Browsing:Market News

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance
2 months ago 1 min read

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance

Binance, the world’s leading crypto exchange, has issued a warning about large-scale Bitcoin transfers due to routine wallet maintenance. The exchange said it will be moving a significant amount of BTC to another address within its network. While announcing the move, the exchange reassured users that these transactions are part of internal operations and not indicative of any outward flow of funds. The crypto exchange has taken the proactive step of informing users and the wider crypto community about the impending transfers, as the crypto hit its all-time high of $69,050 before dropping to around $67,000.

Nigerian authorities issue a final warning to Binance CEO Richard Teng
2 months ago 1 min read

Nigerian authorities issue a final warning to Binance CEO Richard Teng

Nigerian authorities have reportedly issued a final warning to Binance CEO Richard Teng, demanding his presence before the House of Representatives Committee on Financial Crimes by March 4. This comes after Binance settled with the U.S. Department of Justice for money laundering and agreed to a $4.3 billion fine. The committee is investigating Binance for alleged financial crimes, including money laundering and supporting terrorism. Failure to comply could lead to severe legal action, reflecting the government’s commitment to safeguarding Nigerian citizens from foreign financial misconduct. Binance has ignored requests to discuss its adherence to Nigerian laws and tax obligations, with

China's stock market performance has led to a surge in cryptocurrencies
2 months ago 1 min read

Chinese turn to Bitcoin (BTC), seeking stability in crypto’s ‘safe haven’

China’s stock market performance has led to a surge in cryptocurrencies, despite the country’s prohibition since 2021. Finance professional Dylan Run, from Shanghai, reportedly shifted his investments to crypto in early 2023, using bank cards from smaller rural banks to avoid detection. Dylan Run’s crypto holdings now make up half of his investment portfolio, an over 45% increase in value compared to the stock market’s downturn over the past three years. This trend is gaining traction among Chinese investors seeking stability away from the faltering stock and real estate markets. They access digital assets through various channels, including crypto exchanges

Uniswap's Layer-2 (L2) ecosystem had a record transaction volume of $208.11 billion in February 2024
2 months ago 1 min read

Uniswap’s L2 transaction volume hits over $200 billion ATH, driving up UNI token price

Uniswap’s Layer-2 (L2) ecosystem had a record transaction volume of over $200 billion in February 2024, a notable milestone in the decentralized finance (DeFi) industry. The significant increase in volume, which resulted in a 280% rise from February 2023, demonstrates the increasing acceptance and utilization of decentralized exchanges by cryptocurrency traders and investors. The rise in transaction volume has impacted the price movement of Uniswap’s native token, UNI, resulting in a 15% value appreciation. Yet, the price has decreased, and UNI is now trading at $12.22, showing a slight 5% rise in the past 24 hours. The general sentiment remains

El Salvador's Bitcoin (BTC) holdings exceed $60 million amid recent price surge
2 months ago 1 min read

El Salvador’s Bitcoin (BTC) holdings exceed $60 million amid recent price surge

El Salvador has capitalized on Bitcoin’s (BTC) recent price surge, surpassing the $64,000 mark with 2,848 Bitcoin in possession. In 2021, El Salvador became the first country to legalize Bitcoin as legal tender. In November 2022, the crypto crash led to significant speculation regarding the country’s financial stability. Following this, El Salvador suffered a $60 million loss. But now, reports say that El Salvador BTC holdings exceeds the $60 million as a result of Bitcoin surge. Nayib Bukele, the president of El Salvador, declared himself a champion of Bitcoin, garnering significant popularity both domestically and within the global crypto industry.

Kraken crypto exchange has launched a new platform aimed at institutional investors
2 months ago 1 min read

Kraken crypto exchange debuts platform for institutions, eyeing crypto market expansion

Kraken crypto exchange has launched a new platform aimed at institutional investors, streamlining its services to attract more diverse asset managers into the crypto sector. The exchange announced that the initiative is overseen by Tim Ogilvie, consolidating key services such as spot exchange, derivatives trading, and custody under a single institutional brand. The exchange’s focus on institutional clients marks a strategic shift towards nurturing new entrants in the crypto market rather than just competing for existing shares. In addition, the launch of Kraken Institutional will focus on “qualified custody” through Kraken Financial, a Wyoming-chartered institution. This aligns with the US

