OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards

OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards

Hong Kong, Hong Kong, September 20th, 2023, Chainwire OKX, a leading crypto exchange and Web3 technology company, today announced that it has successfully completed the Service Organization Control (SOC) 2 Type II audit, demonstrating that the company’s processes for governing its services, managing sensitive data and protecting data privacy meet the highest global standards. The internationally recognized SOC 2 Type II report, a framework developed by the American Institute of Certified Public Accountants, is one of the most comprehensive audits in the market. The report, completed by an independent external…

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Ethereum Gas Consumption Is Down 99.99% Since The Merge

Ethereum Gas Consumption Is Down 99.99% Since The Merge

Ethereum gas consumption has plummeted 99.99% since The Merge, transforming the network into a more environmentally friendly platform. One year after the major upgrade, The Merge, which marked the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus, Ethereum has achieved certain improvements, including a record drop in gas consumption. According to data from Glassnode Alerts, Ethereum’s daily energy consumption has been down 99.9% post-Merge. Additionally, gas fee pressure on the Ethereum network has eased despite the recent SocialFi hype. In the past, gas fees on the Ethereum network were inclined…

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Binance.US Faces Accusations of Discovery Failures

Binance.US Faces Accusations of Discovery Failures

In a Court Filing, the U.S. Securities and Exchange Commission (SEC) pointed to Binance’s document production, regulatory violations, concerns about asset control, inconsistent statements, uncooperative responses, and limited cooperation in providing witness testimonies. The securities regulator alleged that Binance.US’s holding company, BAM, failed to provide sufficient documents upon the agency’s discovery requests related to customer assets. According to the document, BAM submitted only 220 documents during the discovery process. However, these documents included “unintelligible screenshots” and items lacking “dates or signatures.” More Problems for Binance The SEC also accused Binance.US…

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Can JPMorgan’s New Token Compete with XRP?

Can JPMorgan’s New Token Compete with XRP?

JPMorgan Chase & Co., one of the most well-established financial institutions in the world, is reportedly developing a new blockchain-powered deposit token for cross-border transactions and settlements. Bloomberg first reported the exploration on August 8. With this move, the banking giant aims to accelerate cross-border settlement processes. The new deposit token will target enterprise clients at the beginning. JPMorgan previously introduced the JPM Coin as a solution for instantaneous transactions between the bank’s customers. The deposit token, on the other hand, has similar functionality as stablecoin and central bank digital…

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India Shifts Cryptocurrency Focus to Regulations

India Shifts Cryptocurrency Focus to Regulations

India is replacing a complete crypto ban plan with regulations, The Indian government is reportedly developing a legal framework on cryptocurrency following the G20 Summit on September 9 and 10. Accordingly, the 2023 G20’s outcome shed light on the coming crypto guidelines, which was crafted in a joint policy recommendation by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The IMF-FSB-backed proposals primarily targeted the regulation of stablecoins and decentralized finance (DeFi) activities. However, the demand for other tokens in large in India. The policy paper explained…

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