On January 15, 2024, the U.S. Department of Justice (DOJ) announced that BitMEX, along with its parent company HDR Global Trading Limited, was slapped with a hefty fine of $100 million following a guilty plea for breaching the Bank Secrecy Act (BSA). The saga began with allegations that BitMEX exhibited insufficient measures in countering money
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The downfall of FTX, once a prominent player in the cryptocurrency exchange space, has been nothing short of spectacular. Once valued in the tens of billions, the platform filed for bankruptcy in late 2022, shaking the faith of investors and users alike. At the core of the turmoil was a convoluted web of financial mismanagement
In 2024, Kazakhstan has taken significant strides to assert control over its cryptocurrency landscape by intensifying its crackdown on illegal crypto exchanges. The government’s Financial Monitoring Agency (AFM) reported the dismantling of 36 unauthorized platforms that collectively handled over $100 million. This bold move is not merely a reactionary measure but a proactive approach aimed
In a remarkable move signaling its ambitions in the European crypto landscape, Backpack, established by former executives from the infamous FTX exchange, has finalized the acquisition of FTX EU. This strategic purchase was sanctioned by both the bankruptcy court overseeing FTX’s insolvency proceedings and the Cyprus Securities and Exchange Commission (CySEC). By securing the European
In recent years, there has been a notable shift in the perception of cryptocurrency among traditional financial institutions. Reports indicate that major firms are gearing up to enter the crypto market, driven in part by a new regulatory environment that appears more favorable. Specifically, the potential entry of Morgan Stanley’s subsidiary, E-Trade, into crypto trading
In a significant development within the tumultuous landscape of cryptocurrency, the Celsius Network has initiated an appeal against a ruling by Judge John Dorsey, which dismissed its $2 billion disparagement claim against the now-defunct FTX exchange. Filed on December 31, the appeal underscores the ongoing legal entanglements faced by both companies, which have been severely
In a significant move to bolster regulatory oversight, Japan’s Financial Services Authority (FSA) is on a mission to enhance internal audit processes across financial institutions, specifically targeting cryptocurrency exchanges. The emphasis on refining audit mechanisms stems from a broader initiative to close existing gaps within the industry while ensuring adherence to global regulatory standards. In
The landscape of digital asset regulation in the United States has recently undergone a significant transformation with the introduction of new rules by the Department of the Treasury and the IRS. These guidelines, aimed at Wallet Service Providers (WSPs) and DeFi (Decentralized Finance) protocols, are generating intense scrutiny and backlash from industry experts and stakeholders.
In a significant legal development, the U.S. authorities have firmly denied Sam Bankman-Fried’s appeal aimed at overturning his conviction linked to the spectacular collapse of the FTX cryptocurrency exchange. The court’s recent ruling serves as a crucial reflection of the judicial system’s stance on fraud cases and the complexities surrounding Bankman-Fried’s allegations of judicial bias
WazirX, an Indian cryptocurrency exchange, finds itself ensnared in escalating legal and operational challenges following a troubling directive from the Delhi High Court on December 18. This ruling has mandated a renewed investigation into the platform, coinciding perilously with Binance’s announcement to delist its native token, WRX. The court’s involvement derives from a petition lodged