Bitcoin rose 1.4% to $60,989 after the Fed cut rates by half a point, signaling potential further cuts. Experts see this as a response to recession concerns, with predictions of new highs for Bitcoin.
Binance issued a statement accusing WazirX and its founder Nischal Shetty of misleading customers about their relationship following a $230-million hack. Binance clarified it never owned or controlled WazirX and urged WazirX’s parent company to compensate users for the lost funds.
The NSE set November 2 as the record date for its 4:1 bonus share issue. The company’s share transfer books will be closed from October 4 to November 2. SEBI recently closed the co-location case against NSE, and the exchange is pursuing an IPO, having filed for a no-objection certificate last month.
Enforcement Directorate (ED) has sought Spain’s assistance to investigate Octafx, a forex trading app involved in money laundering through Sebi-regulated funds. Owned by Russian Pavel Prozorov, Octafx has complex global operations and made Rs 800 crore in profits from India in 2022-23.
Blacklisted by the RBI, the app manipulated trades and used unethical practices. The ED is tracing funds transferred abroad through hawala and cryptocurrencies, with prosecution expected soon. Octafx changed its name to Tauga Private Limited after legal action.
Banks are tightening background checks for customers opening accounts digitally to combat the rise of mule accounts, which process illegal funds. Prompted by regulatory pressure, banks like IDFC First, IndusInd, HDFC, and Axis are using AI and real-time data to detect fraud. Mule accounts often opened with forged documents, have become more common with digital banking, moving large sums through fraudulent transactions.
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