🚨🚨Crypto Market News You Can’t Miss! (29/12/23) 🚨🚨

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29 Dec 2023

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The crypto market is always full of surprises and developments that can affect the prices and sentiments of investors. Here are some of the latest headlines that you need to know about if you are interested in the crypto space.

1️⃣ Catalyx, A Canadian Crypto Exchange, Shuts Down Trading And Withdrawals After A Suspected Insider Hack 🥶

CatalX CTX Ltd., the company that operates the Canadian crypto exchange ‘Catalyx’, has announced that it has stopped all trading and withdrawals on its platform after detecting a “security breach” that may have involved one of its employees. The company said that it is investigating the incident and cooperating with the authorities. The news comes after the Alberta Securities Commission issued a cease trade order to Catalyx on Dec 21st, citing concerns over its compliance with securities laws.

Source (https://www.coindesk.com/policy/2023/12/28/crypto-exchange-catalyx-suspends-trading-withdrawals-following-security-breach)

2️⃣ India’s FIU Sends Compliance Notices To Nine Offshore Crypto Exchanges, Including Binance And Kraken 🇮🇳

India’s Financial Intelligence Unit (FIU) has reportedly sent compliance notices to nine offshore crypto exchanges under its Prevention of Money Laundering Act. The nine crypto exchanges are Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The FIU also asked the country’s Ministry of Electronics and Information Technology to block the websites of these crypto exchanges in India.

The FIU’s statement reads,
Virtual Digital Asset Service Providers (VDA SPs) operating in India (both offshore and onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets are required to be registered with FIU IND as Reporting Entity and comply with the set of obligations as mandated under Prevention of Money Laundering Act 2002. The obligation is activity-based and is not contingent on physical presence in India. The regulation casts reporting, record keeping and other obligations on the VDA SPs under the PML Act which also includes registration with the FIU IND.

Source (https://www.theblock.co/post/269551/indias-financial-intelligence-unit-issues-compliance-notices-to-offshore-crypto-exchanges-including-binance-kraken)

3️⃣ US Judge Rules In Favor Of SEC Against Terraform Labs And Do Kwon, Declares UST And LUNA As Securities ⚖️

Judge Jed Rakoff of the U.S. District Court for SDNY has reportedly ruled in favor of the Securities and Exchange Commission (SEC) on allegations that Terraform Labs and its former CEO, Do Kwon, offered and sold two unregistered securities - UST and LUNA. The judge granted a summary judgement to the SEC, finding that UST and LUNA met the criteria of securities under the Howey test.

Reacting to the judgement, a Terraform Labs’ spokesperson stated,
We strongly disagree with the decision and do not believe that the UST stablecoin or the other tokens at issue are securities. Further, the SEC’s fraud claims are not supported by evidence, and we will continue to vigorously defend against those meritless allegations at trial.
Source (https://decrypt.co/211129/judge-sides-with-sec-over-do-kwon-says-ust-luna-are-securities)

4️⃣ Avalanche Foundation To Buy Memecoins For The ‘Culture’ 🤑

The Avalanche Foundation, the non-profit organization behind the Avalanche blockchain, has announced that it will start buying memecoins for the ‘culture’. The foundation said that it will allocate $10 million to purchase memecoins that are built on the Avalanche network, such as Coqinu, Floki Inu, and Shiba Avalanche. The foundation said that the initiative is aimed at supporting the growth and innovation of the memecoin community on Avalanche.

Source (https://cointelegraph.com/news/avalanche-foundation-buying-memecoins-culture-catalyst-coqinu)

Conclusion

These are some of the most important and exciting news from the crypto world that you should not miss. Stay tuned for more updates and insights on the crypto market and the blockchain technology. If you enjoyed this article, please share it with your friends and followers. Thank you for reading!

Disclaimer: The information and content provided in this article are for informational and educational purposes only and do not constitute any financial, investment, or legal advice. Trading, buying, or investing in cryptocurrencies involves significant risks and may result in the loss of your capital. You should do your own research and consult a professional before making any decisions. This article is not a suggestion or an endorsement of any cryptocurrency or platform.

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