The People’s Bank of China (PBoC), China’s central bank, has told the country’s major financial institutions to stop facilitating cryptocurrency transactions in a move that increased negative sentiment in the markets.

The Ontario Securities Commission (SEC) has charged cryptocurrency exchange Bybit with “operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.”

Investment firm VanEck has filed a new draft prospectus for a bitcoin futures mutual fund with the U.S. Securities and Exchange Commission (SEC). The fund will invest in bitcoin futures through a subsidiary in the Cayman Islands.

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Top stories in the Crypto Roundup today:

• China Orders Banks to Stop Facilitating Crypto Transactions
• Canadian Regulator Targets Crypto Exchange Bybit
• VanEck Files Draft Prospectus For Bitcoin Futures Mutual Fund
• Terra Ecosystem: How Does Terra Work?
• Sponsored: Take a Chance to Win Fantastic Crypto Prizes in 1xBit’s Special Euro 2020 Lottery

China Orders Banks to Stop Facilitating Crypto Transactions

The People’s Bank of China (PBoC), China’s central bank, has told the country’s major financial institutions to stop facilitating cryptocurrency transactions in a move that increased negative sentiment in the markets.

In a statement, the PBoC said that banks must not provide products or services such as trading, clearing, and settlement for cryptocurrency transactions. They also have to identify exchanges and over-the-counter dealers’ capital accounts and cut off the payment link for transaction funds.

The central bank’s latest statement comes after consultation with the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank, and Alipay (China) Network Technology. Per the PBoC, crypto transactions are a risk for illegal cross-border transfers and money laundering.

In response to the statement, the Postal Savings Bank issued a statement revealing it will move to prohibit crypto-related business activities. Alipay and the Agricultural Bank of China are said to have issued similar statements.

Canadian Regulator Targets Crypto Exchange Bybit

The Ontario Securities Commission (SEC) has charged cryptocurrency exchange Bybit with “operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.”

Per the OSC, the regulator requested on March 29 that Bybit contact it regarding how to bring the crypto trading platform into compliance with Ontario securities law, but did not receive a reply. It is now adding Bybit to a list warning investors and set a hearing date for July 15.

At the hearing, the OSC will consider staff recommendations that called for Bybit to cease securities trading and be prohibited from acquiring securities, as well as a recommendation for an administrative penalty of up to $1 million for each breach of its securities law.

The Canadian regulator notably targeted cryptocurrency exchange KuCoin earlier this month, after last month alleging Poloniex had not followed its registration process.

VanEck Files Draft Prospectus For Bitcoin Futures Mutual Fund

Investment firm VanEck has filed a new draft prospectus for a bitcoin futures mutual fund with the U.S. Securities and Exchange Commission (SEC). The fund will invest in bitcoin futures through a subsidiary in the Cayman Islands.

The fund, called the “Bitcoin Strategy Fund” will invest in bitcoin futures contracts as well as pooled investment vehicles and exchange-traded products (ETPs) with exposure to bitcoin.  The fund will not invest in bitcoin or other cryptocurrencies directly.

VanEck has proposed a bitcoin exchange-traded fund (ETF) with the SEC, and earlier this month the regulator delayed passing judgement on it for a second time. In Europe, the firm has launched a thematic ETF offering exposure to companies in the cryptocurrency industry.

Terra Ecosystem: How Does Terra Work?

The Terra ecosystem has become a standout crypto project. Since its debut last year, it has launched several new projects and tokens, including Mirror and Anchor. There’s also decentralized exchange Terraswap, along with offerings like payments-focused Pylon Protocol, the “bank of the future” Mars Protocol, and more.

The ecosystem map is divided into four categories. These categories are based on the four types of operations that members of the ecosystem provide: Core Functionality, Applications, Governance, and Swaps and Exchanges.

These four categories are organized around a central node: Terra Chain Operation. This includes LUNA, the native staking token for Terra, as well as other native Stablecoins pegged against various global currencies.

Chain Operation can be divided into two groups: delegated proof of stake details, and basic transfers and transactions.

Terra is secured by Delegated Proof of Stake validation. This calls for Delegators to stake LUNA to Validators, and earn rewards across all native Terra currencies. Delegated proof of stake details, which are represented by a daily reward summary, refers to these rewards.

Take a Chance to Win Fantastic Crypto Prizes in 1xBit’s Special Euro 2020 Lottery

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