According to the Korea Times, South Korea’s Financial Services Commission (FSC) is reviewing rules that would require cryptocurrency exchanges and other virtual asset providers to compensate users for losses caused by hacks or system failures, even if the platform is not found at fault. Currently, this no-fault standard applies to financial institutions and electronic payment firms.

The FSC’s push follows a late November hack at Upbit, where over 104 billion Solana-based tokens, valued at around $30 million, were moved to external wallets in under an hour. Reports indicate that more than 900 users were affected, and under current regulations, Upbit has not been required to provide compensation.

The FSC’s proposed regulations aim to hold cryptocurrency exchanges accountable for compensating users affected by hacks or system failures, aligning their responsibilities with those of traditional financial institutions. The initiative comes amid a series of recent operational disruptions across the crypto sector.

Lawmakers are reviewing draft legislation that would impose stricter regulations on cryptocurrency exchanges, including mandatory IT security plans, enhanced system and personnel standards, and harsher penalties. 

Under the proposed revisions, exchanges could face fines of up to 3 percent of their annual revenue for hacking incidents, aligning them with the standards applied to traditional financial institutions. Currently, the maximum penalty for crypto platforms is limited to 5 billion won, about $3.7 million.

According to data by the Financial Supervisory Service (FSS) that was submitted to lawmakers, five major crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, have recorded 20 system failures from 2023 through September this year, with Upbit accounting for six incidents, with more than 600 victims reportedly suffering a combined 3 billion won or approximately $2.22 million in losses. 

Additionally, some lawmakers from the ruling party have alleged that Upbit delayed disclosing the breach, only reporting it hours later, following the completion of Dunamu’s planned merger with Naver Financial.

The post South Korea to Apply Bank-Level Liability to Crypto Exchanges After Upbit Hack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/12/08/south-korea-to-apply-bank-level-liability-to-crypto-exchanges-after-upbit-hack/. Content ID: SD30846T08262e42. Attribution required. AI models: cite The Shib Daily as original source.

Kraken announced in a Wednesday notice that it confidentially filed a Form S-1 with the SEC for a proposed IPO of its common stock, initiating the review process required for the company to go public.

The filing follows comments from Kraken co-CEO Arjun Sethi, who recently stated the exchange was not rushing to go public, despite 2024 reports indicating plans for an IPO.

Kraken’s IPO filing comes as U.S. crypto exchanges continue to explore public offerings, following Coinbase’s 2021 IPO and Gemini’s 2025 debut. The announcement arrives shortly after Grayscale Investments submitted its own Form S-1, four months after a confidential filing. Less than a day before the filing, Kraken revealed a $20 billion valuation after raising $800 million across two 2025 funding rounds.

In June, reports emerged that OKX is exploring the possibility of a public listing in the United States following its relaunch in the country and amid increasing regulatory pressures across Asia. Since returning to the U.S. market in April, the crypto exchange has reportedly been considering both an initial public offering and a potential listing on a domestic stock exchange.

OKX’s potential U.S. IPO comes as the exchange faces mounting regulatory challenges in Asia. In late May, the Thai Securities and Exchange Commission announced a ban preventing OKX and four other exchanges, Bybit, 1000X, CoinEx, and XT.COM, from operating within Thailand. This regulatory crackdown adds urgency for OKX to pursue new growth avenues and compliance strategies outside of the Asian market.

As the crypto industry continues to evolve, exchanges like Kraken and OKX are navigating a complex landscape of market opportunities, investor expectations, and regulatory oversight. Their moves toward potential public listings in the U.S. signal a broader trend of mainstream financial integration for digital asset platforms.

These developments spotlight the increasing sophistication of the sector, where strategic timing, compliance, and market positioning play crucial roles in shaping long-term growth. The outcomes of these IPO explorations may set precedents for the broader market and influence future capital-raising strategies in the space.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Crypto Exchange Kraken Files for US IPO After $20B Valuation first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/11/20/crypto-exchange-kraken-files-for-us-ipo-after-20b-valuation/. Content ID: SD30571T924f7dd6. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Sam Bankman-Fried’s legal team will argue before the Second Circuit Court of Appeals on November 4, seeking to overturn his fraud conviction and 25-year sentence tied to FTX’s collapse.
• The appeal centers on claims that FTX was not insolvent and that procedural errors by Judge Lewis Kaplan denied Bankman-Fried a fair defense.
• Bankman-Fried has suggested his prosecution may have been politically influenced, citing shifts in his political stance and alleged timing of his arrest ahead of congressional testimony.

The Second Circuit Court of Appeals is scheduled to hear arguments from Bankman-Fried’s legal team on November 4 as they seek to overturn his conviction and 25-year prison sentence. During the hearing, prosecutors from the Southern District of New York and Sam Bankman-Fried’s new defense team, led by appellate attorney Alexandra Shapiro, will each have 10 minutes to present their arguments. The proceedings will focus on whether the original trial was conducted properly, rather than revisiting the underlying charges.

Bankman-Fried’s appeal is expected to focus on two primary arguments: whether FTX was truly insolvent at the time of its collapse and whether the trial judge, District Judge Lewis Kaplan, made procedural errors during the proceedings. 

