A recent analysis conducted by Bybit, a prominent crypto exchange, has raised concerns about a potential shortage of Bitcoin on exchanges by the end of 2024. The report indicates that reserves could be completely depleted within the next nine months if the current withdrawal rates, which are hovering around 7000 BTC per day, continue. This
Exchanges
In a recent development, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury has commended crypto exchange Coinbase for its substantial contributions to major criminal investigations. This acknowledgment signifies the pivotal role played by Coinbase in aiding law enforcement efforts through its compliance and reporting practices. The acknowledgment from FinCEN comes
A Nigerian High Court in Abuja has ordered that the detained Binance executive Tigran Gambaryan be remanded in prison following the postponement of his bail hearing. Gambaryan, a US citizen, pleaded not guilty to money laundering charges earlier today and will remain in custody until his bail hearing on April 18. The trial will commence
The recent decision by the bankrupt crypto exchange FTX to sell its Solana holdings at a significant discount to crypto venture firms has sparked strong disapproval from creditors. Reports have emerged that FTX sold 30 million SOL at a rate of $64 each to VC firms such as Pantera Capital and Galaxy Trading, representing a
The recent court hearing in Nigeria involving cryptocurrency exchange Binance revealed a significant lack of legal representation for the company. While the compliance chief, Tigran Gambaryan, was present at the hearing, no official legal team from Binance was in attendance. This raised concerns about the company’s preparedness to address the criminal charges it is facing
The recent legal challenges faced by KuCoin with US authorities have had a significant impact on user assets on the platform. The exchange’s latest proof-of-reserve certificate revealed a noticeable decline in user holdings, with Bitcoin decreasing by 25.4%, Ethereum by approximately 22%, and Tether’s USDT by about 22%. This decline is further supported by data
In a recent interview with Fortune, Coinbase CFO Alesia Haas made a bold statement by asserting that Ethereum (ETH) should not be classified as a security. Haas highlighted the previous positions of both the SEC and the CFTC, emphasizing the lack of regulatory clarity surrounding cryptocurrencies in the US as the root of the classification
In recent days, KuCoin, a prominent cryptocurrency exchange, has faced a significant surge in withdrawal requests following the announcement of criminal charges by US authorities. Various on-chain analytics firms, such as DefiLlama, Nansen, and SpotOnChain, have reported a sharp increase in withdrawals across different categories of traders, including whales, funds, smart money, and market makers.
KuCoin CEO Johnny Lyu recently addressed the US criminal charges against the exchange, stating that they will not impact the platform’s operational stability. He reassured users that their funds are secure and that timely updates will be provided. The exchange’s official statement reiterated the safety of funds and mentioned that lawyers are investigating the allegations.
In a recent turn of events, Nadeem Anjarwalla, an executive of Binance who was detained by Nigerian authorities, has managed to escape custody. This development comes amidst a backdrop of tension between Nigeria and Binance, the leading cryptocurrency exchange with regards to alleged tax evasion and fraud charges. Nadeem Anjarwalla, who holds dual citizenship from
