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Tag Archives: Exchange

Over $8 Billion Withdrawn From Exchanges Following FTX Collapse

Net exchange outflows have soared in the wake of FTX’s bankruptcy, inciting crypto holders everywhere to look after their own digital assets.  Data from on-chain analysis firm CryptoQuant shows that over $8 billion in crypto has flowed off of centralized exchanges since November 6th – when worries about FTX’s solvency began to propagate. Since Binance CEO Changpeng Zhao’s worrying statements about FTX last week, $3.7 billion worth of Bitcoin has been withdrawn from...

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Bittrex Fined With $53 Million For Violating Anti-Money Laundering Laws

Cryptocurrencies are supposed to be censorship resistant… Cryptocurrency exchanges, not so much. Bittrex found this out the hard way after a record fine imposed by the U.S. regulators. On October 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced that Bittrex, a Washington-based cryptocurrency exchange, will be fined $53 million for violating multiple securities laws. According to...

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Binance Launches Training Program For Law Enforcement Agencies

For several years now, Binance has played an important role as the big brother of the crypto industry by assisting in the recovery of funds from users who have been victims of theft, scams, or hacks. But now, they are aiming higher with an e-crime training program. On September 27, Binance announced the official launch of its “Global Law Enforcement Training Program,” created to help law enforcement agencies combat financial and electronic crimes that involved crypto or...

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Coinbase Exec’s Brother Pleads Guilty to Cryptocurrency Wire Fraud

The U.S. Department of Justice released a statement on September 12 reporting that Nikhil Wahi, brother of ex-Coinbase product manager Ishan Wahi, pleaded guilty to committing cryptocurrency wire fraud using insider information sourced from his brother. Per the release, Nikhil Wahi faces up to 20 years of possible jail time. In addition, he will have to forfeit all unlawfully obtained monetary gains. Ishan Wahi, on the other hand, pleaded not guilty in early August to the...

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Indonesia Tech Leader GoTo Acquires a Crypto Platform for $8.4 Million: Report

One of the tech giants in Indonesia – PT GoTo Gojek Tokopedia (known as GoTo) – reportedly acquired local cryptocurrency exchange PT Kripto Maksima Koin for 124.84 billion rupiahs ($8.4 million). The firm said that the agreement aligns with its goal to become “a diverse money management hub.” Despite the negative stance displayed by the country’s central bank and some local Islamic organizations, the digital asset sector has become quite popular among Indonesians. According...

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Nexo Allocates Another $50 Million To Its Token Buyback Initiative

Cryptocurrency exchange Nexo announced this Aug. 30 the allocation of another $50 million to execute discretionary and periodic buybacks of its NEXO token on the open market. According to the company’s statement, this would be the second time the exchange has invested money in repurchasing its tokens this year. The first time was in May when they announced the repurchase of $100 million in NEXO tokens. Nexo Wants to Demonstrate its Liquidity Antoni Trenchev, co-founder and...

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Afghan Authorities Shut Down at Least 16 Crypto Exchanges: Report

Afghan law enforcement agents reportedly closed at least 16 cryptocurrency platforms in the western province of Herat. The operation comes three months after the current Taliban government imposed a ban on digital asset trading activities. It is worth noting that the change in the political regime in Afghanistan last year caused economic uncertainty in the area. Interestingly, the instability prompted some locals to convert their fiat currencies into digital assets and...

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Samsung, Among Others, to Launch Crypto Exchanges in 2023: Report

South Korean securities companies have reportedly set their focus on the crypto industry and plan to set up digital asset exchanges in the first half of 2023. Such firms include Mirae Asset Securities and Samsung Securities. The domestic financial regulators have been quite strict with crypto-related entities in the past few years. Last year, prompted by the mandatory requirements that the Financial Intelligence Unit (FIU) enforced, over 60 trading venues halted their...

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FTX US Spread False or Misleading Statements About FDIC-insured Products, Regulator Says

On August 19, The Federal Deposit Insurance Corporation (FDIC) issued various cease and desist letters to five cryptocurrency companies including FTX US, owned by the crypto billionaire Sam Bankman-Fried, along with news outlets Cryptonews.com, Cryptosec.info, SmartAsset.com, and the site FDICCrypto.com. The FDIC asked the aforementioned companies to cease making “false or misleading statements” regarding their relationship with the FDIC. According to the FDIC, FTX US and the...

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Sumitomo Mitsui Trust to Establlish a Crypto Firm Targeting Instiutional Clients

Sumitomo Mitsui Trust – one of the largest asset managers in Asia – will tap Tokyo-based crypto exchange Bitbank to set up a company offering digital asset services to institutional clients this year. The newly created firm will hold cryptocurrencies and Non-Fungible Tokens (NFTs) for “large investors and corporations.” Sumitomo Mitsui Trust Focused on Security Issues Sumitomo Mitsui Trust’s latest crypto partner Bitbank reportedly ranked as the third-largest crypto exchange...

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