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Cryptocurrency Exchanges

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June 2022

CoinFLEX freezes withdrawals; Investors deserting Singapore

CoinFLEX joins other exchanges in freezing withdrawals. Meanwhile, crypto investors in Singapore head for the exits.

How a market slump may be helping Singapore’s stance against retail crypto

One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.

Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit

A day after Voyager Digital disclosed its exposure to crypto hedge fund Three Arrows Capital (3AC), it slashed daily withdrawal limits to US$10,000 from US$25,000. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts On Wednesday, crypto trading platform Voyager said it had loaned over US$650 million worth of USDC and […]

CoinFLEX latest crypto exchange on withdrawal freeze

CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund […]

Sam Bankman-Fried steps in to bail out BlockFi

After rescuing crypto-asset broker Voyager Digital last week, crypto exchange FTX founder Sam Bankman-Fried, often known as SBF, has now agreed to bail out crypto lender BlockFi.  See related article: BlockFi among those that foreclosed on Three Arrows Capital: report Fast facts FTX agreed to extend a US$250 million revolving credit facility to BlockFi on […]

Crypto winter ushers in account freezes as platforms feel the chill

Top blockchain and crypto news: Investors snowed in as liquidity crunch hits. Solend harpoons anti-whale maneuver. Chinese NFTs prove a tricky target.

Singapore grants Crypto.com in-principle approval toward offering payment services

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]

Valar Ventures-backed Vauld to lay off 30% of staff

The Singapore-based cryptocurrency exchange said the actions of a “few market participants” are creating a lot of uncertainty in the eyes of customers. See related article: ‘Buckle up’ for downsizing crypto market as employees laid off Fast facts The layoffs impact every team with marketing and talent acquisition departments being affected the most, as Vauld […]

Bybit to cut up to 30% of its workforce

Dubai-based crypto derivatives exchange Bybit is looking to cut up to 30% of its staff to reduce costs, journalist Colin Wu reported on Twitter, citing anonymous sources.  See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts “This was not an easy decision to make,” a Bybit spokesperson told Forkast in […]

Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

After a short-lived recovery, Bitcoin, Ether and other cryptocurrencies are trading lower on fears of a contagion risk from a possible financial implosion at Three Arrows Capital.

3AC foreclosure concerns grow; Fed boost short lived

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

BlockFi among those that foreclosed on Three Arrows Capital: report

BlockFi CEO Zac Prince Thursday said the U.S.-based crypto lender foreclosed on a “large client that failed to meet its obligations” following reports that BlockFi was part of the lenders group that canceled some US$400 million in loans made out to Three Arrows Capital (3AC). See related article: Client accuses Bitcoin, Ethereum backer Three Arrows […]

Huobi closes Thai crypto unit, regulator revokes license

Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]

Client accuses Bitcoin, Ethereum backer Three Arrows Capital of misappropriating funds

The crypto hedge fund got called out on social media Thursday for allegedly misappropriating US$1 million to cover risks of insolvency.

Crypto rises on Fed hike; Three Arrows insolvency concerns

Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.

Coinbase lays off 8% of its India workforce

The job cuts in India were much lower than the global average of about 18%, a senior executive at the Nasdaq-listed cryptocurrency exchange said.  See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The largest cryptocurrency exchange by trading volume in the U.S. Wednesday said about 8% of its India […]

Coinbase, biggest US crypto exchange, cuts workforce by 18%

U.S.-based cryptocurrency exchange Coinbase will cut its global workforce by about 18% to ensure it stays “healthy during this economic downturn,” CEO Brian Armstrong said in a blog post. See related article: Coinbase is the first crypto firm to make the Fortune 500 list Fast facts Coinbase will cut approximately 1,100 employees, or 18% of […]

South Korean exchanges cooperate to prevent another Terra-LUNA debacle

To protect the country’s investors, South Korea’s top five crypto exchanges are forming a joint council to monitor the listing and delisting of cryptocurrencies. See related article: S. Korea finance regulator to audit Terra and related exchanges Fast facts Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges authorized to provide cash-to-crypto services in Korea, will […]

‘Buckle up’ for downsizing crypto market as employees laid off

The industry should fasten its seat belt, an industry watcher told Forkast, as the largest of crypto firms headline widespread layoffs amid the 2022 market crunch.

CoinSwitch Kuber launches rupee index for Indian crypto market

Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market. See related article: India gets second crypto unicorn within two months Fast facts CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange. “Until now, investors in India […]

Philippines gets new government, will new crypto taxes follow?

