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Crypto Exchange Regulation Check

Binance And Houbi Freezed Crypto Worth $1.4 Million Linked To North Korea

According to blockchain analytics firm Elliptic, Binance, and Huobi, two prominent cryptocurrency exchanges, have frozen approximately $1.4 million worth of cryptocurrencies linked to North Korea. These funds were stolen in the June 2022 hack of Harmonys Horizon Bridge and were dormant until recently.The collaboration of Binance and Huobi against the Lazarus Group　　Elliptic collaborated with Binance and Huobi to freeze the Lazarus Group hack proceeds, stating that “the stolen funds came from the June 2022 hack of Harmonys Horizon Bridge.” The blockchain analytics firm explained that “the Horizon cross-chain bridge was attacked on June 24th, 2022, resulting in the loss of $99.6 million in crypto assets.” “These funds were laundered through the now-sanctioned Tornado Cash, an Ethereum mixer banned by the US Department of the Treasurys Office of Foreign Asset Control (OFAC) in August last year.”How did the hack done by Lazarus Group according to Elliptic investigators　　The Lazarus Group, a North Korea-controlled cybercrime organization, was responsible for the hack, according to Elliptic investigators. The hacker sent over 98% of the $100 million in stolen crypto assets into the Tornado Cash mixer, which Elliptic traced to its complete trail. The stolen crypto assets included ether (ETH), tether (USDT), wrapped Bitcoin (WBTC), and

2023-02-17Deep Dive

North Korea's Stolen Crypto Worth $5.8 Million Seized By Norway

On Thursday, Norwegian police revealed the seizure of a record $5.8 million in bitcoin stolen by North Korean hackers last year. In March 2022, hackers stole $625 million from a blockchain project related to the crypto-based game Axie Infinity.　　The robbery was one of the biggest of its sort in history, and it was traced to a North Korean hacker outfit known as “Lazarus” by the US.The biggest money seizures ever made in Norway　　According to Marianne Bender, Norways chief public prosecutor, the confiscated cryptocurrency was part of the North Korean regimes finance for their nuclear weapons development. Okokrim, the countrys national economic crime unit, announced the seizure of 60 million Norwegian crowns ($5.84 million), calling it “one of the greatest seizures of money ever made in Norway” and a record amount for a cryptocurrency confiscation. To seize the assets, the team collaborated with the US Federal Bureau of Investigations crypto-tracking experts.　　According to Chainalysis, a U.S.-based blockchain analytics business, last year was the worst year on record for cryptocurrency heists, with hackers taking up to $3.8 billion, driven by North Korean-linked attacks.　　Aleksander Larsen, the Norwegian creator of Sky Mavis, the firm behind Axie Infinity, is located in Vietnam. Larsen would not comment

2023-02-17Deep Dive

Hawkish Fed Rhetoric Pulls Down Bitcoin Price (BTC) By 4%, Does the Party End Sooner?

On Wednesday, February 15, the price of the largest cryptocurrency, Bitcoin, surged by 12%, nearing the $25,000 mark, causing excitement among crypto enthusiasts about a potential rally. Nevertheless, macro indicators are indicating concerns, and the Federal Reserves hawkish rhetoric is dampening the mood. In the past 24 hours, Bitcoins price has dropped over 4%, currently standing at $23,797 with a market capitalization of $459 billion. Additionally, several leading alternative cryptocurrencies have also experienced a setback.　　Investors are uncertain about Bitcoins future trajectory following a recent price increase. However, on-chain indicators suggest that there is no need to worry yet. Ali Martinez, a popular market analyst, has pointed out that data from IntoTheBlock shows that Bitcoin has established a crucial support level between $21,700 and $23,700. Over 1.60 million addresses have purchased more than 1.32 million BTC within this range. If this support level can hold, the next significant resistance level is at $27,000.　　Bloombergs senior commodity strategist Michael McGlone discusses why Bitcoin (BTC) has gained 50% since the beginning of 2023. “Bitcoin hit the greatest discount versus its 200-week moving average at the end of 2022,” he said. This is a major cause for the 1Q drop, although the global economic tide

