#CryptoCorner: Riot (NasdaqCM: $RIOT) to End Exchange Development, Morgan Stanley (NYSE: $MS) to Acquire E*TRADE (NasdaqGS: $ETFC) for $13 Billion, Binance “Not Authorized” to Operate as #Crypto Space in Malta
Point Roberts, WA, Delta BC February 21, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
Listen to today’s Crypto Corner Podcast:
Stocks discussed: (NasdaqCM:RIOT) (NYSE:MS) (NasdaqGS:ETFC)
Since we left off from yesterday’s Crypto Corner the market has made a very modest recovery. Yesterday saw total market capitalization sink as low as about $274 billion, and as of press time it has climbed to about $281 billion, according to data from CoinMarketCap. Bitcoin (BTC) has not really budged apart from a minor uptick resulting in a current trading price of $9,670. We’ll have to see whether Bitcoin will break from this seeming bear trend as the weekend unfolds.
In yesterday’s Crypto Corner we looked at the 2020 strategic priorities outlined by Riot Blockchain, Inc. (NasdaqCM:RIOT), and specifically the company’s decision to focus on the bitcoin mining aspect of its business. In addition to that, the company is moving to cease development of its previously announced crypto exchange, RiotX. On this decision the press release reads:
Riot considered a number of factors when evaluating the RiotX decision including, but not limited to, the evolving regulatory environment, cybersecurity risks, and the current competitive landscape facing U.S. based cryptocurrency exchanges. Riot is considering opportunities to divest the limited assets associated with the RiotX in the best interest of the Company and its stockholders.
At press time stock for Riot Blockchain is down about 1.7 percent.
Investment banking giant Morgan Stanley (NYSE:MS) has entered into a definitive agreement to acquire digital stock brokerage and E*TRADE Financial Corporation (NasdaqGS:ETFC) in an all-stock transaction for $13 billion. The press release indicates:
E*TRADE has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets. Morgan Stanley’s full-service, advisor-driven model coupled with E*TRADE’s direct-to-consumer and digital capabilities, will allow the combined business to have best-in-class product and service offerings to support the full spectrum of wealth.
In April 2019, Bloomberg reported that E*TRADE was preparing to introduce crypto trading on its platform.
Crypto exchange giant Binance is not an authorized crypto operator in Malta, according to an official statement published today from the Malta Financial Services Authority (MFSA). The statement was spurred by media reports referring to Binance as “Malta-based cryptocurrency” company. An excerpt reads:
…Binance is not authorised by the MFSA to operate in the crypto currency sphere and is therefore not subject to regulatory oversight by the MFSA. The Authority is however assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight. Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSA licence in terms of the Virtual Financial Assets Act (CAP 590) of 2018.
Sam Mowers, Investorideas
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