Tag Archives: Exchange News

The Secretary of the Department of Economic Affairs will draft a consultation paper by collaborating with Indian crypto stakeholders. Crypto regulations are much awaited by industry participants in India owing to its high adoption rate. The Indian government is engaging with crypto stakeholders to draft a consultation paper. That will help it develop its long-awaited regulations for the asset class. This approach of consulting stakeholders from the industry will allow the government to...

Andrew Vara, a US trustee, has pointed out flaws in the FTX reorganization plan. A group of creditors also asked for the FTX estate to change the mode of repayment to cryptocurrency. A US trustee has challenged the current FTX reorganization plan. Alongside the trustee, Andrew Vara, a group of creditors have also asked for better reorganization to meet its needs. While about 95% of FTX creditors voted for the path the FTX estate has taken, these objections may warrant it to look into its...

Indian exchange WazirX took shots at certain unnamed entities, accusing them of making it harder for the exchange to start its restructuring process. The process will allow the exchange to refund users appropriately while securing their assets simultaneously. As the effects of the WazirX hack from July carry on, preventing its users from withdrawing their crypto, the exchange announced a restructuring plan on August 23. It also stated users could withdraw their INR (Indian Rupee) deposits in...

Gate.io, a prominent cryptocurrency exchange, has entered into a significant partnership with FC Internazionale Milano (Inter), a leading football club and current Serie A champions. This partnership will involve placing the Gate.io logo on the sleeves of the Inter Mens, Womens, and U20 teams’ shirts beginning of the 2024/25 season. As mentioned by Gate.io in its blog post, this new role of becoming the Official Sleeve Partner is a combination of sports and digital innovation. The...

On August 23, 2024, U.S. District Judge William H. Orrick denied crypto exchange Kraken’s motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC alleges that some of Kraken’s cryptocurrency transactions could be classified as investment contracts and thus fall under securities regulations. According to the received evidence, Judge Orrick decided that Kraken generated more than $43,000,000 in revenue for the trading fees and allowed almost any transaction...

Kraken was found guilty of providing its product without conducting a target market determination and operating a credit facility in Australia. The ASIC, the regulator that brought the suit, and Kraken’s local entity, Bit Trade, have seven days to negotiate settlements. Australian federal court ruled against Kraken’s local entity, Bit Trade, in a suit brought against it by the Australian Securities and Investments Commission (ASIC). The regulator claimed that Bit Trade launched its product...

Binance, the world’s largest cryptocurrency exchange, is set to hire 1,000 new employees this year, with a significant portion of these roles focused on compliance. This move comes at a time when Binance has been escalating efforts to address the increasing regulatory pressures, notably in the US where its compliance outlay is likely to exceed $200 million annually. The information was disclosed by Binance’s Chief Executive Richard Teng to the Bloomberg News in an interview during his trip to...

On Tuesday night, Mt. Gox transferred 12,000 Bitcoin, valued at $709.44 million, to an unknown wallet address, according to blockchain analytics firm Arkham. The transaction took place at approximately 11:39 p.m. UTC. In addition to this, 1,264.69 BTC, worth $74.77 million, was sent to another address identified by Arkham as a cold wallet belonging to Mt. Gox. These funds have not been transferred further since the initial move. Late last week, one of the wallets linked to the BitGo exchange...

Nearly a month after a massive hack led to the loss of $234 million from WazirX’s Safe Multisig wallet, the Indian crypto exchange has restored investor balances. However, the timeline for when users can withdraw their funds remains unclear, causing frustration and anxiety among investors. On August 16, WazirX provided an update stating that they are focusing on resolving two main issues: defining the proper approach when dealing with the balances in the Indian Rupee (INR) and the issues...

Turkey’s new crypto legislation has sparked an influx of 47 license applications. 76 crypto exchanges, including Coinbase and KuCoin, have applied for licenses in Turkey. Turkey has witnessed an enormous spike in interest from crypto companies seeking to enter the industry. The Turkish Capital Markets Board (CMB) has revealed that 76 cryptocurrency firms have sought licenses under the newly adopted legislation. Notable candidates include Bitfinex, Binance TR, and OKX TR.  Crypto Exchanges...