Category: Exchanges

Senior Citizen Defrauded of $7.5 Million in a Sophisticated Cryptocurrency Scam in B.C.

boss

A senior citizen residing in Burnaby, British Columbia, was scammed out of more than $7.5 million in a cryptocurrency fraud, which the Burnaby RCMP unit says is one of the most substantial scams the detachment has ever investigated. The fraudsters employed a double-barrelled approach, first targeting the victim with a cryptocurrency fraud before posing as someone who could assist her in recovering her money. The police have issued a warning in response. The scammers initiated contact with the victim in the spring of 2022, claiming to be seeking information about…

$1,505,416,204 in Bitcoin (BTC) Flows Into Binance Crypto Exchange in Just 30 Days: On-Chain Data

boss

Over $1.5 billion worth of Bitcoin (BTC) has flowed into the world’s largest crypto exchange platform by volume in the last 30 days. New on-chain data from market intelligence platform Coinglass reveals that Binance currently holds 588,129 Bitcoin at time of writing, 51,386 of which came in just this month. Coinglass further finds that 22,590 of the BTC came in during the last seven days while nearly 5,000 tokens came in during the last 24 hours. Other prominent crypto exchange platforms that saw significant BTC movement during the last month…

Shiba Inu (SHIB) Ecosystem Altcoin Defies Crypto Market Doldrums Amid New Exchange Listings This Week

boss

A crucial Shiba Inu (SHIB) ecosystem altcoin is defying the sideways crypto market trend this week, surging more than 16% amid a flurry of new exchange listings. The altcoin, Bone ShibaSwap (BONE), is trading at $1.06 at time of writing, up from $0.913 seven days ago. The 165th-ranked crypto asset by market cap will be used to pay for gas fees on Shibarium, the much anticipated layer-2 project designed to make the Shiba Inu ecosystem more efficient, similar to Polygon (MATIC) on Ethereum (ETH). Shibarium launched its beta version, “Puppynet,”…

Binance to reenter Japan via acquired regulated exchange SEBC

boss

Crypto exchange Binance is set to reenter Japan after acquiring the regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC). Binance acquired the exchange — a Japan Financial Services Agency-licensed business — in November 2022, intending to reenter the Japanese crypto market. According to a report published in a local daily, SEBC would terminate its current crypto exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023. The SEBC notice didn’t announce any official launch date. Users of the SEBC exchange must withdraw their funds before the deadline…

Revolut taps Koinly for automated cryptocurrency tax reports

boss

As cryptocurrencies increasingly fall under the purview of global tax authorities, fintech Revolut has integrated an automated tax reporting service for its users. The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses. Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations. Koinly’s global head of partnerships Jane McEvoy tells Cointelegraph that the partnership has been a work in progress since the start of 2023. The…

Coinbase Responds to SEC Wells Notice, Defends Cryptocurrency Lending Products

boss

On April 27th, Coinbase, a well-known cryptocurrency exchange based in San Francisco, boldly responded to a recent Wells Notice issued by the United States Securities and Exchange Commission (SEC) in March. For those unfamiliar with the term, a Wells Notice is a warning that the SEC is considering taking legal action against a company. It’s a serious matter and not one to be taken lightly. In the wells notice letter, the watchdog regulator urged that Coinbase lending products that allow cryptocurrency users to earn interest on certain digital assets are…

Crypto Exchange Binance Has Ousted North Koreans, Senior Official Says

boss

“We kicked their ass enough that they’re actually able to recognize that Binance was not the place for them,” said Tigran Gambaryan, head of financial crime compliance at the largest crypto exchange by trading volume. “Binance has been fairly successful … whether it’s about how they circumvent controls or identifying the different entities or types of identification that they try to spoof.” Source

SEC Is Alleging Legal Violations ‘On the Fly,’ Crypto Exchange Coinbase Says

boss

“An investment contract exists when you invest money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. Intermediaries for investment contracts, whether they’re exchanges, brokers, dealers, clearinghouses, they need to comply with the securities laws and register with the Securities and Exchange Commission,” he said. “Instead, many crypto platforms are just pretending that these investment contracts that they offer are more like goldfish,” using an analogy about pets. Source

US SEC’s Gary Gensler Releases Another Video Dig at Cryptocurrency Industry

boss

“The lack of compliance by these crypto platforms means that you don’t have basic investor protections,” Gensler said in his “Office Hours” video series. “These are things like rulebooks and surveillance to prevent fraud and manipulation. Or appropriate custody and segregation of customer assets so they don’t get misused or abused or simply become the property of the platform, especially if it goes into bankruptcy.” Source