Recently, cryptocurrency exchange OKX announced that it will be ceasing operations in Nigeria due to local regulations. Nigerian clients were informed that they have until August 16 to close their positions on the platform. This decision has left many users frustrated and concerned about the future of cryptocurrency trading in the country. OKX notified users
Exchanges
Recently, Russia’s Ministry of Finance put forth a proposal that would allow traditional exchanges to facilitate digital asset trading for a select group of investors. This proposal aims to establish special regulations for organized trading in digital currencies, treating them as commodities and operating under the umbrella of an exchange license or a trading system
During a recent hearing, Judge Katherine Polk Failla expressed her disapproval of Coinbase’s attempt to subpoena SEC chair Gary Gensler in the ongoing case against the firm. Failla criticized Coinbase’s request, particularly noting that it included Gensler’s statements prior to him becoming SEC chair in 2021. The judge found Coinbase’s arguments to be “speculative” and
In a recent announcement, Kraken revealed its partnership in the creation of the Blockchain Security Standards Council (BSSC) alongside several key industry players. The BSSC aims to establish standardized security measures across the crypto sector to combat prevalent security threats like fraud, cyberattacks, and protocol exploitation. The organization’s primary objective is to develop consensus-driven security
The Markets in Crypto-Assets (MiCA) regulation introduced by the EU has sent shockwaves throughout the digital asset market, particularly affecting companies operating within the Eurozone. One of the immediate effects of this new regulation is the significant decrease in new exchange listings. Data from Kaiko reveals a sharp decline in the growth of new listings,
The sentencing for senior FTX executives Gary Wang and Nishad Singh is set for later this year. Wang, the former CTO and co-founder of the defunct exchange, will be sentenced on Nov. 30, while Singh’s hearing is scheduled for Oct. 30. Both individuals pleaded guilty to criminal charges after FTX’s collapse in November 2022 and
The recent scandal at Paxful Inc. involving co-founder and former CTO Artur Schaback pleading guilty to conspiracy charges related to failing to maintain an effective anti-money laundering (AML) program is a stark reminder of the consequences of negligence. Schaback’s actions not only put the financial system at risk but also allowed criminal activities such as
Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), recently accused Binance, a popular cryptocurrency exchange, of conducting transactions that are reserved for authorized banks and financial institutions. Akinwumi’s accusations came to light during his testimony in a lawsuit brought by the Economic and Financial Crimes Commission (EFCC) against Binance and its
Taiwan Mobile, the second-largest telecom operator in Taiwan, has taken a bold step by applying for a license to operate as a Virtual Asset Service Provider (VASP). Being listed as the 26th VASP by the Financial Supervisory Commission, Taiwan Mobile has solidified its position in the growing crypto market. With Lin Zhichen leading the company
Binance.US, the American arm of the popular cryptocurrency exchange Binance, is facing a legal battle with the Securities and Exchange Commission (SEC). After an unsuccessful attempt to dismiss the SEC’s allegations of securities law violations, the Court decided that the case would continue. The ruling upheld 10 out of 13 charges against Binance, including those
