Hong Kong SFC to Regulate All Cryptocurrency Exchanges in HK – November 3

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $13,567

Bitcoin price has recovered from a quick test of the $13,200 level over the last day of trading, now sitting back at yesterday’s price levels.

Top-20 altcoins are looking worse for wear, as Ethereum falls over 1%, XRP falls almost 2%, and Chainlink sees the largest drop of 8%.

Top Stories for November 3, 2020 πŸ”₯

πŸ‘‰ Hong Kong SFC to Regulate All Cryptocurrency Exchanges in HK

It has been proposed that Hong Kong’s Securities and Futures Commission (SFC) should regulate all cryptocurrency exchanges in the HK area.

The new oversight would be expected to apply to all cryptocurrency-dealing firms, regardless of whether or not the assets dealt are deemed securities.

Under the current framework, only platforms dealing with legally-defined securities are regulated by the SFC.

πŸ‘‰ Huobi Denies Executive Arrest Rumors, Exchange Outflows Increase

Crypto data analysis firm CryptoQuant has shown an increase in the outflow of funds from Huobi Global, despite the exchange denying recent rumors that one of its executives has been arrested.

A tweet by CryptoQuant showed a net flow (inflow minus outflow) of Bitcoin from the exchange peaking at over 4000 BTC leaving the exchange.

πŸ‘‰ Paxful to Launch Crypto Debit Card for US Customers

Popular peer-to-peer cryptocurrency platform, Paxful, has announced that it will be launching a crypto debit card for its US customers.

The card is being made in partnership with Blockcard and Visa, and will allow users to convert crypto directly to USD when a purchase needs to be made.