SEC - Page 157

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Crypto Exchange Insurance Funds Swell by Over $1 Billion Amid Market Surge

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The cryptocurrency market has witnessed a remarkable increase in the value of insurance funds held by top crypto exchanges, growing by over $1 billion amid an ongoing bull market.

The Secure Asset Fund for Users (SAFU) of Binance, a leading crypto exchange, now boasts a balance exceeding $2.03 billion, up from $1 billion in January 2022.

This surge is attributed to the appreciation of Bitcoin, BNB, Tether, and TrueUSD balances within the fund.

Another exchange, Bitget, reported its protection fund growing from an initial $300 million in November 2022 to $612 million, propelled by the significant gains in Bitcoin value, which rose by 136% in the past year, alongside a 79.36% increase in BNB.

Crypto exchanges often provide some insurance protection for their users, but only a few like Binance and Bitget have made their on-chain addresses public.

In 2019, Huobi (now HTX) announced a substantial reserve of 20,000 BTC ($1.32 billion) for extreme security situations, though current details of this reserve are not disclosed.

READ MORE: Crypto Phishing Scams Skyrocket: Base Platform Hit by 18-Fold Increase in Stolen Funds Amid Memecoin Craze

The past year also saw HTX face several security breaches resulting in substantial financial losses.

OKX operates a $700 million “Risk Shield” for user protection, but the composition of this fund in terms of tokens, stablecoins, or fiat money remains unspecified.

The approach to insurance varies among exchanges; for instance, Coinbase’s insurance coverage is dependent on the customer’s location and the nature of the held assets, either fiat or crypto.

The transparency of insurance funds is a critical issue, with some exchanges hesitant to disclose on-chain addresses due to cybersecurity concerns or potential deceit, as was the case with the now-defunct FTX.

Gary Wang, FTX’s former chief technology officer, admitted to authorities that the exchange’s advertised $100 million insurance fund in 2021 was non-existent, showcasing the potential for misinformation.

Furthermore, on-chain addresses provide limited insight, excluding off-chain liabilities, an important consideration for understanding an exchange’s financial health.

Some regions, like Hong Kong, have introduced regulations mandating crypto exchanges to insure users’ assets, covering up to 50% of both fiat and crypto holdings, underscoring the growing emphasis on investor protection in the crypto space.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Google Sues Two for Crypto Scam Apps on Play Store, Tech Giant Aims to Set Legal Precedent

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Alphabet’s Google has initiated legal action against two Chinese nationals for exploiting Google Play to distribute fraudulent cryptocurrency apps, marking a significant move in the tech industry’s fight against scam operations.

The lawsuit, filed in a New York federal court, targets apps like TionRT exchange, which were downloaded more than 100,000 times, deceiving users with apparent returns and initial withdrawal capabilities before ultimately restricting access to their funds.

Google’s lawsuit seeks to establish a legal precedent, alleging that the defendants engaged in various misrepresentations, including false information about their identity, location, and the nature of the applications uploaded to Google Play.

By invoking the Racketeer Influenced and Corrupt Organizations (RICO) law and citing breach of contract, Google is taking a firm stance against what it describes as the publication of at least 87 crypto scam apps.

The individuals implicated in the scheme, Yunfeng Sun and Hongnam Cheung, allegedly promoted these fraudulent apps through sophisticated campaigns involving Google Voice, YouTube, and affiliate marketing.

However, the effectiveness of Google’s legal efforts may be hampered by the lack of a reciprocal judicial enforcement agreement between the U.S. and China, presenting challenges in enforcing any potential sanctions against the defendants.

In parallel developments within the crypto space, Crypto.com announced its expansion into South Korea, with a planned launch focusing on coin-to-coin transactions and non-fungible tokens.

The platform’s broader ambitions include venturing into fiat-to-crypto exchanges, contingent upon compliance with South Korea’s stringent regulatory framework.

