Kraken to Share Data on Tens of Thousands of Users with IRS in Compliance with Court Order
Crypto exchange Kraken has announced that it will share data on tens of thousands of its users with the Internal Revenue Service (IRS) in compliance with a court order. The company will share information regarding cryptocurrency transactions above $20,000 made by Kraken customers between 2016 and 2020. The exchange is framing the matter as a victory for privacy advocates, as it fought the summons, which sought intrusive and unnecessary information about U.S. clients. Kraken plans to share the user information in early November.
Binance France managing director and legal head has resigned
On October 19th, according to Bloomberg, Stéphanie Cabossioras resigned from her position as Director General of Binance's French division, a cryptocurrency trading platform. It is reported that Stéphanie Cabossioras joined Binance in April of last year as the legal director for the region and also served as the company's general manager in the country. Prior to this, she served as Deputy General Counsel for the French market regulator, Autorité des Marchés Financiers, and joined Binance when the company announced its establishment of a European center in Paris last year.
Crypto Exchanges to Require Financial Services License in New Australian Proposal
The Australian government has proposed that crypto exchanges must obtain a license from the country's financial services regulator to operate. The proposal requires digital asset intermediaries to obtain an Australian financial services license from the Australian Securities and Investments Commission (ASIC) to issue and deal in digital asset facilities. Crypto brokers and other dealers will also be included in the licensing regime. The proposal places the responsibility of fighting market misconduct on crypto exchanges, requiring them to have and apply listing criteria and make sufficient disclosures before digital asset transactions occur. Exemptions are available for digital asset intermediaries holding assets with a value not exceeding $5 million AUD.
U.S. CFTC accuses Mosaic of implementing “fraudulent digital asset commodity scheme”
The U.S. Commodity Futures Trading Commission (CFTC) has accused cryptocurrency exchange Mosaic Exchange of implementing a "fraudulent digital asset commodity scheme," including falsely reporting the amount of assets it owns and its profit record.
CFTC stated that Mosaic founder Sean Michael falsely claimed that Mosaic is a cryptocurrency trading platform that manages tens of millions of dollars in assets and also provides an algorithm with a profit rate of up to 60% per month. The platform and Michael also claimed that they have "collaborative relationships" with BitMEX and Binance, which are all false statements.
World Federation of Exchanges Proposes 6 Principles for Regulating Crypto-Asset Trading Platforms (CTPs)
The World Federation of Exchanges (WFE) has released a paper outlining six principles for regulating crypto-asset trading platforms (CTPs). The WFE believes that CTPs could play a larger role in the "real" economy and society, but they must meet certain standards, including segregating functions to avoid trading against customers. The trade association also supports the integration of distributed ledger technology (DLT) into traditional finance exchanges, and suggests that regulation could be applied on the level of DApps rather than the protocol. The WFE endorses the IOSCO Principles for Secondary and Other Markets to raise standards on crypto markets.
Mexico’s largest exchange Bitso enables ETH deposits and withdrawals via Arbitrum
Bitso, the largest exchange in Mexico and a well-known exchange in Latin America, has enabled ETH deposits and withdrawals through Arbitrum.
Crypto Exchange Kraken Expands into Europe with Key Authorizations in Ireland and Spain
Kraken Exchange, one of the top US-based crypto exchanges, has obtained an E-Money Institution (EMI) registration from the Central Bank of Ireland and a Virtual Asset Service Provider (VASP) registration from the Bank of Spain, allowing it to expand globally into major European financial hubs. The EMI license will enable Kraken to deal with European banks, while the VASP registration will allow it to operate as a crypto exchange and wallet provider. Kraken's vice president of global operations, Curtis Ting, said the company's market-leading position in liquidity and volume for EUR crypto pairs, round-the-clock live client service, and robust security bring a compelling value proposition for future clients in Europe. <br>
Binance’s liquid staking Ethereum TVL reaches $1.2 billion
DefiLlama data, Binance's total locked value (TVL) for Ethereum in their liquidity pool has reached $1.2 billion. In April of this year, Binance launched an upgraded version of BETH called WBETH, which is a liquidity staking derivative that allows investors to use tokens to lend and borrow on decentralized finance (DeFi) protocols outside of Binance, while also earning staking rewards. When users stake ETH by locking it in Binance, they receive derivative tokens that represent their staked assets. According to 21Shares' Dune dashboard, Binance has 1.2 million staked ETH, making them one of the largest participants in the Ethereum staking network, second only to Lido Finance and Coinbase.
Binance's Liquid Staking Ether Sees $500 Million Inflows, Total Locked Value Reaches $1.2 Billion
Over the weekend, Binance's liquid staking ether experienced a sudden influx of $500 million, bringing its total locked value to $1.2 billion. This was due to the minting of 318,180 wrapped Binance ETH derivative tokens, worth $502 million, in five $100 million installments. These tokens were then sent to a cold wallet labeled as "Binance 8". This movement was part of Binance's plan to gradually convert the original Binance-issued staked ether (BETH) tokens to WBETH, an upgraded version of BETH that allows investors to use the tokens for borrowing and lending on decentralized finance protocols.
A WLD Market Maker Transferred 4.5 Million WLD to CEX 1 Hour Ago, Equivalent to Approximately US$6.07 Million
On September 7th, according to on-chain analyst Yu Jin, one hour ago (when the price of WLD was $1.39), a WLD market maker transferred 4.5 million WLD to 3 CEXs, equivalent to approximately $6.07 million. Of the total, 3 million were transferred to Binance, 1 million to Bybit, and 500,000 to KuCoin.
