BitMEX, a leading cryptocurrency exchange, has announced significant updates to the weight and index multiplier of its basket indices, effective as of July 26, 2024. This update impacts several key indices, including .BMEMEMEXT, according to the BitMEX Blog.

Details of the Updates

The changes took effect at 04:00:05 UTC on the specified date. These adjustments are part of BitMEX’s ongoing efforts to maintain the accuracy and reliability of its trading platform. The specific indices affected by these updates have seen alterations in their weight and index multipliers, which are critical for traders to note as these factors directly influence their trading strategies and outcomes.

Impact on Traders

For traders using these indices, it is essential to review and adjust their positions accordingly. The changes could affect the performance and risk profile of their trading strategies. BitMEX has emphasized that these updates are designed to reflect the current market conditions and improve the overall trading experience on their platform.

Compliance and Restrictions

BitMEX also reiterated its commitment to compliance with regulatory standards. The platform prohibits access to trading or holding positions for individuals or entities located in restricted jurisdictions, including the United States. BitMEX has warned that any user found to have provided false information regarding their location or residency will have their accounts closed and positions liquidated immediately.

The exchange reserves the right to update its Restricted Jurisdiction Policy and implement new controls to prevent access from these areas. Users are advised to stay informed about these policies to avoid any disruptions to their trading activities.

Advice for Traders

BitMEX has cautioned that the material posted on its blog should not be considered as investment advice or recommendations. Traders are encouraged to conduct their due diligence and consult with financial advisors before making investment decisions. The updates to the basket indices are part of BitMEX’s broader strategy to ensure a fair and transparent trading environment.

This announcement underscores the importance of staying updated with platform changes and regulatory requirements to navigate the dynamic landscape of cryptocurrency trading effectively.

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Binance has unveiled a new promotion that invites selected users to complete deposit and trading tasks to unlock a share of 50,000 FDUSD in rewards, according to Binance.

Promotion Details

The promotion runs from July 25, 2024, 12:00 UTC to August 15, 2024, 08:00 UTC. During this period, selected users will receive invitations through email, inmail, and app push notifications to participate in the tasks. The promotion is split into two parts: Promotion A and Promotion B.

Promotion A: Deposit Tasks

To qualify for rewards in Promotion A, users must meet the following criteria:

• Reach a net crypto deposit amount of at least $10 via cryptocurrency deposits during the Promotion Period.
• Maintain the minimum net crypto deposit amount required for the corresponding reward tier during the entire Holding Period from August 15, 2024, 08:00 UTC to August 31, 2024, 08:00 UTC.

Only deposits from external applications or wallets will count towards the net crypto deposit amount. Rewards are distributed on a first-come, first-served basis, and each user may qualify for a maximum of one reward from Promotion A.

Promotion B: Trading Tasks

Eligible users who complete account verification and have not made any trades on Binance prior to July 25, 2024, 12:00 UTC can participate in Promotion B by making their first trade on Spot, Futures, Auto-Invest, Margin, Options, or Leveraged Tokens. Trades involving stablecoin-to-stablecoin and zero-fee pairs are excluded.

Binance will select 250 qualified participants to receive a 20 USDT token voucher each, based on every 5th qualified participant fulfilling the trading requirement during the Promotion Period.

Terms & Conditions

Participation is limited to users in MENA and South Asia who receive invitations via email, inmail, or app notifications. Rewards for Promotions A and B are not mutually exclusive, allowing users to participate in both where eligible. Token voucher rewards will be distributed within 30 working days after the promotion ends and must be claimed within 15 days of distribution.

Binance reserves the right to modify or impose additional restrictions on the promotion and disqualify trades that involve prohibited activities such as market manipulation. Full terms and conditions can be accessed on Binance’s website.

This promotion aligns with Binance’s ongoing efforts to engage its user base through rewarding activities and enhance user participation on its platform.

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The Securities and Futures Commission (SFC) and the Insurance Authority (IA) have announced a collaborative effort to address cross-sector irregularities, according to apps.sfc.hk. This initiative aims to enhance the regulatory oversight across both the securities and insurance sectors, ensuring a more robust financial ecosystem.

Joint Regulatory Efforts

The collaboration between the SFC and IA marks a significant step in tackling irregularities that span multiple sectors. By pooling resources and expertise, the two regulatory bodies aim to identify and mitigate risks that may not be apparent when viewed in isolation. This cooperative approach is expected to lead to more comprehensive regulatory measures and improved market integrity.

Enhanced Market Surveillance

One of the key components of this collaboration is enhanced market surveillance. The SFC and IA will share data and intelligence, allowing for more effective monitoring of market activities. This will enable the detection of irregular patterns and potential misconduct at an early stage, thereby protecting investors and policyholders.

Strengthening Regulatory Frameworks

In addition to market surveillance, the SFC and IA plan to strengthen their respective regulatory frameworks. This includes updating existing regulations and introducing new measures to address emerging risks. The joint effort aims to create a more resilient financial system capable of withstanding various challenges.

Industry Reactions

The announcement has been met with positive reactions from industry stakeholders. Many believe that this collaboration will lead to a more transparent and secure financial environment. By addressing cross-sector irregularities, the SFC and IA are expected to foster greater confidence among investors and policyholders.

The partnership between the SFC and IA represents a proactive approach to regulation, aiming to preemptively address issues before they escalate. This initiative underscores the importance of cooperation between regulatory bodies in maintaining the integrity of the financial system.

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