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Roger Ver sues Matrixport over frozen crypto fundsRoger Ver, often referred to as “Bitcoin Jesus,” finds himself embroiled in a legal dispute with Jihan Wu, the co-founder and chairman of Matrixport, a Singapore-based digital assets financial services platform.Photo by Tingey Injury Law Firm on Unsplash$8 million disputeThe crux of the matter is a contentious $8 million that Ver claims Wu withheld from him in connection with the fallout of the unrelated failure of the CoinFLEX crypto platform. This conflict has led to a lawsuit filed by Ver’s counsel in the Seychelles.The legal complaint, which originated last year, revolves around bit.com, a crypto exchange owned by Matrixport, refusing to allow Ver to withdraw his $8 million. Wu, a creditor of CoinFLEX, contends that he incurred financial losses due to the exchange’s restructuring.However, Ver asserts that the insolvency of CoinFLEX, an unrelated entity, should not be tied to the funds owed to him by Matrixport. Off the back of that assertion, Ver confirmed to The Block that in August 2022, he sued Smart Vega Holding Limited, a Seychelles-incorporated subsidiary company of Matrixport, for $8 million.Ver asserts CoinFLEX collapse innocenceRoger Ver maintains that he is not to blame for CoinFLEX’s collapse. He states that the narrative emerged due to breaches of confidentiality regarding the arbitration between CoinFLEX and himself. It emerged last month that creditors of CoinFLEX had taken legal action against its CEO, Mark Lamb, as well as Ver. It’s understood that Ver had benefited from a settlement negotiated with Lamb. Creditors are seeking to recover any benefit realized by Ver as a consequence of this settlement.Ver told Coindesk in an email that he initiated arbitration proceedings against CoinFLEX in June 2022, seeking $200 million in damages. He maintains he was the plaintiff in this case, not CoinFLEX, which later filed a counterclaim for $84 million.Confidentiality is a key aspect of arbitration proceedings, especially in Hong Kong where the arbitration took place. Despite this, it is alleged that Lamb broke this confidentiality, which led to the misrepresentation that CoinFLEX was the plaintiff in the case. Ver firmly believes that CoinFLEX’s insolvency was primarily due to market turmoil in May 2022 and poor risk management on the part of its co-founders.Matrixport standing firmWhile Matrixport does not deny withholding the cryptocurrency from Ver, it argues that Ver should repay his debt to CoinFLEX, which is a creditor of Ver. Once this is done, CoinFLEX will release monies owed to Wu.The dispute also touches on the terms of service. Matrixport maintains that it has the right to withhold funds for penalties related to defaulted margin calls and legal fees and it is committing significant legal resources to defend its position. Ver’s attorney counters this argument, stating that Matrixport’s terms of service do not permit such penalties and that there is no legal justification for withholding the funds.Matrixport claims that the funds are being held because of an investigation into Ver’s “margin trading irregularities.” The company’s Head of Public Relations and Brand, Ross Gan, said that Ver “continues to make unreasonable demands.” Gan added:“We will respect the legal process and the ultimate Court ruling on this case and reserve all our rights to take further legal action in this ongoing dispute with Mr. Ver.”

