Tag Archives: Exchange News

Binance, one of the largest cryptocurrency exchanges globally, has announced a significant change that will impact holders of 15 specific tokens on its platform. By September 1, 2024, Binance will halt withdrawals for these tokens and automatically convert them to USDC, a widely used stablecoin. This move comes as part of Binance’s ongoing efforts to streamline its offerings and ensure greater stability for its users. Some of the tokens involved in this decision include Bitcoin Gold (BTG),...

Indian cryptocurrency exchange WazirX is planning on reversing all transactions on its platform to get account balances to reflect the amounts they did on July 18. The platform experienced a $235 million exploit on that day as North Korean hackers ransacked its Ethereum-based multisig cold wallet. With that, all affected user accounts will receive the amounts the bad actors stole. In an announcement on August 8, the exchange stated, “After careful consideration of the situation and the...

Binance recovered over $73 million in user funds in 2024, surpassing 2023’s total. Most recoveries stem from external hacks, showcasing Binance’s proactive security efforts. Binance revealed the successful recovery and freezing of approximately $73 million in customer assets from external hacks between January 1 and July 31, 2024. This represents a huge increase over the $55 million collected throughout 2023. Binance’s proactive actions and coordination with industry participants and the...

New York Judge Peter Castel of the US District Court ordered the defunct crypto exchange FTX and sister firm, market maker Alameda Research, to reimburse defrauded creditors by $12.7 billion. The suit was brought by the Commodities and Futures Trading Commission (CFTC) on December 21, 2022, and finally concluded on August 8, providing respite to those who lost their funds during the FTX collapse. The court found that “the FTX Entity Defendants commingled assets and freely used assets...

India’s Directorate General of Goods and Services Tax Intelligence (DGGI) has sent a show cause notice to Binance, claiming it owes $86 million (or Rupees 722 crores) in unpaid Goods and Services Tax (GST). The agency stated the exchange collected fees from Indian users and did not pay any taxes between July 2017 and March 2024. This notice issued by the DGGI marks the first time it has gone after a cryptocurrency exchange. The massive tax bill comes from Binance not registering with the...

ARK Invest sold 69,069 Coinbase (COIN) shares last Thursday, worth $14.8 million, before the exchange released its second-quarter earnings report. ARK’s selling activity on August 1 exceeded the amount of COIN ARK it has divested in the past two months. The firm sold $2.88 million of the shares in June and $7.93 million in July. What it sold last Thursday is part of two ETFs it offers—the Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF). The investment company has strict...

Crypto.com’s trading volume surpassed that boasted by Coinbase on August 1, rising to $3.6 billion compared to the latter’s $2.12 billion. Data on crypto market intelligence firm Messari reflected the same. The 23% increase boasted by Crypto.com comes from the robust institutional adoption crypto has been witnessing, with the exchange becoming a go-to for numerous institutional players. The launch of spot ETH ETFs in the US is also a massive factor in dominance displayed by Crypto.com...

Mt. Gox has refunded about 41.5% of the bitcoin it owed to creditors who lost their funds. However, selling activity in the market remains minimal. That has taken the entire community by surprise. With the repayments occurring over a year after the defunct exchange shut its doors for good, creditors were expected to sell their assets once they received them. BTC has since seen an 8,500% increase in its price. A Glassnode report showed how creditors are holding the funds reimbursed by Mt....

Coinbase’s entity in the UK was fined $4.5 million for breaking an agreement with the Financial Services Authority (FSA). CB Payments Limited (CBPL), the entity, onboarded high-risk customers, possibly allowing crime-related funds to follow into the country’s financial system. “CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers,” the FSA said...

Wazir X issued a report on Thursday, with new revelations of the $235 million hack, stating all indicators point to the custody service provider it relies on, Liminal Custody. According to the report, the custodian may have suffered a security breach, causing it to approve a transaction to a fraudulent wallet address. Nothing seemed suspicious at the surface level. “In this cyber attack, the malicious transactions involved signatures from three WazirX signers and one from Liminal, confirming...