India is reportedly planning on introducing a new law to ban cryptocurrency trading in the country, a move that would be a blow to the rapidly growing cryptocurrency scene in the region.

The Intercontinental Exchange’s crypto derivatives trading platform Bakkt has gained market share in the bitcoin futures space, after long trailing its rival CME in daily futures volumes.

Japanese cryptocurrency exchange Fisco has sued leading crypto exchange Binance for allegedly facilitating the laundering of $9 million in bitcoin.

Cryptocurrency hardware wallet manufacturer Ledger is running a back to school campaign from September 7 to September 21, in which you can get 20% off by using this link. Use the link and get a Ledger Nano X or Ledger Nano S with a 20% discount.

Top stories in the Crypto Roundup today:

• India Is Reportedly Planning to Ban Cryptocurrency Trading
• Bakkt’s Bitcoin Futures Trading Volume Hits New All-Time High
• Binance Sued by Crypto Exchange for Allegedly Facilitating Laundering of Stolen Bitcoin
• Secure Your Cryptoassets: Get 20% Off On a Ledger Hardware Wallet

India Is Reportedly Planning to Ban Cryptocurrency Trading

India is reportedly planning on introducing a new law to ban cryptocurrency trading in the country, a move that would be a blow to the rapidly growing cryptocurrency scene in the region.

The new law is expected to be discussed shortly by the federal cabinet, and will then be sent to the country’s parliament. While India is planning to ban cryptocurrency trading, the federal government is set to encourage the use of blockchain technology.

The country’s central bank, the Reserve Bank of India, had banned crypto transactions in 2018 after a string of frauds in the months that followed Prime Minister Narendra Modi’s decision to ban 80% of the country’s currency.

Cryptocurrency exchanges in the country responded with a lawsuit in the Supreme Court in September of that year, and earlier this year saw the institution side with them and overturn the move.

The victory, per TechSci research, led to an almost 450% surge in trading volumes in just two months, with Mumbai-based exchange WazerX, for example, seeing its month-on-month volumes grow 400% in March and 270% in April.

A renews trading ban would affect 1.7 million Indians and a rising number of firms setting up platforms to serve Indian users. The volumes reportedly raise concerns Indians are risking their savings in cryptocurrencies amid the coronavirus-induces economic slowdown.

Bakkt’s Bitcoin Futures Trading Volume Hits New All-Time High

The Intercontinental Exchange’s crypto derivatives trading platform Bakkt has gained market share in the bitcoin futures space, after long trailing its rival CME in daily futures volumes.

According to The Block, Bakkt closed in $173 million worth of notional trading volumes this Tuesday, to reach a new all-time high. In comparison, CME’s bitcoin futures volumes were slightly above $383 million on Monday. Over the last three months, Bakkt was struggling to surpass the $100 million mark.

In terms of bitcoin traded, Bakkt hit an all-time high of 15,955 on Tuesday. It’s worth noting CME offers a cash-settled futures contract, while Bakkt offers a physically-settled contract.

Binance Sued by Crypto Exchange for Allegedly Facilitating Laundering of Stolen Bitcoin

Japanese cryptocurrency exchange Fisco has sued leading crypto exchange Binance for allegedly facilitating the laundering of $9 million in bitcoin.

According to a 33-page complaint filed in the Northern California District Court, the Japanese cryptocurrency exchange is accusing Binance of “aiding and abetting” the laundering of 1,451 BTC – then worth $9.4 million – on its platform because of “lax” know-your-customer (KYC) and anti-money laundering (AML) protocols that do not measure up to industry standards.”

The laundered funds came from the $60 million hack that cryptocurrency exchange Zaif suffered in 2018. Zaif was later on acquired by Fisco, which compensated users who lost funds in the hack.  Per the complaint, hackers used Binance’s KYC policy, which lets new users trade up to 2 BTC without having to provide any meaningful identifying information, to launder the funds. It reads:

“The thieves broke the stolen bitcoin into thousands of separate transactions and accounts, all valued below the 2-bitcoin threshold. In this way, the thieves converted the stolen bitcoin into other cryptocurrencies and transmitted the value from the Binance platform.”

Zaif employees reportedly contacted Binance at the time, but claim that Binance “either intentionally or negligently failed to interrupt the money laundering process when it could have done so.”

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Secure Your Cryptoassets: Get 20% Off On a Ledger Hardware Wallet

If you have ever invested in cryptocurrencies chances are you know hardware wallets to store your assets offline are more secure than so-called hot wallets. Hot wallets are connected to the internet, which means that if hackers compromise your computer or mobile device they can get to your crypto.

Hardware wallets, on the other hand, store your assets offline. Even if hackers get to your personal devices, your cryptoassets will remain secure. The problem is hardware wallets are often expensive and some users choose not to buy them.

Cryptocurrency hardware wallet manufacturer Ledger is running a back to school campaign from September 7 to September 21, in which you can get 20% off by using this link. Use the link and get a Ledger Nano X or Ledger Nano S with a 20% discount.

CryptoCompare has reviewed the Ledger Nano X in the past: it’s a Bluetooth-enabled hardware wallet that supports over 1,000 cryptoassets. Our users seem to love it.

 

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