Welcome to the latest edition of Datawallet Daily. In today's line-up, we've got some intriguing updates that you won't want to miss:
- The SEC delays decision on Bitcoin ETF
- Binance sells Russian arm of the exchange
- Gemini to invest $24 million in India
- Aptos and Thala pledge $1 million for a new fund to help create new DeFi protocols
But first, let's take a quick snapshot of where the crypto market stands right now.
SEC delays spot Bitcoin ETFs (again)
The U.S. Securities and Exchange Commission (SEC) has unexpectedly delayed its decision on spot Bitcoin ETF applications from ARK Invest and GlobalX. The postponement caught market participants off guard, especially as it coincided with a letter from a bipartisan group of Congress members urging SEC Chair Gary Gensler to approve such ETFs "immediately."
The delay casts doubt on the likelihood of a spot Bitcoin ETF getting approved this year, a move that would have made Bitcoin investment more accessible and transparent. The SEC's decision could also impact pending applications from other financial firms, including BlackRock and Fidelity, which have deadlines approaching in October.
Binance sells Russian arm of the exchange
Crypto exchange Binance has reached an agreement to sell its entire business operations in Russia to CommEX, as it aims to completely withdraw from the market due to compliance concerns. In a press statement, Noah Perlman, Binance's chief compliance officer, stated, "As we look ahead, we acknowledge that operating in Russia does not align with Binance's compliance strategy."
CommEX appears to be a recently launched crypto exchange that introduced BTC/USDT and ETH/USDT trading pairs for spot trading in July. On its X (formerly Twitter) account, CommEX warmly welcomed "new users from Russia and all around the world!" on Wednesday.
Earlier this year, reports emerged that Binance was under investigation by the Department of Justice regarding potential breaches of U.S. regulations, specifically whether Russian customers were able to access the platform in violation of these regulations.
Gemini to invest $24 million in India
Gemini, a cryptocurrency exchange, has set aside 2 billion rupees ($24 million) for its expansion plans in India. The company aims to expand its development center in Gurgaon, as stated in the announcement on September 26th. The Gemini Gurgaon Development Center has seen significant growth since its launch in May and currently employs over 70 staff members.
The company is actively recruiting software engineers, technical product managers, talent acquisition specialists, finance professionals, support staff, and compliance experts. Gemini attributes its decision to expand in India to the favorable support framework provided by the Indian government, which fosters a thriving environment for startups.
Aptos and Thala pledge $1 million for a new fund to help create new DeFi protocols
The Aptos Foundation is once again taking action to stimulate the growth of its ecosystem. This time, they have partnered with Thala Labs to establish a $1 million fund aimed at fostering the development of new DeFi protocols.
Known as the Thala Foundry, these two entities are working together to encourage developers to generate innovative strategies and use cases that harness the power of the Aptos L1 blockchain. In an official statement, both organizations expressed their shared goal of incentivizing creativity within the ecosystem.
Other breaking news
- Deopx launches public testing for CLAMM
- Mixin Network offers $20 million bug bounty
- Marathon Digital mines invalid Bitcoin block
- Bril Finance raises $3 million in seed funding
- Oil company to start mining crypto with gas power leftovers
Wrapping up today's edition, it's clear that compliance and expansion are key themes shaping the crypto landscape. From regulatory hurdles with ETFs to significant investments in emerging markets like India, the industry continues to evolve in complex ways. Stay tuned for more updates tomorrow.