Exchanges Reviews - Page 3

Tether, Circle and Coinbase deny having exposure to FTX and Alameda. Coinbase CEO Brian Armstrong said that the recent FTX and Alameda debacle was a result of risky practices such as the misuse of user funds. Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms. In response to concerns brought up by the crypto community, Tether CTO Paolo Ardoino clarified in a tweet that the stablecoin issuer has no exposure to either of the distressed firms. According to the Tether executive, Alameda has previously redeemed a lot of Tether USDT tickers down $1.00. Despite this, Ardoino highlighted that no credit exposure has matured. Similarly, Circle CEO Jeremy Allaire also denied rumors of the firm having exposure to FTX and Alameda. The stablecoin executive said that their firm does not have any material exposure to both firms. Allaire highlighted that while both FTX and Alameda have been customers of Circle, the stablecoin issuer has not made loans, received FTX tokens FTT tickers down $4.03 as collateral or taken any positions on FTT.

Coinbase and Kraken experience limited services amid markets turbulence. They are reportedly facing latency issues due to the high level of new user sign-ups and transfers to the platform. Both Coinbase’s and Kraken’s platforms were down or experiencing intermittent latency issues on Nov. 8 amid market turbulence, according to users’ complaints on Twitter. The news followed the day’s earlier revelation that crypto exchange Binance intends to acquire its rival FTX. According to Twitter users, services were limited on both exchanges, with issues related to connectivity to the platforms and unconfirmed rumors of halted withdrawals. On its support profile, Coinbase said it was “experiencing network connection issues for Coinbase.com, Coinbase Pro, and Coinbase Prime. This could result in difficulty signing in. If you’re already signed in you may experience slow loading across web and the mobile app.” The exchange claimed that the issue was related to the high level of new user sign-ups and transfers to the platform on Nov. 8.

Couple sent $10.5M by Crypto.com claim they thought they won a prize. The duo allegedly went on a spending spree with Crypto.com’s funds, buying four houses, vehicles, art, furniture and gifts, but 7 million AUD has now been returned. The Melbourne couple who mistakenly sent almost $6.6 million, or 10.5 million Australian dollars, on Crypto.com in 2021 is arguing in court that they thought the funds were won via a competition. Thevamanogari Manivel and her husband, Jatinder Singh, are currently facing a trial in the Victoria Supreme Court over theft charges, among others, after the duo allegedly went on a spending spree with Crypto.com’s funds last year. Appearing via video link in Melbourne magistrates court on Oct. 11, Manivel and Singh pleaded not guilty to their respective charges, with the defense being that Singh had thought he had won a contest from Crypto.com and had told his wife as such. The funds were initially sent to Manivel’s bank account in May 2021, with Crypto.com compliance officer Michi Chan Fores telling the court that the issue arose from an employee based in Bulgaria entering incorrect details into an Excel spreadsheet. The Crypto.com account itself belonged to Singh, but the funds went to his wife’s bank account, as he had been using her bank cards to purchase crypto. The firm did not realize its mistake until an audit occurred in December.

The only minus I noticed is that this crypto exchange has some limits on direct crypto transactions. But I’m not a full-time crypto trader that’s why this isn’t a determining feature for me. I like the spreads on forex pairs, I’m used to these trading instruments and I find margin requirements of the platform quite good for forex trading.

Coinbase expands to Australia with focus on institutions in 'months to come’. With an expanded Australian offering, Coinbase’s VP of international and business development said the exchange faced “tough questions” from regulators and policymakers about its services. United States-based cryptocurrency exchange Coinbase will expand its services in Australia, launching a local entity and an updated suite of services for retail crypto traders, hinting that institutional products are soon to follow. Speaking to Cointelegraph, Nana Murugesan, Coinbase’s VP of international and business development, said building during bear markets has “paid off big time during the bull run” and he’s confident in what he sees in the local market. The “baseline signals” Murugesan explains such as the local awareness of crypto and people who view it as the future of finance are “kind of on par or even better” in Australia compared to the U.S. and other markets.

KuCoin, Gate.io and MEXC Global were in the crosshairs of community members as they expressed their support for the upcoming on-chain LUNC transaction burn. As the upcoming Terra Classic (LUNC) — formerly Terra (LUNC) — burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life. Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning efforts of the Terra community. However, some were unhappy with the announcements, calling out the exchanges. After posting an announcement that the exchange is supporting the token burn, KuCoin was called out by the pseudonymous Terra researcher FatMan, asking what they are doing to support it, given that the tax burn is implemented on-chain. The researcher described the announcement as a “nothingburger PR post” and suggested taxing actual trades instead.

