FTX co-founder Gary Wang sentenced to time served

November 20, 2024 Coin Telegraph

Wang was the final FTX executive awaiting sentencing over the 2022 exchange collapse and subsequent fraud charges.

FTX co-founder Zixiao “Gary” Wang was sentenced to time served plus forfeiture of assets in a United States district court in New York on Nov. 20, making him the fifth and final executive sentenced over the exchange’s 2022 collapse.

Wang pleaded guilty to fraud charges in December 2022 alongside former Alameda Research CEO Caroline Ellison. For her part in the scheme, in which she admitted to conspiring with FTX co-founder Sam Bankman-Fried to steal $8 billion, Ellison received a two-year sentence.

Judge Lewis Kaplan oversaw all five cases and issued prison time in Ellison’s case as well as Bankman-Fried’s (25 years) and former FTX Digital Markets co-CEO Ryan Salame (7.5 years).

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Bybit Türkiye Gains Recognition as a Crypto Asset Service Provider by Turkish Regulator

September 23, 2024 Bitcoin.com

Bitcoin

Bybit Türkiye, the partner platform of global cryptocurrency exchange Bybit, has been officially listed as a crypto asset service provider by the Capital Markets Board (CMB) of Turkey. Turkish Regulator Grants Bybit Türkiye Crypto Asset Service Provider Status According to Bybit Türkiye’s announcement, the recognition marks a significant milestone for the exchange, allowing it to […]

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Indian crypto exchange WazirX struggles to recover funds 60 days after hack

September 19, 2024 Coin Telegraph

Coin Telegraph

WazirX’s $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs.

Two months after hackers managed to steal over $230 million from India-based crypto exchange WazirX, the status of customer funds remains in doubt as the exchange and its custody provider, Liminal, continue to play the blame game.

Both firms continue to accuse the other of being at fault for the breach that allowed the hacker to steal customer funds, and there appears to be no resolution in sight, especially with internal investigations seemingly moving ahead at a snail’s pace.

Most recently, the firm faced legal threats from its customers, with the most notable pursuant being another rival exchange, CoinSwitch. The company initiated legal action against Wazir to recover 2% of its funds worth approximately $6.2 million.

Source: CoinSwitch

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Nigeria Accuses Four Crypto Traders of Forex Regulations Violations

September 14, 2024 Bitcoin.com

bitcoin.com

The Nigerian government has filed criminal charges against four individuals and several firms for allegedly conducting illegal crypto transactions, including USDT to naira conversions, without a banking license. The four are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba. The defendants are accused of violating the Banks and Other Financial […]

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Binance CEO says CZ is banned from managing or operating the exchange

September 5, 2024 Coin Telegraph

Binance

A plea deal filed in November 2023 asked prosecutors to consider that Changpeng Zhao was prohibited from “any present or future involvement in operating or managing” Binance.

Changpeng “CZ” Zhao, expected to be released by United States prison authorities in a few weeks, could be permanently enjoined from operating or managing the crypto exchange Binance as part of his plea deal with prosecutors.

According to a Sept. 5 Axios report, Binance CEO Richard Teng said CZ received a lifetime ban from managing or operating the exchange, not just three years, as many news outlets previously reported. The crypto exchange reportedly said the former CEO was barred from a management position at the firm, though it did not appear to be explicitly required by either Zhao’s or Binance’s plea agreements.

In November 2023, US authorities announced a $4.3 billion settlement with Binance, in which Zhao pleaded guilty to one felony charge related to violations of the Bank Secrecy Act. In April, a judge sentenced the former CEO to four months in prison. He is expected to be released on Sept. 29.

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Okx Approved to Provide Cross-Border Payment Services in Singapore

September 3, 2024 Bitcoin.com

bitcoin.com

Global crypto exchange Okx has secured a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), allowing it to offer digital payment token services. Gracie Lin, the newly appointed CEO of Okx’s Singapore entity (Okx SG), highlighted the significance of this license and Singapore’s role in the company’s growth strategy. Okx SG aims […]

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

24X Exchange files amended application that could bring 24/7 trading to crypto ETFs

August 30, 2024 Coin Telegraph

24X National Exchange

It would be the first time crypto ETF shares that could be traded after-hours in the US.

24X National Exchange filed an amended application to United States regulators to launch a securities exchange that could potentially bring 24/7 trading to cryptocurrency exchange-traded funds (ETFs), according to the Aug. 27 filing and related exhibits.

According to the filing, 24X “proposes to significantly expand trading outside of regular trading hours” for US-listed securities “by operating a national securities exchange 23 hours a day, seven days a week, 365 days a year, including holidays, subject to certain trading pauses.”

Pending the success of its application to register as a national securities exchange, “[a]ny security in the Nasdaq-100 Index, S&P 500 Index, Russell 2000 Index, and the top 50 exchange-traded funds by average daily volume shall be eligible to become designated for trading on the Exchange during the 24X Market Session,” according to 24X.

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

WazirX slams external forces for delaying restructuring efforts

August 25, 2024 Coin Telegraph

Coin Telegraph

This restructuring plan is expected to provide greater clarity on the steps WazirX will take to stabilize its operations and protect its users’ interests.

Indian crypto exchange WazirX has criticized external forces that it claims are deliberately hindering its recovery efforts.

The criticism came after the exchange announced a comprehensive restructuring plan designed to restore financial stability and enhance the security of its users’ assets.

In the public statement on X, WazirX criticized unnamed external parties for allegedly attempting to prolong the restructuring process. The exchange claimed that the entities are motivated by a desire to maintain uncertainty and complicate the resolution WazirX has been striving to achieve since it was hacked.

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

US regulator fines crypto fund $150K for illicit Bitcoin loan

August 20, 2024 Coin Telegraph

Bitcoin

It’s part of the fallout from the industry-wide liquidity crunch triggered by FTX in 2022.

Cryptocurrency fund lkigai Strategic Partners agreed to pay the National Futures Association (NFA) in the United States a $150,000 fine for an allegedly illicit Bitcoin (BTC) loan, according to an Aug. 20 decision by an NFA hearing panel.

The action is part of the ongoing fallout from the industry-wide liquidity crisis following crypto exchange FTX’s collapse in 2022. It is also the latest instance of NFA — which helps regulate the United States derivatives market — policing activities in the spot cryptocurrency markets.

Is MicroStrategy a bubble? What is the risk for Bitcoin’s price?

Bybit receives VASP, card operator registration in Argentina

August 16, 2024 Coin Telegraph

anti-money laundering

Bybit’s registration as a virtual asset service provider was made possible by a law passed in July.

Cryptocurrency exchange Bybit has received registration as a virtual asset service provider (VASP) and card operator from Argentina’s Financial Information Unit (FIU).

In March, VASP registration was introduced in Argentina via legislation aimed at bringing the country into better conformity with the Anti-Money Laundering and Combatting the Financing of Terrorism requirements of the Financial Action Task Force (FATF). The FIU, which registered Bybit, is “in charge of analyzing, processing and transmitting financial intelligence information for the purposes of preventing money laundering and terrorist financing.”

Dubai-based Bybit, the second-largest crypto exchange by volume, began operating in Argentina in June 2022 to withdraw from their Bybit accounts to pay in fiat currency.

Cryptocurrency Exchange