📯 CZ proposes association of largest crypto players to work with regulators

📯 CZ proposes association of largest crypto players to work with regulators 🤕 Genesis Global suspends operations due to FTX collapse 🙅‍♂️ BlockFi denies having most of its assets on FTX but admits significant exposure

GM, vEmpions! The bear market has been tough on everyone, eating into savings and making it hard to get by. But we think about our investors first, and that's why we're happy to inform you that our $BNB pool is currently yielding 25% APR.

That's right, with our staking platform you can get dual-yield on your $BNB, 25% primary AND 7% secondary. So don't you worry, we're doing everything we can to help you weather this storm.

Stake now and start earning 👉 https://go.v-empire.io/3hPduQZ

📯 CZ proposes association of largest crypto players to work with regulators

🤕 Genesis Global suspends operations due to FTX collapse

🙅‍♂️ BlockFi denies having most of its assets on FTX but admits significant exposure

CZ proposes association of largest crypto players to work with regulators

CZ has been in the middle of many crypto news articles lately. Some good, some bad. But one thing is for sure, the guy knows how to get people talking. His latest idea? To create an association of the largest crypto players to help work with policymakers and regulators worldwide.

"The association will try to maintain communication with regulators and also maintain best practices in the industry, including proof of reserves, transparency," CZ told over 40,000 listeners at a Twitter Spaces event.

CZ clarified that the association would not be run by Binance, and would instead be a third party with previous experience. He stated that talks were underway with other industry leaders at the moment, after multiple regulators had reached out to him about the idea. “We will try to achieve a good balance between whistleblowing, causing panic, causing prices to drop, and building a healthy industry and cleaning out the bad players,” he said.

Only the future will tell if CZ's latest idea pans out. However, what is certain is that the cryptocurrency industry needs more representatives who are willing to interface with regulators if it wants to keep expanding. This might be a step in the right direction.

Genesis Global suspends operations due to FTX collapse

Another one bites the dust. It seems like not a day goes by without another crypto lending platform suspending operations. The latest casualty is Genesis Global, which has announced that it will be suspending redemptions and new loan originations due to "unprecedented market turmoil."

The firm cites the collapse of FTX as the primary reason for the suspension, claiming that the withdrawals have exceeded its current liquidity. 3AC's collapse earlier this year also had a hand in the situation.

It's always sad to see another platform fall, but given the current market conditions, it's not entirely surprising. With the crypto prices plunging and no end in sight, it's only a matter of time before more lending platforms go under. So if you need a crypto loan that bad, you might want to look elsewhere for the time being. Unless, of course, you're willing to take on the risk that the platform might not be around when it's time to repay.

BlockFi denies having most of its assets on FTX but admits significant exposure

With the recent controversies surrounding FTX and its reported connection to the embattled cryptocurrency exchange, BlockFi has responded with a statement to its users.

The crypto firm denied allegations that most of its assets are on FTX, describing the rumor as “false.” Though BlockFi admitted that it has a “significant exposure” to the exchange which could cause a delay in the recovery of the obligations owed to BlockFi by FTX.

BlockFi is Alameda's primary creditor, and thus is owed certain debts and entitlements. These include: FTX.com assets, as well as credit lines with FTX US yet to be drawn upon.

BlockFI's liquidity levels are unknown, but the company has been reported to have $175 million worth of funds stuck on FTX. In response, Digital Currency Group, the parent company of BlockFi, sent its subsidiary an emergency $140-million equity infusion to cover losses.

The move may help BlockFi weather the current situation with FTX, but it’s not clear how long the company can last without a significant inflow of new users and deposits. The CEX market is in a lot of trouble, and this might be just the beginning.