Weeks after the AAX exchange started halting its withdrawals, its vice president for global marketing and communications announced that he has resigned from his role at the cryptocurrency exchange. In a Twitter thread, Ben Caselin confirmed that he has left the firm and highlighted reasons as to why he decided to leave his post at the crypto exchange. According to Caselin, despite his efforts in fighting for the community, the initiatives that they came up with were not accepted. The executive described that his role in communications became “hollow.” The former AAX executive also expressed his disagreement with the way …

The Bahamas Attorney General (AG) and Minister of Legal Affairs Ryan Pinder has confirmed that the collapsed crypto exchange FTX is the focus of an "active and ongoing" investigation by authorities from the Caribbean nation. In a national statement that was delivered live on the Facebook page of the Office of the Prime Minister on Nov. 27, Pinder explained the "affairs of FTX Digital Markets" are under scrutiny from both "civil and criminal authorities" and Bahamian authorities are working with "a number of specialists and experts and will continue to do so as the need arises." "The Securities Commission, our …

Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future. According to a report by the WSJ, the island nation — which encouraged cryptocurrency companies to feel at home with their “copacetic regulatory touch” — has been rocked by the implosion of FTX. The Bahamas, which was also hard hit by hurricane Dorian in 2019 and the pandemic shortly afterward in 2020, was already struggling to find ways to strengthen its economy which relies …

Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin. As pointed out by on-chain analyst Will Clemente, it’s enough to look at the long-term holders’s Bitcoin positions: they reached an all-time high despite their profitability being at an all-time low. “Long-term holders buy heavily into the bear market. They set the floor[...] and then those long-term holders distribute their holdings to new market participants in the bull market”, he told Cointelegraph in an exclusive interview. Another positive trend worth noticing …

FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated. The negative events of the past …

The crypto market is often referred to as the Wild West of the finance world. However, the events that have unfolded within this space recently would put to shame even the hardiest of cowboys from the day of yore. As a quick refresher, on Nov. 8, FTX, the second-largest cryptocurrency exchange in the world till about a month ago, faced an unprecedented liquidity crunch after it came to light that the firm had been facilitating shady deals with its related firm Alameda Research. In this regard, as 2022 continues to be rough on the global economy, the crypto sector, in …

Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response. In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify through the Merkle Tree-based system is Bitcoin (BTC), though the announcement says additional coins will be added in the coming weeks. It also highlighted upcoming transparency updates which include the involvement of third-party auditors to audit its PoR results and implementation of ZK-SNARKs in its PoR methods, …

Centralized crypto exchanges play a huge part in the crypto trading ecosystem. However, the FTX collapse showcased how difficult it is to trust exchanges with user funds. Despite this, crypto trading platforms continue to believe that they can win back the community’s trust. Speaking to Cointelegraph, executives from crypto exchanges OKX, Gate.io and Bitpanda shared their insights on how trading platforms can recover from the effects of the FTX debacle. According to Dion Guillaume, an executive at Gate.io, transparency in terms of custody of user assets has become of vital importance. Guillaume told Cointelegraph that this also motivated their platform …

Assets belonging to former FTX CEO Sam Bankman-Fried have been seized by the country’s Financial Crimes Investigation Board, locally known as MASAK, following the collapse of his main business. An official announcement from Turkey’s MASAK outlined preliminary findings and actions taken against Bankman-Fried following bankruptcy proceedings of its core business. MASAK began investigations on Nov. 14. Cointelegraph translated the latest announcement from MASAK, which highlighted three key points from the investigation. The Turkish investigatory body found that FTX failed to safely store user funds, embezzled customer funds through shady transactions and manipulated supply and demand in the market by having …

As Uzbekistan prepares to adopt a new cryptocurrency framework in 2023, the Uzbek regulators have started issuing regulatory approvals to local crypto service providers. The National Agency for Perspective Projects (NAPP), Uzbekistan’s major cryptocurrency market watchdog, has issued the nation’s first crypto licenses, according to an official announcement released on Nov. 17. The licenses officially authorize the offering of cryptocurrency-related services by two “cryptocurrency stores,” including Crypto Trade NET LLC and Crypto Market LLC. According to the information from the NAPP’s electronic license register, both Crypto Trade NET and Crypto Market are based in Tashkent. The data also refers to …

Cryptocurrency exchange and Initial Coin Offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to withdraw funds for over a week, sparking fears the company was having liquidity issues or w insolvent. “There is a lot of FUD going around that we would like to address head-on,” CoinList said in a Nov. 24 Twitter thread that stated the exchange is “not insolvent, illiquid, or near bankruptcy.” It said however that its deposits and withdrawals are affected by “technical issues.” 2/ We are upgrading our internal ledger systems and are migrating …

South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s blockchain platform Wemix — alleging the firm provided “false information” in response to an investment warning it was issued. Bithumb, Upbeat, Coinone, Korbit and Gopax — which are part of a collective called the Digital Asset eXchange Alliance (DAXA) — announced on Nov. 24 that they would terminate contract support for WEMIX, with trading set to end on Dec. 8. In the investment warning issued Oct. 27, DAXA alleged that there was considerably more WEMIX in circulation than Wemix had …