Bitget And Web3 Protocol Floki Accuse Each Other Of ‘Manipulating’ Token Listing; Bastion Secures US MTL License

Here are some major developments in the cryptocurrency market over the past few days.
Cryptocurrency, Web3, SEC
Cryptocurrency, Web3, SEC

Cryptocurrency exchange Bitget and Web3 protocol Floki have accused each other of manipulating token listing rules after the former delisted the latter’s token, TokenFi (TOKEN).

Both sides ramped up their allegations on social media and blog post on Sunday. Floki alleged that Bitget listed the token before it was officially launched, while Bitget asserted that Floki is “suspected of market manipulation by maliciously controlling the initial liquidity”.

On October 18, the Floki decentralised autonomous organisation (DAO) proposed to start a staking programme with a reward token. In the meantime, it was in a discussion to list TokenFi on centralised exchanges.

Floki DAO had kept the token’s name and information about the reward token’s intended use secret, asserting that some centralised exchanges already had been made aware of it.

The Floki team stated that they instructed centralized exchanges to hold off the token listing until at least seven days following its launch, as doing so would go against the DAO’s established governance guidelines. The Floki team stated in their post that all trades consented to this requirement. They asserted that Bitget had broken this agreement, nevertheless. They listed the token prior to its introduction, rather than delaying it for seven days.

The company explained that this indicated the token was not for sale when it was featured on Bitget. Bitget was not specifically mentioned in Floki's October 26 warning to investors that any existing TOKEN listings on centralised exchanges were unauthorised.

Crypto Startup Bastion Secures US Money Transmitter License

Launched in September by two former Andreessen Horowitz executives, Bastion, has acquired its first two money transmitter licenses (MTL) in New Hampshire and Arkansas. The first two MTL licences were received for New Hampshire and Arkansas, the company said on October 31.

Bastion will now be able to provide services for fungible digital assets in these states. The company said it has more MTL applications pending for other US states.

After acquiring these licences, Bastion can engage in the following activities: selling or issuing payment instruments; storing value; providing prepaid access; and accepting cash and digital currency to facilitate transactions with other states.

Invesco Galaxy Spot Bitcoin ETF Joins BlackRock On DTCC Site

The Invesco Galaxy Bitcoin ETF (BTCO) now appears on the clearing house’s site but doesn’t indicate an impending approval. The Depository Trust and Clearing Corporation (DTCC) website now displays the ticker for Invesco and Galaxy's spot Bitcoin exchange-traded fund (ETF), or BTCO. This is a positive development for the two asset managers' application process.

The online archiver, WayBack, Machine indicates that on October 25, there was no listing for the ETF under the ticker BTCO, indicating that it was added to the list within the last six days. A ticker added to the DTCC website’s “ETF Products” list does not imply the product will receive clearance in the future.

“In preparation for the launch of a new ETF to the market,” the DTCC regularly adds securities to the NSCC security eligibility list, according to a spokesman for the organisation. The representative clarified, “Being listed is not indicative of an outcome for any outstanding regulatory or other approval processes.”

On June 21, the application for the joint spot Bitcoin ETF, which is handled by cryptocurrency asset fund Galaxy Digital and international investment firm Invesco, was renewed.

Related Stories

No stories found.
Outlook Business & Money