Crypto Exchanges News and Insights

Crypto.com announced its plans to delist Tether (USDT) and suspend Tether-related transactions for its Canadian user base on January 31, 2023.

Coinbase announced its plans to cut 20% of its jobs and close down projects that have a low probability of success to survive the bearish crypto market.

United States Department of Justice takes possession of Sam Bankman Fried’s Robinhood shares.

Binance is reportedly in the process of purchasing a 41.2% stake in the South Korean crypto exchange, Gopax.

Cameron Winklevoss, the Co-Founder of Gemini, questioned Digital Currency Group's Barry Silbert about the delay in repaying Gemini’s funds.

Clients of FTX International have requested the court to withhold their identities and private information from FTX's bankruptcy filings to protect the exchange's user base from identity theft and other cyber scams.

Liquid, a Japanese exchange owned by FTX, announced its plans to initiate the process for returning users’ crypto assets in 2023.

Changpeng Zhao warned Binance users to disable 3Commas API keys following several reports of API key leaks from 3Commas.

Kraken announced it will exit the Japanese market by January 31, 2023, due to bearish crypto market trends.

OKX published its second Proof-of-Reserves report to continue providing transparency to its users.

Binance.US is set to complete the acquisition of bankrupt crypto lender voyager.

OKX halted withdrawals due to an equipment failure in Alibaba Cloud’s Hong Kong server. 

Binance reported that Mazars has stopped offering services to crypto exchanges. The auditing firm removed the web pages that showed its Proof-of-Reserves (PoR) audits conducted on Binance, Crypto.com, and KuCoin.

FTX filed a motion with the Bankruptcy Court in Delaware to auction off Embed, LedgerX, FTX Japan and FTX Europe.

Coinbase has introduced a new self-service asset recovery tool for unsupported ERC-20 tokens. This will enable the recovery of funds mistakenly sent to a Coinbase address.

Mithril had asked Binance for a 200,000 BNB ($53M) refund after the exchange delisted its token. Binance delisted Mithril after its review showed the project was not meeting up with the exchange’s standards.‍

In a recent Twitter Space discussion, Changpeng Zhao claimed that investors are more likely to lose their crypto assets by keeping them in private wallets instead of centralized exchanges. 

Binance.US added support for “Pay,” a service that allows users to instantly settle crypto payments without paying gas or transaction fees.

Binance's clients withdrew over $1.9B from the exchange in the last 24 hours. The $1.9B figure marks the highest volume withdrawn from Binance within a day since June. 

Binance might face legal action when DOJ completes its investigation on alleged money laundering.

Crypto.com has released its Proof of Reserves which Mazars Group verified. The exchange aims to restore users’ trust and develop a culture of accountability and transparency in the industry.

Coinbase asked clients to switch to USDC by introducing zero-fee Tether (USDT) to USD Coin (USDC) conversion.

Brian Armstrong said Coinbase's annual revenue in 2022 may drop by over 50% due to bearish market trends coupled with the collapse of FTX.

Binance.US expanded its Zero Fee Trading program to Ethereum (ETH). This will allow users to trade on ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD pairs without paying any fees.

Swyftx has cut about 35% of its employees in its second round of layoffs due to the worsening market conditions. The exchange laid off 90 employees today to re-position better and ensure financial stability.

Bybit has reduced its workforce due to the increasing effects of the bear market. This is part of its ongoing re-organization to enable them to deliver the crypto ark to the world with more passion and drive.

BitMEX has launched its PoL system, allowing depositors to self-verify their liabilities in the company’s total liability balance sheet. Client privacy is achieved through the complete publication of the Merkle tree and the random splitting of user balances.

Kraken laid off 30% of its global workforce (around 1,100 employees) to brave the crypto winter.

Pavel Durov, the Founder and CEO of Telegram, announced his plans to build a decentralized crypto exchange and non-custodial wallets as a response to FTX's collapse.

Binance has finally re-entered Japan with its SEBC acquisition deal. The exchange is now a JFSA-regulated entity offering crypto-regulated services in Japan.

After Binance moved 127K Bitcoin tokens to an unknown wallet, Changpeng Zhao claimed that the transaction was a part of the exchange's Proof-of-Reserves (PoR) audit.

Arkham Intelligence reported Alameda Research pulled out crypto assets worth $204M from FTX US before filing for Chapter 11 bankruptcy on November 11.

Binance launches Proof-of-Reserves in a bid to show transparency. The crypto community reacts to this milestone

CoinList addresses rumors of insolvency and bankruptcy...Highlights reason for pause in withdrawals.

Coinbase recorded the third-highest volume of Bitcoin withdrawals as 100K BTC tokens were pulled out of the exchange in the last 48 hours.

Justin Sun, the founder of TRON (TRX), revealed there is a possibility of crypto exchanges Poloniex and Huobi merging in the future.

