Category: Exchanges

IMF Says Tax Systems Need To Be Updated for Crypto Assets, Decentralized Exchanges Part of the Problem

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The International Monetary Fund (IMF) says that global tax systems should be modernized to accommodate crypto assets. In a new blog post, the IMF says the tax system needs updating to cope with crypto assets, whose anonymity and decentralized nature pose challenges to governments. The bank says that in particular, tax evasion could be a significant problem if crypto is ever widely used as a currency for transactions. “Crypto transactions have similarities to those in cash in their potential for being hidden from tax administrations. Today, the share of purchases…

US-Based Crypto Exchange Gemini Sues Genesis Parent Company DCG Over Gemini Earn Dispute

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Crypto exchange Gemini is suing the parent company of bankrupt crypto broker Genesis over the Gemini Earn program, claiming that top executives of the lender mislead creditors. According to a new report from Reuters, the US-based exchange is suing Digital Currency Group (DCG). Additionally, in a lengthy thread, Gemini co-founder Cameron Winklevoss says that the crypto exchange has filed a lawsuit against DCG and its chief executive, Barry Silbert, for allegedly personally masterminding a fraud scheme against creditors. According to Winklevoss, after Gemini decided to end the Earn program, Silbert…

Crypto Exchange Binance Lists Hot Ethereum Altcoin Project That’s Up 110% This Month

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A soaring altcoin project built on Ethereum (ETH) is picking up support from Binance, the world’s largest crypto exchange by volume. Binance recently announced the listing of Pendle (PENDLE) in their Innovation Zone. The platform allows for spot trading pairs with Bitcoin (BTC), PENDLE/BTC, Tether (USDT), PENDLE/USDT, and TrueUSD (TUSD), PENDLE/TUSD. Binance’s Innovation Zone is a dedicated trading space for crypto assets that could be more prone to rapid price swings. Pendle is a tokenized decentralized finance (DeFi) yield-trading protocol that enables investors to purchase assets at a discount and…

Binance refers users to Coinmerce as exchange exits the Netherlands

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Global cryptocurrency exchange Binance has reached an agreement with Coinmerce to refer its users as the firm winds down operations in the Netherlands. In a July 6 blog post, Dutch crypto exchange Coinmerce said “hundreds of thousands” of users based in the Netherlands would be referred from Binance, giving them the choice of transferring their digital assets to the platform for free. Binance announced in June that it would be largely halting its services for Dutch users on July 17, citing a failure to obtain a virtual asset service provider…

dYdX exchange launches testnet for ‘fully decentralized’ version 4

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Crypto exchange dYdX has launched a public testnet of its “v4” iteration, according to a July 5 announcement from the exchange’s development team. This marks the completion of “milestone 4” out of five, paving the way for a future v4 mainnet launch. Once implemented on mainnet, v4 is expected to allow for “full decentralization” of the exchange. v4 Testnet is officially live https://t.co/TD5caN6VSQ Here are all the links you may need for easy access! Public Testnet: https://t.co/BZ57SvuXNvTestnet Status Page: https://t.co/7vkrGZs9fxv4 Documentation: https://t.co/tKTUWacKld Feedback and Block Explorer links — dYdX (@dYdX)…

The UK’s New Cryptocurrency Rules Are Better Than the US’s

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This is the culmination of a yearslong effort in the U.K. government to create new rules to govern cryptocurrency business within its borders. As such, it represents something of a departure for the U.K. from its usual approach to crypto asset regulation. Historically, Britain’s financial regulators have not had the power to regulate – and thus have avoided regulating – crypto-assets such as Bitcoin, Ethereum, Cardano, or Cosmos in their capacity as investments, at least in the same manner that they regulated TradFi instruments such as securities. This differs significantly…

South Africa to mandate crypto exchange licenses by year-end: Report

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South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg. Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana stated that the FSCA has received approximately 20 license applications since its recent opening, and expects more before the November 30 deadline, Bloomberg reported. Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines…

$105,000,000 in BTC Abruptly Moved to Exchanges by Key Stakeholders As Price Stays Above $30,000: Glassnode

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Miners moved $105 million worth of Bitcoin (BTC) onto exchanges as the top crypto reclaimed the $30,000 price point, according to the digital asset analytics firm Glassnode. Glassnode says it represents the second-largest US dollar-denominated transfer on record. “Following the ascension in spot price above the psychologically key $30,000 level, Bitcoin miners have continued to send large clips of BTC to exchanges. Currently, miners are sending $105 million to exchanges, the second largest USD-denominated transfer on record.” Source: Glassnode/Twitter Glassnode also notes that the volume settled on the Bitcoin network…

Coinbase Stock (COIN) Explodes After Crypto Exchange Named in New Bitcoin ETF Filing

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Shares of Coinbase (COIN) are up after news that exchange operator Cboe Global Markets has refiled its spot Bitcoin exchange-traded fund (ETF) application. The U.S Securities and Exchange Commission (SEC) previously rejected Cboe’s application, which was filed on behalf of financial giants BlackRock and Fidelity, for being unclear and incomprehensive. Bloomberg senior ETF analyst Eric Balchunas said at the time that there were certain details that the SEC wanted, including the naming of a crypto exchange to help facilitate the ETF. “Basically [the] SEC wants them to name the ‘crypto…

South Africa Imposes Licensing for Crypto Exchanges

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Cryptocurrency exchanges operating in South Africa have until November 30 to register with the country’s financial regulator. Those who will not comply with the directive risk facing enforcement actions, including fines or business closure, the Financial Sector Conduct Authority (FSCA) said today (Tuesday). Explore limitless, instant crypto swaps. Choose from 1000+ coins and tokens and exchange with no registration or sign-up. Experience a platform that prioritizes your data privacy and fund security. “There is potentially serious harm to financial customers when using crypto products, and therefore it makes sense for…