Tag: Exchange

Owner of Hong Kong crypto exchange OSL secures $90M investment

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BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a significant investment from industry firm BGX. BC Technology entered into a partnership with BGX, which agreed to subscribe for shares in BC Technology for an investment of about 710 million Hong Kong dollars ($90.1 million), the firms said in a joint announcement on Nov. 14. This strategic investment will involve the subscription of new shares under a specific mandate, subject to approval by shareholders, the announcement notes. According to the firms, the investment marks…

Taiwan’s Crypto Exchange Faces Money Laundering Charges, COO Arrested

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Bitgin, a cryptocurrency exchange operating in Taiwan, is facing a police investigation for money laundering following the arrest of its Chief Operating Officer, Yuting Zhang, for his alleged role in a major money laundering scandal, local media reported. Zhang’s association with the ’88 Guild Hall’ money laundering incident from late 2021 to March 2022 was also confirmed by the crypto exchange in an official statement. The ’88 Guild Hall’ controversy erupted in Taiwan, exposing a massive money laundering scandal. Two local businessmen, Zhemin Guo and Chengwen Tu, are primarily accused…

Executives Behind Backpack Wallet Gearing Up To Launch New Crypto Exchange That Aims To Protect User Funds: Report

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The creators of the Backpack wallet are reportedly gearing up to launch a new crypto exchange with the ethos of properly securing user funds. Trek Labs, a firm led by Backpack wallet creator Armani Ferrante and former FTX general counsel Can Sun, has received a crypto license from the United Arab Emirates’ regulators, the Wall Street Journal (WSJ) reports. As part of the launch, the venture aims to sell a 10% stake to investors at a valuation of more than $100 million. Backpack wallet is already an established wallet, especially…

Altcoin Project Skyrockets Over 200% Amid Support From Crypto Exchange Binance

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A six-month-old altcoin project is soaring after earning surprise support from crypto exchange Binance, the largest digital asset exchange in the world. After Binance announced on November 7th that it was listing ORDI for trading, the new token soared from $7.43 to a high of $23.80, a 220% increase. ORDI tokens, which adhere to the “BRC-20” token standard, are tradable coins that use the Ordinal Protocol to inscribe information into satoshis, the smallest unit of value on the Bitcoin (BTC) blockchain. The project was launched by an anonymous user in March…

Taiwanese crypto exchange and VASP member Bitgin under investigation for money laundering

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Taiwan cryptocurrency exchange Bitgin is under investigation by the country’s police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm’s COO, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident.  Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also…

South Korean Crypto Exchange Bithumb Aims to Go Public by 2025

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South Korea’s Bithumb is preparing to become the first cryptocurrency exchange in the country to be a publicly listed company, according to multiple local media reports. Interestingly, the listing aims not to raise funds but to enhance market trust in its operations. “Our IPO is not about raising funds,” a Bithumb official said today (Monday). “Many people have doubts about cryptocurrency exchanges because they perceive them as not being transparent [and the aim is to tackle that].” Indeed, the crypto exchange had over 400 billion won ($302 million) in financial…

Bithumb plans to be first crypto exchange listed on Korea stock market: Report

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Crypto exchange Bithumb plans to become the first digital asset company to go public on the South Korean stock market.  Local news outlet Edaily reported on Nov. 12 that Bithumb is getting ready for an initial public offering (IPO) on the KOSDAQ — South Korea’s version of the United States Nasdaq — with an expected listing date set for sometime in the second half of 2025. Bithumb declined to confirm whether the IPO was going ahead but admitted they had recently selected an underwriter, a company tasked with guaranteeing the…

Former FTX execs launch exchange in wake of fraud scandal

Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency. According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture. A beta version of Backpack is expected to launch soon. A group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve…