Binance, one of the largest cryptocurrency exchanges, has experienced a significant decline in users’ crypto assets following regulatory challenges in various jurisdictions. The latest proof of reserve snapshot taken on July 1 revealed that users’ Bitcoin deposits fell by 3.5% from 614,800 BTC recorded on June 1 to 592,450 BTC. This indicates that approximately 22,000
Exchanges
The Commodity Futures Trading Commission (CFTC) has recently uncovered violations of US regulations by crypto lending platform Celsius Network. This investigation has also implicated the firm’s former CEO, Alex Mashinsky, according to a report by Bloomberg. If the CFTC’s commissioners agree with the findings of the investigation, legal action against Celsius and Mashinsky may commence
Seychelles-based cryptocurrency exchange Bitget announced the launch of its new cryptocurrency lending product, Crypto Loans, as stated in a press release on July 4. This service allows users to stake less popular coins and receive more liquid assets in return. Bitget employs a “dual-coin approach” for its lending product, where users staking one cryptocurrency will
Binance, one of the world’s largest cryptocurrency exchanges, experienced a significant decrease in spot trading volume during the second quarter of this year. The decline, amounting to nearly 70%, can be attributed to various factors, including the reintroduction of fees for its most liquid Bitcoin (BTC) pairs. This article explores the reasons behind this decline
The CEO of the Digital Currency Group (DCG), Barry Silbert, has been issued an ultimatum by Cameron Winklevoss, the co-founder of the Gemini cryptocurrency exchange. Winklevoss publicly announced Gemini’s “best and final offer” for debt restructuring in an open letter on July 4. Silbert was given a tight deadline of just two days to respond.
CME Group, a leading platform for trading derivatives, has announced its plans to launch Ether/Bitcoin ratio futures in the near future, subject to regulatory approval. The company intends to introduce its BTC/ETH ratio futures product on July 31, 2023. This type of futures contract involves an underlying asset that represents a ratio between two different
Revolut, a prominent fintech firm from the UK, has recently informed its U.S.-based users via email that it will no longer provide support for three major cryptocurrencies. The announcement states that Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for purchase through the Revolut app, effective immediately. Furthermore, users will eventually
Bitfinex, a well-known digital asset trading platform, has recently unveiled its latest offering, Bitfinex P2P. This peer-to-peer platform is set to cater initially to markets in Venezuela, Argentina, and Colombia. It allows customers to directly trade various cryptocurrencies such as Bitcoin (BTC), Tether tokens (USDT and EURT), Tether Gold (XAUT), and Ethereum (ETH) while facilitating
Robinhood, the online brokerage firm, is undergoing its third wave of layoffs, resulting in a reduction of approximately 7% of its full-time employees. The decision comes as the company faces a decline in customer trading activity and follows the controversial delisting of three major cryptocurrencies. The Wall Street Journal originally reported these developments. In an
Singapore-based cryptocurrency exchange, Crypto.com, has announced that it has been granted a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. This will allow the exchange to offer its products and services to users in Spain. The company underwent a comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial