One of the most massive cryptocurrency withdrawals recorded on Binance and Coinbase. This is the largest withdrawal flow since December last year amid the fallout from the collapse of the FTX exchange.
One of the largest exchanges in the world has been in trouble a lot lately. Just recently, it had to deal with scrutiny over regulatory issues. Now their customers have been robbed of their money by a cyber attack.
Many cryptocurrency exchanges have had problems with financial regulators in different countries. Some of them have had to shut down or move their operations to other countries. Others have been forced to look for ways to deal with supervisors and improve compliance.
The United States Securities and Exchange Commission (US SEC) has already become notorious for its litigation against cryptocurrency companies. Ripple, Binance... Coinbase could be next. Is the regulator fighting the cryptocurrency business?
Binance exchange has achieved significant things in 2020 and it is now ending the year with a cryptocurrency-backed Visa payment card. This has made it to be among a few firms that are offering digital currency cards.
Cryptocurrency industry becomes less decentralized and anonymous and more regulated and controlled. Government authorities require crypto exchanges to disclose transaction data of their customers. And the exchanges seem to be quite collaborative in these terms.