Category: Exchanges

Crypto Exchange Hacks and Insurance: Risks, Coverage, and Limitations

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In recent years, cryptocurrency exchanges have become a popular target for hackers, resulting in significant losses for both investors and exchanges. As a result of these threats, some exchanges have begun to offer insurance to protect their clients’ funds in the event of a hack. In this article, we will look at the risks associated with cryptocurrency exchange hacks, as well as the different types of insurance available and their limitations. Cryptocurrency Exchange Hacking Dangers Cryptocurrency exchanges are centralized platforms that facilitate cryptocurrency buying and selling. Because cryptocurrencies are so…

Crypto Exchange Kraken To Launch New Crypto Bank in US Amid Regulatory Issue

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US-based crypto exchange Kraken is still launching a new Wyoming-based crypto bank despite the U.S. Securities and Exchange Commission’s (SEC) recent banning of the exchange’s staking service. Kraken Support directly told a Twitter user that Kraken Bank is still on its way, with an initial offering to customers in the USA. “Kraken Bank is not open yet but on its way. The offering will initially be available to existing Kraken clients in the USA with potential international expansion in the future.” Kraken announced in 2020 that it is officially opening a crypto bank,…

Banking the Unbanked with Cryptocurrency: Risks and Rewards

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According to the World Bank, over 1.7 billion adults around the world do not have access to traditional banking services, effectively leaving them out of the financial system. However, cryptocurrency and blockchain technology have the potential to solve this problem by allowing the unbanked to access financial services without the need for traditional banking infrastructure. In this article, we’ll look at the risks and benefits of using cryptocurrency to bank the unbanked. Cryptocurrency is a type of digital or virtual currency that employs cryptography to secure and verify transactions as…

Unlicensed Cryptocurrency Kiosk Operation Exposed: Ohio Company Accused of Money Laundering and Scams

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More than 50 cryptocurrency kiosks were recently confiscated in Ohio after an inquiry spearheaded by the Cyber Fraud and Money Laundering Task Force of the United States Secret Service. The kiosks were owned by S&P Solutions, which conducted business as America’s Bitcoin, and three executives were charged with participating in an unlicensed cryptocurrency kiosk operation. The corporation is accused of conspiracy, money laundering, and other crimes, media reports said.  According to the prosecutor, romance scammers, robocallers, and law enforcement impersonators exploited the kiosks to extract funds from users’ cryptocurrency wallets…

Silvergate Effect? Bybit Becomes Latest Crypto Exchange to Halt USD Withdrawals

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Cryptocurrency exchange Bybit, known for offering derivatives instruments, will temporarily suspend US dollar withdrawals from 10 March due to a service outage of its “end-point processing partner.” “Withdrawals via Wire Transfer (including SWIFT) will also be suspended at Mar 10, 2023, 12 AM (midnight) UTC due to the same end-point processing partner. If you wish to make any withdrawals via these methods, please do so before Mar 10, 2023, 12 AM (midnight) UTC,” the Dubai-headquartered exchange stated in a notice released over the weekend. Notice on Suspension of USD Payments…

Brazilian Tax Authority Numbers Reveal Cryptocurrency Market Recovery in January – Bitcoin News

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Numbers from the Brazilian tax authority indicate that the cryptocurrency market experienced a resurgence in January, with trading increasing more than 10% compared to December. Tether’s usdt is still the currency that moves the most volume, a reality related to OTC (over-the-counter) trades, according to market analysts. Crypto Market Moves Again in January, According to Brazilian Tax Authority The Brazilian tax authority, which receives reports of the movements of cryptocurrency by law for tax collecting purposes, released its crypto volume reports corresponding to January. The institution revealed a growth in…

Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges

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Ukraine temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto exchanges. While the move immediately impacted how investors move funds to and from exchanges, Binance reminded users about how peer-to-peer (P2P) services come in handy when trading cryptocurrencies. Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience. Michael Chobanian, the founder of local crypto exchange Kuna, acknowledged the service disruption. However, he said he would explain…

Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April – Defi Bitcoin News

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On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the decentralized exchange (dex) platform’s yield farming experience. Pancakeswap Announces Version 3 Launch Date Pancakeswap, the multichain dex platform, announced the launch of the program’s third iteration, called Pancakeswap v3. The application is set to go live during the first week of April on the Binance…

Shiba Inu (SHIB) Burn Rate Explodes Nearly 8,000% As Dogecoin Rival Gets Surprise Listing from Major Exchange

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Shiba Inu’s rate of token burns has skyrocketed nearly 8,000% as the SHIB community welcomes yet another listing from a major crypto exchange. According to Shibburn, which keeps track of SHIB burning, the burn rate suddenly exploded 7,900% on Friday as 43 million tokens were burned in a single day. “HOURLY SHIB UPDATE SHIB Price: $0.00001137 (1hr 0.13% ? | 24hr -5.18% ? ) Market Cap: $6,699,607,943 (-5.47% ?) Total Supply: 589,614,707,812,657 TOKENS BURNT Past 24Hrs: 43,192,603 (7909.09% ?) Past 7 Days: 148,357,592 (-19.8% ?)” At time of writing, over…