News updates January 1, 2022
1. Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange's Letter to Users 'Unacceptable'
The Ontario Securities Commission (OSC) claims that Binance has rescinded its commitment to comply with previously agreed requirements. The crypto exchange told the regulator that there would be no new transactions involving Ontario residents after Dec. 31. However, Binance recently informed its Ontario users that they no longer have to close their accounts by year-end
OSC Says Binance’s Action Is ‘Unacceptable’
Cryptocurrency exchange Binance got into trouble with the Ontario Securities Commission (OSC) Thursday. Binance notified its users in June that Ontario was becoming a restricted jurisdiction and users may need to close their accounts. However, the crypto exchange sent a letter to its users Wednesday stating:
As a result of ongoing and positive cooperation with Canadian regulators, there is no need for Ontario users to close their accounts by December 31, 2021.
2. Mexico Announces It Will Issue Its Own Digital Coin by 2024
The government of Mexico announced that the country’s central bank will issue its own digital currency. The statement of the official account of the presidency of Mexico informed that the development should be ready towards 2024, and remarked about the importance the technology has for the future of the financial structure of the country.
3. South Korean Lawmaker Says He Will Start Accepting Crypto Donations in the New Year
Lee Kwang-jae, a South Korean lawmaker, recently stated that he will be accepting cryptocurrency donations starting mid-January 2022. According to the politician, this plan represents his attempt to raise awareness about cryptocurrencies and non-fungible tokens among South Koreans.
4. Malaysia Seizes 1,720 Bitcoin Mining Machines in Electricity Theft Crackdown
Police in Malaysia have shut down a bitcoin mining operation and seized 1,720 bitcoin mining machines in a major electricity theft crackdown following public complaints. “Police inspected 75 premises around the district and 30 of them were found to be carrying out illegal bitcoin mining activities and stealing electricity.”
5. SEC Chairman Gary Gensler Adds Crypto Adviser to Executive Staff
The U.S. Securities and Exchange Commission (SEC) has added a number of advisers to Chairman Gary Gensler’s executive staff. Among them is Corey Frayer, who advises Gensler on “SEC policymaking and interagency work relating to the oversight of crypto assets.
SEC Has New Adviser for the Oversight of Crypto Assets
The U.S. Securities and Exchange Commission (SEC) announced Thursday the appointments of Corey Frayer, Phil Havenstein, Jennifer Songer, and Jorge Tenreiro to Chairman Gary Gensler’s executive staff. The announcement details:
Corey Frayer advises Chair Gensler on SEC policymaking and interagency work relating to the oversight of crypto assets.
6. Bitcoin’s $6.1 billion options expiry was not enough to break the bearish sentiment
Bitcoin’s (BTC) price has been ranging between $46,000 and $52,000 for 26 days. Despite the large nominal $6.1 billion year-end options expiry, the bullish and bearish instruments were evenly balanced between $44,000 and $49,000
Therefore, it was no surprise that the $47,175 price at 8:00 am UTC on Dec. 31 brought little change to the price structure. Even the 3% rally to $48,500 following the event failed to sustain itself, signaling that bears are unwilling to cede their upper hand.
Bitcoin had a stellar 2021 anyway
Regardless of the short-term bearishness behind December’s 16% price drop, Bitcoin continues to vastly outperform both U.S. stocks and gold for the third year in a row. Yet, that performance was not enough to avoid every $48,000 and higher call (buy) option instrument becoming worthless as the Dec. 31 expiry price came in lower.
7. Cryptocurrency 2021 Recap
#SHIB: +52,601,740%
#AxieInfinity: +18,336%
#SAND: +16,100
#Terra: +15,429%
#MATIC: +14,690%
#SOL: +13,232%
#MANA: +4,691%
#DOGE: +4,133%
#AVAX: +3,936%
#BNB: +1,461%
#ADA: +783%
#ETH: +460%
#Uniswap: +425%
#DOT: +396%
#XRP: +328%
#Bitcoin: +90%
