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India’s Crypto Exchanges Join Forces in Face of Looming Bitcoin Ban

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  • Seven Indian crypto exchanges have jointly prepared a presentation note for policymakers.
  • The initiative follows a proposed ban on all private cryptocurrencies in the country.

As a ban on cryptocurrency looms in India, seven of the country’s cryptocurrency exchanges are reaching out to the country’s finance minister and central bank to address their concerns around digital assets, The Economic Times reported today.

According to Nischal Shetty, CEO of crypto exchange WazirX, India’s Blockchain and Crypto Council plans to send out a presentation note that contains recommendations on how to effectively regulate cryptocurrencies and mitigate risks usually associated with them. The country’s finance minister Nirmala Sitharaman and the Reserve Bank of India (RBI) are among the note’s addressees.

The joint effort has seen the crypto exchanges prepare a full presentation containing data on global regulatory practices, a proposed code of conduct for digital trading platforms, a whitepaper that outlines the potential consequences of a blanket ban, and other materials.

“The industry as a whole has begun self-regulation and implementing KYC procedures to prohibit illicit activities,” said Sathvik Vishwanath, CEO of Unocoin. “We have created a unified procedure that gets followed among the exchanges so that when we try to represent as an association in front of the ministry we will have a concrete method which could add to our credibility.”

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Eventually, the group hopes to present their case formally, said Shetty. “But we did not want to wait, we wanted to take a proactive approach.”

India’s looming crypto ban

Over the past few years, India’s crypto industry has operated in a state of uncertainty as the country’s regulators repeatedly raised the prospect of a blanket ban on cryptocurrency. Industry players have launched an intensive lobbying campaign aimed at softening their stance and pressing for a regulatory framework.

“We have certain major concerns about cryptocurrency. We have communicated them to the government. On crypto, we have major concerns from a financial stability angle which we have shared with the government,” RBI governor Shaktikanta Das said in late February.

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At the time, the RBI has stated that cryptocurrencies can cause “financial instability,” calling digital assets a “major concern.”

Between 2015 and 2018, India’s oldest crypto exchange Unocoin and trading platform ZebPay reportedly reached out to the RBI up to five times—but to no avail.

“We have approached different high-level officers at the RBI, but it’s only been a one-way conversation,” explained Vishwanath. “They were not disclosing what they want. They were receiving our documents so whatever we were trying to say, they were listening to our conversations, but that’s pretty much where it was stopping.”

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The country’s finance minster has taken a less hardline stance on crypto than the RBI, noting in early March that the government’s position on cryptocurrency will be “calibrated” and will allow for “a window available for all types of experiments in the crypto world.”

That’s welcome news for Indian crypto holders—as is the recent endorsement of tech billionaire Nandan Nilekani, who’s argued that India’s citizens should be allowed to own cryptocurrencies.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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