Coinbase, a leading cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone allows Coinbase to expand its payment services within the country and cater to both individuals and institutions. Singapore, with its progressive economic strategies and regulatory approach, is considered a priority market
Exchanges
Hong Kong, a renowned global financial hub, has recently been shaken by a massive cryptocurrency scandal involving JPEX. This Dubai-based crypto exchange is accused of defrauding thousands of investors out of more than $160 million. The case has not only exposed regulatory loopholes and the lack of investor protection in Hong Kong’s nascent crypto industry,
Gemini, the popular cryptocurrency exchange founded by Tyler and Cameron Winklevoss, recently found itself at the center of a controversy. A New York Post report alleged that the Winklevoss twins had secretly withdrawn over $280 million from the bankrupt lender Genesis. The report did not specify whether these funds belonged to Gemini or the Winklevoss
Cryptocurrency exchange Binance has recently faced a setback after its banking partner, Paysafe, decided to cease processing EUR deposits. As a result, Binance has urged its users to convert their fiat Euro balances into Tether’s USDT before the end of October. This move aims to minimize disruptions for Binance’s services and provide its users with
Crypto exchange giant Binance recently announced the sale of its entire Russia business to the newly launched platform, CommEX. While the financial details of the deal remain undisclosed, Binance stated that it will no longer be involved in any revenue split and does not hold the option to repurchase shares in the business. The off-boarding
Recently, HTX global adviser Justin Sun announced the creation of a secure asset fund for users (SAFU) in response to a $7.9 million exploit of its hot wallet. This article aims to critically analyze the implications and effectiveness of this fund. SAFU is designed to serve as a financial safety net, offering reimbursement to investors
Financial authorities in South Korea have announced plans to implement strict eligibility reviews for major shareholders of cryptocurrency exchanges. This move aims to align the standards upheld in the cryptocurrency industry with those in the banking sector. The decision comes as a response to the increasing legal issues surrounding shareholders of prominent domestic exchanges like
The recent suspension of Aptos’ native token APT on South Korea’s leading cryptocurrency exchange, Upbit, has sent shockwaves through the industry. The exchange was forced to halt all withdrawals and deposits of APT after discovering that scammers had inundated the platform with counterfeit APT tokens. This unfortunate incident has shed light on the vulnerability and
A recent legal filing on September 22nd saw a law firm that previously provided services to FTX defending itself against a class action suit. The lawsuit, which began in August, involves customers claiming that Fenwick & West should be held partially responsible for alleged fraudulent activity at FTX. In response, Fenwick presented a strong defense
Cryptocurrency exchange Bybit has made the decision to withdraw from the U.K. market ahead of the implementation of new crypto marketing rules in October. This move comes as a response to the regulations set by the U.K. Financial Conduct Authority (FCA), which Bybit believes requires proactive action. Despite previous denials of any intention to leave,