Connect with us

Business

Arkham transfers $487M ARKMs to Coinbase Prime for tax compliance

Published

on

Arkham, a major player in the cryptocurrency market, has executed a significant transfer of $304 million worth of ARKM tokens to Coinbase Prime custody. This move marks a strategic decision aimed at enhancing security and institutional-grade storage for Arkham’s digital assets.

The transfer to Coinbase Prime custody underscores Arkham’s commitment to safeguarding its sizable holdings of ARKM tokens amidst the evolving landscape of digital asset security. By leveraging Coinbase’s trusted custodial services, Arkham aims to mitigate risks associated with self-custody and ensure robust protection against potential threats.

According to Arkham’s management, the decision to move ARKM tokens to Coinbase Prime aligns with the company’s broader strategy to enhance liquidity and accessibility for institutional investors. The move is expected to bolster confidence among stakeholders and facilitate greater participation in Arkham’s ecosystem.

Coinbase Prime, known for its rigorous security protocols and regulatory compliance, offers Arkham a secure and compliant environment for storing and managing digital assets. This partnership signifies Arkham’s proactive approach to institutional-grade custody solutions amid increasing institutional interest in cryptocurrencies.

The transfer of $304 million in ARKM tokens to Coinbase Prime custody marks a significant milestone for Arkham as it continues to expand its footprint in the digital asset market. The move is poised to strengthen Arkham’s position as a trusted custodian of digital assets and underscores its commitment to advancing secure and reliable infrastructure for cryptocurrency investors.

As Arkham navigates the complexities of the digital asset landscape, stakeholders will be monitoring how this strategic move impacts market dynamics and institutional adoption of ARKM tokens. The collaboration with Coinbase Prime reflects Arkham’s strategic foresight in enhancing security and scalability to meet the evolving demands of institutional investors in the cryptocurrency space.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk