Crypto Guides, Knowledge & Insights

Binance to Halt Euro Trading for Paysafe Users on September 28th

According to an official announcement, due to Paysafes unilateral decision to cease processing Euro deposits for Binance users, Binance advises Paysafe users to take appropriate action in advance.　　Paysafe users can convert their Euro balances in their Binance accounts to USDT until 8:00 AM on October 31, 2023. Additionally, users can continue to withdraw Euro balances from their Binance accounts to their bank accounts.　　Binance suspended Euro deposits for Paysafe users on September 25th at 8:00 AM. Starting from September 28th at 12:00 PM, users will no longer be able to buy or sell cryptocurrencies using Euro balances.　　

2023-09-28Deep Dive

Hong Kong's Financial Chief Vows Strong Action in JPEX Case

Hong Kong Financial Secretary Paul Chan Mo-po concluded his European visit and returned to Hong Kong in the afternoon. During his visit, he responded for the first time to the alleged fraud case involving the virtual asset trading platform JPEX. He acknowledged the announcement made earlier in the week by the Chief Executive of the Securities and Futures Commission (SFC), Ashley Alder. He noted that this incident serves as a reminder of the risks associated with trading on unlicensed virtual asset exchanges. While the Hong Kong SAR Government recognizes the significance of blockchain technology and financial innovation, it also emphasizes the importance of bringing third-generation internet-related businesses under appropriate regulation. Chan stressed that illegal activities of this nature will be dealt with severely and integrated into a suitable regulatory framework. The goal is to encourage the responsible and sustainable development of the industry, reflecting the governments policy direction.　　Secretary for Security Chris Tang Ping-keung stated that the police have received 2,392 reports related to the case so far, with contact made with over 300 individuals. The total amount involved is nearly HK$1.5 billion. To date, 12 individuals have been arrested, with HK$8 million in cash seized and over HK$77 million in

2023-09-28Deep Dive

BNB Holders Get 25% Off Trading Fees on CommEX

Binance is taking significant steps to facilitate a seamless transition for its Russian BNB holders as it completes its withdrawal from the Russian market.　　Changpeng Zhao, the founder of Binance, recently took to Twitter to reassure Russian users about the transition process and the safety of their funds.　　In his tweet, Zhao expressed his commitment to ensuring that Russian users experience a smooth transition to CommEX, the platform that has acquired all of Binance‘s Russian operations. This commitment is in line with Binance’s ongoing efforts to prioritize user satisfaction and security.Safeguarding User Funds During Transition　　One of the key highlights of this transition is the assurance that all user funds are safe. This announcement aims to alleviate any concerns Russian users may have had about the safety of their assets during this period of change. Binance has a strong track record of prioritizing the security of user funds, and this commitment remains unwavering even during this transition.　　Additionally, Binance has decided to extend a special benefit to BNB holders. BNB holders will continue to enjoy a 25% discount on trading fees, a perk that has been a part of the Binance ecosystem for some time. This move demonstrates Binances appreciation for its loyal users

2023-09-28Deep Dive

Latest Gemini Genesis News Reveals $282 Million Withdrawal Before Bankruptcy

In a recent Gemini Genesis news reported by Bloomberg, Gemini withdrew $282 million from Genesis before bankruptcy, triggering legal disputes in the crypto world.　　In a recent Gemini Genesis news, Gemini Trust Co. executed a significant move months before Genesis Global Holdco LLC faced a deposit freeze and eventual bankruptcy. Two anonymous sources have revealed that Gemini Trust Co., owned by Tyler and Cameron Winklevoss, withdrew approximately $282 million in cryptocurrency from Genesis in August 2022.Geminis Strategic Move　　Contrary to speculations, the withdrawn funds were not directed towards the Winklevoss twins. Instead, they were allocated to establish a reserve to facilitate immediate redemptions for Gemini Earn customers.　　The situation was complicated as FTXs collapse sent shockwaves through the volatile crypto market. Genesis subsequently froze customer withdrawals and, in January, filed for Chapter 11 bankruptcy protection in New York. In response, Gemini filed a claim seeking $1.1 billion for Earn users.　　Since the initial withdrawal freeze, negotiations involving Gemini, Genesis, and Digital Currency Group have been ongoing, marked by public disagreements between Barry Silbert, the founder of DCG, and the Winklevoss twins. A tentative agreement reached in February remained unresolved, leading to a lawsuit by Gemini against DCG for fraud in July.　　Additionally, both Genesis and

2023-09-28Deep Dive

Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report

Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion.　　According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.　　She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens.Along with Xiang Xiang Unicoin Arrest　　The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store.　　The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureaus officers are actively pursuing leads to provide crucial information to aid the investigation.　　Additionally, according to Metroradio reports, as of 5 pm today,

2023-09-28Deep Dive

Arbitrum Odyssey Relaunches, Inaugural Week's Missions Hosted on GMX

Arbitrum has announced the relaunch of its Odyssey event on the X platform, with the first task starting on GMX. The first week of tasks will run from September 27th, 0:00 Beijing time, to October 2nd, 0:00. Tasks for this week include engaging in leveraged trading on the GMX V2 market and sharing GMX referral links on social media.　　Arbitrum reminds users that after completing the GMX tasks, it may take several days to verify eligibility for NFT badge qualification since eligibility information needs to be manually updated this week.　　In previous news, Arbitrum Odyssey entered into a 7-week partnership with the Web3 community platform, Galxe. Participants who complete tasks and explore the 13 projects on Arbitrum One can earn custom badges.　　

