Crypto Chronicle with NewsCrypto
Greetings, crypto warriors! Get ready to armor up with the latest edition of the Crypto Chronicle by NewsCrypto.
Just like a knight prepares for battle with a suit of armor, our newsletter equips you with the insights, news, and resources to navigate the challenges and seize the opportunities in the crypto realm. So grab your digital sword and shield, and let's conquer the crypto landscape!
Here's what we got on the menu today:
1. Binance suspends deposits
2. Hong Kong retails will be able to buy crypto
3. Funny meme
Binance takes a timeout on 10 bridged tokens, blames it on the Multichain mayhem
Binance has pressed the pause button on deposits for 10 tokens due to ongoing turbulence with the Multichain Bridge project.
This move impacts users dealing with these bridged tokens across BNB Smart Chain, Fantom, Ethereum, and Avalanche networks. Binance has suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. The deposits for these assets on other networks remain open.
The decision to suspend these tokens comes after Multichain users endured a five-day crisis that left transactions stuck like cars in a traffic jam. Various cross-chain bridge pathways, including Kava, zkSync, and Polygon zkEVM, are still singing the song "Bridge Over Troubled Waters" since they're not fully operational yet. Maybe they need a traffic cop.
While Multichain initially blamed technical issues for the mess, they eventually upgraded the excuse to a fancy-sounding "force majeure." Sounds like they're trying to escape blame by summoning a higher power. But they might want to hire a crisis PR team instead.
Adding fuel to the fire, unverified rumors on Twitter suggest that Multichain's core leadership team might be doing some involuntary meditation in China's finest facilities. No official response from Multichain yet, leaving everyone in the crypto community on edge. Who knew blockchain could be so dramatic?
Multichain's Discord server and Telegram groups have been quieter than a library on a Sunday. It's like they disappeared into thin air, or maybe they're just hiding under a bridge, hoping the storm will pass.
In response to the uncertainty surrounding Multichain, crypto projects are taking matters into their own hands. The Fantom Foundation pulled out a cool $2.4 million worth of MULTI tokens from SushiSwap's liquidity pool, sending a clear message: "We're taking our money and running...to another bridge." Meanwhile, HashKey Group moved $250,000 to Gate.io, perhaps seeking a safer haven. And even Tron founder Justin Sun couldn't resist the temptation, withdrawing 470,000 USDD stablecoins from the Multichain protocol. When the bridge gets shaky, the rats start jumping ship.
As the crypto world holds its breath, waiting for Multichain to break the silence, investors and users are left with a lingering question: Will they fix the bridge, or will they just leave us stranded on this side of the river? Stay tuned for the next chapter in the Multichain saga.
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Hong Kong to unlock crypto exchange access for retails users, but there's a twist
The Hong Kong Securities and Futures Commission (SFC) has given a green light for licensed platforms to cater to retail investors. However, there's a catch.
In a recent announcement, the SFC revealed that virtual asset trading platforms willing to abide by their proposed guidelines can apply for a license. The guidelines encompass strict requirements, including asset custody safety, cybersecurity standards, and segregation of client assets.
According to SFC CEO Julia Leung, providing clear expectations is crucial for responsible and innovative development. The comprehensive regulatory framework aims to ensure investor protection and manage risks in the dynamic crypto landscape.
Although the guidelines will take effect in June 2023, no virtual asset trading platform has been approved for retail services yet. The SFC received 152 industry submissions during the consultation period, emphasizing the importance of robust measures to safeguard retail investors.
Currently, most public-accessible virtual asset trading platforms in Hong Kong lack regulation. As the guidelines loom, non-compliant platforms are advised to prepare for an "orderly closure" of their operations.
In a lighthearted twist, Neil Tan, the chair of the FinTech Association of Hong Kong, quipped in an interview that embracing digital assets is simply a "natural progression" for the financial industry. Looks like Hong Kong is ready to ride the crypto wave!
Expectations on 1st June:
Funny meme
