RIYADH: Bitcoin traded lower on Tuesday, falling by 4.21 percent to $41,503.71 at 6:58 p.m. Riyadh time, while Ether slipped down by 7 percent at $2,844.81, according to data from CoinDesk.
Crypto exchanges are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.
Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its main platform, to comply with local regulation.
The Monetary Authority of Singapore this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state's residents.
From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform.
In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorized to carry out some activities in their markets, and Malaysia’s financial regulator reprimanded the exchange for operating illegally there
While cryptocurrency exchange Coinbase said its customers in the US will be able to use the direct deposit service for any percentage of their salary. They can also hold their dollars in dollars or instantly convert them into cryptocurrencies without fees.
“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, said in a blog post.
“We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”
JPMorgan CEO Jamie Dimon has spoken out about his stance on Bitcoin and cryptocurrencies, stating that anyone who borrows money to buy bitcoin is, in his opinion, a fool.
However, Dimon also acknowledged that there is a potential for the crypto sector to increase its value tenfold in the next years.
"I am not personally interested in bitcoin and am not a buyer. This does not mean that the price of Bitcoin cannot reach 10 times its price today in the next five years,” Dimon said in an interview with the Times of India.
Long road ahead
Anthony Scaramucci, CEO of Skybridge Capital, believes that there is still a long way to go for institutional investors to embrace bitcoin and cryptocurrency in general.
He stated in an interview with Bloomberg that according to his experience, most institutions are still not interested in cryptocurrency as an investment and only 10 percent are actively investing in cryptocurrency. While this may be a minority, it is a minority that has some influence.
“The institutions are not there. Anybody who’s telling you there’s institutional adoption into this space is not being totally honest or they’re seeing something that I’m not seeing,” Scaramucci said.