Do Kwon’s extradition from Montenegro is still undecided, but his wife, Ms. Lee, has recently won a big legal victory in South Korea. The court ruled that some real estate and officetel subscription rights seized from Ms. Lee should not have been taken by the state. These assets were considered to be independently acquired and…
In a surprising turn, CFTC Chairman Rostin Behnam has announced that Bitcoin (BTC), Ethereum (ETH), and about 70% to 80% of cryptocurrencies are not classified as securities. This conclusion comes from a recent ruling by the CFTC. In recent months, the cryptocurrency markets have seen numerous legal battles, including the Ripple case, which sparked speculation…
Uniswap Labs is challenging the SEC’s expanded exchange definition following a Supreme Court decision affecting regulatory agency deference. The SEC’s Wells Notice to Uniswap in April signals potential legal action for unregistered securities exchange operations. Uniswap Labs Challenges SEC Over Expanded Exchange Definition Uniswap Labs recently called on the U.S. Securities and Exchange Commission (SEC)…
Lido DAO (LDO) and Rocket Pool (RPL) prices dropped sharply on Friday. Currently, LDO is down 15% and RPL is down 10%, due to recent regulatory news. The price of Ethereum (ETH) also fell, losing nearly 3%. Maker (MKR), Uniswap (UNI), and Arbitrum (ARB) also traded lower. This decline is linked to the US Securities…
Coinbase, a publicly traded crypto exchange, has filed two civil lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) through an intermediary. Coinbase is asking for access to documents that might explain how the regulators decided which crypto tokens to classify as securities. Coinbase Sues SEC and FDIC…
The leading blockchain and cryptocurrency platform Binance will need to pay a fine of Rs 18.82 crore to resume operations in India. The Financial Intelligence Unit (FIU) has imposed this penalty on the company for operating in the country without complying with domestic anti-money laundering regulations. FIU Imposes Penalty on Binance for Violating AML Regulations…
The Nigerian tax agency has dropped tax charges against two Binance executives, Gambaryan and Anjarwalla, following international pressure. However, charges against Binance itself remain. The executives still face money laundering charges, with a hearing scheduled for June 19th. However, the tax charges are now directed only at Binance itself, leaving questions about what the cryptocurrency giant…
Terraform Labs and its co-founder, Do Kwon, will pay $4.47 billion (S$6 billion) to settle a lawsuit from the US Securities and Exchange Commission (SEC). The lawsuit is related to the company’s collapse in 2022, which caused investors to lose $40 billion and had a major impact on the cryptocurrency world. On June 12, the…
In a significant case in China, a college student named Yang Qichao has been sentenced to 4 years and 6 months in prison and fined 30,000 yuan ($41,000) for fraudulently issuing a cryptocurrency called BFF on Binance’s BNB Chain. The trial, held at the People’s Court of Nanyang High-tech Industrial Development Zone in Henan Province,…
Ryan Salame, a top executive at the collapsed cryptocurrency exchange FTX, was sentenced to 7½ years in prison on May 28. This makes him the first of Sam Bankman-Fried’s advisers at FTX to receive prison time. Salame, 30, a trusted aide of Bankman-Fried, the exchange’s founder, pleaded guilty in 2023 to violating campaign finance laws…
The Montenegro Appeals Court has stopped Do Kwon from being sent back to South Korea, ordering a new trial in the lower court. This decision goes against the earlier ruling by the High Court. Interestingly, it comes after Montenegro’s Justice Minister met with the SEC’s Director of Enforcement, leading to concerns about possible influences on…
Hong Kong’s Privacy Commissioner has decided that Worldcoin broke privacy laws by holding onto sensitive biometric data such as face and iris images for up to a decade purely for training AI models. On May 22, Privacy Commissioner Ada Chung Lai-ling instructed Worldcoin to stop all activities in Hong Kong that involve scanning and collecting…
Venezuela’s National Power Ministry has taken action against Bitcoin mining operations by disconnecting them from the country’s electricity grid and seizing more than 11,000 Bitcoin miners. This move aims to curb the high energy consumption associated with these mining farms, which has been straining Venezuela’s power resources. Venezuela’s Crackdown on Bitcoin Mining Farms Venezuela’s National…
Alexey Pertsev, the developer of Tornado Cash, has been sentenced to 64 months in prison by a Dutch court. The sentence comes as a result of his role in crypto money laundering, which amounted to $1.2 billion. The ruling was made by the court in s-Hertogenbosch on Tuesday, May 14. Tornado Cash Developer Faces Legal…
Ripple Labs Inc. has asked to pause the part of its ongoing court case with the U.S. Securities and Exchange Commission (SEC) that focuses on finding solutions. They made this request on May 13, 2024, to prevent Ripple’s private information from becoming public. Ripple worries this could harm its business and competitive advantage. Additionally, Ripple…
Lawmakers have expressed their support for the U.S. SEC’s issuance of a Wells Notice to Robinhood, stating that it aligns with the SEC’s responsibility to protect investors and ensure fair markets. The move comes after Robinhood’s crypto business division received a Wells notice from the SEC. However, lawmakers have criticized SEC Chair Gary Gensler for…
According to a filing made on Tuesday, U.S. prosecutors are asking for Changpeng Zhao, the founder and former CEO of Binance, to be sentenced to 36 months in prison. U.S. prosecutors are pushing for a 36-month prison term for Changpeng Zhao, the founder and former CEO of Binance. Zhao previously pleaded guilty in the U.S….
Following a ruling against Terraform Labs and its co-founder Do Kwon in a fraud lawsuit, the company is considering the option of appealing the decision amid ongoing legal hurdles. On April 5, Terraform Labs and co-founder Do Kwon were found guilty by a Manhattan jury for defrauding investors, following SEC accusations. Terraform Labs plans to…
Terraform and its co-founder, Do Kwon, were found responsible for civil fraud charges on Friday. The case was brought against them by the Securities and Exchange Commission (SEC) last year. In February 2023, the SEC charged Terraform Labs and Kwon over the algorithmic stablecoin Terra USD, which collapsed dramatically a year earlier. Civil Fraud Verdict…
Legal proceedings in the cryptocurrency market persist as Nigerian authorities have postponed the trial of a Binance executive to April 19. The executive, along with others, was detained by Nigerian authorities following allegations. Governments worldwide are taking significant legal actions in the cryptocurrency markets, shaping the future of digital currencies. In Nigeria, the trial of…