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<ul class="summary-list"><li>Russia will start cryptocurrency exchange trials on September 1, Bloomberg reported.</li><li>The nation is look for new ways to transact payments amid sanctions.</li></ul>Russia, home to anti-crypto legislation, plans on testing digital assets as a way to break away from Western sanctions, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg</a> reported.Moscow will initiate cryptocurrency exchange trials as soon as September 1, anonymous sources told the outlet. The intention is to ease payment difficulties for Russian exporters, caused by restrictions related to Moscow's war in Ukraine.Sources said the National Payment Card System will be used to swap between rubles and cryptocurrencies in these trials. The network was chosen due to its preexisting functions, such as an interbank settlement and clearing feature, and its full regulation by the central bank.If successful, this experiment could eventually provide Russia with an alternative payment method for cross-border transactions. Payment issues have made it difficult to buy foreign supplies and have left exporters struggling to get reimbursed.This became problematic in June, when the <a target="_blank" class="" href="https://www.businessinsider.com/us-russia-sanctions-war-spending-exports-ukraine-china-banks-treasury-2024-8">new US sanctions</a> started targeting Russia-friendly foreign lenders. Given that global institutions rely on access to the dollar, the threat of secondary sanctions forced many to cut off ties with Moscow.For instance, most Chinese banks have since <a target="_blank" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">halted yuan payments</a> to Russia despite the yuan's prominent role in Russia's current-day economy. Meanwhile, Moscow can't rely on Western currencies such as the dollar, after the country lost access to the <a target="_blank" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">SWIFT international banking system</a>.Moscow's possible embrace of digital currencies is a significant retreat from its usual attitude: Russia has spent years arguing against crypto and has proposed a blanket ban in 2022. Even if crypto is adopted in international payments, its use inside the country <a target="_blank" href="https://www.reuters.com/markets/currencies/russia-weighs-risk-embracing-crypto-international-payments-2024-07-17/">remains restricted</a>.The <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">legal turnaround came on August 8th</a>, when President Vladimir Putin legalized the creation of a cross-border crypto framework. Additionally, he signed into law a bill allowing from crypto mining in the country.Eventually, Russia may permit the Moscow Exchange and St. Petersburg Currency Exchange to creat crypto platforms next year, sources told Bloomberg. As to traditional crypto exchanges, Finance Minister Anton Siluanov acknowledged that this looks less likely:"We haven't found a solution yet on how to do this," he said at a forum on August 14th, quoted by the state-run Tass new agency.

Russia is turning to crypto as sanctions snarl payments, report says

A few firms, including <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword> and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> dealing in cryptocurrency have been asked by the <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) to submit some documents in connection with an ongoing case of the <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange. Earlier, <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword> the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements. People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements. ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned. CoinDCX said in a statement that as per their understanding, "the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end". CoinSwitch also confirmed that they were sent notices by the ED and they were willing to comply. "We receive queries from various government agencies. Our approach has always been one of transparency. <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword> is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/flexibility-is-passe-companies-are-ready-to-re-design-jobs-to-retain-talent/articleshow/92696760.cms">Flexibility is passe, companies are ready to re-design jobs to retain talent</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/specialty-chemical-sector-is-the-new-investor-darling-thanks-to-a-weak-rupee-global-demand/articleshow/92696554.cms">Specialty chemical sector is the new investor darling thanks to a weak rupee &amp; global demand</a>

