Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
India crypto exchange OKX has told its users in the country to prepare for the closure of their accounts after the government issued compliance orders against a number of exchanges. Coinbase is preparing to launch new futures trading products for Dogecoin, Litecoin, and Bitcoin Cash, and the United States Securities and Exchange Commission (SEC) is reportedly trying to have Ether classified as a security.
OKX terminates services to users in India
OKX cryptocurrency exchange is closing its services in India nearly three months after the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to nine foreign crypto exchanges.
In a notice sent to Indian users on March 21, OKX asked users to close their accounts and redeem funds before April 30. The crypto exchange cited local regulatory hurdles as the key reason behind the decision.
India remains a tricky domain for foreign crypto exchanges to navigate despite being a thriving market due to a lack of clear regulatory guidelines and strict government actions.
Although discussions regarding a regulatory framework have been ongoing for almost four years, the Indian government appears to have no intention of acknowledging or subjecting the emerging crypto market to legal oversight.
Coinbase to launch DOGE futures, says it ‘transcended’ meme origins
Crypto exchange Coinbase believes Dogecoin’s “enduring popularity” suggests it has transcended its meme origins to become a staple in the cryptocurrency industry — and is now planning to launch futures trading products for the cryptocurrency.
In three separate letters to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives announced its plans to launch cash-settled futures contract products for Dogecoin, Litecoin, and Bitcoin Cash as soon as April 1.
Coinbase justified its announcement for listing Dogecoin by claiming that the memecoin had transcended its origin as merely a joke, and had risen to become a foundational element of the crypto industry.
“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world.”
The price of Dogecoin is currently up 17% on the day and is trading for $0.15 at the time of publication, according to data from CoinMarketCap.
SEC reportedly trying to classify ETH as a security
According to a March 20 report by Fortune, the SEC has issued several subpoenas to companies related to attempts to label Ether as a security.
The report indicated that the SEC could have grounds to label ETH a security due to its ongoing investigation of the Ethereum Foundation. Meanwhile, the foundation has seemingly acknowledged that it may be under investigation “from a state authority.”
According to the report, the SEC has been investigating Ether’s potential security status since 2022, when the network transition from proof-of-work to proof-of-stake.
As Cointelegraph reported, the SEC’s decision to regulate Ether could put it in direct conflict with the U.S. Commodity Futures Trading Commission. Lawmakers have been working to provide greater clarity on which regulator should have oversight powers over digital assets. However, no bill has been passed yet.
Source: Cointelegraph.com
