Major Korean Crypto Exchanges Rename XRP
In a surprising move, three of South Korea's largest cryptocurrency exchanges—Coinone, Upbit, and Bithumb—have renamed XRP, a token often associated with Ripple. Previously referred to as "Ripple coin" in the South Korean market, the token will now officially be called XRP, aligning with its global designation. This change aims to clarify the distinction between Ripple, the company, and XRP, the cryptocurrency. Ripple holds a significant amount of XRP, approximately 37.43 billion tokens, valued at around $91 billion. The renaming reflects an effort to rectify long-standing misconceptions in the market. This development was reported by U.Today, which also highlighted the potential implications for the broader crypto community.
Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse
Bitcoin has experienced its largest exchange withdrawals since the collapse of FTX, with over 47,000 BTC removed from exchange reserves, according to a report by TradingView. While some of these movements may be internal, they suggest potential accumulation by large market players or institutional entities. This trend could indicate a long-term bullish outlook, as fewer coins available for trading may reduce sell-side pressure. However, analysts caution that this does not create an immediate supply shock. Instead, it points to a gradual accumulation phase that could support future price increases. The report also noted Bitcoin's increasing correlation with traditional assets like gold and the S&P 500, which may influence its performance in the coming months.
Apple Bans Unregistered Crypto Exchanges in Japan
Japan's Financial Services Agency (FSA) has ordered Apple and Google to block five unregistered overseas crypto exchanges from their app stores. The targeted exchanges include Bybit, MEXC Global, LBank Exchange, KuCoin, and Bitget, as reported by FinanceFeeds. Apple has already complied by removing the apps from its Japanese App Store, while Google has yet to take action. This move is part of Japan's strict regulatory framework for cryptocurrencies, which aims to ensure compliance with the Payment Services Act. Despite these measures, unregistered exchanges have continued to operate in the country, often bypassing regulations. Japan remains a leader in enterprise participation in crypto, with major corporations and banks actively involved in digital asset development.
Coinbase’s $420 Billion AUM Surpasses Major US Banks
Coinbase now manages over $420 billion in assets under management (AUM), making it larger than the 21st largest bank in the United States, according to Cointelegraph. CEO Brian Armstrong highlighted that if Coinbase were considered a brokerage, it would rank as the 8th largest by AUM. The platform's growth underscores the increasing adoption of cryptocurrencies. In the fourth quarter of 2024, Coinbase reported a $273 million net profit, marking its first positive income quarter since late 2021. Armstrong also emphasized the potential for crypto to unify financial services into a single, all-encompassing platform, offering lower transaction costs and greater economic freedom.
Sources:
- Major Korean Crypto Exchanges Suddenly Rename XRP: What's Going On?
- Coinbase Quietly Becomes a Banking Giant—Now Bigger Than Most US Banks
- Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse—What’s Next?
- Coinbase stock forecast: are COIN and CONY buys into earnings
- Apple Bans Bybit, MEXC, KuCoin, And Bitget In Japan
- Coinbase’s $420B AUM exceeds 21st largest US bank — Armstrong
