Fazzaco Weekly Digest: Binance's Tax Troubles in India; FTX Updates; INVESTIQA Enters Romania; NAGA Platform Upgrades; Top 10 Crypto Exchanges Spot ADV in July

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also published the spot trading volumes of the selected Top Ten crypto exchanges across July.

Below are some of the most read news and articles from Fazzaco.

Binance Contests India's $86 Million Tax Showcause Notice​

Binance last week contested an $86 million tax showcause notice from India's Directorate General of Goods and Services Tax Intelligence (DGGI). The notice, issued by the DGGI's Ahmedabad chapter, alleges that Binance failed to pay taxes on fees collected from Indian customers trading on its platform from July 2017 to March 2024.

Coinbase Warns Persistent Crypto Market Turmoil as BTC Experiences Major Decline

The cryptocurrency market, particularly Bitcoin, has undergone a significant crash amid a broader financial market downturn over last week. Bitcoin's price fell below $50,000 on Monday, a stark drop from its peak of $70,000 in July. This decline follows a period of optimism driven by recent developments, including speculative excitement around potential policy changes involving Bitcoin.

FTX Case Updates: NY Court Orders the Failed Crypto Exchange to Pay $12.7B​

The Commodity Futures Trading Commission (CFTC) has achieved a landmark settlement in its legal battle against FTX and Alameda, collectively referred to as FTX. The U.S. District Court for the Southern District of New York has ordered FTX to pay a staggering $12.7 billion in monetary relief, marking one of the largest recoveries in the CFTC's history. This amount is divided into $8.7 billion for restitution to compensate victims and $4 billion for disgorgement of ill-gotten gains.

INVESTIQA Launches Proprietary Trading Platform in Romania​

Prop firm INVESTIQA has officially launched its services in Romania, marking its entry into the European market. The firm, founded by three capital markets professionals, utilizes technology and educational resources from FPFX to enhance its trading offerings.

NAGA Reveals Major Platform Updates to Enhance User Experience

NAGA, a fintech company known for its integrated trading services, has revealed a series of updates on Aug 6, intending to improve user experience and make the trading environment more user-friendly.

July Crypto Spot Volumes Bounce Back, Avg Monthly Rise 2.48%​

Based on spot trading volume data since July 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth rose 2.48% compared to last month. The total of the ten exchanges bounced back slight above what they did last month.