Cryptocurrency Roundup for February 2023

1. Customers of sanctioned Russian banks are allowed to trade cryptocurrencies on the crypto exchanges Huobi and KuCoin.

According to a report from digital asset data analytics firm Inca Digital, two major crypto exchanges are still permitting customers of sanctioned Russian banks to conduct transactions on their platforms. The report discovered that Huobi and KuCoin allow individuals to trade cryptocurrency using debit cards issued by sanctioned Russian banks like Sberbank.

In an interview with Bloomberg, Inca Digital CEO Adam Zarazinski expressed concern that this activity may breach US and European sanctions. He also mentioned that the transactions frequently involve Tether, a stablecoin that has faced regulatory scrutiny.

Zarazinski noted that Russians frequently employ Tether to move funds out of the country and that these two exchanges, in particular, use it to offer cryptocurrency banking services to sanctioned Russian banks.

2. The French Police have apprehended the suspects believed to be responsible for the hacking incident at Platypus Finance.

Platypus Finance, a decentralized finance protocol operating on Avalanche, has announced that the French National Police have apprehended two people suspected of hacking their system. The suspects were traced through the use of a “KYC-verified Binance account” utilized to convert the stolen funds into cash.

The company stated that they assisted French law enforcement authorities in locating the alleged hackers, with the help of an “on-chain analyst” and the prominent cryptocurrency exchange, Binance.

Platypus also acknowledged that the blockchain security firm “BlockSec” played a crucial role in recovering the stolen assets. By discovering a loophole, the firm identified “$2.4 million in USDC stablecoin” that was deposited in the attacker’s contract and retrieved the stolen assets.

3. Due to non-compliance with listing requirements, Coinbase will be halting trading of the stablecoin BUSD.

Coinbase has announced that it will be suspending trading of the stablecoin Binance USD on March 13th due to its failure to meet the exchange’s listing requirements. The decision was reached after a recent review of assets listed on the platform revealed that BUSD did not meet the inclusion criteria. Coinbase confirmed that it regularly assesses the assets on its exchange to ensure they comply with its listing standards. The suspension of BUSD trading is expected to take effect at around 12 pm ET. Binance USD is a stablecoin created by Binance, another prominent cryptocurrency exchange, in 2019, that is pegged to the US dollar.

Also Read: Top Crypto Scams in the world and How to Avoid Them

4. Robinhood has received a subpoena from the US Securities and Exchange Commission (SEC) regarding its cryptocurrency trading services.

Robinhood Markets Inc. has disclosed that it is under investigation by the US Securities and Exchange Commission (SEC) regarding its cryptocurrency operations. In a regulatory filing released on Monday, the Menlo Park-based brokerage announced that it had received a subpoena in December of last year regarding its cryptocurrency listings and custody. The SEC’s investigation into Robinhood’s crypto business is thought to focus on whether the company provided sufficient disclosures to its customers regarding its trading services. This development comes in the midst of a regulatory crackdown on the cryptocurrency industry following the bankruptcy filing of FTX, a cryptocurrency exchange.

5. Crypto Company Polygon Labs Dismisses 20% of Its Workforce

Polygon Labs has announced that it has laid off approximately 20% of its workforce, or around 100 employees. The move puts the firm among a growing list of digital asset companies that have been forced to downsize their operations recently.

Polygon currently employs 500 full-time staff, and the affected employees will receive three months of severance pay, regardless of their rank or length of service. Despite the layoffs, the company claims that its financial position remains strong, with a balance sheet of over $250 million.

The decision to downsize comes after Polygon Labs restructured its business units earlier this year, creating a unified group of companies called Polygon Labs. The move followed the firm’s successful private token sale in 2022, which raised $450 million and enabled it to expand rapidly, partnering with various global conglomerates on web3-related projects and poaching developers from rival firms.

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1 comment

  1. James says:

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