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

Happy Friday eve, Opening Bell crew. Senior reporter Phil Rosen here. As if the universe knew that I hadn't written a crypto newsletter in some time, here we go: Binance, the world's largest crypto exchange, has been under some scrutiny this week. And the reasoning reminds me of what happened in the lead-up to the collapse of Sam Bankman-Fried's FTX, an event many consider the <a href="https://markets.businessinsider.com/news/currencies/crypto-lehman-brothers-sam-bankman-fried-ftx-cryptocurrency-markets-2008-2022-11">Lehman Brothers of crypto</a>. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w"></a>1. With the initial reaction to FTX largely in the rearview mirror, crypto chatter in 2023 has mostly centered on the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-stocks-china-manufacturing-data-risk-assets-copper-2023-3">volatility</a> seen across various tokens. Bitcoin, the world's most popular token, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-stocks-china-manufacturing-data-risk-assets-copper-2023-3">jumped roughly 40% in January</a>, though it made a measly 1% gain in February. Ether, meanwhile, climbed 31% in January, but also had a muted month following.Yet digital asset happenings have become intriguing once again after Forbes reported this week that Binance used customer funds for its own purposes, <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w">in a similar way that FTX did.</a> The world's largest crypto exchange reportedly <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w">transferred nearly $1.8 billion in stablecoin collateral to hedge funds</a>, the report said. Forbes concluded that over $1 billion of customer assets were left exposed and were not backed one-to-one as the exchange had previously stated. Here's what a spokesperson from the exchange told <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w">Insider</a>: "Binance does not, and has never, invested or otherwise deployed user assets without consent under the terms of specific product. Binance holds all of its clients' assets in segregated accounts which are identified separately from any accounts used to hold assets belonging to Binance."Any move by Binance to shuffle customer money around <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w">isn't exactly illegal</a>, but the risks are apparent in the wake of the FTX disaster, part of which involved the exchange using customer money for making big bets via its affiliated trading arm. Meanwhile, the Financial Times reported Wednesday that Binance's stablecoin, BUSD, suffered <a href="https://markets.businessinsider.com/news/currencies/binance-token-stablecoin-busd-6-billion-outflows-sec-crypto-crackdown-2023-3">$6 billion in outflows in the month of February</a>. It's the world's third largest stablecoin, and it's supposed to be pegged to the US dollar — but <a href="https://markets.businessinsider.com/news/currencies/binance-token-stablecoin-busd-6-billion-outflows-sec-crypto-crackdown-2023-3">that one-to-one ratio is beginning to show signs of crumbling</a>. During a Twitter Spaces talk last month, chief executive Changpeng Zhao <a href="https://markets.businessinsider.com/news/currencies/binance-token-stablecoin-busd-6-billion-outflows-sec-crypto-crackdown-2023-3">downplayed the ties between the exchange and its branded token</a>."BUSD is <a href="https://markets.businessinsider.com/news/currencies/binance-token-stablecoin-busd-6-billion-outflows-sec-crypto-crackdown-2023-3">not issued by Binance,</a>" he said. "We have an agreement to let [Paxos] use our brand, but that's not something that we created."All this comes after another report said Binance had <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-customer-funds-compares-ftx-crisis-report-crisis-2023-2?_gl=1*1htbe8e*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzY5MjY3OC42MzAuMS4xNjc3Njk1OTc0LjAuMC4w">secret access to a bank account</a> belonging to its ostensibly independent US partner. That account, Reuters reported, was used to send $400 million to a trading firm managed by Zhao.How confident are you in the cryptocurrency market and digital asset sector? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. In other news:<a href="https://markets.businessinsider.com/news/stocks/artificial-intelligence-ai-chatgpt-iphone-moment-bank-america-bofa-markets-2023-3"></a><div type="image" title="traders nyse" height="1347" width="2695" msid="98365151" hostid="261" sizebytes="217206"></div>2. US stock futures fall early Thursday and government bonds sell off, suggesting investors are bracing for a longer period of higher interest rates. Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-elon-musk-investor-day-new-models-underwhelms-2023-3">Tesla shares slide</a> after Elon Musk falls short on detail at the much-anticipated investor day. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves</a>.3. Earnings on deck: Broadcom, Costco, and Toronto-Dominion Bank, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. The chief investment strategist at a $540 billion firm thinks the stock market could have already bottomed for the year. Even as many experts are screaming "sell" over recent weeks, Wes Crill believes there's reason for optimism. <a href="https://www.businessinsider.com/stock-market-bottom-forecast-value-investing-strategy-dimensional-fund-advisors-2023-3">Here's what he's most bullish on for 2023 and beyond.</a>5. Russia's ruble has crashed 20% as wartime costs pile up and energy revenues decline. The currency has been trading at roughly 75 rubles per dollar, the lowest mark in 10 months. <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-ruble-crash-russia-energy-revenue-ukraine-war-costs-2023-3">In an effort to close budget deficits, Moscow has been selling its reserves of Chinese yuan.</a>6. Mortgage loan applications just hit their lowest level in 28 years. Data from the Mortgage Bankers Association released Wednesday showed <a href="https://markets.businessinsider.com/news/stocks/us-housing-crash-mortgage-applications-fall-interest-rates-fed-inflation-2023-3">housing demand is still getting beat down</a> by higher rate expectations. <a href="https://markets.businessinsider.com/news/stocks/us-housing-slump-interest-rates-inflation-2008-crash-redfin-zillow-2023-2">Zillow and Redfin analysts told Insider they expect the US housing slump to deepen as the year progresses.</a>7. Artificial intelligence is on the brink of an "iPhone moment." Bank of America strategists see nascent technology adding trillions of dollars to the global economy. Given AI's commercial potential and ability to democratize data, <a href="https://markets.businessinsider.com/news/stocks/artificial-intelligence-ai-chatgpt-iphone-moment-bank-america-bofa-markets-2023-3">they predict it will "revolutionize everything."</a>8. Navigating this year's stock market is going to be tricky. But this CIO of a top wealth-management firm shared six tips for investors looking to come out on top. <a href="https://www.businessinsider.com/top-tips-investing-2023-stock-market-high-net-worth-investors-2023-3">Here's what you want to know.</a>9. Five market-beating fund managers gave their takes on how to take advantage of a comeback rally for foreign stocks. International stocks have outperformed in the last five months — <a href="https://www.businessinsider.com/international-stocks-what-to-buy-rally-outlook-how-invest-strategy-2023-3">and these are the smartest ways to profit from a long-term rally for once-forgotten names.</a><a href="https://markets.businessinsider.com/news/stocks/novavax-stock-price-loses-business-after-q4-earnings-miss-estimates-2023-3"></a><div type="image" title="Novavax stock price on March 2, 2023" height="1230" width="1338" msid="98365152" hostid="261" sizebytes="37418"></div>10. Novavax stock plunged after the COVID-19 vaccine maker said it had "substantial doubt" about its ability to stay in business. There's uncertainty over its revenue moving forward, and the biotech firm saw fourth-quarter losses twice as deep as expected. <a href="https://markets.businessinsider.com/news/stocks/novavax-stock-price-loses-business-after-q4-earnings-miss-estimates-2023-3">Get the full details. </a>Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