Coinbase says it will ‘evaluate any potential forks’ following the Merge. “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase. Cryptocurrency exchange Coinbase has updated its information related to Ethereum transitioning to proof-of-stake (PoS) to include forks that could arise. In a Thursday update to an Aug. 16 blog post, Coinbase said it would evaluate any potential forks in the Ethereum blockchain on a “case by case basis.” The crypto exchange previously said it planned to “briefly pause” Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, which is expected to occur between Sept. 10 and 20. Exchanges and crypto firms dealing in ETH have made announcements informing clients of any preparations needed ahead of the Merge from proof-of-work (PoW) to PoS. Many expect the blockchain’s energy consumption to drop precipitously, scalability to improve and the network will be less vulnerable to attacks. It’s unclear how crypto users might respond to a forked PoW token listed on Coinbase or any crypto exchange as Ethereum transitions. On Wednesday, the platform launched an ERC-20 token that will allow customers to use staked ETH while earning rewards, called Coinbase Wrapped Staked ETH, or cbETH.

Crypto.com moves forward with multimillion-dollar renovation of Staples Center following staff cuts. Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center. In a Monday tweet, Crypto.com released an artist’s rendering of some of the changes it planned to implement at the iconic arena in a reported “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well as a terrace overlooking the downtown Los Angeles area. The crypto exchange signed a $700-million agreement with arena owner AEG in November 2021, giving Crypto.com naming rights over the venue for 20 years. In October 2021, Hollywood star Matt Damon plugged the platform in an ad campaign that later went viral. However, many in and out of the crypto space subsequently ridiculed Damon’s appearance and Crypto.com’s “Fortune Favors the Brave” tag line. Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced the exchange would be cutting 260 people from its corporate workforce or 5% of all employees at the time. In addition, the company said in May it would be reducing staking rewards for its Cronos (CRO) token for most tiers of its VISA prepaid card. Despite the restructuring, the exchange has moved forward with obtaining regulatory approval in South Korea, Italy, Cyprus and the United Kingdom. Reactions to the arena’s updates were mixed from Angelenos and crypto users on social media, with some hinting at their displeasure with the company’s decision to reduce staking rewards and others making connections to its ad campaign.

Binance recovers the majority of funds stolen from Curve Finance. Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds. Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners. The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved. According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.

Bitcoin.com to introduce Bitcoiners to decentralized finance. Corbin Fraser, an executive at Bitcoin.com, told Cointelegraph that they are also planning to release a prepaid debit card that rewards users with crypto. Crypto platform Bitcoin.com is looking to expand its ecosystem by introducing Bitcoin (BTC) holders to the world of decentralized finance (DeFi) and implementing new services such as a decentralized exchange (DEX) in its platform. Speaking with Cointelegraph’s Andrew Fenton at the Korea Blockchain Week (KBW) 2022, Bitcoin.com's head of financial services Corbin Fraser said that the company is moving from only being associated with Bitcoin Cash (BCH) to becoming a DeFi platform that caters to crypto users across multiple chains. Fraser explained that: “We've got a lot of BTC users and a lot of these people want to do more with their crypto than just hold it. And they know there are opportunities in DeFi, but it's a little bit complicated, a little bit scary.” Because of this, Fraser added that their team is focused on working to make the user experience easier and provide a more "friendly" crypto wallet. In addition to its DEX, the executive also highlighted their plans to release a prepaid debit card and run a token sale.

Binance US will delist AMP following SEC claim token is a security. The exchange said all AMP trading will be halted on Aug. 15, adding that it “may resume at some point in the future." United States-based crypto exchange Binance.US said it will be delisting the AMP token “out of an abundance of caution” of possible enforcement by federal regulators. In a Monday blog post, Binance.US said it will be closing deposits of Amp (AMP) and removing the AMP/USD trading pair on Aug. 15 following the token's mention in a legal action from the U.S. Securities and Exchange Commission, or SEC. The federal regulator filed a complaint against a former Coinbase product manager and two individuals in July that claimed that AMP and eight other cryptocurrencies were “crypto asset securities” that fell under the SEC’s purview.

Crypto.com exchange follows in FTX's footsteps by targeting aggressive expansion in Europe after receiving CySEC approval. Singapore-based cryptocurrency exchange Crypto.com continues to aggressively expand its reach, becoming the latest crypto firm officially authorized to operate in Cyprus. Crypto.com has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), the firm announced to Cointelegraph on July 22. The approval enables Crypto.com to offer a number of products and services to customers in Cyprus in compliance with local regulations. The new regulatory milestone comes in line with Crypto.com’s growing global presence as the firm has been actively expanding its operations, receiving approvals to operate in countries like Italy, Greece and Singapore. According to Crypto.com co-founder and CEO Kris Marszalek, the exchange currently prioritizes Europe as the main region for continued expansion. That is a “testament to our commitment to compliance and collaboration with regulators,” he said. Crypto.com is not the only cryptocurrency exchange that has been approved to operate in Cyprus. Major rival exchange FTX has also been expanding in Europe after receiving approval from the CySEC in March 2022. Other exchanges like Coinbase have also been increasingly interested in expanding in Europe amid the ongoing bear market. Despite global exchanges increasingly moving in the Cypriot market, the government of Cyprus has not provided too much certainty about cryptocurrency regulation in recent years.

