Exchanges
Bybit enters into settlement agreement with Ontario Securities Commission
Bybit announced that it reached a settlement agreement with the Ontario Securities Commission (OSC) on Thursday, a day after the OSC released a Statement of Allegations against the crypto asset trading platform. The agreement includes several measures to be taken by Bybit as it engages in registration talks with the Canadian regulator. This announcement comes after the OSC issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto-asset trading platforms. According to the Settlement Agreement, Bybit has disgorged revenues totaling approximately $2.47 million and compensated the OSC $7,707 (CAD 10,000) for costs. No additional monetary penalties were levied on Bybit as part of the agreement. Also, Bybit announced that it woul...
Regulations and exchange delistings put future of private cryptocurrencies in doubt
The core principles of cryptocurrency were based on financial independence, decentralization and anonymity. With regulations being the key to mass adoption, however, the privacy aspect of the crypto market seems to be in jeopardy. In 2022, even though no particular country has come up with a universal regulatory outline that governs the whole crypto market, most countries have introduced some form of legislation to govern a few aspects of the crypto market such as trading and financial services. While different countries have set different rules and regulations in accordance with their existing financial laws, a common theme has been the strict implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. A majority of crypto exchanges operating with a license obt...
Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk
Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs. Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse on June 14. Major exchanges finish up 83,000 BTC in a single day As BTC/USD fell to lows of $20,800, panic appeared to set in among traders, and despite a reversal that at one point topped $23,000, few seemed willing to trust that the worst was over. Since then, spot price action has returned to near $21,000, while 24-hour exchange inflows reached 59,376 BTC. According to CryptoQuant data, this is the largest daily inflow since November 30, 2018. On that day, exchanges recorded 83,481 BTC of net inflows. May 9, 2022 ended with 29,082 BTC in n...
KuCoin continues to expand, chasing down Binance and Coinbase
KuCoin continues to expand and close gap to the top exchanges, such as Coinbase and Binance, as evidenced by increased utility of KCS token KuCoin Token (KCS) is the native token of KuCoin exchange, with which holders can earn daily passive income. Daily KCS bonuses are also available. Paying trading fees with KCS gets users a 20% discount on KuCoin. Also,other use cases of KCS include participating in Spotlight (IEO) , Burningdrop (a new launchpool product) and more. KuCoin’s goal to chase down the major crypto brokers remains in progress as the exchange, launched only five years ago, continues to expand its product offering and range of services. This is clearly evidenced by the push of the KCS token into more and more areas, which opens up a whole new opportunity for both the exchange a...
Huobi Global acquires Latin American crypto exchange Bitex
Late last week, Huobi Global announced that it completed an acquisition of digital currency trading platform Bitex with the terms of the agreement remaining undisclosed. Bitex, founded in 2014, operates primarily in the Latin American countries of Argentina, Chile, Paraguay, and Uruguay – a stage Huobi is keen to take root in. The former will retain its branding and management as part of the arrangement with the leading crypto global crypto entity. Huobi reported a growth in crypto and adoption rate in Latin America of 1,370% rise between 2019, when it launched Huobi Argentina, and 2021. The Bitex website shows that the exchange supported more than 15 stablecoins and several fiat currencies. “Since Huobi Group first entered the Latin American market, we have seen rema...
Weekly Report: FTX’s Sam Bankman-Fried to spend billions on political and acquisition initiatives
FTX chief Sam Bankman-Fried early this week hinted that he would continue with his political donations, financially backing the ‘right’ presidential candidate in the 2024 US Elections. Details on this and other top headlines in the crypto space below: SBF to join the league of major political donors in the next US elections The crypto exchange billionaire known to be pro-Democratic party has set his sights on breaking the biggest political donation ever made in the US. In a podcast session, SBF revealed that he was willing to spend as much as $1 billion – a figure he described as a “sort of a soft ceiling”. He confirmed he would put “north of $100 million,” adding that the exact amount would depend on the candidate running and the political seats in question. This is not the fir...
