Cryptocurrencies To Watch

Tag: Crypto Exchange

  • Trump Meets Crypto.Com CEO as Firm Withdraws SEC Lawsuit

    Trump Meets Crypto.Com CEO as Firm Withdraws SEC Lawsuit

    United States President-elect Donald Trump met with Kris Marszalek, the crypto exchange Crypto.Com CEO, at Trump’s Mar-a-Lago estate following the company’s unexpected decision to withdraw its lawsuit against the US Securities and Exchange Commission (SEC).

    According to a recent Bloomberg report, the duo discussed Trump’s proposal for a national Bitcoin (BTC) reserve, financial departments, and appointments in his administration linked to the crypto sector.

    Crypto.Com Files Lawsuit Against SEC

    Earlier this year, Crypto.com filed a lawsuit against the SEC, challenging the regulator’s classification of certain digital assets as securities. The case became a flashpoint in the ongoing debate over the SEC’s regulatory reach and the need for more straightforward crypto asset rules.

    However, in a statement issued Monday, Crypto.Com announced its decision to withdraw the lawsuit, citing “productive dialogue with regulators” and a renewed focus on collaboration.

    The company also noted that its primary objective is to stop the SEC’s unlawful overreach and violation of federal law. Crypto.Com argued that the agency’s failure has led to an unfair landscape in which certain firms are singled out while others face no scrutiny.

    After being issued a Wells notice, which signals possible enforcement action, Marszalek announced in October that the exchange planned to file a lawsuit against the SEC to safeguard the future of crypto.

    Trump & Armstrong to Discuss Personnel Appointments

    Following his victory in the US presidential election on November 5, Trump has also made appointments indicating a preference for individuals supporting the crypto sector. Before the election, the president-elect introduced his digital asset project, World Liberty Financial.

    Alongside Marszalek, Trump met with Coinbase CEO Brian Armstrong in November to discuss key personnel appointments. This was the first meeting between the two since Election Day. According to a report from the Wall Street Journal, the private sessions are also part of Trump’s ongoing plans to finalize his cabinet and government heads.

    Trump Appoints Wingmen

    Following the meeting, the president-elect announced former PayPal COO David Sacks as his “AI and crypto advisor” and nominated former commissioner Paul Atkins as his candidate for SEC chair.

    In his post, Trump expressed his confidence in Paul Atkins as his pick for SEC Chair, citing his extensive experience in financial regulation. The US President claimed Atkins’ background as CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance demonstrates his expertise in digital assets.

  • Bitget Token Jumps Over 150% in a Month, Here’s Why

    Bitget Token Jumps Over 150% in a Month, Here’s Why

    Despite a sharp 50% price drop two months ago, BGB, the native token of the famous crypto exchange Bitget, has recently witnessed an unprecedented price surge, drawing many investors’ attention. Within the past month, it has soared by 150.1% to reach a new all-time high. Its market capitalization has also jumped by about 12.3% to reach $4.75 billion, ranking it among the 32 largest cryptocurrencies by market cap.

    Many factors have pushed the crypto’s rise. On Monday, it passed the historic $3.5 mark and continues to surge as more investors pump funds into the exchange-minted token, hoping it will soar like Binance Token, BNB.

    BSP License Bagged in El Salvador

    As the crypto exchange revealed in a recent press release, it has received a green light from El Salvador’s Central Reserve Bank (Banco Central de Reserva), which granted it a  Bitcoin Service Provider (BSP) license.

    Obtaining the license, Bitget has been approved to offer Bitcoin services such as Bitcoin-to-fiat exchanges, payment facilitation, and secure Bitcoin custody solutions within the country’s borders.

    Notably, the exchange is also pushing for a Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets (NCDA) to offer sales, purchases, transfers, and storage services for other cryptocurrencies in El Salvador.

    “Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” says Min Lin, Chief Business Officer at Bitget.

    Investor Optimism Grows

    Many investors have shifted their portfolios to include digital assets, moved by the recent uptrend in the crypto market. Notably, considering how Binance Native Token, BNB, has resisted various market conditions during the year, investors foresee a better future for BGB. They expect it to follow in the same footsteps of resilience despite volatility or wavering conditions in the crypto market.

    Recently, BNB hit a new all-time high of $780 per coin with a market cap above $100 billion, securing its position as the sixth-largest crypto by market capitalization.

    Meanwhile, Binance’s former CEO says he’s not taking the role again, although investors think his return will help boost the token.

