Tag: Exchange

Crypto should become a regular part of TradFi within 5-10 years: Exchange CEO

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Crypto needs to establish itself as a “brand-new” component of traditional finance, rather than try to squeeze itself into existing financial products, suggests the CEO of crypto exchange Bittrex Global. The company’s United States arm recently filed for Chapter 11 bankruptcy, announcing it intended to return customer funds and wind U.S. operations. It added it would not impact global operations. Speaking to Cointelegraph at Bitcoin Miami on May 18, Bittrex Global CEO Oliver Linch stated that in several places, including the United States, regulators tend to view crypto through the lens…

Australia’s Oldest Bank, Westpac, Takes Aim at Scams with Cryptocurrency Exchange Ban

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Westpac, Australia’s oldest bank, has made headlines by announcing a ban on cryptocurrency transactions to certain exchanges as part of a trial to reduce scam losses. The move comes in response to internal data revealing that half of all scam losses stem from investment scams, with one-third of scam payments being transferred to cryptocurrency exchanges. Investment scams have been identified as the largest portion reported to various Australian agencies, including Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCare, and ASIC. Westpac’s decision to block transactions to crypto exchanges has the…

Binance Australia partner hints at rising ‘scams’ after debanking exchange

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The third-party payments provider for Binance Australia, Cuscal, hinted about the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” after being questioned why it offboarded the exchange on May 18. The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to elaborate on why it pulled support for Binance Australia specifically. A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it’s “focused on supporting the industry in protecting Australians from financial crimes and…

Cryptocurrency Exchange FTX Files Lawsuit Against Former CEO and Executives Over Controversial Acquisition

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Cryptocurrency exchange FTX has taken legal action against its former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh. The lawsuit stems from the controversial $220 million acquisition of stock-clearing platform Embed, with FTX lawyers claiming a lack of due diligence in the transaction. In a filing on May 17, FTX alleged that it had acquired Embed through its United States subsidiary without conducting thorough due diligence. Following FTX’s bankruptcy filing, the court approved the sale of Embed and other FTX assets, but the highest bid for…

Crypto Perpetuals Exchange DYdX Considering the Launch of More SubDAOs

Moreover, according to a different governance post by the dYdX Foundation, an independent not-for-profit organization aimed at fostering decentralized governance, the operations subDAO is set to expire on June 19. With the imminent launch of v4 and the expiration of its operations subDAO, the “dYdX ecosystem is approaching a critical juncture,” the foundation said. Source

Biden Administration ‘Crypto Tsar’ Says DOJ will Target Digital Asset Exchange Platforms – Regulation Bitcoin News

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According to Eun Young Choi, the head of the crypto unit at the U.S. Department of Justice (DOJ), the United States has resolved to target digital platforms because they are making it easy for criminals and money launderers. Choi said the DOJ hopes taking action against entities such as crypto exchanges is “going to have a multiplier effect.” DOJ to Target Mixers and Tumblers The U.S. Department of Justice (DOJ) will target digital asset exchange platforms and entities providing mixers and tumblers which are used to obfuscate the trail of…

Decentralized Exchange Volume on Binance’s BNB Chain Hits Highest in a Year

There are a few reasons behind the yearly high. Lower fees on the BNB Chain might mean users are more likely to trade there, said Katie Talati, head of research at Arca, trying to explain the surge in volume. Another reason, she suggested, could be due to Binance’s popularity in the world of centralized exchanges. “It makes sense that users get routed to BNB Chain after using Binance,” she said. Source

Bitcoin-Based Decentralized Exchange Token Surges 158% in Just Seven Days, Defying Crypto Downtrend

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A Bitcoin (BTC)-based decentralized exchange platform (DEX) is skyrocketing despite turbulence within the crypto markets. New data reveals that AlexGo (ALEX), a decentralized trading platform for BRC-20 tokens that is set to launch next week, surged from its seven-day low of $0.0595 on May 6th to a new all-time high of $0.154 just six days later, a 158% increase. The 287th-ranked crypto asset by volume has since retraced and is trading for $0.146 at time of writing. AlexGo, which made its market debut last September, recently reached out to other crypto…

‘We screwed up’ — Coinbase CLO responds to outrage after exchange associated Pepe with hate groups

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Coinbase chief legal officer Paul Grewal has issued an apology after the crypto exchange sent out an email labeling the Pepe the Frog meme as a “hate symbol” — a move that prompted many users to call for a boycott. In a May 11 tweet, Grewal said Coinbase had “screwed up” in sharing information about the Pepe meme, which included that it had been co-opted by many alt-right groups as a hate symbol. According to the Coinbase CLO, the exchange was attempting “to provide a fact-based picture of a trending…