Category: Exchanges

Google To Loosen Restrictions on Crypto Ads, Will Allow Promotion of ‘Cryptocurrency Coin Trusts’

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Google has announced it’s updating its policy on allowing advertisements related to cryptocurrencies worldwide. According to a new update from the company, the search giant will update its policy on crypto in January 2024 to address the advertising rules for what it calls Cryptocurrency Coin Trusts. According to the announcement, US advertisers will be able to promote Cryptocurrency Coin Trusts through Google ads if they meet the criteria and receive Google certification. According to Google, Cryptocurrency Coin Trusts are investment vehicles that allow investors to trade shares in trusts that…

Crypto Exchange Binance Announces Upcoming Listing for New Low-Cap Altcoin Project

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Top global crypto exchange Binance is about to list a new gaming-related altcoin project, according to the company. In a new announcement, Binance says that it will add Fusionist (ACE) to its Launchpool platform, which allows users to stake coins in exchange for new ones. ACE is the native token of Endurance, a decentralized gaming and social blockchain, which Fusionist, a Web3 AAA game, will use as its mainnet. Staking of ACE is expected to start Wednesday, Binance says, and open trading of the altcoin could begin December 18th. When…

The Impact of Cryptocurrency on Traditional Banking

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Cryptocurrency has emerged as a disruptive force in the financial world, challenging traditional banking systems and revolutionizing the way people transact and store value. With the advent of Bitcoin in 2009, followed by an explosion of other cryptocurrencies such as Ethereum and Ripple, the impact on traditional banking has been significant. One of the key areas where cryptocurrency has had an impact on traditional banking is remittances. Sending money across borders has traditionally been a costly and time-consuming process, with intermediaries taking a cut of the transaction. Cryptocurrencies, on the…

Crypto exchange HTX see outflows top $258M following exploit

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Crypto investors have been moving their assets away from crypto exchange HTX (formerly known as Huobi) following a Nov. 22 exploit that saw the exchange pause its services and lose a total of $30 million.  Between Nov. 25 — the day that HTX resumed its services — and Dec. 10, the exchange witnessed some $258 million in net outflows, according to data from DefiLlama. HTX witnessed $258 million in net outflows between Nov. 25 and Dec. 10. Source: DefiLlama DefiLlama data shows HTX’s reserves comprise 32.3% Bitcoin (BTC) and 31.8%…

Crypto Exchange Founder Pleads Guilty to $700,000,000 Unlicensed Money Transmitting Charges: DOJ

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Former crypto exchange CEO Anatoly Legkodymov has pleaded guilty to federal charges for his role in illegally transporting and transmitting hundreds of millions of dollars worth of illicit funds. The U.S. Department of Justice (DOJ) says that Legkodymov, the founder of crypto exchange Bitzlato admitted to operating an unlicensed money-transmitting business at a Brooklyn federal court this week. The DOJ says that Bitzlato became a haven for criminal proceeds and funds because the firm did not implement proper know-your-customer (KYC) procedures. The exchange also allegedly facilitated more than $700 million…

FCA Raises Red Flag on Crypto Exchange LYKKE

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The UK’s Financial Conduct Authority (FCA) has issued a warning, cautioning against engaging with LYKKE due to the exchange’s potential unauthorized financial promotions. The regulator mentioned that the crypto exchange was promoting financial services or products without obtaining the required authorization from the regulatory body. The FCA’s alert provides specific details about the unauthorized firm, LYKKE, warning individuals and firms against engaging with it. The firm operates under the name LYKKE. This includes a cautionary list of contact details associated with LYKKE, including email addresses, a website, mobile applications, and…

Kazakhstan blocked 980 non-licensed crypto exchanges in 2023

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This year, Kazakhstan’s Financial Monitoring Agency (AFM) blocked access to almost a thousand crypto exchanges that were serving the country’s citizens without proper registration.  According to the press release from Dec. 7, published on the government’s website, the AFM denied access to 980 illegal platforms in 2023. It also launched nine investigations into “illegal exchange operations” and money laundering. This information was revealed by the chairman of the AFM, Ruslan Ostroumov, during the meeting of the Eurasian Group on Combating Money Laundering in China. Related: Kazakhstan officially launches digital tenge…

Massive Uptick in Exchange Volumes Could Suggest Growing Institutional Demand Ahead of ETF Approval: Glassnode

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A massive surge in crypto exchange flows suggests institutions could be preparing for the potential approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs), according to the market intelligence firm Glassnode. Glassnode notes in a new analysis report that the 30-day simple moving average (SMA) of Bitcoin flows in and out of exchanges grew from $930 million from the start of the year to over $3 billion at time of writing, a 220% increase. “Looking at this from the on-chain volume domain, we can see that YTD (year-to-date) flows in…

Canadian crypto exchanges reach $1B in assets under management

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Bitbuy and Coinsquare, two of the largest crypto exchanges domiciled in Canada, have surpassed $1 billion CAD in assets ($736 million) under management. According to the Dec. 6 announcement by parent company WonderFi, the two entities currently hold $1 billion CAD in clients’ cash and digital asset deposits, up from $695 million ($512 million) the third quarter.  “During the month of November, the platforms experienced a combined 16% increase in monthly active users as compared to the monthly active user count in October. The platforms also recorded a 54% increase…

Hashkey exchange to onboard market makers to boost liquidity

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Hashkey, one of the first crypto exchanges to be licensed in Hong Kong, will soon allow individual and enterprise market makers to provide liquidity on the exchange. According to the Dec. 5 announcement, individuals and entities can apply to be a market maker on Hashkey provided that they trade at least $5 million worth of cryptocurrencies per month on the exchange. After a review of their business plans, approved applicants will be invited to sign a contract with the exchange’s due diligence team and begin trading on Dec. 28.  Depending…