what happened Crypto markets Today- 21 March Crypto News

Crypto News– Today Crypto: OKX, a crypto exchange in India, has instructed its users in the country to brace for the closure of their accounts following government compliance orders targeting several exchanges.

what happened Crypto markets Today- 21 March Crypto News

Meanwhile, Coinbase is gearing up to introduce new futures trading products for Dogecoin, Litecoin, and Bitcoin Cash. Additionally, there are reports indicating that the United States Securities and Exchange Commission (SEC) is seeking to classify Ether (ETH) tickers, currently priced at $3,479, as securities.

OKX ceases operations for Indian users

OKX cryptocurrency exchange has announced the closure of its services in India, following compliance notices issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance to nine foreign crypto exchanges three months ago.

In a notice sent to Indian users on March 21, OKX requested users to close their accounts and withdraw funds by April 30. The exchange cited local regulatory challenges as the primary reason for this decision.

Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash.

They filed them on March 7 and surprisingly nobody seemed to notice.

Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2

— Summers (@SummersThings) March 20, 2024

India’s crypto landscape remains complex for foreign exchanges to operate in, despite being a lucrative market, due to the absence of clear regulatory frameworks and stringent government actions.

Despite ongoing discussions for nearly four years about establishing regulatory guidelines, the Indian government has yet to show any inclination towards recognizing or regulating the burgeoning crypto market.

Coinbase set to introduce DOGE futures, citing its evolution beyond meme origins

Crypto exchange Coinbase asserts that Dogecoin’s enduring popularity indicates its evolution beyond meme status, now positioning it as a significant asset in the cryptocurrency realm. Consequently, Coinbase is preparing to launch futures trading products for the cryptocurrency.

If Gary looks slim, it’s because he’s been eating nothing but his own words since 2018.

“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”

“Three-quarters of this market is probably not securities.” pic.twitter.com/wdgWcxw4h4

— Sam Lyman (@SamLyman33) June 12, 2023

In letters addressed to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives outlined its intention to introduce cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash by April 1.

Coinbase justified its decision to list Dogecoin by emphasizing its transformation from a mere meme into a foundational component of the crypto industry.

Reports suggest SEC seeking to categorize ETH as a security

A March 20 report by Fortune reveals that the SEC has issued subpoenas to several companies regarding efforts to classify Ether as a security.

The report suggests that the SEC may have grounds for this classification based on its investigation into the Ethereum Foundation. The Foundation has indicated awareness of a potential investigation by a state authority.

The SEC has reportedly been examining Ether’s security status since 2022, coinciding with the network’s transition from proof-of-work to proof-of-stake.

If the SEC moves to regulate Ether as a security, it could clash with the U.S. Commodity Futures Trading Commission. Lawmakers are striving to clarify which regulatory body should oversee digital assets, though no legislation has been passed yet.