  • Chainlink Partners with Coinbase’s Tokenized Assets Platform

    Chainlink Partners with Coinbase’s Tokenized Assets Platform

    The decentralized blockchain oracle network Chainlink has announced a strategic partnership with Coinbase’s Project Diamond, Coinbase’s digital asset platform for global institutions. The integration will provide data and facilitate comprehensive lifecycle management for new tokenized assets on the platform.

    Project Diamond, operating under the trade name Onchain Marketplace, is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) and participates in the ADGM RegLab sandbox. The integration will enhance this implementation.

    A Seamless Connectivity

    Chainlink will also use its Cross-Chain Interoperability Protocol (CCIP) to enable seamless data sharing and connectivity across public and private blockchains and traditional financial systems, ensuring user compliance-focused solutions.

    Chainlink Functions enhance these assets by providing reliable, real-world data, regardless of the blockchain they traverse via CCIP. With Chainlink integrated into the Project Diamond platform, asset issuers, and fund managers gain a secure and compliant solution to efficiently scale their tokenized assets across public and private blockchains with verifiable data connectivity.

    Commenting on the latest partnership, Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, said:

    “Chainlink is essential infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant, secured by verifiable data, and interoperable across any public or private blockchain.”

    Kasumovich added that Integrating the Chainlink standard directly into the Project Diamond platform, built on Coinbase’s Base technology, lays the foundation for broad institutional adoption of digital assets.

    Chainlinks Lab Enters MENA Region

    Coinbase Asset Management launched Project Diamond in December 2023, though it is not accessible to users in the United States. In April, Chainlink introduced the CCIP, enabling cross-chain token transfers and smart contract communication across blockchain networks.

    Chainlink Labs, a key developer of Chainlink, announced the establishment of a new entity in Abu Dhabi under the ADGM Registration Authority to support its growth and operations in the Middle East and North Africa (MENA) region.

    Angie Walker, Chainlink Labs’ Global Head of Banking and Capital Markets and Senior Executive Officer for Chainlink Labs Abu Dhabi, noted that the MENA region has emerged as a global hotspot for innovators and a central hub for advancing on-chain finance adoption.

  • Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Mt. Gox Transfers Over $2.8B in Bitcoin to Unknown Address

    Defunct cryptocurrency exchange Mt. Gox has reportedly transferred a massive amount of BTC to an unknown wallet address amid the crypto asset’s new price achievement.

    According to a recent data from blockchain analysis platform Arkham Intelligence, Mt. Gox moved 27,871 BTC worth approximately $2.8 billion to an undisclosed address. The exchange still holds roughly over $4 billion.

    Mt. Gox Moves $222M

    The recent transfer follows a significant transfer of 2,500 bitcoins (valued at $222 million) by the crypto exchange on November 12 to an unidentified wallet. These transactions occur amid the prolonged repayment timeline for Mt. Gox creditors, now extended to October 31, 2025. The delay has been linked to continued claimant verification efforts.

    Although some creditors have been compensated in fiat currency, many still await their repayments in Bitcoin or Bitcoin Cash.

    In the past, Bitcoin market prices have shown sensitivity to transactions involving Mt. Gox wallets, though recent activities have had minimal immediate effect. However, analysts remain wary that a widespread distribution of payouts could lead to selling pressure if recipients choose to liquidate their Bitcoin.

    BTC Hits New High

    As of the time of writing, BTC is changing hands at over $103,000, reflecting a 6.17% rise over the past 24 hours. However, the crypto asset has encountered some challenges in the past week, with slight pullbacks.

    The recent milestone of the digital asset has pushed its market capitalization to over $2 trillion, further cementing it as the world’s largest cryptocurrency.

    The uptick comes from significant events shaping the U.S. crypto sector. Federal Reserve Chairman Jerome Powell recently referred to Bitcoin as a rival to gold, and President-elect Donald Trump has selected pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC). 

    Investors and analysts see these developments as indicative of a regulatory shift under the new administration, potentially creating a more crypto-friendly landscape.

    Institutional Demand Drives Bitcoin’s Rally

    Institutional interest remains a key driver of Bitcoin’s growth. The January approval of U.S. spot Bitcoin ETFs marked a turning point, offering a regulated avenue for institutional investors to enter the market.

    As such, a large percentage of institutional investors intend to invest in digital assets in 2024, highlighting the increasing appeal of the sector, with countries and states also joining the bandwagon of having BTC as their reserve asset.

    Corporate adoption also strengthens Bitcoin’s position. U.S. companies increasingly embrace it as a treasury reserve asset—a movement led by MicroStrategy steadily gaining momentum across the business landscape. With its latest acquisition of approximately 15,400 BTC valued at $1.5 billion, the business intelligence firm has positioned itself as one of the largest corporate holders of Bitcoin.

