Bitcoin maintains its dominance in 2024 ETF flows so far

Net Bitcoin ETF flows were negative for the second day in a row, a combination of increased outflows from Grayscale and lower demand for the new ETFs in the US

Central Banks around the world are building gold positions at the fastest pace in at least the last half century

Upcoming 6 Airdrops | @TamilBTC @NammaCrypto https://youtu.be/Ta18eDcCCH8?

Crypto Withdrawals:
Why are Indian crypto exchanges selective in allowing crypto withdrawals?

I’ve been seeing a lot of people asking questions around this. There has been a lot of confusion regarding crypto withdrawals.

The major reason for many crypto exchanges in India being selective with enabling crypto withdrawals is due to the compliance risk attached with it.

Here’s the scenario and unfortunately there’s no easy solution to this scenario.

1. Crypto exchange performs KYC and AML checks on customer X
2. Customer X clears this process successfully (KYC is genuine)
3. Customer X deposits INR 1L
4. Customer X buys crypto and withdraws it
5. Law enforcement gets a complaint from Person A that Customer X cheated them of INR 1L
6. Law enforcement checks bank account of Customer X and realises that Customer X transferred INR 1L to exchange account
7. Law enforcement freezes INR 1L in crypto exchange bank account
8. Crypto exchange checks Customer X crypto account but all the crypto has been withdrawn.
9. When law enforcement finally finds Customer X, it realises that Customer X has no idea as they simply did KYC but the account was controlled by someone else who gave them INR 100 to complete account opening.
10. The money of crypto exchange is now stuck.

This is one of the major risks involved in crypto withdrawals.

The good thing is that at WazirX we’re rolling out multi level KYC (it’s under testing).

With multi level KYC, we will be able to build more confidence on the customer profiles. Based on this increased confidence we will be able to roll out crypto withdrawals to a larger number of customers.

Crypto only foreign exchanges don’t need to worry about these scenarios since they don’t accept fiat. Hence opening crypto withdrawals is straightforward.

Indian crypto ecosystem has its own set of unique challenges. Over time we will sail through these issues as we learn and get better at navigating these hurdles.

Hope this clears some of the confusion.

tamilbtc.com/wazirx

JUST IN: 🇬🇧 London Stock Exchange to launch market for #Bitcoin    exchange traded notes on May 28.

STX analysis:

Price is continuing to move upwards and make new all-time highs. There may be a continuation of this upward movement. Consider opening a small long position with a tight stop loss near the support area.

Support Area: $3.20-$3.40

Major Support Area: $2.35-$2.50

🎉 Big News! 🎉

Nilam Resources, a company that digs up gold and other valuable metals in South America, has a huge plan.

They want to buy 24,800 #Bitcoin  which is worth about $1.7 billion! 🚀

Bitcoin volatile price activity has been more concentrated during U.S. opening hours (14 to 21h UTC time) relative to APAC hours (12- 8h UTC)

The latest report from S&P Global Market Intelligence reveals the world's top 50 largest banks by consolidated assets, highlighting the significant growth of Chinese banks:

🇨🇳 Industrial and Commercial Bank of China — $5.7tn
🇨🇳 China Construction Bank — $5.0tn
🇨🇳 Agricultural Bank of China — $4.9tn
🇨🇳 Bank of China — $4.2tn
🇺🇸 JPMorgan Chase & Co — $3.7tn
🇺🇸 Bank of America — $3.1tn
🇯🇵 Mitsubishi UFJ Financial Group — $3.0tn
🇬🇧 HSBC Holdings — $2.9tn
🇫🇷 BNP Paribas — $2.9tn
🇫🇷 Crédit Agricole Group — $2.5tn

BREAKING‼️ Cryptocurrency exchange Kucoin and two of its founders criminally charged with bank secrecy act violations and unlicensed money transmission offences.

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