READ MORE: Ethereum Co-founder Vitalik Buterin Announces ‘The Purge’ to Streamline Network and Enhance Decentralization

This move underscores the growing interest in cryptocurrency markets and the importance of adhering to legal and regulatory standards to protect users and foster a secure trading environment.

Furthermore, the investment landscape in cryptocurrency and blockchain technology continues to evolve, with significant initiatives underway.

Boyaa Interactive’s $1 million investment into metaverse and blockchain projects, in partnership with Pacific Waterdrip Digital Asset Fund SPC, highlights the sector’s dynamic growth and the strategic emphasis on Web3 development.

Similarly, Sinohope’s collaboration with Merlin Chain aims to enhance the security and scalability of Bitcoin through innovative layer 2 solutions, reflecting ongoing efforts to advance blockchain infrastructure and usability.

Among these developments, Japan’s Hokkoku Bank introduced “Tochituka,” the country’s first deposit-enabled stablecoin, illustrating the integration of traditional banking with digital currency innovations.

Meanwhile, Web3 gaming firm Gomble secured $10 million in funding, demonstrating the potential for a sustainable economy within the gaming industry powered by blockchain technology.

Lastly, Value Partners’ exploration of a spot Bitcoin ETF in Hong Kong signifies the increasing institutional interest in offering regulated, accessible cryptocurrency investment options, marking a significant moment in the convergence of digital assets and mainstream financial services.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

NeuroMesh: Spearheading the New Era of AI with a Distributed Training Protocol

London, United Kingdom, April 9th, 2024, Chainwire

NeuroMesh (nmesh.io), a trailblazer in artificial intelligence, announces the rollout of its distributed AI training protocol, poised to revolutionize global access and collaboration in AI development. Embracing DePIN’s decentralized framework, NeuroMesh bridges the gaps between the demand for training large AI models and distributed GPUs. This initiative aims to foster inclusivity in AI development, facilitating participation across diverse sectors and geographies.

Visionaries in AI: The Team’s Global Ambition

The team behind NeuroMesh, composed of researchers and engineers from Oxford, NTU, PKU, THU, HKU, Google, and Meta, pioneers a democratic AI training process. This visionary approach addresses the limitations of centralized AI development by enabling GPU owners worldwide to contribute to a vast training network, empowering entities of all sizes to leverage this service for their training needs.

NeuroMesh transcends traditional AI by fostering collaboration. Their vision is to equip every developer and organization, regardless of location or resources, with the ability to train and utilize cutting-edge AI models. This aligns perfectly with the vision of AI pioneers like Yann LeCun, who advocate for a future powered by crowdsourced and distributed AI training.

A Revolutionary Design Based on PCN

At the heart of NeuroMesh’s distributed training protocol lies the groundbreaking PCN (Predictive Coding Network) training algorithm – a true game-changer in this field. This approach empowers GPU owners worldwide to contribute their power, fostering a vast collaborative effort.

The PCN Training Algorithm: The magic behind NeuroMesh lies in the PCN training algorithm. Unlike traditional backpropagation (BP) methods, PCN enables fully local, parallel, and autonomous training. The team aims to create a vast network, where each node—representing a participating GPU—learns independently. PCN minimizes inter-layer communication, reducing data traffic and facilitating asynchronous training. Think of it as a symphony where each musician plays their part independently, yet contributes to a harmonious whole.

This cutting-edge model, inspired by recent advancements in neuroscience research pioneered by Oxford University, mimics the human brain’s localized learning approach. By storing error values and optimizing for a local target in each layer, it replicates the behavior of brain neurons. This allows NeuroMesh to define models that are much larger, with individual components that contribute to the same ultimate optimization objective for the whole network, just like the human brain where different stimuli are handled by different groups of neurons.

This biologically-inspired approach, combined with its inherent distribution capabilities, unlocks a new era of AI development.

A Call to Forge Global Partnerships

NeuroMesh invites partnerships globally, aiming to forge an AI future that everyone can participate in. Its protocol is the bedrock upon which a diverse ecosystem is being built. The ecosystem is designed to be dynamic, collaborative, and adaptable, ensuring that it can serve the AI model training needs of any size, from any industry. 

