In a recent turn of events, former Binance CEO Changpeng Zhao emphasized the significance of compliance in the crypto industry. He highlighted the critical nature of adhering to regulatory standards, especially after facing legal repercussions for breaching US compliance rules. This shift in focus signals a new phase for the industry, where regulatory compliance takes
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Changpeng Zhao, better known as CZ, the co-founder and former CEO of Binance, recently submitted a letter of apology to the court in anticipation of his upcoming sentencing. In his letter, CZ accepts full responsibility for his past actions and expresses deep regret for his poor decisions. He acknowledges that he should have implemented compliance
FTX creditors are being encouraged to take part in the bankruptcy estate’s planned auction of the remaining Solana token holdings. This move comes after Figure CEO Mike Cagney announced that the upcoming round of locked Solana token sales by FTX will be conducted through an auction process. Unlike before, where the tokens were sold directly
Kenyan authorities are working diligently to extradite Nadeem Anjarwalla, a Binance executive wanted by the Nigerian government. A joint operation involving multiple agencies including the EFCC, Nigeria Police Force, Kenya Police Service, FBI, and INTERPOL successfully apprehended him in Kenya after an extensive search. Following his arrest, it was revealed that Anjarwalla is facing extradition
HashKey, a crypto exchange based in Hong Kong, recently announced that it would be discontinuing support for transactions related to Binance starting next month. The decision includes restricting deposits from Binance as of May 10 and ending support for virtual asset withdrawals to Binance-hosted wallet addresses by May 17. While transactions involving virtual assets to
The recent news surrounding the bankrupt FTX exchange has sent shockwaves through the cryptocurrency community. On April 18, the FTT treasury account was emptied to a new wallet address, with significant assets being transferred. This included 195.87 million FTT tokens valued at $247 million, 1,938 ETH valued at $6 million, and 6.36 million JOE tokens
Binance has recently made a significant move by converting its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin. This transition, as confirmed by Binance on April 18, involved transferring 100% of SAFU’s assets to the USDC stablecoin. The choice to use a trusted, audited, and transparent stablecoin like USDC is aimed
A recent analysis conducted by the crypto exchange Bybit has raised concerns about a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if the current demand levels persist. According to Bybit’s report, reserves could be completely exhausted within the next nine months, given the current withdrawal rates of around 7000 BTC
Recently, US Senators Elizabeth Warren and Charles Grassley have raised concerns regarding potential regulatory failures in the Commodity Futures Trading Commission (CFTC) following the sentencing of crypto mogul Sam Bankman-Fried for defrauding investors. The senators have formally requested a detailed accounting of all interactions between CFTC Chair Rostin Behnam and Bankman-Fried, shedding light on the
Recently, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury recognized crypto exchange Coinbase for its significant contributions to major criminal investigations. This acknowledgment highlights the importance of compliance and reporting practices in aiding law enforcement efforts. The recognition comes at a crucial time for Coinbase, given the backdrop of an
In a recent court hearing at the Nigerian High Court in Abuja, the detained Binance executive, Tigran Gambaryan, was ordered to be remanded in prison pending his bail hearing. Despite pleading not guilty to money laundering charges, Gambaryan will have to wait until April 18 for his bail hearing. The trial itself is scheduled to
The recent decision by the bankrupt crypto exchange, FTX, to sell its Solana holdings at a discount to crypto venture firms has sparked strong disapproval from creditors. The sale, which involved offloading 30 million SOL at a rate of $64 each to VC firms like Pantera Capital and Galaxy Trading, represents a significant 62% markdown
Crypto exchange Binance, currently embroiled in a legal battle in Nigeria, faced a setback during its court hearing on April 4. Surprisingly, the exchange lacked legal representation at the hearing, with only its compliance chief, Tigran Gambaryan, present. Gambaryan, who has been detained by the Nigerian government since February, stood alone in representing Binance at
Recent legal challenges with US authorities have resulted in a noticeable decline in user assets on KuCoin, according to the exchange’s latest proof-of-reserve certificate. According to the update, the exchange users’ Bitcoin holdings decreased 25.4% to 12,114 BTC in March, while Ethereum balances plummeted by approximately 22% to around 112,000 ETH. Similarly, the amount of