DBS, a leading financial services group in Asia, reports a significant increase in the trading value of digital payment tokens on its digital exchange for the first five months of this year. The surge reflects growing institutional interest in digital assets as part of alternative portfolios. “We are studying listing stablecoins on our exchange and […] Source
Crypto exchange Bitmex has pleaded guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an adequate anti-money laundering (AML) program, resulting in the company being a vehicle for large-scale money laundering. The DOJ announced this plea following previous legal actions and settlements. Bitmex says: “We have accepted the BSA charge, will seek […] Source
According to data from the past 40 days, the San Francisco crypto exchange and custody service Coinbase has experienced withdrawals totaling 12,585 BTC since June 1. Meanwhile, Binance has reported inflows of approximately 30,082 BTC during the same period. Despite these shifts, centralized exchanges have seen 70,966 BTC, valued at $4 billion, withdrawn over the […] Original
The co-founder and former director of peer-to-peer cryptocurrency marketplace Paxful has pleaded guilty to charges related to the platform’s failure to gather sufficient know-your-customer (KYC) information from its users. Paxful is a virtual currency platform and money transmitting business where users traded crypto assets in exchange for other items. In a statement, the U.S. Department of Justice (DOJ) says that from July 2015 to June 2019, Artur Schaback marketed Paxful as a platform that did not require KYC and allowed customers to open accounts and trade on the platform without…
“Today, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically,” Coinbase said in a statement. “Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge.” Source
The Business Payments Coalition’s E-remittance Exchange Pilot, running from September 2023 to June 2024, demonstrated that electronic remittance information could be exchanged automatically between businesses. This success was largely due to the development and testing of a new e-remittance data model that standardizes the formatting and exchange of remittance information. By proving the viability of this model, the pilot showed that automation in B2B payments is not only possible but highly beneficial. What Are the Immediate Benefits for Businesses? The immediate benefits for businesses adopting the new e-remittance data model…
“As BitMEX’s founders and long-time employee admitted in federal court in 2022, the company, one of the leading cryptocurrency derivatives platforms in the world from 2015 to 2020, operated in the United States without any meaningful anti-money laundering program, as required by federal law,” said U.S. Attorney Damian Williams in a DOJ press release. “As a result, BitMEX opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today’s guilty plea indicates again the need…
CoinspeakerLitecoin (LTC) Whales Boost Exchange Inflows amid Price Decline In the past week, there has been a notable increase in the movement of Litecoin (LTC) coins held by large investors to cryptocurrency exchanges. This uptick coincides with LTC’s declining value. The cryptocurrency is currently trading at a 15% loss over the past seven days. Large holders seem to be taking action to mitigate potential further losses amid these market conditions. Rising Selling Pressure from LTC Whales On-chain data indicates a sharp rise of over 464% in large holders’ netflow to…
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The launch of ForecastEx, a prediction exchange specializing in economic and climate events, has been postponed until later in the summer due to administrative issues, according to Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. ForecastEx Market Designations Approved ForecastEx, a wholly-owned subsidiary of Interactive Brokers Group, has received the required designations from the Commodity Futures Trading Commission (CFTC) to operate as a contract market and derivative clearing organization. The exchange was originally planned to begin operations on Monday, July 8, 2024. Steve Sanders informed Traders Magazine…