The Globix Crypto platform requires identification of the investor’s portfolio

The liquidators of Gibraltar-based Globix are asking the cryptocurrency exchange to freeze digital assets and reveal the identity of some customers.

Searching for $43 million, bankruptcy lawyers obtained a court order on Tuesday to order, Bitstamp and Kraken to disclose the owners of wallets with links to Globix.

Will the Globix liquidation threaten Gibraltar’s crypto reputation?

The platform’s owner, Damián Carreras, closed the doors of the trading venue in June 2022. Its business model, which allowed investors to choose attractive tokens through automated trading, declined during the cryptocurrency winter. Carreras later liquidated the company after it struggled to pay investors.

According to Carreras, the exchange has been a victim of cybercrime. A person close to the case said most of the missing funds were held in Tether.

The courts also prevented Binance, the world’s largest exchange by trading volume, from moving funds from Globix wallets. It moved $18 million from May 2021 to September 2022 and claimed it was legal.

the filtering He questioned Gibraltar’s cryptocurrency regulation and reputation as a promising crypto hub. The British territory ratified the regulation in 2018. Earlier this year, it added market manipulation and fairness rules to its rules, called the Distributed Ledger Framework.

According to the Minister for Digital and Financial Services, Albert Isola, the crypto market must operate in a “fair, orderly and efficient manner,” earning the trust that regulated industries enjoy.

The Financial Action Task Force put Al Jazeera on its gray list last year of regulatory loopholes that allow money laundering and terrorist financing to slip through.

The big crypto companies are still sticking to the area for now

Valerium, owned by British entrepreneur Richard O’Dell Bolden, announced plans to buy a majority stake in the Gibraltar Stock Exchange last year, citing the island’s first-mover advantage in terms of cryptocurrency regulation. The acquisition allows traders to buy stocks and other traditional financial products using cryptocurrencies. The purchase received approval from the Gibraltar Financial Services Commission in October 2022.

On April 21, 2023, Bolden Certain Valereum sold its bitcoin mining assets to “focus fully” on acquiring the exchange and launching its own NFT program. At the time of publication, the company did not indicate whether Globix’s liquidation would affect those plans.

Binance, which announced four roles last year, is still in Gibraltar get hired Kieran Reyes as Managing Director of Binance Exchange (GIB) Limited. As of March 30, the company Advertising Jobs is in compliance, indicating that it plans to continue operating in the area.

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.


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