Creditors of the now-defunct cryptocurrency exchange Mt. Gox have been granted an additional month to file their claims for compensation. The deadline for registration has been pushed back from March 10 to April 6, 2023, according to a statement from the exchange’s trustee. The move is intended to give creditors more time to gather documentation to support their claims and could potentially speed up the payout process in the long run. The delay comes as the cryptocurrency industry faces increased scrutiny from regulators and governments around the world, highlighting the need for better regulation and oversight in the industry to protect investors and prevent similar incidents from happening in the future.
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One of the top cryptocurrency exchanges, Kraken, has revealed the launch of Kraken Financial, a US-based cryptocurrency bank. This action will make Kraken the first company dealing in digital assets to be granted a bank charter in the US, which is a major accomplishment for the business. Despite facing regulatory challenges in the past, Kraken is moving forward with its plans to create a fully integrated cryptocurrency bank.
One of the biggest cryptocurrency exchanges in the world, Coinbase, has declared that as of March 5th, it will no longer accept the Binance USD (BUSD) stablecoin on its platform. The exchange noted in a blog post that BUSD “does not meet our listing standards,” but it did not go into detail as to why. One of the numerous stablecoins to emerge in the cryptocurrency realm in recent years, Binance USD provides investors and traders with a stable alternative to the volatility of other cryptocurrencies. Regulators and industry players, who are worried about the possible risks stablecoins pose to financial stability, have increased their scrutiny of stablecoins. The decision by Coinbase to suspend BUSD could be interpreted as a warning from big cryptocurrency exchanges.
Following the government’s recent $6.4 million investment in Web3, one of the top cryptocurrency exchanges in the world, Gate.io, has revealed plans to establish a new platform in Hong Kong. A variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, will be available for trading on the new network when it launches in the upcoming months. The move by Gate.io to introduce a new platform in Hong Kong fits into a larger pattern of development in the cryptocurrency sector.
The new Ethereum layer 2 platform BuildOnBase, launched by Coinbase, is poised to revolutionize the cryptocurrency industry by offering faster and cheaper transaction processing and improved security. With its staking mechanism and use of “optimistic rollups” technology, BuildOnBase aims to address the scalability issues that have plagued the Ethereum network for years. This move by Coinbase is part of its broader efforts to build the most trusted and easy-to-use cryptocurrency platform in the world and is likely to have implications not just for the cryptocurrency industry but for the broader blockchain space as well.
FTX Japan, the Japanese cryptocurrency exchange, has announced that it will resume withdrawals on February 21st following a temporary suspension of withdrawals and deposits due to concerns over potential money laundering activities. The exchange has since taken measures to enhance its anti-money laundering and know-your-customer procedures and strengthen its internal controls. The announcement will be welcomed by FTX Japan’s customers, although some have called for the exchange to be more transparent about the reasons for the withdrawal suspension.
Binance, the world’s leading cryptocurrency exchange, has suffered a major setback in its efforts to re-enter the US market. The company has announced that its settlement with the US Department of Justice will not include an immediate path for Binance to resume operations in the country, raising questions about the exchange’s long-term prospects.
Nishad Singh, a former executive at FTX, is planning to plead guilty to fraud charges related to misrepresenting his ownership of shares in a company he was promoting to investors. Singh allegedly used these claims to convince investors to buy shares in the company, which had no significant operations. The total amount of investor funds allegedly misappropriated by Singh is estimated to be over $5 million.
Binance CEO Changpeng Zhao has dismissed a Bloomberg report that the crypto exchange was considering delisting all U.S.-based cryptocurrencies as “false”. The report had caused concern in the crypto community, but CZ’s response has helped to reassure traders and investors that Binance remains committed to serving the U.S. market and working closely with regulators to ensure compliance.