Recently, crypto exchange OKX has made the decision to cease operations in Nigeria due to local regulations. Nigerian clients were informed through an email that they have until August 16 to close their positions on the platform. After this deadline, users will only be able to access withdrawal services and close existing positions. This announcement
Exchanges
Russia’s Ministry of Finance has put forward a proposal that could potentially revolutionize the way digital assets are traded. The proposal suggests that traditional exchanges be allowed to handle digital asset trading, but only for a select group of investors. This move is aimed at creating special regulations for organized trading in digital currency, treating
In a recent hearing, Judge Katherine Polk Failla criticized Coinbase’s attempts to subpoena SEC chair Gary Gensler in the ongoing case against the firm. She expressed concerns over the company’s request for Gensler’s statements prior to becoming SEC chair in 2021, calling Coinbase’s arguments “speculative” and not persuasive. Coinbase’s lawyer defended the company’s request by
The recent announcement by Kraken regarding the co-founding of the Blockchain Security Standards Council (BSSC) alongside other industry giants marks a significant step towards enhancing security within the crypto sector. With co-founders such as Anchorage Digital, Coinbase, and Fireblocks, the nonprofit organization aims to establish uniform security standards across the industry to address critical security
The implementation of the Markets in Crypto-Assets (MiCA) regulation by the EU has sent shockwaves throughout the digital asset market. Not only are EU companies affected, but global firms involved in Euro transactions are feeling the impact as well. One noticeable change following the introduction of stablecoin rules in June is the significant drop in
The legal saga surrounding the collapse of FTX exchange took a new turn as sentencing dates for former executives Gary Wang and Nishad Singh were set for later this year. Wang, the former Chief Technology Officer and co-founder of FTX, is scheduled for sentencing on Nov. 30, while Singh, a former engineering director, will have
The recent guilty plea of Paxful Inc. co-founder and former CTO Artur Schaback sheds light on the company’s failure to maintain an effective anti-money laundering (AML) program. According to the Department of Justice, Schaback’s negligence allowed Paxful to become a breeding ground for criminal activities such as money laundering, fraud, and extortion. This revelation not
Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), recently made serious allegations against Binance, a popular cryptocurrency exchange platform. Akinwumi accused Binance of engaging in transactions that are typically reserved for authorized banks and financial institutions. These accusations were part of his testimony in a lawsuit brought by the Economic and
Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently made a significant move by applying for a license to operate as a Virtual Asset Service Provider (VASP). This decision has placed them as the 26th VASP in Taiwan, highlighting their compliance with Money Laundering Prevention Laws. With Lin Zhichen, the company’s General Manager, named
Binance.US, the American arm of the world’s largest crypto exchange, Binance, is gearing up for the next chapter in its legal fight with the Securities and Exchange Commission (SEC). After an unsuccessful attempt to dismiss the SEC’s allegations of securities law violations, the court ruled in favor of the SEC on June 28, upholding 10