Category: Exchanges

India’s Cryptocurrency Industry Mobilizes for UPI Reform, Aims to Restore Access

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India’s cryptocurrency industry is mobilizing for reform as a wave of proposals seeks to restore access to the immensely popular Unified Payments Interface (UPI) for crypto-related transactions.   According to insiders, the Indian government and central bank have been inundated with these proposals, while the newly established crypto policy advocacy group, the Bharat Web3 Association (BWA), is gearing up to submit its comprehensive proposal in the upcoming weeks. The crypto community is determined to forge a path toward change, sparking a renewed sense of optimism and anticipation for a breakthrough…

Australia’s Oldest Bank, Westpac, Takes Aim at Scams with Cryptocurrency Exchange Ban

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Westpac, Australia’s oldest bank, has made headlines by announcing a ban on cryptocurrency transactions to certain exchanges as part of a trial to reduce scam losses. The move comes in response to internal data revealing that half of all scam losses stem from investment scams, with one-third of scam payments being transferred to cryptocurrency exchanges. Investment scams have been identified as the largest portion reported to various Australian agencies, including Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCare, and ASIC. Westpac’s decision to block transactions to crypto exchanges has the…

Coinbase Unveils Subscription Service ‘Coinbase One’ for Cryptocurrency Enthusiasts

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Coinbase, one of the leading cryptocurrency exchanges, has announced the launch of its subscription service, “Coinbase One,” which will be available in 35 countries. Initially, the service will roll out in the United Kingdom, Germany, and Ireland. Coinbase One aims to provide users with features, including zero-fee trading, enhanced staking rewards, and exclusive benefits through partnerships with industry players like Messari and CoinTracker. All these benefits will be accessible to subscribers for a monthly fee of $29.99. Coinbase plans to collaborate with partners such as Alto IRA, Blockworks’ Permissionless, and…

Australian exchanges dispel debanking fears amid Binance saga, but risks loom

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Australian-based cryptocurrency exchanges have lined up to quash contagion fears after the payments provider for Binance Australia was told to offboard the exchange, though some have warned risks still loom. On May 18, Binance Australia told users that Australian dollar services were suspended after its payments partner Zepto was told by its partner firm Cuscal to stop support for the exchange. Independent Reserve CEO Adrian Przelozny told Cointelegraph he doesn’t think “this an industry-wide issue as it appears to be Binance-specific,” adding the Australian dollar deposits and withdrawals for his…

Binance Australia partner hints at rising ‘scams’ after debanking exchange

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The third-party payments provider for Binance Australia, Cuscal, hinted about the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” after being questioned why it offboarded the exchange on May 18. The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to elaborate on why it pulled support for Binance Australia specifically. A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it’s “focused on supporting the industry in protecting Australians from financial crimes and…

Cryptocurrency Exchange FTX Files Lawsuit Against Former CEO and Executives Over Controversial Acquisition

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Cryptocurrency exchange FTX has taken legal action against its former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh. The lawsuit stems from the controversial $220 million acquisition of stock-clearing platform Embed, with FTX lawyers claiming a lack of due diligence in the transaction. In a filing on May 17, FTX alleged that it had acquired Embed through its United States subsidiary without conducting thorough due diligence. Following FTX’s bankruptcy filing, the court approved the sale of Embed and other FTX assets, but the highest bid for…

Calls for Restoring UPI Access for Crypto Exchanges Reach Indian Authorities

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The Indian government and central bank have gotten proposals requesting the restoration of access to the Unified Payments Interface (UPI) for the cryptocurrency industry, CoinDesk reports, citing sources familiar with the matter. The proposals have been made independently, with two already submitted and a third expected in the coming weeks from the newly formed crypto policy advocacy group, the Bharat Web3 Association (BWA). These proposals mark the first major effort by India’s crypto stakeholders to seek policy changes governing the industry since it faced challenges such as harsh taxes, a…

US Government Will Come Down Hard on Crypto Exchanges and Mixers To Send a Message to Industry: Report

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The Department of Justice (DOJ)  is about to initiate a crackdown on the crypto industry in a purported effort to prevent the flow of illicit funds. According to a report from the Financial Times (FT), the DOJ’s top crypto enforcement tsar Eun Young Choi is promising a new wave of scrutiny over crypto exchanges and mixing services. Choi says that the government is now digging its heels deeper into the industry as she says that the scale of crime within it has grown “significantly.” She says the platforms that commit…

US Senators Reintroduce ‘Accountability for Cryptocurrency in El Salvador (ACES) Act’ – News Bitcoin News

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U.S. Senators Jim Risch and Bob Menendez have reintroduced the “Accountability for Cryptocurrency in El Salvador Act,” known as the “ACES Act,” for discussion in the Senate. The piece of legislation seeks to examine the level of adoption of bitcoin as a legal tender in El Salvador and how this might affect the financial stability of the country. ‘Accountability for Cryptocurrency in El Salvador (ACES) Act’ Reintroduced in U.S. Senate U.S. Senators Jim Risch and Bob Menendez have reintroduced the “Accountability for Cryptocurrency in El Salvador Act,” also known as…

U.S. Chamber of Commerce Lines Up in Support of Coinbase Amid Exchange’s Push for Regulatory Clarity From SEC

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The U.S. Chamber of Commerce is supporting Coinbase’s efforts to secure regulatory guidance on crypto assets from the U.S. Securities and Exchange Commission (SEC). The top US crypto exchange filed a motion in court in April to compel the SEC to respond to an earlier petition from the company requesting guidance for the digital asset industry. Coinbase first submitted the petition for rulemaking last July but has yet to hear a “yes” or “no” answer to the request. This week, the Chamber of Commerce submitted a legal document known as an amicus…