Mazars says Binance’s bitcoin reserves are fully collateralized
Mazars confirmed that Binance possessed control over 575,742.42 of customers’ Bitcoins (BTC) worth $9.7 billion at the time of publication. Mazars, a South African auditor, confirmed on December 7 that cryptocurrency exchange Binance, had control over 575,742.42 Bitcoin (BTC $16,799), worth $9.7 billion at the time of publication, of its users. “Binance was 101% collateralized,” […]
Zodia Custody Launches Service To Protect User’s Crypto
The new service, Interchange, launched by Zodia Custody will provide an alternative to the pre-funding and margin models of crypto exchanges. Zodia Custody, a provider of digital assets, has introduced a new service to help shield its customers from exchange bankruptcy. The new service, called Interchange, will, according to the company, offer an alternative to […]
Everything You Need to Know About KYC In Crypto
In order to identify and confirm a customer’s identification when a financial institution (FI) onboards them, KYC procedures are put in place. In this article, we will walk you through the need for KYC in Crypto and why it is important. Through KYC procedures, FIs may determine a customer’s risk profile based on their susceptibility […]
US Rep fined for ethics breach over Let’s Go Brandon token promo
The House Committee on Ethics penalized departing US House Representative Madison Cawthorn more than $15,000 for promoting the Let’s Go Brandon token a cryptocurrency in which he had an unreported stake. Madison Cawthorn “improperly promoted a cryptocurrency in which he had a financial interest,” according to a report issued by the Committee on December 6 […]
Nigeria bans ATM cash withdrawals over $225 (₦100,000) weekly
The Central Bank of Nigeria has limited the amount of cash that people and companies may withdraw in order to boost the usage of the eNaira, Nigeria’s Central Bank Digital Currency (CBDC). In a circular sent to financial institutions on December 6, the Central Bank of Nigeria said that individuals and companies would henceforth be […]