Individuals, projects with GPU resources, and entities with training needs are all welcome to join this transformative initiative. For comprehensive details on NeuroMesh and to participate in this leading-edge endeavor, users can visit nmesh.io.

About NeuroMesh

NeuroMesh comprises researchers and engineers from esteemed institutions such as Oxford, NTU, PKU, THU, HKU, Google and Meta. By empowering developers and organizations to deploy robust AI models, NeuroMesh is cultivating an inclusive AI ecosystem, bridging the gaps between the demand of training large AI models and distributed GPUs worldwide.

For more information, users can visit NeuroMesh’s Twitter | Telegram

Contact

CMO
Kenchia Lee
NeuroMesh
kenchia@nmesh.io
07746906341

dWallet Network Brings Multi-Chain DeFi to Sui, Featuring Native Bitcoin and Ethereum

Dubai, UAE, April 9th, 2024, Chainwire

dWallet Network, a trailblazer in decentralized, native multi-chain technology, and Mysten Labs, a Web3 infrastructure company and the original contributor to Sui, announced their strategic partnership, focusing on the introduction of multi-chain interoperability into the DeFi ecosystem on Sui, the groundbreaking Layer 1 and smart contract platform. With the integration of the dWallet primitive, applications built on Sui can sign transactions on Bitcoin and Ethereum, opening up new cross-chain experiences on Sui. 

Sui is renowned for its secure, high-throughput, and low-latency blockchain capabilities, utilizing the Move smart contract language to offer developers a robust and secure platform for building sophisticated applications, all while maintaining extremely low and consistent gas fees. Through the partnership with dWallet Network, Sui is now poised to harness native, non-collusive, and decentralized dWallet technology, enabling seamless cross-chain interactions within its ecosystem. This collaboration is particularly significant for DeFi initiatives on Sui, providing them with the unprecedented ability to include native BTC and ETH transactions, a milestone in blockchain interoperability and functionality.

To implement the dWallet primitive, the dWallet Network utilizes 2PC-MPC, the state-of-the-art protocol invented by its team. This industry-first multiparty protocol enables the generation of an ECDSA signature in a non-collusive way, requiring participation from both the end-user and a significant number of nodes, the number of which could potentially reach hundreds or thousands.

Omer Sadika, Co-Founder of dWallet Network, expressed his excitement about the partnership, stating, “We are excited to partner with Mysten Labs and bring our decentralized, non-collusive dWallet building block to the Sui ecosystem. This partnership not only broadens the horizons for DeFi and gaming on Sui but also represents a significant leap towards realizing our vision of a seamless, multi-chain future.”

An exciting aspect of this partnership is the use of dWallets in conjunction with Sui’s zkLogin feature, offering a simplified Web2 user experience for managing assets across blockchains, including Bitcoin and Ethereum. This innovative approach leverages the ease of Web2 logins, like Google accounts, to interact with any asset on any blockchain, thereby reducing barriers to entry for users and enabling mass adoption of blockchain technology.

Furthermore, the collaboration extends beyond technical integration, with dWallet Network and the Sui Foundation co-hosting the Overflow hackathon. This event underscores the commitment of both projects to foster innovation, community engagement, and the development of cutting-edge applications within the Sui ecosystem.

“Interoperability is key to the growth of blockchain-powered applications. The introduction of dWallet’s innovative tooling will enable users in the Sui ecosystem to operate seamlessly across disparate protocols,” said Evan Cheng, CEO and co-founder of Mysten Labs, original contributor to Sui. “We’re thrilled to join dWallet in creating a multichain future.” 

The strategic alliance between Mysten Labs and dWallet Network marks a significant milestone, promising to bring unprecedented flexibility, security, and efficiency to multichain DeFi and gaming. As this partnership unfolds, it is set to catalyze innovation and accelerate adoption, opening new avenues for developers and providing users with richer, more diverse blockchain experiences.

