Category : Finance Magnates

Finance Magnates

2016 Crypto Hack: Bitfinex Hid a Report that Flagged Security Flaws: OCCRP

Cryptocurrency exchange Bitfinex never made public a confidential report that found its security lapses responsible for over 119,000 bitcoins stolen from the platform in August 2016, the Organized Crime and Corruption Reporting Project (OCCRP) report...

Coinbase Ties with Bitpanda for European Expansion

Two established crypto exchanges, Bitpanda and Coinbase, have entered a mutually beneficial partnership. Coinbase will use Bitpanda Technology Solutions to offer services to institutional clients outside of the United States, while Bitpanda will add...

Winklevoss Twins Shift Crypto Exchange Gemini to Dublin, Bypassing London

Earlier in the week, it seemed that the Winklevoss brothers' crypto exchange, Gemini, would move its headquarters to England. On Thursday, Cameron Winklevoss indeed confirmed that due to regulatory turmoil in the US, their platform is seeking a safe...

Digital Currency Group’s Prime Brokerage Platform TradeBlock to Shutter

Digital Currency Group (DCG) will shutter its trade execution and prime brokerage subsidiary, TradeBlock, citing the concerns of the broader economy and regulatory uncertainties in the United States. It will initiate the close-down process on 31 May,...

Web3: Multi-Directional Financial Data Flow Between Institutions and Customers

The emergence of Web3, an evolving vision of the internet built on decentralized technologies such as blockchain, is set to revolutionize the way financial data flows between institutions and customers. This paradigm shift has profound implications f...

The Use of Blockchain Technology in the Energy Industry to Promote Sustainability

The energy industry is not an exception to how blockchain technology has emerged as a game-changer in different industries. Blockchain technology offers creative approaches to encourage transparency, efficiency, and decentralized energy systems in re...

Crypto Lender Celsius Selects Fahrenheit’s Bid for Bankruptcy Exit

Celsius Network, the digital asset lender that filed for bankruptcy protection in July last year, has selected Fahrenheit’s bid to restart the business under a new name, NewCo. Fahrenheit is a group of investors that includes Bitcoin mining company,...

Ripple Acquires Undisclosed Stake in Crypto Exchange Bitstamp

The San Francisco-based blockchain company, Ripple has taken an undisclosed minority stake in the cryptocurrency exchange, Bitstamp in the first quarter of this year, according to the latest transcript of Galaxy Digital’s shareholder conference call....

From Silicon Valley to London: Winklevoss Twins Plot Crypto Pivot

Cameron and Tyler Winklevoss, billionaire twins known for alleging that Mark Zuckerberg stole their idea for the creation of Facebook, are planning to move their cryptocurrency business from the United States to another location. Citing 'hostile' con...

Canada Beats US, UK and China in Number of Gen Z Investors: FINRA

Canada has the highest percentage of Gen Z investors according to a new study by the Financial Industry Regulatory Authority (FINRA), a US private brokerage industry regulator. The watchdog said nearly three-quarters or 74% of Gen-Zers based in Canad...

TP ICAP’s Institutional Crypto Exchange Finally Goes Live for Spot Trading

Fusion Digital Assets, TP ICAP’s crypto spot exchange for institutional investors initially planned for launch in mid-2021, has finally gone live. The platform has successfully completed its first Bitcoin/US dollar trading pair transaction, the top i...

FX-Like Funds Segregation Can Save Crypto Markets

In the second part of our two-part article on crypto market structures, Finance Magnates considers the likelihood of the crypto market eventually adopting the same structures as the FX OTC interdealer market. The phrase ‘there is more that unites us...

Japan to Adopt Strict Crypto Monitoring Rules Next Week

Japan will enforce stricter anti-money laundering (AML) measures to trace cryptocurrency transactions. The country’s cabinet has already approved the laws, which will become effective on 1 June, local Kyodo News reported. Japan’s New Crypto Rules The...

Binance Jumbled Customer Funds with Company Revenue: Report

Binance, the largest cryptocurrency exchange by trading volume, mixed up customer funds with company revenue between 2020 and 2021, Reuters reported on Tuesday, citing “three sources familiar with the matter.” The act violates the US financial laws t...

IOSCO’s Crypto Policy Aims at Market Manipulation, Conflict of Interest

The International Organization of Securities Commissions (IOSCO), a global body for securities regulators, has put forward 18 recommendations to regulate the global crypto industry. The recommendations cover six key areas such as market manipulat...

South Korean Party Seeks Early Enforcement of Bill on Crypto Asset Declaration

South Korea’s ruling party, the People’s Power Party is seeking to move up the enforcement date for December to a new bill that will require lawmakers in the country to declare their cryptocurrency holdings. Application of the new bill is expected t...

Bitget Continues European Expansion with Polish Registration

Over a month after gaining a virtual asset service provider registration in Lithuania, crypto exchange and copy trading platform Bitget has secured a similar registration in Poland. Bitget is aiming to provide “a more secure and transparent trading...

OKX Eyes France with New License Application

OKX has the latest cryptocurrency exchange to apply for a French digital asset service provider (DASP) license, aiming to make the country its regional hub. OKX’s New European Hub The application came after OKX, the second-largest cryptocurrency exch...

Philippines SEC Says Gemini’s Derivatives Exchange Is ‘Unregistered’

The Philippines’ Securities and Exchange Commission (SEC) has issued a warning against the crypto derivatives platform launched last month by Winklevoss twins-controlled Gemini Trust. An Unregistered Crypto Derivatives Platform According to the regul...

Malaysia's Regulator Orders Huobi to Shut Down, Cites Illegal Operation

The Securities Commission Malaysia (SC) has ordered cryptocurrency exchange Huobi Global to cease operating in the country, noting that the platform possesses no requisite authorization or registration. Additionally, the securities regulator asked th...

South Korean Prosecutors Raid Third Crypto Exchange in Probe into Lawmaker

In an ongoing probe into Rep. Kim Nam-kuk's questionable cryptocurrency transactions, prosecutors conducted a raid on Monday at the offices of Ozys PTE Ltd., the operator of the cryptocurrency platform Klayswap, located in Seoul's Yeouido district.Of...

BitMEX Adjusts Service for Hong Hong Users Ahead of New Crypto Regime

The cryptocurrency derivatives exchange, BitMEX from May 29, 2023, will end its Hong Kong-based users’ access to its website and application programming interface (API) connections as provided by HDR Global Trading Limited, the operator of BitMEX. In...

Regulatory Confusion as the World Wrangles with Crypto

Regulatory concerns are a growing issue in the cryptocurrency industry, and the gaps that are opening up between different global regions are impossible to ignore. In the EU, this week saw MiCA regulations signed off, with the rules expected to come...

Binance Australia to Allow AUD Withdrawals Until June 1

Binance Australia has provided an update on its ongoing local payments situation, confirming that AUD withdrawals via bank transfers will be allowed until 1 June 5 pm (AEST). Binance Australia Looks for a New Payments Partner Meanwhile, the Australia...

Miami International Completes $50M Takeover of LedgerX from FTX

Miami International Holdings (MIH), a US-based exchange conglomerate, has finalized its $50 million acquisition of LedgerX from the bankrupt cryptocurrency exchange FTX and its debtors. LedgerX, one of the few solvent subsidiaries of the Founder of F...

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