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Bitget Re-Launches UK Platform With Over 150 Tokens Ready for Trading

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Bitget cryptocurrency exchange and Web3 provider has announced the re-launch of its platform in the UK, now offering British users access to a wide selection of digital assets. The re-launch is in line with the Financial Promotions Regime, and the exchange’s offerings exceed 150 tokens, making it one of the most comprehensive crypto platforms in the UK.

Bitget Launches in the UK, Doubling Token Access For Crypto Traders

Bitget has officially re-launched its UK website, providing British users with access to over 150 tokens for trading. This extensive offering surpasses the token variety available on many global exchanges. It is a reflection of the exchange’s commitment to delivering a broad range of options for UK crypto investors. 

More so, the diverse token selection positions the Seychelles-based platform among the top exchanges in the UK.

The re-launch comes in response to the growing demand for diverse digital assets within the UK. Bitget’s expansion aligns with the UK Financial Conduct Authority’s (FCA) Financial Promotions Regime, ensuring all promotional activities meet transparency and fairness standards. 

Additionally, the exchange’s offerings demonstrate the platform’s strategy to provide UK crypto investors with ample choice within a compliant framework.

Archax Approval Enables Custody Services for UK Crypto Users

With Archax’s approval, Bitget users in the UK now can access a range of cryptocurrency trading and custody services, including tokenized real-world assets. Archax, a regulated digital securities exchange will provide the necessary local endorsement that allows operations within the UK’s regulatory environment. 

Moreover, the endorsement will facilitate Bitget’s UK entry, as it meets the requirements of the Financial Promotions Regime for offshore exchanges operating in the region. Archax’s role in vetting offerings strengthens the exchange’s efforts to maintain a high standard of security for UK users.

Notably, the Head of Regulation at Archax, Julia Loder, emphasized their support stating, 

“We are dedicated to upholding high standards of the Regime, providing UK investors with access to a transparent trading experience.”

This re-launch reflects the platform’s approach of incorporating local compliance requirements into its expansion plans. Gracy Chen, CEO at Bitget, added, 

“At Bitget, compliance is the core of our expansion strategy. The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the ever-changing crypto landscape. This launch is a step towards establishing Bitget as a long-term, compliant partner in diverse markets, providing investors with a platform to explore digital assets.”

More so, the extensive range of digital assets addresses and the diverse interests of UK investors highlight market adaptability. The UK crypto market, known for its advanced financial environment will solidify the exchange growth in the crypto sector. With over 45 million users in more than 150 countries, this expansion adds to Bitget’s global presence. 

Meanwhile, the crypto exchange recently launched the “Pitch n Slay” initiative under its Blockchain4Her program to support women entrepreneurs in Web3. With up to $100K in funding, the program provides mentorship, guidance, and exposure. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe

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1 hour ago

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November 14, 2024

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Coinbase CEO Brian Armstrong has criticized the Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform. Armstrong expressed frustration on social media, suggesting that the DOJ’s actions are politically motivated and could inadvertently strengthen Polymarket’s influence. 

The ongoing probe, which involved a search of Polymarket CEO Shayne Coplan’s devices, has sparked widespread debate in the cryptocurrency and technology sectors.

Coinbase CEO Brian Armstrong Criticizes DOJ

In a post on X (formely Twitter), the Coinbase CEO Brian Armstrong, has given his two cents on the Polymarket probe. Amid an FBI raid, Polymarket is said to have violated the terms of its earlier settlements with U.S. regulators by permitting U.S.-based users to place bets, the DOJ probe of the platform suggests. 

A 2022 consent order with the Commodity Futures Trading Commission (CFTC) limited Polymarket’s access to US-based traders and the company paid a $1.4 million penalty. But latest findings suggest that US users might still be using the platform hence raising compliance issues.

The probe has picked up pace after a surge in election-related trades on Polymarket particularly those in favour of Donald Trump’s re-election. Critics, however, despite the Coinbase CEO comments, have expressed fears that such big bets can manipulate the general opinion. 

Polymarket has however said it takes steps to ensure that its services are not used by those based in the United States, but the DoJ’s investigation indicates that the company remains concerned about potential violations.

Polymarket Denies Political Motivations, Defends Its Operations

In reaction to the DOJ’s actions, Polymarket has come forward to explain that its platform is a tool that aids people in gaining information about the world, including elections. 

The company called the DOJ’s actions politically motivated and said that the company would fight for “itself and its community.” Polymarket’s CEO Shayne Coplan commented on the matter stating that it was a disappointing “last-ditch effort” by the current administration to go after companies they feel are linked to political opponents.

He highlighted that Polymarket does not take sides, saying that regulators should instead concentrate on creating a favorable climate for business and startups.

“Polymarket has helped hundreds of millions of people during this election cycle and has not hurt anyone,” Coplan said in a tweet.

The management of Polymarket also emphasized the openness of the platform and the unwillingingness to violate current legislation. Since the CFTC settlement, the company has put in place further measures to check the location of users and to limit the access of suspected US participants.

