KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal”

Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was however quick to dismiss the unvetted rumors before they picked up steam. Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds. WITHDRAW FROM KUCOIN RIGHT NOW Not a drill no time…

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Bitpanda announces layoffs citing no compromise on product quality

Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it aims to “get out of it financially healthy” amid an unforgiving bear market. Over the past several weeks, the bear market resulted in numerous catastrophic outcomes for many ecosystems such as Terra’s (LUNA) and Abracadabra’s Magic Internet Money (MIM) de-pegging fiasco. Witnessing the crashes from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people. While the exact number of employees intimated…

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Uphold withdraws with Venezuela, citing US sanctions

Crypto trading platform Uphold said it will be withdrawing support for users in Venezuela due to sanctions imposed by the United States government. In a Thursday announcement, Uphold said “owing to the increasing complexity of complying with U.S. sanctions” the platform would “very reluctantly” be moving out of Venezuela. The platform advised users to withdraw their funds as soon as possible, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” starting on Sept. 30. “As a U.S. financial institution, Uphold has to comply…

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Bancor pauses impairment loss protection citing ‘hostile’ market conditions

Bancor, a decentralized finance (DeFi) protocol often credited as the pioneer of the DeFi space, paused its impairment loss protection (ILP) function on Sunday, citing “hostile” market conditions. In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. The blog post read: “The temporary measure to pause IL protection should give the protocol some room to breathe and recover. While we wait for markets to stabilize, we are working to get IL protection reactivated as soon as…

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President Of Panama Suspends Crypto Bill Citing FATF Guidelines

The President of Panama, Laurentino Cortizo, has temporarily vetoed Bill No. 697, a bill dubbed the “crypto bill.” The President took this decision after saying that the bill requires more work to fit Panama’s financial regulations better. In May, President Cortizo warned that he wouldn’t sign the bill if it didn’t include additional Anti-Money Laundering (AML) regulations after the country’s National Assembly passed the bill in late April 2022. A copy of the 32-page veto was obtained by local media Outlet, La Prenda. It reported that the president wrote that it’s “imperative”…

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President of Panama shoots down crypto bill citing FATF guidelines

Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697 dubbed the “crypto bill” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the President wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal…

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Binance temporarily suspends LUNA, UST withdrawals citing network congestion

As the crypto community still tries to decipher Terra’s ongoing pegging-de-pegging fiasco in relation to its stablecoin offering TerraUSD (UST), major crypto exchange Binance temporarily suspended the withdrawals for Terra (LUNA) and UST on Tuesday.  The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1.00 price point as LUNA’s price witnessed a sharp decline owing to a major selloff. At the same time, the BTC/UST trading pair on Binance reached highs of more than $42,000, while other Bitcoin dollar markets struggled to preserve $30,000, as reported by…

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Galaxy Digital reports $112M Q1 loss, citing crypto price volatility

Cryptocurrency investment manager Galaxy Digital Holdings reported a sharp loss in the first quarter due to unrealized losses in its digital asset portfolio, underscoring heightened volatility in the digital asset sector in 2022.  Galaxy Digital reported a net comprehensive loss of $111.7 million in the quarter ending March 31, compared to a gain of $858.2 million in the same quarter of 2021, the company announced Monday. In addition to unrealized losses in its digital asset portfolio, Galaxy’s overall losses were also attributed to investments in its trading and investment businesses.…

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Bitstamp asks users to update the source of their crypto, citing regulatory compliance

Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth. In an email notification to users on Wednesday, Bitstamp informed its customers about the ongoing policy upgrades on the platform, with the exchange seeking additional info about its clients, one Bitstamp user told Cointelegraph. The email reads: “We work closely with our regulatory partners to ensure we continue to be your trusted exchange. Towards this, we need your account information to be updated, to provide you with the…

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Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December’s ‘nuke’

Bitcoin (BTC) may have rallied to $44,000 on the back of United States inflation data, but according to traders, there is little hope of a sustained comeback. In a Twitter discussion on Jan. 12, data analyst Material Scientist warned that significant downside may still return to Bitcoin price action. “Now we wait” Despite showing stength since bouncing at $39,600, BTC/USD has yet to convince most analysts that its overall downtrend has ended. After U.S. inflation data came in at 7% year-on-year for December, those voices of doubt continued, even as…

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