In recent years, the United Arab Emirates (UAE) has emerged as a significant player in the global cryptocurrency sector, exhibiting remarkable growth across varying transaction sizes. As detailed in a recent report by Chainalysis, the UAE is not just participating in the crypto trend; it is distinctly surging ahead in both retail and institutional investments,
Exchanges
In July, the Indian cryptocurrency exchange WazirX found itself at the center of a staggering $230 million hack, a breach that has since exposed the vulnerabilities inherent in digital asset exchanges. Recent analyses by Arkham Intelligence indicate that the hacker is nearing the completion of laundering the stolen funds, with only $6 million in Ethereum
In an intriguing development within the financial services industry, BNY Mellon is positioning itself to be a formidable contender in the realm of cryptocurrency custody. This strategic pivot, particularly targeting Bitcoin and Ethereum exchange-traded funds (ETFs), follows the bank’s recent exemption from the SEC’s Staff Accounting Bulletin 121 (SAB 121). This newfound flexibility allows BNY
On September 24, Kraken announced its latest strategic decision to acquire Coin Meester (BCM), renowned as one of the Netherlands’ longest-standing registered cryptocurrency brokers. This acquisition signifies more than just a business transaction; it represents Kraken’s determination to fortify its position in the Dutch market and enhance its operational capacity across Europe. By obtaining Coin
In a startling revelation that underscores the vulnerabilities of cryptocurrency platforms, BingX, a prominent crypto exchange, confirmed a significant security breach resulting in a “minor asset loss.” This acknowledgment came on September 20, following suspicious outflows from one of its hot wallets. Vivien Lin, the Chief Product Officer at BingX, stated that the full extent
The ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase has garnered significant attention since its inception in June 2023. The SEC’s allegations assert that Coinbase operated as an unregistered securities broker by offering various digital assets that the regulator classifies as unregistered securities. The implications of this case extend
In a sweeping critique of the US Securities and Exchange Commission’s (SEC) current regulatory tactics, Robinhood’s Chief Legal Officer, Daniel Gallagher, has surfaced significant concerns regarding the impact of these strategies on the burgeoning cryptocurrency market. His statements, delivered as written testimony for a hearing by the House Financial Services Subcommittee on Digital Assets, underline
In the tumultuous landscape of cryptocurrency exchanges, the recent interactions between Binance and WazirX reveal a complicated narrative of accountability, miscommunication, and regulatory challenges. Binance’s public disavowal of WazirX has gained much attention, particularly in light of a significant breach that led to the loss of $235 million from the Indian exchange. The fallout from
In the ever-evolving landscape of cryptocurrency, allegations can take root quickly, often spreading like wildfire across social media platforms. One such instance hit the scene on September 16, when rumors erupted claiming that Coinbase was mismanaging funds linked to the long-awaited BlackRock Bitcoin exchange-traded fund (ETF). Speculations suggested that rather than utilizing BlackRock’s capital to
The saga surrounding Ryan Salame, a former executive at FTX, has taken an unexpected turn that raises significant questions about the integrity of legal proceedings and personal accountability. In a striking admissions during a court hearing, Salame confessed to providing false statements as part of his plea agreement concerning campaign finance and money-transmitting crimes. This