Category: Exchanges

Low-Cap Altcoin Soars Over 100% in 24 Hours Amid Partnerships and Perpetual Contract Listing on Top-10 Exchange

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A little-known altcoin has doubled up over the last 24 hours amid new partnerships and perpetual contract listings. New information reveals that data exchange digital asset REI Network (REI) – which aims to be a feeless Web3 protocol – is trading for $0.280 at time of writing, an increase of about 103% during the last day. The crypto’s rise in price coincides with its announcement of numerous collaborations with other crypto and tech firms, such as OpenTaskAI, an artificial intelligence (AI)-focused global marketplace that connects businesses and freelancers. “[REI Network]…

FTX Founder Sam Bankman-Fried Receives 25-Year Sentence for Cryptocurrency Fraud Debacle

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Sam Bankman-Fried, the once-celebrated founder of FTX, a leading cryptocurrency exchange, was sentenced to 25 years in prison today. The sentencing, which took place in a Manhattan court, marks a dramatic fall from grace for Bankman-Fried, who was hailed as a wunderkind in the digital currency space before FTX’s spectacular collapse in 2022. The collapse, attributed to fraudulent activity orchestrated by Bankman-Fried, sent shockwaves through the cryptocurrency industry and resulted in billions of dollars in losses. Prosecutors characterized the scheme as one of the biggest financial frauds in U.S. history.…

Crypto Exchange OKX Pays €304K in Malta for Compliance Failures

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Okcoin Europe, the European branch of the cryptocurrency exchange OKX, recently received a €304,000 fine from the Malta Financial Services Authority (MFSA) for failing to comply with local laws related to virtual assets. According to the MFSA, when determining the amount of the fine, ot took into account the fact that OKX representatives cooperated with the regulator. However, no detailed information was provided regarding the specific violations. OKX Faces Financial Penalty in Malta OKX, which has been operating in the Maltese market since 2018, is one of the largest entities…

Crypto Exchange OKX Quietly Settled ‘Failings’ Related to Okcoin With Malta Financial Services Authority (MFSA)

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“On 22 January 2024 the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Company,” the regulator said. “Additionally, the Company and the MFSA have also agreed on a number of measures, including the appointment of an independent third-party service provider, to inter alia, review the adequacy of the Company’s governance arrangements.” Source

Gold Miner Ventures into Cryptocurrency: Nilam Resources to Acquire 24,800 Bitcoin

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South American gold and precious metals producer Nilam Resources (NILA) is venturing into the world of cryptocurrency by announcing its intention to acquire 100% of the common stock of a special purpose entity holding 24,800 Bitcoin (BTC). This move comes as the exploration-stage mining company signed a letter of intent with Xyberdata Ltd. The special purpose entity, to be named MindWave, will be established for this purpose. Nilam Resources plans to issue a newly authorized Preferred Class of Series C Stock in exchange for the Bitcoins, which will be offered…

Whales Accumulating Hot Real World Asset-Focused Altcoin From Crypto Exchanges: Lookonchain

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Whales are gobbling up a red-hot crypto project that’s focused on tokenizing real-world assets (RWAs). The crypto tracker Lookonchain notes that one whale withdrew 6.53 million ONDO, the native token of Ondo Finance, from the crypto exchange Bybit over the past month. That trove is worth more than $6 million. Ondo Finance aims to provide institutional-grade financial products and services via a public blockchain by tokenizing RWAs and developing financial protocols that integrate those tokens. Lookonchain also notes that a different whale withdrew 1.98 million ONDO worth nearly $1.83 million…

Crypto Exchange Kucoin and Founders Charged With Bank Secrecy Act and Money Laundering Violations

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The Southern District of New York has announced charges against the global cryptocurrency exchange Kucoin and its founders for major violations of U.S. anti-money laundering laws. Kucoin Faces Legal Firestorm for Alleged Anti-Money Laundering Failures Damian Williams, the United States Attorney for the Southern District of New York, detailed the charges against Kucoin, accusing the […] Source

Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges

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Derivatives Exchange Intent X Integrates Orbs Liquidity Hub to Enhance Liquidity for Users

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IntentX, a decentralized perpetual exchange, announced its partnership with Layer 3 network Orbs to integrate the latter’s Liquidity Hub. Orbs Liquidity Hub will serve as IntentX’s main spot engine, allowing users access to spot orders and the perpetual contracts marketplace. Orbs Liquidity Hub is a DeFi infrastructure platform that operates above automated market makers (AMMs). It sources liquidity from on-chain and off-chain to help with the problem of fragmented liquidity across DEXs. The platform aggregates all of the deployed chain’s liquidity and allows DEXs to tap into external liquidity sources…