Page 20 - Cryptocurrency

28 crypto, VDA platforms register with FIU-India to comply with PMLA norms

As many as 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX and Coinswitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), Finance Ministry said on Monday. The Finance Ministry in March had said entities dealing in VDAs, crypto exchanges and intermediaries would be considered "reporting entity" under the Prevention of money laundering Act (PMLA). Accordingly, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform. To a question on whether these guidelines and reporting requirements are applicable to Offshore Crypto Exchanges servicing the Indian market, Minister of State for Finance Pankaj Chaudhary replied in the affirmative. "The guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market. The process of registration for the said VDA service providers has been initiated," Chaudhary said in the Lok .

Bitcoin hits $40,000 for the first time since May 2022 on rate reductions

The crypto industry is also awaiting the outcome of applications from the likes of BlackRock Inc. to start the first US spot Bitcoin ETFs

TMS Ep574: Crypto exchanges, Hardik Pandya and IPL, auto stocks

Are crypto exchanges proving sceptics right? What is the importance of being Hardik Pandya? Is it time to sell passenger vehicle stocks? What are crypto exchanges and how do they work? Answers here

TMS Ep574: Crypto exchanges, Hardik Pandya and IPL, auto stocks

Are crypto exchanges proving sceptics right? What is the importance of being Hardik Pandya? Is it time to sell passenger vehicle stocks? What are crypto exchanges and how do they work? Answers here

Rs 2,500 cr crypto scam: Kingpin Subhash Sharma hiding in UAE, says SIT

The special investigation team (SIT) probing the Rs 2,500-crore cryptocurrency scam would approach the competent court on November 28 to seek a warrant for the extradition of fugitive kingpin Subhash Sharma from UAE, officials said on Saturday. The kingpin of the scam Subhash Sharma from Sarkaghat in Himachal Pradesh's Mandi district is still at large and as per our information, he is hiding in UAE. Efforts are underway to bring him back, Deputy Inspector General of Police (DIG) northern range, Abhishek Dhullar, who is heading the SIT, told PTI. The multi-crore cryptocurrency ponzi scam started in 2018. The investors smelled something fishy when they stopped getting returns during the Covid pandemic when most business activities came to a halt. Later when they asked the accused about their pending returns, they realised they had fallen into a trap and were threatened to keep shut, the police said. The fraudsters threatened the victims that they would lose all their invested money i

Crypto wrap: Market recovers after Binance CEO Changpeng Zhao's resignation

The market also showed optimism as many believe the settlement of the Binance case has now cleared the decks for the US SEC to finally approve a spot bitcoin ETF

What are cryptocurrency exchanges and how do they work? All details here

The crypto market is expected to reach $4.94 billion by 2030, and there is an estimated more than 600 crypto exchanges worldwide

Mumbai Airport gets 'email threat' to blow up T2, demands $1 mn in Bitcoin

The Mumbai International Airport on Thursday received a "threat" email to blow up its Terminal 2, police said.The sender of the email has demanded USD 1 million in Bitcoin within 48 hours to avert the blast."Sahar police have registered a case against an unknown person for sending the threat mail using the email id-quaidacasrol@gmail.com," Mumbai police said.According to the police, the mail was sent to the feedback inbox of the Mumbai International Airport Limited (MIAL) at around 11 am on Thursday.The threat mail read: "Subject: Blast. Text: This is a final warning to your airport. We will blast Terminal 2 within 48 hours unless one million dollars in Bitcoin is transferred to the address. Another alert will be after 24 Hrs."A case under the Indian Penal Code sections 385 (putting a person in fear of injury to commit extortion) and 505 (1) (b) (statements made with intent to cause fear or alarm to the public or against the public tranquillity) has been registered against an unknown .

Binance pleads guilty to US sanctions violation, will pay $4.3 bn fine

Zhao pleaded guilty Tuesday to violating the Bank Secrecy Act in federal court in Seattle. Richard Teng will succeed Zhao as CEO.

