COMSA [XEM](CMS)

The round was led by Castle Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management.

[PRESS RELEASE – Singapore, Singapore, January 30th, 2024] Decentralized derivative trading platform BBO Exchange (BBOX) has announced the successful completion of its pre-seed funding round. Co-led by prolific early-stage venture funds Hashed and Arrington Capital, the round raised $2.7 million and attracted participation from several major ecosystem players including Consensys, CMS Holdings, Flow Traders, Manifold […]

The firm follows crypto exchange DigiFT, which received a CMS license last month.

The new CFTC proposal enhances rules for FCMs and DCOs, mandating high liquidity in customer fund investments.

The U.S. Commodity Futures Trading Commission (CFTC) proposed a rule change Friday on how customer funds should be invested by firms the agency oversees – futures commission merchants (FCMs) and derivative clearing organizations (DCOs).

Combining blockchain with digital monitoring, reporting and verification protocols may not only improve VCMs but even rescue them.

In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. The approval comes nearly two years after the exchange had originally applied for approval to offer crypto futures in the markets. A Long Wait Ends Coinbase announced on Wednesday that it had secured approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). FCMs are similar to market makers, buying and selling futures contracts. With approvals in place, Coinbase has stated its intention to offer eligible US-based customers regulated derivatives products through Coinbase Financial Markets. These will be subject to the oversight of the National Futures Association and the Commodity Futures Trading Commission. The crypto exchange stated in a post on X, “The National Futures Association, a CFTC designated SRO, has approved Coinbase Financial Markets. as a registered Futures Commission Merchant. Coinbase can now offer futures contracts in BTC and ETH to eligible customers in the US.” The approval makes Coinbase the first crypto platform in the United States to offer traders regulated and leveraged crypto futures along with traditional spot trading. According to the announcement, Coinbase had applied for registration as a Futures Commission Merchant with the NFA in 2021. “In September of 2021, we filed an application with the NFA to register an FCM. Our team has worked with regulators since then to ensure we will comply with all the necessary regulations and that our FCM’s business model meets the CFTC’s customer protection requirements.” According to Coinbase, the approval will allow US customers to access regulated crypto derivatives and allow greater access to the larger crypto economy. “We are pleased to announce that approval has been secured, which will allow eligible US customers to access regulated derivatives products through Coinbase Financial Markets and alongside our spot market for a seamless experience subject to the oversight of the CFTC and the NFA. Approval for US customers to access regulated crypto derivatives will allow more people to access the crypto economy in the United States in a safe way that helps keep the US at the center of digital innovation.” Futures Contracts In Bitcoin And Ether The company also put up a post on X, stating that it could now offer users cryptocurrency futures contracts in Bitcoin And ETH. Coinbase stated in a message, “We believe this is a watershed moment to be able to bring regulated crypto products to US customers. This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers.” Other Approvals The cryptocurrency unit of Cboe Global Markets, Cboe Digital, had already received approval from the CFTC to offer margined Bitcoin and Ether futures back in June. At the time, Christy Goldsmith Romero, the Commissioner of the CFTC, had stated, “I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management.” COIN shares have also registered a significant jump, opening 4% higher at $82.49. Currently, COIN is trading at around $79. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. The approval comes nearly two years after the exchange had originally applied for approval to offer crypto futures in the markets. A Long Wait Ends Coinbase announced on Wednesday that it had secured approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). FCMs are similar to market makers, buying and selling futures contracts. With approvals in place, Coinbase has stated its intention to offer eligible US-based customers regulated derivatives products through Coinbase Financial Markets. These will be subject to the oversight of the National Futures Association and the Commodity Futures Trading Commission. The crypto exchange stated in a post on X, “The National Futures Association, a CFTC designated SRO, has approved Coinbase Financial Markets. as a registered Futures Commission Merchant. Coinbase can now offer futures contracts in BTC and ETH to eligible customers in the US.” The approval makes Coinbase the first crypto platform in the United States to offer traders regulated and leveraged crypto futures along with traditional spot trading. According to the announcement, Coinbase had applied for registration as a Futures Commission Merchant with the NFA in 2021. “In September of 2021, we filed an application with the NFA to