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FTX US suspends withdrawals

FTX US may halt trading on its platform, on-chain data suggests that the platform has paused withdrawals from the United States-based platform. The original announcement on Nov. 10 cautioned users to close down any positions while maintaining that its users would still be able to make withdrawals, as that will remain open.

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FTX US may halt trading on its platform, on-chain data suggests that the platform has paused withdrawals from the United States-based platform. The original announcement on Nov. 10 cautioned users to close down any positions while maintaining that its users would still be able to make withdrawals, as that will remain open.

Although the FTX CEO Sam Bankman-Fried remained insistent that FTX US was fine and had been unaffected by FTX liquidity issues, it appears things may have spiralled rapidly, as FTX US was included in a Chapter 11 bankruptcy filing in the United States.

Bankman-Fried assured FTX US users in an apology that FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. He added that the platform was 100% liquid and that every user could fully withdraw.

FTX International’s liquidity issues were triggered within the last seven days when Binance CEO Changpeng Zhao announced that Binance would liquidate the entirety of its FTX Token holdings. CZ’s announcement inadvertently caused a bank run whereby FTX’s users attempted to withdraw funds only to discover that the exchange didn’t have enough liquidity on hand to meet the demand.

Since then, Bankman-Fried has resigned from his position as FTX CEO but will “remain to assist in an orderly transition” before being succeeded by John Ray.

FTX’s imminent collapse has invited much scrutiny of the crypto industry. Many global lawmakers and others are suggesting additional regulations for crypto firms, especially since FTX is the latest in a string of crypto-related bankruptcy filings in 2022.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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