Crypto Features in India-UK Markets DialogueAccording to a press release published by HM Treasury, the 2nd India-UK Financial Markets Dialogue meeting held on Wednesday featured six key themes with crypto featuring among them.©Pexels/SkitterphotoThe event brought officials from both nations together in the first in-person financial dialogue since 2017. While the meeting considered banking, insurance and reinsurance, capital markets, asset management and sustainable finance, it also allotted time to discuss payments and crypto-assets.CBDC knowledge sharingBoth sets of officials discussed the scope for augmenting knowledge on Central Bank Digital Currencies (CBDC) by way of mutual learning. The officials agreed on the importance of robust global approaches relative to the emergence and development of crypto-assets internationally. The joint statement issued following the meeting revealed that progress relative to the G20 roadmap for enhancing cross-border payments was a matter which was discussed. It’s an item that could have major implications for the use of cryptocurrency in cross border transactions.Global collaborationThe meeting marks another move towards greater global collaboration on policy and regulation relative to digital payment systems and crypto assets. Earlier this month, India’s Finance Minister Nirmala Sitharaman said that the introduction of any new regulations on digital assets needs to be coordinated on a global basis. “The G20 and its members agree that it’s not going to be possible to have an independent, standalone country dealing with crypto assets”, Sitharaman stated at a news conference following a meeting of central bank governors and G20 finance ministers.There’s a growing recognition among politicians, government and central bank officials that decentralized money doesn’t end at a territory’s borders due to its inherently decentralized properties.Taking steps to regulate cryptoWhile on the one hand strategizing as to how digital assets can be best controlled on a global level, India is also taking its own individual steps towards national regulatory action. Recently, it expanded its Prevention of Money Laundering Act (PMLA) to include consideration of digital assets. The newly amended PMLA will now deal with the exchange of digital assets for fiat money and vice versa. It also considers safekeeping, transfer and administration relative to cryptocurrency. Furthermore, its broadened scope deals with financial services offered related to virtual or digital assets.Rajagopal Menon, the VP of India’s leading cryptocurrency exchange WazirX, has said that “regulations levied by India have been baby steps toward institutional participation in the crypto exchange.” While market participants in the digital assets space are apprehensive about the regulatory measures that governments and state regulators choose to adopt, so long as the objective isn’t to regulate the innovation out of existence, such developments can have a profoundly positive effect on the digital assets market.There’s no doubt that in line with Menon’s point relative to the Indian context, the same scenario can play out in all digital markets given the application of the right regulatory approach. Institutional investment for the most part has eluded crypto despite many already heralding its arrival in recent years. Institutions move slowly and the only way in which they will be comfortable in working with digital assets is with complete regulatory clarity having been set out.So while some in crypto may be concerned at the mention of global regulatory coordination in respect of digital assets, so long as it doesn’t go too far, greater work towards improved regulatory clarity in the digital assets market can be a catalyst for further adoption and growth in India, the UK and further afield.

Bitget Achieves 20M Users With Wallet Integration Driving Trading VolumeSeychelles-based cryptocurrency derivatives exchange, Bitget, has experienced remarkable growth in the first half of 2023 surpassing 20 million users, driven by the successful integration of its recently acquired self-custodial wallet service, now renamed Bitget Wallet.Photo by Mike Hindle on UnsplashTop four exchangeThe wallet integration has propelled Bitget into the ranks of the four largest cryptocurrency exchanges by trading volume.According to a second-quarter report by Beijing-headquartered crypto research firm TokenInsight, the top four exchanges collectively account for 85% of the total market trading volume. Binance dominates the market with a 52% share, followed by OKX (15.13%), Bybit (10.6%), and Bitget (8.1%), securing its position among the industry’s leading players.$60 billion spot trading volumeBitget’s Q2 report, released on July 18, revealed that the platform’s spot trading volume surpassed $60 billion, with futures trading reaching a staggering $606 billion. Notably, research by blockchain analytics firm Nansen showcased Bitget as the only exchange to witness an increase in futures trading volumes in the six months following the collapse of FTX.The exchange attributes part of its impressive Q2 performance to the introduction of copy trading, a feature enabling users to emulate the trading strategies of select traders. This innovation proved highly successful, attracting 29,700 new elite traders and 169,800 followers, generating $33 million in profits by mid-2023.Bitget, aligning with leading exchanges like Binance, has released its proof-of-reserves to assure users that it maintains reserves exceeding 100% of all assets on the platform, including Bitcoin (BTC), Ether, Tether, and USD Coin. At the time of publication, the exchange’s current reserve ratio, calculated by dividing the platform’s assets by users’ assets, stood at an impressive 223%. According to that data, the crypto platform is claiming a debt-free status for the business.Regional expansionAs part of its expansion strategy, Bitget has obtained virtual asset service provider registration in Poland and Lithuania in 2023, solidifying its presence in Europe. Additionally, the exchange has announced plans to establish a hub for its operations in that region.Last week, it announced that it was also targeting the Middle East and North Africa (MENA) as part of its expansion plans. To support that effort, it has opened an office in Dubai in the United Arab Emirates (UAE) and hired 60 employees with plans on hiring up to 60 more over the course of the next two years.Crypto loans have been an area that has seen major failures within the sector over the last couple of years. However, this isn’t holding Bitget back from getting involved. Earlier this month, it announced the launch of its crypto loans product, which is aimed at market participants who are seeking alternative funding solutions, backed by digital assets.With Bitget’s rebranding efforts following the BitKeep acquisition and its exceptional growth in user numbers and trading volumes, the exchange is making a concerted effort to position itself so as to effect a global expansion strategy. As the market evolves further, it will be interesting to see how the crypto trading market settles, given that there are now a number of firms in the space actively vying for that business.