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Global Exchange Regulatory Verification Platform

UBS completes Credit Suisse deal for $3.2B following offer from Justin Sun

According to several reports on March 19, UBS Group has reportedly agreed to acquire the struggling European bank Credit Suisse for $3.2 billion.　　　　　　UBS will buy Credit Suisse　　According to reports from the Associated Press, Swiss President Alain Berset announced in the evening that UBS Group has agreed to purchase the ailing European bank Credit Suisse. The government reportedly brokered the deal to prevent a financial crisis.　　Throughout the day, the value of the deal increased. Initially, UBS Group offered to buy Credit Suisse for $1 billion. However, UBS Group raised its bid later on. Although Berset did not reveal the size of the deal at first, many reports placed the deals value at $2 billion.　　As of 8:00 p.m. UTC, the deal is reportedly worth $3.2 billion, according to the Associated Press. The current report also suggests that the Swiss National Bank will provide $162 billion of liquidity to UBS Group, up from the previously announced $54 billion.　　Prior to the acquisition, Credit Suisse encountered certain problems. Despite facing scandals for a considerable time, new concerns emerged on March 14 when the banks managers revealed significant flaws in its financial reporting controls.　　As a result of these concerns, the value of Credit Suisses shares tumbled

2023-03-20Deep Dive

Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance, the largest cryptocurrency exchange globally, has addressed the significant criticism and apprehensions voiced by prominent US senators, including Elizabeth Warren, concerning its operations. The exchange has come under intense regulatory scrutiny due to increased regulatory measures imposed on crypto firms operating in the United States.　　Binance Responds To Allegations　　In a letter obtained by major media outlets, Patrick Hillmann, Binances Chief Strategy Officer, discussed the companys efforts to bolster its compliance program team. The letter spanned 14 pages, but Hillmann provided few specifics about the companys financial status.　　The response provided by Hillmann did not satisfy the requests made by legislators in their March 1 letter, where they referred to Binance as a “hotbed” of criminal activity. Instead, Hillmanns statement emphasized Binances commitment to prioritizing regulatory compliance, while also clarifying that Binance and Binance.US are distinct entities, despite certain public reports that suggest otherwise.　　Hillmann had previously acknowledged the existence of compliance deficiencies during Binances early years, which have now been rectified. The company now aims to establish stable relations with regulatory bodies.　　Binances Regulatory Crackdown　　Recent reports indicate that Binance and its US subsidiary have already shared financial and user data with relevant authorities, with the Senate Banking Committee members expected to review the

2023-03-19Deep Dive

Bitfinex Offers Crypto Crude Oil Swaps With Up To 100x Tether Leverage

Bitfinexs derivatives platform has recently announced an expansion of its services by offering perpetual contracts for three popular commodity instruments. Traders can now access these commodities through Bitfinex Derivatives, which were previously limited to traditional financial exchanges during regular trading hours. These instruments can be traded around-the-clock using Tether (USDT).　　The three commodities that will now be available on Bitfinex Derivatives are UK crude oil, palladium, and platinum. UK crude oil plays a crucial role in refinement for diesel fuel and gasoline, and is the benchmark for the light oil market in Europe, Africa, and the Middle East. Palladium is mainly used in manufacturing processes, including dentistry and jewelry, and is primarily sourced from the US, Russia, South Africa, and Canada. Platinum, on the other hand, can also be made into jewelry, but has various other uses such as in computer hard disks and chemotherapy drugs for cancer treatment. As with any commodity, their prices are influenced by demand.　　Bitfinexs derivatives platform has further expanded its offerings by launching three global commodities to add to its existing portfolio of over 60 crypto perpetuals. These commodities, including Tether gold perpetuals and silver perpetuals, were introduced on March 15 and can be traded with

