Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Wednesday, falling by 1.185 percent to $42,270.82 at 4:26 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, traded at $2,939.71, down by 3.05 percent, according to data from CoinDesk.
Argentina-based Latin American exchange Ripio has successfully raised $50 million in its latest Series B funding round.
The exchange, which has a strong position in its home country and Brazil, will use these new funds to expand into other areas of South America, such as Colombia, Mexico and Uruguay later this year.
These funds will also help Ripio continue to grow its Latam brand, after it acquired Bitcointrade, one of the most popular exchanges in Brazil
"For us, this announcement is a natural step that allows us to continue expanding and consolidating our products in the region, with the mission of expanding access to the crypto world, building simple tools and offering quality information and resources to facilitate the path to the new digital economy,” Sebastian Serrano, CEO of Ripio said.
The round had the participation of bitcoin investor Tim Draper, Amplo (investors of Robinhood), Marcos Galperin (CEO of Mercado Libre), and Martin Migoya (CEO of Globant), led by Digital Currency Group (DCG).
Meanwhile, amid worldwide regulatory scrutiny, global crypto exchange Binance has announced that it will stop offering futures contracts, options and leveraged tokens to Australian users within 90 days.
"Effective from 24 September, 9 a.m. (UTC), existing Australian users will have 90 days to reduce and close their positions for these products," Binance explained.
Iran urged to change policy
In Iran, some parliamentarians have set out to change the government’s regulatory stance toward cryptocurrencies, citing opportunities to use them to improve the country’s economy.
They also expressed concerns about Tehran’s restrictive policies toward innovations.
After the release of a study that recommended a new approach to the crypto industry, lawmakers have called for the adoption of friendlier regulations.
“Taking a restrictive approach only pushes innovative solutions underground,” a spokesman for the council's economic committee, Gholamreza Marhaba, told Iranian media.
He also said: “Our studies show that 50 percent of crypto activities are in the informal market. This is while supportive regulations can help enhance contribution of the digital currency to the economy.”