  • Celsius to Distribute $127M From Litigation Recovery Account

    Celsius to Distribute $127M From Litigation Recovery Account

    Bankrupt crypto lending firm Celsius Network has announced plans to distribute $127 million from its litigation recovery account, a significant step in its ongoing bankruptcy proceedings.

    The troubled lender noted that the distribution aims to compensate eligible creditors of classes 2, 5, 7, 8, and 9 impacted by the company’s collapse.

    A Notice of Commencement filed on November 27 in the United States Bankruptcy Court for the Southern District of New York indicates that these categories encompass retail borrower depositors, participants in the “Earn” program, and creditors with withhold claims, unsecured loans, or general unsecured claims. However, it excludes users with convenience claims or those not eligible for illiquid recovery rights.

    Celsius to Pay With Crypto

    Following the notice, creditors will receive payments primarily in crypto through the platforms used for previous distributions, such as PayPal, Venmo, or Coinbase. Those without verified accounts on these platforms will receive cash payments instead. Corporate creditors are also eligible for payments, though those with convenience claims are excluded.

    Despite the latest announcement concerning a second payment, some crypto users on X are dissatisfied. An X user stated that there are still so many creditors with unresolved distributions.

    Celsius Misleads Clients

    Celsius filed for bankruptcy in July 2022. Its former CEO, Alex Mashinsky, was arrested and charged with fraud in July 2023, accused of misleading depositors about the investment risks associated with the platform. His trial is set to commence in January 2025.

    In March, several Celsius corporate creditors alleged that their payments were reduced by 30% because the debtors’ estate exclusively used Coinbase to handle distributions.

    While the $127 million distribution marks progress, many creditors still await full resolution. The litigation recovery account has been a critical resource in Celsius’ efforts to address outstanding claims. Still, significant challenges remain as the company continues to sort out its financial and legal obligations.

    Meanwhile, Celsius is not the only firm repaying its creditors. For instance, the trustee of Mt. Gox, the now-infamous Bitcoin exchange that collapsed in July 2014, initiated a repayment plan in July. The trustee noted that the repayment will be made in bitcoin and Bitcoin Cash, which were recovered from Mt. Gox’s remaining assets.

  • South Korea Investigates Upbit For About 600K KYC Violations

    South Korea Investigates Upbit For About 600K KYC Violations

    South Korea’s largest crypto exchange, Upbit, is being scrutinized for significant Know-Your-Customer (KYC) violations during its local license renewal.

    KYC is a crucial regulatory requirement designed to prevent illegal activities like money laundering and fraud by ensuring that users are correctly identified. Violations of these standards can lead to severe penalties for companies in the crypto industry.

    Over 500,000 KYC Violations

    A local report confirmed that South Korea’s Financial Intelligence Unit (FIU), part of the Financial Services Commission (FSC), has uncovered potential violations of KYC regulations on Upbit’s platform, involving between 500,000 and 600,000 cases.

    The authorities noted that they discovered the customer verification breaches while evaluating Upbit’s business license renewal. These alleged breaches could seriously affect the exchange’s ability to continue operating in the country, especially as regulatory scrutiny intensifies.

    In South Korea, crypto exchanges or virtual asset service providers (VASPs) must establish strict KYC procedures.

    Failed KYC Implementation

    Investigations into Upbit’s operations also revealed that the exchange failed to implement its KYC procedures properly. Reports highlighted instances where user-submitted identification documents were unclear, with blurred names or registration numbers.

    The exchange approved and opened accounts despite these issues without addressing these verification discrepancies. Accounts created with such questionable documents could potentially facilitate criminal activities.  

    The FIU will continue its thorough investigation into each suspicious case. However, representatives from Upbit have stated that they cannot share details regarding the ongoing investigation due to legal restrictions.

    Under South Korea’s Special Financial Information Act, crypto exchanges are required to renew their licenses every three years. 

    Failure to comply with KYC regulations could threaten this renewal. Additionally, each violation of the law could result in a fine of up to 1 billion Korean won​ (over $716,000).

    Over $2B Daily Trading Volume

    Launched in 2017, Upbit is recognized as one of South Korea’s leading crypto exchanges and ranks among the largest globally. The exchange has a daily trading volume of $2.2 billion, according to data from CoinGecko.

    The report concerning Upbit’s KYC violations came after the FCS revealed plans to investigate the exchange for possible anti-monopoly violations.

