US cryptocurrency exchange Kettner is a major beneficiary of demonetisation
The US Central Bank and the US Securities and Exchange Commission have jointly announced a $3.2 million payment to a US cryptocurrency trading exchange, in the latest step in the ongoing efforts to combat money laundering in India.
The announcement by the Securities and Futures Commission and the U.S. Commodity Futures Trading Commission (CFTC) came after KettNER reported its net assets had been hit by demonetised currency and said the loss of more than $1.4 million had affected its business and financial outlook.
The payment was made to KettNEY, a cryptocurrency trading platform which has about $8 billion in trading volume, the US authorities said in a statement.
KettNEY’s shares were up 1.4% at $3,542.99 on Thursday, according to FactSet data.
The company was founded in 2005 and operates on a platform that has about 400 traders worldwide.KETNEY’s financial report for the three-month period ended July 31 said its total trading volume increased by 8.4%.
Its total trading loss was $3 million.
The SEC said it was providing Kettney with $3m in cash and $2.5 million in cash equivalents.
The CFTC said it would provide Kettneys with $2 million in capital and $3 in cash.
The agency said KettNOW’s share price was up 0.8% at Rs 2,965.60 on Thursday.
The Reserve Bank of India (RBI) on Thursday also said it had signed a $1 million loan to a non-US bitcoin exchange, Coinsecure, which was set up to facilitate trading of cryptocurrencies in India through a bitcoin exchange.
In a statement, the RBI said the loan would be repaid within five years.RBI also said the RBI will facilitate Coinsecure to take over a number of the roles and responsibilities that Coinsecure has undertaken in India since the establishment of Coinsecure India.