Finance Magnates | Cryptocurrency Market
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Finance Magnates CryptoCurrency is your home for breaking news, analysis, data and coverage on the world of cryptocurrencies. From Bitcoin to blockchains, find it all here.
Finance Magnates | Cryptocurrency Market
5h ago
The Philippines' securities regulator has taken enforcement action against Binance, ordering Google and Apple to remove its apps from their respective app stores. This action follows allegations that Binance offered unregistered securities to Filipino investors.
Philippines SEC Targets Binance's Apps
The Philippines' Securities and Exchange Commission (SEC), through its Chairperson Emilio Aquino, highlighted the threat posed to the security of investors' funds by continued access to Binance's sites and apps.
The regulator alleged that Binance's presence in the app stores facilitates the spread ..read more
Finance Magnates | Cryptocurrency Market
8h ago
Crypto.com has postponed the planned launch of its app in South Korea due to scrutiny by the regulators on the exchange's anti-money laundering practices. According to a local media publication Segye Ilbo, Korean financial authorities have initiated an emergency on-site inspection of the crypto exchange.
Anti-Money Laundering Concerns
The inspection, conducted by the Financial Intelligence Unit under the Financial Services Commission, followed the discovery of anti-money laundering-related issues in the data submitted by Crypto.com.
Crypto.com has emphasized its commitment to maintaining prope ..read more
Finance Magnates | Cryptocurrency Market
15h ago
Ripple Labs has formally opposed the US Securities and Exchange Commission’s (SEC) proposition to levy a substantial fine of nearly $2 billion against the company linked to the XRP Ledger blockchain. Filed yesterday (Monday), Ripple's opposition challenges the SEC's proposal, which seeks to persuade a New York judge to impose the hefty penalty.
Legal Battle between Ripple and SEC
The SEC's proposal outlines a fine totalling $1.95 billion, comprising $876 million for disgorgement, $198 million for prejudgment interest, and a civil penalty of $876 million. The basis for the SEC's case stems from ..read more
Finance Magnates | Cryptocurrency Market
19h ago
The legal battle between Ripple and the SEC over allegations of illegal sale of cryptocurrencies has reached a crucial step as the long-awaited trial starts today (Tuesday). The SEC first accused Ripple Labs of offering unregistered securities in December 2020.
Ripple's defense is based on the argument that its native cryptocurrency, XRP, should not be classified as a security. As the trial begins, the crypto sector is eagerly awaiting the outcome, which could have significant implications for the future of Ripple and the broader digital asset industry, CryptoPotato reported.
A Prolonged Legal ..read more
Finance Magnates | Cryptocurrency Market
19h ago
The Securities and Exchange Commission (SEC) of the United States is seeking $4.7 billion in disgorgement and prejudgment interest from bankrupt Terraform Labs and its co-founder Do Kwon. The regulator is further seeking civil penalties of $420 million from Terraform and $100 million from Kwon.
The Regulator Seeks a Hefty Sum
The regulator’s request for monetary recovery and penalties was revealed in a motion it filed last Friday with the US District Court for the Southern District of New York. The motion also seeks a ban on Kwon from serving as an officer or director of a securities issuer. H ..read more
Finance Magnates | Cryptocurrency Market
1d ago
Ontario's Superior Court of Justice has certified a class action against Binance, according to a report by Advisor.ca The lawsuit alleges that Binance Holdings Limited violated securities law by offering crypto derivative products to retail investors without proper registration.
Regulatory Scrutiny
This latest development comes amid increasing scrutiny from regulatory authorities, including the Ontario Securities Commission (OSC). In 2021, Binance pledged to cease operations with Canadian investors in response to the OSC's scrutiny and later agreed to an undertaking with the OSC to halt tradin ..read more
Finance Magnates | Cryptocurrency Market
1d ago
Hut 8, the result of a merger with US Bitcoin Corporation last November, has garnered attention due to its diversified business model, according to a research report by Benchmark released today (Monday).
A Close Look at Revenue Streams and Crypto Reserves
Benchmark analysts highlighted the company's various revenue streams, including self-mining, managed services, hosting, and involvement in high-performance computing and artificial intelligence sectors. Initiating coverage on Hut 8, Benchmark issued a buy rating with a $12 price target. At the time of publication, Hut 8's shares were trading ..read more
Finance Magnates | Cryptocurrency Market
1d ago
The Middle East has emerged as a hotspot for cryptocurrency adoption, according to a recent report by Bitget Research. The average daily number of crypto traders in the region soared to 500,000 in 2024. This figure represents an increase of 166% year-over-year.
Crypto in the Middle East
This surge in crypto adoption is driven by several factors, such as favorable regulatory frameworks, the approval of Bitcoin ETFs, and the overall bullish sentiment in the cryptocurrency market. The United Arab Emirates (UAE) leads, with 72% of crypto users actively investing in Bitcoin.
Centralized crypto exch ..read more
Finance Magnates | Cryptocurrency Market
1d ago
Thailand is planning to block unauthorized cryptocurrency service providers to fight online crimes. The Office of the Securities and Exchange Commission (SEC) is partnering with Thai government agencies to prevent criminals from utilizing crypto exchanges for illicit activities, including money laundering.
Thailand Warns about Unregistered Crypto Platforms
According to the press release, Pornanong Busaratrakul, the Secretary General of the SEC, recently disclosed plans to submit information about unauthorized crypto service providers to the Ministry of Digital Economy and Society.
The regulato ..read more
Finance Magnates | Cryptocurrency Market
4d ago
The long-awaited day of the 4th phase of Bitcoin's halving is looming in the cryptocurrency sector. The countdown to this event shows that it could happen around the final hours of Friday evening if you are located in the Americas or Saturday morning if you are in Asia or Europe.
According to the market metrics, the event is much anticipated and should be discounted well in advance of its actual occurrence. In contrast to unpredictable overnight barrages of rockets in the heat of the Middle East, the halving event has a clear outcome—the amount of BTC rewards that miners get for completing a b ..read more