2023-09-27Deep Dive

Celestia Airdrop Now Live

Modular blockchain Celestia has announced that its airdrop is now live. A total of 7,579 developers and 576,653 on-chain addresses will have the opportunity to join Celestia starting from the first block. Eligible participants can claim up to 60 million TIA (Celestias native asset) before October 17, 2023, at 20:00 UTC. The total supply of TIA is one billion.　　The airdrop will also be distributed to those who are building the early modular ecosystem. This includes public contributors to other modular DA layers currently under development, such as Avail and Eigenlayer, as well as Solana, who actively participated in Modular Summit I and II.　　The airdrop is divided into three parts: Research and public goods, with a total allocation of 20 million TIA for early builders of the modular ecosystem; early adopters of Ethereum rollups, with another 20 million TIA allocated; and stakers and IBC relayers on the Cosmos Hub and Osmosis, with a combined allocation of 20 million TIA.　　TIA is a crucial component for developers building the first modular data availability network. To achieve data availability (DA) using Celestia, rollup developers submit PayForBlobs (PFB) transactions on the network and charge a fee, denominated in TIA.　　The eligibility addresses for the Celestia airdrop

2023-09-27Deep Dive

Kraken Advances European Expansion, Secures EU Digital Currency License

Kraken has announced that it has obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland. Additionally, Kraken has successfully registered as a Virtual Asset Service Provider (VASP) with Spanish Bank.　　The EMI license granted to Krakens Irish subsidiary enables the company to expand its Euro-denominated services by collaborating with European banks. This encompasses customers in 27 European Union (EU) member states and European Economic Area (EEA) countries, which are crucial growth regions for the company.　　In Spain, Krakens new VASP registration allows it to provide cryptocurrency exchange and custodial wallet services to residents of Spain. Previously, VASP registrations were recently completed in Ireland and Italy.　　In previous news, Krakens derivatives division has been in negotiations with UK regulatory authorities to expand its operations.　　

2023-09-27Deep Dive

Hong Kong Crypto Exchange Scandal: JPEX Case Spotlights New Regulatory Challenges

The Hong Kong Crypto Exchange Scandal with JPEX spotlights regulatory challenges and investor risks, prompting debate on crypto market access, as per Bloomberg.　　The recent arrest of Joseph Lam and the subsequent shutdown of JPEX, an unlicensed crypto platform in Hong Kong, have sent shockwaves through the cryptocurrency community.　　Lam, a social media influencer with a substantial following, was among the 11 individuals apprehended in connection with an alleged HK$1.5 billion ($192 million) fraud case involving JPEX.Hong Kong Crypto Exchange Scandal　　Hong Kong‘s swift response, coming just four months after the introduction of new cryptocurrency regulations, underscores the government’s commitment to cracking down on illicit activities in the crypto space.　　The Securities and Futures Commission (SFC) had warned investors about JPEXs lack of a permit, leading to local telecom carriers blocking its website and app.　　However, this incident highlights the challenges governments face when regulating an industry known for scams and volatility. Some argue that retail trading in cryptocurrencies, especially in the absence of proper investor education, is a risky endeavor.　　JPEXs case is a prime example of how small investors can be lured by promises of unrealistic returns. Despite warnings and being placed on an alert list, thousands of people in Hong Kong continued to

2023-09-27Deep Dive

Taiwan’s Crypto Guidelines Officially Released To Promote Virtual Asset Investors

In a significant move to enhance the oversight and security of the cryptocurrency industry, the Taiwan Financial Supervisory Commission (FSC) has officially released the “Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)” on September 26, as stated on the official website.FSC Introduces Comprehensive Taiwan‘s Crypto Guidelines　　Under these newly unveiled Taiwan’s crypto guidelines, domestic cryptocurrency platforms are now required to implement several key measures to ensure the safety and transparency of their operations. These measures include the separation and secure custody of both company and customer assets, the establishment of rigorous review standards for virtual asset listings and delistings, and the reinforcement of information disclosure.　　Moreover, platforms issuing virtual assets must now disclose comprehensive whitepapers on their websites, providing investors with crucial transparency. Additionally, to safeguard client assets, platforms are mandated to segregate legal currency and virtual assets received from clients from their own assets.Local Exchanges Collaborate Toward Cryptocurrency Industry Association　　Taiwans crypto guidelines also emphasize the implementation of customer protection regulations founded on principles such as fairness, reasonableness, equality, reciprocity, and integrity. To guarantee ongoing security and reliability, platforms will establish robust management systems for their day-to-day operations, information security, and the safeguarding of hot and

2023-09-27Deep Dive

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