2023-03-18Deep Dive

Vietnam has a Growing Cryptocurrency Market

Vietnams crypto market is thriving, with over 16.6 million cryptocurrency holders, according to a local media outlet report. The report cited the “Vietnam Crypto Market Report 2022,” which shows that 31% of Vietnamese crypto holders own bitcoin. Vietnam has now become the second Southeast Asian country, after Thailand, with the highest number of crypto investors. With a population of over 97 million, around 17% of the countrys total population holds crypto.Blockchain Projects in Vietnam　　According to the “Vietnam Crypto Market Report 2022,” approximately 200 blockchain projects are operating in Vietnam. These active blockchain projects mainly focus on decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3, Infrastructure, Wallet, game finance (GameFi), and others. Of these projects, games, and metaverse account for 28.8%, DeFi for 26.0%, NFT for 12.4%, Infrastructure for 11.3%, and Web3 for 5.1%.　　The report highlights a few of the blockchain projects operating in Vietnam, including Axie Infinity, Kyber Network, Coin98, Rikkei Finance, Spores, Titan Hunters, TomoChain, and SotaTek. The report states that ten of the 200 companies have a token market capitalization of over $100 million, which has a global influence.Vietnams Token Market Cap　　The report also revealed the token market cap of some of the popular blockchain projects operating in

2023-03-17Deep Dive

Exchanges In Moscow Are Prepared To Send Money To London, According To A Report

Transparency International Russia has conducted a study revealing that certain Russian digital asset exchanges are willing to exchange digital coins for paper money in the UK without going through the necessary Know-Your-Customer (KYC) procedures. The study discovered that over 20 cryptocurrency exchanges are operating in Moscow International Business Center, with eight of them ready to exchange U.S. dollar-pegged stablecoins for British pounds and deliver the cash to London.Blacklisted Crypto Broker Suex Involved in Illicit Transactions　　One of the exchanges identified in the study was Suex, a crypto broker blacklisted by the US Treasury Departments Office of Foreign Assets Control (OFAC) in September 2021 for facilitating ransomware-linked transactions. The study also revealed that another blacklisted exchange, Garantex, had received significant amounts of money from a platform called Pridechange.Transfer Process for Russian Crypto Exchanges　　The transfer process for these exchanges was found to be similar in all cases. Customers would send tether (USDT) to a wallet address provided by the exchange, and once the payment was confirmed, a courier, typically a Russian speaker, would deliver the fiat cash to a specified location in London. Despite anti-money laundering regulations requiring cryptocurrency exchanges to verify the identity of customers, none of the Russian platforms asked to

2023-03-17Deep Dive

Arbitrum To Airdrop ARB Tokens In March, Complete Details Inside

Arbitrum, a well-known Layer 2 solution on the Ethereum network, has recently revealed plans to airdrop its governance token, ARB, on March 23. This move follows Arbitrums previous announcement of its intention to fully decentralize. The airdrop will amount to 12.75% of the tokens total supply and will be distributed to users who have been active on the network in the past year.　　　　　　Arbitrum Launches Airdrop Campaign　　As per the official blog post, the upcoming ARB token will signify the official transition of Arbitrum into a Decentralized Autonomous Organization (DAO). This will allow ARB holders to participate in the decision-making process for Arbitrum One and Arbitrum Nova networks, which facilitate fast and cost-efficient transactions on the Ethereum blockchain. These critical decisions will be subject to voting by the token holders.　　Offchain Labs, the firm behind the development of Arbitrum, claims that the ARB token will enable the ecosystem to be more decentralized than other scaling chains. This assertion is in spite of the foundations plans to allocate a significant percentage of tokens to its investors and core contributors, amounting to 44% of the total supply. Nevertheless, it was emphasized that the ARB token will not be utilized for paying transaction fees on the

