Key Takeaways
- Binance exchange has commenced probings to track funds lost in the Squid game token scam.
- Coinbase is testing subscription services to allow users to trade without paying any fee.
- CME plans to release the Micro Ether Futures contract in the first week of December.
The concept of regulating activities on cryptocurrencies has not been a welcome idea in most crypto communities. However, to protect the interest of unsuspecting traders and investors, necessary regulations must be initiated to checkmate any nefarious activities within the system.
Recently, the most renowned and largest cryptocurrency marketplace, binance, commenced probings into the Squid game token to track down cash linked to a massive 45,000% pump and dump a few days ago.
According to the Binance Exchange, the project is suspected of being a cashout scheme for owners to abscond with investors funds. Even with this knowledge, some crypto hopefuls are still investing their money in the coin to resurrect the project, thus pushing the project to increase in value.
The giant crypto exchange is looking into ways to help market participants who purchased the token and suffered losses when it plummeted. It is said to be blocklisting addresses linked to the owners and employing blockchain analytics to track down guilty parties. It aims to recoup funds that have been lost, albeit this appears to be a long shot.
According to Binance, the owners employed a coin mixer dubbed Tornado Cash to camouflage their activities. When contacted, the binance spokesperson stated that: scams of this nature are quite rife in the Defi space since most amateur crypto investors and traders are more interested in a project that will moon than in doing proper research to avoid losing money in sham projects.
Binance spokesperson also added that the Exchange's security unit is currently working on tracing payments connected to the scheme before handing findings to relevant prosecuting bodies.
Coinbase to start subscription trading services
The biggest Crypto Exchange in the United States, Coinbase, is trying to introduce a Subscription service that will allow people to buy and sell on the platform without paying any charges.
Customers will still be paying what is known as Spread charges on cryptocurrency trading through the exchange. But the platform did not announce the amount of the subscription fee.
In a statement released on Wednesday, the firm made it known that it is always exploring new ways to satisfy its customers and provide the best possible services to all users. The firm also stated that the proposed product is still at its initial state as the product will be designed based on the response and suggestions gotten from their customers.
The firm is exploring new means of charging for transactions made on its platform. Organisations like Robinhood are growing their number of customers and not charging them for trading on their platforms. Digital assets now account for more than 50% of Robinhood transaction income.
Owen Lau, an analyst at Oppenheimer & Co, suggested that introducing the subscription system into the Coinbase platform will make the firm's income more predictable. The firm has been unable to give forward guidance because of the unpredictable feature of its sale, which is caused by interest in and value of Bitcoin and other top virtual currencies.
Chicago Mercantile Exchange fixes December 6 to release its micro Ether futures contract
The crypto space has continued to expand its reach, and the big institutions providing cryptocurrency services are expanding their offerings to entice more traders into their systems. Recently, the Chicago Mercantile Exchange (CME), one of the largest global derivatives marketplaces, has added a new Ethereum (ETH)-based product to its cryptocurrency derivatives portfolio.
Chicago Mercantile Exchange Group stated that it plans to create a 0.1 ETH micro Ether derivative contract, providing market participants with a new sort of Ether access. The novel product will be CME's number four cryptocurrency futures product, which will debut on December 6, 2021, subject to official approval after meeting regulatory guidelines.
The news broke as Ether is approaching its all-time peaks, with the coin surpassing $4,460 on Friday, its highest previous price. According to stats from cryptocurrency tracking website CoinGecko, the second-largest cryptocurrency by market capitalization is currently trading at $4,495.
Tim, a top executive with CME, has opined that the purpose of releasing the micro ETH derivatives is to provide traders with smaller investment capital the opportunity to test the waters of the market.
Do you agree with the present state of affairs?
