New York Among 13 States Excluded as Binance.US Opens for Registrations

The U.S. arm of cryptocurrency exchange Binance is opening for registration and deposits on Wednesday. The platform will go live supporting just six cryptocurrencies initially – bitcoin, (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC) and the tether stablecoin (USDT). The platform expects more to be added in “coming weeks,” providing they pass Binance.US’s Digital Asset Risk Assessment Framework. Notably, Binance’s recently launched dollar-linked stablecoin BUSD is not supported. The new launch comes after stateside users of its global platform Binance.com were barred from trading back in June. The company did not provide…

Binance Makes Strategic Investment in Chinese Crypto Media Firm

Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance. According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million. Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder of bitcoin mining firm Bitmain, Jihan Wu. The media site was founded by…

OKEX Korea Drops 5 Privacy Coins Citing FATF Rules

Regulatory pressure on cryptocurrency exchanges to stop providing users with access to so-called privacy coins is growing. The South Korean arm of the Malta-based OKEX exchange announced early on Monday that it is to delist five cryptocurrencies that provide extra privacy features for users. From Oct. 10, the exchange will no longer support trading in Monero (XMR), dash, zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC). In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.” Specifically, in…

CME Seeks to Double Monthly Bitcoin Futures Trading Limit to 10K BTC

The Chicago Mercantile Exchange (CME Group) wants to let futures traders make even bigger bets on bitcoin. CME announced its intention to increase in the so-called spot month position limit for its bitcoin futures contracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday. The limit would jump from 1,000 contracts per month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000…

Huobi Plans Backdoor IPO Attempt in Hong Kong, Document Suggests

Cryptocurrency exchange Huobi appears to be inching towards a reverse initial public offering (IPO), according to a document posted with Hong Kong Stock Exchange (HKEX). In the filing, dated Sept. 10, Hong Kong-listed electronics manufacturer Pantronics Holdings Limited, acquired by Huobi last August, disclosed it will change its name to Huobi Technology Holdings Limited. The company transferred more than 221 million ordinary shares to Huobi Group at its acquisition, according to shareholding disclosures. The $77 million deal made the cryptocurrency exchange the majority shareholder in Pantronics, with an over 73 percent…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced until…

Binance to List Its New Dollar-Backed BUSD Stablecoin Next Week

Binance’s new dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will be made available for trading on the cryptocurrency exchange the week of Sept. 16. Announced on Thursday at CoinDesk’s Invest: Asia conference, Paxos co-founder Rich Teo said: “We minted out first batch of Binance U.S. dollars. It will be made available for trading starting next week [against] a few trading pairs such as BTC and BNB.” Earlier this month, the Paxos Trust Company, which already issues its own dollar-backed and gold-backed stablecoins, obtained additional regulatory approval…

Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts

Bakkt has officially revealed the initial deposits its customers will have to make to margin trade its bitcoin futures products. In a new notice posted Tuesday, ICE Futures U.S. – the actual futures exchange Bakkt’s contracts are trading on – announced the initial hedge and speculative requirements for customers, as well as its monthly rate add-ons. According to Tuesday’s notice, customers will have a $3,900 deposit requirement for both Bakkt’s daily and monthly futures contracts as an initial hedge. The speculative initial requirements will be somewhat higher, at $4,290 each. Likewise,…

Gemini Launches Custody Service With 18 Cryptos Including ERC-20 Tokens

The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday. Through the Gemini Trust Company, a regulated custodian overseen by the New York Department of Financial Services (NYDFS), the Winklevoss-backed exchange now offers “Gemini Custody,” a platform which would enable clients to trade assets instantly by offering them credits. Previously, clients would have to wait more than a day to access and trade assets. Gemini customers will be able to trade assets held offline without waiting to access them using the new system, the release…

Crypto and the Latency Arms Race: Towards Speed Bumps and OTC Trading

Max Boonen is founder and CEO of crypto trading firm B2C2. This post is the first in a series of three that looks at high-frequency trading in the context of the evolution of crypto markets. Opinions expressed within are his own and do not reflect those of CoinDesk.  The following article originally appeared in Institutional Crypto by CoinDesk, a free weekly newsletter for institutional investors focused on crypto assets. You can sign up here. Matthew Trudeau, chief strategy officer of ErisX, offered a thoughtful response last month to a CoinDesk article about high-frequency trading in crypto. In short,…