Coinbase, a prominent cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will enable Coinbase to expand its payment services in Singapore, catering to both individuals and institutions. The approval comes nearly a year after Coinbase received an in-principle approval from the regulator, signifying
Exchanges
Hong Kong, known as a global financial hub and a gateway to China, has been hit hard by a massive crypto scandal involving JPEX. This Dubai-based cryptocurrency exchange stands accused of defrauding thousands of investors of over $160 million. The case has not only revealed regulatory loopholes and the lack of investor protection in Hong
Gemini, the popular crypto exchange, has officially confirmed that it withdrew $282 million of its Earn users’ funds from the bankrupt crypto lender Genesis in August of last year. This statement was released on September 28th in response to a report by the New York Post, which alleged that Gemini’s co-founders, Tyler and Cameron Winklevoss,
Recently, BitMEX, a prominent crypto derivatives trading platform, announced its plan to dump up to $100 million worth of digital assets from its insurance fund. This move has raised several questions and concerns within the crypto community. In this article, we will critically analyze BitMEX’s decision and its potential implications on the market. According to
In a recent development, Binance, one of the world’s largest cryptocurrency exchanges, has sold its entire business in Russia to CommEX, a newly launched crypto platform. The financial details of the deal remain undisclosed, but Binance has stated that it will no longer be involved in any activities or business lines in Russia. This decision
The recent $7.9 million exploit of HTX’s hot wallet on September 24 has prompted the cryptocurrency exchange to take immediate action. In response to this security breach, HTX global adviser Justin Sun announced the creation of a Secure Asset Fund for Users (SAFU), which will serve as a safety net for investors in the event
In recent years, the cryptocurrency industry has faced increasing legal challenges and controversies in South Korea. Financial authorities are now taking steps to implement stringent eligibility reviews for major shareholders of cryptocurrency exchanges, reflecting the standards upheld in the banking sector. These measures aim to address the involvement of major shareholders in fraudulent and market-manipulative
Upbit, one of South Korea’s leading cryptocurrency exchanges, has been hit by a major setback due to fraudulent activities involving counterfeit tokens. The exchange had to suspend all withdrawals and deposits of Aptos’ native token APT after discovering that scammers had generated fake APT tokens. The fraudulent activities not only affected the deposit and withdrawal
In a legal filing on September 22, the once reputable law firm Fenwick & West attempted to dismiss a class action suit that accused them of being partly responsible for fraudulent activity at FTX, a cryptocurrency trading platform. Fenwick & West mounted a robust defense, addressing the key allegations made against them in an attempt
Crypto exchange Bybit has announced its decision to leave the U.K. market in anticipation of new crypto marketing rules set to take effect in October. This move is in response to the regulations outlined by the U.K. Financial Conduct Authority, which have made it necessary for Bybit to pause its operations in order to proactively