New Binance CEO Richard Teng's first job is to avert customer exodus

Teng, 53, succeeded Zhao as the chief executive of the world's largest crypto exchange after the company and Zhao pleaded guilty to US anti-money laundering and sanctions violations

US seeks over $4 billion from crypto exchange Binance to end criminal case

The US Justice Department has been investigating Binance for allegedly aiding in the evasion of US sanctions against Iran and Russia

Crypto wallet app Okto announces $5 mn treasury fund for Vauld users

Okto said it has introduced a 2 per cent bonus for users who choose to transfer their assets from Vauld to Okto

10 arrests made so far: Himachal Pradesh Dy CM Agnihotri on Crypto fraud

Himachal Deputy CM further appealed to the people not to invest in such frauds when even SEBI did not give clearance

Over 300 crypto fraud complaints received, will take action: Himachal Dy-CM

More than 300 complaints have been received from across Himachal Pradesh in connection with a multi-crore cryptocurrency ponzi scam, Deputy Chief Minister Mukesh Agnihotri said, referring to the fraud that began in the state in 2018. He had presided over a meeting on Friday to review the action being taken against the perpetrators, who cheated people by promising them high profits on investments within a short span of time, an official statement said. People should guard themselves from falling prey to such ponzi schemes and cryptocurrency frauds, Agnihotri said. "I am observing that complaints have been pouring in from various districts of the state wherein people have been cheated by the kingpin of the cryptocurrency fraud," he said, according to the statement issued on Saturday. He added that more than 300 complaints have been received by the police till date. Ten culprits from Mandi and two from Una have been arrested so far in connection with the case, Agnihotri said. Subhash

Crypto wrap: Bitcoin falls after Sam Bankman-Fried's conviction in the US

Cryptocurrency news: In the FTX trial's verdict its founder Sam Bankman-Fried was found guilty on all seven charges of criminal fraud in the US

FTX founder Bankman-Fried convicted of defrauding cryptocurrency customers

FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion. After the monthlong trial, jurors rejected Bankman-Fried's claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world's second-largest crypto exchange, collapsed into bankruptcy a year ago. His crimes caught up to him. His crimes have been exposed, Assistant US Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers' accounts into his personal piggy bank as up to $14 billion disappeared. She urge

Crypto-exchange CoinDCX releases its Proof of Reserve report Q3CY23

"According to the audited Statement of Reserves and User Liability report, the reserves total USDT 159,112,287, while the user liability stands at USDT 157,191,487," the company said

Crypto platform Giottus announces zero-fee trades for all customers

This move is expected to enable Indian crypto traders and investors to plan their trades with ease and, in turn, improve their profitability

WTO member nations need to discuss crypto under e-comm negotiations: GTRI

The member countries of WTO (World Trade Organisation) should include issues pertaining to crypto currency while negotiating any agreement on the e-commerce sector, think tank GTRI said on Monday. As the crypto market garners increasing global attention, its classification under the WTO e-commerce framework remains ambiguous, Global Trade Research Initiative (GTRI) said. It added that the debate should pivot on whether exchanges of crypto-currency fall under 'electronic transmissions' in the e-commerce scope. "With the multifaceted dynamics of the e-commerce landscape, the outcomes of the ongoing WTO negotiations hold significant implications for global digital trade. "The inclusion or exclusion of crypto-currencies and the diverse positions of influential nations will shape the future of international e-commerce policies," GTRI Co-Founder Ajay Srivastava said. At present, the WTO members are holding two-pronged e-commerce negotiations (joint initiative and e-commerce moratorium)

SIT conducts searches at 41 locations in Himachal in cryptocurrency scam

The SIT probing the alleged multi-crore cryptocurrency scam conducted searches at 41 different locations in Himachal Pradesh on Sunday and arrested one of the main accused Abhishek Sharma, who was evading arrest, police said on Sunday. Abhishek, a resident of Una district was one of the main four accused in the scam that started in 2018 when the alleged fraudsters approached people with an investment plan related to a locally made (Mandi district) cryptocurrency known as "Korvio Coin" or KRO coin, police said. Earlier, two main accused Sukhdev and Hemraj were held in Gujarat, and during investigations, the duo confessed they have outstanding liabilities of Rs 400 crore. The alleged kingpin of the scam, Subash, is still at large and is reportedly hiding in Dubai. Abhishek was apprehended by the SIT and produced in a court, which remanded him to five-day police custody, a statement issued by the police said. Searches were conducted at 25 places in Hamirpur, seven in Kangra, four in .