register an FCM. Our team has worked with regulators since then to ensure we will comply with all the necessary regulations and that our FCM’s business model meets the CFTC’s customer protection requirements.” According to Coinbase, the approval will allow US customers to access regulated crypto derivatives and allow greater access to the larger crypto economy. “We are pleased to announce that approval has been secured, which will allow eligible US customers to access regulated derivatives products through Coinbase Financial Markets and alongside our spot market for a seamless experience subject to the oversight of the CFTC and the NFA. Approval for US customers to access regulated crypto derivatives will allow more people to access the crypto economy in the United States in a safe way that helps keep the US at the center of digital innovation.” Futures Contracts In Bitcoin And Ether The company also put up a post on X, stating that it could now offer users cryptocurrency futures contracts in Bitcoin And ETH. Coinbase stated in a message, “We believe this is a watershed moment to be able to bring regulated crypto products to US customers. This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers.” Other Approvals The cryptocurrency unit of Cboe Global Markets, Cboe Digital, had already received approval from the CFTC to offer margined Bitcoin and Ether futures back in June. At the time, Christy Goldsmith Romero, the Commissioner of the CFTC, had stated, “I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management.” COIN shares have also registered a significant jump, opening 4% higher at $82.49. Currently, COIN is trading at around $79. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to information released by the New York Attorney General (NYAG), Tether, the issuer of leading stablecoin USDT, reportedly deactivated around 29 accounts tied to significant players in the cryptocurrency sphere in 2021. While reasons for the individual account terminations remain undisclosed, the named entities included MoonPay, BlockFi, CMS Holdings, and Galois Capital. Responding to the unfolding situation, Tether indicated its reluctance to comment on specific customer relationships, noting that each party had undergone stringent compliance checks both during onboarding and throughout their relationship, in line with Tether's compliance policies. NYAG Investigation and Tether's Commitment to Transparency While the NYAG investigation wrapped up in early 2021, some of the documents in question extend until June of that year. These documents were collected during the NYAG's probe into Tether and sister company Bitfinex over the alleged misappropriation of $850 million. During this investigation, iFinex, the parent company of both entities, requested an extension to produce the required financial documents. Following a settlement that included an $18.5 million penalty and the cessation of trading in New York, media outlets and Coinbase sought the public disclosure of Tether’s initial quarterly report under the Freedom of Information Act. However, Tether opposed this motion, citing the need to protect its customers' confidential data. Despite Tether's objections, the NYAG granted media outlets access to the documents, leading to the revelation about the deacttivation of numerous company accounts. Tether's Stance on Transparency and Risk Management Tether remains adamant about its commitment to transparency while prioritizing its customers' privacy and security. Following the settlement with the NYAG, Tether has diligently completed its quarterly reporting obligations, affirming its commitment to openness and transparency. Notably, Tether claims that it takes pride in its meticulous development of risk metrics and processes, enabling its investment and financial teams to thoroughly assess the risk tied to the company's financial interactions. Tether has continually demonstrated its commitment to sustaining its business objectives while adhering to a robust risk management culture. Tether's Reserves and Commercial Papers Tether's dedication to maintaining the highest standards is evident in its transparent dealings regarding its lending program and reserves. Tether's reserves have proven to be extremely liquid, high-quality, and readily available to support any size of redemption, demonstrated by the repayment of US$7 billion in 48 hours in 2022. According to the released documents, Tether has consistently maintained an A2 or better rating for the majority of its commercial papers, and none of its past statements have undergone any changes. This commitment to upholding the highest standards has been echoed in the company's dedication to accountability and its unwavering risk management culture. The firm, however, has been severely criticized over past decisions, especially in the case of blocking an MEV Validator as a security response. Tether says that while media outlets have rushed to present this information to readers, Tether remains committed to its users, as well as for the benefit of the the broader crypto community. The company is keen to provide a factual point of reference about the disclosed materials, and it continues to cooperate with law enforcement, having assisted in over 150 investigations across four continents in the past 18 months. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.