Binance to Remove Serum Trading Pairs Amid FTX Collapse

Major cryptocurrency exchange Binance to remove pairs from Sereum as FTX crash continues

Cryptocurrency exchange Binance will delist three Serum (SRM) trading pairs as fallout from the FTX crash continues. According to an announcement published on Friday.

The exchange will end trading the SRM/BNB, SRM/BTC, and SRM/USDT trading pairs on November 28.

Serum is a decentralized exchange protocol based on Solana that was championed by FTX since its inception. And the defunct exchange awarded SRM tokens to traders in the form of a weekly airdrop.

On November 14, the Solana Foundation said it had 134.54 million SRM in FTX, raising concerns about the future of the project.

The community forked the project the next day to protect against an attack that took place on FTX. The token subsequently rallied by more than 250%.

Most of SRM’s trading volume takes place on Binance, according to CoinMarketCap, though the token is still listed on Kraken, Kucoin, and Gate.io.

FTX’s stake in a US bank raises concerns over banking irregularities

The bankruptcy proceedings of cryptocurrency exchange FTX have revealed many new aspects of its unethical practices. The latest revelation surrounding his stake in one of America’s smallest banks in rural Washington has raised new concerns about its operations and the alleged misuse of banking loopholes.

Farmington State Bank of Washington State, now renamed Moonstone, is the 26th smallest bank in the United States, with a single branch and three employees.

FTX invested in the rural bank through its sister company Alameda. Now bankrupt, with a $11.5 million investment in its parent company FBH as of March 2022. Alameda’s investment was more than double the bank’s value of $5.7 million, The New York Times reported.

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Law on consumer protection of cryptocurrencies

FTX’s ownership of Moonstone is seen as a move to circumvent US banking license requirements, which many say is a rather complex task.

IMF Calls for Tighter Regulation of Cryptocurrencies in Africa as Sector Develops

The International Monetary Fund (IMF) calls for greater regulation of Africa’s cryptocurrency markets, one of the fastest growing in the world. This was reported on November 22 by the blog of the world institution.

Among the reasons why countries in the region should adopt the regulation, the monetary fund cited the collapse of FTX and its ripple effect on cryptocurrency prices. Which is prompting renewed calls for greater consumer protection. As well as the regulation of the cryptocurrency industry.

According to IMF data, 25% of sub-Saharan African countries have formally regulated cryptocurrencies. While, two thirds have applied some restrictions.

The first European hospital came out in the Metaverse

Europe is one of the regions with the largest projects within the Metaverse industry internationally. The Metaverse market is one of the fastest growing markets, and according to Globe Newswire, revenue in 2022 will be $47.48 billion.

The metaverse industry is expected to grow at a compound interest rate of 39.44% per year, reaching earnings of over 678.80 billion by 2030. Recently, the first European hospital in the Metaverse was created in Barcelona, ​​known as MITH or Medical Internet of Things Hospital.

The project will be directed by different professionals, from more than 20 different health specialties. It has meeting rooms, a conference room for more than 500 people, a 360º projection room, medical consultations and 24-hour emergencies.


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