Skip to main content

Featured Story

Floki Inu Restricts Access to Staking Programs in Hong Kong: Regulatory Concerns Addressed

In a recent development, Floki Inu has made the decision to block users in Hong Kong from accessing its staking programs. This action follows a warning from the Securities and Futures Commission of Hong Kong, which raised concerns about the staking programs being labeled as suspicious investment products due to the high annualized return targets ranging from 30% to over 100%. Despite the regulatory scrutiny, the Floki team has come forward to defend the elevated Annual Percentage Yield (APY) by explaining that it is a result of allocating the majority of TokenFi's token supply to stakers. Key Points: Floki Inu has restricted access to its staking programs for users in Hong Kong. The Securities and Futures Commission of Hong Kong issued a cautionary warning regarding the staking programs' high annualized return targets. The Floki team justified the high APY by attributing it to the allocation of the majority of TokenFi's token supply to stakers.

Reddit Blackout Continues to Impact Crypto Communities: What You Need to Know

The Reddit blackout has been ongoing for several days now, and it appears that some crypto communities have been left in the dark. As of June 15th, just under 6,000 subreddits, many of which have a significant number of members, have gone completely dark. The blackout was initially intended to last from June 12th to June 14th but has since continued for some subreddits. Certain prominent crypto-related subreddits have joined the protest against Reddit's decision to increase the price per request for its API by July 1st, 2023. Despite the continued blackout, Reddit has stated that it has no plans to reverse its API policy update.

Reddit blackout continues to impact crypto communities

The ongoing Reddit blackout has caused significant disruption to various communities, including those in the crypto space. The blackout was initially intended to last for just two days, but it has continued for some subreddits. As of the time of publishing, nearly 6,000 subreddits remain dark, leaving many users in the dark on a range of topics.

Prominent crypto subreddits join the protest

Many of the crypto subreddits have joined the protest against Reddit's decision to increase the price per request for its API by July 1st, 2023. The price hike is set to increase by 10 times the current rate, which has caused significant concern among many of the communities that rely on the social media platform. The blackout is intended to put pressure on Reddit to reconsider its decision and find a more reasonable solution.

Reddit refuses to budge on API policy update

Despite the ongoing protest and the continued blackout, Reddit has stated that it has no plans to reverse its API policy update. The company has argued that the price increase is necessary to ensure that the platform remains sustainable in the long term. However, many users have criticized the decision, arguing that it will lead to the exclusion of smaller communities that cannot afford the increased costs.

The future of crypto communities on Reddit remains uncertain

The ongoing Reddit blackout and the controversy over the API policy update have left many crypto communities uncertain about the future of their presence on the platform. While the blackout is intended to put pressure on Reddit to reconsider its decision, it remains to be seen whether it will be successful. In the meantime, many users are looking for alternative platforms that can provide a similar level of engagement and support for their communities.

Comments

Trending Stories