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
Exchanges
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
Coinbase CFO, Alesia Haas, recently shared her belief that Ethereum (ETH) should not be classified as a security. She emphasized that both the SEC and the CFTC have previously stated the same opinion. Haas highlighted the lack of regulatory clarity surrounding cryptocurrencies in the US as the root cause of the classification issue. She stressed
CFTC Commissioner Caroline Pham recently expressed concerns that the charges brought against KuCoin by her agency could be encroaching on the responsibilities of the SEC. While she commended the Division of Enforcement for taking decisive action, she pointed out a crucial flaw in the allegations. Pham highlighted the distinction between investments in funds, typically classified
The US and UK governments have recently initiated a collaborative investigation into cryptocurrency transactions exceeding $20 billion. These transactions are suspected of violating Russian sanctions and potentially funding military operations in Ukraine. The focus of the investigation is on transactions allegedly processed through the Russia-based crypto exchange, Garantex, in an attempt to circumvent international sanctions.
Recently, KuCoin, a popular crypto exchange, faced a surge in withdrawal requests following criminal charges brought against the platform by US authorities. This development led to significant withdrawals of Ethereum-based tokens across various categories of traders, including whales, funds, smart money, and market makers. The charges alleged that KuCoin and its founders had been operating
Amid the recent news of US criminal charges being levied against the popular cryptocurrency exchange KuCoin, CEO Johnny Lyu took to social media to reassure users that their funds are safe. The US Department of Justice (DOJ) announced that KuCoin, along with its founders Chun Gan (Michael) and Ke Tang (Eric), are facing charges for
Binance recently made the decision to end support for Tron network-based USD Coin stablecoins by April 5. This announcement came following news that Circle, the company behind USDC, is pulling out of the Tron blockchain entirely. Users on Binance have less than two weeks to withdraw their assets or convert them to USDC on alternative
The recent EU anti-money laundering regulations have created a significant stir in the financial world. These new laws, which have been approved by most of the EU Parliament’s lead committees, have sparked a heated debate about striking a balance between combating financial crime and preserving the rights of citizens to privacy and economic freedom. Patrick
Recently, Binance confirmed that Nadeem Anjarwalla, one of its executives detained by Nigerian authorities, has managed to escape custody. While this news is shocking, it raises concerns about the effectiveness of the Nigerian justice system and brings to light questions about the security measures in place to prevent such escapes. Reports indicate that the Nigerian