Crypto Sale

2023-09-01 14:37:30 ​Binance Seeks License to Reenter Japanese Crypto Market After Exiting 4 Years Ago

Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.

Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.

The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.

A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.” Open / Comment

2023-08-28 15:42:02 ​​Deribit hackers move stolen Ether to Tornado Cash crypto mixer.

The Deribit hot wallet hacker has transferred 1,610 ETH (over $2.5 million) to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

In the aftermath of the $28 million Deribit hack, the unknown exploiter is moving stolen funds using the decentralized cryptocurrency mixer, Tornado Cash.

The Deribit hot wallet hacker has transferred a total of 1,610 Ether, or around $2.5 million, to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

The funds were transferred in 17 transactions, with the first outgoing transaction occurring on Nov. 5 —just a few days after Deribit suffered the hack. Open / Comment

2023-08-23 13:45:40 ​​Cryptocurrency sector still reeling from European parliament votes

Cryptocurrency sector still reeling from European parliament votes
Crypto exchange providers to be held accountable to provide data on the unhosted wallet
Attendees at the Paris Blockchain Week Summit learned Wednesday that the cryptocurrency sector is still reeling from a series of votes in the European Parliament that some said might be regulatory overkill.

The EU’s plans to reduce the energy consumption of proof-of-work technology – which some feared might amount to a bitcoin ban – were defeated in March when voted on in the European Parliament. However, a second, equally contentious anti-money laundering measure did pass, and it could become legislation if governments sign up.

Under planned banking regulations referred to as the Travel Rule, parties involved in crypto transactions would have to identify each other. EU lawmakers want that requirement to apply even for tiny payments or those made to private individuals rather than regulated exchanges.

Assita Kanko, a lead lawmaker, urged that the travel rule would aid in doing away with crime, bringing more people into the sector.

“If the banking sector, which is seen by many in the crypto space as stuffy and outdated, can survive the travel restriction… Why couldn’t fashionable, cool crypto people? They could figure it out. I suppose I’m encouraging them to give it a shot.” she added shortly after her committee approved the measure on March 31.

Crypto exchange providers to be held accountable for providing data on the unhosted wallet
The regulation gives the crypto exchange provider control over information flow, allowing them to be held accountable for providing efficient data if they discover an unhosted wallet. Hedi Navazan, head of compliance for Crystal Blockchain, told attendees Wednesday.

The financial intelligent unit has the mandate to gather laundering cases suspects with information known as suspicious activity report, she added.

The Law Commission in the United Kingdom said in June 2019 that “too many low-quality” laundering reports were being sent to authorities, “undermining the integrity of the entire procedure.” Even the European Banking Authority, Europe’s own regulatory body, has complained about a “tick-box” method, in which financial institutions simply follow procedures rather than identifying. Open / Comment

2023-08-21 10:01:11 ​ South Korean Banks May Be in Trouble as Regulator Probes Kimchi Premium Bitcoin ‘Irregularities’

South Korean banks could find themselves in the firing line after the government, media outlets, and regulators stepped up the scrutiny of the banks' role in enabling kimchi premium traders to make fast money when trading volumes rise.

As previously reported, regulators stepped in last month to warn banks about their failure to stop traders from buying tokens like bitcoin (BTC) overseas via wire transfers – which traders then sought to dump on domestic crypto exchanges for a hefty profit.

When BTC prices have risen in recent years, retail investors’ trading volumes have soared – historically leading to discrepancies of up to 50% between prices on domestic platforms like Upbit and global platforms like Binance.

Some opportunistic traders have sought to take advantage of such price gaps by buying BTC from over-the-counter vendors – primarily individuals based in Mainland China, Hong Kong, and Japan. South Korean authorities, which already impose strict regulations on foreign exchange trading, have equated such trading with money laundering – and have vowed to stamp it out.

