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Crypto Exchange

All articles tagged with #crypto exchange

business17 days ago•23 min saved

Bithumb’s Bitcoin Bonanza Gone Wrong Triggers Internal Flash Crash

South Korea’s crypto exchange Bithumb accidentally credited users with 2,000 BTC each instead of 2,000 won in a Random Box giveaway. The error appeared on internal ledgers, not on-chain, and about 620,000 BTC (roughly $43 billion at the time) were credited before the issue was corrected; some recipients sold the funds, causing a temporary price drop on the exchange before Bitcoin rebounded. Bithumb recovered most of the BTC, stressed there was no hack, and said it will overhaul payout processes to prevent recurrence.

via Decrypt|

#airdrop-error #bitcoin #bithumb

business7 months ago•2 min saved

OKX Faces Compliance Challenges and Apologizes to Users

OKX, a major crypto exchange, faces user complaints over account freezes and strict compliance measures, with its CEO acknowledging high false-positive rates in its risk control system. The company is under increased regulatory scrutiny, especially in the U.S., and is working to improve user experience while maintaining compliance.

via AMBCrypto|

#account-freezes #business #compliance

business8 months ago•3 min saved

Winklevoss Twins' Gemini Files for IPO Amid Blockchain Boom

Gemini, the crypto exchange founded by the Winklevoss twins, has confidentially filed for an IPO amid renewed market enthusiasm following successful listings like Circle's debut on the NYSE, signaling increased confidence and mainstream acceptance in the digital asset industry, despite ongoing regulatory challenges.

via New York Post|

#business #crypto-exchange #digital-assets

cryptocurrency1 year ago•3 min saved

KuCoin Faces DOJ Charges for Violating Anti-Money Laundering Laws

U.S. federal prosecutors have charged crypto exchange KuCoin and its founders with violating anti-money laundering laws, alleging that the exchange operated in the U.S. without registering or implementing proper KYC and AML programs. The indictment claims KuCoin facilitated money laundering and received over $5 billion in suspicious and criminal funds. Additionally, the CFTC filed a suit against KuCoin for not registering as a futures commission merchant and failing to implement a KYC program. KuCoin's native token (KCS) dropped 5% following the announcement, and Bitcoin's price also experienced volatility.

via CoinDesk|

#anti-money-laundering #cftc #crypto-exchange

cryptocurrency1 year ago•2 min saved

FTX CEO Accuses Sam Bankman-Fried of Lying to Evade Jail

FTX's new CEO, John Ray, has criticized his predecessor, Sam Bankman-Fried, for making false claims in an attempt to reduce his potential 40-to-50-year prison sentence. Bankman-Fried's assertions that the harm to FTX customers was "zero" were refuted by Ray, who highlighted the billions of dollars stolen and mishandled funds. The collapse of FTX led to a drawn-out trial, with negotiations to revive the exchange facing challenges. Ray emphasized that Bankman-Fried remains culpable and that customers are seeking compensation in the form of their coins, which have surged in value. With sentencing approaching, it's unlikely that Bankman-Fried will receive a lenient ruling.

via Futurism|

#ceo #crypto-exchange #cryptocurrency

cryptocurrency-regulation2 years ago•1 min saved

"Lawmakers Push SEC on Crypto, Consumer Trust in Banks' AI, and House Panel Votes on Controversial SEC Guidance"

The U.S. Securities and Exchange Commission (SEC) is facing pressure from lawmakers to ease its oversight of the crypto industry, with criticism mounting over the enactment of Staff Accounting Bill 121 and the SEC's authority over crypto firms. The House Financial Services Committee voted to appeal SAB 121, which has been used to prevent banks from acting as custodians of digital assets, while eleven state attorneys general filed a joint brief challenging the SEC's authority in a lawsuit against crypto exchange Kraken's parent company. SEC Commissioner Hester Peirce also acknowledged the regulator's "enforcement-only mode," expressing the need for clearer rules to alleviate developers' concerns about legal repercussions.

via Decrypt|

#crypto-exchange #cryptocurrency #cryptocurrency-regulation

cryptocurrency-regulation2 years ago•1 min saved

"Binance's $4.3B Plea Deal Approved by Judge Amid Tightened Restrictions on Founder"

A federal judge has approved Binance's $4.3 billion plea deal with the U.S. Department of Justice, settling allegations of violating sanctions and anti-money-laundering laws. The deal includes a fine, appointment of an independent compliance monitor, and the resignation of Binance's CEO at the time, Changpeng Zhao. Binance has stated that it has improved its compliance efforts and looks to set the industry standard for compliance, security, and transparency.

