Tag: Exchange

KuCoin confirms an exchange user is behind alleged daily rug pulls

Crypto exchange KuCoin confirmed that the address allegedly responsible for launching thousands of memecoin scams belongs to one of its users. However, the exchange will not freeze the user’s assets without any official notice from law enforcement.  On April 26, a Twitter user identified a wallet address that launched two to five memecoins daily for two years. Another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin. At the moment, blockchain explorer Etherscan has already marked the said address as a fake phishing wallet. .@CoinGurruu…

Crypto Exchange Binance Has Ousted North Koreans, Senior Official Says

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“We kicked their ass enough that they’re actually able to recognize that Binance was not the place for them,” said Tigran Gambaryan, head of financial crime compliance at the largest crypto exchange by trading volume. “Binance has been fairly successful … whether it’s about how they circumvent controls or identifying the different entities or types of identification that they try to spoof.” Source

SEC Is Alleging Legal Violations ‘On the Fly,’ Crypto Exchange Coinbase Says

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“An investment contract exists when you invest money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. Intermediaries for investment contracts, whether they’re exchanges, brokers, dealers, clearinghouses, they need to comply with the securities laws and register with the Securities and Exchange Commission,” he said. “Instead, many crypto platforms are just pretending that these investment contracts that they offer are more like goldfish,” using an analogy about pets. Source

Hong Kong to Release Crypto Exchange Licensing Guidelines on May

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The Hong Kong Securities Futures Commission (SFC) is expected to be publishing licencing requirements for cryptocurrency exchanges in May. The proposals were revealed on April 27 by Bloomberg, who quoted remarks made on Thursday by Julia Leung, the chief executive of the SFC. According to Bloomberg, Leung claimed that over 150 interested parties responded to the licencing regime’s consultation process. Leung was likely responding to a report from February 20 that highlighted regulatory obligations for Know Your Client (KYC) and Anti-Money Laundering (AML). The upcoming regulations will assist cryptocurrency trading platforms that,…

US Man Pleads Guilty to Defrauding Banks and “Leading Crypto Exchange” of over $4M

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Twenty-six-year-old Esteban Cabrera Da Corte, the leader of a Miami crew, has pleaded guilty to defrauding US banks and “a leading cryptocurrency exchange Read this Term” of over $4 million through fraudulent reversals. US prosecutors on Wednesday said Da Corte deployed false and stolen identities to perpetrate the scheme. According to Damian Williams, the US Attorney for the Southern District of New York, Da Corte and his co-conspirators in around March 2020 opened various accounts with an unnamed crypto exchange using fake US passports, drivers’ licenses and stolen personally identifying…

Cathie Wood’s ARK Invest Accumulates More Coinbase Stock (COIN) As Crypto Exchange Goes Against SEC

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Cathie Wood’s ARK Invest added more than 157,000 Coinbase (COIN) shares this week as the top US crypto exchange goes on the offensive against the U.S. Securities and Exchange Commission (SEC). On Monday, three of ARK Invest’s funds made separate purchases of COIN shares worth a combined $6.98 million at time of writing. Coinbase shares currently make up 4.74% of ARK’s combined portfolio. The three funds’ estimated cost averages for COIN are $239.60, $254.65, and $242, all of which are far greater than Coinbase’s current share price, which currently sits…

Arbitrum decentralized exchange IAO cancelation draws controversy

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On April 26, Xirtam token’s scheduled initial airdrop offering (IAO) on the Arbitrum decentralized exchange AlienFi was canceled minutes before launch.  It was not immediately clear which party was responsible for the cancelation. In a series of screenshots shared on Twitter, AlienFi alleged that, unbeknownst to the development team, Xirtam had conducted “a seed sale sold 3x+ below the Fjord price” before the scheduled IAO and Xirtam “decided to cancel” after AlienFi developers discovered the event, leading to a pricing dispute. According to an April 20 post, Xirtam was scheduled for a…

Ripple’s XRP Token Plummets to $.001 on Bitrue Exchange, Leaving Traders Bewildered

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Ripple’s XRP token momentarily plummeted to $0.001 on the Bitrue cryptocurrency exchange today. The sudden decrease in value has caught the attention of many in the industry. The unexpected decline of XRP has resulted in all traders and investors on the Ripple network experiencing an abrupt liquidation of their investments. This sudden fluctuation in value has raised questions about the cause of the drop. Some speculate that it was due to a technical glitch, while others suggest it could be a problem with the exchange itself. Bill Morgan has claimed…