FTX might not have been the only crypto exchange using customer money for other things

<ul class="summary-list"><li>Two brothers were arrested and charged with pulling off a $25 million crypto heist in seconds.</li><li>The DOJ said the Peraire-Bueno brothers tampered with the ethereum blockchain and funneled money to private accounts. </li></ul>Two brothers were arrested and charged with a major crypto heist, the Department of Justice said on Wednesday. The pair stole around $25 million worth of crypto in a heist that took about 12 seconds.Anton Peraire-Bueno, a 24-year-old based in Boston, and James Peraire-Bueno, a 28-year-old based in New York, now face numerous charges, including wire fraud and conspiracy to commit money laundering, the Department said in a <a href="https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency" target="_blank" rel="noopener">statement on Wednesday.</a>The brothers, who had studied mathematics in university and had extensive knowledge of cryptocurrency, allegedly stole crypto funds from other users by tampering with transactions on the ethereum blockchain, using a process believed to be "the very first of its kind," prosecutors said.The stolen funds were funneled into a mix of shell companies, private crypto addresses, and foreign crypto exchanges, which New York IRS officials were able to trace."As we allege, the defendants' scheme calls the very integrity of the blockchain into question," Damian Williams, the Southern District of New York's US Attorney, said in a statement. "And once they put their plan into action, their heist only took 12 seconds to complete. This alleged scheme was novel and has never before been charged. But as the indictment makes clear, no matter how sophisticated the fraud or how new the techniques used to accomplish it, the career prosecutors of this office will be relentless in pursuing people who attack the integrity of all financial systems."The Peraire-Bueno brothers were arrested on Tuesday and are set to appear in two separate courts Wednesday afternoon. They face up to 20 years in prison for each count they've convicted on, the Justice Department said.

