Category: Exchanges
The Challenges Faced by Coinbase and the Impact on Users
Cryptocurrency exchange platform Coinbase once again found itself at the center of a problem that left some users facing an empty balance in their accounts on March 4th. The issue, which occurred at 5:36 pm UTC, led the company to alert users about a potential disruption in their account balances and page loading times. While…
The Binance Controversy in Nigeria: A Deep Dive Into Financial Crimes and Allegations
The recent settlement between Binance and the U.S. Department of Justice has stirred up a hornet’s nest in Nigeria. The House of Representatives Committee on Financial Crimes has issued an ultimatum to Binance CEO Richard Teng, demanding his appearance before the committee by March 4th. This ultimatum comes on the heels of allegations of financial…
The Nigerian Government’s Threat to Fine Binance
The Nigerian government is reportedly considering imposing fines of up to $10 billion on Binance. According to local media outlets, Bayo Onanuga, the special adviser to the Nigerian president, accused the exchange of profiting from facilitating illegal transactions in the African country, leading to significant losses for the nation. Onanuga sees the proposed fine as…
The Impact of the Chamber of Digital Commerce’s Defense of Crypto Exchange Kraken Against the US SEC
The Chamber of Digital Commerce recently filed an amicus curiae defending crypto exchange Kraken in the lawsuit initiated by the US SEC. In their court filings, the Chamber explained that the purpose of the amicus brief is to put an end to the SEC’s attempted regulation of the digital asset industry through enforcement without legislative…
HTX Resubmits Application for Crypto Trading License in Hong Kong
The latest development in the world of cryptocurrency sees the Justin Sun-related crypto exchange HTX, previously known as Huobi, resubmitting its application for a Virtual Asset Trading Platform (VATP) license in Hong Kong. This move comes after the exchange had initially withdrawn its application, filed through its Hong Kong subsidiary Huobi HK, on February 23.…
The Dark Reality of BitForex: A Closer Look at the Suspicious Activity
In recent days, Hong Kong-based crypto exchange BitForex has raised concerns among its users as the platform appears to have gone entirely dark. The suspension of its website and trading application on Feb 23 has left users unable to initiate withdrawals or access the exchange. This comes as a shock, considering the exchange boasted over…
The SEC vs. Kraken: A Battle for Regulatory Boundaries
Kraken, a prominent cryptocurrency exchange, found itself in the midst of a legal battle with the US Securities and Exchange Commission (SEC). The charges brought against Kraken were seen as a direct result of the firm’s vocal advocacy for regulatory boundaries within the digital asset industry. The SEC alleged that Kraken had been operating unlawfully…
The Nuanced Dance of Bitcoin’s Liquidity
Bitcoin enthusiasts are closely monitoring the price movements of Bitcoin as it approaches the $52,000 mark. However, beyond the surface level, there is a complex interplay of buy and sell orders within a critical 2% market depth that is often overlooked. This deeper examination into the liquidity of Bitcoin reveals the shifting sands beneath the…
The Expansion of Backpack Crypto Exchange in the US
Backpack, a crypto exchange founded by former FTX executives, has recently announced its expansion into 11 US states amid the tightening global crypto regulations. This move signifies the company’s dedication to growing its presence in the US market. In a recent announcement on social media, CEO Armani Ferrante expressed the company’s commitment to entering the…
The Decline of Bitcoin on Exchanges: A Shift in Investor Behavior
In recent years, there has been a noticeable decrease in the amount of Bitcoin stored in exchange wallets, indicating a significant change in investor behavior. This shift has been particularly apparent since mid-March 2020 when over 17% of Bitcoin’s total supply was held on exchanges, a record high at the time. Despite Bitcoin’s 2021 bull…
The Surge of Trading Volume on Coinbase’s International Exchange
Recently, Coinbase’s non-US exchange experienced an impressive milestone with over $1 billion in daily trading volume on Feb. 20. This achievement signifies a significant growth trajectory for the platform, especially in the realm of perpetual futures trading. Coinbase International Exchange, as stated by CEO Brian Armstrong, reached the $1 billion daily volume mark for the…
The End of Binance Leveraged Token Offerings
Binance, one of the leading cryptocurrency exchanges, has recently made an announcement regarding the discontinuation of trading and subscription services for its leveraged token offerings. This decision will affect tokens such as Bitcoin, Ethereum, and BNB Coin, with the discontinuation set to take effect on Feb. 28. According to the statement released on Feb. 19,…
US Prosecutors Push for Binance Plea Deal Approval
US prosecutors are urging a federal judge to approve the Binance plea deal, which was filed on Feb. 16. This plea deal, involving the cryptocurrency exchange Binance and its former CEO Changpeng Zhao (CZ), revolves around charges of money laundering and sanctions violations dating back to November 2023. It requires Binance to pay a staggering…
The Financial Performance of Coinbase in 2023: A Critical Analysis
In the latest financial report released on February 15, Coinbase, one of the major cryptocurrency exchanges in the United States, showcased its impressive financial performance for the fourth quarter and full year of 2023. The report revealed notable achievements and growth, as well as areas of concern for the company. Let’s delve deeper into the…
