After cryptocurrency exchange Bybit left the UK market two weeks ago over crypto marketing rules, some of its foreign competitors have found a way to comply with the rules by collaborating with local partners.

Cryptocurrency and web3 communities in Israel have launched a fundraising initiative for Israeli citizens who have been affected by the war with Hamas and need humanitarian aid, called Crypto Aid Israel.

Leading cryptocurrency exchange Binance has launched a copy trading feature for futures products in some markets, allowing traders to let others emulate their trading strategies and portfolios.

Top stories in the Crypto Roundup today:

• Major Crypto Exchanges Team Up with Local Entities to Continue Serving UK Market
• ‘Crypto Aid Israel’ Fundraising Initiative Launched Amid Gaza War
• Binance Launches Copy Trading Feature for Futures Products
• Binance’s Market Share Declines for Seventh Consecutive Month

Major Crypto Exchanges Team Up with Local Entities to Continue Serving UK Market

After cryptocurrency exchange Bybit left the UK market two weeks ago over crypto marketing rules, some of its foreign competitors have found a way to comply with the rules by collaborating with local partners.

Coinbase and OKX are now working with Archax to get their financial promotions approved while Binance, on the other hand, announced in a blog post that it had teamed up with Rebuilding Society, a licensed peer-to-peer lending company that has given out only £35 million ($42.6 million) in loans since its inception in 2013, as per its website.

These partnerships are expected to enable the exchanges to keep serving UK customers from abroad despite the new marketing regulations from the Financial Conduct Authority (FCA) — which entail a cooling-off period for new investors — that have recently taken effect.

According to George Morris, a partner at law firms Simmons & Simmons, when a firm enters these agreements with an exchange “they approve the promotions and effectively they take responsibility for these promotions. It’s very much a symbiotic thing.”

In a recent announcement, the FCA warned 143 entities are operating in the UK without permission and named them in a list, which includes major global exchanges HTX and KuCoin, which per the regulator “may be promoting financial services or products without our permission.”

The FCA’s new rules for crypto asset and financial promotions took effect on October 8 and apply to promotions across various media forms. Unregistered firms have four routes to stay on the right side of the law.

‘Crypto Aid Israel’ Fundraising Initiative Launched Amid Gaza War

Cryptocurrency and web3 communities in Israel have launched a fundraising initiative for Israeli citizens who have been affected by the war with Hamas and need humanitarian aid, called Crypto Aid Israel.

The initiative will use a multi-signature wallet – a wallet that requires multiple parties to approve transactions – to accept donations in various cryptocurrencies, such as Bitcoin, Ether, and stablecoins pegged to the US dollar, such as Tether (USDT - ERC20).

Several Israeli banks and regulators have offered their support to facilitate the transfer of these crypto donations, with a source close to the initiative saying that for the first time, these banks will likely enable the conversion of those crypto assets to the banks.

Fireblocks, a crypto custody firm, has stepped in to manage the crypto assets. Members of the Crypto Aid Israel initiative include Crypto Aid Israel, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association.

The war that began on Saturday has claimed the lives of over 800 Israelis and injured more than 2,600 people, while over 100 people have been abducted to Gaza.

Binance Launches Copy Trading Feature for Futures Products

Leading cryptocurrency exchange Binance has launched a copy trading feature for futures products in some markets, allowing traders to let others emulate their trading strategies and portfolios.

Binance users can both be “lead” and copy traders, with lead traders getting a 10% share of the profit a copy trader generates when they copy their trades. Copy traders can track up to 10 lead traders at the same time, and have the freedom to choose their own risk settings.

These settings allow them to determine the leverage levels, margin settings, and take profit/stop loss of the strategies they are emulating. Binance has said in a statement it believes copy trading “g lowers the barriers to entry into crypto and can help improve social engagement within the community.”

The exchange didn’t detail which markets would incorporate coy trading, but a spokesperson emphasized that it continually reviews its products and is committed to regulatory adherence.

Binance’s Market Share Declines for Seventh Consecutive Month

In September, Binance experienced a 36.8% decline in spot trading volume, dropping to $115 billion — its lowest since October 2020. This marked the third successive volume decrease since June, with Binance’s current market share in spot trading dropping to 34.3%. The end of the zero-fee trading promotion for BTC-TUSD pairs last month intensified this volume drop.

On the derivatives side, trading volumes on Binance decreased by 20.8% to $686 billion, hitting their lowest level since December 2020. Even though Binance maintains a commanding 51.5% market share in derivatives, its dominance is at its lowest since March 2022.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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