Category: Exchanges

Bitcoin price surge sees significant asset outflow on crypto exchanges

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Major crypto exchanges recorded a net outflow on Oct. 24 as the price of Bitcoin (BTC) briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign, as it indicates traders are moving their assets away from exchanges to secure storage, expecting prices to increase. According to data shared by crypto analytic firm CoinGlass, Binance saw the biggest outflow, with over $500 million moving off the exchange over the past 24 hours, followed by crypto.com with $49.4…

The evolution of decentralized exchanges: A comparative analysis

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Let’s dive into the evolution of DEXes as we explore the shift from automated market makers (AMMs) to the time-tested order book model. We must understand the inherent advantages and challenges of each approach, and discover how UTXO-based blockchains can reshape the trading landscape and bridge the gap between traditional finance and the dynamic world of crypto. Quick takes DEXes address centralized exchange challenges, but centralized platforms still offer superior trading functionalities not found in Web3. The AMM model revolutionized DeFi but comes with limitations like impermanent loss and slippage.…

Top Crypto Exchange Binance To Shutter Visa Debit Card Program in Europe

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Binance is shutting down its crypto-powered Visa debit card in Europe. The top global crypto exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December. Binance notes that customer accounts won’t be impacted. The exchange urges European customers to transition to Binance Pay, the company’s crypto payment technology. And here goes the #Binance Visa Debit Card! First Paysafe providing EUR on/offboarding, now Contis providing the debit card, what’s next? pic.twitter.com/e7EF7G7CVN — Michael ??S?? (@M_affirmed) October 20, 2023 Binance first rolled out the…

Crypto Lobby Group Files Amicus Brief in SEC Lawsuit Against Binance, Likens Exchange to E-Commerce Giant Amazon

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A crypto lobbying group is petitioning the courts in favor of Binance in the exchange’s lawsuit with the U.S. Securities and Exchange Commission (SEC). In an amicus briefing filed yesterday, the Chamber of Digital Commerce told the U.S. District Court of Columbia that the US, once a haven for new tech, is pushing away crypto and blockchain technology. “Now, however, one of the newest frontiers of the digital economy—the trillion-dollar blockchain economy—is conspicuously avoiding the United States, finding the regulatory environment too opaque and too hostile to conduct business here… This promising…

Atomic Wallet Freezes $2,000,000 on Crypto Exchanges After Hackers Steal $100,000,000 in June

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Atomic Wallet says it has frozen $2 million worth of crypto on centralized exchanges after hackers plundered more than $100 million from the company’s users in June. The non-custodial decentralized wallet company has faced pushback online in the months following the hack for remaining vague on the details of the attack, which various crypto researchers have attributed to the Lazarus Group, a North Korean hacker collective. Elliptic, a blockchain analytics and compliance firm, has independently tracked the compromised crypto wallets and estimates that more than $100 million worth of crypto was stolen.…

Crypto Exchange Binance Says It Has New Euro Fiat Partners for Deposits, Withdrawals

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The company has signed agreements with “a number of new regulated and authorized fiat partners” to provide EUR services for its users in Europe, according to a Binance blog post. Services include EUR deposits and withdrawals via the Single Euro Payments Area (SEPA) payment network, EUR spot trading pairs and buying and selling digital assets via SEPA, bank cards or fiat balances, according to the post. Source

Atomic Wallet freezes $2M in ‘suspicious deposits’ on exchanges

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Hacked cryptocurrency wallet Atomic Wallet has frozen $2 million in “suspicious deposits” in a joint effort with major crypto exchanges. Announcing the news to Cointelegraph on Oct. 19, Atomic Wallet said that blockchain intelligence firms Chainalysis and Crystal have assisted the wallet firm in identifying and containing the threat. Citing reports from Chainalysis and Crystal, Atomic Wallet reported that the “threat actor” used sophisticated methods to bridge the funds to the Bitcoin blockchain, including bridges and mixers. “Most funds have ultimately ended up on the Tron blockchain and Bitcoin network,”…

BC Technology Refutes $128M Crypto Exchange Sale Rumors Amid Stock Market Turbulence

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In response to recent claims made by Bloomberg, BC Technology, the parent company of OSL, has vehemently denied reports of a pending $128 million sale of its cryptocurrency exchange. The company filed an official statement with the Hong Kong Stock Exchange, asserting that Bloomberg’s report is “factually inaccurate and highly misleading.” Initially, Bloomberg had reported that OSL was being offered for sale with a valuation of 1 billion Hong Kong dollars ($128 million). BC Technology, however, has dismissed these assertions, emphasizing the misinformation surrounding the alleged transaction. BC Technology, along…

Crypto Exchanges Will Need To Register for Financial Services License Under New Australian Proposal

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The Australian government is floating a proposal that if implemented will require crypto exchanges to seek licensing from the country’s financial services and financial markets regulator to operate. According to the proposal, a digital asset intermediary must obtain an Australian financial services license granted by the Australian Securities and Investments Commission (ASIC) to “issue and deal in digital asset facilities.” The proposal says that digital asset intermediaries holding assets with a value not exceeding $5 million AUD ($3.18 million) are exempt from the Australian financial services license requirements. The proposal…