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.
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May 2022

Huobi acquires Bitex for Latin America expansion

The world’s third-largest cryptocurrency exchange in terms of trading volume Thursday said it acquired Latin American crypto exchange Bitex to expand its footprint in the region. See related article: Huobi Group poised to establish regional hub in Singapore Fast facts Though terms of the deal were not disclosed, Huobi said it plans to integrate Bitex’s […]

Coinbase is the first crypto firm to make the Fortune 500 list

Nasdaq-listed Coinbase Global, Inc. became the first cryptocurrency company to make it to the Fortune 500 list of the biggest U.S. corporations on Monday.  See related article: Coinbase blames India’s central bank for exit Fast facts Coinbase’s 2021 revenue of US$7.8 billion brought the company to the 437th rank in Fortune’s annual list. The top […]

Bullish claims to offer world’s deepest liquidity for BTC/USD

The development will help institutional clients trade at scale, with better pricing and lower risk, within a regulated market environment, Bullish said. Fast facts An internal study of publicly available Coinbase and Binance data over a two-month period ending on May 8 showed Bullish offering deeper liquidity than peers, the cryptocurrency exchange operator said. The […]

Indian crypto traders may pay tax for using foreign exchanges: report

The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report.  See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the […]

Pakistani crypto exchange RAIN calls for tax on digital assets: report

Pakistani crypto exchange RAIN has urged the country’s finance ministry to regulate and impose a 15% tax on cryptocurrencies, local media reported. See related article: Pakistan takes a fresh look at cryptocurrency Fast facts RAIN told regulators that Pakistan can earn roughly US$90 million in taxes through a capital gains tax on cryptocurrency assets, according […]

Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood for US$648 million, according to a filing with the U.S. Securities and Exchange Commission. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts Bankman-Fried bought the stake through a firm called […]

Coinbase blames India’s central bank for exit

The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries. 

KuCoin raises US$150 mln at US$10B valuation

The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.

Coinbase shares extend free fall on drop in crypto trading, loss

Coinbase shares are down some 80% from their 52-week high of US$368.90 a share on Nov. 9 through Monday, closing at US$72.99. The stock dropped 19.5% overnight after the U.S.-based cryptocurrency exchange reported a Q1 net loss of US$430 million as trading volume declined 44%. See related article: Coinbase NFT marketplace is now open to […]

Terra’s UST loses dollar peg; Philippines expects Marcos Jr win

Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.

CoinDCX investment arm to invest US$13 mln in Web3 startups

CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web […]

Binance bags its first European license in France

Binance has received regulatory approval in France, as the world’s largest cryptocurrency exchange continues its global expansion and push for regulatory compliance. See related article: Binance wants to play ball with regulators Fast facts Binance has obtained a digital asset service provider (DASP) registration with France’s Autorité des marchés financiers (AMF), the finance market watchdog […]

S.Korean KakaoBank considers crypto exchange partnerships

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

Indian crypto exchanges ordered to record customer data for five years

The Indian Ministry of Electronics and IT has issued a new directive that requires cryptocurrency exchanges to collect and preserve a wide range of client data for five years, 60 days after the date of issuance on April 28.  See related article: Indians see future in crypto, government sees revenue, FM says Fast facts “During […]

April 2022

Another crypto firm leaves Singapore; South Korean secrets sold for crypto

Another crypto exchanges moves out of Singapore into Dubai. Meanwhile, two South Koreans have been charged for treason.

Binance may set up shop in G-7 country in Europe, says founder CZ

The world’s largest crypto exchange may soon establish a regulated entity in a G-7 nation in Europe, Binance founder and CEO Changpeng Zhao said Tuesday at the Financial Times Crypto and Digital Assets Summit. See related article: Binance wants to play ball with regulators Fast facts Zhao said Binance already has a standard corporate structure […]

CoinDCX double downs as the going gets tough in India

CoinDCX cofounder Sumit Gupta tells Forkast in an exclusive interview the crypto exchange that recently raised US$135 million will look to triple its headcount by the end of the year.

Cryptocurrency investors in South Korea catch a break on ‘Travel Rule’

A month after South Korea adopted the Financial Action Task Force’s (FATF) travel rule, two solution providers VerifyVASP and CODE have linked their services on Monday to allow seamless access to exchanges for investors. See related article: DeFi, NFT access at stake as FATF travel rule takes effect in South Korea Fast facts The FATF […]

Dubai could be crypto’s promised land, Citi says

Dubai and neighboring Abu Dhabi have been on a tear when it comes to crypto service providers moving the core of their operations there.