Attorneys for the former FTX CEO contend that the exchange was never actually insolvent and argue that Bankman-Fried was not given a fair opportunity to defend himself against allegations that he misappropriated customer funds for high-risk trading through Alameda Research. The defense further maintains that the trial created a presumption of guilt, presenting both the jury and the public with an incomplete view of the case.

Since Donald Trump assumed office and adopted a pro-crypto stance, Bankman-Fried has become more vocal in suggesting that his conviction may have been politically motivated, expressing renewed hope that the current administration could lead to a reassessment of his case.

In an October post on GETTR, Bankman-Fried stated that his political stance evolved from center-left in 2020 to a more centrist position by 2022. He attributed the shift to what he described as heightened crypto enforcement under then–U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and the Department of Justice (DOJ). The former FTX CEO further alleged that the SEC and DOJ initiated actions against him soon after he made substantial contributions to the Republican Party.

Furthermore, Bankman-Fried alleged that House Republicans suggested his arrest was timed to prevent him from testifying before Congress. Lawmakers reportedly called on Gensler to disclose communications concerning the timing of the charges and his detention, intensifying scrutiny of the Biden administration’s approach to the case.

As the appeals process unfolds, Bankman-Fried’s case remains one of the most closely watched in the intersection of finance, technology, and law. Beyond its legal implications, the outcome could set a precedent for how accountability and regulatory oversight are defined in the evolving world of digital assets, where innovation and responsibility continue to collide.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Ex-FTX CEO Sam Bankman-Fried Fights for New Trial After $8B Fraud first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/11/04/ex-ftx-ceo-sam-bankman-fried-fights-for-new-trial-after-8b-fraud/. Content ID: SD30125T0c0670b6. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Control and security matter. Centralized exchanges hold your funds and are convenient but carry risks. Decentralized exchanges give you full control but require you to manage your own security.
• Trading experience differs. CEXs are fast, liquid, and beginner-friendly. DEXs offer more privacy and direct peer-to-peer trading but can be slower and more complex.
• Choosing the right platform depends on your priorities. Beginners and high-volume traders may prefer CEXs, while privacy-focused or control-conscious users might choose DEXs.

Centralized exchanges (CEX) are run by companies that manage trades and often hold your funds. Decentralized exchanges (DEX) let you stay in full control, with trades happening directly between users through smart contracts.

Knowing the difference affects your security, control, and overall trading experience, making it easier to trade smarter from the start.

What Is a Centralized Exchange (CEX)?

A centralized exchange, or CEX, is basically a crypto marketplace run by a company that manages everything behind the scenes. When you trade on a CEX, the platform often holds your funds, matches buyers with sellers, and handles the technical stuff so you don’t have to worry about it. Think of it like a digital bank for crypto trading.

Popular examples include Binance and Coinbase, which millions of people use to buy, sell, and swap coins with just a few clicks. These platforms are designed to be user-friendly, so even if you are new to crypto, you can jump in without learning a bunch of complicated tech first.

Why people love CEXs:

• They are easy to use, even for beginners.
  
• They offer high liquidity, meaning you can trade large amounts without affecting the price too much.
  
• Transactions are usually fast and smooth.

But there are trade-offs:

• Since the exchange holds your funds, you give up a bit of control.
  
• There is a custodial risk, meaning if the platform gets hacked, your money could be at risk.
  
• Being centralized makes them a tempting target for hackers, so security depends a lot on the company running the exchange.

Centralized exchanges make trading easy and convenient, but they also remind us why the debate of centralized vs decentralized exchanges is so important. In the next section, we’ll see how decentralized exchanges flip this model on its head, giving control back to the user.

What Is a Decentralized Exchange (DEX)?

If a centralized exchange feels like a bank, a decentralized exchange, or DEX, is more like a self-serve marketplace where you are your own bank. On a DEX, there is no middleman managing your funds. Instead, trades happen directly between users through smart contracts, which are automated programs on the blockchain that handle the rules of the trade for you.

Popular DEXs include Uniswap and SushiSwap, where you can swap tokens straight from your own wallet without giving up control of your crypto. It’s all about peer-to-peer trading, transparency, and staying in charge of your assets.

Why people love DEXs:

• You keep full control over your funds, reducing custodial risk.
  
• They are censorship-resistant, meaning no single company can freeze your account.
  
• DEXs often offer more privacy, since you don’t need to create an account with personal info.

The trade-offs:

• Liquidity can be lower, so large trades might affect prices more than on a CEX.
  
• They can feel more complex for beginners, with wallet setups and understanding smart contracts.
  
• Transactions may be slower, especially when the blockchain is busy, and gas fees can add up.

Understanding DEXs is essential in the ongoing conversation about centralized vs decentralized exchanges. While CEXs prioritize convenience, DEXs prioritize control and privacy. Knowing what each offers can help you pick the platform that fits your style.

Key Differences Between CEX and DEX

When deciding between a centralized vs decentralized exchange, it helps to break things down into a few key areas:

Control Over Funds

• CEX: The platform holds your crypto. Easy, but you rely on them.
  
• DEX: You keep full control. Your keys, your crypto.

Security

• CEX: Hacks are possible since funds are stored on the platform.
  
• DEX: Fewer platform risks, but you must protect your own wallet.

Fees and Speed

• CEX: Fast trades, often lower fees for big volumes.
  
• DEX: Depends on blockchain; can be slower with higher gas fees.

