Cryptocurrency has been one of the most talked-about investment instruments for millennials and Gen Z. During the last five years, digital tokens have multiplied the investor’s wealth. Lately, these tokens have been under tremendous selling pressure owing to unstable macro indicators. It is also attributed to a stricter regulatory stance by the Reserve Bank of…
Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, said he and his company still have a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry, but that the worst of the liquidity crunch has likely passed. Bankman-Fried, 30, who is from California but lives…
A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources,…
Top cryptocurrency broker Voyager Digital on Wednesday filed for bankruptcy in the US, after top crypto hedge fund Three Arrows Capital (3AC) did the same last week, in which Voyager has made significant investments which the company is yet to get back. It had significant investments in Singapore-based hedge fund 3AC, which failed to make…
Cryptocurrency lender Nexo plans to buy fellow lender Vauld, it said on Tuesday, the latest sign of consolidation in the digital currency industry as prices tumble. Nexo, which is based in London, said it would buy up to 100% of Vauld and “reorganize its future operations with the aim to accelerate its deeper presence in…
The Singapore government is planning to introduce additional tough measures to safeguard consumers from the crypto meltdown, including restrictions on retail trading. Tharman Shanmugaratnam, Senior Minister and Minister in Charge of the Monetary Authority of Singapore (MAS), said that the recent market conditions clearly demonstrate the risks with prices of several cryptocurrencies dipping significantly, reports…
Crypto-based fintech companies continue to live in an uncertain regulatory environment even as they are pushing ahead with self-regulation and embracing the “know your customer” (KYC) framework. In a conversation with Pranjal Sharma, the co-founder and chief executive officer of CoinSwitch, ASHISH SINGHAL, says that crypto is an integral part of Web 3.0 and India…
Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. On the other hand, the Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021….
Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges — ZebPay, WazirX and CoinDCX — suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became…
Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing “extreme market conditions”. According to Israeli media outlet Calcalist, it has now sacked around 150 of its employees. “We are focused…
