Connect with us

Business

India tops global crypto use despite offshore exchange ban

Published

on

India has emerged as the top global user of cryptocurrencies, a notable development occurring despite the country’s recent ban on offshore cryptocurrency exchanges. The increased domestic adoption highlights the resilience and growing popularity of digital assets within India’s financial ecosystem.

Recent data indicates that, despite regulatory challenges, Indian investors and traders are leading the world in cryptocurrency transactions and usage. This surge in activity comes as India continues to enforce restrictions on offshore exchanges, aiming to control and regulate the flow of digital assets into and out of the country.

The ban on offshore cryptocurrency exchanges was implemented to address concerns about market manipulation, fraud, and regulatory evasion. The move has been part of a broader regulatory framework designed to bring more oversight to the rapidly expanding cryptocurrency market in India.

Despite these restrictions, Indian users have shown a strong preference for digital currencies, with a significant increase in transactions and trading volumes reported. The country’s robust crypto community and the growing interest in decentralized finance (DeFi) have contributed to this trend.

A spokesperson for the Indian Ministry of Finance commented, “India’s position as a leading user of cryptocurrencies demonstrates the vibrant and dynamic nature of our digital asset market. While we are implementing measures to ensure regulatory compliance, we recognize the importance of fostering innovation and providing a secure environment for crypto activities.”

The increased domestic adoption reflects both a strong interest in digital assets and the effectiveness of local cryptocurrency platforms that comply with regulatory requirements. Indian exchanges and platforms have adapted to the regulatory landscape, providing services that align with the country’s legal and compliance standards.

The regulatory environment continues to evolve as authorities seek to balance the benefits of cryptocurrency innovation with the need for consumer protection and financial stability. The ongoing development of India’s crypto regulations will likely impact future market dynamics and investment strategies.

India’s rise as a leading cryptocurrency user highlights the resilience of its digital asset community and the ongoing transformation of the financial sector. As the regulatory landscape continues to shift, the country’s approach to managing digital currencies will remain a key factor in shaping the global cryptocurrency market.

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