Solomon Oladipupo

Blog Info CryptoCurrency – Finance Magnates | Financial and business news
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Nov 30 2022

Crypto Exchange Kraken Cuts Global Workforce by 30%

Kraken, one of the longest running cryptocurrency exchanges, has shed its global workforce by 30%, firing approximately 1,100 people “in order to adapt to current market conditions.”

The action, which the United States-based crypto exchange announced on Wednesday, comes at a time when some crypto firms based in the country are undergoing bankruptcy proceedings....

Nov 28 2022

Crypto Lender BlockFi Files for Bankrupty Protection in the US

BlockFi, a cryptocurrency lending firm founded in 2017, on Monday filed for Chapter 11 bankruptcy protection in New Jersey, United States.

The proceeding also includes eight of the firm’s affiliates, BlockFi said in a statement issued on Monday, adding that its Bermuda subsidiary has also filed a petition before the Supreme Court of Bermuda for the appointment of joint...

Japan’s LINE Shuts Down Crypto Exchange Bitfront, Cites Industry Challenges

Japanese messaging giant LINE has decided to shut down its Bitfront cryptocurrency exchange and will halt all withdrawals from the platform in March 2023.

Bitfront announced the development on Monday in a statement published on its website, noting the decision “is unrelated to recent issues related to certain...

Nov 25 2022

Crypto Exchange Bitget Introduces Brazilian Real Trading Pairs

Bitget, a cryptocurrency exchange now based in Seychelles, has introduced Brazilian real (BRL) trading pairs as the first batch of its new on-ramp fiat trading pairs for spot traders on its platform.

Bitget announced on Friday that the new pairs includes USDT/BRL, ETH/BRL and BTC/BRL even as “the team is looking to roll out more fiat currency trading pairs on the...

Binance Launches Proof of Reserves for Bitcoin

Binance, the world’s largest cryptocurrency exchange by trading volume, on Friday launched the Proof of Reserves (PoR) for its Bitcoin (BTC) holdings in its latest show of transparency to reassure customers of its health following the sudden collapse of top cryptocurrency exchange FTX.

A PoR is an independent audit conducted by a third party that seeks to confirm that a...

Nov 24 2022

Binance Aims for $1 Billion Crypto Recovery Fund

Binance, the world’s largest cryptocurrency exchange, is aiming to amass about $1 billion dollars in a crypto recovery fund targeted at purchasing distressed digital assets.

Changpeng Zhao, Binance’s CEO, told Bloomberg Television on Thursday that the leading exchange is willing to extend the target amount if need be. The fund will be open to contributions from participants...

Nov 22 2022

FTX’s Collapse Troubles African Fintech Firms

The collapse of the once-beloved cryptocurrency exchange, FTX, is having an impact on some fintech companies in Africa.

Days after FTX filed for Chapter 11 bankruptcy protection in the United States, Nestcoin, a Nigerian web3...

Nov 21 2022

Kenya Debates New Crypto Tax Bill

Lawmakers in Kenya are debating the Capital Markets (Amendment) Bill 2022 which seeks to introduce crypto taxation to crypto exchanges, digital wallets and individual transactions. Local publication Business Daily reports that a bill sponsored by MP Abraham Kirwa is seeking to introduce a 20% excise tax on every cryptocurrency transaction executed in the country.

According...

Singapore’s MAS: FTX Not Licensed, Protection of Local Users Impossible

The Monetary Authority of Singapore (MAS) has clarified that it was not possible for the central bank to protect local users of the services of the beleaguered cryptocurrency exchange, FTX, as the business was not licensed to provide virtual asset services in the country.

“A first misconception is that it was possible to protect local users who dealt with FTX,...

Nov 18 2022

US SEC Starts Administrative Proceedings against American CryptoFed

The United States Securities and Exchange Commission (SEC) on Friday kicked off administrative proceedings against American CryptoFed, a Wyoming-based decentralized autonomous organization (DAO).

