The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Bit Trade Pty Ltd, a provider for Kraken Crypto Exchange. ASIC alleges that Bit Trade caused losses of approximately $12.95 million to Australian customers due to its non-compliance with local laws. This article examines the case and its implications for the cryptocurrency industry
Exchanges
Binance CEO Changpeng ‘CZ’ Zhao has dismissed recent reports suggesting that he took a $250 million loan from BAM Management as “wrong information.” The claims, originally reported by crypto media outlet Decrypt, were based on a court filing from the Securities and Exchange Commission’s (SEC) lawsuit against Binance. However, Zhao insists that the information is
Binance.US, a prominent cryptocurrency exchange, has experienced a significant decline in its weekly trade volume according to crypto data firm Kaiko. This decline, from an annual high of nearly $5 billion to just $40 million, is attributed to a combination of regulatory charges and internal changes that have impacted the exchange’s operations and market activity.
In a recent development, Hong Kong police officers have taken into custody influential crypto personality, Joseph Lam Chok, for allegedly promoting the JPEX crypto platform. This arrest comes as a result of the platform receiving over 80 complaints from users who claimed to have lost approximately $34 million. Authorities suspect that JPEX may have been
In a recent court filing, it was reported that NFL quarterback Trevor Lawrence, alongside YouTube influencers Kevin Paffrath and Tom Nash, has agreed to settle a lawsuit related to their endorsement of the now-defunct FTX cryptocurrency exchange. This development marks the first resolution among over a dozen celebrities and firms accused of assisting Sam Bankman-Fried,
In response to recent rumors surrounding the departure of Binance.US CEO Brian Shroder, Binance CEO Changpeng Zhao (CZ) has taken to social media to address the situation. CZ emphasized the evolving and increasingly hostile regulatory landscape in the United States and the need for new leadership to navigate these challenges. This article explores the reasons
The world of cryptocurrency trading has been turbulent in recent times, with fluctuating volumes and regulatory challenges posing significant obstacles. As a result, several exchanges have struggled to navigate these stormy waters. However, amidst this chaos, two exchanges have emerged with contrasting fortunes – Binance and Coinbase. Binance, once a leader in the crypto exchange
Coinbase CEO Brian Armstrong has recently expressed his concerns about the U.S. Commodity Futures Trading Commission (CFTC) taking enforcement actions against decentralized finance (DeFi) protocols. In a post on X (formerly Twitter), Armstrong argues that these protocols should not be considered as “financial service businesses,” and therefore, the Commodity Exchange Act may not apply to
Recently, blockchain security firm SlowMist reported that the hack of over $27 million on crypto exchange CoinEx was carried out by the notorious North Korean Lazarus Group. This revelation has been corroborated by prominent on-chain sleuth, ZachXBT, who discovered that the group accidentally connected their address to the $41 million Stake hack on Optimism and
CoinEx, a cryptocurrency exchange, has recently experienced a security breach, as reported on September 12th. The company announced via Twitter that it had detected unauthorized withdrawals from its hot wallets, where it stores exchange funds. The incident involved Ethereum (ETH), TRON (TRX), and Polygon (MATIC), with a potential impact on an XRP address as well.