Category: Exchanges
The European Banking Authority Updates Travel Rule Guidelines for Crypto Service Providers
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…
The Impact of Value-Added Tax on Cryptocurrency Trading in Nigeria
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…
The Legal Battle Between Binance.US and the SEC
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 acquires crypto exchange in Japan
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…
Critique of Kraken Founder’s Donation to Trump for Re-Election
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…
The Controversy Surrounding FTX’s Liquidation Plan
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…
The Future of Kraken’s Lawsuit with the SEC
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…
The Growing Regulatory Challenges Facing Binance Worldwide
Binance, the world’s largest cryptocurrency exchange, has been facing escalating regulatory challenges in various jurisdictions, including India. Recently, the country’s Financial Intelligence Unit (FIU) imposed a hefty fine of 188.2 million Indian Rupees on Binance for non-compliance with Anti-Money Laundering (AML) regulations. This fine amounts to approximately $2.2 million and was a result of Binance’s…
The Importance of Secure Crypto Travel with KoinBay
When it comes to traveling with cryptocurrency, one of the most crucial aspects is to ensure the security of your digital wallet. This can be achieved by implementing time-tested strategies that are designed to protect your assets from potential threats and hacks. Accessing your crypto accounts while on the go requires you to prioritize secure…
Analysis of Critical Vulnerability in Kraken Exchange
The recent discovery of a critical vulnerability in the crypto exchange Kraken’s deposit system by blockchain security firm CertiK has brought to light some serious security concerns. The allegations of extortion made by Kraken against CertiK have sparked a public feud between the two parties. While CertiK has denied these allegations, the events that unfolded…
The Legal Troubles of Binance Executives in Nigeria
A federal high court in Nigeria recently made a decision to dismiss a human rights lawsuit filed by Binance executive Nadeem Anjarwalla against the country’s National Security Adviser and the Economic and Financial Crimes Commission. The case was thrown out due to Anjarwalla’s lack of legal representation, which came after he fled Nigerian authority’s custody…
The Crackdown on Foreign Crypto Exchanges in Brazil: What You Need to Know
Recently, Brazil’s Special Department of Federal Revenue announced that they will be intensifying their efforts to monitor foreign cryptocurrency exchanges. The goal is to ensure that these exchanges are adhering to local regulations and not engaging in any illegal activities. This move comes as a response to the growing popularity of cryptocurrencies in the country…
Chaos Ensues Following FTX Collapse: Legal Battle Over Seized Assets
In the aftermath of the FTX collapse, a fierce legal battle has erupted over the millions of dollars in assets seized from former CEO Sam Bankman-Fried (SBF). Debtor parties, along with FTX Digital Markets, have filed a petition seeking control of the assets, arguing that they have a superior right to the seized funds and…
The Outcome of the New York Attorney General’s Settlement with Gemini
The New York Attorney General’s (NYAG) office recently announced the successful completion of its settlement with Gemini, resulting in the recovery of $50 million for users affected by the defunct Gemini Earn program. This settlement marks a significant step forward in resolving the legal charges brought against Gemini by the NYAG. As part of the…