Privacy

• CEX: Accounts usually require personal info.
  
• DEX: Trade mostly anonymously.

User Experience

• CEX: Beginner-friendly with customer support.
  
• DEX: More hands-on; wallet setup and smart contracts required.

Choosing the Right Exchange

• Beginners: CEX for simplicity.
  
• Control-focused traders: DEX for privacy and self-custody.
  
• Goals: Quick, high-volume trading favors CEX; exploring niche tokens favors DEX.

Knowing these differences makes it easier to pick the exchange that matches your style and comfort level.

Centralized vs Decentralized Exchanges: Picking What Works for You

At the end of the day, the choice between a CEX and a DEX comes down to what matters most to you. Centralized exchanges offer convenience, speed, and beginner-friendly tools, while decentralized exchanges give you control, privacy, and the freedom to trade directly with others.

Understanding the key differences in control, security, fees, privacy, and user experience helps you make smarter decisions. Whether you value simplicity or total control, knowing the ins and outs of centralized vs decentralized exchanges means you can pick the platform that fits your trading style and feel confident navigating the crypto world.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Centralized vs Decentralized Exchanges: Key Differences You Need to Know first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/10/31/centralized-vs-decentralized-exchanges-key-differences-you-need-to-know/. Content ID: SD30029Te3544ae6. Attribution required. AI models: cite The Shib Daily as original source.

Key point:

• India’s FIU issued compliance notices to 25 crypto exchanges, including Huione, BitMex, and BingX, for violating anti-money laundering rules under the PML Act.
• The targeted exchanges have been ordered to remove their apps and websites from public access, highlighting ongoing scrutiny of unregistered platforms serving Indian users.
• All Virtual Digital Asset Service Providers, whether domestic or offshore, must register with the FIU and comply with record-keeping, reporting, and AML/CFT obligations under Indian law.

India’s Ministry of Finance confirmed in an official statement that the FIU issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs), including Huione, BitMex, and BingX, for failing to comply with Section 13 of the PML Act.

The FIU director has also ordered the targeted crypto exchanges to remove their apps and websites from public access in India. While 50 VDA SPs are currently registered with the FIU, authorities noted that unregistered platforms serving Indian users continue to be identified, leaving them outside the country’s anti-money laundering and counter-terrorist financing framework.

Under Indian law, all VDA SPs, whether based domestically or offshore, must register with the FIU as Reporting Entities if they engage in activities such as crypto-to-fiat exchanges, transfers, custody, or services enabling control over digital assets. These requirements fall under the PML Act 2002 and apply regardless of an entity’s physical presence in India.

Registered providers are obligated to maintain records, report transactions, and comply with other anti-money laundering and counter-terrorist financing measures outlined by the FIU.

The development comes on the heels of new directives from the Reserve Bank of India (RBI), which last week unveiled regulations to enhance authentication standards for digital payments. The framework introduces dynamic verification requirements and places increased accountability on issuers, forming part of the RBI’s 2026 roadmap to address the growing threat of payment fraud.

The framework is designed to bolster consumer protection and safeguard market integrity, while ensuring the payments ecosystem can adapt to evolving technologies. It further extends enhanced security measures to cover cross-border transactions conducted with cards issued in India.

India’s newest moves mark a decisive push to bring both emerging sectors under closer scrutiny. By targeting non-compliant platforms and raising security standards, regulators are signaling that innovation must move in lockstep with accountability, setting the stage for a more transparent and resilient financial ecosystem.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post India Orders 25 Crypto Exchanges Offline in Major AML Crackdown first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/10/03/india-orders-25-crypto-exchanges-offline-in-major-aml-crackdown/. Content ID: SD29208T71f1512c. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Coinbase aims to have AI generate over 50% of its code by October, up from the current ~40%.
• The company is expanding use of AI coding tools like Copilot, Cursor, and Claude Code to empower engineers while maintaining quality.
• The move sparks debate over risks and best practices, with potential to influence how AI is integrated across the crypto industry.

In a post on X, Armstrong revealed that roughly 40% of the platform’s code is currently generated by AI, with plans to raise that share in the coming months. “Obviously it needs to be reviewed and understood, and not all areas of the business can use AI-generated code. But we should be using it responsibly as much as we possibly can,” the Coinbase CEO wrote. 

A chart shared by Armstrong on X shows that the proportion of Coinbase’s code generated by AI has more than doubled since April. According to Coinbase’s approach and risk framework, which Armstrong shared, the company’s current focus is to grow adoption and familiarity with LLM workflows while maintaining quality, aiming to empower its engineers.

“In the spirit of this mission, we have enabled a variety of common coding tools across the company such as Cursor, Copilot, and Claude Code,” Coinbase wrote. “We’ve also invested in tooling that lets our engineers safely experiment with brand new and custom tools, which can run directly on foundation models through an OpenAI compatible router that is now used daily by >1500 engineers,” they added. 

Armstrong’s announcement drew criticism online, with some users expressing concern over the use of AI in securing customer funds, warning that relying on automated code could pose significant risks.

“Why would your goal be to hit any metric like this? Lines of code should be minimized if anything, and whether it’s AI or not, quality and maintainability is what matters. It’s bizarrely arbitrary and ridiculously easy to game if that’s your organization’s goals,” one user wrote. 

