The crypto industry has been blowing hot and cold. Many of the top-performing industry mastodons have come to a grinding halt, but optimism about the sector in general remains fairly robust.
Still, this relative calm by lawmakers and regulators does not mean that crypto isn’t experiencing a fresh batch of troubles.
The most prominent development this week is the mea culpa admitted by Sam Bankman-Fried who admitted that he had “—-ed up” and played fast and loose with consumer funds, prompting Binance, a rival which was ready to bail out the company, to back out of a proposed buyout.
This sent further ripples across the crypto market which resulted in Coinbase announcing a further 60 layoffs, on top of the 1,100 employee layoffs announced in September.
Coinbase is joining others, such as Crypto.com and now FTX in experiencing serious turbulence.
In fact, the only outlier from the big crypto exchanges is Binance, which is facing accusations of having facilitated illegal crypto transactions in Iran.
As fears and qualms about cryptocurrencies continue, JPMorgan has issued an optimistic investor note that said that the technology behind cryptocurrencies is clearly indispensable and part of the future of finance. JPMorgan appeared to be optimistic about the future of cryptocurrencies as well.
Kim Kardashian and Floyd Mayweather Jr. were both acquitted in a case brought against them by EthereumMAX investors who claimed that the two personalities had endorsed the token as securities and offered financial advice.
Hong Kong is looking to supplant Singapore as a regional cryptocurrency hub as retail investors in Singapore are still overlooked by local regulation.
Businesses have said that retail investors should be allowed onto the market if the city-state is to really become a serious business hub for the crypto industry.
Speaking of cities with ambitions to host the world’s next crypto hub, Dubai has confirmed a regulatory framework that will make it easier for crypto businesses to set up shop in the region is now very close to seeing the light of day.
Meanwhile, the Australian Securities and Investments Commission is looking to help locals understand cryptocurrency scams better and address them heads-on. Australians have been among the most targeted people on earth costing them hundreds of millions in lost funds to these fraudulent activities.