Category: Exchanges

Crypto Exchange Coinbase Locks in Regulatory Approval To Expand to Singapore Market

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Digital asset trading platform Coinbase is announcing that it has received a license to operate in Singapore. Coinbase says that the Monetary Authority of Singapore (MAS) has granted the crypto exchange regulatory go-ahead to provide “digital payment token products and services” in the city-state. The Monetary Authority of Singapore, which is the city-state’s central bank and financial regulator, defines digital payment tokens as “digital representations of value that do not have a physical form, and are typically maintained using blockchain technology”. Coinbase says its presence in Singapore was growing even…

Coinsquare becomes first Canadian crypto exchange to receive IIROC registration

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All crypto exchanges must register with IIROC if they want to operate in Canada, and there is currently a backlog of applications. Coinsquare, Canada’s longest-operating crypto asset trading platform, announced on Oct. 12 that the Investment Industry Regulatory Organization of Canada (IIROC) had approved its dealer registration and IIROC membership. This regulatory status will now position Coinsquare as the first crypto-only IIROC-registered investment dealer and marketplace member in Canada. The Coinsquare team wrote: “In dealing with an IIROC registrant, Coinsquare clients now have the added comfort and security of knowing…

U.S. Securities and Exchange Commission Opening Investigation Into Bored Ape Yacht Club NFT Creators: Report

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Federal regulators are reportedly investigating the creator of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection for potential violations of federal laws during the sale of digital assets. Citing an unnamed source familiar with the matter, Bloomberg reports that the U.S. Securities and Exchange Commission (SEC) is investigating Yuga Labs to determine if some of its NFTs are comparable to stocks, which would require compliance with disclosure rules. In a statement, the Miami-based company says it will cooperate with any investigation. “It’s well-known that policymakers and regulators have…

Robo-Adviser Betterment Launches Cryptocurrency Offering

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Over 730,000 retail customers can now invest in four curated portfolios of crypto assets covering everything from broad market themes to decentralized finance (DeFi) tokens, with metaverse plays and sustainability in between. They’re constructed for ease of access, Jesse Proudman, vice-president of crypto investing at Betterment, told CoinDesk. Source

$47,000,000,000 Asset Manager Could Spark Turnaround of Decentralized Exchange Protocol: Analyst

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A widely followed crypto analyst says the entry of a $47 billion asset manager could provide a much-needed shot in the arm for decentralized exchange (DEX) protocol SushiSwap (SUSHI). Will Clemente tells his 660,800 Twitter followers that one of the consistent use cases of crypto is enabling market participants to trade highly illiquid altcoins on decentralized exchanges. Says Clemente, “In fact, the ratio of DEX volume to centralized exchange spot volume is higher than it was this time last year mid bull run. There is clearly a consistent underlying demand…

U.S. Treasury and FinCEN Hit Crypto Exchange Bittrex With $53,000,000 in Fines for Two Offences

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Crypto exchange Bittrex is settling with the U.S. Treasury and the Financial Crimes Enforcement Network (FinCEN) to the tune of $53 million. According to a press release, the Treasury’s Office of Foreign Assets Control (OFAC) and FinCEN have charged Bittrex with violating sanctions and anti-money laundering (AML) obligations. Bittrex faces fines of $24 million from OFAC, and $29 million from FinCEN, in what is the first joint enforcement action between the two regulatory agencies. Investigations into Bittrex found violations of multiple sanctions programs, and “willful” violations of the Bank Secrecy…

FTX Founder Sam Bankman-Fried Lays Out Upcoming Upgrades for the Crypto Exchange

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FTX founder Sam Bankman-Fried says the crypto exchange is rolling out new features and improvements to its platform over the next month. In a series of tweets, Bankman-Fried lays out a series of changes that its users will see as FTX updates its matching engine. Matching engines are what trading platforms use to match buy orders and sell orders to complete transactions. “We’ll be rolling out a whole new order matcher, lower latency API pathways, and a whole slew of other features. These have been in the works for most…

Founder of Crypto Exchange Giant Huobi Sells His Shares to Hong Kong-Based Asset Manager

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Huobi founder Leon Li is selling his shares in the crypto exchange to Hong Kong-based asset manager About Capital Management. Li was a controlling shareholder in the company and sold 100% of his holdings, according to a press release from Huobi. After purchasing a majority stake in the exchange, About Capital Management formed a new advisory board for Huobi, which includes About Capital CEO Ted Cheng and Tron (TRX) founder Justin Sun. I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and…

Crypto Exchange Bittrex to Pay $30M to Settle OFAC Charges It Allowed Sanctioned Jurisdictions to Trade

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Between 2014 and late 2017, Bittrex allowed around 1,800 people in sanctioned jurisdictions – including Iran, Cuba, Sudan, Syria and Crimea – to conduct more than 116,000 transactions worth roughly $260 million through its platform, according to the settlement. The Seattle, Washington-based exchange has since taken action to better comply with sanctions blacklists. Source