CRYPTOCURRENCY EXCHANGE
An exchange that allows users to process cryptocurrency and cryptocurrency-related instruments transactions, such as buying, selling, depositing, and withdrawing their assets. There are usually two main types of exchanges available at present, one type that allows users to exchange their fiat currencies for cryptocurrencies and another that only allows users to exchange cryptocurrencies with other cryptocurrencies. Exchanges can also be either centralized or decentralized, depending on the custody and the amount of control the operator of the exchange can exercise on the transactions.
Mt. Gox Updates Creditors on Repayment Progress
Mt. Gox cryptocurrency exchange has provided an update on its repayment progress for creditors. The company's rehabilitation trustee, Nobuaki Kobayashi, announced that the deadline for creditors to provide their repayment information has passed, and that repayments will be carried out until October 31, 2023, with the possibility of an extension. The repayment process is expected to take some time due to necessary preparations.
Media Outlets Object to Withholding Identities in FTX Bankruptcy Proceedings
Major media outlets have objected to the withholding of non-US customer identities during FTX's bankruptcy proceedings, citing the public's right to access bankruptcy filings. FTX and its customers have failed to justify the need for such secrecy, according to the media outlets.
Japan's FSA Warns Binance and Others for Operating Without Registration
Japan's Financial Services Agency (FSA) has warned several foreign cryptocurrency exchanges, including Binance, of conducting business in the country without proper registration, violating the nation's fund settlement laws. The FSA has been cracking down on unregistered crypto exchanges since 2020, and this warning signifies that the cryptocurrency industry in Japan and other nations is facing greater regulatory scrutiny.
Bittrex to Wind Down US Operations
Cryptocurrency exchange Bittrex will wind down its US operations due to regulatory and economic challenges. US customers are advised to withdraw their funds by April 30, 2023.
FTX Founder Faces New Charges, Including Alleged $40M Bribe
FTX founder Sam Bankman-Fried is facing a new 13-count indictment, including an alleged $40 million bribe to a Chinese government official. The bribe was reportedly intended to unfreeze cryptocurrency accounts at FTX's affiliate firm, Alameda Research, which held over $1 billion worth of cryptocurrency.
Binance Insider Allegedly Helps Users Bypass KYC Security Protocols
A report by CNBC alleges that employees and volunteers at Binance have been helping customers in China bypass the exchange's Know Your Customer Controls (KYC). The report points to Binance's Chinese-language chat rooms where users can access shared messages on techniques to bypass KYC, residency, and verification protocols allegedly coming from Binance employees or trained volunteers known as "Angels."
Bitzlato Partially Restores User Access
Bitzlato, a Russia-linked cryptocurrency exchange, has enabled its users to withdraw up to 50% of their assets stuck on the platform due to enforcement from the United States and Europol, with the help of a Telegram bot.
OKX to Halt Services in Canada Due to New Regulations
Cryptocurrency exchange OKX has notified its Canadian users that it will no longer provide services or allow new account openings in Canada, starting on March 24, 2023, due to new regulations. Existing Canadian customers must close open positions in options, margins, perpetual, and futures by June 22, 2023, and fiat or tokens must be withdrawn by the same date.
Mt. Gox Creditors Given Extra Month to Register Claims, Distribution Deadline Delayed
The registration deadline for Mt. Gox creditors has been pushed back by another month, allowing creditors to file claims until April 6. The distribution of assets to creditors will now start from Oct. 31 instead of Sept. 30. Mt. Gox creditors have been waiting for years to get compensated for losses incurred because of the exchange hack in 2014. The extension in the deadline means that creditors will have another month to decide whether to take a lower amount now or wait another nine years to get the full amount.
Binance Adds 11 Tokens to PoR Report
Binance cryptocurrency exchange has included 11 more tokens in its proof-of-reserves report, taking the total number of assets in its system to 24, valued at over $63 billion.