U.S. Department of Justice prosecutors are considering filing criminal charges against crypto exchange Binance, and individual executives including CEO and founder Changpeng “CZ” Zhao. According to a Reuters report citing four sources familiar with the matter, prosecutors are divided on whether to move aggressively against the exchange or take time to review more evidence. The potential charges relate to an investigation…
John Reed Stark, a former U.S. Securities and Exchange Commission (SEC) regulator, said that Binance’s recent “proof of reserves” report is how he defines a “red flag.” Stark alleged that the recent report “doesn’t address the effectiveness of internal financial controls” nor “express an opinion or assurance conclusion,” adding that it fails to “vouch for the numbers.” In legal terminology,…
On Monday morning, Justin Sun took to Twitter to announce that he had swapped roughly $773,000 worth of Tron’s native stablecoin USDD. “Deploying more capital—steady lads,” tweeted the Tron founder, mimicking a tweet from Terraform Labs CEO Do Kwon just prior to Terra’s collapse in May. Sun included transaction data that showed him swapping more than $203,000 in USDC and…
The cryptocurrency exchange Bybit joins the parade of exchanges in the industry pushing for transparency post the FTX catastrophe. On Dec. 12, it announced that it has launched a Merkle Tree-based proof-of-reserve system. The new transparency initiative allows its users to directly verify Bybit’s holdings, along with their personal assets deposited into the exchange. The feature is available to all users…
The Doji candlestick, also called a Doji star, shows indecision between buyers and sellers in the crypto market. This type of candlestick is confirmed on a technical analysis chart when the opening and closing prices are almost identical. What is a Doji pattern on the candlestick chart? In simple terms, a Doji shows that an asset’s buyers and sellers offset…
Cryptocurrency exchange Bybit has announced upcoming changes to its know-your-customer (KYC) policy that will limit certain operations for unverified customers. The stricter requirements concern coin purchases with fiat money, NFT transactions, and withdrawal limits. Bybit to Limit Services for Traders Who Have Not Passed Identity Verification Crypto exchange Bybit will restrict some services that are currently available to users who…
With decentralized finance (DeFi) being a hub for various hacks and exploits, some may feel discouraged or wary of entering the space. However, professionals within the crypto space are confident that DeFi will have broader adoption in the future. From educating institutional investors to eliminating user experience barriers for retail investors, Web3 executives shared their thoughts on how broader DeFi…
An Arkansas energy provider is sweetening the deal for crypto miners in the state with a special tariff to keep costs down as the industry faces compounded challenges. Entergy, the Fortune 500 company that specializes in distributing electric power to customers in the American South, is offering a bulk price for mining operations in a state which already has some…
The ongoing crypto winter is not stopping the industry from pushing for global adoption and accessibility. A new partnership between CoinCorner and Bitnob opens a way for users across continents to perform cross-border transactions involving multiple fiat currencies. Typically transfer of funds between Europe and Africa requires a third-party facilitator like Western Union, which rely on centralized entities. These transactions…
The Balkan country of Serbia has emerged as a possible location for Terraform Labs CEO Do Kwon, who’s wanted by South Korean authorities on charges of violating the country’s capital markets act. According to South Korean prosecutors, Kwon moved to Serbia last month via Dubai, local news agency Yonhap reported. South Korea’s Ministry of Justice is also requesting investigative assistance…
