On January 16, 2024, Coinbase embarked on a transformative journey by announcing a partnership with Morpho, an emerging player in the decentralized finance (DeFi) sector. This collaboration aims to enhance the accessibility of financial services within the crypto space, allowing users to take out loans denominated in USD Coin (USDC) backed by Bitcoin (BTC). Through
Exchanges
In 2016, the cryptocurrency exchange Bitfinex fell victim to a significant hacking incident, resulting in the theft of nearly 120,000 Bitcoin (BTC), valued at the time at approximately $71 million. The repercussions of this breach affected not just the exchange but thousands of its users, leading to a forced 36% reduction in account balances. To
On January 15, 2024, the United States Department of Justice (DOJ) announced that cryptocurrency exchange BitMEX, along with its parent entity HDR Global Trading Limited, would face a hefty $100 million fine for breaching the Bank Secrecy Act (BSA). This resolution came after an extended legal tug-of-war that began years earlier. While the DOJ initially
HashKey Group, an influential player in the digital asset industry hailing from Asia, has made headlines with its recent announcement of obtaining provisional approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This development, reported on January 13, showcases HashKey’s strategic intent to expand its footprint in
The collapse of FTX, once a titan in the cryptocurrency exchange space, has sent shockwaves through the financial landscape, especially for its subsidiaries. As the dust settles, FTX continues to navigate a complex bankruptcy process that has sparked a series of legal and financial disputes. Recently, the announced sale of FTX’s European arm, FTX EU,
Recent developments have magnified scrutiny on the decentralized prediction platform Polymarket, primarily due to its controversial decision to facilitate betting on catastrophic events like California’s wildfires. This move has led to heightened public outrage and regulatory attention, particularly from the U.S. Commodity Futures Trading Commission (CFTC), which has recently issued subpoenas for user data. As
In 2024, Kazakhstan embarked on a significant campaign to eliminate illegal cryptocurrency exchanges, responding to the escalating threat of money laundering and other criminal activities. The Financial Monitoring Agency (AFM) of Kazakhstan took decisive action, dismantling 36 unauthorized exchanges that collectively handled transactions exceeding $100 million. Furthermore, the agency restricted access to over 3,500 unregistered
Crypto.com has marked a significant evolution in the financial landscape by expanding its service suite in the United States. In a recent announcement, the platform unveiled the launch of stock and exchange-traded fund (ETF) trading alongside its established cryptocurrency offerings. This strategic move allows users to manage a diversified portfolio that includes not just digital
The cryptocurrency landscape in the United States has become increasingly fraught with challenges as regulatory bodies assert their influence. Notably, Coinbase’s Chief Legal Officer, Paul Grewal, recently made headlines by unveiling documents that indicate the Federal Deposit Insurance Corporation (FDIC) has not only issued warnings to banks about engaging in cryptocurrency-related services but has also
On December 16, FTX and its associated debtors revealed that their reorganization plan is set to take effect on January 3, 2025. This long-awaited announcement has generated optimism among the many creditors and customers affected by the company’s collapse in November 2022. With the promise of beginning distributions within 60 days of the plan’s activation,