For press inquiries, users can contact:

mystenlabspr@mgroupsc.com

siva@dwalletlabs.com

About Mysten Labs

Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives and lead architects of pioneering blockchain projects. The mission of Mysten Labs is to create foundational infrastructure for web3.

Users Can Learn more here.

About Sui

Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences.

Users Can Learn more here.

About dWallet Network

dWallet Network is the home of dWallets – programmable and transferable signing mechanisms that live on-chain. dWallet Network empowers builders on L1s and L2s to utilize dWallets as a building block for managing assets & enforcing logic across all of Web3 in a decentralized and noncollusive way.

Contact

Marketing Lead
Siva Sagiraju
dWallet Network
siva@dwalletlabs.com

Dogecoin Surges 7.5% Outperforming Broader Crypto Market Amid Increased Trader Interest

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On April 6, Dogecoin experienced a notable surge in its price, marking a 7.5% increase to $0.186.

This performance starkly outshone the broader crypto market, which only saw gains of 1.71% on the same day.

Dogecoin’s bullish trend is reflective of a broader enthusiasm in the meme coin sector, suggesting a heightened risk appetite among traders.

Memecoins are often viewed as highly speculative due to their limited intrinsic value and utility. This perception places them at the extreme end of the risk spectrum, a stark contrast to traditional safe-haven assets.

Amidst this backdrop, the U.S. dollar is depreciating against a basket of major currencies, as indicated by the U.S. Dollar Index (DXY).

This depreciation, illustrated in the DXY’s four-hour chart, hints at a growing negative correlation between Dogecoin and the dollar, especially noted on April 6.

A significant development was observed when Whale Alert reported that an unidentified wallet made two large purchases of Dogecoin, totaling 199.27 million coins, from Robinhood in the last 24 hours.

READ MORE: Ethereum Co-founder Vitalik Buterin Announces ‘The Purge’ to Streamline Network and Enhance Decentralization

These transactions, amounting to roughly $35.45 million combined, contributed to the quick uplift in Dogecoin’s price.

Contrastingly, there’s been a decline in Dogecoin whales—holders of substantial amounts of the coin. This trend suggests a possible overreaction to the large purchases at Robinhood.

Furthermore, Dogecoin’s market dynamics show a decrease in open interest and funding rates in its perpetual contracts.

From a peak of $2.21 billion on March 29, open interest dropped to $1.38 billion by April 6.

The funding rate also dipped to 0.0172% from a high of 0.106% on April 1, indicating a potential shift in trader sentiment towards closing positions, be it for profit-taking, loss mitigation, or exposure reduction.

These market movements imply a reduction in selling pressure as traders exit their short positions, which, combined with decreased trading volume and interest, can still allow for price increases.

Dogecoin’s recent price movement finds its technical roots at a support confluence marked by its 200-4H exponential moving average and an ascending trendline, around $0.167.

This setup previously catalyzed an 85% rally toward $0.22, suggesting a potential pattern for future price dynamics.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

DeFi Pioneer Andre Cronje Backs Solana Amid Transaction Woes

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Andre Cronje, a prominent figure in the decentralized finance (DeFi) sector and creator of Fantom, has recently voiced his support for the Solana network despite its struggles with transaction failures.

Cronje’s backing comes at a critical time for Solana, as it faces operational challenges attributed to its rapid expansion.

In a statement on the X social platform, Cronje pointed out that the congestion issues Solana is experiencing are not due to flaws in its consensus mechanism but are technical challenges arising from increased demand for block space.

This perspective sheds light on the growing pains of an expanding ecosystem, emphasizing that the current problems stem from success rather than inherent system weaknesses.

The Solana network has seen a significant uptick in activity, partly fueled by a recent surge in interest in memecoins, leading to about 75% of non-vote transactions failing on April 4, according to Dune Analytics.

Despite this, Cronje and others in the community argue that the congestion issues are a misinterpretation of the network’s capacity to handle growth.

