Category: Exchanges

Binance.US Relying on Middleman To Store User Funds As Crypto Exchange Struggles To Find Banking Partner: Report

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The US arm of leading crypto exchange Binance is reportedly searching for a new banking partner after Silvergate Capital and Signature Bank collapsed last month. The Wall Street Journal reports that Binance.US is struggling to find a bank that will directly hold its customers’ cash following the failure of Signature and Silvergate, which were the two most widely used banks for US crypto firms. The exchange reportedly failed to establish direct banking relationships with New Jersey-based lender Cross River Bank, which accommodates crypto and financial technology firms, and Pennsylvania-based regional…

South Korean Crypto Exchange GDAC Loses 23% of Assets to Hackers

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Hackers have stolen approximately 23% of digital assets stored in GDAC’s hot wallet, the South Korea-based cryptocurrency exchange said on Monday. Seunghwan Han, GDAC’s Chief Executive Officer, confirmed the attack in a statement published on the firm’s website on Monday. In the statement, Han disclosed that the stolen custodial assets include 60.8 Bitcoin, 350.5 ETH, 10 million WEMIX tokens and 220,000 USDT. Based on the April 10, 2023, prices of the respective digital assets on CoinMarketCap, the amount of stolen digital assets were $1.7 million, $652.8 million, $11.8 million and…

The Global Regulatory Landscape of Cryptocurrency Exchanges: Challenges and Opportunities

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In recent years, cryptocurrency exchanges have grown in popularity, providing a place for users to buy, sell, and trade various cryptocurrencies. The global regulatory landscape of cryptocurrency exchanges, on the other hand, remains a challenge for the business, with differing levels of regulation and oversight in different areas. In this article, we will look at the worldwide regulatory landscape of cryptocurrency exchanges and the challenges and possibilities it presents. Challenges The absence of distinct regulatory frameworks is one of the primary challenges confronting cryptocurrency exchanges. While some countries have made…

Report Uncovers Former FTX US President’s Resignation and Accounting Failures at Failed Crypto Exchange

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A recent report reveals that the former President of FTX US, Brett Harrison, stepped down from his position in September 2022 due to an ongoing disagreement with CEO of FTX, Sam Bankman-Fried, and his circle. In addition, the report alleges accounting downfalls at the now-failed crypto exchange, which Bankman-Fried and his colleagues could have better managed. As per the report, employees were instructed by an unnamed higher-up to provide “some numbers” for a portfolio summary in June 2022, but the information was inaccurate. Harrison expressed worries regarding the management of…

Crypto Exchange SushiSwap Exploited – Here’s How to Ensure Your Funds Are Safe

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A smart contract bug in the popular decentralized exchange SushiSwap has led to the theft of about $3.3 million in Ethereum (ETH). According to the crypto analytics firm PeckShield, the bug is connected to the contract approval process and is related to an update that was implemented a few weeks ago. The bug led to the theft of about 1,800 ETH from a well-known crypto trader who goes by the name Sifu. SushiSwap says all hands are on deck to recover funds, if possible. The team has provided a link…

Advocates wear cryptocurrency on their sleeve

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Got Bitcoin ink? Many Bitcoin believers do. But what are the risks? What about privacy? And what happens if — one fateful day — Bitcoin crashes and burns to zero? Cointelegraph spoke with Bitcoin (BTC) advocates to understand why they have permanently etched a Bitcoin logo, motif, equation or slogan onto their skin. They’ve shown permanent solidarity with the decentralized movement, expressing their support for the Bitcoin protocol and the values it represents. Taihuttu’s Bitcoin B tatto. Source Taihuttu. Didi Taihuttu, father of the “Bitcoin family,” explained that he inked himself…

Australian regulator cancels Binance’s license at exchange’s request

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The logo of cryptocurrency exchange Binance displayed on a phone screen. Jakub Porzycki | NurPhoto via Getty Images Binance’s Australian derivatives license was canceled at the crypto exchange’s own request, the Australian Securities & Investments Commission said Thursday, after the regulator had begun a “targeted review of Binance” in February. Beginning April 14, Binance’s derivative clients in Australia will not be able to open or increase their existing trading positions. By Apr. 21, Binance will be required to close out any remaining trading positions, the regulator said. “Our targeted review…

Media Outlets Push for Access to Non-US Customer Information in FTX Cryptocurrency Exchange Bankruptcy Case

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Several conventional media outlets seek to uncover the personal information of non-U.S. customers of the cryptocurrency FTX exchange, similar to the events that took place during the Celsius bankruptcy case, as stated by our sources. In an official filing on April 4th with the Delaware Bankruptcy Bloomberg Court, The New York Times, The Financial Times, and parent company Dow Jones & Company collectively objected to withholding FTX customers’ identities. According to their argument, the public and the press hold a “presumptive right” to access bankruptcy filings. FTX and its clients,…

Binance License Cancelled by ASIC at Exchange’s Request

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The Australian markets regulator, ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia…

Binance Australia’s Derivatives License Cancelled Following Request by Exchange.

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“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law,” ASIC Chairman Joseph Longo said in the release. “Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial-services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority,” Source