CoinSwitch Starts Client-support In 5 Languages, US SEC Mulls Crypto Crackdown
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Here are some major crypto developments over the past few days
CoinSwitch, an Indian crypto investment platform, now supports and answers customer inquiries in five regional languages. Customers can avail language support, app explainer and live chat in Hindi, Kannada, Tamil, Bengali and Marathi.
The increasing adoption of crypto in Tier 2 cities like Jaipur, Pune and Patna prompted us to launch the initiative, CoinSwitch said in a statement. “To enable our users to make smart investment decisions…to make money equal for all, we need to speak our users’ language. We will continue to invest in building capacity to provide our users with a seamless experience and to guide them through their investment journey – in crypto and beyond,” said Vimal Sagar Tiwari, CoinSwitch co-founder and chief operating officer.
The company said the addition of regional languages to the support system reduced the total number of customer inquiries by 20 percent. CoinSwitch aims to improve customer experience and reduce inquiries by another 40 percent.
US SEC Proposes Rule to Expand Crypto Crackdown
The United States Securities Exchange Commission (SEC) has proposed a rule that will increase the requirements for money managers to invest client funds in cryptocurrencies.
The move comes amid efforts by Wall Street regulators to rein in the crypto industry following the collapse of trading platform FTX.
The proposal proposes expanding the types of assets that investment advisers, such as hedge funds and pension funds, are required to hold through qualified custodians, the Wall Street Journal reported.
The proposal notes that certain characteristics of cryptocurrencies can make them difficult to protect under the rules. Consequently, money managers will be limited in their ability to handle their clients’ crypto assets, but investors managing their own portfolios will not be subject to any new requirements.
SEC Chairman Gary Gensler has repeatedly said that the legality of protecting clients’ assets in the event of bankruptcy is inconsistent with crypto firm custody practices. Gensler believes that some crypto trading platforms that offer custodial services are not actually “qualified custodians.”
CoinTelegraph quoted the SEC as saying that a qualified custodian is generally a federal or state-licensed bank or savings institution, trust company, registered broker-dealer, registered futures dealer, or foreign financial institution.
Independent auditor would mean more risk: FTX bankruptcy judge
The court hearing the FTX bankruptcy case said the appointment of an independent auditor would “create an increased risk of further losses from inadvertent disclosures or hacking.”
The judge overseeing the case denied a request by the US Trustee to appoint an examiner. A number of safety and cost concerns were raised by him in an independent review. He repeated arguments made last week by lawyers representing FTX, the creditors’ committee and the joint preliminary liquidators.
“It’s important to remember that while we’re talking about the costs of an investigation being borne by the debtors, we are actually talking about the costs being borne by the creditors,” he said. “Every dollar spent on administration costs in these cases is $1 less for creditors,” he added.