Category: N-Economy
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Court Refuses to Drop Money Laundering Charge Against UBS, $5.8 Billion Fine Looms
A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $5.8 billion. Its executives could…
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South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium
The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb. Also read: 160 Crypto Exchanges Seek to Enter…
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Japanese Exchange Takeover: Zaif Transfers All Crypto Services to Fisco
Japanese crypto exchange Zaif has concluded a business transfer agreement with another regulated crypto exchange in Japan. Fisco Cryptocurrency Exchange will take over all of Zaif’s services and will be responsible for repaying users who lost their coins when Zaif was hacked last month. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals…
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Largest South Korean Exchange Launches Crypto Market Indices
The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.…
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FSB: Crypto-Assets Not a Threat to Global Financial Order
Cryptocurrencies do not pose a threat to global financial stability, but the diverse range of national regulatory regimes throughout the world continues to complicate efforts to establish an international legislative framework overseeing their use, the Financial Stability Board says in a new report. Also Read: Billion-Dollar Startups Flourishing in Switzerland’s ‘Crypto Valley’ Report Advocates ‘Vigilant Monitoring’ In a…
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Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin
In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019. Also Read: A Bitcoin Rat Is Occupying Wall Street…
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Major Indian Exchange Unocoin Launching Crypto ATMs
A major cryptocurrency exchange in India, Unocoin, has confirmed that it is launching crypto ATMs. While a formal announcement has not been made, an image of one of the exchange’s ATMs spreading on social media suggests that the machines support at least five cryptocurrencies. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Unocoin’s Crypto…
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Billion-Dollar Startups Flourishing in Switzerland’s ‘Crypto Valley’
The top 50 cryptocurrency and blockchain-related companies in Switzerland’s version of Silicon Valley are now worth $44 billion combined, underscoring the steady growth of the Swiss crypto industry. Altogether, cryptocurrency firms employ about 3,000 people throughout the small country. Included among the top 50 are five “unicorns,” or startups with a market valuation of more…
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Quadrigacx Battles Bank Over $21.6M in Frozen Funds
Cryptocurrency exchange Quadrigacx has blamed an ongoing legal dispute over $21.6 million worth of funds that were frozen by the Canadian Imperial Bank of Commerce (CIBC) in January for delays experienced by some of its customers when requesting fiat currency withdrawals. Also Read: Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency Quadrigacx Blames Court Dispute With…
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Exchanges Roundup: Glen Oaks Escrow Supports Crypto, Binance to Delist 4 Altcoins
In recent news pertaining to cryptocurrency exchanges, Glen Oaks Escrow has announced that it has partnered with Bitpay to support cryptocurrency payments and Binance has revealed that it will delist bytecoin, chatcoin, iconomi and triggers next month. Etoro, meanwhile, has announced a “significant cut” in the spreads on cryptocurrency markets on its platform. Also Read: Korean…