Category: Exchanges

Indian Agency Raids Crypto Exchange CoinSwitch Kuber for FX Law Violations

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Indian anti-money laundering agency, Enforcement Directorate (ED), raided the premises of CoinSwitch Kuber, one of the largest local cryptocurrency exchanges, under the suspension of forex law violations. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. The agency searched five premises linked to the crypto exchange, including office facilities and residences of directors and the CEO. CoinSwitch allegedly violated the Foreign Exchange Management Act (FEMA) with the acquisition of shares of over 20…

South African Cryptocurrency Ownership Rate at 10% — Report – Featured Bitcoin News

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With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countries for crypto adoption,” the latest Finder’s report has said. The report also noted that South Africa’s proportion of crypto owners holding bitcoin, 52%, is the third highest out of 26 countries. Just Over Half Own BTC According to Finder’s crypto adoption trends report for August 2022, about four million people, or 10% of South Africans, are cryptocurrency holders. With this crypto ownership rate, South Africa is ranked eighteenth out of twenty-six…

Afghanistan’s Taliban Government Shuts 16 Crypto Exchanges

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Afghanistan’s Taliban government is cracking down on the local cryptocurrency industry as it closed at least 16 exchanges operating from the country’s western Herat province. However, the names of the shuttered exchanges were not revealed. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. As reported by Ariana News, the crackdown came in response to the cryptocurrency trading ban imposed by the new Taliban government before three months. “Da Afghanistan’s Bank (central bank)…

A16z-backed CoinSwitch exchange raided over alleged forex law breaches

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Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws.  According to an Aug. 25 report from Bloomberg, India’s Enforcement Directorate searched CoinSwitch Kuber’s offices as well as the residences of its directors and CEO Ashish Singhal. A source told the publication the crypto exchange is under suspicion of acquiring shares worth more than $250 million in contravention of forex laws, as well as being non-compliant with certain know-your-customer (KYC) requirements. The Directorate of Enforcement is…

Afghan police close down cryptocurrency exchanges to enforce central bank ban: Report

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Police have closed down at least 16 cryptocurrency exchanges in the Herat province of western Afghanistan in the last week, according to a report in Ariana News, an independent news outlet in that country. The report quotes a local police official as saying arrests had been made during the closures.  The closures were carried out in response to a ban on crypto trading that had been in place for about three months, according to the report. It was apparently referring to a ban imposed on online foreign exchange trading by…

Siam Commercial Bank abandons plans to purchase $500M stake in crypto exchange Bitkub

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Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub. In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited concerns with Bitkub “resolving various issues” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline. According…

Decentralized Exchange THORSwap to Support Cross-Chain Swaps for Over 4,300 Ethereum-Based Tokens

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“The benefit of using a decentralized exchange protocol like THORSwap is always having self-custodial control of your assets,” THORSwap’s pseudonymous product manager “paperx” explained in a Twitter message to CoinDesk. “Users connect their own native chain wallets (Bitcoin, Ethereum, BNB Chain, Cosmos, Litecoin, Dogecoin and THORChain, among others) to swap assets on one and receive assets on another directly into their personal wallet.” Source

Siam Commercial Bank Scraps $500M Acquisition Deal of Crypto Exchange Bitkub

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Thailand’s oldest lender, Siam Commercial Bank (SCB) has abandoned the deal to acquire a controlling stake in Bitkub Online, the country’s largest cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may…

BTC Exchange Deposits Reach the Lowest Level in 2 Years

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In the latest data published by Glassnode, the on-chain analytics platform highlighted that the number of BTC exchange deposits has significantly decreased in the past few weeks. The 7-day moving average of Bitcoin exchange deposits touched 1,921 on Thursday, which is the lowest level since July 2020. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. Due to the latest dip in the price of the world’s largest cryptocurrency, profitability across the BTC…