Binance Reportedly Saw Monthly Illegal Crypto Transactions Worth $90 Billion in Banned China Market

Binance Reportedly Saw Monthly Illegal Crypto Transactions Worth $90 Billion in Banned China Market

ByNews Polite

Binance users traded $90 billion (roughly Rs. 7,42,800 crore) of cryptocurrency-related assets in a single month in China, where cryptocurrency trading has been illegal since 2021, the Wall Street Journal reported on Tuesday citing internal figures and current and former employees of the exchange. The transactions made China Binance’s biggest…

FTX Founder Sam Bankman-Fried Says He Failed to See Warnings Signs That Led to Firm’s Collapse

FTX Founder Sam Bankman-Fried Says He Failed to See Warnings Signs That Led to Firm’s Collapse

ByNews Polite

FTX founder and former Chief Executive Sam Bankman-Fried said he expanded his business too fast and failed to notice signs of trouble at the exchange, whose downfall sent shock waves through the crypto industry, the New York Times reported late on Monday. “Had I been a bit more concentrated on…

US Senators Propose Cryptocurrency Oversight Legislation Authorising CFTC as Default Regulator

US Senators Propose Cryptocurrency Oversight Legislation Authorising CFTC as Default Regulator

ByNews Polite

A bipartisan group of US senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked by collapsing prices and lenders halting operations. The regulations offered by Senate Agriculture Committee chair Debbie Stabenow…