Binance, the largest cryptocurrency exchange by trading volume, is facing a significant setback as it endures over $1 billion of net outflows in the past 24 hours, according to DeFillama CEX’s transparency dashboard. This substantial outflow comes in the wake of yet another top executive leaving the company, further adding to the challenges faced by
Exchanges
Recent events, particularly the actions of Palestine’s Hamas group, have once again raised concerns about the role of cryptocurrency in terrorism financing. In response to these claims, U.S. cryptocurrency exchange Coinbase published a blog post highlighting the fact that the “overwhelming majority of terrorist funding still relies on traditional financial systems, like cash.” While it
In a significant move to protect consumers and enhance the security of the cryptocurrency market, the Australian federal government plans to introduce new regulations that would require crypto exchanges to obtain a financial services license. Assistant Treasurer Stephen Jones is set to unveil these long-anticipated rules during the Australian Financial Review Crypto Summit. The aim
The Moscow Stock Exchange is set to revolutionize the real estate investment landscape by introducing a digital financial asset (DFA) specifically tailored for the industry. This innovative development, scheduled for 2024, aims to democratize real estate investments and enable a wider range of investors to participate. Under the leadership of Sergei Kharinov, the director of
Cryptocurrency investment firm Paradigm recently filed an amicus brief in support of Binance’s motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against them. This legal document aims to ensure that the SEC’s regulatory actions do not hinder innovation in the crypto industry and disrupt markets beyond the regulator’s jurisdiction. In this article,
Aditya Baradwaj, a former engineer at Alameda Research, has exposed the detrimental effects of lax security practices within the now-defunct company. Surmounting losses nearing $200 million can be attributed to the prioritization of rapid company expansion over crucial risk management protocols by the founder, Sam Bankman-Fried (SBF). According to Baradwaj, Alameda Research encountered three major
The recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against Coinbase have garnered support from the North American Securities Administrators Association (NASAA). NASAA emphasizes that while cryptocurrencies themselves are not inherently fraudulent, the sector has become a breeding ground for fraudulent activities due to the fear of missing out and economic
The recent trial between Alameda Research and FTX has taken an unexpected turn with the testimony of Alameda Research CEO Caroline Ellison. In her testimony, Ellison revealed that she had committed fraud under the direction of Sam Bankman-Fried (SBF), the founder of SBF. Ellison confessed that SBF had instructed her to divert billions of dollars
The cryptocurrency exchange UPbit, a major player in the South Korean market, has recently disclosed some alarming statistics regarding hacking attempts. According to data shared by UPbit’s operator, Dunamu, with South Korean politician Rep. Park Seong-jung, there were a staggering 159,061 hacking attempts on the exchange during the first half of this year. This marks
The US Consumer Financial Protection Bureau (CFPB) is taking steps to evaluate the application of the Electronic Fund Transfer Act (EFTA) to cryptocurrency platforms. The aim of this move is to enhance consumer protections in a market that has been plagued by significant hacks on platforms such as Axie Infinity, Crypto.com, and FTX. The increasing
