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Israel’s Tel Aviv Stock Exchange Apply for Cryptocurrency Trading License

Earlier this week, on Monday, February 27, the Tel Aviv Stock Exchange (TASE) published a draft seeking regulatory approval to facilitate cryptocurrency trading on its platform.

The license is primarily aimed at expanding the authorized activities of Non-Bank Members (NBMs) to include trading in digital assets. Last year, banking institutions such as Bank Leumi already started offering cryptocurrency trading services in agreement with Paxos.

Now, other players are also looking for licenses that allow them to trade digital assets. In its announcement, TASE proposed a structure that will allow customers to deposit fiat money designated specifically for cryptocurrency investments.

If regulators approve this proposal, non-bank members will act as authorized providers of cryptocurrency custody and trading services. All client funds will be placed into an “omnibus account” which will serve as an intermediary for all cryptocurrency trading activities.

It would also allow customers to withdraw funds by selling cryptocurrencies. However, this process is still a bit complex so far. The announcement notes that this is done specifically to address consumer protection and risk mitigation.

Will regulators in Israel move?

Israel has been one of the leading nations in terms of cryptocurrency participation. With global cryptocurrency regulation coming into effect, regulators in Israel are also making a move. In November 2022, the Chief Economist of the Israeli Ministry of Finance released a report: “Regulation of the Digital Asset Sector: Roadmap for a Policy”.

This report seeks to impose regulations on financial activities and services on digital assets that will be similar to those that currently apply to non-digital assets. The Tel Aviv Stock Exchange is aware of the developments and is therefore taking appropriate action. In their press release, they state:

   “The TASE team prioritizes regulating and advancing cryptocurrency trading as a means of improving the Israeli capital market in line with international standards, as well as the ability of NBMs to expand their areas of activity and the ability of their clients to trade. in cryptocurrencies”.

TASE believes that aligning local and global regulations will attract more foreign investment into Israel’s crypto market. This will ensure further advancement of Israel’s capital market while promoting innovation and competition.

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Gleec BTC Exchange acquires BlockTane to enter the Brazilian market

Estonian crypto trading platform Gleec BTC Exchange has announced the acquisition of Blocktane, a Brazilian digital exchange, as it makes strategic plans to deepen its momentum in the Latin American market. According to a press release shared with Coinspeaker, the acquisition of Blocktane by the Gleec BTC Exchange involves the company’s legal entity, brand name and online domains.

The agreement also foresees the maintenance of the management of the commercial platform, but under the leadership of Gleec to give life to the parent company’s ideologies in Brazil and abroad. The Blocktane platform was founded in 2020 as a direct and easy way for users to purchase cryptocurrencies in a regulated manner.

Although the platform has temporarily closed operations, it has grown to become one of the trusted places to trade cryptocurrencies, amassing a good market share that Gleec hopes to take advantage of. In addition to the key aspects of Blocktane’s operations that will now be under Gleec’s control, the new acquisition company will also directly handle the company’s native BKT token, as well as its treasury stock.

“We are pleased to partner with Gleec to bring their tools and products to Blocktane users in Brazil and their first entry into this national market,” said John Willock, former CEO of Blocktane.

Gleec bought Blocktane to keep up with the Brazilian crypto trend

Gleec has a major expansionist drive to enter new jurisdictions with a tendency toward cryptocurrency adoption. The impetus for exchange in Brazil was born out of the country’s latest disposition towards cryptocurrencies, in which lawmakers passed the bill to legalize cryptocurrencies as a means of payment.

The recently passed Bill No. 4,401 came after years of discussion by legislators. In an attempt to deepen the new bill’s influence in transforming the payments landscape in Brazil, Brazil’s Chamber of Deputies has established a new oversight body to oversee crypto payments in the country.

With the bills already approved by legislators, only the president’s approval remains and, once attached, the bill will be implemented in six months.

Brazil remains the most famous crypto hotspot in the Latin America region over the past year, and the country has seen impressive growth over the past year. It recorded more users adopting digital currencies, including Bitcoin (BTC) and USDT, among others, as shown by tax returns released by the Federal Revenue Service of Brazil (RFB).

Gleec also dove into El Salvador, the country that was ranked the first in the world to legalize Bitcoin in September 2021. Gleec’s presence in El Salvador is through its local subsidiary, Gleec SV. As it seeks to gain a foothold around the world, Gleec said in a statement that it will reopen the Blocktane platform in the coming weeks.

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Coinbase Wallet Stops Support For Ripple (XRP), Bitcoin Cash (BCH)

Coinbase Wallet News: Citing low usage, Coinbase Wallet announced it will no longer support assets like Ripple (XRP) and Bitcoin Cash (BCH) among others. The team announced December 5, 2022 as the deadline to stop support for a total of cryptocurrencies. Users will be able to access their holdings in these assets through the Coinbase Wallet recovery phrase, it said. With this, these networks will lose support to access Dapps on the networks.

