Category : Finance Magnates

Finance Magnates

Europe Busts EUR 700 Million Crypto Fraud Network that Used Deep Fake Ads

The European authorities have taken down a cryptocurrency fraud and money laundering network that is believed to have laundered over 700 million euros. Multiple European agencies collaborated in the two-phase operation, which led to the arrest of nin...

Two CEOs, One Binance: Can Yi He Rise Without Pulling CZ Back Into Power

Binance has named co-founder Yi He as co-chief executive, creating a dual leadership with Richard Teng, the regulator-turned-CEO. The appointment shows that Binance is changing how it distributes authority at the top. Richard Teng, a former regulator...

CFTC Opens Futures Market to Spot Crypto Trading in Major Shift

Acting CFTC Chairman Caroline D. Pham announced that listed spot cryptocurrency products will begin trading for the first time on CFTC-registered futures exchanges, marking a major shift in how Americans can access leveraged crypto exposure. The move...

Colombia Gets Local Crypto Access Through Kraken Following Its MiCA Approval

Kraken has expanded its services in Colombia with the activation of local payment rails. The move allows clients to deposit Colombian pesos directly using domestic payment methods. Deposits are automatically converted to US dollars at transparent exc...

Kraken–Deutsche Börse Pact Targets Unified Trading Across Crypto, Stocks and Futures

Kraken and Deutsche Börse Group have partnered to turn fragmented crypto, FX and derivatives markets into a single, institutional-grade access point. The deal combines an established exchange operator and a long-running crypto venue in a bid to make...

FX Veteran Ilies Larbi's Crypto Exchange Ouinex to Go Live Today

Ilies Larbi, a long-time FX industry veteran, is set to unveil Ouinex today (Thursday) in a closed-door launch to its community, FinanceMagnates.com has learned. The new crypto exchange aims to merge professional-grade trading infrastructure with a u...

Binance Junior Puts Crypto in Young Hands, but Keeps the Wallet with Mom and Dad

Binance has launched a new product called Binance Junior. The app is designed for users aged six to 17. It operates under full parental control. The launch triggered debate across social media.Some users criticized the move. One said Binance was “tar...

Retail Investors Tap Trillion-Dollar Reinsurance Markets via Tokenized DeFi Platforms

Tokenized reinsurance has often been described as the next major Real World Asset adoption frontier, and with due reason. As a whole, tokenized reinsurance unlocks an untapped asset class for decentralized finance, offering uncorrelated, premium-base...

Kraken Challenges Wall Street’s 9-to-5 Model with 24/7 Tokenized Stock Trading

Kraken has enabled around-the-clock trading for its tokenized stocks, a move that leverages its crypto infrastructure to directly challenge the traditional Monday-to-Friday, 9-to-5 operating hours of legacy stock exchanges like the NYSE and Nasdaq....

Kraken Doubles Down on Tokenized Stocks With Backed Finance Acquisition

Kraken has agreed to acquire Backed Finance, a platform that issues blockchain-based tokens mirroring real-world securities such as individual stocks and exchange-traded funds. The exchange aims to pull these products closer to the core of its tradin...

Prediction Markets Boom Draws CZ-Owned Trust Wallet, Joining MetaMask and Polymarket Integration

Changpeng Zhao’s Trust Wallet is rolling out new prediction market features, becoming the latest crypto wallet to enter into the prediction markets. The self-custodial platform, which counts over 220 million users, introduced a predictions section bu...

Wall Street’s Biggest Crypto Skeptic Vanguard Abandons Hardline Stance on Bitcoin ETFs

Vanguard Group has revised its long-held policy on digital assets and will now allow trading of cryptocurrency ETFs on its platform. The shift marks a departure from the company’s previous public stance, which characterised crypto as excessively spec...

First U.S. CFTC-Recognized Spot Crypto Market to Launch on Bitnomial

Bitnomial, a Chicago-based derivatives exchange, has received approval to offer spot cryptocurrency trading directly under the supervision of the Commodity Futures Trading Commission (CFTC). The move marks the first time that U.S. retail traders can...

Bitcoin Mixer Tied to €1.3 Billion in Illicit Flows Taken Down by European Authorities

Authorities across Europe have shut down a crypto-mixing service “Cryptomixer,” allegedly used by cybercriminals to launder Bitcoin. They seized millions in crypto, critical servers, and terabytes of data. Law enforcement agencies from Switzerland a...

Bitcoin Price Collapse Signals Risk-Off Mood in Crypto Markets

After touching more than $126,000 in October, Bitcoin plunges below $86,000 in early December, a sobering wake-up call for investors betting on a perpetual bull runThe Drop: What Happened?It did not go quietly. In early Asian trading on Monday Decem...

Crypto Holders Warned as UK Budget Confirms Platforms Will Track Gains

The U.K. is preparing to tighten the net around hidden crypto profits, setting the stage for a sweeping tax enforcement regime that will rely on detailed trading data collected directly from cryptocurrency exchanges. UK Sets Start Date for Mandatory...

Austrian MiCA License Lets KuCoin Offer Services Across 29 EEA Markets Excluding Malta

KuCoin’s European unit has received a Markets in Crypto-Assets Regulation license in Austria. The approval, granted to KuCoin EU Exchange GmbH, allows the company to offer regulated crypto services across 29 countries in the European Economic Area, e...

IMF Flags Volatility and Systemic Risks in Tokenized Markets Along with IOSCO

The International Monetary Fund published an explanatory video on X today examining tokenized markets, outlining potential advantages while also cautioning about risks.Crypto tokens linked to traditional financial assets may pose new risks for invest...

Crypto Firms Move Into AI’s Data Layer — Will Brokers Follow Suit?

AI models are starting to use live financial data, kicking off a race to become their main supplier. Crypto firms are already taking the early lead. Crypto.com’s new service sends its real-time market data straight into AI models like Claude an...

South Korea to Tighten Crypto Travel Rule Below $680, Block “High Risk” Offshore Exchanges

South Korea is preparing to expand its anti-money laundering rules for cryptocurrency transactions. The government will extend the crypto Travel Rule to cover transfers below 1 million won, or about $680.The move follows the adoption of the Virtual A...

XTB Writes to Polish President, Demands Crypto Law That Industry Savaged

Poland’s parliament has approved a long-awaited bill to regulate the domestic cryptoasset market. However, the legislation has not yet been signed by President Karol Nawrocki. In a new open letter, XTB urged him to do so, noting an 11-month delay in...

Do Kwon Pleads for Five Years in Prison Over $40B TerraUSD Collapse: Report

Do Kwon, the co-founder of Terraform Labs, is asking a US court to limit his prison term to five years for his role in the dramatic collapse of the TerraUSD stablecoin, which wiped out $40 billion in 2022. Kwon’s request comes ahead of his December s...

How Crypto Exchange Upbit Got Robbed Again - Six Years Later, Same Date

Upbit, South Korea's dominant cryptocurrency exchange, suffered unauthorized withdrawals totaling approximately $36.9 million (54 billion won) early Thursday morning, marking the second time the platform has been breached on November 27.The exchange...

Hedge Funds, Family Offices Access Bespoke Crypto Services with Binance Prestige

Binance has launched Binance Prestige, a service aimed at traditional finance investors entering the cryptocurrency market. The service is intended to support family offices, private funds, and other asset allocators with onboarding, fiat services, f...

Kraken Links MiCA Approval to Early UK and EU Launch of the Krak Card

Kraken has begun a phased rollout of the Krak Card, introducing a new spending product that offers 1% cash-back rewards and supports payments using multiple asset balances. The launch is part of an expansion of features in the Krak app, including sal...

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