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Crypto News Today – Indian ED Investigates Coin Switch Kuber!

Crypto News: The Enforcement Directorate of India has launched an investigation into the Coin Switch Kuber Platform. The government agency is also searching the firm’s premises for the possibilities of connection with FEMA breach activities.

  • A spokesperson for the firm mentions that they had received inquiries from several government agencies, and their approach will remain to follow transparency.
  • Earlier, the Indian Enforcement Directorate had frozen the accounts and bank deposits of WazirX, a popular crypto exchange platform.
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» ED Searches Coin Switch Kuber Premises & Directors Residences!

The Enforcement Directorate, a government agency established to investigate offenses related to money laundering, has targeted Coin Switch Kuber. During earlier hours today, the ED arrived at the commercial premises of the Crypto platform to investigate FEMA violations.

  • The ED is also reportedly searching the residences of the CEO and Directors of Coin Switch Kuber.
  • ED had also previously frozen a deposit account of Vauld, freezing approximately 204 crores of pool wallets.
  • The central bank governor also announced to the media earlier today, warning Indian crypto investors of a possible upcoming market crash.

» More Crypto News Today!

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→ Singapore Central Bank Requests Crypto Firms Submit Business Data!

The central bank of Singapore seeks to establish more safeguards for its retail customers concerning crypto and stablecoin regulations.

  • The Monetary Authority of Singapore (MAS) has asked some crypto firms to submit their business data regarding their crypto operations.
  • The data requested includes records of the sum of invested and staked tokens, lending & borrowing counterparties, loaned sum, etc.
  • After the collapse of the Singapore-based Three Arrows Capital crypto hedge fund, the authorities seek to strengthen its crypto regulation policies.
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→ Australian Government Launches Crypto Token Mapping Pilot!

The Aussie government has declared it will undertake crypto token mapping activities under its crypto review procedure.

The Treasurer and Assistant Minister of Treasuries were quoted saying the treasury lacks the pace for establishing regulations in the region due to quick growth in the crypto-asset sector.

  • The officials also claim no other country has yet performed such an exercise, which will help to learn chinks in the crypto regulations framework.
  • The exercise will also help the government understand how Australians spend their crypto.
  • Following the announcement, the Albanese Government mentioned it would soon release a comprehensive crypto regulatory framework.
  • In the meantime, crypto firms should look out for such announcements and public consultation on token mapping.

Also Read: Crypto Mortgage: Buy a House with Crypto & NFTs!

→ Japan-based Web3 Firm Animoca Units Raises $45M at a $500M Valuation!

Animoca Brands and MUFG Bank equally contributed the investment of $45 million to the Animoca Unit. It must be noted that the former name is the parent company of the Animoca Unit, whereas MUFG Bank is 360 years old.

  • Japan currently imposes a 30% corporate tax on both cryptocurrency holdings and unrealized gains.
  • The Parent Firm of Animoca Unit, i.e., Animoca Brands, also backs the world’s largest NFT Marketplace – OpenSea.
  • Simultaneously, MUFG Bank isn’t the only one in Japan to back crypto, as Sumitomo Mitsui Banking Corp has also announced launching its NFTs retail consultation with HashPort.

→ Siam Commercial Bank (SCB) Calls Off Bitkub Acquisition!

SCB is Thailand’s one of the oldest banking groups that have announced it won’t proceed with the acquisition of crypto firm Bitkub Online. The latter is one of the largest cryptocurrency exchanges in the nation.

  • SCB X, the Parent company of the bank, was slated to acquire 51% shares of the Bitkub Online Crypto exchange platform.
  • The price for the deal was set to USD 496 million, with the valuation of the crypto firm Bitkub being approximately $1 billion.
  • The cited factors for calling off the deal appear to be the effects of the Crypto Winter on the Crypto market and its assets.

Crypto Sale Today – August 26th, 2022

The top cryptocurrency prices in the global crypto market showcase a dip in the crypto asset value today. The following figures per a crypto news source reflect their individual positions:

crypto news
  • (BTC) Bitcoin
    • Average Price: $21,369.90
    • 24h: – 1.67% ↓
  • (ETH) Ethereum
    • Average Price: $1,648.36
    • 24h: – 3.31% ↑
  • (BNB) Binance Coin
    • Average Price: $265.16
    • 24h: – 3.57% ↓
  • (XRP) Ripple
    • Average Price: $0.3476
    • 24h: – 0.66% ↓
  • (ADA) Cardano
    • Average Price: $0.4806
    • 24h: + 3.20% ↑
  • (SOL) Solana
    • Average Price: $34.58
    • 24h: – 4.43% ↓

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