OKX to extend offers in Dubai after securing a provisional license. The license will allow crypto exchange OKX to offer services and products to investors and financial services providers in Dubai. 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, the compliance framework given by Dubai's VARA reflects UAE’s leadership in nurturing the future's global economy.

The Huobi cryptocurrency exchange was one of the first exchanges where I registered to buy and sell cryptocurrencies. It has been working for far from the first year, and its peculiarity is that it is really loyal to beginners. I registered on the official website easily and without unnecessary difficulties, I was not required to provide additional documents. If, of course, you want to increase the withdrawal limit, then you need to go through verification and provide documents, but for now I can do without it.

Rumors linked KuCoin’s intent to stop withdrawals with the Terra and the 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange. Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was, however, quick to dismiss the unvetted rumors before they picked up steam. Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

Coinbase NFT marketplace: How to buy NFTs on Coinbase? Connect your crypto wallet to the Coinbase marketplace, and have ETH in your wallet to bid, buy and sell NFTs on Coinbase. Not only is the number of nonfungible token (NFT) collections growing at a phenomenal rate, but so are the NFT marketplaces. Previously, NFT marketplaces were mainly decentralized applications (dApps) on various blockchains, but nowadays, crypto exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with the most users worldwide, which, of course, cannot lag behind the competition. The American crypto exchange was founded in 2012 and was initially mainly involved in the buying and selling process of cryptocurrencies. Over the years, additional services have been added such as staking cryptocurrencies on Coinbase and establishing its own NFT marketplace. This is a big step for the adoption of NFTs, as tens of millions of people worldwide are using Coinbase. For many millions of people, this makes it a lot easier to invest in NFTs.

Kraken reiterates hiring targets as CEO denounces "woke activists" in corporate culture. "We recognize that hurt feelings are inevitable in a global organization that is optimizing for team outcomes above individual sentiment," said the team at Kraken. On Wednesday, cryptocurrency exchange Kraken announced that it would continue to hire over 500 roles in various departments amid a market downturn. The company's hiring efforts are in stark contrast to a week of severe layoff announcements from major blockchain firms such as Coinbase, BlockFi, etc. In support of the decision to expand its staff, Kraken said: "We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission." However, Jesse Powell, Kraken's CEO, also expressed critical remarks over a small subset of employees at Kraken, estimated to be 20 out of 3,200 people. As told by Powell: "I think we've developed some really thoughtful policies that might not appease woke activists but work for the other 99% of the world."

Crypto.com will have further requirements before its full license is granted in the “near-term” and FTX said the move would allow it to work “directly with Japanese regulators.” Two out of the top 10 largest cryptocurrency exchanges by volume will expand into new markets, with Crypto.com obtaining a provisional crypto license in Dubai and FTX launching in Japan. Crypto.com announced on June 2 that the Dubai Virtual Assets Regulatory Authority (VARA) provided the exchange with provisional approval of its Virtual Asset License giving the company the go-ahead based on initial compliance checks. The exchange said that VARA will carry out further due diligence and other mandated requirements before its full operating license is issued which it expects to happen in the “near term”. Crypto.com said in March it would create a regional office in the United Arab Emirates (UAE) largest city after it enacted new laws for crypto and created VARA with the goal of making Dubai a global hub for crypto. The UAE Minister of State for Foreign Trade, Dr Thani Al Zeyoudi said in the announcement the country believes “cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector.” He added it's “attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”

FTX - which has overtaken Coinbase to become the second largest centralized exchange in terms of volume — has launched FTX Japan to service its Japanese customers after it acquired the local Liquid crypto exchange in February. Japan has strict rules for crypto exchanges wanting to operate in the country with the commissioner of crypto regulator the Financial Services Agency (FSA) even admitting it makes things “rather tough” for exchanges. FTX CEO Sam Bankman-Fried said that “Japan is a highly regulated market with a potential market size of almost $1 trillion” for crypto trading. The expansions are in stark contrast to other major crypto firms that are are having to cut staff due to the ongoing bearish conditions. Gemini exchange reportedly plans to cut 10% of its employees due to the unfavorable market conditions, Coinbase also announced in mid-May its slowing hiring to ensure it can weather the dampened market. At the end of April the crypto-friendly trading platform Robinhood fired 9% of its workforce with its stock price at an all-time low as part of a wider market downturn.

Satisfied in general, it's a good platform.