Bitcoin climbed to shy of $40,000 on Monday, after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold Bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion…
China’s crackdown on cryptocurrencies has spread to the country’s southwest with a campaign against misuse of electricity by bitcoin miners in Yunnan province, local media reported on Saturday. In addition to concerns about the huge amounts of energy needed for the computing power to create cryptocurrencies, the central government is also concerned about speculation after…
The Enforcement Directorate (ED), in line with its current focus on crypto exchanges and money laundering, on Friday issued show-cause notice to WazirX and its directors Nischal Shetty and Sameer Hanuman Mhatre for allegedly violating foreign exchange laws involving crypto transactions of Rs 2,790 crore. “The agency has found evidence of non-compliance with forex rules…
The Enforcement Directorate on Friday said it has issued a show cause notice to the country’s largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic…
Mumbai-based Indian cryptocurrency exchange WazirX, on Friday, said it hadn’t received a show-cause notice from the Enforcement Directorate. “WazirX is yet to receive any show-cause notice from the Enforcement Directorate as mentioned in today’s media reports. WazirX is in compliance with all applicable laws,” the company tweeted. A couple of hours before, ED had tweeted…
China arrested over 1,100 people in a sweeping crackdown on the use of cryptocurrencies for money laundering, adding to signs it’s further reining in crypto-linked activities. Police busted more than 170 criminal groups that used cryptocurrencies to launder money in telecom scams to avoid being tracked down, the Ministry of Public Security said in a…
Bitcoin’s recent bounce has yet to dispel doubts about its vulnerability. The cryptocurrency has jumped 10% over two days and was trading at $36,993 as of 9 a.m. in London on Thursday. While the momentum may cheer bulls, a JPMorgan Chase & Co. team said backwardation in the futures market — where the spot price…
Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young…
Bitcoin slumped to a two-week low, with some analysts pointing to the recovery of Colonial Pipeline’s ransom as evidence that crypto isn’t beyond government control. The largest token tumbled as much as 12.05 per cent to $31,623.98 (8.40 pm IST) in New York trading. The wider Bloomberg Galaxy Crypto Index fell as much as 12…
The returns from Bitcoin this year are sliding below traditional assets as cryptocurrencies struggle to claw back ground lost in a rout in May. The largest token tumbled almost 6% at one point in Asian trading Tuesday and was at a two-week low of about $33,000 as of 1:07 p.m. in Hong Kong. The wider…