2 brothers were just charged by the Justice Department over a $25 million crypto heist that took 12 seconds

<ul class="summary-list"><li><keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> Chair Gary Gensler said while most cryptocurrencies are securities, some are more like "digital gold".</li><li>The SEC will talk to the CFTC about joint <keyword id="11929846" type="UNKNOWN" weightage="60" keywordseo="regulation" source="Orion">regulation</keyword> of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchanges, he said on Monday.</li></ul>Most cryptocurrencies are essentially securities, but some, by nature are more like gold and, as such it should be up to the two largest US regulators to join forces to decide how oversight of the exchanges where they trade should work, the head of the Securities and Exchange Commission said on Monday."Crypto platforms currently list both crypto commodity tokens and crypto security tokens, including crypto tokens that are investment contracts and/or notes. Currently, the venues that the SEC oversees solely trade securities," SEC Chair Gary Gensler <a href="https://www.sec.gov/news/speech/gensler-remarks-crypto-markets-040422">said,</a> speaking at the University of Pennsylvania.Gensler also said the rise of most crypto tokens has involved entrepreneurs raising money from the public, with the expectation of profits, which can be considered an investment contract, or security under US law. "Some, probably only a few, are like digital gold; they may not be securities. Even fewer, if any, are actually operating like money."Gensler went on to say that he has asked his staff to consider how best to register and regulate platforms where trading of both securities and non-securities is intertwined. The SEC has jurisdiction over assets such as stocks, while the Commodity Futures Trading Commission regulates the US derivatives, which covers futures and options in fixed income, foreign exchange, commodities and cryptocurrencies."In particular, I've asked staff to work with the CFTC on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens, using our respective authorities," Gensler added.Some exchanges, such as Sam Bankman-Fried's FTX, have pushed for the CFTC to take on a bigger role in regulating cryptocurrencies. While giving <a href="https://www.agriculture.senate.gov/hearings/examining-digital-assets-risks-regulation-and-innovation">testimony to the US Senate</a> in February Bankman-Fried outlined the work his company has done with the regulator around derivative offerings in the US and the role they play in regulating the cryptocurrency industry.Indeed, last November<a href="https://markets.businessinsider.com/news/currencies/ftxus-former-cftc-commissioner-mark-wetjen-crypto-compliance-regulation-derivatives-2021-11"> FTX.US brought on board a former CFTC commissioner</a> to oversee communications with the regulator as the company looked to work with regulators. Furthermore, during the same February hearing the head of the CFTC, Rostin Behnam, told the US Senate that his organization stood ready to address the challenges facing the cryptocurrency industry in the US."The CFTC is well situated to play an increasingly central role in overseeing the cash digital asset commodity market," Behnam <a href="https://www.cftc.gov/PressRoom/SpeechesTestimony/opabehnam20">said</a>Behnam went on to note that while the CFTC's core responsibilities are around regulating the commodity derivatives market, several elements of the cryptocurrency industry suggest it would benefit from CFTC oversight.Gensler said that ultimately, crypto exchanges needed to be regulated as stringently as traditional exchanges. "These crypto platforms play roles similar to those of traditional regulated exchanges. Thus, investors should be protected in the same way," he said, before adding that exchanges "have millions and sometimes tens of millions of retail customers directly buying and selling on the platform without going through a broker."Read more: <a href="https://www.businessinsider.com/investing-outlook-inflation-what-stocks-should-i-buy-fed-blackrock-2022-4" target="_blank" rel="noopener noreferrer">BlackRock warns a global energy crisis and runaway inflation risks will force the Fed to 'slam the brakes' on the US economy — and the firm reveals which stocks can thrive amid the turmoil</a>

