Category: Exchanges

Pi Network Clarifies Its Tokens Are Not Listed On Any Exchange Yet

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Pi Network, which plans to launch smartphone-based mining of Pi coins, has clarified that it has no association with any crypto exchange as of now. Pi tokens listed on any trading platform are fake, it said in a statement. “Pi’s enclosed mainnet design means that $PI listing on any exchange is impossible. The listing violates the network’s policies and is a false native Pi token, representing some form of IOU or other derivatives,” the network added. Pi Network is a cryptocurrency and developer platform that promises to offer the mining of…

Digital Asset Exchange Giant Huobi Plans To Lay Off 20% of Its Staff Amid Ongoing Crypto Winter: Report

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The Seychelles-based crypto exchange giant Huobi is reportedly planning to lay off 20% of its staff as the ongoing bear market continues to thrash companies across the industry. Reuters reports that Huobi says “a very lean team will be maintained going forward” amid the crypto winter. Tron (TRX) founder Justin Sun, a member of the Huobi advisory board, tells the outlet that the workforce reduction is expected to be completed by the end of the first quarter of this year. The exchange’s planned layoffs are the latest in a series…

$3.9 billion lost in the cryptocurrency market in 2022: Report

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Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022.  According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. According…

Crypto exchange Huobi to lay off 20% of workforce

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The Huobi crypto exchange logo displayed on a smartphone. Nikolas Kokovlis | Nurphoto via Getty Images Digital currency exchange Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the beleaguered cryptocurrency industry. The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko. related investing news A company spokesperson told news agency Reuters that Huobi had a “planned layoff ratio”…

Indonesia to Launch Crypto Exchange as Financial Authority Gains Regulatory Power

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Indonesia plans to open a cryptocurrency exchange in 2023 — amid a financial sector overhaul that would see a transfer of enforcement powers over digital assets to the Financial Services Authority. Head of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) Didid Noordiatmoko stated that the government will establish an exchange before the Financial Services Authority officially assumes the responsibility of cryptocurrency regulation. Currently, commodity contracts and cryptocurrencies are both traded on exchanges governed by Indonesia’s Commodity Futures Trading Regulatory Agency. There have been multiple delays in the cryptocurrency exchange’s planned opening…

Coinbase Reaches Massive Settlement With Regulator After Someone Pulls Off $150,000,000 Fraud Through Exchange

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Top US-based crypto exchange Coinbase has reached a settlement with regulators after bad actors stole $150 million using the platform. According to a memo from New York’s Department of Financial Services, Coinbase must pay $50 million in fines to the regulator, plus invest an additional $50 million in bolstering its internal compliance programs over the next two years. The memo says that Coinbase does the “bare minimum” to verify its customers and stifle illicit activities, which ultimately lead to a $150 million heist that occurred in mid-2021. The regulator says…

Arcane crowns the exchange 2022’s winner

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During a year plagued by crises such as the collapse of FTX and Celsius, data shows that crypto exchange Binance has emerged as the clear “winner” of 2022 according to Arcane Research. A Jan. 3 report from Arcane highlighted that Binance saw its market dominance soar throughout 2022. As of Dec. 28 last year it had captured 92% of the Bitcoin (BTC) spot market and 61% of the BTC derivatives market by volume: “There are no other evident ‘winners’ of 2022 other than Binance when it comes to the crypto…

Crypto Exchange Upbit Strikes Deal with Italian Football Club Napoli

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Upbit, a South Korea-based cryptocurrency exchange, has signed a back-of-shirt partnership agreement with Italian football club SSC Napoli. The deal will remain active until the end of the 2023/24 season of the Series A and Coppa Italia football contests. Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up-to-date with crucial developments in the Forex and CFD industry! Speaking on the deal, Tommaso Bianchini, Napoli’s Chief International Development Officer noted that the partnership is evidence of the club’s positive inclination towards the…