As rumors about an upcoming Bitcoin (BTC) dump float on Twitter, Mt. Gox creditors took to Twitter to say that these are all false, with one highlighting that the defunct exchange’s repayment system is still not live yet. In a Twitter thread, Eric Wall introduced himself as a Mt. Gox creditor and confirmed that there would not be a 137,000 BTC dump, countering rumors floating around on social media. According to Wall, the exchange has not yet completed the infrastructure needed to commence the repayment. In addition, Wall also said that at the moment, people are still unable to register …

In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging. Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.” Although Harrison stewarded FTX to its best-ever year in 2021, increasing revenue by 1,000%, the firm now faces the unenviable prospect of running afoul of a powerful …

Searching for more evidence that self-custody of your cryptocurrency holdings beats a centralized manager? Look to the latest action by the Federal Deposit Insurance Corporation (FDIC). The agency sent a letter to FTX Exchange this month — along with four other entities — that included a cease and desist order for “false and misleading statements.” Namely, it accused the exchange of falsely implying that user funds were FDIC-insured. It could have turned into an ugly situation if customers expected — but did not receive — a certain level of protection in the event of catastrophic failure. It’s difficult to ascertain …

Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report appearing in South Korean publication Newspim. The companies are aiming to create a corporation to open an exchange in the first half of next year. Newspim quoted an unidentified executive as saying that discussions on the project are now being finalized. According to the local coverage, Samsung Securities has been studying ways to develop and operate a securities token trading platform, and was unable to recruit the necessary personnel to proceed last year. Mirae …

One of the most substantial value propositions of Bitcoin (BTC) is that no one can create more of it apart from its fixed supply. However, an executive from a crypto exchange made a bold claim that some exchanges can create and sell BTC that's only in their system, not on the blockchain, to manipulate the market. In an interview with Cointelegraph, Serhii Zhdanov, the CEO of crypto exchange Exmo, shared his beliefs that market manipulation is still prevalent in the digital asset space and gave an example of how it can happen. According to the executive, if anyone wanted to …

Australian asset manager Monochrome Asset Management has landed the country’s first Australian financial services license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management said the AFSL approval is significant, as until this point, approved crypto ETFs in Australia only operate under general financial asset authorization, and only indirectly hold crypto-assets. Yew noted that Monochrome’s crypto ETFs on the other hand, will directly hold the underlying crypto-assets and is specifically authorized by the Australian Securities & Investments Commission (ASIC) to do so. The Monochrome executive said the approval represents a significant …

It's a story that still haunts the early generation of Canadian crypto users to this day. Four years prior, Gerald Cotten, co-founder of Canada's then-largest cryptocurrency exchange QuadrigaCX, died under mysterious circumstances in India. But, before his passing, Cotten took virtual keys for digital wallets and moved them into cold storage, leading to the permanent loss of $190 million in user funds. The incident triggered a crisis of confidence in the country's emerging crypto sector and made regulators deeply skeptical of blockchain technology. However, old wounds eventually heal. Fast forward to today, and Coinsquare has taken over to become one …

Despite the Philippine Securities and Exchanges Commission warning the public against investing with Binance, the crypto exchange stays positive and relentless in bringing its services to the Southeast Asian country. In an interview, Binance’s Head of Asia-Pacific Leon Foong told Cointelegraph that they are very optimistic about being able to enter the Philippines. The executive highlighted that despite the efforts of a lobbying group to ban Binance, the firm will continue to be focused on trying to bring the benefits of crypto to the country. He explained that: “We tend not to really get distracted by what some of these …

Crypto exchange OKX has acquired a provisional virtual assets license granted by the Dubai Virtual Assets Regulatory Authority (VARA), allowing them to offer additional services to qualified investors and financial services providers in Dubai, United Arab Emirates (UAE). In a statement, the OKX team told Cointelegraph that the license allows them to extend products and services in the region. Following this, the exchange will also facilitate research and knowledge sharing within the VARA regulatory ecosystem. The team underscored that regulatory compliance is a priority for them as it protects users. According to Tim Byun, government relations officer at OK Group, …

Large crypto orders can be challenging — and it can be difficult to get consistent, favorable prices when the markets are moving quickly. But now, a crypto exchange has launched a new feature that aims to tackle this head on. OKX says Block Trading allows institutions and professional crypto traders to buy and sell cryptocurrencies in bulk, all while eliminating the risk of price slippage. Spot, futures, options and perpetual swap trades are available — as well as multi-leg combination trades off the books. The trading platform says this approach offers distinctive advantages for users — opening access to competitive …

Luxembourg-based cryptocurrency exchange Bitstamp has scrapped plans to implement an inactivity fee after widespread outcries from users online. The exchange had previously announced at the end of June that it would enforce a €10 ($1fee on inactive users on its platform with account balances valued at €200 ($204.08) or less from the beginning of August. The inactivity fee was due to be applied to users of Bitstamp Limited and Bitstamp Global Ltd from Aug. 1 and for customers of Bitstamp Europe S.A. from Aug. 6. Bitstamp users based in the United States were exempt from the proposed fee, according to …

A subsidiary of the Huobi cryptocurrency exchange called HBIT Inc has received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN). The Seychelles based Huobi said on Tuesday that the license creates a foundation for it to carry out crypto-related business in the U.S. in the future, as part of its strategic goals of “globalization and compliance.” The exchange is a major player, with more than $1 billion in volume in the past 24 hours, according to CoinGecko. Before the great crypto crackdown by Chinese authorities, most Huobi users came from China, but according …