Gary Gensler says most cryptos are securities, but some are more like gold — so the SEC and the CFTC should team up to regulate exchanges

<ul class="summary-list"><li>Crypto exchange Kraken will pay $362,000 to settle allegations it violated US sanctions againts Iran. </li><li>The Treasury said Kraken processed transactions valued at $1.68 million on behalf of users who appeared to have been located in Iran.</li></ul>Cryptocurrency exchange Kraken has agreed to pay a fine of more than $360,000 to settle allegations that it violated US sanctions against Iran, the Treasury Department said Monday. <a href="https://home.treasury.gov/system/files/126/20221128_kraken.pdf">Treasury's Office of Foreign Assets Control said</a> while Kraken maintained an anti-money laundering and sanctions compliance program, the third-largest crypto exchange by volume processed 826 transactions valued at $1.68 million on behalf of users who appeared to have been located in Iran between October 2015 and June 2019. The US government prohibits the exportation of services and goods to Iran under sanctions imposed on that country in 1979. "Due to Kraken's failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken's platform," OFAC said. The agency said the company will pay $362,158.70 to settle a potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations and will also invest an additional $100,000 in certain sanctions compliance controls. "The settlement amount reflects OFAC's determination that Kraken's apparent violations were non-egregious and voluntarily self-disclosed," the agency said. Kraken has since implemented automated blocking for IP addresses linked to sanctioned jurisdictions and has implemented "multiple" blockchain analytics tools to assist with sanctions monitoring, OFAC said.

Crypto exchange Kraken will pay more than $360,000 to settle allegations it violated US sanctions by serving users in Iran

<ul class="summary-list"><li><keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> will discontinue <keyword id="11996484" type="UNKNOWN" weightage="60" keywordseo="chinese-yuan" source="Orion">Chinese yuan</keyword> trading on December 31, it said on Wednesday.</li><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange said it would run checks to ensure users in <keyword id="12305410" type="UNKNOWN" weightage="60" keywordseo="mainland-china" source="Orion">mainland China</keyword> can only make withdrawals.</li><li>Binance says it has been blocked in <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> since 2017, and doesn't engage in local exchange business.</li></ul>Binance will end the use of the <a href="https://markets.businessinsider.com/currencies/cny-usd">Chinese yuan</a> on its peer-to-peer platform, in the crypto exchange's latest move to cooperate with regulators in China.The company, which is one of the world's largest exchanges, is set to discontinue support for the Chinese currency on December 31 this year, it <a href="https://www.binance.com/zh-CN/support/announcement/d9ac62b1987e4fe7aa15b71a5cd37022">said in a statement</a> Wednesday.Binance added that people in mainland China will be allowed to only make withdrawals, redeem, or close positions."At the same time, Binance will conduct an inventory of platform users," the crypto exchange said. "If the platform finds users in mainland China, their corresponding accounts will be switched to the 'withdrawal only' mode."Relevant users will be notified of the restriction to withdrawals via email seven days before the transition.In late September, Chinese authorities <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">declared all crypto-related transactions illegal</a> and banned foreign exchanges from providing services to the country's residents. Almost immediately, Binance said it would <a href="https://markets.businessinsider.com/news/currencies/china-crypto-ban-binance-huobi-cut-ties-mainland-users-reactions-2021-9">no longer accept registrations</a> linked to Chinese mobile phone numbers.Chinese crypto exchange Huobi said too it would stop new user registrations by mainland customers, and retire existing accounts by the end of this year. Two other Asia-focused <keyword id="6422582" type="UNKNOWN" weightage="60" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword>, Matrixport and Mexc, are also following by <a href="https://technode.com/2021/10/12/more-crypto-exchanges-cut-china-ties-baidu-registers-blockchain-platform-du-yuzhou-blockheads/">cutting off existing users</a>.Beijing's recent hostile stance against towards crypto didn't come as a surprise, after authorities imposed their first related "ban" in 2013.Since then, China has been attempting to choke off the digital asset sector via <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">various restrictions that target a range of market segments</a>. In 2017, local crypto exchanges were ordered to end operations.A Binance spokesperson told Insider that the crypto exchange has been blocked in China since 2017 and local users haven't been able to access its website."Binance does not currently hold exchange operations in China," the spokesperson said, and added that the company takes its compliance obligations "very seriously."News of crypto-related bans from China has not impacted the adoption rate of cryptocurrencies, according to Freddie Williams, a sales trader at UK-based digital asset broker GlobalBlock."It has not prevented adoption of <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and digital assets from continuing their upward trend," Williams said.Read More: <a href="https://www.businessinsider.com/altcoin-to-buy-tremendous-demand-crypto-hedge-fund-trading-strategies-2021-10" target="_blank" rel="noopener noreferrer">The founders of a $130 million crypto hedge fund break down their 5 trading strategies - and share an undervalued altcoin with incredible upside due to the 'tremendous demand' for it</a>

