India is making significant efforts to establish itself as a dominant player in global cryptocurrency regulation. To strengthen the detection of cryptocurrency-related crimes, the country is reportedly developing a comprehensive global database that includes all crypto exchanges, including those on the dark web. This initiative is set to launch by March 2024, aligning with the
Exchanges
Coinbase, the popular cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Coinbase to extend its payment services in Singapore, enabling the exchange to provide digital token services to individuals and institutions in the country. The MPI license granted by MAS permits Coinbase
Hong Kong, the global financial hub and gateway to China, recently experienced a major crypto scandal involving JPEX, a Dubai-based cryptocurrency exchange. JPEX allegedly defrauded thousands of investors of over $160 million, exposing significant regulatory loopholes and a lack of investor protection in Hong Kong’s nascent crypto industry. The case also shed light on the
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has confirmed withdrawing $282 million from the bankrupt crypto lender Genesis. In a statement released on September 28, Gemini addressed a New York Post report that alleged the Winklevoss twins had secretly withdrawn over $280 million from the lender. Gemini clarified that the withdrawn funds
Cryptocurrency exchange Binance has encountered a setback as its banking partner, Paysafe, has decided to stop processing EUR deposits. This unexpected move has caused disruptions in various Binance services. In response, Binance advises its users to convert their fiat Euro balances into Tether’s USDT before the end of October. Disruptions and Suspension of Activities Binance
The world of cryptocurrency is ever-evolving, and major players often make significant changes to their business strategies to stay ahead. In a recent development, Binance, one of the leading crypto exchange platforms, announced the sale of its entire Russia business to a newly launched platform called CommEX. This move has raised eyebrows and sparked discussions
HTX global adviser Justin Sun recently announced the creation of a secure asset fund for users (SAFU) following an exploit on the exchange’s hot wallet, resulting in a loss of $7.9 million on September 24. This fund serves as a financial safety net, aiming to reimburse investors in the unfortunate event of asset losses due
South Korea’s financial authorities are set to implement more stringent eligibility reviews for major shareholders in cryptocurrency exchanges. This move is reminiscent of the standards upheld within the banking sector and comes in response to recent legal issues involving shareholders of prominent domestic exchanges like Bithumb and Upbit. To address these concerns, the Financial Intelligence
South Korea’s leading cryptocurrency exchange, Upbit, recently found itself embroiled in a fraudulent activities scandal involving counterfeit tokens. As a result, the exchange was forced to suspend all withdrawals and deposits of Aptos’ native token APT on September 24. The interruption also impacted the deposit return process for both the legitimate APT token and the
A recent class action suit has targeted Fenwick & West, a law firm that previously provided services to FTX. However, in response, Fenwick has filed a legal defense seeking to dismiss the lawsuit. Let us delve into Fenwick’s arguments and analyze the grounds on which they defend themselves. First and foremost, Fenwick contends that the
