Tag: Offshore

India’s Crypto Crackdown on Offshore Exchange Apps

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India has ramped up its regulatory measures against offshore cryptocurrency exchanges, directing Apple to eliminate the apps of platforms such as Binance from its App Store within the country. According to a report by Bloomberg, this recent escalation follows a notice from the Financial Intelligence Unit (FIU) targeting nine platforms suspected of regulatory misconduct in late December, signaling a tightening grip on the crypto landscape. The Ministry of Electronics and Information Technology prompted the removal of apps from platforms like Bitfinex, HTX, and Kucoin, among others, from the Indian App…

India Cracks Down on Offshore Crypto Exchanges: A Level Playing Field at Last?

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The Indian government has issued show-cause notices to nine major offshore crypto exchanges, including Binance, KuCoin, and Kraken, and threatened to block their URLs. This action comes after months of domestic exchanges struggling against unfair competition from their unregulated counterparts, media reports said. The notices cite non-compliance with India’s Prevention of Money Laundering Act (PMLA) as the reason for the crackdown. These exchanges haven’t registered with the Financial Intelligence Unit (FIU) despite catering to a substantial number of Indian users. Local crypto industry bodies like the Bharat Web3 Association (BWA)…

Taiwan to Ban All Offshore Exchanges on Failure of Compliance

The Taiwanese government is planning to release guiding principles by the month end, in order to boost information disclosure for crypto exchanges. Taiwan is preparing to introduce some sweeping regulatory changes while restricting offshore exchanges from operating in the country without any proper compliance in place. The Financial Supervisory Commission (FSC) of Taiwan has formulated ten guiding principles for virtual asset service providers to establish their own self-regulatory frameworks. Taiwan’s semi-official Central News Agency was the first to report regarding the development. An FSC official also stated that the government…

FTX.com releases restructuring plan, hints at rebooted offshore exchange

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FTX.com has outlined its intended re-organization plan that will categorize claimants of the bankrupt exchange into specific classes and pave the way for the exchange to become re-operational as an offshore entity. Dockets filed on July 31 include a draft plan of reorganization that outlines the company’s intended path to settle an “exceptionally large and complicated collection of claims”. There are a total of 13 different classes of claims, including specific brackets for Dotcom customer entitlement claims, U.S. customer claims and nonfungible tokens (NFTs) customer claims. Related: FTX reboot on the…

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…

Coinbase Opens Offshore Crypto Derivatives Exchange

“Rest assured that Coinbase is committed to the U.S., but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs,” Coinbase said in a blog post. “We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the U.S.” Source