The world of cryptocurrency exchanges continues to evolve amid shifting regulatory landscapes, operational challenges, and strategic business moves. This week brought significant developments across major platforms — from legal threats and service disruptions to leadership changes and investment expansions. Here’s a comprehensive look at the latest exchange news shaping the crypto industry in 2025.
Coinbase Faces SEC Legal Threat Over Staking Services
A major development unfolded this week as Coinbase revealed it received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The notice signals the regulator’s intent to pursue enforcement action, primarily targeting Coinbase’s staking services, Coinbase Earn, and other yield-generating offerings like Coinbase Prime.
Paul Grewal, the exchange’s Chief Legal Officer, expressed disappointment over the SEC’s stance, emphasizing that the platform is prepared to challenge the agency on the classification of its products. The core issue lies in whether these services constitute unregistered securities offerings — a debate that could set a precedent for how decentralized finance (DeFi) and staking are regulated in the U.S.
👉 Discover how leading exchanges are adapting to evolving regulatory demands.
This development comes at a critical time for the crypto industry, especially as regulatory scrutiny intensifies globally. How Coinbase responds may influence other platforms navigating similar legal gray areas.
Binance Resumes Operations After Brief System Outage
Binance, one of the world’s largest crypto exchanges, temporarily suspended deposits, withdrawals, and spot trading due to a tracking stop-loss order error. CEO Changpeng Zhao (CZ) acknowledged the incident as unfortunate but clarified that it was handled according to standard operating procedures.
The technical glitch triggered a short period of system maintenance, raising concerns among users about platform stability. However, Binance’s engineering team quickly resolved the issue. As of the latest update:
- Deposits, internal transfers, P2P trading, and redemptions have been restored.
- Tracking stop-loss orders remain suspended until further notice.
- All existing tracking orders were automatically expired during maintenance.
This incident follows Binance’s recent decision to block GBP payments — a move likely tied to compliance adjustments rather than technical issues. The exchange continues to emphasize platform resilience and user protection amid growing operational complexity.
Zipmex Acquisition in Jeopardy Over Missed Payments
Thailand-based Zipmex faces renewed uncertainty after its potential buyer, V Ventures, allegedly failed to make a scheduled payment. The $100 million rescue deal, formalized through a memorandum of understanding last year, now hangs in the balance.
Reports indicate that the investor missed the fourth monthly installment — a critical breach that could force Zipmex into deeper financial distress. Internal documents suggest:
- Immediate risk of liquidating Zipmex Technology, the firm’s core tech division.
- Suspension of salary payments to employees across Thailand, Singapore, Australia, and Indonesia.
- Ongoing cash flow issues linked to unpaid loans from collapsed entities like Celsius and Babel Finance.
Zipmex had previously halted withdrawals in mid-2022 due to exposure from the Terra ecosystem collapse. Despite efforts to restructure and engage with regulators, delayed funding has stalled recovery plans.
Bitzlato Allows Partial Withdrawals Amid Ongoing Legal Challenges
Following its shutdown due to money laundering allegations tied to criminal enterprises, Bitzlato has announced limited access to user funds. Users can now withdraw up to 50% of their platform-held balances, with all transactions processed in BTC.
Key withdrawal terms:
- Minimum withdrawal: 0.001 BTC
- Fee: 0.0003 BTC per transaction
While some users are opting to wait for full service restoration, including P2P trading, the platform remains under legal scrutiny. A spokesperson stated that Bitzlato aims to recover seized funds through Europol once financially stable, though no timeline has been provided.
This partial rollback marks a cautious step toward user restitution — but full recovery remains uncertain.
OKX Exits Canadian Market Due to Regulatory Pressure
In response to tightening regulations, OKX has announced it will cease operations in Canada. The exchange notified local users via email, urging them to:
- Close all open positions (options, margin, futures) by March 22.
- Withdraw all fiat and crypto assets before the deadline.
This decision follows new rules from the Canadian Securities Administrators (CSA) requiring all crypto trading platforms to sign legally binding commitments focused on investor protection. Notably, these rules:
- Prohibit depositing or purchasing stablecoins without prior CSA approval (except USDC).
The exit reflects broader industry trends where exchanges are choosing compliance over market presence in highly regulated jurisdictions.