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal
2 months ago 1 min read

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal

Sam Bankman-Fried, former FTX CEO, has chosen Marc Mukasey and Torrey Young for his appeal despite potential conflict concerns. It is worth noting that SBF, who separated from his trial legal team, plans to engage these attorneys, who also represent ex-CEO Alex Mashinsky. This decision follows a request from US prosecutors for a hearing on possible conflicts of interest due to their dual representation. Additionally, prosecutors have highlighted a conflict risk due to financial interactions between Alameda Research and Celsius, both of which have declared bankruptcy. Furthermore, Bankman-Fried intends to argue that Celsius was not defrauded, which could conflict with

Binance has agreed to a $4.3 billion settlement in a federal case
2 months ago 1 min read

Binance exchange agrees to pay historic $4.3B in fines; founder CZ awaits April sentencing

Binance, the world’s largest crypto exchange, has agreed to a $4.3 billion settlement in a federal case, marking a historic high in financial enforcement actions. The settlement with the U.S. Department of Justice (DOJ) includes a $1.8 million criminal fine and $2.5 million in forfeitures for negligence in due diligence. In addition, the DOJ emphasized that punishment aims to hold Binance accountable and deter similar criminal activities. Plus, the settlement’s confirmation came from Judge Richard A. Jones, with the spotlight now turning to Binance’s founder, Changpeng Zhao (CZ), whose sentencing for money laundering and sanctions violations is pending until April

FTX exchange wins court approval to sell AI startup stake, plans full customer payback
2 months ago 1 min read

FTX exchange wins court approval to sell AI startup stake, plans full customer payback

FTX crypto exchange has received court permission to sell its stake in AI firm Anthropic as part of its efforts to repay customers following its financial troubles. In 2021, the FTX exchange and sister firm Alameda invested $500 million in Anthropic, which, by the end of 2023, had a valuation of up to $18 billion. The exchange’s share value is now around $1.4 billion. In February 2024, FTX proposed selling over 7.80% of its holdings in Anthropic after a dispute with a group of customers was resolved. The sale was approved under the agreement that the proceeds might later be

Kraken crypto exchange files a motion to dismiss a US SEC lawsuit
2 months ago 1 min read

Kraken crypto exchange files a motion to dismiss a US SEC lawsuit

Kraken crypto exchange has filed a motion to dismiss a US SEC lawsuit against it, arguing that cryptocurrencies should be treated like commodities rather than securities. The US SEC sued Kraken last November, alleging it did not register as a broker, clearinghouse, or exchange and that the company commingled customer and corporate funds. The exchange’s motion argues that the SEC did not “plausibly allege” any of the cryptocurrencies listed in its complaint are securities or investment contracts. In addition, Kraken also argues that the SEC did not meet the requirements set out by the Howey Test, a Supreme Court precedent

The head of Hong Kong's finance department declared that the Legislative Council would receive bills regulating OTC crypto trading
2 months ago 1 min read

Hong Kong’s finance chief fast-tracks crypto bills for stablecoins and OTC trading

The head of Hong Kong‘s finance department declared that the Legislative Council would receive bills regulating over-the-counter (OTC) crypto trading and stablecoins as soon as possible. After public consultations, the government intends to introduce licensing laws for OTC crypto trading and stablecoin operations. Public talks regarding licenses for OTC crypto trading services were started this month and will end on April 12, as per a response from Christopher Hui, the Secretary for Financial Services and the Treasury, in a response to the Legislative Council. In addition, a different consultation that ends on February 29 aims to regulate stablecoin issuers by

Over 18000 Bitcoin (BTC) were removed from Coinbase
2 months ago 1 min read

Coinbase exchange sees over 18,000 BTC withdrawn

Over 18,000 Bitcoin (BTC) were removed from Coinbase, one of the largest crypto exchanges, according to data from Arkham Intelligence. This move, which cost almost $1 billion, decreased Coinbase’s Bitcoin holdings. These BTC coins were withdrawn and split among different new wallets; the total amount in these wallets ranged from $45 million to $171 million. After this redistribution, Coinbase now holds around 390,000 BTC worth around $20.5 billion, which is less than 2% of all Bitcoin that is available on exchanges. This represents its lowest percentage of holdings since 2015. The destination crypto wallets have not been identified, so the

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