Binance to halt Chinese yuan-crypto trading and restrict mainland China customers to withdrawals only

<ul class="summary-list"><li>The <keyword id="11916730" type="UNKNOWN" weightage="60" keywordseo="cftc" source="Orion">CFTC</keyword> ordered <keyword id="11940401" type="UNKNOWN" weightage="60" keywordseo="kraken" source="Orion">Kraken</keyword> to pay $1.25 million for facilitating margined retail commodity transactions in digital assets.</li><li>The order also said the company failed to register as a futures commission merchant (FCM).</li><li id="recirc">CFTC said Kraken offered this service to customers who were not eligible between June 2020 to July 2021.</li></ul>The Commodity Futures Trading Commission (CFTC) on <a href="https://www.cftc.gov/PressRoom/PressReleases/8433-21">Tuesday</a> ordered <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange Kraken to pay $1.25 million in fines for offering some products illegally.The commodities and foreign exchange regulator said Kraken had been fined for facilitating margined retail commodity transactions in digital assets including <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> to customers who were not eligible between June 2020 to July 2021. The order also said the company failed to register as a futures commission merchant (FCM). Kraken is one of the biggest cryptocurrency exchanges in the world. Exchanges have been penalized in the past for offering products that did not comply with existing regulations, for example. "We appreciate that today's settlement acknowledges our cooperation and engagement on the issue. We are committed to working with regulators to try to ensure the rules governing digital assets create a level playing field globally -- one that allows the crypto space in the U.S. to flourish, while protecting the interests of individuals and the integrity of the industry," Kraken said in an emailed statement to Insider."As a firm committed to reasonable regulation, we engaged with the CFTC about its proposed margin trading guidance and sought clarity about what the guidance would permit. In June of this year, we started limiting our margin products in the US to eligible clients prior to entering into this settlement with the CFTC," the company said."This action is part of the CFTC's broader effort to protect US customers," Vincent McGonagle, acting director of enforcement, said in the CFTC order. "Margined, leveraged or financed digital asset trading offered to retail US customers must occur on properly registered and regulated exchanges in accordance with all applicable laws and regulations," McGonagle said. The CFTC regulates the US derivatives market, with commodities, foreign exchange, fixed income and some <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword> also falling under its remit. The regulator cited a case in which a customer purchased a digital asset using borrowed funds from the exchange, which then supplied the digital asset or currency to the seller, known as margin trading.The CFTC said Kraken asked its customers to exit their positions and return the funds they received on margin within 28 days or face being unable to transfer them. In the absence of repayment, Kraken would request that position be liquidated, or liquidate forcibly, if the value of the collateral dipped below a certain threshold, which is common practice across exchanges. "As a result, actual delivery of the purchased assets failed to occur. These transactions were unlawful because they were required to take place on a designated contract market and did not," the order said.