2023-02-17Deep Dive

Binance Anticipates Fines From US Regulators In Order To Settle Investigations

Binance, the worlds biggest cryptocurrency exchange, has said that it plans to pay monetary penalties to resolve investigations into its operations in the United States. Patrick Hillmann, the companys chief strategy officer, recently admitted that Binances leaders were inexperienced with bribery, corruption, and money laundering laws and regulations. As a consequence, the business is now “working with authorities to find out what remediations we have to go through now to make reparations for that,” according to Hillmann. He further said that the consequence might be “like a fine” or “much more.”　　Binance has made a significant U-turn after earlier disputing allegations that it was under investigation and mocking media sites that claimed differently. According to Reuters, prosecutors at the US Department of Justice have been examining Binance since 2018 for possible violations of US anti-money laundering statutes and penalties. Binances founder and CEO Changpeng Zhao openly rejected the allegation, initiating a Twitter campaign stating that newsrooms were “still working for” FTX founder Sam Bankman-Fried.　　Binances shift in strategy comes as it becomes clear that things are not going well for the company. The SEC has informed Paxos, which provides BUSD stablecoin for Binance, that it intends to take action against the company.

2023-02-16Deep Dive

NovaWulf and Celsius have reached an acquisition deal.

The sale and reorganization plan was presented by Celsius Borrowers, and it had the full backing of the companys official committee of unsecured creditors (UCC). According to the concept, a new business would be founded and run by NovaWulf. Additionally, NovaWulf would provide between $45 million and $55 million in direct cash to the new business.　　According to the idea, the new venture would shield debtors from bearing large expenses related to selling off customer assets and closing the business. Celsius predicted that, excluding staked Ethereum, over 85% of the bankrupt lenders clients would be able to retrieve over 70% of their obligations in liquid crypto.　　With the help of a one-time distribution of Bitcoin, Ethereum, and the stablecoin USDC, the new firm would put creditors with claims under $5,000 relating to Celsius Earn Accounts—accounts that paid customers attention on cryptocurrency that was later lent out—into a “Convenience Class,” allowing them to receive money.　　Creditors owing at least $1,000 may choose to leave the class and receive a piece of the yet-to-be-determined cash collected for general Earn participants. Creditors owing more than $5,000 may lower their claims to that amount in order to join the class.　　The creditors of Celsius Earn would control the

2023-02-16Deep Dive

According to Coinbase, BitGo, and Anchorage, they adhere to SEC custody guidelines.

On February 15, Coinbase and other cryptocurrency custody providers argued that they would be able to function under the suggested revisions to custodial standards.　　Coinbase supports the work of the SEC　　The U.S. today The SEC decided to put out a regulatory amendment that might make exchanges have to utilize licensed custodians to hold user assets. Additionally, this would change custodian rules, potentially making it challenging for current cryptocurrency companies to provide custody services.　　Paul Grewal, the chief legal officer of Coinbase, tweeted that his business is “confident” that it will continue to be a qualified custodian under the suggested regulation modification. Coinbase supports the United States, he continued. The Securities and Exchange Commission promotes the open rulemaking process and works to protect investors.　　Grewal stated in a Bloomberg interview that “we see SEC officials accept that particularly, Coinbase is functioning in a qualified manner,” but he did not elaborate on the exact nature of the regulators acknowledgement.　　Grewal was questioned about what Coinbase would do if US officials ordered the company to stop offering its custody services in a separate interview with CNBC. Grewal replied that Coinbase has “a very diversified business” in terms of the services and nations it offers, suggesting that the

2023-02-16Deep Dive

SEC Rule Change May Put Pressure on Crypto Platforms

The US Securities and Exchange Commission (SEC) has proposed new rules to regulate the custody of cryptocurrencies by investment advisers such as hedge funds and pension funds. The proposal would require such advisers to use qualified custodians to hold assets, and it would also create new requirements for qualified custodians. The rule expands the qualified-custodian requirements to include virtually any assets that an adviser might hold in a clients name, including all cryptocurrencies, and some physical assets like artwork. The proposal would limit how asset managers can handle customers crypto assets, but it wouldnt impose new requirements on individual investors who manage their own portfolios. While traditional qualified custodians have typically been banks, trust companies, and broker-dealers, the idiosyncrasies of keeping assets like bitcoin safe from theft or hacks have led Coinbase Global and similar crypto platforms to start offering the service.　　SEC Chair Gary Gensler has repeatedly expressed concerns that “crypto firms custody practices might not clear the legal hurdles necessary to keep their customers assets safe in the event of bankruptcy”. “The proposal would also limit how asset managers can handle customers crypto assets, citing features of cryptocurrencies that could make them difficult to safeguard in compliance with the

2023-02-16Deep Dive

Reasons Behind Bitcoin 12% And Ethereum Price 10% Rally Today, More Upside Ahead?

