world’s largest stablecoin by market value, has fallen almost $1 billion to $82.87 billion in the past four weeks, CoinGecko data show.

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Larry David’s Superbowl Ad Casts Doubt on FTX.US Separation, DOJ Says

Sam Bankman-Fried says the FTX exchange’s bankruptcy isn’t relevant ahead of his October fraud trial.

FTX ads featuring comedian Larry David and American football player Tom Brady show a blurring between the bankrupt crypto exchange’s U.S. and international businesses, a Friday night filing by the U.S Department of Justice has said.

Sam Bankman-Fried, FTX’s founder and former CEO, is sparring about exactly what evidence the government can bring in support of charges that include wire fraud – and he’s accused the DOJ of introducing corruption and campaign finance allegations through the back door. Bankman-Fried has pleaded not guilty, and the trial starts Oct. 2.

Bankman-Fried’s lawyers say legally separate U.S operations should be carved out, as accusations relate to the international business. The government says the distinction not so clear-cut, citing a now infamous series of ads aired just months before a great crypto crash that eventually took down Bankman-Fried’s empire.

“Celebrities are featured in advertisements describing ‘FTX’ as ‘a safe and easy way to get into crypto’ and showing customers using a device displaying the FTX logo, not the FTX.US logo,” said the DOJ filing, citing a Superbowl ad featuring David and a separate spot with Brady and his then-wife Gisele Bündchen. “Internal documents indicate that FTX made no distinction between advertising for the international platform and for FTX.US.”

The DOJ also wants to go over the fine details surrounding FTX’s collapse, arguing they’re “inextricably intertwined” with the alleged misappropriation of customer funds.

While Bankman-Fried has argued he was strong-armed into ceding control of a company that could have returned to financial health, the government has said events around the bankruptcy are of interest to the jury even if the eventual fate of FTX is not.

“Whether customers could be made whole in the future ‘is immaterial as a matter of law,’” the DOJ said. Testimony will show that FTX co-founder Gary Wang helped Bankman-Fried move assets to the Bahamas on Nov. 11, which were “plainly acts in furtherance of the charged wire fraud scheme,” the government said.

Bahamas

Bankman-Fried’s lawyers have accused the government of effectively circumventing the terms of his extradition from the Bahamas, from where he ran company operations. The DOJ recently withdrew charges relating to campaign finance laws and the alleged bribery of Chinese officials, as they weren’t covered in the original request to bring him to the U.S.

In bringing in evidence related to those charges, the government is “seeking to claw back the Government’s earlier narrowing of the case and to try Mr. Bankman-Fried on the severed and withdrawn counts,” Bankman-Fried’s filing said. “The sole discernible impact on this trial of admitting evidence of the alleged bribery would be to risk improperly inducing the jury to believe Mr. Bankman-Fried had a criminal propensity.”

Bankman-Fried was arrested in December, and was last month deemed to breach bail conditions by contacting witnesses and leaking potential evidence to the New York Times. His lawyers have protested that prison conditions are making it impossible to prepare his defense.

Crypto ETF Opportunity Doesn’t Stop at Bitcoin, Extends Into Multiple Digital Assets: Bernstein

The industry push for an ether spot ETF will follow immediately after a bitcoin ETF approval since ETH has a similar market structure of a traded CME futures market and a spot market, the report said.

Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday.

“The crypto ETF opportunity won’t stop at just bitcoin (BTC), but will extend into multiple crypto assets,” analysts led by Gautam Chhugani wrote.

The industry will get its first spot bitcoin ETF some time between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale, will happen at the same time, the report said.

“The industry push for an ether (ETH) spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market and a spot market,” the analysts wrote.

The asset management industry is expected to push beyond bitcoin and ether into areas including other top blockchains, such as Solana and Polygon, and even leading decentralized finance (DeFi) assets, the note said. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries.

This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class, the note added.

“The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances and the progressive institutional interest, are positioning crypto for an unprecedented capital led cycle, unlike the retail led crypto cycles of the past,” the report added.

CoinDesk’s parent company, Digital Currency Group, owns Grayscale.

Synthetix Posts 12.5% Gain Amid Binance Outflows, Bucks Bearish Bitcoin Trend

One newly-created wallet withdrew $7.7 million of SNX and $3.9 million of LPT to prompt the tokens to surge.

SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance.

Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain.

Token outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield.

Aside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%.

The rise of the two assets comes during a wider lull in the cryptocurrency market. Bitcoin (BTC) and ether (ETH) continue to trade at range lows of $26,000 and $1,300 respectively following a week that saw $60 billion wiped from crypto’s overall market cap.

Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility.

In this case, LPT token has 2% market depth on Binance of just $70,000 to the upside and $270,000 to the downside. This means that a trade can move the price of the asset by 2% by buying or selling those amounts.

Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside.

