Crypto Exchange News & Updates

The Biggest Fear of The CryptoCurrency Community

Cryptocurrency has rapidly emerged as a revolutionary technology and an alternative to traditional forms of currency. However, like any other technology or system, it is not immune to failures, risks, or vulnerabilities. In this context, the worst nightmare in cryptocurrency would be a catastrophic event that could lead to its downfall, rendering it obsolete or losing its credibility as a viable and reliable form of currency. In this article, we will explore some of the potential worst nightmares in cryptocurrency that might happen.　　A Massive Cyber Attack: One of the significant threats to cryptocurrency is cyber-attacks, which have been on the rise in recent years. A cyber attack on a cryptocurrency exchange or a blockchain network could lead to the theft of digital assets, causing significant losses to investors and users. A successful cyber-attack on a major cryptocurrency exchange could also lead to a loss of confidence in the entire cryptocurrency ecosystem.　　Regulatory Crackdown: As cryptocurrency gains wider adoption, governments and regulatory authorities around the world are increasingly taking a closer look at it. A regulatory crackdown on cryptocurrency could make it difficult for investors and users to access digital assets, leading to a decline in its adoption and price. Additionally, a

2023-02-15Deep Dive

New York Regulator Turns Attention to Stablecoin Issuer Paxos

According to Bloomberg, the investigations entire breadth is unknown. However, US officials have begun investigating crypto businesses about how they handle their customers digital assets. The investigation has accelerated in the aftermath of Sam Bankman-crypto Frieds empires demise.　　Paxos Trust is the creator of its own stablecoin, Pax dollar (USDP), as well as the third-largest stablecoin, Binance-branded stablecoin BUSD.　　A spokesperson for the NYDFS declined to comment on ongoing investigations, but told CoinTelegraph that “the department is in continuous contact with regulated entities to understand vulnerabilities and risks to consumers and the institutions themselves from the crypto market volatility we are experiencing.”　　Following the collapse of the Terra algorithmic stablecoin in May, which wiped out billions of dollars from the larger cryptocurrency market, the NYDFS refocused its attention on the $150 billion stablecoin business. Since then, authorities have expressed worry that stablecoins without enough reserve support are vulnerable to bank runs.About Paxos　　Paxos is a New York-based exchange and stablecoin issuer, and its position as a registered financial services firm in the United States permits it to provide a variety of products, including crypto trading and settlement, as well as custody services. In addition, the company may issue tokenized securities and provide its consumers

2023-02-13Deep Dive

Tether Claims That Its Crypto Reserves Have Been Increased By $700M In Profit

Tether released its latest quarterly financials on Thursday lastweek, revealing for the first time that the worlds largest stablecoin issuer made a profit.　　Tether, which is controlled by Hong Kong-based Ifinex, reported a $700 million “net profit” in the December quarter in a recent attestation report. The money has been added to the firms reserves, according to the corporation.　　Tether said its latest quarterly performance was boosted by the Federal Reserves interest rate rises, which led to higher returns on government securities. “Tether is not providing any financial details other than those stated in the CRR [Consolidated Reserves Report],” the company said in an email to CNBC.　　Tether earns money via a variety of fees, including a $1,000 withdrawal charge (with a $100,000 minimum withdrawal requirement), investments in digital tokens and precious metals, and lending to other institutions.　　Tether is the creator of USDT, the worlds most valuable stablecoin in terms of market value. According to WikiBit, Tether has a good track record when it comes to overall management, and has good reviews from traders who use USDT across the globe. Stablecoins are tokens that are designed to be completely backed by an equal value of reserve assets at all times.　　The concept is that

2023-02-13Deep Dive

Binance News: Crypto Exchange Has Good News For TRON Users

Binance, the largest cryptocurrency exchange by trading volume, announced that it has reduced withdrawal fees on the TRON network in response to community feedback. Previously, Binance had planned to increase fees due to a change in energy charging methods voted on by the TRON DAO. In a statement, Binance explained that they have worked with the TRON team to find a solution to reduce fees and make transactions on the exchange smoother for users.　　Binance recently announced an increase in fees following a vote by the Tron community to implement a dynamic energy charging mechanism on the network. This new model aims to fairly charge for energy resources and prevent an excessive concentration of network resources on a few contracts. However, this change led to a substantial increase in fees for withdrawing TRX and USDT.　　Founder of the Tron network, Justin Sun, stated in a recent statement that the company is dedicated to creating a network that is efficient, fast, and secure. However, due to the switch to the dynamic energy charging model, Binance had to modify the fees for withdrawals on the TRON network. Sun mentioned that he is working with Binance to lower these fees.　　TRONs Dynamic Energy Charging　　The Tron network

