The CEO of Binance, Richard Teng, has publicly spoken out against the detention of Tigran Gambaryan, an executive of the exchange, in Nigeria. Teng expressed his concerns in a blog post, stating that Gambaryan’s detainment was unjust and could potentially set a dangerous precedent for companies worldwide. It is alarming to invite a company’s employee
Exchanges
Amid the Securities and Exchange Commission’s recent crackdown on crypto firms, Bitwise Investments CIO Matt Hougan suggested that the regulatory environment may be inadvertently giving US crypto exchange Coinbase an unfair advantage. In a social media post, Hougan pointed out that the current regulatory challenges create an “artificial moat” for Coinbase, potentially allowing the platform
A recent class-action lawsuit has been filed against Coinbase Global, its subsidiaries, and CEO, Brian Armstrong. The lawsuit claims that several digital assets listed on Coinbase are actually securities, violating state securities laws. This legal battle raises questions about the transparency and compliance of the popular cryptocurrency exchange. The plaintiffs in the lawsuit argue that
In a shocking turn of events, Alexander Vinnik, the Russian national behind the operation of the once-prominent crypto exchange BTC-e, has pleaded guilty to charges of money laundering conspiracy in the United States. Vinnik’s BTC-e was a major player in the cryptocurrency market between 2011 and 2017, processing billions of dollars in transactions with over
Coinbase, a leading cryptocurrency exchange, reported impressive revenues of $1.64 billion during the first quarter of 2022, exceeding the expected amount of $1.34 billion. This surge in revenue comes at a time when the crypto market is experiencing a significant uptrend, fueled by a robust Bitcoin rally. The company’s earnings per share stood at $4.40,
The recent actions and statements by former Binance CEO Changpeng Zhao have highlighted the growing importance of compliance within the crypto industry. Zhao himself emphasized the significance of compliance, stating that it is now a crucial factor in the industry’s development. This shift in focus towards compliance comes after Zhao’s four-month imprisonment for violating US
Binance’s co-founder and former CEO, Changpeng ‘CZ’ Zhao, recently submitted a letter of apology to the court on April 24. In the letter, Zhao expressed regret for his poor decisions and accepted full responsibility for his actions. He acknowledged that he should have implemented compliance changes at Binance earlier on and highlighted the stringent controls
FTX creditors are facing a critical decision as the defunct exchange’s bankruptcy estate plans to auction off its remaining Solana token holdings. This auction represents a unique opportunity for retail investors impacted by the collapse of the exchange to participate in the process and potentially recoup some of their losses. Encouragement for Participation Sunil Kavuri,
Recently, Kenyan authorities have been preparing to extradite Nadeem Anjarwalla, a Binance executive wanted by the Nigerian government. A coordinated effort involving various agencies, including the Economics and Financial Crimes Commission (EFCC), Nigeria Police Force, Kenya Police Service, Federal Bureau of Investigation (FBI), and International Criminal Police Organization (INTERPOL), resulted in his capture in Kenya.
