Roger Ver, known as “Bitcoin Jesus,” is facing arrest in Spain due to accusations from the U.S., including mail fraud, tax evasion, and filing false tax returns. At the same time, former Binance CEO Changpeng Zhao, also known as CZ, has been sentenced to four months in prison for breaking U.S. anti-money laundering laws.
In another development, XRP advocate Fred Rispoli has pointed out a potential weakness in the SEC’s case against Ripple in their ongoing legal dispute.
Roger Ver Arrested in Spain on U.S. Charges
Roger Ver, an early Bitcoin investor and advocate, was recently arrested in Spain based on charges filed by the U.S. Department of Justice. The allegations against Ver include mail fraud, tax evasion, and filing false tax returns. The U.S. authorities estimate that Ver’s actions resulted in a loss of “at least $48 million” to the Internal Revenue Service (IRS). Ver, famously known as “Bitcoin Jesus” for his enthusiastic promotion of Bitcoin since 2011, is anticipated to be extradited to the United States to face these charges.
Allegations and Citizenship Status: Ver renounced his U.S. citizenship in 2014 and became a citizen of Saint Kitts and Nevis. However, despite leaving the U.S., he was obligated to pay an exit tax on capital gains from his global assets, including his cryptocurrency holdings. Allegations suggest that Ver provided false information regarding his U.S.-based companies to his appraiser and law firm, resulting in significantly reduced tax payments. Furthermore, it is claimed that Ver did not disclose to his accountant that he had sold nearly $240 million worth of Bitcoin from his companies in 2017, and consequently, he did not pay taxes on the distribution of these coins.
Former Binance CEO CZ Sentenced to Prison
Former Binance CEO Changpeng Zhao, commonly known as CZ, has been sentenced to four months in prison for violating U.S. anti-money laundering laws. Judge Richard Jones deemed the sentence as “appropriate” and “reasonable.” The judge noted that Zhao, with his personnel and financial resources, had the capacity to comply with U.S. laws but failed to do so. Despite having a net worth of $33 billion, CZ is anticipated to become the wealthiest prisoner in American history.
Rejection of Lengthier Sentence Request: Judge Jones dismissed the Department of Justice’s plea to extend the sentence to three years, citing a lack of evidence proving that Zhao was aware of the illicit activities occurring on the exchange. In response to the sentencing, CZ expressed gratitude for the support and care received from the community on social media.
XRP Advocate Identifies Flaw in Ripple-SEC Legal Battle
In the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP advocate Fred Rispoli has brought attention to a potential weakness in the SEC’s case. Rispoli’s analysis centers on Ripple’s motion to challenge the SEC’s expert disclosure outlined in its briefing.
Rispoli highlighted a critical oversight by the SEC: its failure to pursue a deposition. He emphasized that this procedural lapse could potentially undermine the SEC’s position, particularly if certain witnesses were inaccurately listed in the disclosure statement. This oversight could weaken the SEC’s credibility and the reliability of its expert testimony in the legal proceedings.
In Summary
These recent events underscore the growing scrutiny and legal hurdles confronting the cryptocurrency industry. With the sector expanding rapidly and undergoing constant changes, it’s vital for all involved parties to comply with regulatory standards to steer clear of possible legal consequences. Compliance with regulations is key to navigating the complex legal landscape and ensuring the industry’s sustainable growth and legitimacy.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
