Latest Crypto News: Binance Loses $100 Million Coins In Cyberattack, ZebPay Looks For Singapore Permit

The following are some of the latest developments in the crypto space.
Latest Crypto News: Binance Loses $100 Million Coins In Cyberattack, ZebPay Looks For Singapore Permit

Binance, the world’s biggest cryptocurrency exchange, was subjected to a hack in one of the most recent cyberattacks, leading to a theft of almost $100 million worth of Binance coin.

An exploit on a cross-chain bridge resulted in extra Binance Coin, the CEO of Binance, Changpeng ‘CZ’ Zhao, said in a Tweet on Friday.

“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly,” Zhao continued on Twitter.

The current impact is estimated to be around $100 million, about “a quarter of the last BNB burn,” Zhao wrote in a separate Tweet. BNB is a Binance coin.

At least $7 million in stolen money has already been blocked, according to a spokeswoman for Binance, who talked to Bloomberg. A comment from Binance was requested by Insider, but there was no immediate response.

ZebPay Is Looking For Permit In Singapore

ZebPay, one of India’s oldest cryptocurrency exchanges, is looking to foreign markets for expansion, as the domestic market is being crushed by the country’s tax laws. In an interview to Bloomberg outgoing CEO of eight years, Avinash Shekhar said that ZebPay has applied for a license in Singapore, and is assessing the potential of a similar step in the United Arab Emirates.

While the company will retain its focus on India, the 1 per cent transaction tax the nation imposed on crypto this year is hurting trading volumes, and the levy “has to come down, otherwise, things are not going to improve,” he told Bloomberg.

Notably, Shekhar is leaving to start his own Web 3.0 venture, which will receive seed funding from ZebPay, but he will also continue in an advisory role at the firm.

Binance Gets Regulatory License in Kazakhstan

Binance has secured a regulatory license to operate in Kazakhstan. The world’s largest cryptocurrency exchange had been working towards establishing a base in the Central Asian country over the past few months. The exchange had already made a lasting impression on regulators in Kazakhstan through its assistance to the government and acquisition of provisional approval to operate there. The transaction then continued to secure a legitimate operating permit for the area.

According to a recent press release, the exchange declared that the Astana Financial Services Authority [AFSA] has granted it a licence. With this approval, Binance is now viewed in the area as a licenced cryptocurrency exchange.

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