This is Friday, which means it's time to recap this week! As always, let's begin by announcing the results of the competitions.
- In the Trading competition, the winner is 25404318329, who will be awarded 5,000 PXP!
- In the Bug & Suggestions competition, the winner is 16246388568, who will receive 7,500 PXP!
Congratulations to the winners! Your rewards will be credited to your account within a few working days. Also, a new round of competitions has already begun! Engage in trading on the upgraded PointPay exchange or submit your ideas for the development of PointPay through the dedicated form and stand a chance to win rewards!
Now let's talk about the updates! This week, similar to the previous one, we have been diligently collecting information about the current functioning of the exchange. This process requires attention, data analysis, and efforts to rectify any identified bugs. Additionally, we have received several messages regarding areas for improvement, which we have promptly addressed.
Despite our dedicated work, most of the improvements have a technical nature and focus on refining the platform, which might not be immediately noticeable. We strongly encourage all PointPay users to notify us of any errors or shortcomings they encounter! Your input significantly expedites the process of identifying and rectifying issues. However, please remember to provide specific details such as the conditions under which the error occurred, the platform and method you used to access PointPay, as well as any other pertinent information you believe is relevant.
This time, instead of providing specific updates, let's delve into the latest news from the crypto sphere. Currently, the Securities and Exchange Commission (SEC) has been actively engaged in regulating cryptocurrency exchanges within the United States. Prominent exchanges and companies have been facing lawsuits one after another, becoming entangled in legal proceedings.
The SEC's stance on cryptocurrency has not been entirely clear to the crypto community and even to regular individuals interested in the subject matter. Through their actions, the SEC seems to be making efforts to force all exchanges out of the US territory. Presently, banks are refusing to process transactions with Binance and severing their contracts with the exchange, while customers are encountering challenges when attempting to withdraw funds.
In contrast to this aggressive approach by the US regulators, there are others who are urging exchanges to operate within their respective jurisdictions. Hong Kong serves as an exemplary case. The central bank and regulatory body of the region have strongly encouraged all banks to pay attention to the emerging cryptocurrency sphere and extend support to "virtual service providers" (cryptocurrency exchanges) in accessing banking services.
Moreover, on June 10th, Johnny Ng, a member of Hong Kong's Legislative Council, personally invited cryptocurrency exchanges to establish their operations in Hong Kong, specifically mentioning Coinbase. He pledged to offer support to all exchanges during their initial setup in Hong Kong.
On June 1st, new regulations pertaining to cryptographic services were introduced in Hong Kong. These regulations now allow entities to acquire local licenses and freely commence their activities in catering to retail investors for trading various cryptocurrencies.
Thanks to this approach, numerous companies are turning their attention towards China as a new hub for cryptocurrency development and distribution. Several experts have expressed their belief that China will be the driving force behind a new upward trend in the market, positioning itself as the most crypto-oriented country for an extended period.
Thanks again for taking the time to read this update. We look forward to seeing you next week!
Happy trading!
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