French Regulators Also Scrutinize Operations

However, there are more regulatory concerns for Polymarket than just the US ones. In France, the country’s gambling regulator, the ANJ, is reportedly mulling over the possibilities of banning Polymarket due to unlicensed gambling services. The French authorities have taken notice of the company after recording a surge in the number of bets placed during the US presidential election.

In particular, the response of Coinbase CEO, to the DOJ investigation has been popular among the cryptocurrency community who consider the probe as a threat to free speech. 

Solana co-founder Anatoly Yakovenko also came out in support of Polymarket, saying that data markets are a form of “political speech” covered by the First Amendment. This view is supported by a number of crypto industry executives who claim that banning platforms like Polymarket hampers people’s ability to discuss political events.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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FBI Raids Polymarket CEO Following Donald Trump’s Victory Prediction

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5 hours ago

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November 13, 2024

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The FBI confiscated Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, just a week after the platform accurately predicted Donald Trump’s presidential victory.

According to the sources, law enforcement officers arrived at the 26-year-old entrepreneur’s Soho residence at 6:00 a.m., demanding his devices.

FBI Raids Polymarket CEO’s Home After Platform Accurately Predicted Trump Election Victory

In an early morning raid on Wednesday, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan, just a week after the platform’s election betting correctly predicted President-elect Donald Trump’s victory.

At 6:00 a.m., police appeared at the 26-year-old entrepreneur’s Soho residence and commanded his devices. A source close to the matter described the raid as “political theatre” because law enforcement could have requested what they asked for through attorneys.

The government might consider political retaliation against the now-accurate market that predicted Trump’s victory, a source said. That’s what the government could say: ‘It’s market manipulation, or rigging for Trump to win,’ the source said.

Polymarket is a free public prediction market meant to shine light on events like elections. The spokesperson said: “We do not collect any fees, do not take positions in any markets, and publish our markets’ data for free.”.

For his part, the source said that Coplan was not arrested at the time of the incident.

Acting As a Key Indicator Ahead of Official Election Call

When polls closed one election night, Polymarket had the odds of a Trump victory at roughly 58%. As the night wore on, his odds began to climb. By 11:43 p.m., nearly six hours before the Associated Press called the election-his odds sat at 95%.

Coplan posted on X early Wednesday, saying reports indicated the Trump campaign knew of their victory through Polymarket’s prediction. For a month before the election, Trump led Vice President Kamala Harris in prediction markets, with his odds at 67%. Conventional polls never showed a clear leader, with neither candidate breaking the margin of error in key states.

Coplan called the result a “vindication” of prediction markets, proving the site as “the most accurate way to follow the election.” This election marked the first time Americans could legally bet on the outcome. In early October, a federal court ruled in favor of Kalshi, allowing election event contracts.

Be it as it may, this is not the first problem Polymarket has with the government. Recently it was announced it is likely for it to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 US presidential election.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Co-Founder Reveals How To Make DOGE Deflationary

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9 hours ago

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November 13, 2024

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Dogecoin co-founder Billy Markus has revealed how to make DOGE deflationary. The foremost meme coin’s total supply is unlimited, as it has a fixed yearly issuance of 5 billion coins, which could ultimately impact its value over time.

Dogecoin Founder Reveals How To Make DOGE Deflationary

In an X post, Billy Markus shared the GitHub code to remove Dogecoin’s inflation. He mentioned that anyone who was looking to make DOGE deflationary could simply make a pull request and convince the community and miners to use the new version.

The top meme coin currently has a total supply of 146.78 billion DOGE. That figure is bound to grow over time since 5 billion coins come into circulation yearly through mining rewards. However, this inflation rate decreases yearly compared to the coin’s total supply.

Billy Markus’ revelation came following criticisms about Dogecoin’s ‘infinite’ supply. Interestingly, he likened DOGE to Bitcoin while defending the former’s inflationary status. Markus claimed that DOGE and BTC are the “same with very minor parameter changes.”

He made this statement because Bitcoin’s total supply can increase from 21 million if the community and miners agree. Meanwhile, Markus also noted that based on its 21 million supply, BTC will continue to witness a supply shock until 2140.

Meanwhile, in another X post, The DOGE co-founder again highlighted the community’s power in determining the meme coin’s inflationary status. He remarked that the community is literally in control and has always been since Dogecoin is an open-source proof-of-work (PoW) cryptocurrency, and miners agreed to the code.

Elon Musk Says Inflationary Status Is A Feature Not A Bug

Following Billy Markus’ revelation on how to make DOGE deflationary, Elon Musk responded that he thinks Dogecoin’s flat inflation is a feature, not a bug. Flat inflation refers to how the meme coin’s inflation percentage decreases over time.

Markus agreed that Dogecoin’s inflationary status is ideal since it is intended to be used as a currency. He added that this meme coin’s inflation status is steady and predictable, with a percentage that goes down over time. He suggested that this makes DOGE better than the Dollar as a currency since its inflation rate is much lower.

 

Musk’s statement comes after Donald Trump appointed him to lead the Department of Government Efficiency (D.O.G.E). It is worth mentioning that the world’s richest man coined the department’s name. The similarity between D.O.G.E and DOGE is believed to be deliberate since Musk is known for indirectly shilling the foremost meme coin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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