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OKCoin Halts MiamiCoin and NYCCoin Trading Over Liquidity Risks
OKCoin, a sister platform of OKX, suspended trading for MiamiCoin (MIA) and NYCCoin (NYC) due to critically low liquidity. The San Francisco-based exchange cited risks of price manipulation and fraud as primary reasons.
Users are encouraged to:
- Withdraw their citycoins.
- Trade on decentralized alternatives like ALEX DEX.
Though no actual attacks occurred, OKCoin deemed this a preventive measure to safeguard user assets. Additionally, due to banking disruptions involving Signature Bank, OKCoin paused USD deposits via ACH, wire transfers, and credit cards — though withdrawals remain unaffected.
WazirX Reports Surge in Law Enforcement Requests
Indian crypto leader WazirX released its fourth transparency report, revealing it received 431 law enforcement requests between October 2022 and March 2023. Of these:
- 390 came from Indian agencies.
- 41 from international bodies like Toronto Police and New York County DA.
The requests involved transactions worth up to $385 million and focused on:
- Account freezes.
- Suspected illicit activity.
- Identity verification for specific users.
WazirX uses third-party tools like TRM Labs and Chainalysis to flag high-risk transactions — especially those inconsistent with user income profiles. The exchange claims a 100% compliance rate and continues collaborating with Indian and global agencies including the National Investigation Agency (NIA).
Bitget Acquires Majority Stake in BitKeep Wallet
In a strategic move to bridge CeFi and DeFi ecosystems, Bitget invested **$30 million** in multi-chain wallet **BitKeep**, acquiring over **51% ownership**. The deal values BitKeep at $300 million.
Key outcomes:
- Integration of BitKeep’s 8 million users into Bitget’s ecosystem.
- Enhanced cross-chain asset management capabilities.
- Expansion into non-custodial wallets and decentralized storage.
Gracy Chen, Bitget’s Managing Director, compared the acquisition to Binance’s 2018 purchase of Trust Wallet but emphasized a cooperative rather than competitive strategy. Meanwhile, BitKeep’s anonymous CEO Kevin Como stepped down, with Chief Product Officer Karry Cheung taking over as CEO.
Luno Overhauls Leadership Amid IPO Considerations
Luno, owned by Digital Currency Group (DCG), announced a leadership transition as part of its preparation for a potential public listing. Co-founder Marcus Swanepoel stepped down as CEO, assuming the role of Executive Chairman. He will be succeeded by COO James Lanigan, who joined in 2018.
This shift comes amid broader challenges:
- DCG’s ongoing financial strain from market downturns and FTX’s collapse.
- Luno’s earlier layoffs (35% staff reduction in January).
- Departure of co-founder and CTO Timothy Stranex.
To support future growth, Luno has hired Canaccord Genuity to raise capital from non-DCG investors — a first since DCG’s acquisition over two years ago.
Frequently Asked Questions (FAQ)
Q: Why did Coinbase receive a Wells Notice from the SEC?
A: The SEC is considering enforcement action over Coinbase’s staking and yield programs, arguing they may function as unregistered securities offerings.
Q: Can I still use OKX in Canada?
A: No — OKX is exiting Canada due to new regulatory requirements. Users must close positions and withdraw funds by March 22.
Q: Is Bitzlato returning all user funds?
A: Not yet. Only 50% of balances can be withdrawn in BTC. Full recovery depends on legal outcomes and fund restitution via Europol.
Q: What caused Binance’s recent outage?
A: A bug in the tracking stop-loss order system led to temporary suspension of key services. Maintenance is complete except for stop-loss features.
Q: Why did WazirX comply with so many law enforcement requests?
A: To maintain regulatory compliance in India and globally. It uses blockchain analytics tools to detect suspicious transactions.
Q: Is Bitget taking over BitKeep completely?
A: Yes — Bitget acquired majority control (>51%), integrating BitKeep’s tech and user base into its CeFi-DeFi expansion strategy.
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As crypto platforms navigate regulation, security, and scalability, staying informed is crucial for investors and users alike. From legal showdowns to strategic pivots, these developments underscore the dynamic nature of digital asset ecosystems in 2025.