They see the backlash from the community, especially on social media where users have reported a deteriorating user experience, as a natural reaction to the network’s scaling challenges.

READ MORE: Investors Rush to BabyCat Coin as It’s Poised to Rally 8,000%, Challenge Shiba Inu and Dogecoin

Solana CEO Anatoly Yakovenko expressed his concerns over the difficulty of addressing these congestion issues, noting that they present a more complex problem than total network failures.

The network has experienced several outages, including a significant one in early February 2024 that halted block production for over five hours.

These incidents highlight the ongoing struggles with maintaining a stable and efficient network amid rapid growth.

In response to the latest outage, the Solana-focused software development firm Anza released a detailed report on February 9, pinpointing a bug in Solana’s Just-in-Time (JIT) compilation cache as the culprit.

Moving forward, the Solana Foundation plans to overhaul the loader system to prevent similar issues, aiming for a smoother operation.

Despite the operational hurdles, Solana’s market position remains strong, with its value experiencing a slight dip of 3% over the past week after a notable 45% rally the previous month.

According to CoinGecko, Solana’s market capitalization stands at $89 billion, making it the fifth-largest cryptocurrency by market cap.

This resilience underscores the confidence and support of influential figures like Cronje in the network’s potential and future prospects.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The AI-Based Smart Contract Audit Firm “Bunzz Audit” Has Officially Launched

Singapore, Singapre, April 9th, 2024, Chainwire

  • Comprehensive security checks are now possible at only 10% of the traditional cost
  • The price and report creation is 10 times faster and cheaper than traditional firms
  • This firm optimized for projects that “want to audit contracts but have limited budgets” or “wish to conduct an initial audit during the development stage”

Bunzz, a Singapore-based web3×AI tech startup launches “Bunzz Audit,” an AI-driven smart contract auditing service offering fast, cost-effective audits with actionable insights for security improvements, scanning contracts from over 100 perspectives using AI and an extensive database.

Overcoming the Challenges of Traditional Smart Contract Audits in Blockchain Projects

Blockchain-related projects trade users’ assets on-chain, and the smart contracts governing this logic are at risk of being attacked. As a measure, “smart contract audits (Audit)” are conducted, but users of existing major audit firms face the following challenges:

  • The cost of traditional audit firms is very high (from 10K to 1M of USD).
  • Emphasis is placed on the “seal of approval” from major audit firms, making the original goal of “improving security” a mere formality.
  • Engaging an audit firm can delay product launches or token listings due to the time taken for audits.
  • The accuracy of reports and the cost of communication can be unstable depending on the audit firm’s personnel.

As an approach to solve these issues, Bunzz, the smart contract development infrastructure, has researched and developed an AI-based audit service, “Bunzz Audit.”

In the open beta version in January this year, Bunzz received a lot of positive feedback, and it has now officially launched “Bunzz Audit” as a formal version.

Product page: https://www.bunzz.dev/audit

The Significance of Using AI for Smart Contract Audits

The tasks performed by audit firms can broadly be classified as follows:

  1. Comparing clients’ contracts with previously identified vulnerability patterns to detect vulnerabilities.
  2. Detecting vulnerabilities derived from project-specific logic or operational inconsistencies.

For the first task, vulnerabilities in smart contracts are normally checked by humans reviewing the source code. However, due to variations in auditors’ knowledge of vulnerability patterns and their detection capabilities, oversights due to human error are a current issue.

In this regard, Bunzz Audit owns a database of previously discovered vulnerability patterns and adopts an auditing method that scans code from over 100 perspectives. This approach allows for comprehensive coverage and accurate, omission-free vulnerability identification, which is physically impossible for humans.

From the results obtained through research and development, Bunzz believes that for detecting vulnerability patterns as in the first task, a database + AI approach is more suitable than a human approach.

Regarding the second task of detecting vulnerabilities specific to a project’s logic, this is not addressed by the above approach but rather by professional auditors from the Bunzz Audit team (as an option). Clients can choose between two types of audits: one that only reviews the code and another comprehensive audit that includes both the code and the project-specific logic.

