Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-Registrants

FTX Opts Out of Plan to Sell off FTX JapanThe FTX Debtor that was brought in to manage the bankrupt estate of the failed FTX cryptocurrency exchange has decided to not follow through with a plan to sell off the Japanese business.That’s according to a report by Nikkei on Thursday. In November 2022 a new management team was brought in to restructure the FTX business immediately following the business having filed for Chapter 11 bankruptcy in the courts in Delaware in the United States.Photo by Jezael Melgoza on UnsplashOptimizing value for creditorsThe original plan was to look to sell off subsidiary companies within the group such as FTX Japan, FTX Turkey, and FTX Europe. Those plans have now at the very least been delayed. Nikkei cited an FTX executive who claimed that it’s not so much that plans have been delayed but rather that the FTX Debtor has identified another approach that will likely optimize value for creditors.“They hope to increase the price by selling the entire group, rather than selling subsidiaries in various regions,” Nikkei’s FTX source stated.Rebooting the exchangeThe response from creditors to this news has been largely positive. While the notion of a rebooted FTX business has proven to be controversial within the crypto space, most creditors recognize that the business can provide much greater value for them if it is restarted internationally.Global investment banking firm Perella Weinberg Partners (PWP) was brought in by the FTX Debtor in November 2022 to carry out a strategic review of the assets held by the FTX group. In a recent bankruptcy court hearing in Delaware, one of its partners stated that they are currently in the process of inviting bids from interested parties.At that time, PWP indicated that the Debtor was looking to revive the international FTX business. That would likely mean an entity headquartered outside the United States. It remains to be seen what will happen in the case of the FTX US business. Due to an unwelcoming regulatory approach in the US right now, setting up a crypto business there is seen as having additional risk factors.Asian interestA number of weeks ago, the Debtor filed a list of interested parties. The list included a number of high-profile Asian companies, although it’s not clear if their interest lies in the business in its entirety or specific FTX assets.Among them was Japanese telecoms firm Docomo. Tokyo-headquartered global financial services company Nomura also featured. Japan’s largest Ecommerce company, Rakuten, also signed a letter of intent in expressing its interest. FTX Japan had attracted 41 bidders. It’s being speculated that some of these Japanese entities will now bid on the entire business or join consortiums who will do so.FTX Japan solventCreditors of FTX Japan have fared much better than their international counterparts. In the wake of the collapse of the Mt.Gox cryptocurrency exchange in 2014, the Japanese authorities set to work on providing greater protections for customers. As a consequence, FTX Japan was required to ring-fence customer funds. For that reason, Japanese customers have already been given access to their funds.In a recent exchange on Twitter, well-known American investor Mark Cuban pointed out that Japanese regulators had been successful in protecting FTX investors in Japan. Cuban made the point to former US Securities and Exchange Commission (SEC) regulator John Reed Stark, underscoring the failure of US regulators in doing so.

