Tag: Exchange

Executives from $1.5B South Korean crypto exchange fraud jailed

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Six executives involved in the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global have received prison sentences of up to eight years — but three were not detained so they could fight certain charges in court. V Global operated between July 2020 and April 2021, roping in around 50,000 investors by promising 300% returns alongside sizable payments for referring new customers. According to a translation of Dec. 26 reports from South Korean media outlets such as Economist.co.kr, two high-ranking execs, named Mr.Yang and Mr. Oh, got…

Bitcoin exchange withdrawals sink to 7-month low as users forget FTX

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Bitcoin (BTC) exchange users have forgotten all about the FTX scandal this Christmas, data shows. According to on-chain analytics firm Glassnode, exchange outflows have now hit their lowest levels in over six months. Still not your keys, still not your coins? As Bitcoin volatility sets a new record low in what is being called “Do Nothing December,” exchange users’ habits are also rapidly adjusting to the current climate. After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike which…

Binance Addresses Mazars Saga, USDC Withdrawal Halt and Other ‘FUD’ Amid Heightened Crypto Exchange Scrutiny

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Binance is addressing the fear, uncertainty and doubt (FUD) centered around crypto exchange platforms after the high-profile downfall of FTX. In a new company blog post, the world’s largest digital asset exchange by volume explains why some of the common narratives about it being financially unhealthy are untrue. First, Binance addresses the rumor that it does not have sufficient reserves for users to be able to withdraw coins. “Binance’s business model is very simple. The platform makes profits mainly by charging transaction fees. The company’s assets are completely separated from…

2 executives of crypto exchange AAX arrested in Hong Kong: Report

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Hong Kong police arrested two executives of the crypto exchange AAX accused of fraud and misleading the police, according to local media reports.  Weigao Capital CEO Liang Haoming and former AAX CEO Thor Chan were arrested on Dec. 23. Local authorities accused them of claiming there was “system maintenance” as an excuse to delay customers from withdrawing assets amid liquidity issues. One of the executives also allegedly lied to the police about the timeline of his activities in the company, deliberately misleading law enforcement. Two bank accounts of AAX as…

Crypto exchange OKX releases second proof of reserves

Crypto exchange OKX has released its second proof of reserves (PoR) on its website, only a month after releasing its first one. Haider Rafique, chief marketing officer at OKX, said on Twitter that the crypto exchange is committed to sharing its reserves status every month. NEW #OKX #proofofreserves published TODAY. This is our 2nd PoR published and we commit to publishing monthly ✅ A quick overview of our PoR and new features…. — Haider (@Haider) December 23, 2022 The announcement also included the rollout of a new feature that allows…

Crypto Exchange OKX Releases Second Proof-of-Reserves Report

OKX said the report will be published on the 22nd day of each month and besides the latest version of the report, users will also be able to download past reports at their convenience. Digital currency trading platform OKX has released its second Proof-of-Reserve (PoR) report as it seeks to deepen the trust within its ecosystem with respect to the health of its financials. The released PoR aims to show the community and investors that the exchange has the number of deposits it said it has. This proof also shows…

Crypto Exchange Bullish Terminates SPAC Merger Deal

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Cryptocurrency exchange Bullish confirmed on Thursday the termination of its agreement with special purpose acquisition company (SPAC), Far Peak Acquisition Corporation (NYSE: FPAC), thus ending its ambitions to become a public firm. Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up-to-date with crucial developments in the Forex and CFD industry! The two companies mutually agreed on the deal’s termination, which was originally announced on 8 July 2021. It would have made Bullish a publicly traded cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency…

Peter Thiel-Backed Crypto Exchange Bullish Calls Off SPAC Deal

“Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” said Bullish Chairman and CEO Brendan Blumer in a statement, referring to the Securities and Exchange Commission. Source

Leading Decentralized Exchange Uniswap (UNI) Launches Payments With Credit Card and Bank Transfers

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Decentralized finance (DeFi) platform Uniswap (UNI) is announcing that users can now buy cryptocurrencies on its web app using credit or debit cards and through bank transfers. The leading decentralized cryptocurrency exchange (DEX) is rolling out support for the new payment methods in partnership with MoonPay, a fintech company that builds payment infrastructure for crypto. “Now you can go direct to DeFi with the Uniswap Web App and buy crypto on our web app using any card or bank transfer in 160+ countries with our first partner, MoonPay.” The availability…