ETH ETFs Approved, Who's Next?
The approval of Ethereum ETFs by the SEC sparks speculation on the next crypto ETFs, while Mt. Gox prepares for BTC distribution. OKX withdraws from Hong Kong.
ETH approved, who's next?
Recently, ether ETFs made abrupt and unexpected progress, with key filings being approved by the U.S. Securities and Exchange Commission. Final approval is needed before they can begin trading.
More crypto exchange-traded funds (ETFs) are coming – following approval of spot bitcoin (BTC) ETFs and progress on ones designed to hold Ethereum's ether (ETH) – predicts the CEO of Ripple.
"I think it's just a matter of time, and it's inevitable there's gonna be an XRP ETF, there's gonna be a Solana (SOL) ETF, there's gonna be a Cardano (ADA) ETF, and that's great."
Mt. Gox moving BTC
According Arkham (just randomly picked one from the several transactions):
From: Mt. Gox (https://platform.arkhamintelligence.com/explorer/entity/mt-gox): Cold Wallet (18M1Z) (https://platform.arkhamintelligence.com/explorer/address/18M1Z337NqLtK9V69bssnQUYsvb7hmfSFS)
To: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 (https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6)
Value: 2,000.000000 BTC ($137,258,000.00)
Network: BitcoinTime: 2024-05-28 02:54:17 UTC
Former CEO of Mt. Gox tweeted https://x.com/MagicalTux/status/1795384525503222021
As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.
Several withdrew exchange applications in Hong Kong, OKX amongst
On June 1st, Hong Kong announced deemed-to-be-licensed including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixincom, xWhale, YAX, Bullish, Cryptocom, WhaleFin and Matrixport HK, where OKX is not on this list.
According to OKX official announcement, after careful consideration of our business strategy, OKX HK has decided to withdraw its VASP license application at this time. Accordingly, OKX must cease to provide centralized virtual asset trading services to Hong Kong residents by 31 May 2024 (Friday). Customer funds remain safe and withdrawal services will not be affected. After 31 May 2024, Hong Kong customers will only be able to withdraw. The deadline for trading and depositing is 31 May 2024, and the deadline for withdrawing assets is 31 August 2024.
This is surprising to the public, because Hong Kong is considered as OKX's base camp. OKX has been very active in working with regulators, and transforming operations to fit the compliance requirements.
The reason, according to Wu-Talk, is that Hong Kong does not allow any exchange applicant to have any Mainland China clients. Duncan Chiu, member of Hong Kong Legislative Council, wrote on media Hong Kong Economic Journal, questioning this decision being 100% risk free and will kill innovation.
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