Komainu Secures FCA Approval in Boost For Crypto Custody in the UKKomainu, a digital asset storage firm backed by Tokyo-based global financial services group Nomura, has received approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto custodian wallet provider.Photo by Robert Tudor on UnsplashPaving the way for broader service offeringThe Jersey-headquartered Nomura portfolio company outlined details of its regulatory success in a blog post published on Friday. This regulatory milestone marks a pivotal moment for Komainu’s expansion within the UK market, allowing the firm to amplify its crypto service offering in the UK.The approval paves the way for the firm to offer collateral management services through its platform, Komainu Connect. Sebastian Widmann, Head of Strategy at Komainu, expressed the company’s intention to furnish institutional custody services, a fundamental aspect of the swiftly advancing cryptocurrency market. He also underscored Komainu Connect’s role as a premier collateral management solution within the UK.Komainu’s CEO, Nicolas Bertrand, spoke to the United Kingdom’s pivotal role in the global financial technology sector. He accentuated the UK’s position as a critical hub for fintech, bridging the realms of traditional finance and decentralized finance. The FCA’s endorsement underscores Komainu’s efforts in attempting to deliver secure and compliant cryptocurrency custody services.“This is a key regulatory milestone as the UK remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” stated Bertrand.This recent approval is not an isolated achievement for Komainu. The firm has been building up recognition for its adherence to regulatory compliance. In August, it secured a full operating license from Dubai’s Virtual Asset Regulatory Authority, reinforcing its dedication to adhering to global regulatory standards.Additionally, being headquartered in Jersey, Komainu falls under the jurisdiction of the Jersey Financial Services Commission, ensuring that the firm also adheres to those local financial regulations.The company previously unveiled an agreement with local authorities, focusing on secure digital asset storage during investigations. This partnership is demonstrative of efforts made by the firm in fostering transparency and security within the cryptocurrency ecosystem, aligning with the broader regulatory objectives of the UK government.Further ambitionsHowever, Komainu’s presence is expected to reach beyond the shores of the UK and Dubai. Coinshares, one of Komainu’s parent companies, recently introduced its hedge fund division, Coinshares Hedge Fund Solutions, signaling its intent to venture into the US market. This strategic maneuver will provide eligible American investors with access to Coinshares’ array of private investment products, further cementing its global presence in the cryptocurrency sector.In June the firm partnered with Seychelles-based global crypto platform OKX. As part of that deal, the digital assets custodian will store and custody digital assets on behalf of OKX's institutional clients.With a positive track record thus far where regulatory compliance is concerned, Komainu is positioning itself for further growth and innovation relative to a fast-developing crypto sector.

QCP Trading, the trading arm of Singaporean crypto market maker and broker dealer QCP Group, has taken a significant step towards full licensing in Singapore, having been awarded in-principle approval (IPA) for a Major Payment Institution (MPI) license by local regulator, the Monetary Authority of Singapore (MAS). Regulated spot tradingIn a press release published by PR Newswire on behalf of QCP Trading Pte. Ltd. on Nov. 11, the company outlined further details on the receipt of the preliminary license. The company confirmed that the IPA represents an “essential step towards full licensing,” enabling it to prepare to offer regulated spot trading service facilities relative to digital payment tokens. QCP Trading is geared towards facilitating a broad range of crypto spot trading, including the trading of stablecoins and major digital asset tokens. The company offers on/off ramps into and out of cryptocurrency positions via multiple fiat currencies. Photo by Guo Xin Goh on UnsplashOperational expansionDarius Sit, founder of QCP Trading, commented on the development, stating that as the firm continues its pursuit of a full trading license, the focus remains on supporting Singapore’s reputation as a leader in digital asset regulation. Sit added that the company is proud of its “ability to remain agile and responsive to both global and local market conditions,” suggesting that this approach is the key to success in the rapidly evolving crypto sector. QCP Trading intends to continue to build a local team in Singapore and with that it is hiring in order to enable operational expansion. Melvin Deng, the company’s CEO, said that the firm is aiming “to champion robust governance frameworks,” and that its “early recognition of the critical role of regulation has proven to be a strategic foresight." Global expansionThe QCP Group appears to be pursuing a global expansion strategy as back in May, group company QCP Capital received IPA for regulated digital asset trading activities from the Financial Services Regulatory Authority (FSRA), the regulator within the Abu Dhabi Global Markets economic zone in the United Arab Emirates (UAE). In doing so, it became the first Singapore-headquartered crypto broker and market maker to receive preliminary approval within the Middle East region. At that point, QCP had 70 employees, with plans to relocate some of them to Abu Dhabi. In the lead-up to that IPA licensing award in Abu Dhabi, QCP had partnered with Further Ventures as part of its efforts in expanding into the Middle Eastern market. On Nov. 11, QCP Capital put out a warning via its Telegram channel, informing market participants that given the rise in the unit price of Bitcoin in recent days, it is necessary to be mindful of the risk of pullbacks, which will be required in order to account for the use of leverage within the market. In recent weeks, Fly Wing Technologies, a subsidiary of cryptocurrency service provider Matrixport, and the Singaporean subsidiary of American crypto exchange Gemini have received IPA approval with respect to MPI licensing in Singapore. At the beginning of September, crypto exchange OKX received full MPI approval.