Despite regulatory uncertainty in the U.S, Bitcoins price has rebounded and is gaining momentum towards $25K. The BTC price surged by 12% in the last 24 hours, reaching a 6-month high of $24,769, and is currently hovering near $24.7K. Ethereums price also saw a significant increase of 10% in the last 24 hours, trading at $1,694 and peaking at $1,700. The broader crypto market has also rebounded, with other top altcoins like BNB, Polygon, Solana, and XRP also rallying higher.　　WikiBit had predicted the significant price increase of Bitcoin to $25K when it was trading at $21.7K, citing whale activity, cooling inflation, and decreasing U.S. Treasury yields and oil prices as the main driving factors.　　Investors in derivatives markets have also shown optimism towards Bitcoin and Ethereum, building long positions. However, there is some evidence of profit-taking as the prices continue to rise, although the overall sentiment remains bullish.　　The demand for Bitcoin is on the rise in the U.S. with the 30-day SMA Bitcoin Coinbase premium index showing the highest increase in recent days. There has also been a significant increase in the ETH Coinbase premium, which is the largest premium seen since August 2022.　　The MVRV ratio for Bitcoin is currently at

2023-02-16Deep Dive

BUSD Security Classification Could Deal a Major Blow to Crypto Industry, Binance CEO Cautions

The CEO of Binance, Changpeng Zhao (CZ), has cautioned that there could be “profound impacts” on the cryptocurrency industry if Binance USD (BUSD), a stablecoin issued by Paxos, is ruled to be a security by the US Securities and Exchange Commission (SEC). The warning follows reports of a lawsuit by the SEC against Paxos, the issuer of BUSD, over its alleged failure to register the token as a security.Binance CEO weighs in on SECs legal action against Paxos and BUSD　　CZ explained on Twitter that while BUSD is called Binance USD, it is not issued or redeemed by Binance, but instead wholly owned and managed by Paxos. Furthermore, he noted that when Paxos ceases to mint new BUSD tokens, the stablecoins market cap will only decrease over time. 　　BUSD currently has a market cap of nearly $16bn, making it the worlds seventh-largest cryptocurrency and the third-largest stablecoin. Despite the potential impact of the lawsuit, Binance will continue to support BUSD for the foreseeable future. 　　Paxos Under Fire for Alleged CZ-Related SEC Lawsuit　　CZ also addressed the alleged SEC lawsuit against Paxos, stating that “he personally agreed with the assessment of crypto analyst Miles Deutscher that it was ”scary precedent“ that the SEC

2023-02-16Deep Dive

FCA Cracks Down On Unregistered Crypto ATM Operators In Leeds

The Financial Conduct Authority (FCA) has taken action against unregistered cryptocurrency ATM operators in Leeds, utilizing its authority to access and examine multiple facilities suspected of housing unlawfully run cryptocurrency ATMs. The FCA obtained evidence from many locations around the city in collaboration with West Yorkshire Polices Digital Intelligence and Investigation Unit.　　The FCAs Executive Director of Enforcement and Market Oversight, Mark Steward, said that “unregistered crypto ATMs functioning in the UK do so unlawfully, and the FCA will continue to find and disrupt unregistered crypto firms operating in the UK.” For anti-money laundering reasons, crypto firms in the United Kingdom must be registered with the Financial Conduct Authority (FCA). However, crypto goods are still unregulated and high-risk, and investors can expect to lose their whole investment if they invest in them.　　According to Det Sgt Lindsey Brants of West Yorkshire Polices Force Cyber Team, “after conducting intelligence collecting operations throughout West Yorkshire, they swiftly determined the locations of many operating crypto ATMs.” Warning letters were sent to the operators, urging that they stop using the devices, and any violations would result in an inquiry under money-laundering laws. Following that, the results were shared with the Financial Conduct Authority.　　Customers may use crypto

2023-02-16Deep Dive
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Crypto Exchange Regulation Check

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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.