ChainCatcher news, according to Cryptonews, the short video application TikTok is under scrutiny for allegedly operating in the UK in a manner similar to cryptocurrency exchanges. It is reported that a compliance expert has warned the UK's Financial Conduct Authority (FCA), suggesting that TikTok undergo checks for money laundering and terrorist financing. The expert emphasized that the virtual tokens on TikTok could potentially be indirectly exchanged for real currency through its creator program, which is concerning.This scrutiny stems from TikTok's virtual currency system—TikTok tokens. Users can purchase tokens with real money and gift them on the platform or during live streams. They may also have the option to exchange these tokens back for cash. This process is similar to cryptocurrency trading. Given the strict regulations surrounding cryptocurrency businesses, this system has raised regulatory concerns. Critics argue that TikTok's handling of virtual currency may face the same scrutiny as cryptocurrency platforms. Additionally, such cryptocurrency-like transactions have raised concerns about the security of users' financial data, especially considering the geopolitical sensitivities.It is reported that the letter stated: "TikTok provides funding transfer services for money service businesses through its rewards program and facilitates the exchange of crypto assets for currency or currency for crypto assets, or makes arrangements for such exchanges." As of the time of publication, neither TikTok nor the FCA has responded to Cryptonews' request for comment.

ChainCatcher news, according to reports from the Hong Kong media, the Hong Kong police have announced a major theft case that occurred at a virtual currency exchange store in the Sham Shui Po district. A 43-year-old man was robbed while exchanging 4 million Hong Kong dollars in cash, and the police have arrested two men involved in the case.On the 25th and 26th, the police arrested two men holding Hong Kong identity cards, aged 23 and 30, respectively, on charges of "conspiracy to commit theft." They are suspected of colluding with a female store clerk and others to set up a virtual currency exchange store specifically to steal customers' cash transaction amounts. The 23-year-old suspect has been provisionally charged with "conspiracy to commit theft" and appeared in the West Kowloon Magistrates' Court on the morning of the 26th; the 30-year-old suspect is still under investigation.The police revealed that the involved exchange store had been operating for about a month and a half. The victim had previously conducted two successful transactions of approximately 400,000 and 800,000 Hong Kong dollars in early September, which may have been a trap set by the fraudsters to gain trust and lure the victim into increasing the investment to 4 million Hong Kong dollars. Notably, there have been 12 similar cases reported in the West Kowloon area in the first nine months of this year, with a total amount involved reaching 10.8 million Hong Kong dollars. In these cases, victims were either robbed or stolen from during cash transactions or did not receive the corresponding amounts after transferring cryptocurrency.

ChainCatcher news, according to Cryptonews, the Moscow police in Russia have shut down a "cross-border" cryptocurrency exchange that pretended to be a travel agency, suspected of helping clients transfer funds abroad.The police stated that the exchange processed approximately $2.2 million in cryptocurrency transactions for Russian clients and charged a 1% commission. During the raid, the Ministry of Internal Affairs seized a large amount of cash, receipts, and equipment.The police have charged one "mastermind," and the case is still under investigation, with authorities searching for other accomplices.

ChainCatcher news, according to the Financial Times, Switzerland's largest stock exchange, SIX Swiss Exchange, is exploring the establishment of a cryptocurrency trading platform in Europe and is considering leveraging its reputation and Switzerland's advanced crypto regulations to attract large traditional investors with increasing interest in trading digital assets.SIX Group's Global Exchange Head Bjørn Sibbern stated, "Cryptocurrency has increasingly become a recognized asset class," adding that the company is looking into creating "a platform that allows us to facilitate trading, whether it be (spot) cryptocurrencies or derivatives."

ChainCatcher news, the renowned men's fashion magazine GQ recently reported on Bitget and Lionel Messi's new brand promotional video (#MakeItCount). GQ mentioned that in October 2022, Bitget became Messi's sole crypto partner, and both Bitget and Messi's growth journeys showcase the courage to face difficulties and an indomitable spirit, encouraging crypto and football enthusiasts worldwide to "make every moment count" in their lives.GQ also noted that after partnering with Messi, Bitget experienced growth against the trend during the crypto winter, with spot trading volume increasing by 94%, the team size expanding threefold in two years, and establishing a $100 million Web3 fund to promote the sustainable development of the industry.It is reported that this is GQ's first special feature on a crypto exchange.

ChainCatcher news, according to CoinDesk, digital bank Revolut has developed a cryptocurrency exchange called Revolut X for professional traders, which will charge zero fees to Makers and a 0.09% fee to Takers.

ChainCatcher message, cryptocurrency exchange Bittrex has decided to cease operations. All trading activities on Bittrex will be disabled starting December 4, 2023. After this date, customers will only be able to withdraw assets during the liquidation process. The platform strongly encourages all customers to log into their accounts and withdraw their assets as soon as possible. All funds and tokens on the Bittrex platform are safe and secure, and can be withdrawn at any time in accordance with applicable laws and the terms of service.

