Accounting professor Peter Easton provided testimony in the trial of former FTX CEO Sam Bankman-Fried, shedding light on the commingling of funds between FTX and Alameda Research. Easton’s analysis revealed that Alameda used funds from FTX customers to invest in various ventures, resulting in a negative balance of $11.3 billion with FTX in June 2022. […]
In a recent development, Binance, the world’s largest cryptocurrency exchange, is facing serious allegations of “aggravated money laundering” in France. French prosecutors initiated an investigation into Binance in June 2023, looking into allegations of money laundering and the operation of an unauthorized exchange. The raid occurred just days after Binance France President, David Prinçay, stated […]
The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has imposed sanctions on a cryptocurrency operator allegedly linked to the terrorist group Hamas. The move comes after Hamas carried out an attack on Israel, resulting in multiple casualties. OFAC added a Gaza-based virtual currency exchange and its operator to […]
Binance.US, the American branch of cryptocurrency giant Binance, is seeking permission to file sensitive documents under seal in response to the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC). The company argues that the SEC’s demands for document discovery and depositions are unreasonable. Filing under seal allows Binance.US to present confidential information in […]
U.S. cryptocurrency exchange Coinbase has stated that the majority of terrorist funding still relies on traditional financial systems, such as cash, rather than cryptocurrencies. This comes in response to claims that the crypto industry facilitates transactions for malicious players. While some crypto stakeholders have highlighted their efforts to combat the illegal use of crypto for […]
Standard Chartered is taking a step-by-step approach to expanding its services globally, starting in Dubai. The bank’s presence in Asia, Africa, and the Middle East allows it to offer services worldwide through the Dubai International Financial Centre. As long as there is jurisdictional equivalence and the necessary licenses, Standard Chartered will onboard clients from other […]
Pro-XRP legal expert John Deaton has criticized the US Securities and Exchange Commission (SEC) for its lack of credibility. Deaton disagreed with the SEC’s statement that it is the best source of information about itself, citing the Commission’s confirmation bias and self-serving statements. He suggested that the SEC’s decision-making may be influenced by its own […]
ARK Invest CEO Cathie Wood believes that the U.S. Securities and Exchange Commission (SEC) is showing a change in attitude towards the firm’s application for a Bitcoin exchange-traded fund (ETF). Wood states that there has been a positive exchange of information between the SEC and ARK Invest’s ETF partner, 21Shares. The SEC has requested information […]
Major cryptocurrency exchanges and businesses are flocking to the Persian Gulf region, attracted by the progressive regulatory frameworks in countries such as Dubai, according to Alex Chehade, the general manager of Binance FZE. Chehade highlights the regulatory certainty and clarity in the Middle East, with Dubai having a virtual-asset-specific regulator and the acceptance of cryptocurrencies […]
The Council of the European Union has officially adopted the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. This regulation, which follows the enactment of the Markets in Crypto-Assets (MiCA) legislation, will come into force once it is published in the Official Journal of the EU. DAC8 aims to […]
