Resumption of WazirX Operations

After suffering a colossal hack in 2024, the Indian cryptocurrency exchange, WazirX, is set to resume trading operations. The Financial Conduct Authority (FCA) of the UK is actively pursuing unregistered crypto exchanges in the country.

The FCA has issued numerous warnings to various unregistered exchanges, including HTX, owned by Justin Sun.

In a related note, the finance ministry of Russia is reportedly set to introduce further regulations in the crypto sector as European regulators contemplate imposing additional sanctions on Russian cryptocurrency vendors due to concerns about evasion of sanctions stemming from the ongoing war in Ukraine.

Despite the adversities faced by several companies, Bitcoin treasuries continue to draw interest.

WazirX’s Comeback after a Major Security Breach

WazirX, led by CEO Nischal Shetty, plans to start trading again on October 24. To attract users, the exchange will offer zero-fee trading for its first month and will progressively include trading pairs involving the Indian Rupee, beginning with Tether’s USDT.

The platform had been inactive since last summer when a group of hackers linked to North Korea, known as the Lazarus Group, successfully stole about $240 million in crypto from it. At that time, WazirX had maintained around $500 million in assets.

In response to the incident, the exchange was involved in a restructuring via its parent company, Zettai, in Singapore.

UK FCA Files Lawsuit Against HTX

Recently, the FCA lodged a lawsuit against HTX, which formerly operated under the name Huobi, for allegedly violating the UK’s financial promotion regulations. Despite these claims, HTX has yet to publicly address the issue.

Russia’s Financial Regulations and EU Sanctions

The Ministry of Finance in Russia is planning extensive new regulations for the cryptocurrency sector to control cross-border cryptocurrency transactions. This development follows the government’s observation of cryptocurrencies facilitating monetary withdrawals from the nation.

Additionally, the European Council has enacted new sanctions aimed at Russian-backed cryptocurrencies, indicating a robust response to maintain financial integrity within the region.

Hyperscale Data Allocates Significant Funds to Bitcoin

Hyperscale Data has announced that it has allocated $60 million to its Bitcoin treasury. This decision represents a significant portion of the company’s market valuation. Notably, their approach to managing Bitcoin investments reflects a broader trend among corporations favoring Bitcoin holding amid market fluctuations.