FATF hints at Binance as example of an exchange avoiding regulation

A new report by the Financial Action Task Force, or FATF, details a series of red flags that can help identify illicit activity involving cryptocurrencies. Among them are a general set of guidelines involving exchanges in jurisdictions with weaker regulations, where Binance is seemingly singled out for often moving to avoid stronger regulatory oversight. The report, published on Sept. 14, lists a variety of red flags for spotting money laundering or terrorism financing, grouped by categories. Most red flags cited are commonly seen in traditional finance as well: young or…

South Korean exchange traffic has risen sharply since June — Is this why?

Data indicates that Coinone, a South Korean exchange, saw its user base rise by about 10,000 people per month after listing Kakao’s klaytn (KLAY) token in June.  The token was listed after Kakao, a tech giant who runs the most popular chat app in South Korea, made crypto transactions a part of their messaging app, KakaoTalk. Shortly after launch, Kakao announced that their messenger’s new crypto wallet function had surpassed 100,000 users in less than a day. KLAY’s surge in value, which has more than tripled over three months, has…

Crypto.com latest to bank on DeFi hype with Uniswap-based exchange

Crypto.com, a conglomerate dealing primarily with payments and the exchange of crypto assets, announced its foray into decentralized finance with a platform named DeFi Swap. According to its whitepaper, published on Friday, DeFi Swap is a fork of the popular Uniswap decentralized exchange.  The differences, beyond slight aesthetic changes, appear to consist in the choice of tokens, additional geographic restrictions, and notably a yield farming incentive based on CRO, the token of the Crypto.com Chain. Users who stake the CRO token with the exchange will be entitled to a reward…

Belarusian crypto exchange looks to Lithuania amid political turmoil

Amid the ongoing political unrest in Belarus, some local cryptocurrency-related companies are reportedly setting up backup offices in neighboring countries. Currency.com, a Minsk-headquartered crypto trading company, is reportedly planning to open an office in Lithuania to provide a safe place for its employees. According to a Sept. 8 report by local news agency TUT.BY, Currency.com is offering its Belarus-based employees to “take a sabbatical” in Vilnius amid election-fueled unrest. Cryptocurrency. com CEO Jonathan Squires reportedly said that the company will maintain its offices in Minsk, while relocation is voluntary. “We…

$5M stolen from a European crypto exchange after hot wallets compromised

Crypto exchange Eterbase recently fell victim to a hack of its hot wallets. According to a statement issued by the Slovak Republic-based exchange, hackers extracted approximately $5.4 million from the exchange’s accounts on August 8. Shortly thereafter, Eterbase assured users that law enforcement had already been informed about the incident. The company also said that they’ve contacted all major exchanges that may receive these coins at some point, likely in the hope of recovering some of the missing funds. The exchange did not specifically disclose which firms had been contacted,…

Crypto exchange volume data is becoming more reliable — but it’s still far from perfect

The Blockchain Transparency Institute, or BTI, has published its market data integrity report for 2020. This report found a threefold improvement in the quality of data on veteran crypto rankings site, CoinMarketCap.  “Only 31% of the [CoinMarketCap] top 25 is being wash traded compared to over 90% just 1 year ago, a 3x improvement with their new rankings system,” the report states.  Research for the report was compiled as part of “BTI Verified,” an initiative launched by BTI to analyze the problem of crypto exchange data being distorted by wash…

Binance crypto exchange delists its own token on Uganda platform

The world’s largest exchange, Binance, is delisting its own token for trading against the Uganda shilling (UGX). According to a Sept. 9 announcement, the Binance Uganda platform decided to delist and cease trading on all trading pairs for Binance’s native token, Binance Coin (BNB). The BNB/UGX trading pair will be officially removed from Binance on Sept. 17, while BNB deposits will be terminated on Sept. 10, the exchange said. BNB withdrawals will be still available on Binance Uganda till Nov. 6, Binance noted. Binance provided little information about the reasons…

Digital Currency Group acquires cryptocurrency exchange Luno

One of the largest organizations investing in blockchain companies, Digital Currency Group, or DCG, has acquired the British multinational cryptocurrency exchange Luno. DCG first bought a stake in Luno by investing in the exchange’s seed round in 2014. Since then, the exchange has spread its roots across 40 countries and currently boasts of more than five million registered users on its platform. In an official announcement, DCG said it will make a “significant commitment” to help Luno further expand its territories in countries it already operates in and also help…

LedgerX exchange launches physically settled Bitcoin mini futures

LedgerX, a regulated futures exchange in the U.S., has introduced physically-settled Bitcoin (BTC) futures contracts. This allows investors to receive physical delivery of BTC and some analysts believe this will amplify the impact on the price of BTC. XBT/USD daily chart. Source: TradingView.com How physical delivery may impact Bitcoin price? When Bakkt first launched with the backing of its NYSE parent company ICE, it received significant hype. Most of the interest around the platform surrounded its physical delivery of BTC, meaning, if institutions desired, they could actually hold BTC via…

A new decentralized exchange lets users trade commodity and crypto derivatives

Fetch.ai is launching Mettalex, a decentralized exchange that allows its users to trade commodity and crypto derivatives. The users will be able to gain exposure to traditional crypto trading pairs as well as commodities like gold, silver, cobalt, oil, and even the stock market indices. Humayun Sheikh, who serves as CEO to both projects, told Cointelegraph that in addition to providing exposure to new investment products for the crypto community, it presents three main competitive advantages to commodity traders: “One very key advantage for them is that they can build…