![Kucoin’s Legal Woes Spark Massive .7 Billion Withdrawal, Onchain Data Reveals Kucoin’s Legal Woes Spark Massive .7 Billion Withdrawal, Onchain Data Reveals](https://static.news.bitcoin.com/wp-content/uploads/2024/03/kucoinssd33-768x432.jpg)
The U.S. Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC) have announced the unsealing of an indictment against crypto exchange KuCoin and two of its founders. In a statement from the U.S. Attorney’s Office in the Southern District of New York, U.S. Attorney Damian Williams and Darren McCormack, the Acting Special Agent […]
The post US Government Charges KuCoin and Two Founders for Alleged ‘Multibillion-Dollar Criminal Conspiracy’ appeared first on The Daily Hodl.
Apple has reportedly booted out several crypto exchanges from its app store in India amid allegations that most of these platforms are illegally operating in the country. TechCrunch reports that Binance, Kraken, Huobi, Gate.io, Bittrex, Bitfinex and OKX’s apps are no longer accessible on Apple’s India app store, though customers who have already installed them […]
The post Apple Expunges Binance, Kraken, Kucoin, Huobi and Other Crypto Exchanges From App Store in India: Report appeared first on The Daily Hodl.
The head of the Catholic Church warned humanity of AI’s potential dangers and explained what needs to be done to control it.
Nowadays, everyone has an opinion on artificial intelligence (AI) and its potential risks. Even Pope Francis — the head of the Catholic Church — warned humanity of AI’s potential dangers and explained what needs to be done to control it. The Pope wants to see an international treaty to regulate AI to ensure it is developed and used ethically. Otherwise, he says, we risk falling into the spiral of a “technological dictatorship.” The threat of AI arises when developers have a “desire for profit or thirst for power” that dominates the wish to exist freely and peacefully, he added.
The same feeling was expressed by the Financial Stability Oversight Council (FSOC), which is comprised of top financial regulators and chaired by United States Treasury Secretary Janet Yellen. In its annual report, the organization emphasized that AI carries specific risks, such as cybersecurity and model risks. It suggested that companies and regulators enhance their knowledge and capabilities to monitor AI innovation and usage and identify emerging risks. According to the report, specific AI tools are highly technical and complex, posing challenges for institutions to explain or monitor them effectively. The report warns that companies and regulators may overlook biased or inaccurate results without a comprehensive understanding.
Even judges in the United Kingdom are ruminating on the risks of using AI in their work. Four senior judges in the U.K. have issued judicial guidance for AI, which deals with AI’s “responsible use” in courts and tribunals. The guidance points out potentially useful instances of AI usage, primarily in administrative aspects such as summarizing texts, writing presentations and composing emails. However, most of the guidance cautions judges to avoid consuming false information produced through AI searches and summaries and to be vigilant about anything false being produced by AI in their name. Particularly not recommended is the use of AI for legal research and analysis.
Crypto exchange KuCoin will cease operating in New York as part of an agreement to settle a lawsuit accusing the Seychelles-based platform of failing to register as a securities and commodities broker-dealer. In a new statement, the office of New York Attorney General Letitia James says KuCoin must pay the state a $5.3 million penalty […]
The post KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for $22,000,000 appeared first on The Daily Hodl.
The venture capital division of the cryptocurrency exchange KuCoin is announcing an investment in Dovi, a Bitcoin (BTC) layer-2 solution that is compatible with the Ethereum Virtual Machine smart contract platform. Lou Yu, the head of KuCoin Labs, says the investment will assist Dovi in realizing its various product and market goals. On its commitment […]
The post Venture Capital Arm of Crypto Exchange KuCoin Invests in Bitcoin (BTC) Layer-2 Project appeared first on The Daily Hodl.
Kucoin users from New York will lose the ability to trade within 30 days and will have their accounts closed within 120 days.
Crypto exchange Kucoin has agreed to pay $22 million to the State of New York and to bar residents of the state from using its platform, according to a stipulation and consent order filed in the New York Supreme Court on December 12.
According to the order, Kucoin admits that it “operates a cryptocurrency trading platform on which users, including users in New York state, can purchase or sell cryptocurrencies which are securities or commodities as defined under the laws of New York state and that Kucoin is not registered as a securities or commodities broker-dealer.” In addition, Kucoin “admits that it represented itself as an ‘exchange’ and was not registered as an exchange pursuant to the laws of New York State.”
Kucoin has agreed to close the accounts of all New York resident users within 120 days and to prevent New York residents from obtaining accounts in the future. In addition, it will restrict access to withdrawals only within 30 days, leaving the remaining 90 days available for users to withdraw funds.