Seychelles Financial News

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The Chinese finance hub is racing regulators around the world to lay down ground rules for crypto after high-profile failures like trading platform FTX, which led the United States to crack down on a sector worth more than $1 trillion. China has had a strict crypto ban since 2021, but in Hong Kong — which operates on a separate legal framework — trading has been allowed though unregulated, meaning individual investors resort to unlicensed platforms. The regulatory regime launched Thursday means that after a one-year transition period, all crypto exchanges in Hong Kong must be licensed, and will be able to take on retail clients.

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Huobi has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency exchange announced on May 31. The new organization promises to provide a ratings service and indexes when it is fully launched.

Crypto exchange Binance denies allegations of mismanagement of customers’ funds. Binance’s denial came in response to a Reuters report that alleged that the crypto exchange comingled customer’s funds with company revenue.

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Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Wednesday May 10th 2023 – Insurgent meme coin $SPONGE lists on MEXC Global tomorrow, plus a listing announcement from one as yet unnamed exchange, in its bid to flip Pepe.

Tuesday May 9th 2023 – Pepe challenger, meme coin $SPONGE, starts trading on 11th May at top 7 ranked centralized exchange (CEX) MEXC from 10:00 UTC.

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cryptocurrency was lost in the month of April this year due to crypto-related exploits, hacks, and scams, a report has shown. According to the blockchain and smart contract security company CertiK, the total funds hackers managed to drain in April from crypto projects was $103.7 million, bringing the total year-to-date loss to $429.7 million. Several significant crypto exploits occurred in April, resulting in significant losses in the industry. For instance, there was a $25.4 million loss due to an exploit of multiple MEV trading bots. In addition, Bitrue Exchange was the victim of a hot wallet exploit in which $22 million was stolen, plus, the South Korean GDAC exchange was hacked, resulting in a $13 million loss, according to the report.

Bitget has pledged $10 million for the development of the Fetch.ai ecosystem, the cryptocurrency derivatives exchange announced on April 27.

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Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Cryptocurrency trading platform BitGet has officially registered as a service provider in Lithuania, allowing the Seychelles-based firm to operate in the European country.

The African continent continues to be a fertile ground for the growth and implementation of blockchain technology.

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Binance has reportedly rejected an offer by crypto entrepreneur Justin Sun to purchase his stake in cryptocurrency exchange Huobi, citing ties to mainland China.

Su Zhu and Kyle Davies, founders of the collapsed hedge fund Three Arrows Capital (3AC), have announced the launch of the crypto project Open Exchange, or OPNX.

Billionaire crypto entrepreneur Justin Sun has denied claims that he is considering divesting his stake in the global cryptocurrency exchange Huobi. 

Seychelles-based crypto exchange OKX has signaled its intention to expand its crypto services to Australia, a country it believes is primed to take on the next wave of crypto adoption.