Tag: Exchange

FTX’s Draft Reorganization Plan Offers Hope for Recovery with Offshore Exchange Proposal

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FTX, the beleaguered cryptocurrency exchange, has filed a draft plan of reorganization. According to the proposal submitted on Monday, FTX aims to create a “rebooted” offshore exchange accessible only to non-U.S. users. The plan seeks to categorize claimants into distinct groups, with FTX.com offshore exchange users referred to as “dotcom customers,” while FTX US users are labeled “U.S. customers,” media reports said.  Under this proposal, each holder of a dotcom customer entitlement will be entitled to a pro-rata share of the proceeds from a pool of assets linked to the FTX.com…

FTX Officially Floats Plan to Restart International Crypto Exchange

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FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around…

Defunct Crypto Exchange FTX Plans to Restart Platform for Non-U.S. Customers

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The filing, posted Monday night U.S. time, delineates the claimants into various groups. The first group is claimants of FTX.com offshore exchange, which it calls “dotcom customers”, next is customers of the U.S. exchange (“U.S. customers”), after, customers of its NFT exchange, then general unsecured claims, secured claims, and subordinated claims. Included in general claims are those from Alameda’s lenders or trading partners, while subordinated claims are taxes and fines from penalties. Source

SEC did not ask Coinbase ‘at any point’ to delist assets, the exchange admits

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Coinbase has retracted its earlier statement that the US SEC had requested it to suspend all trading except for Bitcoin. Coinbase’s CEO Brian Armstrong previously said that the U.S. Securities and Exchange Commission had requested it to suspend all trading activities except for Bitcoin (BTC) in an interview with the Financial Times. The CEO’s announcement generated widespread discourse across various platforms, triggering crucial conversations about crypto regulation and its impacts on market dynamics. Armstrong expressed his…

Dubai Welcomes Binance with Operational License for Cryptocurrency Exchange

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Cryptocurrency exchange Binance received approval to operate as a cryptocurrency exchange in Dubai, it said in a press statement. The company had obtained a provisional permit in September 2022, media reports said.  The Virtual Assets Regulatory Authority (VARA) of Dubai issued Binance with a Minimal Viable Product (MVP) licence last year, enabling the exchange to create a local bank account in the emirate for the storage of clients’ funds. Because of the MVP licence, the exchange may also provide payment and custody services in addition to operating as an exchange…

Crypto Exchange Temporarily Suspends CRV Trading Citing High Volatility

“Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV,” reads the announcement. “To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.” Source

Spain Registers eToro as Crypto Exchange, Custody Services Provider

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The Bank of Spain has registered eToro as a virtual asset exchange and electronic wallet custody services provider in the country. The Israel-based social trading and investment firm announced the development today (Friday), noting that it secured the registration about a month ago. Get up to 12 months for Free on 50+ Alibaba Cloud Products and Solutions! Enjoy 50% more budget-friendly with cutting-edge enterprise-grade cloud computing services. Click to Start Now! eToro said the registration is to enable the company to provide fiat-to-crypto exchange services in Spain. The registration was…

CFTC Overreached in Suing Binance, Crypto Exchange Says

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The filing leans heavily on the view that the CFTC is overreaching in suing Binance, which does not operate in the U.S., and its CEO Changpeng “CZ” Zhao, who does not reside in the U.S., the filing said. The first six of the CFTC’s charges “do not apply to the foreign conduct alleged here,” and several of the charges don’t meet the legal standards set out by statutory requirements, it added. Source