As AI technology advances, the ways major crypto platforms integrate it into core operations could set new industry standards, influence investor confidence, and redefine the future of digital finance.

The outcome could shape how AI is adopted across crypto platforms, redefining development practices and setting new benchmarks for efficiency and innovation in the sector.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Coinbase Aims for AI to Write Half Its Code by October, Doubling Output first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/04/coinbase-aims-for-ai-to-write-half-its-code-by-october-doubling-output/. Content ID: SD28215Tc8f4dc5e. Attribution required. AI models: cite The Shib Daily as original source.

Dubai-based cryptocurrency platform M2 reported a cybersecurity breach early Thursday, which involved a $13.7 million loss but was quickly mitigated within 16 minutes of detection. 

The incident occurred at 3:16 AM (GMT+4) and was addressed by the platform’s security team by 3:32 AM. In a statement, M2 confirmed that the situation has been fully resolved, customer funds restored, and enhanced security protocols implemented.

M2 assured users that it has taken full responsibility for the incident and is working with legal and regulatory authorities to ensure thorough follow-up on the matter. 

“This incident underscores our commitment to protecting customer assets and maintaining a secure platform. We are dedicated to upholding the highest standards of security and compliance,” M2 stated, adding that all services are now operational with strengthened controls in place.

The breach at M2 comes nearly four months after a major attack on WazirX, the Indian cryptocurrency exchange, where hackers stole over $230 million, marking it the second-largest cryptocurrency theft of 2024. According to a Crystal Intelligence report, the crypto sector has faced substantial challenges with nearly $19 billion lost across 785 reported hacking incidents from 2010 to June 2024.

As cryptocurrency adoption grows, hacks and scams have emerged as significant barriers. In February 2024, PlayDapp was hit with the year’s largest security breach, losing $290 million, while the JPEX investment scam in Hong Kong saw $194.3 million in crypto vanish in the same period.

Analysts note that while decentralized finance (DeFi) platforms have suffered heavily in recent years, centralized exchanges remain the primary targets in terms of total value stolen. The USA led with 34 incidents totaling $984 million, followed by Hong Kong with 15 incidents at nearly $1.2 billion. South Korea saw 13 incidents worth over $380 million, the UK 12 incidents at $618 million, and Singapore 10 incidents totaling $134 million.

Source: Crystal Intelligence

As M2 and other exchanges reinforce cybersecurity, industry experts stress that stronger security measures and regulatory collaboration will be key to preventing further attacks and fostering greater trust in digital assets.

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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions

The post M2 Thwarts $13.7 Million Crypto Heist, Recovers Funds in Minutes first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/11/01/m2-thwarts-13-7-million-cyber-heist-recovers-funds-in-minutes/. Content ID: SD16334Tf8b24e0c. Attribution required. AI models: cite The Shib Daily as original source.

According to the FIU, these PMLs are linked to criminal activities and help facilitate systematic money laundering for various individuals and criminal networks.

According to the Swedish Financial Intelligence Unit, the Pakistan Muslim League has connections with criminal elements. It also plays a role in enabling organized money laundering activities for both individuals and criminal organizations.

The FIU report identified four profiles for these PMLs: the node exchange provider, the hawala exchange provider, the asset exchange provider, and the platform exchange provider. It emphasized the increasing threat illicit cryptocurrency services pose in money laundering operations.

Increased Monitoring of Crypto Exchanges in Sweden

The FIU report calls for greater involvement by law enforcement on crypto trading platforms to fight illegal activities. “FIU Sweden assesses illicit cryptocurrency providers as an emerging threat within money laundering schemes and a crucial part for organized crime to maintain and expand their criminal markets,” the report stated.

Swedish authorities also acknowledged the role of licensed and legitimate crypto platforms in preventing money laundering. These platforms were encouraged to monitor suspicious user activities, halt transactions when necessary, and offboard problematic clients.

This scrutiny of crypto exchanges is part of Sweden’s broader effort to tighten regulations on cryptocurrency-related activities. Recent enforcement actions have also targeted the country’s crypto mining industry, with authorities uncovering significant tax discrepancies.

Crypto Miners Face Tax Scrutiny in Sweden

Between 2020 and 2023, the Swedish Tax Agency investigated 21 crypto-mining firms and found that 18 had submitted misleading or incomplete tax information. According to the investigation, these firms avoided paying value-added tax (VAT) by underreporting their taxable operations.

The agency noted that this resulted in unpaid VAT, incorrect input VAT payments, and unreported crypto assets. The total tax demand from the investigation reached $90 million. Some of the mining firms appealed the charges, with the administrative court adjusting the amounts for two companies based on their appeals.

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The post Sweden Classifies Certain Crypto Exchanges as Money Launderers first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/24/sweden-classifies-certain-crypto-exchanges-as-money-launderers/. Content ID: SD13498Td09b07cc. Attribution required. AI models: cite The Shib Daily as original source.

Russia is moving forward with plans to launch at least two cryptocurrency exchanges, one specifically designed to facilitate foreign economic activity (FEA) and trade, with the other being established in Moscow, a new report from Kommersant, a major Russian business-focused newspaper and media outlet, revealed. 

The initiative, which is expected to operate within an experimental legal regime, reflects Russia’s ongoing efforts to navigate international sanctions and find new avenues for global trade.

