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The CEO of a real-world asset (RWA)-focused crypto project is alleging that centralized exchanges may have played a role in the sudden collapse of the project’s native token. The market cap for top RWA project MANTRA (OM) plummeted by $5.431 billion on Sunday – declining from over $6.11 billion to $683.3 million in a matter of hours. Mantra CEO JP Mullin alleges on the social media platform X that the crash was caused by unnamed exchanges seemingly working against the coin by needlessly closing large positions during low-liquidity hours. “We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice. That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of neglig...

Author: Azuma (@azuma_eth) On August 14, Bitget officially announced the appointment of former Binance executive Hon Ng as Chief Legal Officer (CLO). Hon Ng will play a key role in leading Bitget’s global business development, helping the company continue to advance its global compliance operations and strategic expansion. According to Bitget’s official announcement, Hon Ng has over 20 years of legal experience and has been recognized as one of the top 20 global legal leaders by the Financial Times. Before joining Bitget, Hon Ng served as General Counsel and Head of Government Affairs and Policy at Binance. Prior to that, he worked at Uber, helping the company grow from a startup to a tech giant and eventually go public. Before entering the tech industry, Hon Ng worked at several well-known law firms, handling mergers, acquisitions, and IPOs. For a leading exchange like Bitget, a leadership change in key areas such as compliance often signals a new direction for the business. To better...

Data compiled by the WuBlockchain team shows: In August, the spot trading volume of major exchanges increased by 30% month-over-month. The top three exchanges with the highest growth rates were KuCoin (171%), Crypto.com (79%), and Mexc (44%). The bottom three were Gate (-44%), HTX (4%), and Upbit (17%). In August, the derivatives trading volume of major exchanges increased by 32% month-over-month. The top three exchanges with the highest growth rates were Mexc (71%), Crypto.com (70%), and Deribit (47%). The bottom three were Bybit (26%), OKX (27%), and KuCoin (27%). In August, the website traffic of major exchanges increased by 4% month-over-month. The top three with the highest growth rates were Mexc (160%), Gate (24%), and Deribit (17%). The bottom three were Bybit (-12%), Bitget (-10%), and Upbit (-9%). Note: The following data may have significant volume manipulation or bot activity. Spot and derivatives data are from Coingecko, while traffic data comes from Similarweb. Follow us T...

Binance and KuCoin has obtain FIU-IND approval, marking a milestone in Indian crypto regulation. KuCoin pays $41,000 penalty as Binance awaits fine determination amid compliance proceedings. The return of the exchanges to India signals the growing acceptance of cryptocurrencies in India’s regulatory framework. In a significant development for the cryptocurrency industry In India, two major exchanges, Binance and KuCoin, have obtained registration approval from India’s Financial Intelligence Unit (FIU-IND), marking a pivotal moment in their journey toward regulatory compliance in the country. This comes after months of negotiations and challenges following the ban of the two exchanges for alleged illegal operations. Binance and Kucoin to re-enter India after ban The path to registration was fraught with obstacles, as both Binance and KuCoin, along with several other offshore entities, faced a ban in December of the previous year for non-complianc...