According to the company’s LinkedIn page, Luno has more than 600 employees, meaning it will cut over 210 jobs. Luno said the layoffs will affect employees in all regions. Headquartered in London, Luno has offices in Singapore, Cape Town, Johannesburg, Lagos and Sydney. Source
According to a deed of company arrangement (DoCA), the exchange will receive a loan of 1.25 million Australian dollars from an associated business, Digico, to allow it to function. Customers with under $250 will be repaid in full and others will receive at least 45% of their balance over five years. Source
Competitors of Coinbase, including Binance and Gemini, are grappling with the ripple effects of FTX’s collapse, which has triggered increased scrutiny over unregulated exchanges in the industry, making Coinbase one of the few options for investors to trade crypto without significant risk of fraud. Source
Cryptocurrency has faced more than its fair share of catastrophes, nearly all of which seemed as though they might end or at least seriously impede the continued growth of the sector. Yet despite the many “teachable moments,” the social layer of crypto refuses to learn its lesson and continues to place its trust in the hands of individuals rather than fully utilize the technologies it claims to support. Since the early days of the industry, crypto has faced major blows at the hands of centralized actors — Mt. Gox, which…
The world’s largest crypto exchange by trade volume, Binance, according to the story, did 205,000 transactions with Bitzlato between May 2018 and its closure last week after the U.S. Department of Justice (DOJ) charged it and its founder with money laundering. Source
Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Joe Raedle | Getty Images Crypto exchange Gemini will reduce its headcount by 10%, a spokesperson told CNBC on Monday. It’s at least the third round of cuts in less than a year for Gemini, which was co-founded by twins Cameron and Tyler Winklevoss, and unlike many of its peers, is subject to New York banking regulation. Gemini had 1,000 employees as of Nov. 2022, according to PitchBook data, suggesting around…
US-based crypto exchange Coinbase is reportedly set to become a premium partner of German soccer team Borussia Dortmund (BVB). According to a report from Handelsblatt, the largest crypto trading platform in the US will get more sponsorship arrangements with BVB once Germany’s primary football league, the Bundesliga, resumes after the winter break. Coinbase has been BVB’s partner since July last year, with the trading platform providing crypto education to the sports club’s employees. The expanded partnership will enable the exchange to get perimeter advertising and cam carpets in Signal Iduna Parl…
Uniswap, like other decentralized exchanges (DEXs), relies on smart contracts to match trades and supply liquidity between traders. It locks up over $3.4 billion worth of various tokens across five blockchains, with V3, the latest iteration, commanding $2.6 billion of that figure, according to DeFiLlama. Source
South Africa’s Advertising Regulatory Board (ARB) has included a new clause for the cryptocurrency industry aimed at protecting consumers from unethical advertising. Companies and individuals in South Africa must abide by certain advertising standards pertaining to the provision of cryptocurrency products and services in a new clause introduced to Section III of the country’s advertising code. The first clause requires that adverts, including cryptocurrency offerings, must ‘expressly and clearly’ state that investments may result in the loss of capital ‘as the value is variable and can go up as well as…
John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange. The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets. In his first interview since becoming FTX’s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in…