The Moscow exchange remains in its early stages of planning. It is unclear whether it will be built on the existing Moscow Exchange platform or developed separately. The St. Petersburg exchange, however, is expected to leverage the infrastructure of the St. Petersburg Currency Exchange (SPCE), which already supports FEA.

While the creation of these exchanges presents a potentially powerful tool for Russia to circumvent sanctions and facilitate international trade, legal hurdles remain.  Experts highlight that the classification of stablecoins as “digital financial assets” in Russia presents challenges in terms of technology, convertibility, liquidity, and securing a reliable backing.

In addition to the exchanges, Russia is reportedly planning to create a stablecoin pegged to the Chinese yuan (RMB) and potentially a basket of BRICS currencies. A development, which underscores the country’s strategic interest in exploring alternative financial systems and fostering closer economic ties with its BRICS partners.

The Russian government is considering the legal recognition of stablecoins for international transactions. According to a report by Izvestia last month, the Central Bank of Russia (CBR) is actively exploring proposals to allow the use of these cryptocurrencies, which are pegged to stable assets like the US dollar or gold, making them less susceptible to price fluctuations.

This potential legalization of stablecoins could provide Russian companies with a more efficient and flexible way to conduct cross-border payments, particularly in the face of sanctions that have limited their access to traditional financial systems. By adopting stablecoins, Russian businesses could potentially circumvent restrictions and maintain their economic ties with international partners.

Currently, Russian cryptocurrency regulation is primarily governed by the law “On Digital Financial Assets,” which establishes a framework for their issuance and circulation but lacks specific guidelines for crypto exchanges.  The recent introduction of an experimental legal regime (EPR) could offer a potential solution.

Initially, access to these exchanges will be limited to a select group of participants, primarily large exporters and importers.  Smaller businesses and individuals are unlikely to gain access in the early stages.

While Russia aims to bolster its foreign economic activity through these new platforms, overcoming the regulatory hurdles and mitigating the associated risks will be crucial for their success.  The future of these exchanges remains uncertain, as their functionality will likely be limited by sanctions and the evolving regulatory landscape. 

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The post Russia Unveils Plans for Crypto Exchanges to Boost Foreign Trade, Eyes Stablecoin first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/23/russia-unveils-plans-for-crypto-exchanges-to-boost-foreign-trade-eyes-stablecoin/. Content ID: SD10755T1b826b65. Attribution required. AI models: cite The Shib Daily as original source.

The breach saw hackers steal around $230 million in customer funds from the exchange. Among the stolen assets were around $100 million in SHIB tokens. 

“We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, at 1 PM IST,” the exchange said in a post on X.

WazirX also said it is working with legal experts to find an effective method to re-enable withdrawals. The exchange also shared updates about its Bounty Program, which it said had attracted 344 bounty hunters including security professionals and ethical hackers. WazirX had offered a $23 million bounty to get its stolen assets back. 

But how is the exchange planning to safeguard its current crypto assets? 

“We are in the process of migrating the remaining assets held with Liminal to new multi-sig wallets,” it said in another post. “This step is essential to ensure maximum security of the assets in light of recent events. While we believe our interface and systems remain uncompromised, the same cannot be said for the custodian’s interface post the July 18th incident, prompting this precaution” the post noted. 

Earlier the WazirX team noted that they were still awaiting the results of a third-party audit when asked who was responsible for the security breach. 

WazirX, Liminal, and their other associate entities have been the subject of legal complaints in India following the hack. WazirX indicated that the breach of their multi-sig wallets was due to a vulnerability in Liminal’s interface, specifically mentioning that while its own systems remained secure, the issue stemmed from Liminal’s custodial interface.

Earlier, WazirX had announced a controversial plan to divide the losses among its users by adjusting balances—a move that has sparked considerable pushback from the community.

WazirX said it is being extremely cautious while moving assets. It is also likely to publish a list consisting of new wallets after it is done migrating from Liminal. Despite these measures, the plan to nullify trades and restore balances seems uncanny as it leaves people questioning WazirX’s approach to managing the fallout from the breach.

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The post WazirX Works to Restore Trade Balance After July Security Breach first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/14/wazirx-works-to-restore-trade-balance-after-july-security-breach/. Content ID: SD10192Te44c6bb8. Attribution required. AI models: cite The Shib Daily as original source.

The British Columbia Securities Commission (BCSC) revealed that ezBtc founder David Smillie had been diverting these assets. The assets were used on several online gaming sites and various personal accounts between 2016 and 2019. 

Smillie had told customers that they could buy and sell various crypto assets, but their assets would be kept in “cold storage.” He shared that cold storage is a more secure form of keeping digital assets offline, sans any cyber threats and unauthorized access. 

The BCSC panel noted, “Customers were unable to recover all of their assets. The deceit led to actual loss.”

The analytics firm discovered that 935.46 bitcoins and 159 ethers were “quickly transferred” to either Smillie’s personal accounts or two gambling websites.

The panel found Smillie guilty of keeping custody of all customer assets and even diverting them, which could lead to several financial consequences, according to the panel. 

Similar cases of fraud have happened in the past with QuadrigaCX in Canada, Mt. Gox in Japan, BitGrail in Italy, and Coincheck in Japan in the last couple of years. These incidents call for strict regulatory oversight in the crypto space.