Belgian financial regulator FSMA to regulate crypto exchange services
A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a sharp deadline. Starting tomorrow, May 1, legal individuals and entities that wish to provide crypto exchange services or custodial wallets in Belgium will have to register in advance, according to the information released by the FSMA. As from 1 May 2022, providers of exchange services between #virtual #currencies and legal currencies, or custody #wallet services will have to register with the #FSMA. Please consult the FAQs. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx — FSMA (@FSMA_info) April 29, 2022 Crypto businesses in Belgium that have been already operating before thi...
Brain drain: India’s crypto tax forces budding crypto projects to move
India’s 30% crypto tax came into law on March 31 and was effective April 1, despite warnings from several stakeholders about its possible ill impact on the budding crypto industry. As predicted, within just a couple of weeks of the new crypto tax law coming into effect, trading volume across major crypto exchanges dropped as much as 90%. The decline in trading activity was attributed to traders either moving their funds away from centralized crypto exchanges or adopting a holding strategy over trading. Many crypto exchanges were hoping that a crypto tax would at least offer some form of recognition to the crypto ecosystem and help them get easy access to banking services. However, the effect has been the opposite. On April 7, the National Payment Corporation of India (NPCI) issued a ...
Is asymmetric information driving crypto’s wild price swings?
It has long been believed that investors possessing inside knowledge help drive cryptocurrencies’ price volatility, and a number of academic papers have been published on this topic. This is why Coinbase’s intention to regularly publish in advance a catalog of tokens being assessed for listing on its prominent trading platform is noteworthy. Coinbase’s plans, announced in an April 11 blog along with 50 crypto projects “under consideration” for Q2 2022, could help tamp down the pervasive speculation that surrounds small-cap tokens. Meanwhile, this can help alleviate industry concerns about “information asymmetry,” which typically occurs when one party to a transaction — a seller, for instance — is much better informed than another transactional party, such as a buyer. Last week’s pre-...
Monthly Report: Dubai attracts top cryptocurrency exchanges
Dubai recently made strides to regulate its crypto sector, and now everyone is moving there The EU parliament votes for a proposal that could affect privacy around digital asset transfers Ronin is working with authorities to track an attacker who got away with $625 million in crypto assets from the blockchain in March Ethereum is a step closer to the Merge Dubai woos crypto giants as it targets becoming a hub Dubai’s crypto scene pulled in several crypto exchanges last month thanks to the environment it has created for cryptocurrencies. The Arabian city is leading the push for the United Arab Emirates to become a global leader in digital assets. Sheikh Mohammed Bin Rashid, ruler of the UAE, said on March 9 that the emirate of Dubai had established the country’s first-ever regul...
Netflix’s Crypto King: a riveting watch, but should it be better?
If you haven’t seen the new Netflix documentary, Crypto King, you should stop right here and go watch it. Even if you’re not into crypto, it’s worth watching. Although, considering you’re reading this on CoinText, I’m going to assume you are a crypto fan (still, I’ve read that there are actually some crypto people who are in relationships – who would have thought? So, your significant others will enjoy it too). With that said, I’m about to jump into some spoilers, so if you aren’t familiar with the crazy story, this is your last chance to avoid finding out. The Story Gerald Cotten was the founder of QuadrigaCX, a Canadian crypto exchange. He was a nerd; perpetually clad in clunky running shoes and ill-fitting jeans. He had glasses, and he even spoke like a nerd! Genuinely, he did. He sport...
Blockchain.com’s valuation hits $14BN following newly reported raise
The exchange has completed four financing rounds since the start of 2021 Blockchain.com has a customer base of 37 million users and has processed more than $1 trillion in transactions UK-based cryptocurrency exchange Blockchain.com has reportedly concluded a funding round led by one of its previous investors, Lightspeed Ventures Partners, as per a Thursday report from Bloomberg. Independent investment management firm Baillie Gifford had heavy involvement in the raise, which comes at a $14 billion market valuation – more than double the valuation during the previous financing round completed by the exchange. The report didn’t feature details of the sum raised, and neither party involved has made any official communication. In addition to running a platform for trading crypto ass...