Recently, crypto exchange HashKey made a significant announcement regarding its support for Binance-related transactions. The Hong Kong-based platform shared that it would implement restrictions on deposits from Binance starting from May 10. Additionally, HashKey will no longer support virtual asset withdrawals to Binance-hosted wallet addresses after May 17. This decision comes as a surprise to
The recent developments surrounding the bankrupt FTX exchange have caused quite a stir in the cryptocurrency community. On April 18, the FTX exchange transferred a substantial amount of assets from its FTT treasury account to a new wallet address. The transferred assets included 195.87 million FTT tokens valued at approximately $247 million, 1,938 ETH valued
In a recent move, Binance has transitioned its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin, signaling a shift towards enhanced reliability and transparency. By transferring 100% of SAFU’s assets to USDC, Binance aims to ensure stability at $1 billion, utilizing a trusted and audited stablecoin for added security. Apart from
A recent analysis conducted by crypto exchange Bybit has brought to light a concerning prediction regarding the potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if the current levels of demand persist. The report suggests that reserves could be completely exhausted within the next nine months if the withdrawal rates continue
US Senators Elizabeth Warren and Charles Grassley have taken a critical stance on the recent regulatory failures surrounding the interactions between CFTC Chair Rostin Behnam and disgraced crypto mogul Sam Bankman-Fried (SBF). The formal request made by the senators aims to shed light on potential loopholes in the regulatory framework that allowed for the massive
Coinbase, a leading cryptocurrency exchange, has recently been commended by the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury for its noteworthy contributions to major criminal investigations. In a letter addressed to Coinbase CEO Brian Armstrong, FinCEN highlighted the exchange’s role in assisting law enforcement efforts through its compliance and reporting
The recent legal battle surrounding Binance executive Tigran Gambaryan has taken a new turn as the Nigerian High Court in Abuja ordered his remand in prison. Despite pleading not guilty to money laundering charges, Gambaryan will remain in custody until his bail hearing on April 18. The trial is set to commence on May 2,
FTX creditors are not pleased with the recent sale of the bankrupt crypto exchange’s Solana holdings to venture firms at a significant discount. The decision to offload 30 million SOL at $64 each, a 62% markdown from the current market price, has raised concerns among those affected by the exchange’s collapse. Sunil Kavuri, a victim
The recent court hearing on April 4 in Nigeria regarding the criminal charges against crypto exchange Binance highlighted a concerning lack of legal representation. Despite facing serious allegations, Binance did not have any legal counsel present at the hearing. Instead, the company’s compliance chief, Tigran Gambaryan, attended the hearing on behalf of the organization. This
Recently, KuCoin has been facing legal challenges from US authorities, resulting in a significant drop in user assets on the platform. The latest proof-of-reserve certificate from the exchange revealed that users’ Bitcoin holdings decreased by 25.4% to 12,114 BTC in March. Additionally, Ethereum balances plummeted by approximately 22% to around 112,000 ETH, and the amount
In a recent interview with Fortune, Coinbase CFO Alesia Haas expressed her belief that Ethereum (ETH) should not be classified as a security. This stance is supported by both the SEC and the CFTC, who have previously stated the same opinion. Haas attributed the uncertainty surrounding the classification of Ethereum to the lack of clear
CFTC Commissioner Caroline Pham’s recent comments regarding her agency’s charges against KuCoin have shed light on a potential conflict between the CFTC and the SEC. Pham expressed concerns that the CFTC’s aggressive enforcement action may infringe on the SEC’s jurisdiction. Specifically, she pointed out that the complaint fails to differentiate between investments in funds, which
Recently, the US and UK governments have initiated a joint investigation into crypto transactions exceeding $20 billion that may have breached Russian sanctions. These transactions are suspected of being funneled through the Russia-based crypto exchange Garantex, with the intention of circumventing international sanctions and potentially financing military operations in Ukraine. In the past few months,
Following the criminal charges levied against KuCoin by US authorities, the embattled crypto exchange experienced a surge in withdrawal requests. Data from various on-chain analytics firms indicated a notable increase in withdrawals across different categories of traders, including whales, funds, smart money, and market makers. During the reporting period, KuCoin witnessed significant withdrawals of Ethereum-based
KuCoin CEO Johnny Lyu recently addressed the US criminal charges against the exchange, emphasizing that the platform’s operational stability will not be impacted. He took to social media to assure users that their funds are safe and that timely updates will be provided regarding the situation. Despite the allegations, Lyu maintained that users’ assets are
In a recent statement, Binance revealed its decision to terminate support for Tron network-based USD Coin (USDC) stablecoins by April 5. This move comes after Circle’s withdrawal from the Tron blockchain, prompting Binance users to withdraw their assets or convert them to USDC on other networks within a two-week window. With less than two weeks
The recent escape of Nadeem Anjarwalla, a Binance executive detained by Nigerian authorities, has sent shockwaves through the cryptocurrency community. After managing to flee from custody, Anjarwalla’s whereabouts are currently unknown. This incident has highlighted the cracks in the Nigerian security system and raised questions about the ease with which high-profile individuals can evade the
The recent implementation of anti-money laundering regulations in the European Union has sparked a contentious debate regarding the balance between combating financial crime and preserving citizens’ rights to privacy and economic freedom. The regulations have drawn both criticism and support from various stakeholders, leading to a heated discussion on social media platforms. Patrick Breyer, a