Cryptocurrencies – FinTech Ranking

Binance joint venture granted licenses in Thailand to open regulated exchange

Elena Kondrashkina — Sat, 27 May 2023 02:27:00 +0000

Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained licenses from Thailand’s Ministry of Finance to become a digital asset operator regulated by the country’s SEC.

The partnership aims to launch a digital asset exchange and broker in Thailand by Q4 2023.

“Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations,” said Richard Teng, head of Asia, Europe, and MENA at Binance, in a statement.

Japan to Enforce Tougher Crypto Anti-Money Laundering Laws Next Month

Elena Kondrashkina — Thu, 25 May 2023 02:30:00 +0000

Japan is set to implement stricter anti-money laundering measures, including the so-called “travel rule” of the Financial Action Task Force (FATF) from June 1, according to local news outlet Kyodo News.

The decision was made by Japan’s cabinet on Tuesday after the nation’s anti-money laundering steps were deemed insufficient by global financial crimes watchdog FATF, the report said.

Huobi Global ordered to stop operations in Malaysia by the Securities Commission

Elena Kondrashkina — Mon, 22 May 2023 23:27:00 +0000

The Securities Commission (SC) of Malaysia ordered Huobi Global Limited to wind down operations in the country as it had been operating its crypto exchange without registration. The SC took action against both Huobi and its CEO Leon Li for operating illegally in Malaysia.

“This decision comes after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests,” the regulator said Monday. It added that operating a digital asset exchange without being registered is an offense under section 7(1) of the Capital Markets and Services Act 2007.

Ripple Rolls Out CBDC Platform for Governments, Financial Institutions

Elena Kondrashkina — Fri, 19 May 2023 03:36:16 +0000

Ripple is rolling out a proprietary platform for central bank digital currencies (CBDCs), enabling central banks, governments, and financial institutions to create their own digital currencies.

Described as “a frictionless end-to-end solution,” the Ripple CBDC Platform builds on Ripple’s Private Ledger, which was first introduced in 2021 for CBDC issuance. It’s based on the same blockchain technology as the XRP Ledger (XRPL), which was also designed primarily for payments.

US Lawmakers Debate Dueling Stablecoin Bill Drafts

Elena Kondrashkina — Fri, 19 May 2023 00:10:00 +0000

U.S. lawmakers faced off Thursday (May 18) over two proposed stablecoin bills.

Both bills under consideration would allow both banks and non-banks to issue stablecoins.

It was the second time during the current congressional session that proposed stablecoin legislation has come to the floor, with the first hearing on April 18 quickly devolving into bipartisan bickering.

Ripple Buys Crypto Custody Firm Metaco for $250M

Elena Kondrashkina — Thu, 18 May 2023 03:34:00 +0000

Blockchain firm Ripple has acquired Swiss-based crypto custody provider Metaco for $250 million, the company said in a statement on Wednesday.

The purchase will allow Ripple to expand its offerings by incorporating the technology to custody, issue, and settle tokenized assets. Metaco offers customers crucial and secure custody infrastructure, allowing institutions to scale new business models in the crypto economy.

Coinbase establishes advisory council with former US lawmakers

Elena Kondrashkina — Sat, 13 May 2023 00:12:00 +0000

Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders.

In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies.

Binance pulls out of Canada amid new crypto regulations

Elena Kondrashkina — Sat, 13 May 2023 00:10:00 +0000

Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.

Biden calls to end $18B ‘crypto tax loopholes’

Elena Kondrashkina — Thu, 11 May 2023 01:43:15 +0000

United States President Joe Biden recently shared an infographic on Twitter, calling to end “tax loopholes” that allegedly help wealthy crypto investors. Community members responded to the tweet, questioning the figures shared by the president and if the said loopholes exist.

Cutting such loopholes would save about $18 billion, according to Biden. However, the president did not provide any information on which loopholes existed and what reforms would lead to the potential savings amount the president shared.

We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq
— President Biden (@POTUS) May 9, 2023

Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin

Elena Kondrashkina — Thu, 11 May 2023 00:45:00 +0000

Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case.

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company’s international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange.