Binance Reveals Better Internet Flows Resilience, Capital is Flowing Out of US into Asia, OKX Applies for Hong Kong VATP License

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  • Contrasting with the disaster skilled by exchanges like FTX, Binance has demonstrated larger resilience in its web flows, according to digital asset information supplier CCData. In the course of the FTX disaster, Binance noticed an outflow of near $1 billion in BTC inside one hour. For the reason that official US DOJ announcement on Tuesday, Binance noticed outflows throughout main belongings (BTC, ETH, USDT, USDC) – an aggregated ~$800m of outflows throughout specified belongings. “This comparability highlights the market’s notion of threat, probably influenced by new compliance necessities imposed on Binance by the US authorities, providing some assurance to buyers and decreasing counterparty threat,” the report mentioned. The hypothesis attributable to pre-announcements created a major spike in BNB’s open curiosity (OI), with over $100m in OI added inside a sooner or later interval. The present OI stays near its highs, indicating additional hypothesis on BNB, it concluded.
  • “The massive pattern we’re seeing is capital flowing out of the US and going predominantly international, and plenty of that has come to Asia,“ mentioned Dmitry Lapidus, CoinFund‘s newly-appointed senior liquid analyst primarily based in Hong Kong, tasked with constructing out the agency’s presence within the area. New York-based crypto-focused enterprise capital (VC) agency CoinFund made this primary rent in Hong Kong, aiming to develop in Asia, The South China Morning Publish reported. CoinFund is seeing extra crypto buying and selling and extra crypto entrepreneurs coming from Asia, the place the agency is hoping to develop its attain, Lapidus mentioned.
  • OKX formally utilized for a digital asset buying and selling platform (VATP) license below its Hong Kong department, OKX Hong Kong FinTech, eight months after the department was established. Therefore, it grew to become the seventh firm to use formally and “the primary main business participant to use below a brand new authorized regime aimed toward remodeling the town right into a regional crypto hub,” The South China Morning Publish reported. It submitted the appliance on November 16, in response to the Securities and Futures Fee (SFC) web site. PantherTrade, an change with obvious ties to Futu Holdings, submitted its software the day earlier than OKX, the report mentioned.
  • BingX introduced the launch of its rebranding initiative. According to the press launch, the change up to date its visible identification to make the buying and selling expertise extra intuitive and user-friendly. The revamped design simplifies its emblem by smoothing the define and eradicating inner shading, specializing in a cleaner and extra direct aesthetic that aligns with customers’ buying and selling objectives, it mentioned. Over the subsequent few months, BingX will endure a complete visible transformation, together with updates to its colour palette and typography throughout cell and desktop platforms.
  • UAE-based bitcoin mining firm Phoenix’s oversubscribed $370 million IPO on the Abu Dhabi Inventory Trade indicators a burgeoning enthusiasm for bitcoin mining within the area, according to a Miner Weekly report by BlocksBridge Consulting. Retail {and professional} buyers confirmed robust curiosity, oversubscribing by 180 instances and 22 instances, respectively. In the meantime, mentioned the report, Phoenix seems thus far to be extra of a bitcoin mining {hardware} distributor than a proprietary miner or a machine internet hosting enterprise. Regardless of emphasizing energy capability and infrastructure, its income stream appears reliant totally on {hardware} gross sales, specifically Antminers and WhatsMiners.
  • Curated platform Avant Arte introduced a collaboration with generative, NFT artist Erick Calderon, recognized to the Web3 realm as Snowfro, to launch the primary fine-art restricted version print from his Chromie Squiggles collection. Per the announcement, Snowfro has personally chosen one among his favorite Chromie Squiggles from his private assortment for the print, Chromie Squiggle #8107, which will probably be out there for seven days solely, beginning December 7, on avantarte.com. This unique print version permits artwork fanatics and collectors to say a chunk for €350 ($380). Avant Arte said that due to its printmaking capabilities, its grasp printmaker Make-Prepared in London, and its experience in bringing digitally native tasks into the bodily realm, the Chromie Squiggle #8107 print course of replicates how every Chromie Squiggle is digitally organized.

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