PANews Weekend Reading: A Week's Worth of High-Quality Content to Fill in the Gaps

The IRS's final "DeFi Broker" rule has been strongly opposed by the crypto industry. How likely is it that the Trump administration will revoke it?

BlockFi files for Chapter 11 bankruptcy after FTX rescue fails

BlockFi, a major centralized crypto lending platform, filed for Chapter 11 bankruptcy protection in the United States District Court for the District of New Jersey on Monday. According to the filing, BlockFi has more than 100,000 creditors, with total estimated liabilities ranging from $1 billion to $10 billion. BlockFi's assets are also valued between $256.9 million and $514.5 million in the filing. The company said it has secured a $250 million revolving credit facility from FTX US, which will allow BlockFi to continue operating during the bankruptcy process. BlockFi also stated that it plans to sell BlockFi International Ltd. and certain other non-U.S. affiliates.

Genesis files for Chapter 11 bankruptcy after owing creditors over $3.5 billion

Genesis Global Holdco, LLC and Genesis Global Capital, LLC (collectively, “Genesis”) announced today that they have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Genesis’s derivatives and spot trading businesses, Genesis Global Trading, Inc. and Genesis Asia Pacific Pte. Ltd., respectively, are not included in the Chapter 11 filings and continue to operate. Genesis owes more than $3.5 billion to its creditors, according to the filing. Genesis said it has secured a $150 million loan from its parent company, Digital Currency Group, to fund its Chapter 11 case.

FTX Japan users begin to withdraw fiat currency after resuming operations

FTX Japan announced on Tuesday that it has resumed operations, allowing users to begin withdrawing their fiat currency deposits. According to the announcement, users can now withdraw their Japanese yen deposits through Liquid. FTX Japan stated that the withdrawal service for crypto assets will resume at a later date, and further details will be announced. The resumption of operations by FTX Japan follows the exchange receiving approval from the Kanto Local Finance Bureau and the Tokyo District Court to resume operations under supervision.

Huobi announces plans to launch a new exchange in Turkey after acquiring local license

Major cryptocurrency exchange Huobi announced on Tuesday that it has acquired a local license in Turkey and plans to launch a new exchange in the country. According to the announcement, Huobi has obtained a license from the Turkish Financial Crimes Investigation Board (MASAK) to operate a digital asset service provider in Turkey. Huobi stated that it will launch a new exchange in Turkey called Huobi Turkey, which will provide local users with safe and compliant digital asset trading services. Huobi Turkey will be operated by Huobi Teknoloji A.Ş., a local subsidiary of Huobi Global.

Binance launches new NFT marketplace called Binance Footies ahead of World Cup

Major cryptocurrency exchange Binance announced on Wednesday the launch of a new NFT marketplace called Binance Footies, ahead of the 2022 FIFA World Cup. According to the announcement, Binance Footies will feature a collection of 5,000 unique NFT collectibles, each representing a football player participating in the World Cup. The NFTs will be available in two rarities: Rare Gold and Legendary Black. Binance stated that the NFT collectibles will be available for purchase on Binance NFT from November 23.