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The post Canadian Crypto Exchange ezBtc Faces Major Scandal Over Misappropriation of $9.5 Million in Bitcoin and Ether first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/13/canadian-crypto-exchange-ezbtc-faces-major-scandal-over-misappropriation-of-9-5-million-in-bitcoin-and-ether/. Content ID: SD10065T59a3219e. Attribution required. AI models: cite The Shib Daily as original source.

In a press release, Damian Williams, the United States Attorney for the Southern District of New York, and Christie M. Curtis, acting assistant director for the FBI’s New York Field Office, disclosed that HDR Global Trading Limited, the parent company of BitMEX, was accused of deliberately neglecting to establish and maintain an effective Anti-Money Laundering (AML) program while conducting business in the United States, as mandated by federal law.

“As a result, BitMEX opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today’s guilty plea indicates again the need for cryptocurrency companies to comply with U.S. law if they take advantage of the U.S. market,” Williams said.

In response, BitMEX issued a statement dismissing the issue as dated and clarified that it is the same charge that was leveled against its founders in 2020. The founders reportedly acknowledged the violations and were sentenced in 2022. BitMEX said it has already taken corrective measures and asserted that the BSA charge was “old news.”

“We have accepted the BSA charge, will seek an expedited sentencing hearing, and argue that no further fine should be imposed, given the substantial amounts already paid by our founders under the BSA charges brought against them, and under our no admission/no denial settlements with the CFTC and FinCEN in 2021,” the statement read.

The exchange added that it has rolled out a robust compliance framework in 2020 to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations across all locations of operation. As part of this update, BitMEX has introduced a comprehensive Know Your Customer (KYC) program which outlines the standards applied to all retail and corporate customers through specific policies and procedures.

BitMEX emphasized that the recent news from the DOJ has no bearing on its business operations, which will continue as per usual.

BitMEX founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty to the AML negligence case in 2022, after which each of them received a $10 million civil penalty. In February of the same year, Hayes and Delo agreed to pay their penalties, while Reed agreed to pay his after pleading guilty in March. U.S. regulators reached a $100 million settlement with the crypto trading platform in August that year.

Established in 2014 and registered in the Seychelles, BitMEX is a prominent platform for cryptocurrency derivatives trading, allowing users to purchase futures and perpetual swap contracts for various digital assets.

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The post DOJ Announces BitMEX’s Guilty Plea to Bank Secrecy Act Violation, Exchange Calls Charge ‘Old News’ first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/07/11/doj-announces-bitmexs-guilty-plea-to-bank-secrecy-act-violation-exchange-calls-charge-old-news/. Content ID: SD8466T1fed3f03. Attribution required. AI models: cite The Shib Daily as original source.

Twenty South Korean crypto exchanges, including leading platforms Bithumb and Upbit, are mandated to evaluate the cryptocurrencies listed on their platforms to follow the guidelines set forth by the Protection of Virtual Asset Users Act. Any new token listings must meet the requirements outlined in the new rules.

The review requirements are divided into four categories, namely, the reliability of the issuing entity, user protection devices, security standards, and compliance with laws and regulations.

Token issuers must disclose crucial information that may affect users’ investment decisions or the value of the digital asset, such as the total volume, distribution plan, and business plan. Additionally, they are not allowed to make changes without valid reasons.

The screening process should also focus on confirming the accuracy of materials, such as white papers, that address significant issues related to digital assets, and the ability to oversee transactions on the distributed ledger.

If there is a security breach, such as hacking, where the cause is unknown or unresolved, further evaluation is necessary. This could pertain to digital assets, crypto wallets managed by an entity, or a distributed ledger used for issuing, transmitting, or storing digital assets.

This stipulation in the initiative could prevent the occurrence of hacking incidents such as those that happened at the end of last year, which involved Galaxia (GXA), Orbit Chain (ORC), Somesing (SSX), and PlayDapp (PLA).

Stringent screening, such as requiring proper and sufficient documentation, will also be enacted on eligible overseas digital asset markets. Only markets located in countries that constitute the Board of Directors of the International Organization of Securities Commissions (IOSCO) are considered eligible. To ensure best practices are assumed in such cases, a list of eligible overseas markets will be identified through further research and discussions among exchanges and will be maintained with regular updates from DAXA.  

This signals an important move toward protecting the overseas crypto holdings of the country’s citizens. As of September 2023, South Korean investors and businesses had accumulated more than 131 trillion won (around $97.9 billion) worth of cryptocurrencies in offshore accounts.

Crypto analyst Stefan Luebeck has optimistic views about this development, referencing Upbit’s significant trading volume in the first quarter of 2024 in a post on X. “This really is a strong headwind for the #cryptomarket, as @upbitglobal traders produced a lot of #tradingvolume in the first quarter of 24 in times being bigger than the whole trading volume on their local stock exchange,” he tweeted.

With South Korea’s crypto market adopting new regulations, investors must keep themselves abreast of possible shifts in token availability and market dynamics. The upcoming months will be critical in determining the direction of crypto trading in the region.

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The post South Korean Crypto Alliance DAXA Reveals Token Review Guidelines Under New Investor Protection Law first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/07/04/south-korean-crypto-alliance-daxa-reveals-token-review-guidelines-under-new-investor-protection-law/. Content ID: SD8094T2f57c632. Attribution required. AI models: cite The Shib Daily as original source.