via CoinDesk|

#binance #compliance #crypto-exchange

cryptocurrencycybersecurity2 years ago•0 min saved

FTX Hack Mystery Solved: Trio Charged with $400M Theft

The U.S. federal government has charged three individuals with a phone hacking conspiracy, alleging their involvement in the theft of $400 million from FTX during the crypto exchange's collapse. The trio is accused of operating a SIM swapping ring and targeting fifty victims between March 2021 and April 2023, with the most notable heist being the siphoning of funds from FTX in November 2022. This development sheds light on the mystery surrounding the disappearance of hundreds of millions of dollars in crypto from the exchange during its bankruptcy protection filing.

via CoinDesk|

#crypto-exchange #cryptocurrencycybersecurity #ftx

cryptocurrency2 years ago•0 min saved

"HashKey Achieves Unicorn Status with $100M Funding Round"

Hong Kong-based crypto exchange HashKey Group has nearly reached its $100 million fundraising target, giving it a valuation of $1.2 billion and unicorn status. The fundraising round was announced in August after the firm obtained a license from Hong Kong’s security regulator. Despite a recent industry downturn, the dynamic rally of bitcoin and other major digital assets in the fourth quarter of 2023, along with the approval of the bitcoin ETF, has brought a sense of optimism for many funds going into 2024.

via CoinDesk|

#crypto-exchange #cryptocurrency #fundraising

cryptocurrency2 years ago•2 min saved

KuCoin Settles $22M Lawsuit, Exits New York Crypto Market

KuCoin, a crypto exchange based in Seychelles, has agreed to pay over $22 million to settle a lawsuit with the New York Attorney General (NYAG) over the illegal sale of securities and commodities. As part of the settlement, KuCoin will cease all operations in New York and pay refunds to New York-based users. While KuCoin admitted to operating a crypto exchange where users can buy or sell securities or commodities, it did not specifically acknowledge Ethereum as a security, which was the NYAG's initial aim. This settlement highlights the need for crypto companies to comply with regulations, and it follows New York's history of having strict crypto policies.

via Decrypt|

#crypto-exchange #cryptocurrency #kucoin

cryptocurrency2 years ago•1 min saved

Binance Founder CZ Faces Temporary U.S. Detainment

Binance founder Changpeng "CZ" Zhao is currently unable to leave the U.S. as a federal judge considers a motion by the U.S. Department of Justice. Zhao recently pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance. The exchange itself pleaded guilty to charges of violating sanctions and money transmission laws, agreeing to pay a $4.3 billion fine. Zhao's release on a $175 million bond was granted, allowing him to return to the UAE, but the DOJ argues he could be a flight risk and wants him to remain in the U.S. until his sentencing in early 2024.

via CoinDesk|

#bank-secrecy-act #binance #changpeng-zhao

cryptocurrency2 years ago•3 min saved

Binance CEO Pleads Guilty to US Crimes: What Went Wrong

Changpeng Zhao, the CEO of Binance, has stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement with the Justice Department. The settlement resolves criminal charges against Binance for conducting an unlicensed money transmitter business, conspiracy, and breaching sanctions regulations. Zhao will personally pay $50 million and is barred from all involvement with Binance. He could face a prison sentence of 10 to 18 months, with prosecutors seeking an 18-month term. Richard Teng, a senior Binance executive, has been appointed as the new CEO.

via Reuters|

#binance #changpeng-zhao #crypto-exchange

cryptocurrency2 years ago•0 min saved

Former NYSE President's Company Acquires CoinDesk in Crypto Exchange Deal

Cryptocurrency exchange Bullish, led by former NYSE President Tom Farley, has acquired CoinDesk in an all-cash deal from Digital Currency Group. CoinDesk will operate as an independent subsidiary of Bullish, with its current management team remaining in place. An editorial committee, chaired by former Wall Street Journal Editor-in-Chief Matt Murray, will also be formed. Financial terms of the deal were not disclosed.

via CoinDesk|

#acquisition #bullish #coindesk

cryptocurrency2 years ago•1 min saved

"Former FTX Executives Launch New Crypto Exchange 'Backpack' with Alameda Partnership"

Former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante are launching a new crypto exchange called Trek Labs, based in Dubai. Trek Labs recently obtained a license from the Virtual Assets Regulatory Authority and plans to allow users to self-custody their funds. The exchange, which received funding from FTX's venture arm, is looking to sell a 10% stake and aims to launch in beta later this month.

via CoinDesk|

#alameda-research #crypto-exchange #cryptocurrency

finance2 years ago•0 min saved

Sam Bankman-Fried Convicted on All Counts in Shocking Fraud Trial

Sam Bankman-Fried, the founder of FTX, has been convicted by a New York federal jury of stealing billions of dollars from customers in what prosecutors have called one of the largest financial frauds in U.S. history. The verdict marks a significant downfall for Bankman-Fried, who was once considered a crypto king and had built FTX into a prominent trading platform with high-profile sponsorships and celebrity endorsements.

via The Wall Street Journal|

#crypto-exchange #finance #financial-fraud