Crypto Market is over $2.5 Trillion | Bitcoin News

Bitcoin News: 16th October 2021

  • Tether and Bitfinex have been fined a total of $42.5 million by the CFTC. [LINK]
  • NFT by Jimmy Choo is a new line of shoes designed by Jimmy Choo.
  • New sanctions guidelines for crypto companies has been released by the US Treasury.
  • The Shiba Inu ($SHIB) has been listed on India’s oldest cryptocurrency exchange, which has over four million users.
  • Cryptocurrencies are impossible to ignore, according to Zimbabwe’s finance minister.
  • The cryptocurrency market has surpassed $2.5 trillion as the SEC approves the first Bitcoin futures ETF.
  • All Blockchain Games Are Banned From Steam. [LINK]
  • Bakkt, a cryptocurrency financial service, will shortly be listed on the New York Stock Exchange.

Tether and Bitfinex have been fined a total of $42.5 million by the CFTC

Tether and Bitfinex were fined $41 million and $1.5 million, respectively, by the Commodity Futures Trading Commission (CFTC) on Oct. 15, citing breaches of the Commodity Exchange Act (CEA) and a previous CFTC ruling.

Tether, the company behind the namesake stablecoin, only had adequate cash assets to support the dollar-pegged currency for 27.6% of the time during the 26-month period under examination between 2016 and 2018, according to the regulator. Tether also broke the law by keeping a portion of its reserves in non-fiat financial instruments and mixing operating and reserve money, according to the agency.

Commissioner Dawn Stump, in a concurring statement, endorsed the move while also expressing worries that the settlement might “give consumers of stablecoins with a false feeling of confidence,” leading them to believe that the CFTC supervises and oversees stablecoin issuers.

Tether and Bitfinex have been fined a total of $42.5 million by the CFTC
Tether and Bitfinex have been fined a total of $42.5 million by the CFTC

Stump distanced the CFTC from regulating stablecoins and having “daily insight into the activities of those who issue” stablecoins, despite the fact that the CFTC used a broad definition of “commodity” in this instance.

Tether responded with a statement claiming that it “always kept enough reserves.” The company justified its choice to settle by stating that it was willing to “resolve” the issue.

Tether responded with a statement claiming that it “always kept enough reserves.” The business justified its settlement by stating that it wanted to “resolve this situation so that we can move forward and focus on the future.”

NFT by Jimmy Choo is a new line of shoes designed by Jimmy Choo.

Jimmy Choo, the luxury fashion accessories brand, is excited to announce its first foray into the digital art and gaming discourse by launching two NFT projects in collaboration with UCOLLEX.

Jimmy Choo will unveil a one-of-a-kind NFT for auction with 8,888 Mystery Boxes for purchase on the Binance NFT marketplace as the last layer of the partnership with New York artist Eric Haze. The NFTs continue the collaboration’s concept of collectability, which weaves together art, fashion, and street culture.

On October 20th, Binance NFT will have an animated artwork showcasing a digital rendition of the sneaker created for the JIMMY CHOO / ERIC HAZE CURATED BY POGGY collaboration up for auction. The NFT is a digitally-only shoe that rotates across a canvas of Haze’s trademark writing. The winner of the auction will not only receive the NFT, but also a limited-edition pair of hand-painted sneakers.

NFT by Jimmy Choo is a new line of shoes designed by Jimmy Choo.
NFT by Jimmy Choo is a new line of shoes designed by Jimmy Choo.

 The Binance NFT marketplace will host the auction bidding. The Jimmy Choo Foundation will contribute all proceeds from the auction to Women for Women International, which helps women survivors of conflict rebuild their lives.

A single Jimmy Choo / Eric Haze LOVE 100 Glitter, 445 super-rare cards, 3,109 rare cards, and 5,333 neutral cards will be split into four categories of rarity. Buyers will make purchases without knowing which card they would get beforehand. The Binance NFT Mystery Boxes will go on sale on October 20th for 30 BUSD. Users who purchase the SSR or SR from the Jimmy Choo Mystery Box will be eligible to get an extremely rare, never-before-seen Jimmy Choo NFT design, which will be released at a later date.

The NFT’s debut is the culmination of multi-layered cooperation that saw three creative geniuses, three global capitals, and three unique points of view come together to create one memorable alliance. The JIMMY CHOO / ERIC HAZE CURATED BY POGGY collaboration brings together Eric Haze, a New York-based artist and designer, Poggy, a Japanese fashion legend and guest style curator, and Sandra Choi, the brand’s London-based Creative Director.

New sanctions guidelines for crypto companies released by the US Treasury

The United States’ sanctions watchdog is focusing its attention on the cryptocurrency business.

The Treasury’s Office of Foreign Asset Control (OFAC) published a new pamphlet on October 15 that includes crypto-specific information on circumventing US sanctions.

The guidance’s actual contents aren’t particularly innovative, but they do push the concept that virtual currency operators should be held to the same standards as traditional financial institutions when it comes to avoiding sanctions violations.

The instructions state:

“Technology firms, exchangers, administrators, miners, and wallet providers, as well as more traditional financial institutions that may have exposure to virtual currencies or their service providers,” according to OFAC, must create risk-assessment processes.

New sanctions guidelines for crypto companies has been released by the US Treasury.