Tag: Exchange

How Chainflip is shaking up native cryptocurrency exchange

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In March 2020, Simon Harman and the team at Oxen (formerly known as LOKI) found themselves in a tight spot. It was the start of the global pandemic, and they were running out of funding, having worked to build products for three years during a bear market. To top it all off, Bitcoin’s value had just dropped to a historic low of $3,000. “We were staring down the barrel of death, basically,” Harman recalls. It was clear that to survive the team needed to develop new products—ideally, ones that operated…

Australia’s NAB flags crypto exchange payments to curb scams

National Australia Bank (NAB) has blocked suspected fraudulent payments to some centralized crypto exchanges (CEXs) as Aussie lenders continue to make efforts to curb crypto-based scams in the country. NAB blocks payments to some crypto exchanges  NAB is the latest financial institution to restrict crypto-related payments as part of a coordinated effort to curb scams. Per a recent research report released by the Australian Securities Exchange (ASX), 15% of investors in the nation hold bitcoin (BTC) and other cryptos in their portfolio, underscoring the massive demand for blockchain-based digital assets in the…

National Australia Bank joins crypto exchange boycott, cites ‘scams’

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Another “Big Four” bank in Australia has said it will put blocks on certain cryptocurrency platforms, citing high levels of scams risk in the industry. National Australia Bank (NAB) on July 17 officially announced a set of new measures to protect customers from fraud as part of its “bank-wide scam strategy.” Alongside halting “millions in payments” between March and July 2023, NAB will also introduce blocks on “some cryptocurrency platforms” in order to help protect customers from scams. NAB did not specify the names of cryptocurrency exchanges that are expected…

Court Says SEC Could Have Informed Coinbase That Exchange Was Violating Securities Law Prior to Public Listing

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A New York federal judge says the U.S. Securities and Exchange Commission (SEC) could have given Coinbase a heads-up that it could be violating securities laws before approving its application to go public.  The SEC filed a lawsuit against Coinbase in June alleging that the Nasdaq-listed firm sold unregistered securities.  During the pre-trial conference, SEC counsel Peter Mancuso says the agency’s approval of Coinbase’s S-1 application to conduct an initial public offering (IPO) does not mean the commission ever gave its stamp of approval to the crypto exchange’s entire business.…

Binance CEO Tweets Laughing Emoji As Top Crypto Exchange Reportedly Lets Go of More Than 1,000 Employees

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Top global crypto exchange Binance has reportedly axed more than 1,000 employees in recent weeks – and the company’s CEO, Changpeng Zhao, doesn’t seem too concerned about it. A Wall Street Journal report reveals the layoffs, citing a source familiar with the matter. A Binance spokesman confirmed the layoffs to the news outlet but declined to specify the total number of people the company plans to let go. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across…

Synthetix takes on counterparty risks with Infinex derivatives exchange

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Synthetix, a DeFi project in the crypto space, is preparing to expand its range of affiliated products. Kain Warwick, the founder, revealed intentions to introduce a new derivatives front-end called Infinex to the decentralized trading infrastructure of Synthetix. The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX), such as a non-custodial central limit order book. While Synthetix already operates Kwenta, a derivatives decentralized exchange (DEX) on Optimism, Warwick has highlighted three key issues with the current platform. For instance,…

Cryptocurrency Exchange Bitget Shatters Records with $1.44 Billion in Reserves

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Bitget, the popular cryptocurrency exchange, has made a groundbreaking announcement, revealing that its reserves have soared to an impressive $1.44 billion. What’s even more remarkable is that Bitget has achieved this milestone while becoming entirely debt-free. According to the exchange’s statement, Bitget’s reserve ratio currently stands at a staggering 223%, more than double the industry standard of 100% backing. This achievement reinforces Bitget’s commitment to providing a secure and trustworthy platform for its users. To break it down further, Bitget disclosed that it holds a reserve ratio of 454% for…

Indonesia Making Progress with National Cryptocurrency Exchange Scheduled to Be Launched This Month

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The Indonesian government is making progress in its plans to introduce a national cryptocurrency exchange and is expected to unveil the platform in the coming weeks, according to media reports. The country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is spearheading the launch, which is scheduled for July 2023. Didid Noordiatmoko, the head of Bappebti, disclosed that all cryptocurrency transactions would be exclusively conducted through the national exchange. He further stated that discussions have been held to establish stock exchange regulations, with a particular focus on implementing…

3AC co-founders’ OPNX exchange onboards FTX, Celsius bankruptcy claims

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OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims. According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification. Developers wrote: “Claims will initially be converted into reOX tokens at a 100%…