Binance hires former British regulator for compliance role

The world’s biggest cryptocurrency exchange hired former Financial Conduct Authority official Steven McWhirter as a director of regulatory policy to better manage its compliance function.  See related story: Binance wants to play ball with regulators Fast facts McWhirter will lead the global regulatory policy team for Binance and brings over 20 years of experience in […]

South Korea approves fifth cash-to-crypto exchange

South Korea’s Financial Intelligence Unit (FIU) Thursday said it approved GOPAX as the country’s fifth digital asset exchange to provide cash-to-crypto services. See related article: South Korea’s crypto crackdown: What you need to know Fast facts Cash-to-crypto services on GOPAX starts Apr. 28. Last September, South Korea mandated strict licensing requirements for crypto exchanges to […]

US sanctions Bitriver; Apecoin steals Doge’s thunder

A Russian crypto miner has been added to the US Sanctions list. Meanwhile, Dogecoin underperforms as Apecoin storms ahead.

Binance.US pulls out of Blockchain Association, sets up own influence lobby

Binance.US, the American crypto exchange set up by Binance cofounder Changpeng Zhao, will exit lobby group Blockchain Association and allocate resources to its own lobbying workforce in Washington, D.C. and state capitals, according to a media report.   See related article: Binance.US wins license in Puerto Rico to fuel growth Fast facts Binance.US is establishing its […]

Caught between a rock and a hard place, Singapore tightens crypto oversight

A desire to stay in line with global anti-money laundering and anti-terrorism norms is forcing the city state’s hand when it comes to regulating cryptocurrency exchanges.

Binance.US wins license in Puerto Rico to fuel growth

Binance.US has obtained a money transmitter license in Puerto Rico, as the world’s largest cryptocurrency exchange continues to expand globally while seeking to become more mindful of compliance. See related article: Binance.US valued at $4.5B following first seed round Fast facts Binance.US CEO Brian Shroder on Tuesday said that Puerto Rico is an important market […]

Binance closer to Thai business as Gulf Energy greenlights joint venture

Binance has entered into a joint venture agreement in collaboration with billionaire Sarath Ratanavadi’s Gulf Energy Development to set up a crypto exchange in Thailand. See related article: Binance wins Abu Dhabi nod for another MENA outpost Fast facts Once the joint venture is established, it will apply for a digital asset exchange license with […]

India’s crypto exchanges switch to P2P, bank transfers

Crypto exchanges in India are switching to facilitating user-to-user bank transfers and inward remittances to work around a withdrawal of support from the developer of the country’s ubiquitous UPI payments system, local media report.   See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Indian cryptocurrency exchanges are trying […]

T Scientific to acquire 60% of S.Korean crypto exchange Hanbitco for $19.5 mln

South Korean mobile services company T Scientific announced Monday it will purchase a 60.36% stake in PlutusDS, the operator of local cryptocurrency exchange Hanbitco. See related article: South Korea crypto exchange underdogs: Where are they now? Fast facts T Scientific, a South Korean company specializing in the provision of mobile coupons and mobile commerce services, […]

Indian e-wallet provider MobiKwik yanks crypto support

Indian e-wallet service provider MobiKwik withdrew support for crypto exchanges from April 1, local media report.  See related article: Coinbase’s India launch hits road bump Fast facts MobiKwik’s withdrawal comes as the National Payments Corporation of India (NPCI) distanced itself from offering a payments gateway to Coinbase.  NPCI developed and operates India’s ubiquitous Unified Payments […]

Binance wins Abu Dhabi nod for another MENA outpost

The world’s largest crypto exchange received an in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a virtual assets broker-dealer, bolstering Binance’s presence in the Middle East. See related article: Binance wins crypto license in Dubai days after FTX Fast facts Binance will offer virtual asset investment and trading services across the […]

Binance.US valued at $4.5B following first seed round

Binance.US, headed for an IPO, has been valued at US$4.5 billion following a more than US$200 million fundraise in its seed round. See related article: Binance US on track for IPO Fast facts Investors include RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures and inclusion-focused companies such as Gaingels and Gold House, Binance.US said […]

US sanctions Russian darknet market; Indian MP’s crypto warning

South Korea’s Kakao Group acquires SEBC. Meanwhile in India, an MP reveals the government’s plans for the crypto industry,

Will London be Europe’s next crypto capital?

Top blockchain and cryptocurrency news: Britain’s crypto gamble. WAVES crashing. China’s big digital yuan push.

South Korea’s Kakao to buy into Japanese crypto exchange

Kakao Piccoma, the group’s Japanese digital-comics subsidiary, acquired a major stake in Sakura Exchange BitCoin (SEBC) as part of its global expansion. See related article: Kakao Games rebrands subsidiary to focus on crypto, blockchain, Web 3.0 Fast facts Kakao Piccoma bought out SEBC Holdings’ stake for an undisclosed amount and said it will incorporate crypto […]

Yi He: Binance will take the arrows for industry compliance, security

Pioneers take arrows. No one knows it better than Binance. The world’s biggest cryptocurrency exchange by volume wants to set the industry standard when it comes to compliance and security as past missteps hold it in good stead.