Binance has pledged $1B as an industry recovery fund for distressed crypto companies. The fund established by the exchange will help provide financial support and serve as an avenue for restoring confidence in Web3.

Bybit announced its plans to launch a $100M support fund to help institutional traders and market makers brave the current market conditions.

FTX filed a motion with the bankruptcy court to allow asset custodian BitGo to safeguard its remaining assets.

Vitalik Buterin of Ethereum suggests the need for centralized crypto exchanges to adopt cryptographic proof of funds.

CryptoQuant's report revealed that Binance’s Bitcoin reserves have hit the 575K mark, thus making it the exchange with the largest BTC holdings.

Liquid Global has paused its trading services five days after suspending fiat and crypto withdrawals. This action is in accordance with FTX’s Chapter 11 bankruptcy proceedings in the Delaware Courts.

The perpetrator behind the recent FTX hack swapped 30,990 Ethereum tokens (worth $36M) for Bitcoin via RenBridge.

A spokesperson for FTX revealed that the firm has fired Co-Founder Gary Wang, CTO Nishad Singh, and Alameda’s CEO Caroline Ellison.

John Ray III stated that FTX suffered from a complete failure of corporate controls under Sam Bankman-Fried's leadership.

Kris Marszalek reported that Crypto.com only has a $10M exposure to FTX as it was able to recover $990M worth of funds from the now-bankrupt crypto exchange.

Binance seeks to set up an Industry Recovery Fund to aid crypto projects that are under the threat of a liquidity crunch.

Kraken has frozen FTX and Alameda Research’s accounts due to the recent events surrounding FTX to protect users’ funds.

The curtains have finally come down on the FTX liquidity crisis, with the exchange filing for bankruptcy in Delaware’s Federal Court and Sam Bankman-Fried stepping down as its CEO.

Sam Bankman-Fried reportedly aims to raise $4.9B from investors and other crypto platforms to aid FTX in escaping its liquidity crisis.

Tether has frozen FTX’s USD Tether (USDT) balance following instructions from law enforcement authorities. 

Sam Bankman Fried, the CEO of FTX, issued an apology and shed light on the circumstances that led to FTX facing a liquidity crunch.

Binance has disclosed its major asset holdings to the public to improve transparency and foster trust in the industry. The company is making this move the cushion the effects of the FTX bank run.

Kraken stated that it is not affected by the FTX insolvency crisis despite possessing roughly 9,000 FTX Tokens (FTT).

Binance has pulled out of its agreement to purchase FTX after going through the latter's finances.

Several prominent crypto exchanges, including OKX, Bybit, and KuCoin, have announced their plans to publish Proof-of-Reserves to provide full transparency to their customers.

Binance is reportedly considering terminating its acquisition deal with FTX less than a day after signing a non-binding LOI to “save” FTX from a liquidity crunch.

Jeremy Allaire compared FTX's liquidity crunch to the Lehman Brothers crisis and reassured investors that Circle does not have any exposure to FTX or Alameda Research.

The Binance-FTX acquisition deal sparked liquidity fears in the crypto community, causing huge selloffs and wild fluctuations in the prices of crypto assets.

According to the latest set of tweets by the CEOs of Binance and FTX, the two exchanges have reached an agreement wherein Binance will “fully acquire” FTX.

Brian Armstrong voiced his concerns on the crypto onboarding process proposed by the Monetary Authority of Singapore (MAS).

BUSD's stablecoin market share increased to its highest level at 15.48%. The token's market capitalization also grew by 22.88% within the past 2 months.

Sam Bankman-Fried, the CEO of FTX, said his exchange will stop supporting certain tokens in the US to avoid facing regulatory issues.

Coinbase implemented a commission-free USDC trading service for non-USD currencies to encourage wider adoption of USDC.

Brian Armstrong, CEO of Coinbase, revealed his plans to sell 2% of his company holdings over the next year.

Kraken hired Blair Halliday, Gemini's (former) U.K. Managing Director (MD), act as its U.K. head.

Although the EU demanded crypto platforms to suspend their services to Russia, many exchanges have not imposed any restrictions on their Russian users.

During Google's Cloud Next conference, the tech giant announced its partnership with Coinbase to allow certain clients to pay for cloud services using crypto.

Binance has halted its BNB Smart Chain (BSC) due to a $100 million to $110 million exploit on its cross-chain bridge. Binance CEO, Changpeng Zhao, confirms the situation has been contained, and users' funds are safe.

Strike has raised $90M to fund its network expansion. The money realized from the fundraising led by Ten31 earlier today will be used to revolutionize the credit card industry.

After suspending services in Japan in 2018, Binance now seeks a license to resume its operations. Binance's renewed interest in operating in Japan is due to the nation softening its stance on crypto.

CoinFlex announced a restructuring plan wherein creditors will own 65% of the company. The voting on this proposal will take place over the next week.