2023-02-12Deep Dive

Kraken Is Being Investigated By The SEC For Unregistered Securities Listings

The SEC Is Investigating Kraken　　According to Bloomberg, the inquiry is well underway and might result in a settlement shortly. Neither the regulator nor the bitcoin exchange confirmed the investigation.　　The SEC is on the lookout for cryptocurrencies that may qualify as unregistered securities, as well as platforms that sell them. It has seized many such minor cryptocurrencies, most of which were fraudulent, and is also engaged in a legal battle with Ripple over the classification of XRP coins as unregistered securities.　　According to Krakens website, it provides over 185 cryptocurrencies internationally, many of which may not be available in the United States. It is unclear if the SEC is classifying some of these cryptocurrencies as unregistered securities and pursuing action against cryptocurrency producers.A Significant Cryptocurrency Exchange　　According to Coinmarketcap, Kraken is the third biggest cryptocurrency, processing around $650 million in cryptocurrency deals daily. It is one of the oldest cryptocurrency exchanges, having been founded in 2011. It is headquartered in San Francisco. Any action taken against such a corporation might have repercussions for the whole industry.　　In a separate matter from the current SEC investigation, Kraken paid more than $360,000 in a monetary penalty to the US Treasury Departments Office of Foreign Assets Control

2023-02-10Deep Dive

Wazirx, An Indian Cryptocurrency Exchange, Calls Binance's Allegations "False And Unsubstantiated"

Indian cryptocurrency exchange Wazirx has disputed Binances claims about the two cryptocurrency exchanges ties. Emphasizing that the claims “are unfounded and unsubstantiated,” Wazirx underlined. “With regard to Binances activities, we are taking the required measures to seek redress and safeguard our legal rights.”Wazirx calls Binances allegations “false and unsubstantiated.”　　Wazirx said on Tuesday that Binances claims about its ties with Zanmai Labs, the firm that reportedly controls the Indian crypto exchange, are “false” and “misleading.” The corporation also said that it is looking for legal remedies.　　Wazirx said on its website that Binances charges in their blog are incorrect and baseless. Concerning Binances conduct, we are taking the required measures to seek redress and safeguard our legal rights.　　Zanmai has been accused by Binance of making “a series of deceptive allegations linked to Binances supposed position in and responsibility for administering the Wazirx exchange.” “The false and deceptive narrative put forward to the public characterized Binance as keeping control over Wazirx users assets, user behavior, and the platforms operations,” Binance stated on Friday, Feb. 3.　　Binances statement came after a public spat between the two cryptocurrency exchanges. Wazirx creator Nischal Shetty asserted in August that Wazirx is owned and managed by Binance. “Zanmai Labs

2023-02-09Deep Dive

De-facto Bithumb Exchange Owner Arrested in South Korea

Prosecutors in South Korea have detained Kang Jong-Hyun, the anonymous chairman and owner of Bithumb, the countrys biggest cryptocurrency exchange, on embezzlement and stock manipulation accusations.　　Last month, the Seoul Southern District Court issued an arrest warrant for Kang Jong-Hyun on suspicion of embezzlement in connection with his operations at the exchange. The Seoul Southern District Prosecutors Office also charged his younger sister, Kang Ji-Yeon, and the CEOs of two publicly listed Bithumb affiliates, Inbiogen and Bucket Studio, with identical accusations.　　Prosecutors said that these officials violated the duty of trust mandated by the law, as well as embezzling millions of dollars from the corporation. According to South Korean legislation, Bithumbs executives face a significant jail term in addition to penalties.　　Kang and other senior executives reportedly used convertible bonds to influence the stock price of Bithumbs subsidiary firms.　　In October, another Bucket Studio executive was detained on suspicion of hindering a police investigation. He allegedly attempted to hide or delete important material just before the police conducted onsite searches on three companies with ties to Bithumb.　　The news comes as investigators try to solve the mystery behind the exchanges ownership. Park Mo, the vice president of Bithumbs biggest shareholder business, committed himself at his

