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Cryptocurrency News Articles
Arkham Intelligence to Launch a Derivatives Exchange Targeting Retail Investors, Relocates HQ to Dominican Republic
Oct 12, 2024 at 01:05 pm
Arkham Intelligence, a blockchain data company backed by OpenAI's Sam Altman, has hinted at launching a derivatives exchange in November.
Blockchain data company Arkham Intelligence, backed by OpenAI’s Sam Altman, is venturing into the derivatives exchange domain. According to an anonymous source, the exchange will cater specifically to retail investors.
Despite the venture, U.S. investors will be unable to access the exchange due to regulatory restrictions. The launch comes amid a period of relative calm in the crypto market, following the collapse of FTX, which has created an opportunity for new entrants.
Arkham’s entry into the derivatives exchange market will pit the company directly against established industry giants. With a user base foundation of 880K monthly active users, Arkham’s exchange is poised to shake up the landscape.
The data intelligence firm is reportedly in discussions with Middle Eastern investors as it seeks to raise at least $100 million to support its expansion into derivatives. Its relocation to the Dominican Republic is likely driven by factors such as lower operating costs and a favorable regulatory environment.
Centralized exchanges (CEXs) recorded over $3 trillion in derivatives trading activity in September, according to a CCData report, which constituted nearly 71% of the total crypto volume.
The combined spot and derivatives trading volumes on CEXs stood at over $4 trillion in September, which was the lowest monthly activity level since June. Binance had a spot and derivatives volume of $12.7 billion and 47.6 billion, respectively, as per CoinMarketCap data.
The ARKM token, which is linked to the company, experienced a surge following the announcement, rising 15.5% to $1.55. The token was trading in the green on Monday morning, with a market cap of about $344 million, according to CoinGecko data.
Arkham is engaged in blockchain analytics, offering services such as crypto intelligence, NFT tracking, and DeFi analysis. The company also provides data visualization tools and an NFT marketplace aggregator.
Arkham's regulatory concerns on centralized exchanges in the U.S. market
The regulatory landscape surrounding U.S. CEXs was reportedly unfavorable to the crypto industry. Crypto exchanges have been constantly tussling with regulators such as the U.S. SEC and the CFTC. The AI-driven blockchain analytics platform will operate under a Dominican Republic free-trade zone license offering tax and other financial benefits.
On Oct. 10, the U.S. SEC charged Rimar Capital Entities, owner Itai Liptz, and board member Ckiffird Boro. The trio was accused of defrauding investors by ‘making false and misleading statements about the use of artificial intelligence.’
“As AI becomes more popular in the investing space, we will continue to be vigilant and pursue those who lie about their firms’ technological capabilities and engage in ‘AI washing’.”
Rimar, Liptz, and Boro agreed to cease and desist without admitting or denying the U.S. SEC findings. Liptz paid disgorgement and prejudgment interest of $213.6K and a civil penalty of $250K. Rimar LLC consented to a censure, and Boro paid a civil penalty of $60K.
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