Crypto Exchanges

The Kazakh government has plans for the trial of a pilot project relating to exchange platforms in the Astana International Financial Center (AIFC).  As a result, crypto exchanges in Kazakhstan could operate under more legal protection if the test pilot is successful. Working alongside local banks and governmental bodies these platforms will be able to offer their services beneath the AIFC. Former Kazakh President Nursultan Nazarbayev proposed the creation of the center in 2015. The idea behind this was to…

Gemini is the latest crypto exchange to join the Crypto Council for Innovation (CCI). Its addition enhances CCI's list of prestigious crypto firms supporting regulations on digital assets. So far, the group includes Coinbase, Block, Fidelity Digital Assets, and Paradigm, among others. Gemini’s Quest for Regulating Crypto Joining the CCI is only one of Gemini's recent initiatives for supporting policy and regulatory affairs. Notably, the company spent $120,000 on lobbying activities in the U.S. in the last six months of…

Coinbase, the most prominent crypto exchange in the U.S., has announced revenue of $2.2 billion. The impressive amount represents the platform's income only from transaction fees within Q4 2021. It is among the highest profits that crypto exchanges generated in recent years. Above all, it surpassed analyst expectations by no less than 27%. Coinbase’s Success in Numbers Last year, FactSet consensus predicted Coinbase to gain around $1.9 billion in revenue for the latest financial quarter. However, it seems that the…

The current and former chairmen of the Securities and Exchange Commission show little partisan disagreement. Earlier today, Democrat chairman Gary Gensler and his Republican predecessor Jay Clayton called on exchanges to register with the commission. Both justify their actions by the motivation to protect investor concerns, as Gensler commonly puts it. Register Or Else, Say SEC Chiefs The SEC chiefs aired their thoughts during a Fireside chat at the Digital Asset Compliance & Market Integrity Summit on Wednesday. The event…

2021 has been a relatively good year for crypto. More people want to buy cryptocurrencies. Companies are also expanding quite well. Expansion tales are always good signs. They show that the market is growing and doing quite well. This week, two of the largest crypto exchanges are taking centre stage. Rumours have started to circulate that Binance US and the Gemini Exchange are raising funds. Both companies are reportedly finalizing their fundraising rounds, with both sure of securing the "unicorn" status.…

On Tuesday 21st September, the US treasury announced that it would sanction the SUEX exchange. According to the treasury, SUEX took part in Ransomware activities.  The government has been fighting against such attacks for several years. However, its efforts have been futile due to the lack of international support. US Treasury Sanctions Crypto Exchanges In a public release, the US Treasury recently announced sanctions on SUEX. Comprehensively, the Office of Foreign Assets Control (OFAC) proposed the recent sanctions. The OFAC linked SUEX to eight…

Crypto exchanges in South Korea could shut down by September 24, 2021. Regulators in the region plan to close trading platforms due to compliance issues. Failure to meet regulatory standards could attract losses worth 3 trillion Korean Won. The value is equivalent to $2.6 billion. Trading Platforms Prepare for Exit Today, local crypto exchanges struggle when trying to uphold guidelines set by the government. In most cases, traders need to reveal their personal information to perform trades in the exchanges. Doing that means…

Traditional financial institutions have set up insurance and other protections in place to keep your money safe. For digital currency exchanges, it's the opposite. Before you indulge in any crypto activity like buying or selling, you have to make sure you do it safely because it’s a relatively unregulated industry. Security is vital for any cryptocurrency user globally; no one wants to be a victim of theft. The Federal Trade Commission estimated that nearly 7,000 people lost more than $80…

The revised Act on Reporting and Use of Certain Financial Transaction Information could cause a shutdown of multiple cryptocurrency exchanges. The exchanges could sue the South Korean government under these circumstances. Each exchange must submit a document by Sep. 24 showing that a bank has given a real-name bank account according to the act. Cryptocurrency exchanges in South Korea, considered to have many coins on their trading platforms, are at risk of being denied access to personal bank accounts, a…