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Nearly 100 Customers Sue Coinbase Over Its Wallet App

Coinbase is in trouble after nearly 100 customers filed lawsuits against the Western Hemisphere’s largest digital currency trading platform.

Customers Are Angry at Coinbase

These customers accuse Coinbase of turning a blind eye to a scam that ended up costing them over $21 million in digital currency funds. The problem stems from the Coinbase Wallet, which last fall, when downloaded, directed users to fraudulent or fake websites that allowed scammers and hackers to take control of their accounts and transfer their digital assets to Coinbase wallets.

To date, due to the terms and conditions applied by Coinbase, none of the lawsuits in question have resulted in defendants or plaintiffs going to court. Instead, everything is handled through an arbitration process. This ensures that details remain out of the media and that lawsuits take place privately between the company and those affected. Legal disputes are heard by a neutral decision maker who then decides which party deserves a decision in their favor.

In the arbitration process, customers allege that Coinbase was well aware of what was happening with its wallet application and that executives did nothing to address it or minimize the damage. They made several attempts to alert Coinbase bosses to what was going on, but little was done to acknowledge their concerns or the money they had lost. Now these people are taking stronger means to get their money back and get justice for themselves.

To say it was a difficult year for Coinbase would be an understatement. 2022 has been affected by digital currency based issues for everyone, although Coinbase has arguably been affected more than others. What was initially supposed to be a year of massive hiring and taking headcount to new levels turned into a time when not only were all hiring plans put on hold, but the exchange subsequently announced that it would lay off around 18% of its team. to deal with the cryptocurrency windfall the space was experiencing.

The company has had a tough year.

Furthermore, the company has seen its shares crash and burn in recent weeks due to how tied it is to bitcoin, the world’s largest and most popular cryptocurrency by market capitalization. The asset has lost over 70% of its value in the past 12 months, and with bitcoin losing so much in such a short period, the digital exchange is seeing similar results.

When the company first went public in April 2021, shares were priced above $300, even though those same shares have since dropped into the $50 range. Coinbase is also the subject of a new SEC investigation.

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Relai customers can now buy BTC through Checkout.com

Relai, a Swiss bitcoin app, teams up with Checkout.com to enable all its customers to buy mainstream digital currency tokens such as bitcoin and Ethereum.

Relai and Checkout.com… A perfect couple?

The move is slated to improve cryptocurrency adoption and give the space a stronger level of legitimacy. Checkout.com is a global payment provider that works with businesses around the world to ensure their customers can purchase goods and services using multiple payment options, no matter where they are located.

Furthermore, Relai is now the only bitcoin-focused company to offer instant transactions through the personal wallets of any customer using its services. Julian Liniger, CEO and co-founder of Relai, explained in a recent statement:

At a time when it's increasingly important for people to be in control of their money, we're excited to announce our partnership with Checkout.com. This is an exciting time for the entire Relai team, and it means we've finally achieved our ambition to create the world's easiest bitcoin app. People can now buy bitcoins instantly and 24/7 with direct delivery to their self-controlled wallet. This is a world first."

Esteban Sadurni, Director of Cryptocurrencies and Digital Assets at Checkout.com, also mentioned:

 We are technical at heart and have supported the cryptocurrency industry for several years. That's why we're excited to partner with Relai to support their mission to make Bitcoin easier, simpler, safer and more accessible for everyone who uses our payment technology.

Membership is not as focused on allowing customers to purchase items and services with digital currencies. Instead, Relai is taking on a form more akin to a cryptocurrency exchange, as it will allow customers to purchase assets like bitcoin with a variety of payment methods, including Mastercard and Visa cards, along with Apple Pay through Checkout.com.

All transactions will take place in real-time, so customers won’t have to wait days or even minutes to see their assets placed in their connected wallets, and transfers will take place in a matter of seconds. Another decisive factor is that trading is available to users 24 hours a day, seven days a week, and there are no interruptions in service hours.

Cryptocurrencies can guarantee financial independence

Relai has long sought to give its customers full and complete control over their money, which is why it’s turning to cryptocurrency for the long haul. Through the world of traditional finance and standard banking, we are often subject to prying eyes, third parties and intermediaries who have a say in what can and cannot be done with the money.

Ultimately, this removes autonomy and customers are often subject to the decisions of outside observers before they can transact or engage in monetary activity. Through cryptocurrencies, transactions can at least remain semi-private, with all assets owned directly and wholly by the investors who own them.