The regulator wants “to determine whether a stop order should be issued to suspend the registration of the offer and sale of two crypto assets, the Ducat token...

Nov 17 2022

Bitstamp Gains Registration in Spain amidst European Expansion

Bitstamp, a Luxembourg-based cryptocurrency exchange, has gained a virtual asset service provider registration in Spain almost four months after it received a similar approval in Italy.

FTX Saw ‘Complete Failure of Corporate Controls’ under Bankman-Fried

John Ray III, the new Chief Executive Officer of troubled cryptocurrency exchange, FTX, has described the running of the FTX Group under Sam Bankman-Fried, Co-Founder and former CEO, as “a complete failure of corporate controls.” Ray III also described the business environment under Bankman-Fried as "unprecedented.”

The new FTX CEO, who has over 40 years of legal and restructuring...

Nov 16 2022

New York Fed Partners with US Banks on 3-Month Digital Dollar Project

The Federal Reserve Bank of New York’s Innovation Centre (NYIC) in partnership with some US banking giants has kickoff a three-month digital dollar proof-of-concept (PoC) project.

This project “will explore the feasibility of an interoperable digital money platform known as the Regulated Liability Network (RLN),” the US banking community noted. The goal of the project, the reserve bank

Abu Dhabi Grants Permission to Binance to Offer Custodial Services

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted Financial Services Permission (FSP) to Binance, the world’s largest cryptocurrency exchange.

ADGM, an international financial hub located in the United Arab Emirates' capital city,

FTX’s Bahamas Unit Applies for Bankruptcy Protection in the US

FTX Digital Markets, the Bahamas subsidiary of troubled cryptocurrency exchange, FTX, has applied for Chapter 15 bankruptcy protection in the United States.

The unit is seeking protection from creditors in the US, a court filing registered late Tuesday at the Southern District of New York, shows. This is even as another court filing processed the day...

Nov 15 2022

Cristiano Ronaldo to Release First NFT Collection on Binance on Friday

Top footballer, Cristiano Ronaldo, will exclusively release his first non-fungible token (NFT) collection on the Binance NFT marketplace on Friday. The launch comes almost five months after the Portuguese football star signed a multi- year partnership deal with Binance....

Nov 14 2022

Gate.io Targets New Crypto Exchange GateTR at Turkey’s Crypto Market

Gate.io, a cryptocurrency trading company, is set to launch a new cryptocurrency exchange, GateTR, tailored to Turkey’s cryptocurrency market. The new platform was developed by the firm’s team over the last six months, Gate.io said.

The Gate.io Founder and CEO, Dr Lin Han, will announce the new venture at the Istanbul Blockchain Week, the firm announced on Monday, noting that it will...

Nov 12 2022

FTX’s Bankruptcy: AZA Finance Denounces Listing of Its Entities in Filing

AZA Finance, a global financial services firm, has denounced FTX’s listing of 23 of its subsidiaries in its bankruptcy protection filing made public on Friday. The foreign exchange fintech noted that “our entities are not part of the FTX bankruptcy.”

Beleaguered Bahamas-based crypto exchange FTX on Friday disclosed that the bankruptcy proceeding includes FTX.com, FTX.US,...

Nov 11 2022

Mercedes F1 Puts FTX's Sponsorship Deal on Hold, Drops Logo from Cars

Mercedes Formula 1, the international racing team of German luxury car manufacturer Mercedes-Benz, has suspended its sponsorship deal with the beleaguered Bahamas-based cryptocurrency exchange, FTX.

The news comes as FTX on Friday announced that it has filed...

Crypto.com Releases Cold Wallet Addresses of Select ‘Largest Assets’

Crypto.com, a Singapore-based cryptocurrency exchange, has published the cold wallet addresses of some of the largest assets on its platform. The exchange announced on Friday that the wallets consist of Bitcoin, Ether, ERC20 and other cryptocurrencies.

The exchange, however, noted that the assets “represent only a portion of our reserve,” adding that combined with other digital assets, the...