Tag: FTX

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse – Regulation Bitcoin News

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The Philippine Securities and Exchange Commission (SEC) has advised investors against transacting with unlicensed cryptocurrency exchanges. The warning followed the collapse of crypto exchange FTX which “left hundreds of thousands, even millions of unsecured creditors with little to no recourse in recovering their money,” the regulator stressed. Philippine SEC Warns About Unregulated Crypto Exchanges The Philippine Securities and Exchange Commission (SEC) issued an advisory Friday warning the public against transacting with unregistered cryptocurrency exchanges. The regulator wrote: SEC strongly warns and advises the public against transacting with unregistered and unlicensed…

U.S. Department of Justice probing $372M FTX exploit

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According to a Bloomberg report published on Dec. 27, the U.S. Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from now-defunct cryptocurrency exchange FTX and FTX US. On Nov. 12, amidst bankruptcy and internal collapse, FTX warned customers of abnormal wallet activity regarding at least 228,523 Ether (ETH) transferred out of the exchange from an unknown perpetrator.  On Nov. 11, or the night of the company’s bankruptcy filing, FTX US’ general counsel Ryne Miller confirmed that the transactions were unauthorized…

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Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse

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After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.  The Securities and Exchanges Commission (SEC) in the Philippines issued an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention the FTX exchange but said that the warning considers “the recent collapse of a large international cryptocurrency exchange.” Citing the laws within the country, the government agency reiterated that any entity intending to conduct business…

Crypto OTC trading to get traction due to FTX fiasco, exec says

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Before the rise of centralized exchanges (CEXs), over-the-counter (OTC) trading was the go-to method to buy or sell cryptocurrency for many crypto investors. The FTX collapse could trigger a bigger demand for crypto OTC services as investors are looking for alternative methods to convert from and to fiat due to weaker trust in CEXs. Cointelegraph spoke with BestChange, a Russian OTC crypto exchange aggregator, to learn more about the current state of OTC markets. “The role of OTC is sometimes underestimated amid the all-encompassing marketing of centralized exchanges,” BestChange chief…

FTX collapse calls for ‘prudent regulation’ in the UK

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The collapse of FTX is being viewed as a cautionary tale and a precursor for more prudent regulation by public and private sector players in the United Kingdom. Bank of England deputy governor Sir Jon Cunliffe made headlines ahead of the Christmas weekend in an interview with Sky News, outlining his belief that greater protection needs to be afforded to investors in the U.K. looking to gain exposure to cryptocurrency markets. Cunliffe stressed that prospective cryptocurrency users and investors should have a structure to invest in the asset class that…

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…

‘I Take Payment in Bitcoin’; Big Short Investor Says Audits of Exchanges like Binance and FTX Are ‘Meaningless,’ and More — Week in Review – The Weekly Bitcoin News

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Ahead of the holidays and new year, the former U.S. National Security Agency (NSA) contractor known to the world as a staunch privacy advocate and whistleblower, Edward Snowden, has offered to step up as the new CEO of Twitter after current “Chief Twit” Elon Musk has said he is stepping down. In other news from this week, hedge fund manager Michael Burry — of “The Big Short” fame — said that audits of cryptocurrency exchanges like FTX and Binance are “meaningless.” Get caught up on these hot stories and much…

FTX paid $12M retainer to a New York law firm before bankruptcy filing

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Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21. Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services Inc. on behalf of FTX for legal services. In addition, the filing confirmed that over the past 90 days, i.e., since Aug. 26, 2022, FTX paid nearly $3.5 million to S&C. Snippet of the court…