Category: Exchanges

Paxful to Drop Ethereum Trading Due to Increased Centralization and Consensus Mechanism Pivot – Exchanges Bitcoin News

boss

Paxful, a New York-based, peer-to-peer (P2P) cryptocurrency exchange, will drop Ethereum trading from its platform on Dec. 22. Ray Youssef, CEO of the company, cited different reasons for this decision, with increased centralization and the recent consensus mechanism pivot amongst them. Youssef also stated that tokens built on top of Ethereum have been primarily scams. P2P Exchange Paxful Drops Ethereum Paxful, a New York-based, peer-to-peer cryptocurrency exchange, has announced that it will drop Ethereum from its platform. The announcement was made via email, and then using social networks,…

Five Bitcoin Wallets Linked to Collapsed Crypto Exchange Mysteriously Awaken After Years of Inactivity: On-Chain Data

boss

Five Bitcoin wallets associated with the now-defunct crypto exchange QuadrigaCX moved 104 Bitcoin (BTC) worth $1.75 million for the first time in years, according to an on-chain researcher. Pseudonymous on-chain sleuth ZachXBT points out the development to his 339,400 Twitter followers. Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on Dec 17 for the first time in years. 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB — ZachXBT (@zachxbt) December 19, 2022 The on-chain researcher notes one of the wallets sent about 69 BTC ($1.16 million) to the Bitcoin mixing service Wasabi. A crypto mixing service…

How Exchanges Can Be Free of Risk

boss

Although most equities and traditional commodities today are not primarily represented on blockchains, a few are, such as by the Swiss exchange Sixth. In this system, however, to address settlement and custody risk all assets traded are held on blockchains. For instance, when the pair being traded is bitcoin against dollars, bitcoin is, of course, already on a blockchain and dollars would be on a dollar stablecoin blockchain. As part of the process of submitting a bid or ask, the asset is transferred to a wallet on the native blockchain…

Australian Crypto Exchange Swyftx Shelves $1.5bn Merger with Superhero

boss

Brisbane-based cryptocurrency exchange, Swyftx, and shares trading and superannuation platform, Superhero, have abandoned a merger deal they agreed to earlier in June. The deal was supposed to create “a $1.5 billion financial services giant” through the integration of platforms. 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! Announcing the deal in June, Swyftx described it as “a historic merger that will create the country’s first digital and traditional finance powerhouse.” However,…

Uniswap to allow users to buy cryptocurrency using debit and credit cards

boss

Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards, and bank transfers. The bank transfer option is being rolled out for users within most U.S. states, Brazil, the United Kingdom and Single European Payments Arena, also known as SEPA. In the announcement made on Dec. 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum in a matter of minutes.  1/ Go…

Staggering $3,200,000,000 in Stablecoins Exit Crypto Exchange Binance in 30 Days: Analytics Firm Glassnode

boss

Leading analytics firm Glassnode says billions of dollars worth of stablecoins are being withdrawn from top crypto exchange Binance. Glassnode says that Binance has witnessed $3.2 billion in combined outflows of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) in a 30-day period. Source: Glassnode/Twitter Based on Glassnode’s chart, Binance’s net outflows of dollar-pegged crypto assets this month appear to be the highest rate of stablecoin withdrawal in nearly three years. Traders and investors have been taking off crypto assets from digital asset exchanges following the high-profile…

Busan city drops global crypto exchanges from its digital exchange plans

boss

Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of centralized exchanges. The city announced the steering committee comprising 18 local blockchain experts but none of the five exchanges that had agreed earlier this year to assist the city in establishing its first official digital asset exchange. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX.…

Gate US Receives Licenses to Operate Crypto Exchange in Several States, will Launch Services Soon

boss

Cryptocurrency exchange Gate.io’s subsidiary Gate US has announced that it will launch its services in the United States, barring New York, Hawaii, and Puerto Rico states. However, it has not given any timeline as to when its services will be available in the US. Gate US has received licenses to operate in several US states, the company said in a press release. “Gate US is committed to regulatory compliance. In alignment with such commitments, Gate US has proactively registered as a money services business with FinCEN and obtained some money…

Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say – Regulation Bitcoin News

boss

Russian authorities are finding it hard to cash out digital assets they have gotten hold of, prosecutors have warned. They have also urged the government to recognize cryptocurrency as property, allow departments to have digital wallets and use crypto exchanges. Prosecutor’s Office Insists Russian Investigators Should Have Cryptocurrency Wallets Russian prosecutors are convinced that investigative authorities, among other government bodies, should be allowed to set up crypto wallets and be able to store and convert confiscated digital coins to fiat money, the business daily Kommersant reported. The Prosecutor General’s Office…

Missing From the Debate About Binance’s Proof of Reserves and Auditor, One Metric Shows Another Exchange Could Be in Trouble.

boss

“If the exchange is not using its collateral to borrow money, it doesn’t really matter what the clean reserves are. If every customer’s crypto is fully held 1:1 in proper wallets, it doesn’t really matter,” he told CoinDesk via Telegram. “What is more important, is knowing the exchange’s liabilities amount. Knowing the reserves is one part of the equation, but more importantly, what are the liabilities.” Source