2023-03-17Deep Dive

CNMV Warns Against Unlicensed Crypto Institutions Operating in Spain

The Comisión Nacional del Mercado de Valores (CNMV), Spains financial regulatory agency, has recently warned the public against unlicensed, unregistered, and unauthorized financial institutions operating within its borders.CNMV warns investors of cryptocurrency risks and sets regulatory requirements in Spain　　The legal standing of cryptocurrencies in Spain is not yet fully established, and the regulatory structure is still being developed. The absence of legal security, price fluctuation, and the potential for deception are just a few of the dangers connected with dealing in cryptocurrencies that have been highlighted by the CNMV in a number of investment alerts.　　WikiBit as a global blockchain exchange regulatory query platform always exercises the verification of the institutions in other financial authorities to help the public not get landed into pitfalls. Upon verifying the list of institutions listed below are indeed illegally operating financial investments. So beware!　　CAANHOLDINGS　　SWISSCOININVEST　　FUTURE PLAN INVEST　　MEGA CAPITAL　　LEADPARTENERINV　　HELIUM100 BOOST FX　　LITEFXANALYSIS　　BINARY FOREX TRADING STOCK　　ELITE MORTGAGE　　In addition, the CNMV requires companies that offer cryptocurrency services to comply with anti-money laundering and counter-terrorism financing regulations. Cryptocurrency exchanges and wallet providers must also register with the CNMV and meet certain requirements to operate legally in Spain.CNMV Warns Investors To Only Deal With Authorized Financial Institutions　　In its warning, the CNMV stressed

2023-03-16Exposure

Coinbase Delists 6 Top Altcoins Following Internal Review

Coinbase Global, the largest digital asset trading platform in the U.S., has announced the suspension of trading for six major cryptocurrencies on its platform. This decision was made following a routine internal review conducted by the exchange in March.　　　　Coinbase Delists 6 Major Altcoins　　　　　　Coinbase, the largest digital asset trading platform in the United States, has announced the suspension of trading for six altcoins including Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP). This decision was made as part of a routine internal review carried out by the exchange, which periodically monitors the assets listed on its platform to ensure they meet its listing standards. Coinbase shared this information publicly through a tweet, stating that the decision was based on their assessment and subsequent reviews.　　Coinbase has announced that it will suspend trading for six altcoins, including RLY, YFII, MIR, OMG, LOOM, and REP, across all levels and platforms, such as Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, customers will still have access to their deposited funds and can withdraw them anytime. The suspension will begin on March 29, 2023, according to the exchange.　　　　Price Reaction To Coinbase News　　The news of Coinbases decision to delist

2023-03-16Deep Dive

No Fees Required: Coinbase Allows Singapore Users to Transfer Funds via Standard Chartered

The well-known cryptocurrency exchange Coinbase has revealed that users in Singapore can now move money to and from their accounts without paying any costs by using local institutions. Traditional bank Standard Chartered makes transactions in Singapore currency possible. This action makes it possible for Singaporean buyers to engage in digital assets, particularly at a time when market worries about financial security and crypto banking are prevalent.　　Customers could only move cryptocurrency into and out of their Coinbase accounts or make cryptocurrency purchases using a Visa or Mastercard debit or credit card in the past. In an interview with Reuters, Hassan Ahmed, Coinbases country head for Singapore, stated that this development is a part of the businesss foreign growth plan and aims to expand its retail products in Singapore. The Monetary Authority of Singapore (MAS) granted Bitcoin preliminary permission to provide financial services in the city-state last year.　　Singapore has usually embraced cryptocurrency companies, but it has been careful about promoting consumer participation. The MAS put forth regulations in October 2022 that would prohibit trading companies from providing rewards or funding to private clients. The decision by Coinbase is a major development for Singapores cryptocurrency market and may draw in more private buyers.　　Following

2023-03-15Deep Dive

Signature Bank Was Under Criminal Investigation Prior To Its Downfall

Before authorities took the lender over the weekend, Bloomberg News reported that US investigators were looking into Signature Banks connections to cryptocurrency customers. Investigators from the US Justice Department in Washington and Manhattan were looking into whether the now-defunct bank took the required precautions to stop possible money laundering by its customers. Furthermore, the firm was under investigation by the Securities and Exchange Commission (SEC).　　The claim comes after a declaration from New Yorks financial authority that its closure of Signature Bank was not influenced by cryptocurrencies but rather by a serious loss of trust in the banks management following the failure of Silicon Valley Bank. in the form of an a, and as they have been, and the current, and the current, the current and the current and the present, and the current and the current and the present.　　The third-largest collapse in U.S. financial history, New York-based Signature Bank was shut down by state authorities on Sunday. A failure at Silicon Valley Bank (SVB) two days prior to the shutdown left billions of dollars in assets abandoned.　　As of September of last year, the bank had a large connection to the bitcoin market; nearly a quarter of its investments originated from

2023-03-15Deep Dive
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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.