The recent news of OKX ceasing operations in Nigeria due to local regulations has caused a stir among Nigerian crypto users. In an email statement obtained by CryptoSlate, OKX informed its Nigerian clients that they have until Aug. 16 to close their positions on the platform. Users will no longer be able to open new
Exchanges
Russia’s Ministry of Finance is considering new regulations that would allow traditional exchanges to facilitate digital asset trading for specific investors. This proposal marks a significant shift in the country’s approach to cryptocurrency and blockchain technology. The proposed regulations aim to establish special guidelines for organized trading in digital currency, treating it as a commodity.
In a recent court hearing, Judge Katherine Polk Failla expressed strong criticism regarding Coinbase’s attempts to subpoena SEC chair Gary Gensler in the ongoing case against the firm. Failla specifically pointed out that Coinbase’s request included Gensler’s statements from before he assumed the role of SEC chair in 2021. The judge found this aspect of
Blockchain technology has revolutionized various industries, including finance and cybersecurity. As the adoption of cryptocurrencies continues to grow, so do the security threats associated with the crypto sector. In response to these challenges, Kraken, along with other major industry players, has co-founded the Blockchain Security Standards Council (BSSC). This nonprofit organization aims to establish uniform
Artur Schaback, one of the co-founders of Paxful Inc., recently pleaded guilty to conspiracy charges related to the failure to maintain an effective anti-money laundering (AML) program. The Department of Justice stated that Schaback’s negligence led to Paxful becoming a hub for various criminal activities, including money laundering, sanctions violations, fraud, romance scams, extortion schemes,
Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), recently accused Binance, a popular cryptocurrency exchange platform, of conducting transactions that are reserved for authorized banks and financial institutions. This accusation came to light during Akinwumi’s testimony in a lawsuit brought forth by the Economic and Financial Crimes Commission (EFCC) against Binance
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). The company has been listed as the 26th VASP by the Financial Supervisory Commission, highlighting its compliance with Money Laundering Prevention Laws. Lin Zhichen, the General Manager
The European Banking Authority (EBA) recently made an important update to its Travel Rule guidelines, extending the scope to include crypto service providers and intermediaries. As of Dec. 30, 2024, all crypto exchanges operating within the European Union will be required to adhere to the Travel Rule guidelines outlined in EU-2023/1113. This rule mandates that
Recently, KuCoin announced that they would be implementing a 7.5% value-added tax on trading fees for their Nigerian users starting from July 8. This decision was made in response to what they referred to as “an important regulatory update.” The tax would be applied to transaction fees rather than the transaction amount itself, and it
Binance.US, the American branch of the popular crypto exchange Binance, is gearing up for the next phase of its legal battle with the Securities and Exchange Commission (SEC). Despite their efforts to dismiss the SEC’s allegations, a US District Judge upheld the majority of the charges against Binance on June 28. This decision has set
Sony Group, a prominent conglomerate in Japan, has recently made headlines by announcing its acquisition of Amber Japan, paving the way for the launch of a new crypto exchange. The WhaleFin exchange, previously owned by Amber Japan, will now be rebranded as S.BLOX Co under Sony’s ownership. This move signifies Sony’s entry into the world
Jesse Powell, the founder of Kraken, recently made headlines by donating $1 million, predominantly in Ethereum, in support of former US President Donald Trump’s re-election bid. While Powell claimed that his donation was intended to help the US maintain its leadership in blockchain technology, some may question the true motives behind his actions. Powell’s decision
A recent decision by a US bankruptcy court has caused quite a stir in the crypto world. FTX, a major crypto exchange, has been granted approval to move forward with a liquidation plan that would pay customer claims in cash. The plan is set to pay customers based on crypto prices at the time of
A recent development in the ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Kraken has signaled potential trouble for the exchange. Federal Judge William Orrick in California expressed his inclination to deny Kraken’s request to have the case dismissed. Judge Orrick stated that it was “plausible” that the digital assets offered on