Category: Exchanges

Binance’s Changpeng Zhao and Coinbase CEO Brian Armstrong Support Vitalik Buterin’s Idea for Crypto Exchanges

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CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum (ETH) creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers. After the collapse of FTX and the revelations that came with it, scrutiny over the reserve systems of crypto exchanges circulated, prompting several firms to publish their reserves to prove solvency. Buterin suggested a system where users can verify their personal balances through a Merkle Tree, protected with the privacy of a zk-SNARK (zero-knowledge succinct non-interactive argument…

Banking Giant JPMorgan Files Trademark for New Crypto Wallet With Ability to Exchange and Transfer Virtual Currencies

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Financial services industry titan JPMorgan has filed a trademark for a new digital assets wallet. In a recent filing with the United States Trademark and Patents Office (USTPO), JPMorgan filed a trademark for a product called J.P. Morgan Wallet. According to the required trademark statement of use document, the J.P. Morgan Wallet’s identified purpose is to facilitate digital currency exchange. “Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network; financial exchange of virtual…

Collapsed crypto exchange FTX owes top 50 creditors $3 billion: Filing

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The collapse of FTX has sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins have fallen sharply as problems at FTX emerged. Jakub Porzycki | Nurphoto | Getty Images Embattled cryptocurrency exchange FTX owes its creditors north of $3 billion, according to a new filing over the weekend. A list of FTX’s top 50 unsecured creditors, which excludes their names and other identifiable information, shows that the largest of them all is owed more than $226 million. The second-biggest unsecured creditor is claiming over…

FTX-owned Liquid exchange pauses all trading after withdrawal halt

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Liquid has suspended all trading operations on its platform in line with instructions from FTX Trading, the firm announced on Twitter on Nov. 20. The statement indicates that Liquid exchange paused “all forms of trading” because of the operation of the Chapter 11 process in the Delaware courts. “We have since done so while we assess the situation. We are working through these issues and will endeavor to give a fuller update in due course,” Liquid added. Liquid’s operational halt comes five days after the exchange suspended all withdrawals on…

We Don’t See a Viable Business in India – Exchanges Bitcoin News

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Binance CEO Changpeng Zhao (CZ) says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime. The executive explained: “Binance goes to countries where regulations are pro-crypto and pro-business.” Binance’s CEO on Indian Crypto Environment The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), does not currently see India as a viable country to expand his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday: To be honest, I don’t think India is a very crypto-friendly environment. Zhao is particularly discouraged…

Binance’s Bitcoin Reserve Stash Nears 600,000, Company’s BTC Cache Is Now the Largest Held by an Exchange – Bitcoin News

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While there’s been a lot of discussions concerning proof-of-reserves, self-custody, and the more than $5 billion in bitcoin and ethereum that left exchanges between Nov. 7 through Nov. 14, 2022, Binance’s bitcoin stash has grown significantly since Nov. 12. In fact, metrics from cryptoquant.com indicate that Binance’s bitcoin reserves reached an all-time high on Nov. 19, 2022, as the trading platform holds roughly 582,054 bitcoin worth $9.62 billion using bitcoin’s exchange rate on Nov. 20, 2022. Binance Holds Close to 600,000 Bitcoin Today or Roughly 2.77% of the 21 Million…

Bankrupt crypto exchange FTX begins strategic review of global assets

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As part of the recent bankruptcy filing, the defunct crypto exchange FTX, along with 101 of the 130 affiliated companies, announced the launch of a strategic review of their global assets. The review is an attempt to maximize recoverable value for stakeholders.  FTX, at the time led by CEO Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy on Nov. 11 after being caught misappropriating user funds. The bankruptcy filing sought to cushion the losses of stakeholders connected to FTX and affiliated companies, a.k.a FTX debtors. 1/ Sharing a Press Release…

Self Custody Fever: Over 220,000 BTC Withdrawn from Exchanges since November 7

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The self-custody fever of investors has started depleting bitcoin reserves in many crypto exchanges except a few at the top as investors are taking bitcoin into self-custody, shaken by the FTX collapse and its aftermath. The bankrupt exchange FTX first halted client withdrawals and then moved to file bankruptcy suit. Barring two exchanges with the largest bitcoin balances – Coinbase (529,000) and Binance (479,000) with modest declines over the past week, other exchanges faced significant declines. Over 220,000 BTC Withdrawn According to data from Coinglass, roughly 26,000 more bitcoin (BTC)…

950 FTX Users in Taiwan Had Digital Funds Worth $150 Million Held on the Exchange When It Collapsed – Featured Bitcoin News

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At the time of FTX’s collapse, about 950 users in Taiwan had a total of $150 million worth of digital assets stored or held at the crypto exchange, a law firm has reportedly said. FTX users in Taiwan were reportedly investing in interest-bearing digital assets using cheap funds borrowed from local banks. FTX’s Popularity With Taiwanese Users According to a Taiwanese law firm, Enlighten Law Group, about 950 people in the country had digital assets worth $150 million stored on the crypto exchange FTX when it collapsed. The law firm…