2023-02-09Deep Dive

Binance Academy Fellowship For Filipino Students To Improve Web 3.0 Skills In The Philippines

Binance Academy, the educational platform of the worlds top blockchain ecosystem and cryptocurrency infrastructure provider, has announced the Binance Scholar Philippines Web 3.0 Scholarship in collaboration with Edukasyon.ph, the Philippines biggest education technology platform. This initiative was created to expand Binances Web 3.0 teaching activities and to increase basic awareness of blockchain technology in the Philippines.　　Last August, the Philippines SEC met with Binance to discuss crypto regulatory efforts.　　More information may be found at https://www.binance.com/en/news/flash/7183709.　　To participate in this program, candidates must publish a public video on their social media platforms in which they express their thoughts on Web 3.0-related issues and fill out an application form provided by Edukasyon.ph. The application period will go through February 28th.　　On February 17th, Edukasyon.phs Facebook Page will post the names of 300 candidates who will be given the chance to attend Binance Academys Web 3.0 core courses valued at PHP 500,000 and higher. Aside from the fundamental background requirements, Binance Academy and Edukasyon.ph will consider the applicants financial needs, academic qualities, and family status while awarding the scholarship.　　Participants who get the scholarship may attend courses that serve as entry-level educational programs with a focus on Web 3.0 principles that can be enhanced with higher technical

2023-02-09Deep Dive

Leading Crypto Exchange For Copy Trading BingX Again Has Won The TradingView Best Broker Award

BingX, a renowned cryptocurrency exchange, has been crowned Best Crypto Broker/Exchange for the second year in a row at TradingViews Broker Awards for 2022. This award is based on customer comments and ratings, as well as TradingViews own technical data such as engagement, platform uptime, and more.　　TradingView is a well-known market analysis software that offers traders in all sorts of markets throughout the world superior financial visualization tools and comprehensive market data. It is a charting tool and social network utilized by over 30 million traders and investors worldwide each month to identify market opportunities. Tradingview honored BingXs outstanding performance over the last year with this prestigious award.　　BingXs trading volume increased by 280% year on year, while its user base increased by over 350% in 2022, thanks to enhanced support in seven more languages: Portuguese, German, Persian, Thai, Arabic, French, and Italian. BingX, the pioneer in social trading and copy trading, accumulated over 8,000 experienced traders with about 4 million followers and completed 130 million copy trading orders.　　BingX reached important milestones in both product functionality and asset security in 2022, as well as increased its reputation in the worldwide TradingView community. BingX continues to be a leader in cutting-edge cryptocurrency

2023-02-07Deep Dive

Gemini’s stablecoin loses USD peg amid OKX delisting

According to data, the Gemini-backed stablecoin Gemini Dollar (GUSD) has lost parity with the US Dollar, sliding by 0.84% to $0.9851 in the previous 24 hours.　　According to available statistics, the stablecoin suffered dramatic price changes during the last week, reminiscent of its run at the end of last year.　　According to research, the number of active addresses holding GUSD has decreased to a 2020 low. GUSD supply has also declined to roughly $607 million from a three-month high of nearly $880 million.　　OKX delists GUSD　　According to a Jan. 31 announcement, crypto exchange OKX said it would delist the stablecoin on Feb. 1 at 8:00 a.m. UTC.　　The stablecoin was delisted by the exchange based on user criticism and its delisting policy. OKX also stated that it “constantly monitors the performance of all listed projects and regularly examines their listing qualifications.”　　Gemini troubles　　Meanwhile, the stablecoin issuer is under heightened investigation after the New York Department of Financial Services (NYDFS) stated it was examining the exchange over statements pertaining to FDIC coverage.　　Some Gemini consumers claimed they were mislead into thinking the exchanges Earn product was also insured by the FDIC.　　Furthermore, the exchange has been embroiled in a public feud with the bankrupt cryptocurrency lender Genesis over

2023-01-31Deep Dive

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