Blockchain Bites: Chinas Tether Crackdown, CMEs Bustling Bitcoin Markets, Kins Active Development

Saturday 24 October 2020, 2:50 AM AEST - 1 month ago

Chinese officials are cracking down on tether trades. The CME bitcoin futures exchange is heating up, signalling institutional interest. And Kiks kin token will continue development following a $5 million SEC settlement.

Ripple, across the pond
Ripple CEO Brad Garlinghouse has given more insight on the companys possible move away from the U.S., saying the legal status of the XRP cryptocurrency is key. Talking to CNBC Friday, Garlinghouse said his blockchain payments infrastructure company could potentially relocate to London, where the nations regulator clarified that XRP is not a security and is used like currency. Ripple is currently engaged in a U.S. legal dispute with investors who claim XRP is an illegally issued security. The Securities and Exchange Commission has not been clear on the issue. Switzerland, Singapore, Japan and the United Arab Emirates are also on the table for potential headquarters.

Tether crackdown
Chinese authorities, including the nations central bank, have arrested 77 suspects and shuttered three gambling sites said to have whitewashed illicit funds using the tether (USDT) stablecoin. Announced over WeChat, the PBoCs Huizhou office said the suspects had laundered 120 million yuan ($17.95 million) obtained through illegal online gambling activity, in part through USDT. In July, several crypto over-the-counter (OTC) traders were detained in order to assist with state investigation efforts involving illegal economic activity. It is illegal to open casinos and participate in gambling online, the PBoC said. Dont be curious and lucky. Any disguise cant escape high-pressure supervision.

Institutional interest
The Chicago Mercantile Exchange (CME) has become the second-biggest bitcoin futures platform by number of open contracts, signaling institutional interest. As of Thursday,

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