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5 Hours ago
OKX Interested in Expanding Crypto Operations in Australia
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OKX, a leading cryptocurrency exchange and Web3 technology company, voiced its interest in expanding its operations in Australia, a country that the firm considers a key growth market for its businesses, according to Cointelegraph.

The announcement was made at an exclusive event for Australia’s crypto community at the Melbourne Arts Centre.

OKX will start its activities in the country by sponsoring the McLaren F1 Team car driven by Australian Lando Norris and Oscar Piastri of Australia. However, the crypto exchange has not yet registered with AUSTRAC, the Australian licensing regime required to offer cryptocurrency services.

In this regard, Chief Marketing Officer at OKX Haider Rafique attributed the company’s interest in expanding in Australia to being an indispensable part of this strategy and a key growth market in addition to the huge appetite of Australians for more crypto investment and trading products.

In statements to Cointelegraph, Rafique pointed out: “What I’ve interestingly found over the last 5-6 years is that Australian retail investors certainly show a huge appetite for exploring crypto as an investment vehicle and also for trading. When I came to OKX, I certainly saw that in terms of web traffic and people from Australia trying to explore OKX services.”

He believed that Australians have a big awareness of crypto and the value of blockchain and their potential therefore his company’s mission in the country will go smoothly, expressing his impression about the Aussie start-up scene.

It is worth mentioning that OKX is offering its crypto services in 100 countries around the world and obtained a provisional license in Dubai in July 2022. It holds reserves among major exchanges at $8.9 billion.

In September 2022, a survey by Australian crypto exchange Swyftx found that about one million Australians (4% of the population) are predicted to enter the crypto industry for the first time within the next 12 months.

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8 Hours ago
European Parliament Issues Legislation To Combat Unverified Crypto Transactions
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The European Parliament is trying to take tougher steps toward regulating the crypto industry, especially against crypto users who have no verified identity.

Members of the European Parliament from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) voted in favor of imposing a €1,000 limit on crypto transactions in which crypto users have unverified identities.

Under this new law, all entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, according to Bitcoinist.

A statement by the European Parliament said: To restrict transactions in cash and crypto assets, MEPs want to cap payments that can be accepted by persons providing goods or services. They set limits up to €7,000 for cash payments and €1,000 [$1,084] for crypto-asset transfers, where the customer cannot be identified.”

The European Parliament’s move aims to combat money laundering, terrorist financing, and evasion of sanctions in the EU.

European Parliament Member Aurore Lalucq pointed out in a tweet that new legislation specifically affects cryptocurrency trading platforms and NFTs. Lalucq noted that the NFTs are now subjected to anti-money laundering rules, adding the NFT marketplaces have to comply with the new requirements.

The European lawmaker underlined that the European Anti-Money Laundering Authority (AMLA) will outline a list of risky platforms based outside the EU.

Meanwhile, Damien Carême, a French lawmaker, said the legislation does not aim to ban crypto payments but to target money laundering, asserting the limit cap only applies to unregulated wallets and unverified users.

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11 Hours ago
Kraken Marks 1st Presence in F1 World
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As of this weekend, the logo of Kraken, a US-based cryptocurrency exchange, will be displayed in the Formula One races after its global partnership with F1 team Williams Racing.

Kraken announced it had signed a sponsorship agreement with Williams Racing, one of the top four Formula 1 teams, alongside Mclaren, Mercedes, and Ferrari, marking the first partnership for the leading crypto exchange in the world of F1. Also, according to William Racing’s statement, Kraken is the first-ever crypto and Web3 partner for the F1 team.

Cryptopotato reported that the Kraken logo will be displayed during the rest of the 2023 FIA Formula One World Championship season on the Williams Racing FW45 race car, which is driven by Logan Sargeant and Alex Albon, who are expected to wear the logo on their racing suits.

Kraken also will enhance crypto adoption in the motorsport industry by launching digital collectible experiences. It will allow some of the holders of its NFT projects to display their NFTs on Williams Racing rear wing and Grand Prix events.

Commenting on the partnership, Commercial Director of Williams Racing James Bower said his racing team is proud of the partnership with a prominent crypto exchange, expressing his excitement to offer fans cutting-edge crypto and Web3 experiences.

Meanwhile, Kraken’s Chief Marketing Officer Mayur Gupta noted: “Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation, and breakthrough performance. These are both iconic brands that have stood the test of time. We’re excited to engage with both Kraken’s and Williams Racing’s global communities, showcasing the power and life-changing impact of crypto and Web3.”

Kraken is one of the world’s largest digital asset platforms, with over 10 million clients worldwide trading more than 200 crypto assets and six fiat currencies available through its mobile app and trading platform.

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1 Days ago
Binance Witnessed Withdrawals Worth over $850 Mln before, after CFTC Indictment
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Before bringing accusations against Binance and its CEO Changpeng Zhao, which were made by the United States Commodity Futures Trading Commission (CFTC), funds were withdrawn from Binance.

Thanefield Capital data research said that a few hours before CFTC’s indictment against Binance, Binance wallets witnessed an outflow of $850 million. This sum of money is a part of larger withdrawals that happened on March 27 worth almost $1.5 billion from platforms, including Binance, Coinbase, Kraken, and Bitfinex.

After the announcement of the CFTC indictment, Binance saw additional withdrawals worth $240 million. However, according to Cointelegraph, Binance still has $63.36 billion worth of cryptocurrency assets, including over $2 billion of Tether, $17 billion of Bitcoin,
and $8.1 billion worth of Ether.

Earlier on Tuesday, Zhao denounced allegations made by the Commodity Futures Trading Commission (CFTC) of the United States, rejecting its recent remarks about Binance’s manipulation of the market overall.

In a statement published by the Binance website, Zhao described such claims as incomplete recitation of facts. Zhao stressed that his crypto exchange does not trade for profit or “manipulate” the market under any circumstances but “trades” in a number of situations, saying Binance’s revenues are in crypto. He referred to the need to convert some cryptocurrencies from time to time to cover expenses in fiat or other cryptocurrencies.

The US financial regulator has accused Binance and its CEO of illegally operating the country in a lawsuit that seeks fines and an injunction against the world’s prominent crypto trading exchange. It also accused him of ignoring the US laws regarding the registration and regulatory requirements, saying it does extensive solicitation of and access to US customers.

Binance responded and noted that Binance is committed to transparency and cooperation with regulators and law enforcement (LE) in the US and globally.

The CFTC accused Binance and its CEO of insider trading, an accusation which was refuted by Zhao. He said that Binance has a 90-day no-day-trading rule for employees which prevents any employees from actively trading in addition to preventing them from any future trading.

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