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BTC $74,981.60 +0.11%
ETH $2,337.21 -0.64%
BNB $628.87 +0.81%
XRP $1.43 +1.76%
SOL $88.15 +3.13%
TRX $0.3259 +0.13%
DOGE $0.0979 +1.29%
ADA $0.2553 +1.88%
BCH $448.89 +1.46%
LINK $9.44 +1.35%
HYPE $43.60 -3.93%
AAVE $113.62 +6.43%
SUI $0.9853 +0.78%
XLM $0.1660 +3.30%
ZEC $333.90 -2.73%

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Neynar co-founder releases Farcaster strategic vision and clarifies that the client, protocol, and Clanker will not be shut down

Co-founder of Neynar, Rishav Mukherji, published a post outlining the vision for Farcaster: Neynar will maintain the Farcaster protocol, run the Farcaster client, and be responsible for the operations of Clanker. Some members of the Clanker team will join Neynar. Neynar has always been an important infrastructure provider for the Farcaster ecosystem, and this integration is a natural evolution after years of deep involvement in the community.The vision is to enable builders to move from ideas to sustainable income, creating a "builder-first" network. The core value of Farcaster lies in the long-established community of builders, a group that has driven key innovations such as Frames, Degen, and Warpcast. The value of Farcaster is not only in the products but also in those who experiment, share knowledge, and build openly. Neynar's acquisition of Farcaster has a core mission to make software building simpler.At the product level, there will be no major adjustments to Farcaster, Neynar, or Clanker, and rumors about the protocol or client being discontinued are not true. The Neynar developer platform will continue to exist, and financial and transaction-related functions will remain unchanged. The next phase will involve assessing product priorities, gradually advancing the roadmap while maintaining the openness of the network. As the barriers to software building continue to decrease, combined with crypto-native financial tracks and open distribution mechanisms, Farcaster is expected to become an important starting point for creators and developers to experiment, collaborate, and scale.

The Hong Kong Securities and Futures Commission fined Saxo Financial 4 million yuan for illegally distributing virtual asset products to retail clients

According to the Hong Kong Securities and Futures Commission (SFC), the SFC has condemned Saxo Financial (Hong Kong) Limited (Saxo) and imposed a fine of HKD 4 million due to Saxo's deficiencies in distributing non-SFC approved virtual asset funds and virtual asset-related products (collectively referred to as virtual asset products) on its online trading platform (online platform). During the period from November 1, 2018, to November 25, 2022 (the relevant period), Saxo allowed retail clients to buy and sell several virtual asset products on the online platform.According to two circulars issued by the SFC to intermediaries that took effect at critical times, these products should only be sold to professional investors. The SFC's investigation found that during the relevant period, Saxo executed 1,446 transactions on the online platform for six individual professional investors and 130 retail clients, involving 32 virtual asset products. All of the relevant products were classified as complex products, including 21 exchange-traded derivative products (exchange-traded virtual asset products).Before executing these transactions, Saxo did not assess whether clients had the knowledge to invest in virtual asset products, nor did it provide sufficient information to clients and specifically warn clients about virtual assets, thus failing to comply with the guidelines set out in the two SFC circulars.
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