Category: Exchanges

Worldcoin cryptocurrency project suspended in Kenya

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The new cryptocurrency and digital identity project, Worldcoin, is facing a rough start in Kenya, with the government halting all local activity associated with it. Kenya’s minister of internal security took to Facebook on Aug. 2 to announce that the country has suspended the activities of Worldcoin until relevant public agencies had certified the absence of risks to Kenyans. “Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities,” Minister Kithure Kindiki said in a statement. The…

FTX creditors unimpressed with exchange’s bankruptcy exit plan

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A body representing FTX customers said it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan and claims it was ignored by FTX’s restructuring team. In a July 31 court filing, FTX’s Official Committee of Unsecured Creditors (UCC) said despite its repeated requests and previous promises from the team, it “did not have a single call or meeting” with FTX to discuss its draft Chapter 11 plan. The plan outlines and categorizes customer claims into classes and creates a path forward for FTX to re-launch as an offshore exchange.…

Nearly 75% of the World’s Largest Banks Support the Transfer of Funds to Major Crypto Exchanges: CoinGecko

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An overwhelming majority of the world’s largest banks support the transfer of client funds to major crypto exchanges, according to a new study by digital asset data aggregator CoinGecko. The study examines how crypto-friendly the world’s largest 50 banks are based on two criteria: whether they offer crypto trading or on-ramping services within the bank’s native platforms, and whether they offer the ability to connect a bank account to a major crypto exchange, such as Coinbase, Binance or OKX. Says the report, “37 of the 50 (74%) biggest global banks…

World Federation of Exchanges Asks IOSCO to Tackle Conflict of Interest in CeFi

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The World Federation of Exchanges (WFE) has asked the International Organization of Securities Commissions (IOSCO) to address the conflict of interest created by centralized finance (CeFi) firms such as crypto exchanges that engage in multiple businesses. The recommendation comes as IOSCO, a global body for securities regulators, plans to finalize its recommendations for the regulation of the global crypto industry by the fourth quarter of this year. Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of…

FTX.com releases restructuring plan, hints at rebooted offshore exchange

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FTX.com has outlined its intended re-organization plan that will categorize claimants of the bankrupt exchange into specific classes and pave the way for the exchange to become re-operational as an offshore entity. Dockets filed on July 31 include a draft plan of reorganization that outlines the company’s intended path to settle an “exceptionally large and complicated collection of claims”. There are a total of 13 different classes of claims, including specific brackets for Dotcom customer entitlement claims, U.S. customer claims and nonfungible tokens (NFTs) customer claims. Related: FTX reboot on the…

FTX’s Draft Reorganization Plan Offers Hope for Recovery with Offshore Exchange Proposal

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FTX, the beleaguered cryptocurrency exchange, has filed a draft plan of reorganization. According to the proposal submitted on Monday, FTX aims to create a “rebooted” offshore exchange accessible only to non-U.S. users. The plan seeks to categorize claimants into distinct groups, with FTX.com offshore exchange users referred to as “dotcom customers,” while FTX US users are labeled “U.S. customers,” media reports said.  Under this proposal, each holder of a dotcom customer entitlement will be entitled to a pro-rata share of the proceeds from a pool of assets linked to the FTX.com…

FTX Officially Floats Plan to Restart International Crypto Exchange

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FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around…

Defunct Crypto Exchange FTX Plans to Restart Platform for Non-U.S. Customers

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The filing, posted Monday night U.S. time, delineates the claimants into various groups. The first group is claimants of FTX.com offshore exchange, which it calls “dotcom customers”, next is customers of the U.S. exchange (“U.S. customers”), after, customers of its NFT exchange, then general unsecured claims, secured claims, and subordinated claims. Included in general claims are those from Alameda’s lenders or trading partners, while subordinated claims are taxes and fines from penalties. Source

Stocks cool off, miners send BTC to exchanges to prep for halving

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In July, Bitcoin mining stocks continued their positive 2023 run, with the top 10 stocks by market cap gaining 23.10% on the month on average, with a year-to-date return of 277.34%. In comparison, the Bitcoin (BTC) price lost 3.59% in July as it failed to build support above $30,000 for the sixth week since June. Despite a difficult July, the BTC price is still up 78.88% in 2023. Bitcoin mining stocks performance. Source: Cointelegraph The decline in Bitcoin’s price reduced the profitability of miners. To make conditions more challenging for miners, the…

Dubai Welcomes Binance with Operational License for Cryptocurrency Exchange

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Cryptocurrency exchange Binance received approval to operate as a cryptocurrency exchange in Dubai, it said in a press statement. The company had obtained a provisional permit in September 2022, media reports said.  The Virtual Assets Regulatory Authority (VARA) of Dubai issued Binance with a Minimal Viable Product (MVP) licence last year, enabling the exchange to create a local bank account in the emirate for the storage of clients’ funds. Because of the MVP licence, the exchange may also provide payment and custody services in addition to operating as an exchange…