This week’s Crypto Biz looks at Hotbit’s closure, Hong Kong’s licensing of crypto firms, Bitstamp’s acquisition by Ripple and Ledger’s branding crisis.
Another centralized exchange bites the dust, with Hotbit announcing it will close operations due to adverse business conditions. As is common among CEX collapses in recent months, the crypto firm mentioned FTX, the ongoing banking system crisis, and even a probe, as reasons for its cash flow problems.
In challenging times, there are also opportunities for others. Honk Kong is advancing its plans to become a crypto hub, with over 150 crypto firms waiting for approval to operate as virtual assets trading platforms in the city. , urging users to withdraw funds by June 21. According to an announcement, Hotbit’s operations have deteriorated since an investigation of a former team member took place in August 2022. Authorities believe a former management employee was involved in a project that violated criminal laws. The probe forced the exchange to halt business for weeks.
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