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Cryptocurrency Exchanges

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February 2024

OPNX exchange to cease operations

OPNX, founded by Su Zhu, ceases operations due to FTX estate’s recovery claims.

November 2023

UK & EU push ahead on stablecoins, HK approves another crypto exchange & Apefest marred by complaints

The UK’s crypto hub dream is coming to life while some attendees of Apefest 2023 in Hong Kong complaint on severe eye pain post-event.

FTT up 65% after SEC’s Gensler hints FTX restart

FTT rose over 65% despite FTX founder Sam Bankman-Fried’s guilty verdict last week.

Taiwan identifies new suspects in alleged JPEX fraud case: report

Prosecutors have reportedly identified new suspects after searching nine locations related to JPEX.

Binance introduces self-custody Web3 wallet

Binance said it aims to onboard the next billion Web3 users with its new wallet.

SBF conviction closes “dark chapter” in crypto: Yat Siu

Siu said this marks the crypto industry’s evolution from the FTX collapse and the Terra-Luna meltdown.

Okto pledges US$5 mln to support Vauld users

The US$5 million fund aims to help Vauld users who can’t withdraw their assets from the platform.

October 2023

Mad Lads creator Backpack to launch licensed crypto exchange in Dubai

Backpack said it also secured operational licenses in other jurisdictions.

Thailand’s Kasikorn Bank buys majority stake in Satang crypto exchange

The lender, known as K-bank, said it will also open three additional crypto subsidiaries.

Philippines’ Coins.ph may have lost US$6 million worth of XRP in hack: The Block

Coins.ph, a cryptocurrency exchange based in the Philippines with millions of users, appeared to have lost 12.2 million XRP tokens, The Block reported on Friday.

Binance says it signed agreements with new euro banking partners 

Binance announced it has secured new fiat partners for euro services after its former partner cut ties with the exchange last month.

Coinbase taps Ireland as European hub ahead of MiCA regime

Coinbase said that the regulatory clarity MiCA provides to the industry is “hugely welcome.”

Binance.US suspends USD withdrawals

Users can still withdraw cryptocurrencies, according to the exchange’s updated terms of use.

Binance Japan — death knell or savior for the nation’s smaller crypto exchanges?

Few tokens and too many exchanges are a bad recipe for Japan’s smaller crypto trading houses. The experts say there’s room for up to five only. So what happens to the little guy now that the world’s largest exchange Binance has rolled back into town?

OSL exchange’s HK$1 billion sale is “factually inaccurate,” says BC Technology

OSL’s parent firm said investors should exercise caution due to the “unusual movement” in the company’s stock price.

Binance halts new user registration in the U.K.

The exchange added that it will also stop releasing new products and services in the country.

Australian Treasury to release crypto draft legislation by 2024 

The Australian Department of the Treasury said it will accept feedback on the draft bill by December.

Coinbase Q3 trading volume drops 52% from last year

The current crypto bear market caused Coinbase’s trading volume to drop to levels not seen since 2020.

Malaysia grants Hata in-principle approval to operate digital asset exchange

The Malaysian Securities Commission has given crypto firm, Hata, a conditional approval to operate a “digital asset exchange” with a “digital broker” license.

Brazilian congressional committee calls for Binance CEO Zhao’s indictment 

The congressional committee accused Changpeng Zhao and three other executives, along with 45 individuals, of running a financial pyramid scheme in the country.

S.Korea’s crypto market rebounds in H1 but down 48.5% from 2021 close

South Korea’s cryptocurrency market has bounced back during the first half of this year but is still almost 50% below its value at the end of 2021, according to the Korea Financial Intelligence Unit (KOFIU), a government agency that oversees the nation’s anti-money laundering regime. See related article: Hamas crypto donation accounts frozen by Israel […]

Binance ICO raised less than US$5 mln: Forbes

Binance’s 2017 initial coin offering (ICO) of its Binance Coin (BNB) reportedly raised less than US$5 million, contrary to the US$15 million claimed by the company and its Chief Executive Officer Changpeng Zhao.  See related article: U.S. SEC denied immediate access to Binance.US software Fast Facts See related article: Binance Japan partners with mega bank […]

Coinbase obtains Singapore’s Major Payment Institutions license

The Major Payment Institution license from Singapore’s central bank allows the exchange to expand its digital payment token services in the Lion City.

September 2023

Back from the dead: Can FTX stage a comeback?

The prospect of FTX’s return to the competitive exchange landscape is being keenly watched by stakeholders, reflecting on its meteoric rise, groundbreaking approach, and tumultuous fall.

HK’s SFC & US SEC crack the whip as Blockchain Week rocks Manila

It’s a week for regulatory enforcement in the cryptocurrency space as blockchain takes center stage in the Philippines.