    Upbit’s investigation into monopoly practices was linked to its strong ties with K-Bank, which local authorities have long scrutinized due to its high exposure to crypto exchanges. Reports show up to 70% of K-Bank’s deposits are associated with crypto transactions.

  • Delhi Police Arrests Bengal Man Responsible for WazirX $234 Million Hack

    Delhi Police Arrests Bengal Man Responsible for WazirX $234 Million Hack

    After four months of investigation, the Delhi Police’s Special Cell has arrested SK Masud Alam, a resident of West Bengal, for setting up a fake account that led India’s largest crypto exchange, WazirX, to lose over $234 million in user funds to a hack.

    Alam’s arrest marks significant progress in the WazirX hack investigation process. It will make it easier for the authorities in charge to identify other entities involved in one of the highest institutional crypto thefts of the year.

    Fake WazirX Account

    According to a local media platform, India Today, Alam opened a fake WazirX account named Souvik Mondal. He sold the account via the Telegram social media platform to M. Hasan, who allegedly used it to breach the crypto exchange, stealing and moving crypto from the company’s multisig account.

    The hacker stole many altcoins, including 5.43T Shiba Inu, 15,298 ETH, 20.3M Matic, 640.27B Pepe, 5.79M USDT and 135M Gala, 78.5M Jasmy, and many others. He converted $PEPE, $GALA, and $USDT to $ETH on the hack day.

    Liminal Custody Defiance

    Further reports also revealed that Liminal Custody, a digital asset custody platform securing WazirX assets during the hack, failed to comply with the Delhi Police’s Intelligence Fusion and Strategic Operations (IFSO) division.

    The agency claimed to have contacted Liminal a couple of times. However, the asset custodian did not provide the necessary information, raising suspicions and questions about the firm’s accountability.

    Moreover, the IFSO seized about three laptops used by WazirX authorized signatories to approve transactions. It has also obtained KYC details and transaction logs that will aid the investigation process and has not discovered any unauthorized penetration into WazirX’s system via any means.

    WazirX’s Post-Hack Measures 

    Following Wazirx’s $234 million loss in July, the exchange has taken several measures to recover the funds, resume operations, and refund affected clients. Notably, it has also regularly informed users of new investigation updates.

    First, the exchange paused trading on its platform, stating that the user’s funds were no longer fully backed after the hack. After that, it filed for a moratorium with the Singapore court and was granted four months to restructure liabilities.

    Meanwhile, the exchange is set to restart trading, crypto staking, and over-the-counter (OTC) crypto transactions to speed up its recovery process. It plans to share generated trading fees with affected customers.

  • SEC Approves Coincheck as First Japanese Crypto Exchange Listed on Nasdaq

    SEC Approves Coincheck as First Japanese Crypto Exchange Listed on Nasdaq

    The United States Securities and Exchange Commission (SEC) has approved Coincheck, a crypto exchange headquartered in Tokyo, Japan, to list on the Nasdaq Global Market. The milestone marks the first time a Japanese crypto exchange will be publicly traded on a stock exchange in the U.S.

    The exchange will go public via a merger with Thunder Bridge Capital Partners IV, Inc. (“THCP”), a Nasdaq-listed firm established to assist private companies in making their market debut.

    SEC Application Approval

    With the SEC’s approval, TBCP is set to hold a shareholder vote on December 5 to authorize and complete the business merger, a crucial step for the listing to proceed.

    If the shareholders approve, the merger with TBCP will be finalized, and Coincheck is expected to debut on Nasdaq on December 10, trading under the ticker symbol CNCK.

    Coincheck has filed various documents to the SEC as part of the listing process. With the SEC’s recent approval, THCP will now distribute the final voting materials to its shareholders, who will vote on the merger.

    THCP shareholders and other stakeholders are urged to examine these documents, which are accessible on the SEC’s EDGAR website.

    The listing will allow Coincheck to access capital from U.S. markets, potentially expand into new regions, and enhance its trading and security capabilities.

    For investors, the Nasdaq listing provides an opportunity to gain exposure to the growth of the crypto market via traditional stock investments without directly purchasing digital assets.

    Nasdaq Listing Implications

    The scheduled Nasdaq listing also represents a significant milestone for Japan and the U.S. If the merger is completed, it will enhance global market connectivity and may encourage other Japanese crypto exchanges to seek listings in international markets.

    While the listing could attract other Japanese crypto exchanges, it may draw more global crypto companies to U.S. markets, further solidifying the country’s anticipated pro-crypto regulatory approach under President-elect Donald Trump’s upcoming administration.

