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Unlike banks, which require know-your-customer (KYC) information prior to opening an account, a significant number of crypto exchanges offer tether (USDT) bonuses for submitting KYC information like name, address, ID card, and contact information. To be clear, these KYC bonuses are not account opening bonuses. In many cases, crypto exchanges allow customers to open small accounts and trade without submitting any KYC information. Moreover, the tether bonus doesn’t require any bank-like task, such as signing up for direct deposit or holding a large initial balance. Rather, this tether bonus is simply for submitting a valid ID card. Therefore, although it’s commonplace for banks to offer an account opening bonus for customers who complete significant banking tasks, US banks typically do not pay anything for simply opening an account and submitting an ID card. Moreover, a US bank may not open an account without an ID card; KYC documentation is federally mandated. Similarly, ...

Apple has removed Binance, Kraken, MEXC and Kucoin apps from its App Store in India. Meanwhile, new exchange platform Pullix (PLX) continues to see great traction during its presale. Trading on a hybrid exchange means users have access not just to liquidity, but also to all the robust security features that make top CEX platforms the industry’s choice. As crypto looks to embark on a new bull run, news from India is that Apple has removed the crypto apps of several exchanges from its App Store. This comes just over a week after the India n government issued warnings to the cryptocurrency exchanges for non-compliance. What does this mean for local crypto traders? Could the emergence of new exchange platform Pullix (PLX) help unlock more for the market? Apple removes apps after India government notice to exchanges A Techcrunch report on Wednesday, January 10 highlighted that apps for Binance, Kraken, MEXC and Kucoin were among the eight no longer ...

The Economic Security Bureau of Ukraine is conducting a pretrial investigation against local crypto trading platforms suspected of tax avoidance. Ukraine’s Economic Security Bureau (ESB) is investigating local crypto exchanges after the bureau found that non-regulated exchanges operating in the country cost over $80 million in lost taxes. In an interview with Forbes Ukraine, ESB head Andriy Pashchuk said the investigation is being conducted only against trading platforms whose beneficiary is a citizen of Ukraine. He revealed that analysts at ESB are using data services like Chainalysis and Crystal Blockchain to trace all crypto operations. “Currently, the bureau is conducting a pretrial investigation against entities that are participants of the [local] cryptocurrency market.” Andriy Pashchuk, Ukraine’s ESB head Besides on-chain data, ESB also relies on OSINT insights to estimate the total crypto turnover in digital wallets on Ukrainian crypto exchanges...

Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say. Cryptocurrency exchanges in Australia have been increasingly communicating with their users as part of preventative measures against scams. According to local crypto firms, such communication is the key to preventing scams as it is able to “break trust” between victims and scammers. Executives at major Australian crypto firms such as Cointree, CoinSpot and Swyftx met at a panel of the fintech conference Intersekt 2023 in Melbourne on Aug. 31 to discuss the issue of scams and fraud in crypto. At the panel, the executives mentioned a variety of measures taken by the platforms in order to protect their users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. Cointree, CoinSpot, Swyftx and Chainalysis executives at Intersekt 2023. Source: Cointeleg...

Indian crypto exchanges CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS. The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform,” CoinSwitch said. The firm added that this impacted the roles of 44 members of its support team, who “voluntarily resigned from their roles after a detailed discussion with their managers.” 44 employees account for a significant share — or roughly 8% — o...

The downfall of Mt. Gox continues to highlight the importance of greater transparency and accountability within the cryptocurrency industry. In the early days of Bitcoin, Mt. Gox was by far the most prominent Bitcoin (BTC) exchange in the world. The Tokyo-based company was responsible for more than 70% of all Bitcoin transactions in 2013. However, by early 2014, it had collapsed spectacularly, leaving investors and traders with losses amounting to hundreds of millions of dollars.  The downfall of Mt. Gox was a defining moment in the history of Bitcoin and cryptocurrency in general, with several regulators, market analysts and industry experts continuing to study the case to prevent such instances in the future. Moreover, the saga has continued to serve as a cautionary tale for the cryptocurrency industry, highlighting the potential risks and pitfalls associated with digital currency trading and investments. Mt. Gox: The early years Mt. Gox was launched in 2010 by Jed McCaleb, a progra...

The wallets were thought to be inaccessible following the death of the exchange's founder in 2018, as he had sole responsibility for the wallet's private keys. Five wallets tied to the defunct Canadian cryptocurrency exchange QuadrigaCX, previously thought to be inaccessible, have just been spotted moving around $1.7 million worth of Bitcoin after years of dormancy . Crypto researcher ZachXBT alerted the crypto community in a Twitter post on Dec. 19, highlighting the five wallets have transferred around 104 Bitcoin (BTC) on Dec. 17 to various wallets. Blockchain records show the wallets had not sent BTC since at least April 2018. Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on Dec 17 for the first time in years . 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R 1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M 1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa 1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB — ZachXBT (@zachxbt) December 19, 2022 Once Canada's largest cryp...

FTX has bid $1.4 billion for Voyager Digital’s assets, looking to provide users a way out if they move to its platform, but there are risks. In September, cryptocurrency exchange FTX US secured the winning bid for the assets of embattled crypto brokerage firm Voyager Digital with a bid of approximately $1.4 billion. The bid was made up of the fair market value of Voyager’s crypto holdings “at a to-be-determined date in the future.” According to Voyager, at current market prices, the fair value of its holdings was estimated around $1.3 billion, and the deal included an “additional consideration,” estimated to be worth approximately $111 million. Since then, new details on the case have emerged, with court filings showing that the cash paid for Voyager Digital itself was only $51 million. The $1.31 billion FTX offered for Voyager crypto holdings are set to be distributed to eligible credits on a pro-rata basis, according to the filings. The $111 million included in the deal are, as a r...

FTX has bid $1.4 billion for Voyager Digital’s assets, looking to provide users a way out if they move to its platform, but there are risks. In September, cryptocurrency exchange FTX US secured the winning bid for the assets of embattled crypto brokerage firm Voyager Digital with a bid of approximately $1.4 billion. The bid was made up of the fair market value of Voyager’s crypto holdings “at a to-be-determined date in the future.” According to Voyager, at current market prices, the fair value of its holdings was estimated around $1.3 billion, and the deal included an “additional consideration,” estimated to be worth approximately $111 million. Since then, new details on the case have emerged, with court filings showing that the cash paid for Voyager Digital itself was only $51 million. The $1.31 billion FTX offered for Voyager crypto holdings are set to be distributed to eligible credits on a pro-rata basis, according to the filings. The $111 million included in the deal are, as a r...

FTX has bid $1.4 billion for Voyager Digital’s assets, looking to provide users a way out if they move to its platform, but there are risks. In September, cryptocurrency exchange FTX US secured the winning bid for the assets of embattled crypto brokerage firm Voyager Digital with a bid of approximately $1.4 billion. The bid was made up of the fair market value of Voyager’s crypto holdings “at a to-be-determined date in the future.” According to Voyager, at current market prices, the fair value of its holdings was estimated around $1.3 billion, and the deal included an “additional consideration,” estimated to be worth approximately $111 million. Since then, new details on the case have emerged, with court filings showing that the cash paid for Voyager Digital itself was only $51 million. The $1.31 billion FTX offered for Voyager crypto holdings are set to be distributed to eligible credits on a pro-rata basis, according to the filings. The $111 million included in the deal are, as a r...