Page 4 - Cryptocurrency

Crypto wrap: SEC's fine on Kraken poses wider threat to market, say experts

Following the SEC order, the crypto industry saw massive sellout, with Bitcoin falling nearly 4 per cent and Ethereum declining over 5 per cent in the last 24 hours

Allegations made by Binance 'false and unsubstantiated', says WazirX

This comes just days after Binance gave an ultimatum to Zanmai Labs, the parent company of WazirX, to not spread 'false claims' and stop using Binance's wallets by February 3

ED attaches Rs 936 cr as proceeds of crime, arrests 5 for crypto fraud

The enforcement directorate has attached Rs 936 crore proceeds of crime and arrested 5 five persons related to crypto currency fraud, Parliament was informed on Monday. Further, under the Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized and one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its directors has been issued for transactions involving cryptocurrencies worth Rs 2,790 crore. In a written reply to a question in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the Enforcement Directorate is investigating several cases related to cryptocurrency frauds wherein a few crypto exchanges have also been found involved in money laundering. "As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PML

India will try to forge consensus on roadmap to regulate crypto at G20: DEA

Amidst turmoil in crypto currencies market, India is working with the Financial Stability Board (FSB) so that a consensus on a roadmap for regulating virtual assets could be agreed at during India's G-20 presidency itself, Economic Affairs Secretary Ajay Seth said on Thursday. India as assumed G-20 presidency for 2023. The G20 is a premier forum for international economic cooperation that plays an important role in global economic governance. In an interview to PTI, Seth said that an IMF paper on crypto assets was discussed among emerging economies on January 15 and 16 in Delhi. "We had a one-and-a-half day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23," he said. That seminar is intended at arriving at a policy consensus on crypto assets, he said. At the same time, he said, "We are also working with the FSB and the idea

Tesla reveals loss of $204 million from Bitcoin investments in 2022

Elon Musk-owned Tesla has revealed that the company recorded a $204 million impairment loss in 2022 on its Bitcoin investments

Elon Musk plans WeChat-like payments system on Twitter that includes crypto

Twitter under Elon Musk is now working on a payments system that will support accepted currencies with crypto functionality embedded into it

Bitcoin barrels toward historic January as crypto market jumps by $280 bn

Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing

Crypto wrap: Market in green but Fed announcement to keep volatility high

US Fed will hold its meeting on January 31 and February 1 and announce the policy on February 2

India should consider reducing 1% TDS rate on cryptocurrency trade: Report

India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday. The 'Impact Assessment of 1 per cent TDS on VDAs' report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk. "The existing 1 per cent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market," it said. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent TDS has been brought in on payments over Rs 10,000 towards virtual digital ...

US-based crypto exchange Gemini to lay off 10% workforce, says report

US-based crypto exchange Gemini said that it will lay off 10 per cent of its workforce, citing "bad actors" in the crypto industry, the media reported.

Crypto firms go out of business as cryptocurrency collapse continues

Company officials blame the failure on the low liquidity of the crypto market caused by last November's collapse of FTX, and other abnormal developments in the industry in recent months

Signature Bank pulls back from crypto transactions below $100,000: Binance

The shift comes after the Federal Deposit Insurance Corporation warned of crypto-asset risks

US Crypto lending firm Genesis files for Chapter 11 bankruptcy protection

Crypto lending company Genesis is seeking Chapter 11 bankruptcy protection as faltering prices and the downfall of FTX continue to rattle the industry. Genesis Global Holdco LLC and two of its lending business subsidiaries, Genesis Global Capital LLC and Genesis Asia Pacific Pte. Ltd., filed for bankruptcy protection in the Southern District of New York. Genesis said that its other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations. Genesis said that it has more than $150 million in cash on hand, providing ample liquidity to support its ongoing business operations and facilitate its restructuring. Last week the Securities and Exchange Commission went after Genesis Global Capital and the crypto exchange Gemini, alleging that they were selling unregistered securities through a popular program that was supposed to give high interest payments on crypto ...

Crypto wrap: Market continues to recover as total cap nears $1 trillion

There was a blip in the market on Thursday after the US agencies arrested the founder of Hong Kong-based crypto exchange Bitzlato, but it recovered on Friday

Crypto collapse brings focus to digital assets' true value: Raghuram Rajan

'The idea that somehow cryptos are going to maintain value, while the fiat currencies collapse. That's nonsense'

Japan pushes global counterparts to regulate cryptocurrencies like banks

The country has been making its voice heard through the Financial Stability Board

Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023

Some industry experts also suggested that gains in the crypto industry should be allowed to be offset against losses

2022: A very unusual year

Last year was a nightmare best forgotten. This year started on a strong note for investors, but private markets are still due for a further shakeout

Cryptos are nothing but gambling, their value only make-believe: RBI Guv

On the CBDC being piloted now, he said central banks issued digital currencies are the future of money and its adoption can help save on logistic and printing costs

Crypto wrap: Market recovers after weeks due to softening of inflation

The US inflation cooled down to 6.5% in December as compared to a year ago