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This Week In Crypto: In US, FTX Investors May Recover Lost Funds, EU Consider’s Crypto’s Eligibility for UCITS Funds, Japan’s Coincheck Aims for Nasdaq

This Week in Crypto: FTX’s bankruptcy attorneys announced a plan to recover all lost FTX investor funds with additional interest and more.

Crypto markets hold tight as plans are revealed to recompensate FTX investors. This comes as Japan crypto firm Coincheck pushes for a NASDAQ listing and the EU ponders whether crypto start-ups could be eligible for UCITS funding. Explore all of this and more in 99Bitcoin’s This Week in Crypto.

In a dramatic turn of events, fallen crypto exchange FTX’s bankruptcy attorneys announced a plan that promises to recover all lost funds for its customers and provides additional interest, surpassing the original assets.

Plans Revealed to Recompensate FTX Investors In Latest Move

After the catastrophic collapse of the once-leading cryptocurrency exchange FTX in November 2022, the former titan in the digital currency world saw customers lose significant funds, and the industry experienced a crisis of confidence.

It has now been reported that FTX’s asset recovery team expects 98% of FTX investors claiming losses to receive approximately 118% of the amount of their claims.

According to a CNN report, FTX would have as much as $16 billion to disburse. This recovery marks a significant milestone in locating $8 billion in customer assets that vanished during the collapse. 

Despite the recovery, investors are not happy that the payout does not reflect the recent surge in the crypto market. 

Sam Bankman-Fried, FTX’s founder and former CEO, has been in the news since he was arrested for financial fraud and sentenced to 25 years in prison.

Since such cases have come to light, the US Securities and Exchange Commission (SEC) has become more stringent in its approach to crypto and crypto regulations. 

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EU Considers Crypto’s Eligibility for UCITS Funds

Amidst the legal and regulatory developments in the US, the European Securities and Markets Authority (ESMA) has issued a call for evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). 

UCITS are basically investment funds regulated at the European Union level. “The objective of this call is to gather information from stakeholders to assess the possible risk and benefits of UCITS gaining exposure to various asset classes,” stated ESMA. 

This move by the EU underscores its intention to update its financial regulatory framework for investor protection and market stability, especially in the world of digital assets. 

Japan Crypto Firm Coincheck Makes Bold Move Towards Nasdaq

Meanwhile, in Japan, the local crypto exchange Coincheck has set its sights on a Nasdaq listing and is preparing for a listing in the third quarter of 2024.

After a partnership with Thunder Bridge Capital Partners IV, a special purpose acquisition company, Coincheck has revealed its plan to drive greater visibility and access to a broader investor base, according to a Business Insider report. 

This move also underscores the expansion of Japan’s crypto market, as the listing may potentially mark deeper integration with traditional financial systems. 

The developments in the crypto world signal a new era for digital currencies. As the crypto landscape evolves, these milestones pave the way for greater acceptance of digital currencies and following regulatory clarity. 

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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