CFTC fines crypto exchange Kraken $1.25 million for offering some products illegally

<ul class="summary-list"><li><keyword id="11955503" type="UNKNOWN" weightage="60" keywordseo="etoro" source="Orion">eToro</keyword> is postponing its plans to go public to the fourth quarter, citing regulatory delays.</li><li>The company first announced its plans to list in March through a $10.4 billion merger with Betsy Cohen's FinTech V <keyword id="11908250" type="UNKNOWN" weightage="60" keywordseo="spac" source="Orion">SPAC</keyword>.</li><li>The Robinhood rival has been looking to expand in the US, a region that accounts for only 12% of its users.</li></ul>Online trading platform eToro is postponing its plans to go public via blank check merger to the fourth quarter - slightly later than its initial plans to debut during the third - citing regulatory delays.The platform told Insider via email that it has already filed its F-4 publicly and is in the final stages of comments from the US <keyword id="11898794" type="UNKNOWN" weightage="60" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword>. F-4 is a type of SEC filing that mandates foreign issuers to register certain securities.Once approved, SPAC shareholders need to vote on the transaction, which takes 20 days, and then a few more days to finalize, eToro said."Given this timeline and where we are today, we wanted to be transparent with the market that a Q3 closing was no longer possible," eToro told Insider. "We have been working closely with the SEC since before we publicly announced the transaction and continue to do so."<a href="https://www.fnlondon.com/articles/digital-broker-etoro-delays-10-4bn-spac-listing-until-end-of-the-year-20210921">Financial News</a> was first to report.The company first <a href="https://markets.businessinsider.com/news/stocks/fintech-acquisition-corp-v-spac-etoro-trading-platform-report-2021-3">announced its plans to list in March</a> through a $10.4 billion merger with Betsy Cohen's FinTech V <a href="https://www.businessinsider.com/what-is-a-spac?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">SPAC</a>.The brokerage, which competes with apps like Robinhood, has been looking to expand in the US, a region that accounts for only 12% of its users. As of the <a href="https://markets.businessinsider.com/news/currencies/etoro-ceo-cryptocurrency-coins-exchange-yoni-assia-2021-8">second quarter of 2021</a>, most of eToro's customers are in Europe, comprising 68%, followed by the Asia Pacific region at 15%."We are committed to expanding our <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> offering," Yoni Assia, eToro CEO and cofounder, told <a href="https://markets.businessinsider.com/news/currencies/etoro-ceo-cryptocurrency-coins-exchange-yoni-assia-2021-8">Insider in August</a>. "We're very excited about the outsized growth that we're seeing in America."In the second quarter of 2021, crypto assets drove 73% of eToro's total trading commissions compared with 7% in the same period last year. SPACs, shell companies that list with the aim of merging with private companies and taking them public, have exploded in popularity, and year-to-date SPAC issuance has far outpaced full year 2020 totals.

eToro postpones plans to go public via SPAC to the 4th quarter, citing regulatory delay