ChainCatcher news, Solana ecosystem Web3 application Backpack has announced the launch of a regulated cryptocurrency exchange, Backpack Exchange. Currently, Backpack Exchange has obtained a trading services Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will launch a beta version for existing Backpack and Mad Lads community members this November.The beta version of Backpack Exchange will offer spot cryptocurrency trading services, with the public version set to go live in the first quarter of 2024. Backpack Exchange will also add trading features such as derivatives, margin, and cross-collateral. Backpack is an integrated Web3 application that acts as a non-custodial wallet, providing a crypto-native experience through xNFTs. xNFTs serve as native decentralized applications within Backpack, representing a portal for applications, games, and assets built on any chain.

ChainCatcher news, according to official sources, Coinbase has announced that it has registered as a cryptocurrency trading platform and custodial wallet provider in Spain. This registration will enable Coinbase to offer a full suite of products and services to retail and institutional users in Spain in compliance with national legal frameworks.Reportedly, the services now available to users in Spain include: custodial services for crypto assets; buying or selling crypto assets with fiat currency; trading between crypto assets.

ChainCatcher news, Indonesia's commodity futures trading regulatory agency (Bappebti) announced plans to launch a cryptocurrency exchange this month. Bappebti head Didid Noordiatmoko stated that once the exchange is operational, all cryptocurrency transactions can only be conducted through the exchange. At the same time, KYC and various processes are regulated.In addition, he mentioned that transactions will be completed through each integrated application. CoFTRA has also conducted integration testing. Didid expressed that for the cryptocurrencies to be sold, Bappebti hopes they are local but can still keep up with the developments of the international market, including price issues, provided they are approved by Bappebti. (source link)

ChainCatcher news, former RippleNet General Manager Asheesh Birla tweeted that Coinbase is transitioning from a cryptocurrency exchange to a bank service that supports cryptocurrencies.Coinbase's latest mission is to build a crypto economy: a more equitable, convenient, efficient, and transparent financial system supported by cryptocurrencies. According to its Q1 2023 financial report, deposit revenue generated from interest income, blockchain rewards, and custody fees now accounts for the largest share of Coinbase's revenue. Interest from USDC deposits alone generated $199 million, accounting for about 18% of Coinbase's total revenue.Coinbase's revenue is slowly shifting from consumers to high-margin institutional clients, with institutional trading revenue growing by 67% compared to the previous quarter. Coinbase also benefits from bank-like revenue, which is less dependent on the overall crypto market. (source link)

ChainCatcher news, Nasdaq Executive Vice President and Head of North American Markets Tal Cohen stated that Nasdaq may wait until the regulation of cryptocurrency exchanges is clearer and more widely adopted by institutions before launching its own cryptocurrency exchange.Tal Cohen added, "The market serving retail customers is already quite saturated, and Nasdaq will focus on its crypto custody services because if you can properly safeguard people's assets, they will trust you, laying the groundwork for various business operations in the future."According to previous reports, Nasdaq Executive Vice President Tal Cohen mentioned that while Nasdaq does not have immediate plans to launch a cryptocurrency exchange, it will assess opportunities based on the regulatory environment and competitive landscape. (Source link)

ChainCatcher news, cryptocurrency exchange CoinFLEX announced a restructuring proposal, where creditors will own 65% of the company, the CoinFLEX team will be allocated 15%, and over time, will contribute to the employee stock option plan (ESOP), while Series B investors will continue to be shareholders of the restructured company. CoinFLEX will subsequently release the next steps the company will take immediately, including specific details on voting for the proposal.Additionally, the proposal includes an agreement reached with the BCH Alliance, which will make the BCH Alliance responsible for the SmartBCH cross-chain bridge, and if approved, it will mean that "BCH on the SmartBCH network will be exchanged for BCH at a 1:1 ratio."Previously reported, in August, CoinFLEX applied for restructuring in Seychelles and will seek approval from depositors and the court to issue rvUSD tokens, CoinFLEX shares, and locked FLEX tokens to depositors. (Source link)

According to Chain Catcher, Bloomberg reported that Nasdaq Executive Vice President Tal Cohen stated that while Nasdaq does not have immediate plans to launch a cryptocurrency exchange, it will evaluate opportunities based on the regulatory environment and competitive landscape. Nasdaq has been focused on diversifying its revenue sources and has achieved this by outsourcing its software to crypto players and providing matching engine technology to crypto exchanges like Bitstamp. Additionally, Nasdaq has expanded its technology offerings related to protection and anti-crime software for crypto companies.Earlier, Chain Catcher reported that Nasdaq plans to launch institutional crypto custody services, initially offering custody services for Bitcoin and Ethereum. The new product is currently awaiting regulatory approval. Nasdaq will also establish a new crypto division. Nasdaq has also hired the former head of brokerage at Gemini to lead its digital assets department. (Source link)

Chain Catcher news, financial giants Charles Schwab, Citadel Securities, Fidelity Digital Asset, Paradigm, Sequoia Capital, and Virtu Financial plan to launch the cryptocurrency exchange EDX Markets. The exchange aims to enable a high-liquidity cryptocurrency ecosystem to aggregate liquidity from multiple market makers to reduce spreads and enhance transparency.It is reported that EDX Markets will be led by CEO Jamil Nazarali, CTO Tony Acuña-Rohter, and General Counsel David Forman. (Source link)