Category: Exchanges

Taiwanese crypto exchange and VASP member Bitgin under investigation for money laundering

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Taiwan cryptocurrency exchange Bitgin is under investigation by the country’s police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm’s COO, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident.  Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also…

South Korean Crypto Exchange Bithumb Aims to Go Public by 2025

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South Korea’s Bithumb is preparing to become the first cryptocurrency exchange in the country to be a publicly listed company, according to multiple local media reports. Interestingly, the listing aims not to raise funds but to enhance market trust in its operations. “Our IPO is not about raising funds,” a Bithumb official said today (Monday). “Many people have doubts about cryptocurrency exchanges because they perceive them as not being transparent [and the aim is to tackle that].” Indeed, the crypto exchange had over 400 billion won ($302 million) in financial…

Bithumb plans to be first crypto exchange listed on Korea stock market: Report

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Crypto exchange Bithumb plans to become the first digital asset company to go public on the South Korean stock market.  Local news outlet Edaily reported on Nov. 12 that Bithumb is getting ready for an initial public offering (IPO) on the KOSDAQ — South Korea’s version of the United States Nasdaq — with an expected listing date set for sometime in the second half of 2025. Bithumb declined to confirm whether the IPO was going ahead but admitted they had recently selected an underwriter, a company tasked with guaranteeing the…

Nearly 50 Jurisdictions Partner To Enable Automatic Info Exchange Between Crypto Trading Firms and Tax Agencies

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Nearly 50 nations including the US are collaborating to enable automatic information exchange between crypto trading firms and tax agencies. In a new press release, the government of the United Kingdom (UK) says that the coalition of jurisdictions is partnering up to create the Crypto-Asset Reporting Framework (CARF) as a means of ensuring tax compliance and combating tax evasion. “To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the…

Tron Founder Justin Sun Offers 5% Cut to Hacker After Poloniex Crypto Exchange Loses $125,000,000 in Cyber Heist

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Tron (TRX) founder Justin Sun is offering a 5% white hat bounty to the hacker who exploited the exchange Poloniex for $125 million in crypto. Sun, who acquired Poloniex in 2019, says that the hacker has a week to accept the offer and return the assets to the wallets he took them from, otherwise, law enforcement will have to get involved. “We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you seven days to consider…

UK cryptocurrency scams jump 23%, young investors prime targets: Lloyds Bank

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One of the Big Four banks in the U.K., Lloyds Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the same period in 2022. According to a press release published by Lloyds Bank, an increasing number of investors face the threat of falling victim to fraudulent schemes through a wave of fake adverts posted on social media. Each victim of a cryptocurrency investment scam is losing an average of $13,115 (£10,741), an increase from $8,562 (£7,010) the previous…

Is it Time for a Blockchain-Based Stock Exchange?

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In recent news, South Korea has implemented a complete ban on short selling, a move that has sparked debates about its implications and motivations. The head of the Financial Supervisory Service (FSS), Lee Bok-hyun, defends the decision, citing rampant illegal short selling in the stock market. While the ban is portrayed as a necessary step to combat financial misconduct, it raises questions about its impact and whether other countries should follow suit. Dedicated Forex cloud solutions with stable and fast cross-border connections capable of high-demand scenarios. Alibaba Cloud helps Forex…

Maine state treasurer to focus on handling abandoned cryptocurrency accounts

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A report issued by the Office of the Maine State Treasurer highlighted the U.S. state’s interest in officially managing the abandoned and recovered crypto assets. The program evaluation report of Maine uncovered the state’s lack of preparedness when it comes to handling cryptocurrencies. It read: “Our office does not currently handle cryptocurrency, but programs like Unclaimed Property may need to start addressing the situation of abandoned cryptocurrency accounts.” According to official data, the state of Maine currently holds over $328 million in unclaimed property. The website requires the name, address…

Frankfurt Stock Exchange includes crypto trading facility in strategy-2026

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Deutsche Börse AG, the German stock exchange headquartered in Frankfurt, has included crypto in its strategic priorities for the next few years.  According to the strategic report “Horizont 2026”, published on Nov. 7, Deutsche Börse seeks “an expansion of the leading position in the area of ​​digital platforms for existing and new asset classes.” The company believes that, in the long run, there is “further growth potential from new technologies through the digitalization of existing or new asset classes.” Hence, it intends to accelerate the development of its blockchain-backed D7…

Bitget integrates DeFi aggregator into crypto exchange app

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Crypto exchange Bitget has integrated a decentralized finance (DeFi) aggregator into its crypto exchange application, allowing users to swap their tokens and access DeFi services through its Web3 Wallet. According to Bitget, the effort aims to provide users with options for trading their crypto assets on the exchange. The app will also gradually include other services, including a noncustodial wallet, a nonfungible token marketplace and a decentralized application, according to Gracy Chen, managing director of Bitget. In addition, Chen also told Cointelegraph that most currencies listed on the exchange will…