Schlagwort: crypto business

CoinFLEX co-founders Sudhu Arumugam and Mark Lamb say the goal is to be lean staff-wise and to remain ‘right-sized’ should potential acquisition proposals come in.

Crypto exchange CoinFLEX has announced that it has cut its headcount by a significant number amid ongoing efforts to bring the embattled company back to its feet.

The exchange, which is in a tussle with one of its customers over an unpaid loan said to be about $84 million, says the move to lay off so many of its staff members is informed by the need to be lean “staff-wise” as they navigate the murky waters they found themselves in June.

“The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%. The majority of the team that remain are focused on product and technology, which remains the core of our business,” the exchange’s co-founders Sudhu Arumugam and Mark Lamb wrote in a blog post.

Remain ‘right-sized’ for any potential acquisition

According to the co-founders, the layoffs touched almost every section of the platform’s operations and impacted employees across various geographies.

The company will, however, continue to monitor its costs even as they target efficiency, with plans to start scaling on the staff once business hit levels where volumes permit hiring.

In the meantime, CoinFLEX intends to “remain right-sized for any entity considering a potential acquisition of or partnership opportunity.”

CoinFLEX announced partial customer withdrawals had resumed mid this month following a freeze that had also hit major crypto lender Celsius Network and other beleaguered crypto firms amid market woes in a biting crypto winter.

Other big casualties of the market contagion are Three Arrows Capital, Vauld, Voyager Digital and Zimplex.

The post CoinFLEX cuts staff amid efforts to trim costs by up to 60% appeared first on CoinJournal.

US Securities and Exchange Commission (SEC) Chair Gary Gensler has severally pointed out that cryptocurrency exchanges and trading platforms cannot be treated differently from traditional stock exchanges.

And amid the increased regulatory spotlight on crypto, helped by recent events, the SEC boss has renewed that call.

In a video he shared on Twitter, Gensler says crypto platforms will better protect customers – and see further growth as a result – if they embrace regulatory compliance.

According to Gensler, digital asset platforms (like regulated stock markets) can help protect millions of users against aspects such as “manipulation, fraud and front running,” if they are registered and properly regulated.

“With so many retail customers trading on crypto platforms, we should make sure that those platforms offer similar protections,” he noted, adding that SEC staff have been mandated to pursue registration of these crypto platforms. The key, he explained, is to ensure the exchanges are regulated as securities platforms where appropriate.

We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market. pic.twitter.com/ZxdBfvmqXP

— Gary Gensler (@GaryGensler) July 28, 2022

Conflict of interest?

Gensler also pointed out that with crypto exchanges also acting as market makers, potential conflict of interest could harm investors. As such, he has asked staff at the securities watchdog to find what’s possible with regard to “segregating out” the market making functionality from the digital asset platforms.

If the traditional exchanges don’t do this – market making – why should crypto platforms be any different?

“Look, there’s no reason to treat the crypto market differently, just because a different technology is used,” he pointed out. 

Gensler’s comments come days after he reiterated the need to have crypto exchanges and lending platforms offer more disclosures as part of basic consumer protection. They also come amid reports the SEC is investigating crypto exchange Coinbase over the listing of securities tokens.

Coinbase refutes these claims and alongside several industry players, say the agency is engaging in “regulation by enforcement.”

The post Gensler maintains that crypto exchanges need to register with the SEC appeared first on CoinJournal.

In an announcement today, Binance, the world’s largest crypto exchange by daily crypto trading volume, said that it had successfully integrated the TrueUSD (TUSD) TRC20 Network on its platform. 

An example of a cryptocurrency that uses TRC20 or USDT-TRON standard is Tether’s USDT that is launched on the TRON blockchain network.

According to the announcement, the  TrueUSD (TUSD) TRC20 Network integration will allow Binance to support TRC-20 tokens for deposits as well as the withdrawals of USD Coin (USDC) and Tether (USDT).

The integration further means that USDC and USDT will need 20 block confirmations; something that will require about one minute. 

With its cheaper transaction fees and faster transaction times as compared to the other stablecoins on other blockchains, TRC-20 stablecoins have had a great impact on the crypto market since their launch.

Binance regular upgrades

Binance has been constantly updating its trading platform with new features that are ideal for its users with TRC-20 being the latest update. 

Early last week, Binance integrated STEPN (GMT) ERC20 allowing users to use the token for deposits and withdrawals.

The post Binance successfully integrates TrueUSD (TUSD) TRC20 Network appeared first on CoinJournal.