KuCoin Faces Over $1.1 Billion In Outflows After Recent DoJ Action
Massive outflows have ensued at the crypto exchange #KuCoin after the U.S. Department of Justice indicted KuCoin over the #violation of anti-money laundering rules and Bank Secrecy Act regulations. There have been massive #withdrawals taking place on the crypto exchange KuCoin as investors rush to pull their assets out. Over $1.1 Billion Withdrawn From KuCoin Data from 0xscope reveals a notable #development in KuCoin’s asset #movement , with the exchange witnessing a #substantial net outflow of #approximately US$1.195 billion within the last 24 hours. On the other hand, SpotOnChain further highlights the impact of these developments, indicating that a considerable sum of approximately US$500 million has been withdrawn from KuCoin’s #Ethereum wallets in response to the US government’s criminal #complaint .
Binance Blocked by Philippines Securities Watchdog
The #Philippines Securities and Exchange Commission warned in November that the #company was operating in the #country without the necessary licenses. The Philippines Securities and Exchange Commission is blocking local access to the world's largest# crypto exchange, Binance, the# regulator said in a notice published #Monday . The regulator filed a formal request with the national #telecommunications agency on March 12 to help in "blocking the website and other web pages used by Binance, which was found to have offered an investment and trading platform without the necessary license." "The #SEC has identified the aforementioned platform and concluded that the public’s continued access to these #websites /apps poses a threat to the security of the funds of investing Filipinos,” SEC #Chairperson Emilio B. Aquino said in the letter #addressed to the telecommunications agency.
Bithumb Korea Spin-off Crypto Exchange Business For IPO
In a move that has stirred anticipation within the cryptocurrency community, Bithumb Korea, the operator of one of South Korea’s leading crypto exchanges, Bithumb, has revealed plans to spin off its business. The decision, according to a report by a Korean media outlet, signifies a strategic maneuver aimed at enhancing the feasibility of an impending initial public offering (IPO). Bithumb Korea, which operates the leading crypto exchange Bithumb, has unveiled its intention to pursue a spin-off, establishing a new corporation named Bithumb Investment. Notably, the new entity would oversee its holding, investment, and real estate rental divisions, according to a report by News 1.
Estonian Government Approves Bill for Crypto Regulation
The #Estonian#government has approved a #bill aimed at overseeing #cryptocurrency service providers. This #legislation aligns with the nation’s #financial oversight with the European Union’s Markets in Crypto-Assets (#MiCA ) regulations. The bill, however, awaits a #parliamentary vote to become law. The proposed bill will put in place a #strong regulatory framework #transferring the oversight of #cryptocurrency service providers from the Financial #Intelligence Unit (#FIU ) to the Financial Supervision Authority (#FSA ). In the past, FIU used to register cryptocurrency #service providers, which was mainly focused on #compliance with Anti-Money Laundering (#AML ) measures.
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3AC Co-Founder Kyle Davies Says He Won’t Apologize for Crypto Hedge Fund Going Bankrupt
Davies also said he wouldn't return to Singapore "immediately" in order to effectively avoid jail and wait for some sort of settlement. Kyle Davies, the co-founder of the now-defunct Three Arrows Capital (3AC), has stated that he is not sorry for the crypto hedge fund going bankrupt. Davies was speaking on an episode of the Unchained Podcast on March 19. “Am I sorry for a company going bankrupt? No, like companies go bankrupt, almost every company goes bankrupt, right?” Davies said about the public sentiment that he had not shown remorse. “It’s how you build or what you do about it. We’re definitely trying our best. We can add value in various ways. At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.”