Hong Kong may tighten enforcement amidst JPEX scandal, says former SFC official

The JPEX scandal sheds light on the vulnerabilities in Hong Kong’s crypto marketplace, prompting reflection on regulatory safeguards as the city aspires to be a global digital asset hub, former SFC regulator Angelina Kwan says.

U.S. SEC denied immediate access to Binance.US software

A U.S. federal judge has denied the U.S. Securities and Exchange Commission immediate access to Binance.US’ software, in response to the regulator’s motion demanding more detailed information from Binance and greater availability of its executives for depositions.

JPEX crypto exchange shuts trading amid Hong Kong regulator probe

Dubai-based cryptocurrency exchange JPEX is shutting trading its platform amid a probe by the Hong Kong’s Securities and Futures Commission that said the firm was operating as an unlicensed entity, according to media reports. 

Bitcoin, Ether extend losses; G20 eyes global crypto regulation

Bitcoin started the week below US$26,000 while Ether dropped to US$1,611. Toncoin and XRP lead losers in the last 24 hours.

India’s G20 presidency has failed to advance global crypto governance, ex-finance secretary says

With nine months under its G20 presidency belt, India’s approach to cryptocurrency governance remains static. Amid regulatory ambiguity, the nation’s crypto industry struggles to cope with stringent tax rules.

August 2023

All top 10 cryptos fall except Dogecoin, as boost from Grayscale ETF ruling fades

Bitcoin, Ether and most other top 10 cryptos dropped on Thursday after a Wednesday rally on news of Grayscale receiving a favorable ruling against the SEC.

India’s CoinSwitch crypto exchange fires 44 employees as trading volumes drop

CoinSwitch, an Indian cryptocurrency exchange backed by Tiger Global and Sequoia Capital, has laid off 44 employees from its customer support team due to a drop in customer queries with falling trading volumes.

Hong Kong grants SEBA Bank in-principle approval for crypto trading

The Hong Kong branch of SEBA Bank has received an in-principle approval from regulators to provide virtual asset trading services in the jurisdiction.

Why FTX deserves a second chance

Despite the outrage against Sam Bankman-Fried and the now-bankrupt exchange, everyone would be better off with a relaunched FTX 2.0, writes Rachel Lin, CEO of SynFutures.

Will Singapore steady the stablecoin ship?

Top blockchain and crypto news: Singapore steps up stablecoin rules. DeGods decline. Hong Kong’s third crypto license.

Coinbase cleared to offer crypto futures trading in the US

Coinbase, the largest cryptocurrency exchange in the U.S., has obtained regulatory approval to offer crypto futures trading services to eligible clients

FTX founder Sam Bankman-Fried charged with stealing customer funds for political donations

The FTX founder faces charges of wire fraud, securities fraud, commodities fraud and money laundering related to the exchange’s collapse in November.

BTC Markets CEO sees silver lining in Australian banks’ crypto clampdown

Australian banks are heightening scrutiny on digital asset exchanges and restricting crypto payments due to rising scams and frauds. Caroline Bowler, CEO of BTC Markets highlights the challenges and opportunities faced by the industry in the country.

HashKey Exchange and OSL licensed to serve retail investors

HashKey Exchange and OSL — the only two cryptocurrency exchanges licensed by the Hong Kong SFC — received license upgrades Thursday to service retail investors.

July 2023

National Australia Bank to block some crypto exchanges

NAB, one of Australia’s “big four” banks, announced it is taking action to block some payments to “high-risk” cryptocurrency exchanges, as part of its new measures aimed at protecting customers from scams.

USDT’s goal is to be the dollar, not beat it, says Tether CTO

Scrutiny on the stablecoin’s reserves has intensified since USDT’s latest depegging scare. Paolo Ardoino, CTO of Tether and Bitfinex, delves into the composition of USDT reserves, explaining how the firm ensures dollar redemptions, irrespective of secondary market prices.

Global crypto industry worth US$180 billion, says K33 Research report

The global cryptocurrency industry is valued at US$180 billion, with over 10,000 companies employing a total of 190,000 employees, according to a July 5 report from crypto intelligence firm K33 Research. See related article: Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier Fast facts See related article: South Korea, Singapore, Thailand clarify crypto […]

Singapore to require crypto firms to hold customer assets in a trust; restricts lending, staking by retail users

Cryptocurrency service providers in Singapore will have to keep customer assets under a statutory trust before the end of the year, for safekeeping purposes, the city state’s central bank announced Monday.

June 2023

Ledger wallet launches institutional crypto trading platform

Ledger announced the launch of Ledger Enterprise Tradelink, a secure and regulation-friendly trading system for institutional investors.

OKX crypto exchange to be operational in Dubai within the year, says executive

Seychelles-registered cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.

Wall Street-backed crypto exchange a sign of lingering interest despite SEC’s crackdown

Top blockchain and crypto news: Wall Street backs new crypto exchange. NFT traders remain cautious. Alibaba’s incoming chairman is a crypto fan.

