Category: Exchanges

Cryptocurrency BNB Is Being Heavily Shorted

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Traders in the perpetual futures market tied to the BNB token are leaning bearish as the embattled cryptocurrency faces a challenging environment on multiple fronts. Data tracked by Coinglass show open interest and volume-weighted funding rates in perpetual futures have slipped to -0.18%, the lowest since late April. Those numbers mean shorts, or positions that profit from a price drop, are dominant, and are willing to pay longs to keep their bearish bets open. Funding rates are charged every eight hours. “BNB is being heavily shorted,” Huff Haus, co-founder of…

Is Proof Of Funds The New Standard For Centralized Exchanges?

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In the wake of the FTX crash, the cryptocurrency landscape has been forever altered, revealing the vulnerabilities inherent in centralized exchanges. While these exchanges continue to hold significant value in the digital asset ecosystem, they face the challenge of addressing the concerns of their users, who fear the potential loss of funds due to mismanagement. One solution gaining traction in the industry is the implementation of Proof of Funds, a mechanism that ensures transparency and security in the exchange of digital assets. Proof of Funds Send a Powerful Signal As…

Synthetix (SNX) Founder Announces New Project To Compete With Centralized Exchanges

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The founder of Ethereum (ETH)-based decentralized finance (DeFi) protocol Synthetix (SNX) has announced the launch of a new project that he says aims to compete with centralized exchanges (CEXs). In a new blog post, Kain Warwick explains why he wants to launch an exchange when the Synthetix ecosystem already has Kwenta, a DEX that aims to provide zero-slippage trading for crypto, forex or commodities synthetic perpetual futures. Synthetix has been using Ethereum layer-2 Optimism (OP), but Warwick says that more value capture could be accomplished by building an exchange that…

Court Says SEC Could Have Informed Coinbase That Exchange Was Violating Securities Law Prior to Public Listing

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A New York federal judge says the U.S. Securities and Exchange Commission (SEC) could have given Coinbase a heads-up that it could be violating securities laws before approving its application to go public.  The SEC filed a lawsuit against Coinbase in June alleging that the Nasdaq-listed firm sold unregistered securities.  During the pre-trial conference, SEC counsel Peter Mancuso says the agency’s approval of Coinbase’s S-1 application to conduct an initial public offering (IPO) does not mean the commission ever gave its stamp of approval to the crypto exchange’s entire business.…

Binance CEO Tweets Laughing Emoji As Top Crypto Exchange Reportedly Lets Go of More Than 1,000 Employees

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Top global crypto exchange Binance has reportedly axed more than 1,000 employees in recent weeks – and the company’s CEO, Changpeng Zhao, doesn’t seem too concerned about it. A Wall Street Journal report reveals the layoffs, citing a source familiar with the matter. A Binance spokesman confirmed the layoffs to the news outlet but declined to specify the total number of people the company plans to let go. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across…

Synthetix takes on counterparty risks with Infinex derivatives exchange

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Synthetix, a DeFi project in the crypto space, is preparing to expand its range of affiliated products. Kain Warwick, the founder, revealed intentions to introduce a new derivatives front-end called Infinex to the decentralized trading infrastructure of Synthetix. The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX), such as a non-custodial central limit order book. While Synthetix already operates Kwenta, a derivatives decentralized exchange (DEX) on Optimism, Warwick has highlighted three key issues with the current platform. For instance,…

Cryptocurrency Exchange Bitget Shatters Records with $1.44 Billion in Reserves

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Bitget, the popular cryptocurrency exchange, has made a groundbreaking announcement, revealing that its reserves have soared to an impressive $1.44 billion. What’s even more remarkable is that Bitget has achieved this milestone while becoming entirely debt-free. According to the exchange’s statement, Bitget’s reserve ratio currently stands at a staggering 223%, more than double the industry standard of 100% backing. This achievement reinforces Bitget’s commitment to providing a secure and trustworthy platform for its users. To break it down further, Bitget disclosed that it holds a reserve ratio of 454% for…

Indonesia Making Progress with National Cryptocurrency Exchange Scheduled to Be Launched This Month

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The Indonesian government is making progress in its plans to introduce a national cryptocurrency exchange and is expected to unveil the platform in the coming weeks, according to media reports. The country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is spearheading the launch, which is scheduled for July 2023. Didid Noordiatmoko, the head of Bappebti, disclosed that all cryptocurrency transactions would be exclusively conducted through the national exchange. He further stated that discussions have been held to establish stock exchange regulations, with a particular focus on implementing…

3AC co-founders’ OPNX exchange onboards FTX, Celsius bankruptcy claims

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OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims. According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification. Developers wrote: “Claims will initially be converted into reOX tokens at a 100%…