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>'s deputy prime minister called on <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchanges to block all Russian addresses on Sunday.</li></ul><ul class="summary-list"><li>It's time to "sabotage ordinary users," he said, after Western allies imposed new sanctions on some Russian banks.</li></ul>Ukraine's vice prime minister has called on crypto exchanges to block the accounts of Russian customers as the <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2">Russia-Ukraine crisis</a> escalated over the weekend. "I'm asking all major crypto exchanges to block addresses of Russian users," Mykhailo Fedorov said on <a href="https://twitter.com/FedorovMykhailo/status/1497922588491792386?s=20&amp;t=-WURfVy9O3JyuLzN8P8WZg">Twitter</a> on Sunday."It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users," he added.On Saturday, Western powers moved to isolate <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> from the global financial system, by <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">removing some of its banks from the SWIFT banking system</a>. They also put restrictive measures on the Russian central bank's $630 billion in international reserves — paralyzing its assets, according to EC President Ursula von der Leyen.Russians <a href="https://www.businessinsider.com/ruble-hits-record-low-russians-rush-withdraw-us-dollars-atms-2022-2">rushed to withdraw foreign currencies</a> from bank ATMs as the ruble sank nearly 30% against the dollar. With access to those currencies limited, <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-crypto-ftx-ukraine-russia-cash-war-donations-2022-2">decentralized and unregulated crypto transactions become potentially more attractive</a>, analysts say. But some crypto exchanges pushed back against the Ukrainian minister's call, as proponents of digital currencies <a href="https://twitter.com/davidgokhshtein/status/1498024541519495175">reacted negatively</a>."I understand the rationale for this request but, despite my deep respect for the Ukrainian people, Kraken cannot freeze the accounts of our Russian clients without a legal requirement to do so," Kraken CEO Jesse Powell <a href="https://twitter.com/jespow/status/1498112741684363265">said on Twitter</a> early Monday."Russians should be aware that such a requirement could be imminent," he added.In his six-part Twitter thread, Powell pointed out the requirement for Russians could be imposed by their own government — as seen in Canadian authorities' response to crypto fundraising for the trucker blockade — or by foreign states like the US, to turn Russians against their leaders. "Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, step 1 would be to freeze all US accounts," the crypto exchange founder said. "As a practical matter, that's not really a viable business option for us."Crypto exchange Binance also rejected the suggested move, telling Bloomberg that it wouldn't unilaterally freeze the accounts of millions of innocent users as this would fly in the face of <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>'s principles. While Binance refused to this request it has committed to donating at least <a href="https://markets.businessinsider.com/news/stocks/binance-to-donate-us-10-million-to-ukraine-humanitarian-effort-1031235545">$10 million</a> to support Ukraine during the invasion, and created a crypto-first crowdfunding site to provide aid to Ukraine. <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2" target="_blank" rel="noopener noreferrer">Insider's live blog of the invasion</a> is covering developments as they happen.Read more: <a href="https://www.businessinsider.com/russia-ukraine-invasion-stock-market-analysis-crypto-investing-strategy-outlook-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">What does Russia invading Ukraine mean for markets? 13 investing experts share their outlook on the Fed's likely response, short- and long-term trades, and whether bitcoin can ever become a 'safe-haven' asset</a>

You Searched For "foreign crypto exchange" and got 10 results

Russia is turning to crypto as sanctions snarl payments, report says

Filip De Mott

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

IANS

FTX might not have been the only crypto exchange using customer money for other things

Phil Rosen

2 brothers were just charged by the Justice Department over a $25 million crypto heist that took 12 seconds

Jennifer Sor

Gary Gensler says most cryptos are securities, but some are more like gold — so the SEC and the CFTC should team up to regulate exchanges

Adam Morgan McCarthy

Crypto exchange Kraken will pay more than $360,000 to settle allegations it violated US sanctions by serving users in Iran

Carla Mozée

Binance to halt Chinese yuan-crypto trading and restrict mainland China customers to withdrawals only

Shalini Nagarajan

CFTC fines crypto exchange Kraken $1.25 million for offering some products illegally

Camomile Shumba

eToro postpones plans to go public via SPAC to the 4th quarter, citing regulatory delay

Isabelle Lee

Ukraine calls on crypto exchanges to block Russian addresses, saying it's 'time to sabotage ordinary users'

Adam Morgan McCarthy

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