The headlines around XRP, Huobi Thai issues, and crypto exchanges going down and Solana Rise
With September well underway, let’s take a look back at the top news stories from the worlds of foreign exchange, fintech, and cryptocurrency in our best of the week section.
Google is fined in Russia for allowing eToro promotions.
The Moscow office of Russia’s Federal Antimonopoly Service (FAS) announced on Tuesday that it has fined Google 200,000 rubles ($2,720) for allowing eToro advertisements, which are not regulated in Russia.
The Russian government first found ‘a number of advertising regulation infractions’ in May when it targeted eToro advertisements to Russian traders. Because the dealer isn’t licenced in the country, it was able to identify the promos’ inaccuracy.
In 2017, eToro discontinued offering foreign currency trading services in Russia. Furthermore, it told Finance Magnates that it didn’t have any activities in the country and didn’t operate any fraudulent marketing campaigns.
In the midst of a robust market promote-off, major crypto platforms are experiencing technical difficulties.
As darkness follows day, major crypto exchanges experienced a variety of “technical issues” as crypto markets dropped earlier this week.
Main exchanges such as Coinbase, Gemini, and Kraken experienced delays in transactions on Tuesday, following the cryptocurrency market’s massive slaughter, which saw Bitcoin plummet 17 percent.
Here’s more information about the crypto platform outages.
On Coinbase Professional, XRP will be re-listed soon. Because of the ‘Technical Points,’
Coinbase had another one of these unusual ‘Technical Points’ this week.
On Thursday, Coinbase, the US-based cryptocurrency exchange, seemed to re-list Ripple’s token XRP via its Coinbase Professional platform, but the listing was short-lived. XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC pairs appeared within the site as accessible to trade, according to consumers who took to social media to report the issue.
Following that, XRP’s value soared for a period after the news hit the press, but the features were removed after Coinbase stated that such studies on a re-listing were incorrect, and that the re-listing occurred as a result of a technical error.
Here’s more information on the XRP Coinbase Professional Relisting problem.
XRP’s Handle Exercise Will Increase to Nearly $1.10
During the Asian buying and trading session on Friday, the value of XRP, the world’s seventh largest cryptocurrency, increased by about 10% in less than an hour.
One of the key reasons for XRP’s recent surge is its relationship with exercise. The total number of active addresses has risen dramatically in recent days, and one of the largest XRP pockets recently shifted 83 million dollars to an unknown address.
Solana Proves to be More Beneficial than XRP
Solana (SOL) has become more valuable than XRP. SOL reached an all-time high of $214 on Thursday, following a climb of more than 22% in the previous 24 hours.
According to Coinmarketcap, Solana is the world’s sixth largest cryptocurrency, having a market capitalization of more than $60 billion. SOL outperforms Dogecoin (DOGE), XRP, Polkadot (DOT), Uniswap (UNI), USDC, and Bitcoin Money in terms of market capitalization (BCH).
With a crypto market dominance of over 3%, Solana is currently buying and selling above $200. Over the last seven days, SOL has increased by more than 80%.
Muhammad Rasoul has been appointed as the new CEO of Amana Capital.
Amana Capital, one of many leading on-line monetary buying and selling platforms, has named Muhammad Rasoul as its new CEO, according to a Finance Magnates exclusive. Rasoul is an industry veteran with a strong entrepreneurial, business, and operational monitor record in the global monetary sector.
According to Amana Capital, Ahmad Khatib may be stepping down from his current post due to personal reasons. Khatib will remain in a strategic advising role, according to the financial services provider, to ensure a smooth transition.
Huobi’s native crypto exchange licence will be revoked by a Thai regulator.
Thailand’s Securities and Exchange Commission (SEC) has utilised the country’s Finance Ministry to cancel Huobi (Thailand) Co’s digital asset trading licence, accusing the company of failing to fix system faults.
The monetary regulator, which was introduced on Saturday, is pushing for a change that will reduce its services and restore customers’ monies over the next three months.
Find out more about the Huobi Thai saga right here.
Sinara Monetary Acquires Supposed Wealth of a Cypriot Dealer
On Wednesday, Sinara Monetary Company, the holding company of Russian billionaire Dmitry Pumpyansky, announced the acquisition of Cyprus Funding Agency (CIF), Suppose Wealth Ltd by Sinara Monetary Company.
The parent or mother company is now rebranding the newly acquired company as Sinara Monetary Company (Europe) Ltd, bringing its suppliers in line with its current broader brokerage strategy. The Sinara Monetary Company was established in late June as a holding company to help the group expand its finance arm.
In the first half of this year, Saxo Markets Singapore had a 24 percent increase in shopper onboarding.
The Financial Authority of Singapore (MAS) regulated Saxo Markets Singapore released some key efficiency figures for the first half of 2021 on Tuesday. In terms of purchasers’ property, the unit has hit a significant milestone of SGD 10 billion ($7.45 billion).
Throughout the time period, the dealer onboarded 24 percent more merchants, highlighting strong market momentum as the driving force behind this strong performance.
Find out more about the Saxo Markets Singapore H1 here.
Panama Passes Bill to Legalize Bitcoin and Ethereum
Panama has become the second country in the region to introduce a bill in parliament seeking legal status for Bitcoin and Ethereum.
On September 6, the country’s parliament introduced a bill aimed at regulating cryptocurrencies in the country. According to the draught rule, the country wants to become ‘compatible with blockchain, crypto property, and the internet.’
Panama’s move came just one day after El Salvador approved Bitcoin, making it a legal tender. Nonetheless, Panama’s draught legal rules differ significantly from those of El Salvador, making Bitcoin adoption mandatory.
Learn extra on the Panana Bitcoin invoice right here.