Bunzz are currently distributing a promotion code for Bunzz Audit

Currently, Bunzz is distributing a 10% discount promotion code for free. Using this code, audits are available for 1,791 USD. The fee remains constant regardless of the amount of source code or the level of vulnerabilities found, allowing for the highest level of ROI in the industry. Please give it a try.

Users can get their promotion code here: https://www.bunzz.dev/audit

About Bunzz

Bunzz is a leading company in Web3×LLM, operating Asia’s largest DApps development infrastructure. We develop and provide various Web3 infrastructures and services aimed at realizing “smart contracts as a public good.”

Shareholders: Arriba Studio, Coincheck Labs, DG Daiwa Ventures, gmjp, East Ventures, GMO AI &Web3, GREE Ventures, Hyperithm, Kotaro Tamura, Kazutaka Mori, mint, SPIRAL VENTURES, 01Booster Capital, Ceres

For more information: Bunzz Blog | Twitter(X) | Discord | Youtube | Linkedin | Luma

Bunzz Projects

Contact

Devrel Manager
Trust Oyafemi
Bunzz
info@bunzz.dev

CFPB Report Sounds Alarm on Crypto in Gaming, Signals Regulatory Moves Ahead

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The United States Consumer Financial Protection Bureau (CFPB) has recently issued a warning through its report, “Banking in video games and virtual worlds,” about potential risks associated with the integration of cryptocurrencies in gaming.

The report, unveiled on April 4, scrutinizes the burgeoning trend of digital assets within online gaming ecosystems and virtual environments, underscoring the agency’s concern over scams and the limited consumer protections available.

The CFPB’s investigation into the gaming sector reveals an increasing fascination among developers to transform virtual items into tangible assets, bridging the gap between the digital and real worlds.

Although these practices are yet to become prevalent on leading gaming platforms like Roblox or Fortnite, there’s a notable uptick in the use of crypto assets within virtual domains.

The report particularly points out, “Notably, some of the largest virtual gaming world publishers have expressed growing interest in positioning their virtual items as crypto-assets that have the ability to be traded outside of the game’s economy.”

It acknowledges the capacity for crypto assets in virtual settings such as Decentraland and The Sandbox to be traded for real money across various cryptocurrency exchanges.

READ MORE: Ethereum Co-founder Vitalik Buterin Announces ‘The Purge’ to Streamline Network and Enhance Decentralization

Alexander Grieve from Paradigm sees the CFPB’s report as a precursor to possible regulatory measures, indicating a broader federal interest in defining its stance within the cryptocurrency space.

The CFPB’s document brings to light the similarity between online gaming financial transactions and traditional banking, albeit without the safeguarding regulations typically provided by federal authorities.

The bureau has cataloged numerous complaints from consumers facing security breaches, including hacking and asset theft, criticizing the inadequate response from game developers to these incidents.

CFPB Director Rohit Chopra emphasized the significant shift towards virtual banking and payments within gaming, pointing out the conversion of substantial sums into digital currencies.

The bureau’s focus extends to introducing regulatory oversight for cryptocurrencies, as seen in its proposed rule aimed at defining the scope of its authority over digital payment applications and wallets.

This rule, which targets nonbank financial companies processing over five million transactions annually, seeks to impose banking-level regulations on these entities.

Despite its primary focus not being explicitly on cryptocurrencies, the rule has sparked debate over its potential implications for the digital currency sector, with some critics arguing it oversteps in its jurisdiction over cryptocurrencies.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Blockchain Expert ZachXBT Confronts IRS Over Intrusive Investigation Tactics

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Blockchain investigator ZachXBT has recently voiced concerns over what he perceives as excessive and intrusive methods employed by the Criminal Investigation Unit (CIU) of the U.S. Internal Revenue Service (IRS) in their efforts to solicit his help with blockchain-related investigations.

