Crypto exchange OKX recently notified its Nigerian clients that they have until Aug. 16 to close their positions as it is ceasing operations in the country due to local regulations. In a statement obtained by CryptoSlate, OKX stated that users will no longer be able to open new positions or access any services on the
Exchanges
Russia’s Ministry of Finance recently put forward a proposal to permit traditional exchanges to facilitate digital asset trading for specific investors. This move aims to create specialized regulations for organized trading in digital currencies, treating them as commodities and requiring an exchange or trading system license. The proposal is limited to a select group of
During a recent hearing, Judge Katherine Polk Failla expressed her disapproval of Coinbase’s attempts to subpoena SEC chair Gary Gensler in the ongoing case against the firm. Failla criticized the company’s request for Gensler’s statements before he became SEC chair in 2021, deeming Coinbase’s arguments as “speculative” and unpersuasive. She noted that obtaining Gensler’s pre-chair
In a recent announcement, Kraken revealed its co-founding of the Blockchain Security Standards Council (BSSC) alongside several prominent industry players. The formation of this nonprofit organization aims to establish uniform security standards within the crypto sector, addressing critical security threats such as fraud, nation-state cyberattacks, and protocol exploitation. The council’s mission involves developing consensus-driven security
Recently, Artur Schaback, the co-founder and former CTO of Paxful Inc., pleaded guilty to conspiracy charges related to the failure to maintain an effective anti-money laundering program. The Department of Justice stated that Schaback’s negligence allowed Paxful to become a hub for various criminal activities, including money laundering, fraud, and prostitution. Schaback pleaded guilty to
In a recent development, Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), made grave accusations against Binance, a popular cryptocurrency exchange platform. Akinwumi’s testimony in a lawsuit brought by the Economic and Financial Crimes Commission (EFCC) alleged that Binance had been involved in transactions that are typically reserved for authorized banks
Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently applied for a license to operate as a Virtual Asset Service Provider (VASP). The Financial Supervisory Commission has included Taiwan Mobile as the 26th VASP in its latest report. Lin Zhichen, the General Manager of the company, is designated as the person in charge, with
The European Banking Authority (EBA) recently announced updates to its Travel Rule guidelines, which will now include crypto service providers and intermediaries. These changes are set to take effect starting December 30, 2024, and will impact crypto exchanges in the European Union. Key Changes and Requirements The updated guidelines require crypto exchanges to report information
Recently, KuCoin announced that it would be introducing a 7.5% value-added tax on trading fees for Nigerian users starting on July 8. This decision has raised eyebrows in the crypto community as it marks a significant shift in the taxation landscape for digital assets in the country. The firm stated that the VAT would be
Binance.US, the American arm of the world’s largest crypto exchange by trading volume, Binance, is currently facing a legal battle with the Securities and Exchange Commission (SEC). The SEC has filed several allegations against Binance.US, accusing the exchange of violating securities laws. On July 1, Binance.US released a statement indicating that the Court had decided
