OTC’s Weekly Retrospect 05/11–11/11/2022

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. News about FTX’s poor financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days
2. Twitter files paperwork to get into the payments business
3. Crypto firms say Dubai’s Virtual Assets Regulatory Authority (VARA) has promised a regulatory framework before the end of the year
4. Binance Releases Wallet Addresses of $69B Crypto Reserve
5. Bitcoin ATM Locations in Canada Jump 28% From Last Year

Story Summaries;

1. The Reuters news agency reported that the US Securities and Exchange Commission (SEC) was investigating FTX’s handling of customer funds and its crypto-lending activities.
2. The social media company filed registration documents last week to pave the way for processing payments, according to a filing with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) obtained by the New York Times.
3. Officials have assured local companies that a comprehensive regulatory framework will come by the end of the year. The regulator VARA, established just seven months ago, has previously issued some guidelines on marketing and advertising for virtual assets.
4. Binance released a list of its cold wallet and reserves a day after backing out of a deal to buy troubled crypto exchange FTX. In total, the reserves listed had a total market value of around $69 billion, based on current market prices.
5. The number of Bitcoin ATM installations in Canada has increased by 28% year-over-year. There are 2,549 Bitcoin ATMs in the country, which is second only to the United States.

And that’s all for this weeks news! Wishing you a great weekend and as always, Happy Friday!