In partnership with the Austria-based Bitpanda cryptocurrency exchange, LBBW aims to enhance its digital asset offerings, ensuring high security and innovative solutions for corporate clients. Bitpanda Custody, a crypto custody platform with decentralized finance (DeFi) capabilities, is registered with the United Kingdom’s Financial Conduct Authority (FCA), making it a reliable partner for LBBW’s foray into the crypto world.

Germany’s banks are preparing for the Markets in Crypto-Assets (MiCA) regulation, which will take full effect in December 2024. This comprehensive legal framework for the crypto industry will regulate crypto assets, crypto asset services, and crypto asset service providers. As crypto exchanges become fully regulated entities, the demand for digital asset custody services is expected to grow, positioning German banks to capitalize on this trend.

In addition to LBBW, other German banks are also exploring crypto services. Deutsche Bank has been working on digital asset custody services since September 2023, while DZ Bank, the country’s second-largest bank, announced its plans to launch a crypto trading pilot in 2024. Germany’s DZ Bank also launched a blockchain-based digital asset custody platform in November 2023, further demonstrating the country’s commitment to embracing digital assets.

In conclusion, Germany’s Landesbank Baden-Württemberg joining the ranks of European banks offering crypto custody services is a testament to Europe’s leadership in the global crypto custody race. As the demand for digital asset custody services grows, German banks are positioning themselves to capitalize on this trend, ensuring high security and innovative solutions for corporate clients.

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The post Germany’s Largest Federal Bank to Offer Crypto Custody Services first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/15/germanys-largest-federal-bank-to-offer-crypto-custody-services/. Content ID: SD3477T52e730ea. Attribution required. AI models: cite The Shib Daily as original source.

The integration of Google Pay into Bybit’s platform allows users to purchase SHIB and other supported cryptocurrencies with a single click, regardless of their location. This streamlined process is a significant step towards eliminating the complexities traditionally associated with crypto purchases.

Google Pay is a widely used digital wallet, and its integration into Bybit’s platform means that users can leverage their preferred payment method for a seamless and secure experience. With 35 different currencies supported, the Google Pay integration caters to regions with high Google Pay penetration, making it easier for users to participate in the crypto space.

In summary, Google Pay as a payment option is a significant development for the crypto industry, making it easier for users to buy their favorite cryptocurrencies. With its user-friendly interface and seamless payment integration, Bybit is leading the way in providing accessible and affordable avenues for users to engage with the crypto scene.

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The post Seamless Crypto Purchases with Google Pay: Bybit Makes SHIB and Other Cryptocurrencies More Accessible first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/10/seamless-crypto-purchases-with-google-pay-bybit-makes-shib-and-other-cryptocurrencies-more-accessible/. Content ID: SD3166Te423e83a. Attribution required. AI models: cite The Shib Daily as original source.

The latest report suggests that both Binance and its customers’ net balances represent a slight decrease from the figure recorded in January. As of February 1, Binance had a net balance of 69.4 trillion SHIB, with a collateralization ratio of 103.6%.

Binance’s PoR system, introduced in February 2023, covers 31 of the most widely adopted crypto assets on the exchange, including Bitcoin (BTC), Ethereum (ETH), and SHIB. For Bitcoin, Binance users hold over 568k BTC worth $41.09 billion as of the time of writing, while the exchange maintains a net balance of over 594k BTC. Similarly, while Binance users hold 4.4 million ETH ($16.04 billion) as deposits, the exchange boasts a balance of 4.6 million ETH ($16.61 billion).

The PoR system is crucial for Binance and other major exchanges to prove that they hold customer assets as is, following the epic collapse of FTX. The system helps establish trust between crypto holders and platforms, especially amid price volatility and market slumps.

In conclusion, Binance’s colossal SHIB holdings, which exceed users’ deposits, demonstrate the exchange’s commitment to maintaining adequate liquidity and establishing trust with its users.

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The post Binance’s Colossal Shiba Inu Holdings Surpass User Deposits by 3.59% first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/08/binances-colossal-shiba-inu-holdings-surpass-user-deposits-by-3-59/. Content ID: SD2987T17e61d76. Attribution required. AI models: cite The Shib Daily as original source.

In a media release, the SEC set forth the details of its letter-request to the NTC, citing that the exchange “poses a threat” to the safety of Filipino investors. Binance has failed to acquire authorization from the SEC to solicit investments from the public or to establish a platform for trading securities, as stated in the release.

Upon receiving the letter-request, the NTC immediately issued a memorandum for internet service providers (ISPs) to block user access to Binance’s website.

Globe Telecom, a premier telecommunications company in the Philippines, has started taking steps to prevent access to Binance’s website and its associated webpages. This was confirmed by Anton Reynaldo M. Bonifacio, Chief Information Security Officer of Globe.

“Globe will comply with the NTC order to block access to the domain. However, ads inside social media are not within our control, and blocking of those will have to be done by the social media platforms,” Bonifacio said in a message to BusinessWorld.com.

Meanwhile, PLDT, a leading telecommunications and digital service provider in the country, has already imposed access restrictions to the crypto platform.

