Cryptocurrency

Bithumb Announces Banking Change for 2025

Tuesday. January 14 at 12:00 AM

1 min. read

Bithumb, the second-largest cryptocurrency exchange in South Korea, is making a significant banking change. Starting March 2025, it will no longer be partnered with NongHyup Bank but will instead collaborate with KB Kookmin Bank for deposits and withdrawals. The decision, endorsed by South Korea's Financial Intelligence Unit, aims to attract younger generation investors in the digital asset space. This move will require users to link their Bithumb accounts with their Kookmin Bank accounts by March 24, 2025. The transition process will begin on January 20, 2025. Bithumb's CEO expressed gratitude to NongHyup Bank and welcomed the new partnership with Kookmin Bank. The shift from Woori Bank to Kookmin Bank is seen as a strategic move to target a younger demographic. By aligning with Kookmin Bank, known for its appeal to the youth, Bithumb aims to strengthen its position in the South Korean cryptocurrency market and pave the way for future growth.

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Analysis of MOVE Price Movement

Tuesday. January 14 at 3:00 PM

The cryptocurrency MOVE has experienced an 11% drop in the last 24 hours and a 26% correction over the past week. Technical indicators like RSI and Ichimoku Cloud signal a bearish trend, with MOVE trading near oversold levels and below the cloud. A death cross formation has intensified the downtrend, indicating increased selling pressure. To recover, MOVE must surpass key resistance levels, or face further declines. The RSI currently stands at 33.3, showing signs of recovery from oversold conditions. The Ichimoku Cloud chart also reflects a strong bearish outlook, with MOVE positioned below the cloud. If the downtrend continues and support at $0.70 is breached, the price could drop to $0.59. Conversely, breaking resistance at $0.83 could lead to a rally to $1.15. Investors should conduct their own research before making financial decisions.

Cryptocurrency

Robinhood Settles $45 Million SEC Penalty

Tuesday. January 14 at 2:00 PM

Online brokerage platform Robinhood has agreed to a $45 million settlement with the US Securities and Exchange Commission following an investigation that found the company in violation of over 10 securities laws. The penalty affects two of Robinhood's broker-dealers, Robinhood Securities LLC and Robinhood Financial LLC. The SEC stated that the firms failed to comply with various regulatory requirements, such as accurately reporting trading activity, following short sale rules, submitting timely suspicious activity reports, maintaining records, and protecting customer information. The order also revealed that Robinhood entities failed to preserve electronic communications from customers and provided inaccurate information to the SEC. Additionally, the company did not report suspicious activity promptly, lacked identity theft protection measures, and failed to comply with Regulation SHO. Despite the settlement, Robinhood's shares were minimally affected, and it remains unclear how much of the violations were related to its crypto business.

Cryptocurrency

Sygnum Secures $58M in Funding for Expansion

Tuesday. January 14 at 12:00 PM

Cryptocurrency banking group Sygnum has raised $58 million in a strategic growth round, propelling its valuation to over $1 billion. The company plans to enter new markets, develop Bitcoin-focused products, and make strategic acquisitions with the fresh capital. Fulgur Ventures, a key investor in the funding round, has a history of supporting major industry players like Blockstream. Sygnum's co-founders and team members will retain majority ownership despite the influx of new investors. The funding will fuel the company's expansion into the European Union, the European Economic Area, and Hong Kong. Sygnum's recent success, including a significant increase in trades and partnerships with major financial institutions, has positioned it as a leading player in the crypto banking sector. However, the company's CEO has expressed concerns about Switzerland losing its competitive edge in the industry.

Cryptocurrency