ZachXBT, known for his expertise in tracing blockchain transactions, took to X on March 6 to share his experiences of being pursued by the IRS for his knowledge and skills.

Despite his general willingness to aid victims and law enforcement, ZachXBT feels that the IRS’s tactics have infringed upon his personal boundaries.

ZachXBT’s grievances include unannounced visits to former residences, unsolicited emails to personal accounts utilizing private information, and physical mail, despite his public availability through more conventional contact methods.

Among the evidence he provided was an email from an IRS special agent, who lauded ZachXBT for his “impressive work,” particularly his adeptness with blockchain tracing tools.

READ MORE: Terraform Labs Faces Allegations of False Claims as SEC Trial Nears Conclusion

The agent, acknowledging their own limitations in understanding blockchain, sought ZachXBT’s guidance on making significant contributions to the field.

However, ZachXBT has criticized the IRS’s approach as showing “blatant disregard for any professionalism,” a stance he took after declining to support investors of the Complex (SIMPLE) memecoin following its unexpected collapse on April 4.

He expressed a preference for aiding genuine victims over those who speculate on high-risk, unproven digital assets.

The IRS, meanwhile, continues to enhance its engagement with key figures and organizations in the blockchain tracing sector.

A notable partnership highlighted by the agency is with Chainalysis, a leading blockchain analytics company.

In May 2023, IRS-CI Chief Jim Lee emphasized the critical role of such collaborations, stating that the fight against cryptocurrency-related crime would be “impossible” without the advanced tools and infrastructure provided by these partnerships.

Lee also noted that, thanks to these efforts, the IRS-CI has confiscated an estimated $10 billion in cryptocurrency since it started probing a wide range of digital asset-related criminal activities, showcasing the significant impact and importance of these investigative endeavors.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Crypto Exchange Listing Fees and Factors That Influence Their Variation

Getting a coin or token listed on an exchange is a crucial step for any crypto project or startup. However, this process often requires paying a fee known as the listing fee. The costs can vary from one exchange to another and depend on various factors. This article explains what the listing fee is and what it depends on.

Token Listing Costs on Different Platforms

Generally, crypto exchanges may be divided into the following groups:

  • High-end exchanges. Prestigious platforms like Binance have been rumored to charge anywhere from $1 million to $2.5 million for listing. However, these figures can fluctuate based on the project’s negotiation and the exchange’s current policies.
  • Mid-range exchanges. KuCoin and WhiteBIT cryptocurrency listing propositions imply more moderate fees, sometimes ranging from $20,000 to $150,000, depending on various project factors and market conditions.
  • No-fee platforms. Some exchanges, particularly newer or niche platforms, do not charge listing fees. Instead, they select coins based on quality, innovation, and community support to build their offerings.

Factors Affecting Listing Fees

A cryptocurrency exchange charges fees for adding a new token or coin to their trading platform. This fee covers the costs of integrating the token into the exchange’s ecosystem, including technical support, security checks, and marketing efforts to introduce the token to traders and investors.

Fees for listing tokens depend on:

  • Exchange prestige. High-profile exchanges often charge more due to their extensive user base and credibility.
  • Project evaluation. Exchanges assess the potential and quality of the coin or token, including its technology, team, and market demand.
  • Regulatory compliance. Costs associated with ensuring the coin meets legal and regulatory standards can affect the fee.
  • Integration costs. Technical expenses involved in integrating the coin into the exchange’s platform are also considered.

Beyond the Fee

It’s crucial for projects to understand that listing is not merely a financial transaction but the beginning of a partnership with an exchange. The real value lies in the subsequent support, such as marketing and user engagement, provided by the exchange to ensure the coin’s success. Moreover, projects must continuously develop and maintain their coins to keep investor interest alive.

While listing fees are a significant consideration for any crypto project aiming for exchange listing, they are just one part of a larger strategic decision. Projects must weigh the cost against the potential benefits of being listed on a particular exchange. They should consider the long-term commitment required to sustain and grow their presence in the cryptocurrency market.

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