Category: Exchanges

Australian Bank Implements Measures Against Cryptocurrency Scams: Commonwealth Bank’s New Restrictions

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In an effort to safeguard its customers from potential scams and financial losses associated with cryptocurrency transactions, Commonwealth Bank (CBA) of Australia has announced the implementation of partial restrictions on payments to cryptocurrency exchanges. The bank revealed its decision on Thursday, stating that it would either decline specific payments to crypto exchanges or subject them to a 24-hour hold, although the hold duration could vary. Moreover, Commonwealth Bank intends to introduce a monthly payment limit of 10,000 Australian dollars ($6,700) for transactions to cryptocurrency exchanges in the coming months. These…

Two Senators Allege Binance Crypto Exchange Lied to US Congress, Ask Justice Department To Investigate: Report

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Two US Senators are reportedly asking the Department of Justice (DOJ) to investigate crypto exchange Binance for allegedly lying to Congress. According to a new report by Reuters, Democratic Senators Elizabeth Warren of Massachusetts and Chris Van Hollen of Maryland recently penned a letter to the DOJ claiming that Binance, the largest crypto exchange platform by volume, gave misleading information to Congress. The Senators allege that Binance lied to a panel of bi-partisan lawmakers earlier this year who were gathering information from industry leaders as they weighed possible new regulations.…

US Opposes Crypto Exchange Bittrex’s Customer Repayment Plan

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The United States has objected to a proposal by cryptocurrency exchange Bittrex to return customer cash and cryptocurrency as part of a process to window its operations in the country. Bittrex’s US arm filed for bankruptcy protection in May weeks after exiting the country over regulatory challenges. In the same month, the cryptocurrency exchange sought permission from the bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy,…

SEC Seeks To Freeze Binance.US Assets Hours After Filing Lawsuit Against the Crypto Exchange

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Just a day after filing a 136-page complaint against Binance, the U.S. Securities and Exchange Commission (SEC) filed a motion for a temporary restraining order to freeze assets tied to the US arm of the world’s largest crypto exchange. On Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what the federal agency’s head, Gary Gensler, called “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.” After filing the lawsuit, the regulator on Tuesday submitted a new…

$1,280,000,000 in Crypto Yanked Out of Coinbase Amid SEC Lawsuit Against the US Exchange: On-Chain Data

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Blockchain data and research firm Nansen says that hundreds of millions of dollars exited the Coinbase group in the wake of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). According to Nansen, Coinbase and the exchange’s custodial arm recorded negative netflows, the sum of deposits and withdrawals, of approximately $1.28 billion after the SEC move. “As we write, the SEC has announced that it is suing Coinbase. Looking at on-chain centralized exchange data, it shows that Coinbase + Coinbase custody have negative netflows of $1.28 billion.” Source:…

Australia’s Top Bank Blocks Payments to Crypto Exchanges

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In a proactive move to enhance customer safety, the Commonwealth Bank (CBA) today (Thursday) announced it has implemented new measures aimed at protecting customers from fraudulent activities tied to cryptocurrency exchanges. In practice, this means that the bank will be able to block some outgoing transfers to selected cryptocurrency exchanges. However, the institution has not specified which platforms may be specifically concerned. In an attempt to minimize scam risks, from today onwards, the bank will decline or hold for 24 hours certain payments Payments One of the bases of mediums…

Binance Customers Appear Unfazed by SEC Lawsuit As Exchange Sees Only Modest Bitcoin Withdrawals: CryptoQuant

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Binance customers do not seem to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume. According to data shared by Ki Young Ju, the CEO says that Binance did suffer outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023. But that outflow looks less statistically significant when looking at a zoomed-out time chart, according to Ki Young Ju. The impact of 10k $BTC outflows on Binance.https://t.co/1TXeqp1lnZ — Ki Young Ju (@ki_young_ju) June 5, 2023 Julio Moreno, head…

Crypto Spot Volumes on Centralized Exchanges Hit Lowest Since March 2019

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The volume of cryptocurrency spot trading on centralized exchanges (CEXs) plunged by 21.8% in May to $495 billion, marking the lowest monthly trading volume since March 2019. Also, derivatives trading volumes slumped by 15.7% to $1.95 trillion, which is the lowest since December 2022. These figures are according to new data by digital asset data provider, CCData, previously known as CryptoCompare. CCData is also a benchmark administrator authorized by the UK Financial Conduct Authority. According to the firm, despite the decrease in derivatives trading volumes on CEXs, the market share…

Former NFL Team Owner Sentenced to Six Years in Prison for Providing ‘Shadow Bank’ Services to Crypto Exchanges

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The former owner of a National Football League (NFL) team has been sentenced to more than six years in prison for acting as a “shadow bank” and illegally processing more than $700 million worth of transactions for crypto exchanges. Reginald Fowler, who previously co-owned the Minnesota Vikings, established a company called Global Trading Solutions LLC in 2018. Using that company, he worked with Israeli nationals who operated a number of crypto firms, according to a press release from the U.S. Attorney’s Office for the Southern District of New York. The…