    Founded in 2014, Coincheck has long been one of Japan’s leading cryptocurrency exchanges, catering to millions of users in Asia. Coincheck made headlines in 2018 when it was acquired by Monex Group, a prominent Japanese online brokerage, following a high-profile hack in April 2018.

    Since then, Monex has rebuilt Coincheck’s reputation by prioritizing security and regulatory compliance.

  • WazirX Restarts Trading, Staking, and OTC Transactions to Push Fund Recovery

    WazirX Restarts Trading, Staking, and OTC Transactions to Push Fund Recovery

    Famous Indian crypto exchange WazirX, which lost $234 million in July to a hack, announced on Wednesday that it will restart spot and derivatives trading on its platform alongside staking and over-the-counter (OTC) transactions to speed up its fund recovery process.

    A significant facet of WazirX’s recovery plan is launching a new decentralized exchange (DEX) to boost security while striving to gain more liquidity.

    Trading Restarts

    As revealed by the hacked exchange, it is set to restart spot trading on its platform for both old and new customers to gradually raise its trading volume again.

    WazirX will also kickstart futures trading to welcome more users. This will allow customers to speculate on the price of specific crypto assets and trade on the exchange with leverage options to maximize their profits.

    The recovering exchange also plans to process large-scale transactions by setting up an OTC desk for institutional crypto investors and high-net-worth individuals.

    While WazirX plans to increase its trading volume, it also wants to repay the funds that users lost from the hack; thus, it has decided to share the trading fees among different creditors, gradually refunding them.

    New Decentralized Exchange

    According to WazirX’s latest release, the exchange’s new DEX is designed to integrate the user-friendly trading experience of a centralized exchange (CEX) with the high security of decentralized crypto transactions.

    WazirX’s DEX will also feature crypto staking, which allows users to earn rewards as they stake their token balances over time to support a blockchain network and participate in the blockchain’s consensus mechanism.

    Notably, the new DEX is a part of the exchange’s strategic revenue streams as it plans to encourage users to inject enough liquidity into the system by rewarding providers.

    Recovery Token Airdrop

    Moreover, WazirX is working to launch a Recovery Token, which will be airdropped to creditors based on their platform balances and contributions to the exchange.

    Notably, the exchange will repurchase the recovery token from holders “to boost creditor recoveries and capture market movements.”

    Meanwhile, before laying down its recovery and repayment plans, WazirX filed for a six-month moratorium with the Singapore court a month after its hack, and the court granted it a four-month grace period to restructure and draft a feasible repayment plan to follow as it continues operations.

  • South African Bank Capitec Receives Industry Criticism for Restricting Crypto Transactions

    South African Bank Capitec Receives Industry Criticism for Restricting Crypto Transactions

    The South African retail bank Capitec has blocked electronic fund transfers (EFTs) to crypto exchanges to protect customers from fraud.

    The restriction comes after the announcement that the Capitec app interacts with the Fraud Center in real-time. This latest interaction will alert customers and restrict payment when beneficiaries report fraudulent activities.

    Crypto Community Questions Bank’s Action

    Carel de Villiers, Shiftly CEO, and co-founder experienced the restriction and was among the first to raise the alarm about the issue on his X handle. He expressed difficulty accessing his VALR account, a crypto exchange platform.

    Following Carel de Villiers’ post on X, Farzem Ehsani, CEO and co-founder at VALR exchange, confirmed that the retail bank deliberately imposed the restriction, stating it was peculiar only to Capitec bank.

    “Capitec Bank has informed us that it has decided to restrict its customers from sending funds to crypto exchanges. All other South African Banks allow you to fund your crypto asset account,” he said.

    Capitec Responds

    Speaking with MyBroadBand on the matter, a Capitec bank representative stated:

    “Capitec is committed to protecting our clients from fraud, which is why we made the decision to block [electronic fund transfers] and immediate real-time clearing payments to crypto exchanges on our app and business web interface.”

    Expressing Capitec’s concern about the safety and protection of customers’ funds, the SA bank affirms that it recognizes the growing interest in cryptocurrency and beckons users to adopt its Capitec Pay. This open banking system allows customers to make digital payments directly from their Capitec bank account as a safer alternative for crypto transactions.

    On the bright side, other African countries increasingly embrace the crypto industry. For instance, Nigeria approved Quidax and Busha to operate as regulated crypto exchanges.

    In another report, the Bank of Ghana revealed plans to launch a regulatory framework as a guardrail for crypto adoption in the country.