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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.

BlackRock's Bitcoin ETF and MicroStrategy's Profits: Latest Crypto Developments

As prices continue to rally for the second consecutive week, the speculation surrounding BlackRock's potential launch of a Bitcoin spot ETF in the United States is reaching a fever pitch. While it is increasingly likely that an ETF is on the horizon, BlackRock is not the only company vying for approval from the SEC. In a recent development, the U.S. Court of Appeals has ordered the SEC to review Grayscale's application, deeming its previous rejection as arbitrary and capricious. Amidst this backdrop, cloud software company MicroStrategy has seen its $5 billion Bitcoin holdings turn profitable once again, reaping the rewards of being crypto's biggest institutional whale. Notably, Bloomberg ETF expert Eric Balchunas has spotted interesting changes in BlackRock's amended prospectus, including acknowledgment of competition and detailed explanations of pricing and reporting mechanisms. Public funds also saw an uptick on Monday, according to a screenshot tweeted by PillageCapital.

On Tuesday, crypto journalist Joe Light observed a ticker for BlackRock's iShares Bitcoin Trust (IBTC) listed by the Depository Trust & Clearing Corporation (DTCC), a major clearing and settlement company. However, the listing was subsequently removed and then added back to the DTCC's ETF list, adding to the intrigue surrounding BlackRock's ETF application.

In other news, fallen crypto lender BlockFi, which filed for bankruptcy following FTX's announcement of its emergence from bankruptcy, continues to face challenges. On a different note, pro-crypto Republican and House Majority Whip Tom Emmer expressed his unwavering support for Trump in the upcoming Presidential elections. Lastly, an alarming video circulated on social media platforms, depicting a man who fell victim to a hybrid AI crypto scam. This video serves as a reminder of the risks associated with the crypto industry and the importance of remaining vigilant.


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