Citadel, Fidelity, Schwab-backed crypto exchange launches amid U.S. crackdown

EDX Markets, a cryptocurrency exchange with backing from major Wall Street players such as Citadel Securities, Fidelity and Charles Schwab, officially launched on Tuesday.

Independent Reserve plans Hong Kong office, explores further Southeast Asia expansions

Independent Reserve may have a new Hong Kong office in the “next few months,” the Singapore chief of the Australian crypto exchange said in an exclusive interview. Focusing on institutional clientele, the exchange aims to double trade volumes and expand its user base this year.

Why the US is waging war on Binance, Coinbase

Top blockchain and crypto news: Binance, Coinbase in SEC firing line. Solana NFTs slump as Bitcoin’s surge. New dawn in Hong Kong crypto regulations.

Crypto industry reacts to SEC’s lawsuit against Binance

The SEC sued Binance on Monday, amid mounting regulatory scrutiny of crypto exchanges. Industry experts shared insights on what this could mean for Binance and how it could drive crypto innovation out of the U.S.
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Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive

OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.

May 2023

Bitget crypto exchange registers in Poland

Seychelles-headquartered cryptocurrency exchange Bitget announced on Tuesday that it successfully registered as a virtual asset service provider in Poland.

Binance allegedly commingled customer funds: Reuters

Binance, the world’s largest cryptocurrency exchange, has been accused of blending client funds with its own corporate revenue in violation of U.S. financial regulations, according to three unnamed sources cited by Reuters.

Hong Kong to open crypto to retail traders, plans guardrails

Hong Kong will allow licensed cryptocurrency trading platforms to offer services to retail investors and will implement a slew of measures to protect individual traders, the Securities and Futures Commission (SFC) said on Tuesday.

All top 10 cryptos rise; Hotbit crypto exchange shuts down; U.S. stock futures drop

Bitcoin gained 1.71% and Ether climbed 2.35%. Polygon gained the most in 24 hours followed by Tron.
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Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

Bitget crypto exchange doubles down on expansion, to hire 300 more

Bitget is looking to hire 300 more people across operations, compliance, research and development, and customer support, the cryptocurrency exchange said.

Head of U.S. DOJ crypto enforcement eyes crackdown on non-compliant crypto exchanges: FT

The U.S. Department of Justice is aiming to crack down on cryptocurrency exchanges that help criminals facilitate money laundering

Crypto and NFT Market Update – May 11th

Welcome to The Daily Forkast – May 11, 2023 – presented by Jeff Cheung for the latest in the crypto markets. Bitcoin saw a minor spike in it’s price after the U.S. consumer price index for April was released, but dipped again as crypto exchanges Jane Street Group and Jump Crypto announced it would cease […]

Bittrex’s U.S. crypto exchange unit files for bankruptcy following closure, SEC lawsuit

U.S. crypto exchange Bittrex Inc. has filed for bankruptcy just days after closing operations following an SEC lawsuit and citing unclear crypto laws.

What JPMorgan’s First Republic takeover means for the crypto industry

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Bitget crypto exchange still hiring, eyes Hong Kong license, to rebrand BitKeep wallet

Seychelles-based cryptocurrency exchange Bitget expects more clarity on Hong Kong’s licensing regime from June as the city pushes ahead with plans to attract blockchain and cryptocurrency entrepreneurs.

April 2023

Sotheby’s to auction off NFTs owned by defunct hedge fund Three Arrows Capital

Leading auction house Sotheby’s said it will sell NFT artworks owned by the bankrupt crypto hedge fund Three Arrows Capital.

Bittrex in SEC’s crosshairs as compliance lawsuits keep coming

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

The true cost of zero-fee crypto trading is anything but zero

Nothing in life is free. Be wary of crypto exchanges that offer ‘free trading,’ and ask hard questions about how they make money, writes Ben Caselin of MaskEX.

Crypto firms hardpressed to find U.S. bank partners as industry blames ‘Operation Choke Point 2.0’

NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?

Japan’s CoinTrade partners with Fireblocks to improve digital asset security

CoinTrade said it has partnered with crypto custody platform Fireblocks to provide institutional clients with improved security for digital assets.

Paxful shuts Bitcoin exchange due to regulatory challenges, staff departures

Paxful Bitcoin exchange announced the indefinite suspension of the marketplace on Tuesday, citing regulatory challenges and staff departures.

S.Korea to expand probe on token listing bribes if it sees ‘more evidence’

Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.

March 2023

Crypto exchange Fasset hopes to win Indonesia license next month

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.

OKX cryptocurrency exchange to apply for virtual asset license in Hong Kong

Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.

Bitcoin, Ether extend declines amid U.S. lawsuit against Binance; Asian equities mixed

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.
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