Coinbase will be “acutely pressured in the near-term” as its retail customer base trades less frequently in the bear market, but the company has staying power due to its healthy balance sheet with over $5 billion in cash, it’s proactive approach to regulatory compliance, prudent risk management and its legitimacy as a publicly listed and audited company, the note said. Source
The US attorney’s office for the Western District of Washington in Seattle has subpoenaed a few investment firms asking them to provide records of their communications with Binance over the past few months. As per the latest reports, US prosecutors are now investigating hedge funds having links to Binance as part of the ongoing money-laundering probe of the crypto exchange. Following the collapse of the crypto exchange FTX, Binance has come under the scrutiny of US regulators. US Prosecutors Investigating Binance Some lawmakers were also mulling the possibility of criminal…
Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange. The man, who was arrested and charged for extorting the trading platform’s owner, has been ordered to return the money he misappropriated. Vietnamese Court Jails Hacker for Attacking Crypto Exchange Website A resident of Ho Chi Minh City in Vietnam has been given 10 years in prison for stealing 300 million Vietnamese dong (close to $13,000) from a crypto entrepreneur whose coin trading site he subjected to cyberattacks. Nham Hoang Khang,…
Pi Network, which plans to launch smartphone-based mining of Pi coins, has clarified that it has no association with any crypto exchange as of now. Pi tokens listed on any trading platform are fake, it said in a statement. “Pi’s enclosed mainnet design means that $PI listing on any exchange is impossible. The listing violates the network’s policies and is a false native Pi token, representing some form of IOU or other derivatives,” the network added. Pi Network is a cryptocurrency and developer platform that promises to offer the mining of…
The Seychelles-based crypto exchange giant Huobi is reportedly planning to lay off 20% of its staff as the ongoing bear market continues to thrash companies across the industry. Reuters reports that Huobi says “a very lean team will be maintained going forward” amid the crypto winter. Tron (TRX) founder Justin Sun, a member of the Huobi advisory board, tells the outlet that the workforce reduction is expected to be completed by the end of the first quarter of this year. The exchange’s planned layoffs are the latest in a series…
On-chain data shows the Bitcoin exchange depositing transactions are now at a 4-year low, indicating that the bottom may be here. Bitcoin 30-Day MA Exchange Depositing Transactions Have Declined As pointed out by an analyst in a CryptoQuant post, the metric’s current levels are the same as in Q1 2019. The “exchange depositing transactions” is an indicator that measures the total number of Bitcoin transfers that are headed toward centralized exchanges. The difference between this metric and the more popular exchange inflow is that the latter indicator tells us the…
The Huobi crypto exchange logo displayed on a smartphone. Nikolas Kokovlis | Nurphoto via Getty Images Digital currency exchange Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the beleaguered cryptocurrency industry. The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko. related investing news A company spokesperson told news agency Reuters that Huobi had a “planned layoff ratio”…
Its +2% bid depth also remains comparatively narrow, according to CoinGecko data, when compared with other tokens of a similar market cap. In a recent column, Kaiko’s director of research, Clara Medalie, pointed out that the lack of 2% bid depth was a major red flag for FTX’s FTT token. Source
TRX fell nearly 8% in the past 24 hours, data shows. The price is above a support level of 5 cents, and if it drops below, the tokens could slip to as low as 3 cents, price charts show. Huobi’s native HT exchange tokens have lost as much as 11% in the past 24 hours. Source
Indonesia plans to open a cryptocurrency exchange in 2023 — amid a financial sector overhaul that would see a transfer of enforcement powers over digital assets to the Financial Services Authority. Head of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) Didid Noordiatmoko stated that the government will establish an exchange before the Financial Services Authority officially assumes the responsibility of cryptocurrency regulation. Currently, commodity contracts and cryptocurrencies are both traded on exchanges governed by Indonesia’s Commodity Futures Trading Regulatory Agency. There have been multiple delays in the cryptocurrency exchange’s planned opening…