Banks have since responded with overseas remittance caps, but concern has since arisen that – historically – some USD 3.4 billion worth of illegal foreign exchanges have been carried out in recent years. And the Financial Supervisory Service (FSS) last week said that all of this money may have passed through domestic banks.

The FSS initially identified what it thinks were “abnormal” foreign exchange transactions at both Woori and Shinhan, with prosecutors also looking at the evidence.

But per Energy Kyungjae, which quoted unnamed banking industry sources, the FSS has been aware of potential issues for over a year – and has previously warned most domestic banks about possible violations. The media outlet added that the regulator had repeated its warnings “several times” in 2021. Open / Comment

2023-08-19 10:13:42 ​Crypto Exchange Coinify Obtains Regulatory Approval to Operate in Italy

Cryptocurrency exchange Coinify has obtained regulatory approval to operate in Italy, according to the Italian financial regulator’s website.

The Danish digital asset brokerage, currently licensed to operate in over 180 countries and territories, will offer its crypto trading and payments services in Italy after registering with the Organismo Agenti e Mediatori (OAM) on Aug. 12.

Italy has been significantly increasing its roster of crypto firms licensed to operate within the country. Just last month, Bitgo and Bitstamp all registered with OAM to offer their products and services in the country. And crypto exchanges Binance, Kraken and Bitpanda and brokerage Trade Republic have also registered recently.

Last August, crypto lender Voyager Digital acquired Coinify in an $84 million sale in stocks and cash, to bolster its crypto payments services. This past July, Voyager filed for Chapter 11 bankruptcy amidst the crypto credit crisis.

Neither Coinify nor Voyager responded to requests for comment by press time. Open / Comment

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2023-08-15 10:33:29 ​Coinbase Filing Suggests SEC Making Platforms Liable Of All Crypto Risks

Coinbase Global, Inc, U.S.’s largest crypto exchange landed under the scrutiny of the SEC over different allegations. However, the digital asset platform recently filed its interim financial reports which illuminate new assets called “Customer crypto assets”.

Coinbase filling shows new items
Frances Coppola in a Twitter post mentioned that the SEC’s new accounting guidance for digital assets platforms has some significant implications. She highlighted that Coinbabse’s latest filings show that its balance sheet is highly inflated.

She highlights that the financial report shows a quarterly net loss of more than $1 billion. The net cash reported over $4.6 billion in the past six months. It reported modest losses of more than $600K.

However, Coppola suggested that Coinbase is not in trouble as it still has $12 billion of customers and its own cash. It also disclosed that its balance sheet has grown by 5 times since December 2021.

According to Coinbase’s filing, the customer crypto assets valuation stands at around $88.45 billion. It is matched by a new “Crypto asset liabilities”. Coppola states that this new category of assets is by far the biggest item on the balance sheet. Meanwhile, the footnotes mention that these items are”safeguarding assets” and “safeguarding liabilities”. Open / Comment

2023-08-13 12:41:08 ​​Goblin Sax DAO to offer instant NFT-backed loans

Goblin Sax, a decentralized autonomous organization for NFT finance, is launching an instant loans service. It acquired instant loans app Fluid, which it will rebrand as Goblin Lend, to build out the product alongside its already existing peer-to-peer NFT lending service.

Formerly known as Gringotts DAO, Goblin Sax is one of several NFT loan platforms that have popped up over the last year that targets NFT holders looking to unlock liquidity without selling their nonfungible tokens.

Among them, South African company NFTfi raised a $5 million seed round late last year. In November, it issued a loan for $1.4 million over 30 days at 9.69% APR. The collateral was a rare NFT from the generative art collation Autoglyphs.

Goblin Sax was originally a lender on NFTfi but has been looking for ways to evolve.

"The instant loans app will enable users to click a few buttons and take a loan instantly", the DAO's head of integrations, who goes by "Arentweall," told The Block. They explained that "the base layer is using NFTfi, but I think the user experience is very different from the one on NFTfi, where you first put out your NFT and then wait for someone to offer you a loan." Open / Comment

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