The biggest Chinese exchange Huobi brings margin trading and interest-bearing accounts with its new internationally focused platform BitVC and Yubibao brand.
With over 60% of the $301 million in liquidations coming from long positions, many traders were caught on the wrong side of a sudden market reversal, leading to significant losses across multiple exchanges.
Apart from safeguarding user funds, the legislation mandates that exchanges implement real-time monitoring systems to detect and report any suspicious trading activities that could be illegal.
The current wave of liquidations has sent shockwaves through the entire crypto community, with many traders reassessing their risk management strategies.
The SFC removed HBGL from the list of license applicants on its official website on May 14, following the withdrawal of the application.
Amidst the recent market downturn, which resulted in over $130 million being liquidated, the crypto market’s current market capitalization is approximately $2.26 trillion.
While KuCoin has already paid a fine of $41K and resumed operations in India, Binance is yet to complete compliance proceedings.
Apart from Malta, OKX has encountered regulatory troubles in other countries. The exchange is facing regulatory hurdles in India and has asked users to stop trading margins, perpetuals, and futures options.
Hong Kong’s crypto licensing regime began in June 2023 to set the tone for the way exchanges would offer retail trading services.
The emergence of OnlyFake poses significant concerns for the crypto ecosystem, particularly in combating fraudulent activities.
The affected cryptocurrency exchanges have responded cautiously, stating their commitment to comply with local laws while minimizing disruptions to their services.
Huobi Korea has given its customers until January 29, 2024 to withdraw their funds from the exchange but promised the process will continue until full withdrawal of funds.
Bitcoin and Ethereum have reactred with a price fall to the newly published Matrixport report on possible spot Bitcoin ETF approval.
It was a controversial year for the crypto indutrsy. Let’s have a closer look at the major crypto-related events that too place in 2023.
Presently, India is working on a crypto regulatory framework that is scheduled to take effect in 2024. The framework is based on a joint recommendation of both the International Monetary Fund and the Financial Stability Board.
What has surprised many observers closely monitoring these illicit activities is the recurring association of these hacks with platforms connected to Justin Sun.