Crypto Exchange Bitget Opens Dubai Office, Plans Middle East Expansion

The crypto trading platform plans to hire up to 60 new members of staff in the region.

Crypto trading platform Bitget plans to expand into the Middle East and hire up to 60 new members of staff, the company said on Thursday.

The company said it has already opened an office in downtown Dubai to support the expansion, and will explore opportunities in Bahrain and the United Arab Emirates (UAE). It also foresees setting up a regional headquarters.

Bitget said it has started recruiting for the new roles, with several members of staff already hired for middle- and back-office positions.

“We hope to scale our Middle Eastern team rapidly to support business growth, with between 30 to 60 hires over the next two years,” Gracy Chen, managing director, said in a statement.

The company has already started exploring license applications in order to operate in Middle Eastern markets. The expansion follows Biget’s launch in Turkey earlier this year.

In May, the crypto exchange said it was joining crypto custody firm Copper’s ClearLoop network, allowing clients of both companies to hold digital assets within Copper’s infrastructure while at the same time delegating those assets to trade on the exchange.

UK Government Rejects Lawmaker Plan to Regulate Crypto as Gambling

The Treasury says it has learned lessons from FTX’s collapse, and that gambling law doesn’t deal with crypto risks.

The U.K. government rejected lawmaker plans to regulate crypto like gambling, saying its existing proposals better address the risks posed by events such as the FTX collapse, in a document published Thursday.

In May, the House of Commons’ Treasury Committee expressed concern that government plans to apply rules broadly similar to those for traditional finance to crypto treats the sector too softly, creating a halo effect that makes people think investing in bitcoin (BTC) or ether (ETH) is safe.

“The Government firmly disagrees with the Committee’s recommendation” concerning retail crypto trading and investment, the Treasury response said.

“A system of gambling regulation, in isolation, would be unlikely to address these risk factors” such as the commingling of customer funds alleged of crypto exchange FTX, or correct problems linked to insider trading and market manipulation that are covered by traditional financial regulation, the government added.

“The recommendation to rely on gambling regulation would represent a fundamental departure from the Government’s intended approach which reflects recommendations from global standard-setting bodies,” the government said, citing recommendations from the Financial Stability Board recently endorsed by finance ministers from the world’s 20 leading economies, and warning that divergence would merely push crypto offshore.

In 2022, Rishi Sunak, then finance minister and now prime minister, said he wanted to make the U.K. a crypto hub, but the sector has warned its rulemaking is trailing behind rival jurisdictions such as the European Union.

Chainlink’s LINK Climbs as Whales Add to Holdings Following Protocol Release

The CCIP protocol is designed to help build cross-chain applications and services and went live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains this week.

Chainlink tokens surged Thursday as wealthy investors swapped ether for link (LINK) following the release of the company’s Cross-Chain Interoperability Protocol (CCIP) earlier this week, data shows.

LINK exchanged hands for $8 around midday in Europe as trading volume more than doubled to $580 million, helping extend weekly gains to over 25%.

On-chain data shows some whales – or large holders of an asset – added upward of $6 million to their link holdings during the morning, with the increased demand lifting prices as much as 6%.

CCIP is designed to help build cross-chain applications and services. It was being tested by at least 25 partners that are now beginning to move to the mainnet, and was pushed live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains.

On Thursday, CCIP will become available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.

Prices of some other oracle protocols also rose, CoinGecko data shows. In the past 24 hours, Band Protocol’s BAND added 9% while Uma’s UMA and API3 both jumped 5.4%.

Oracles are blockchain-based services that fetch data from outside a blockchain. Blockchains, by design, are immutable stores of data, but can’t verify the veracity of information. This is where oracle networks like Chainlink help – they refer multiple sources of information to provide reliable data to blockchain-based services and products for users.

UK Financial Regulator to Introduce Digital Sandbox

During a pilot phase, the environment was used to test the eco-friendliness of decentralized ledgers.

The U.K. Financial Conduct Authority (FCA) plans to provide access to a digital sandbox, or testing environment, for firms to see how their products perform at an early stage of development, the regulator said on its website on Thursday.

The sandbox, which started operating on a trial basis in 2020, is also open to data providers and will offer firms access to data sets, application program interfaces (API) and data security protection. During one of the two pilot phases, it was used to evaluate sustainability performance, including eco-friendly decentralized ledgers.

A sandbox provides a secure setting in which developers can test and evaluate their products in the knowledge that any unintended side effects will be isolated from a live environment. The FCA’s offering can be configured to support a number of distributed ledgers and digital-asset use cases, like building interoperability between networks, according to a person familiar with the project.

Former Economic Secretary John Glen set out plans for the sandbox in a speech last year, in which he said he wanted the country to foster crypto innovation, a sentiment echoed by his successor, Andrew Griffith.

Previously, the sandbox was available only during pilots and TechSprints, which brought people from the financial industry together to address industry challenges.