Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

Binance denied any equity ownership in the India-based crypto exchange after the latter came under regulatory scrutiny.

Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers.jpg

Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the exchange

The Directorate of Enforcement of India (ED) alleged that WazirX actively assisted approx 16 accused fintech companies in laundering the proceeds of crime using the crypto route and subsequently froze $8.1 million in bank balance related to the exchange.

There is ongoing controversy regarding whether Binance owns the exchange. Changpeng Zhao CEO of Binance crypto exchange said that Binance does not own any equity in WazirX parent entity Zanmai Labs, and further clarified that a supposed Nov 21, 2019 acquisition of WazirX by Binance was never completed.

Read full news at : https://cryptounity.news/binance-sides-with-indian-regulators-in-wazirx-fallout-to-cease-support-for-off-chain-transfers

Comments

Binance US launches low-barrier Ethereum staking ahead of The Merge

Binance US has launched its own Ethereum staking service with returns more attractive than those of its closest competitors. On September 7th Binance US expressed a 6% APY Ethereum Staking service offering 6% of its users' initial annual percentage yield. According to Binance US, this new feature will allow users to start ETH Staking with a minimum of 0.001 ETH an amount much more accessible than the 32 ETH required to be eligible as an Ethereum validator. Read full news at: http://cryptounity.news/binance-us-launches-low-barrier-ethereum-staking-ahead-of-the-merge

Indian IT Ministry directs crypto exchanges require to collect user private information for 5 Years

The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well the ownership patterns of customers. The Indian Computer Emergency Response Team (CERT-in) which falls under the Minister of Electronics and Information Technology, issued a new directive on Thursday, forcing crypto exchanges, virtual private network (VPN) providers, and data centers to store a wide range of user data for up to five years. Under the newly issued directive, crypto exchanges operating in India will be required to store customers’ names, ownership patterns, contact information, and different other information. Crypto exchanges and VPN services providers are also required to report any cyber incident within six hours of its occurrence and must hand over the collected data to the authorities upon order. “When required by order/direction of CERT-In, for cyber incident response, protective and preventive actions related to cyber incidents, the

USDT volume on exchanges up 20% in 3 months

USDT volume on exchange up 20% in 3 months the high percentage of Tether on exchanges is a sign of 2-year high buying power in the market. According to the Sentiment report, the ratio of Tether on exchange has gone from 19.7% on May 9th to a whopping 42.0% three months later. This can be viewed as both a signal that traders have taken profits as prices have rebounded The live Tether price today is $1.00 USD with a 24-hour trading volume of $44,616,481,998 USD. Tether is up 0.01% in the last 24 hours. The current CoinMarketCap ranking is #3, with a live market cap of $66,532,591,106 USD. It has a circulating supply of 66,517,962,690 USDT coins Read full news at : https://cryptounity.news/usdt-volume-on-exchanges-up-20-in-3-months

Cryptounity.news

Search This Blog