March 2022

Is Dubai the new crypto promised land?

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.

Binance wants to play ball with regulators

Binance is racing to anchor its sprawling global operations as regulators in China, where it was founded in 2017, go after firms for lax know-your-customer practices.

Mt. Gox may return Bitcoin worth over $6 billion, Karpeles says

The Japanese trustee for Mt. Gox is likely to distribute the remaining trove of Bitcoins held by the defunct cryptocurrency exchange sooner than later, former CEO Mark Karpeles tells Jake Adelstein in an exclusive interview for Forkast.

Russia’s bitcoin for oil proposal; Crypto market makes gains

Russia considers a bitcoin for oil proposal. Meanwhile, crypto markets make gains after weeks of volatility.

Fusang delays security-token IPO amid market jitters

Conflict in Ukraine takes a toll on Malaysian exchange’s $10 million IPO just a week before planned listing.

FTX heads Down Under as Australia looks to crypto industry

Bahamas-based crypto exchange FTX announced the establishment of an Australian branch on Monday Asia time as part of the company’s global expansion plans. See related article: New crypto regulation — including tax reform — coming to Australia Fast facts FTX Australia will be headquartered in the nation’s financial capital Sydney and will be fully licensed […]

S. Korean exchanges set stage for Friday’s travel rule arrival

Financial Action Task Force (FATF) travel rule compliance service providers VerifyVASP and CODE have signed a memorandum of understanding to link their services before the rule goes into full effect in South Korea this Friday. See related article: South Korean crypto businesses scramble to meet FATF travel rule Fast facts The two entities are backed […]

Taiwan’s MaiCoin crypto exchange mulls Nasdaq listing: report

MaiCoin, Taiwan’s largest cryptocurrency exchange, is considering a Nasdaq listing within two years, Bloomberg reported on Friday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts MaiCoin is also completing its Series C funding round which would value the company at US$400 million. MaiCoin expects […]

Eqonex appoints former Binance UK head as CEO

Nasdaq-listed crypto exchange Eqonex has appointed Jonathan Farnell, a former head of Binance U.K., as its new CEO and a director on the board. See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties Fast facts Helen Hai, president of Binance’s payment arm Bifinity, has also been appointed to the board. The […]

Binance wins crypto license in Dubai days after FTX

Binance has received a virtual asset license in Dubai to offer services to qualified investors, as the world’s largest crypto giants continue their Middle East drive.  See related article: Binance wins license in Bahrain, explores acquisition of Brazilian brokerage Fast facts The license will allow Binance to operate within Dubai’s “test-adapt-scale” model and serve pre-qualified […]

Indonesia’s crypto scene is booming. What are the risks?

Crypto’s growing popularity is also leading to more fraud and abuses, writes Ronald Molenaar of ADVANCE.AI. What can be done to better protect users?

Binance wins license in Bahrain, explores acquisition of Brazilian brokerage

Binance has obtained a license from the Central Bank of Bahrain to operate as a crypto service provider, marking a significant step for the crypto exchange to expand in the Middle East. See related article: Binance eyes gaming, e-commerce in upcoming acquisition spree Fast facts Binance will be allowed to offer crypto trading, custodial and […]

Japan urges crypto exchanges to comply with Russian sanctions

Japan’s Financial Services Agency and Ministry of Finance jointly announced penalties on crypto exchanges that do not comply with sanctions on Russia following its invasion of Ukraine, following G7 vows to tighten crypto sanctions. See related article:  Russians turn to crypto as Western sanctions hit the ruble Fast facts See related article: Russia faces crypto […]

Bullish delays $9B SPAC merger, awaits SEC approval

Bullish has postponed its backdoor listing on the New York Stock Exchange (NYSE) through a planned special purpose acquisition company (SPAC) deal with Far Peak Acquisition Corp., as the merger still waits for approval from the U.S. Securities and Exchange Commission.  See related article: Crypto exchange Bullish announces soft launch Fast facts Bullish, operator of […]

Binance eyes gaming, e-commerce in upcoming acquisition spree

Binance is eyeing opportunities in non-crypto industries with plans to go on an acquisition spree, the Financial Times reported. See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties Fast facts Binance founder and CEO Changpeng Zhao told the Financial Times that the crypto exchange is targeting industries such as retail, e-commerce […]

Russia faces crypto freeze as exchanges toe line on sanctions

Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.