Binance, one of the leading cryptocurrency exchanges, recently completed the conversion of its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin. This move was aimed at enhancing the security and stability of the assets held in the SAFU fund. By transferring 100% of SAFU’s assets to the USDC stablecoin, Binance aims
Exchanges
Bybit’s recent analysis has set off alarm bells regarding a potential shortage of Bitcoin on exchanges by the end of 2024 if the current demand trajectory is maintained. The report highlights the possibility of reserves being completely exhausted within the next nine months, with withdrawal rates currently hovering around 7000 BTC per day. This forecast
US Senators Elizabeth Warren and Charles Grassley have taken a bold step in requesting a detailed account of all interactions between Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam and disgraced crypto mogul Sam Bankman-Fried (SBF). This formal request, made in an April 12 letter, aims to bring to light any potential regulatory failures that
Recently, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury recognized crypto exchange Coinbase for its significant contributions to major criminal investigations. In a letter addressed to Coinbase CEO Brian Armstrong, FinCEN commended the digital currency exchange for its role in aiding law enforcement efforts through its compliance and reporting practices.
The recent developments in the case of the detained Binance executive, Tigran Gambaryan, have raised significant concerns and generated public interest. The Nigerian High Court in Abuja has taken a strict stance by ordering Gambaryan to be remanded in prison until his bail hearing on April 18, following his not guilty plea to money laundering
FTX’s recent decision to sell its Solana holdings at a significant discount to crypto venture firms has not been well-received by its creditors. The move to offload 30 million SOL at a rate of $64 each, to VC firms like Pantera Capital and Galaxy Trading, represents a substantial 62% markdown from the current market price
One of the most striking aspects of the recent legal proceedings involving Binance in Nigeria is the absence of legal representation for the crypto exchange. During the court hearing on April 4, only the compliance chief, Tigran Gambaryan, was present, while legal counsel was noticeably missing. This lack of legal representation could potentially have significant
Recent legal challenges faced by KuCoin with US authorities have led to a significant decrease in user assets on the exchange. According to the latest proof-of-reserve certificate, KuCoin users have experienced a reduction in their Bitcoin holdings by 25.4% to 12,114 BTC in March. Similarly, Ethereum balances have dropped by around 22% to approximately 112,000
Coinbase CFO Alesia Haas recently expressed her belief that Ethereum (ETH) should not be classified as a security. She pointed out that both the SEC and the CFTC have previously stated the same opinion. Haas emphasized that the lack of regulatory clarity surrounding cryptocurrencies in the US is at the core of the classification issue.
CFTC Commissioner Caroline Pham recently voiced her concerns regarding her agency’s charges against KuCoin. She pointed out that the aggressive enforcement action may be encroaching on the duties of the SEC, raising questions about the delineation of jurisdiction between the two regulatory bodies. Pham’s critique delves into the interpretation of the allegations against KuCoin. She