Tag: Exchange

Nic Carter dives into proof-of-reserves, ranks exchange attestations

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Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space.  Carter published a detailed examination of the quality of several exchanges’ proof-of-reserves (PoR). The crypto executive used parameters such as attestation to assets held and a disclosure of liabilities, incorporating a third-party auditor, demonstrating credibility by taking a PoR for all assets and committing to an ongoing procedure to determine which PoRs are of the best quality.  PoR scores of…

FTX’s Liquid exchange hopes to return customer assets next year

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The FTX-owned Japanese crypto exchange Liquid has announced plans to begin the process of returning customer assets in 2023.  According to the Dec. 29 statement issued on its blog, the exchange is preparing to return assets entrusted by both customers from FTX Japan and Liquid Japan, and is working on a report for January 2023 that would further outline the details.  A statement from the team read: “For the assets entrusted to us by our customers at FTX Japan and Liquid Japan, we are proceeding with system development so that…

XRP Lawyer Says SEC Chair Gary Gensler Will Drive Crypto Prices Lower With Future Lawsuit Against an Exchange

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Attorney and XRP supporter John Deaton thinks Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), will pursue more regulatory action that will drive crypto prices lower. Deaton says he expects Gensler to sue a crypto exchange and argues that most of the exchange’s tokens are unregistered securities. Consequently, he believes crypto prices could plummet even further, allowing traditional financial institutions like Goldman Sachs or JPMorgan Chase to buy up shares in the sector. “I’ve been saying for a year that this was the plan. Once the market…

70% of unregulated exchange transactions are wash trading: NBER study

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With exchanges becoming a focus as the FTX fiasco continues, a new research paper suggested that almost three out of four transactions in unregulated exchanges are fake.  A working paper titled “Crypto Wash Trading” was recently published by the National Bureau of Economic Research (NBER). Using statistical and behavioral patterns to determine which transactions were legitimate or not, the paper studied 29 unregulated exchanges and came to a conclusion that, on average, more than 70% of the volume within the platforms are wash trades. The researchers found that some exchanges’…

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market – Exchanges Bitcoin News

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Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time. Kraken Exiting Japan Cryptocurrency exchange Kraken announced Wednesday that it has decided to “cease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of January 31, 2023.” The company explained that the decision to exit the Japanese crypto market is part of its “efforts to prioritize…

Crypto Exchange Gemini and Winklevoss Brothers Hit With Class Action Fraud Lawsuit Over Earn Product: Report

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Crypto exchange Gemini is reportedly being hit with a class action lawsuit along with its founders for allegedly selling unregistered securities. According to a new report from Bloomberg, Gemini, along with its founders, the Winklevoss brothers, are the target of a lawsuit claiming they sold interest-bearing accounts through the firm’s Earn program as unregistered securities. Under the Earn program, Gemini partnered up with crypto lender Genesis to provide traders with up to 8% returns on their holdings. However, earlier this month Genesis announced that FTX’s collapse greatly affected its finances…

Prolonged Crypto Winter Pushes Kraken Exchange Out Of Japan

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The crypto winter is a drawn-out one exacerbated by the collapse of large players such as Terra and the FTX crypto exchange. As crypto businesses continue to feel the effects of the current bear market, another major player, Kraken, has been affected to the point that it has, once again, put a pause on operations in Japan. Kraken Consolidating For Crypto The Bear Market Crypto exchange Kraken plans to stop operations in the Japanese market. The exchange said this in a government publication in the country which states that it…

Crypto Exchange Gemini Sued by Investors Over Interest-Earning Program

“When Genesis encountered financial distress as a result of a series of collapses in the crypto market in 2022, including FTX Trading Ltd. (“FTX”), Genesis was unable to return the crypto assets it borrowed from Gemini Earn investors,” the filing said, adding that after the Gemini Earn program was halted, the company “refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program, including Plaintiffs.” Source

Crypto exchange Kraken to close Japan operations after mass job cuts

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Kraken is one of the world’s largest crypto exchanges. Tiffany Hagler-Geard | Bloomberg via Getty Images Digital currency exchange Kraken will close down its operations in Japan next month, in another sign of consolidation in the battered crypto industry. In a blogpost on Wednesday, Kraken said it would cease crypto trading services through its Japanese subsidiary, Payward Asia, and deregister from Japan’s Financial Services Agency on Jan. 31, 2023. It is the second time Kraken has left the Japanese market. The first was in 2018, when it closed four years…