Bybit Overtakes Coinbase in Market Share Following Binance's Decline
Bybit Exchange has emerged as the world's second-largest cryptocurrency exchange, surpassing Coinbase. According to a June 25 report by Kaiko, Bybit's trading volume surged, making it the leading controlled crypto exchange by volume. Despite Coinbase's earnings and sales growth, its market share increased by just 1%.
This growth for Bybit might be linked to Binance's regulatory issues. Binance, the world's largest cryptocurrency exchange, has seen a decline in its industry dominance. Over the past eight months, Bybit's market share has grown by more than 8%, while Binance has been losing traction.
In November 2023, a massive $4.3 billion settlement with Binance for Anti-Money Laundering offenses was announced by U.S. officials. The SEC accused Binance and its founder, Changpeng Zhao, of embezzling billions of dollars in customer funds.
DFX Labs Meets Hong Kong's AML Requirements for Crypto License
DFX Labs, a Hong Kong-based cryptocurrency trading platform, is moving closer to obtaining a full operational license in the region. The company received an Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) certificate from the SFC in Hong Kong. This certification allows DFX Labs to offer virtual asset services, although it cannot trade yet.
Simon Au Yeung, the company's Chief Operating Officer, submitted the main application for DFX Labs' Hong Kong cryptocurrency license on December 27, 2023. The exchange was considered licensed on June 1. However, the DFX Labs website is still considered an unauthorized virtual asset platform that Hong Kong residents cannot use.
VanEck Submits Form 8-A for Spot Ether ETF, Approval Timeline Announced?
On June 25, VanEck filed Form 8-A with the U.S. Securities and Exchange Commission, moving a step closer to launching a spot Ether (ETH) exchange-traded fund (ETF). Eric Balchunas, a senior Bloomberg ETF analyst, speculated that spot Ether ETFs might start trading soon, possibly by July 2.
Balchunas had previously suggested an early July launch window for the ETF. He cited the SEC staff's lack of meaningful commentary on the S-1 filings of the ETF applicants. Balchunas also noted that the approval of the Ether ETFs was unexpected and possibly influenced by political factors associated with the current government.
The acceptance of a spot Ether ETF surprised many and represents a significant shift from the current administration's stance. Blockchain leaders are taking advantage of election opportunities, with Gemini enabling crypto donations and the Bitcoin Voter Project promoting BTC education.
This simplified version ensures clarity and uses key phrases to enhance SEO. The sections are divided using headings for better readability and the content is presented in an engaging, journalistic tone.