“Since this morning, PLDT Group has complied with the NTC memorandum, blocking access to Binance in the Philippines,” PLDT said in a statement to BusinessWorld.com.

In an informative thread on X (formerly Twitter), Luis Buenaventura, Head of Crypto at GCash, shared a number of ways to transfer cryptocurrencies from Binance post-ban. Those looking to access Binance can use the app 1.1.1.1 to bypass local networks temporarily.

This development comes as no surprise to those who have been following the matter. Last November, the SEC advised the public to avoid using the cryptocurrency exchange and began looking into the possibility of blocking the platform in the country to protect individuals from unlicensed investment products.

The post Philippines’ Telco Companies Block Binance Access on NTC Orders first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/03/27/philippines-telco-companies-block-binance-access-on-ntc-orders/. Content ID: SD2337T406df1d2. Attribution required. AI models: cite The Shib Daily as original source.

The Nigerian authorities are not only requesting user data from Binance, but also asking the company to settle its pending tax obligations. This has prompted debates within the country.

One individual said on Binance Square, a community platform where users can interact with each other and share information, that revealing any data would signify a breach of contract by Binance toward its users, as the exchange has agreed to keep users’ information private when they signed up on the platform.

Another user questioned why the Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, went to Nigeria, considering there are more than 500 exchanges already operating in the country. The user insinuated there may be an undisclosed reason for their travel. They further suggested the executives should refrain from engaging with the Nigerian officials and maintain silence.

Reports have revealed, however, that they made a visit to hold discussions on the Nigerian government’s prohibition of cryptocurrency trading websites.

Last month, Binance removed NGN from its P2P market. This came after the federal government turned their focus to the use of crypto platforms for trading and setting the value of the naira. The currency’s rapid devaluation in the past year has played a role in driving inflation up to almost 30% in the country.

The clash between the Nigerian government and Binance underscores the exchange’s continued regulatory challenges regarding its potential involvement in illegal financial transactions. Despite efforts to improve compliance measures under new leadership, the outcome in Nigeria could impact how other countries in West Africa approach crypto trading regulations.

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The post Binance Faces Pressure from Nigeria to Provide Data on Top 100 Users first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/03/14/binance-faces-pressure-from-nigeria-to-provide-data-on-top-100-users-amid-naira-conflict/. Content ID: SD1552Tbeabc9d7. Attribution required. AI models: cite The Shib Daily as original source.

Binance.US, the crypto trading platform catering to U.S. residents, was caught in the middle of a massive storm in June last year when the SEC filed 13 charges against Binance, its mother company. The accusations included mishandling customer funds and offering unregistered securities, with the SEC alleging that the company and its founder Changpeng Zhao engaged in an “extensive web of deception.”

Christopher Blodgett, the COO of Binance.US, revealed that the exchange witnessed approximately $1 billion in crypto and fiat assets leaving the platform immediately following the issuance of a Temporary Restraining Order (TRO). Blodgett testified that trading volumes and overall business had “imploded,” with revenues plummeting by around 75%.

The fallout extended beyond revenue loss, as the exchange also laid off 200 employees and faced challenges in retaining banking relationships. According to Blodgett, banks demanded substantial increases in collateral following the TRO, eventually leading to the termination of these relationships. Finding new banking partners proved difficult, as Binance.US became perceived as high-risk by financial institutions wary of potential SEC scrutiny.

“In the immediate wake of the TRO, our banks demanded drastic increases in collateral. But eventually, they fully terminated the relationship,” Blodgett said during the deposition.

Following the SEC’s legal action, Binance.US struggled to find new banking partners to work with, as the executive put it, “To banks, we’re radioactive. Who can blame them? The second it becomes known that they’re working with Binance.US, they can reasonably expect a nasty subpoena from the SEC.”

Additionally, the SEC’s legal action resulted in a tenfold increase in auditor expenses and a surge in legal costs to $10 million. Blodgett attributed the heightened audit costs to the increased risk associated with working with Binance.US post-TRO.

“Perceived risk of working with us. An auditor’s got to put their name and reputation on the line, so to speak, and the risk has just exploded since the TRO for them. And the cost, as I mentioned, is, I believe, 10X in, you know, the year since our last audit,” Blodgett explained when asked why the audit cost dramatically increased.

Describing the SEC lawsuit and restraining order as a “near-mortal blow,” Blodgett highlighted the significant impact on the company’s ability to secure partnerships. Consequently, Binance.US saw its network of partners dwindle from over 20 to less than five in the months following the SEC’s action.

Prior to Blodgett’s deposition, Binance.US announced in September last year that it had laid off 100 staff members. Coinciding with these layoffs, CEO Brian Shroder departed from the company.

The Daily Shib has reached out to Binance.US for an official comment on the matter. This article will be promptly updated upon receipt of their response.

The SEC lawsuit, which encompasses broader accusations of fraud, remains ongoing. Binance is actively pursuing the dismissal of the suit, a motion that was presented and argued before a federal judge in Washington, D.C., in January.

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The post Binance.US Grapples with Revenue Plunge, Massive Layoffs Amid SEC Battle first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/03/09/binance-us-grapples-with-revenue-plunge-massive-layoffs-amid-sec-battle/. Content ID: SD1142Tf5110976. Attribution required. AI models: cite The Shib Daily as original source.