“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law,” ASIC Chairman Joseph Longo said in the release. “Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial-services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority,” Source
The chief executive of the world’s largest crypto exchange platform by volume says that the crypto industry needs more decentralized exchanges (DEXes). In a recent thread, Binance CEO Changpeng Zhao says that even though DEXes can be flawed and he runs a massive centralized crypto exchange (CEX), he believes decentralized crypto swapping platforms are exactly what the industry needs. “We need more DEXs. PancakeSwap has most of the users. Uniswap has most of the TVL [total value locked]. That’s still ‘too centralized’… (I know, imagine that coming from me.) Need…
Binance wasn’t interested because of rumors that Huobi has ties to mainland China, which Binance wants nothing to do with, according to the person, who requested anonymity. In an interview last month with CoinDesk TV, Sun said Huobi wants to attain a license in Hong Kong and launch a new exchange there called Huobi Hong Kong. Source
The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported. Citing three anonymous sources, Bloomberg reported on April 5 that the regulator had asked Binance to submit more information about the exchange’s ownership structure, governance and auditing processes. The people close to the matter said VARA has requested the same details from global crypto players looking to be licensed in Dubai. VARA officials have…
Trust Wallet, the noncustodial and multichain crypto wallet, has partnered with Ramp and MoonPay to introduce seamless crypto-to-fiat withdrawals for its users. The partnership will allow wallet users to convert crypto to fiat directly within the wallet app. The feature eliminates the need for transferring funds to a centralized wallet to liquidate or convert to fiat. With the help of this new functionality, users may now enter and exit the cryptocurrency market totally through their self-custody wallet and take complete control of their cryptocurrency funds. Cash out window. Source: Trust…
It fell to 54%. In the U.S., Coinbase lost business while Binance.US saw a big jump. Source
“A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” according to the Interpol website. “The individuals are wanted by the requesting member country, or international tribunal,” the site added. Source
In a warning letter released on Friday, Japan’s Financial Services Agency (FSA) said that a number of foreign cryptocurrency exchanges, including Binance, Bybit, MEXC Global and Bitget, have been conducting business in the country without proper registration, violating the nation’s fund settlement laws. According to the warning letter, the FSA stated that the listed exchanges had breached Japan’s fund settlement regulations by conducting crypto asset exchange business without proper registration. The regulator clarified that the current list of unregistered traders may not accurately represent the current state of unregistered businesses.…
The lawsuit blames crypto exchange Binance and its affiliates for illegally promoting unregistered securities and also engaging in the activities of BNB burn. Crypto exchange Binance and its CEO Changpeng Zhao (CZ) is facing another set of difficulties in a high-profile legal challenge. Just a few days after the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, the Moskowitz Law Firm, and Boies Schiller Flexner have also fined another class action lawsuit targeting the Binance chief along with other influencers such as NBA star Jimmy Butler, for…
This week, like it has been the trend, regulators in the United States didn’t slow down. The Commodity Futures Trading Commission (CFTC) formally brought charges against Binance, alleging breaches of the Commodity Exchange Act. Despite the markets contracting, gains posted in the preceding week remained intact. Meanwhile, fresh revelations emerged on the ongoing FTX case. A deluge of regulatory actions The global trend of strengthening regulatory oversight for cryptocurrency has been gaining momentum. Financial regulatory bodies around the globe aim to offer clear guidance to the fledgling industry and protect…