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Jury deliberations are to expected to begin shortly and may last until next Monday. Closing arguments for the criminal trial of Sam Bankman Fried (SBF), the disgraced founder of crypto exchange FTX, have officially concluded with U.S. Southern District of New York Judge Lewis Kaplan moving to jury instructions. As per the indictment from last December, Bankman-Fried faces a total of seven charges, including two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit commodities fraud, one count of conspiracy to commit securities fraud, and one count of conspiracy to defraud the United States and commit campaign finance violations. In his briefing to the jury, Judge Kaplan explained that counts one and three — charges for a scheme to defraud FTX customers using interstate wires and charges for a scheme to defraud lenders to Alameda Research using interstate wires — are substantive, or alleged crimes that are not dependent of another.  "The gov...

Komainu is increasing its presence in the U.K. after making an agreement with authorities to store crypto seized during local investigations in 2021. Komainu, a crypto currency custody firm co-created by crypto investment firm CoinShares, hardware wallet company Ledger and Japanese Nomura, has secured major regulatory approval in the United Kingdom. The company announced on Oct. 6 that it has received approval from the U.K. Financial Conduct Authority (FCA) to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds regulations 2017. The crypto asset registration with the FCA allows Komainu to offer crypto custody services in the United Kingdom, including collateral management services through its Komainu Connect platform. “The U.K. remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” Komainu CEO Nicolas Bertrand said. Related: Co...

The new legislation aims to protect crypto investors from disputes, manipulation or fraud potentially stemming from transactions occuring off-chain. A new bill in the United States aims to require cryptocurrency service providers to report all blockchain transactions to a government repository. On Sept. 28, U.S. Democrat Representative Don Beyer introduced the “Off-Chain Digital Commodity Transaction Reporting Act,” requiring trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC). The new legislation aims to protect cryptocurrency investors from disputes, manipulation or fraud potentially stemming from transaction s occurring off -chain , or transaction s that take place beyond the blockchain network. Unlike on -chain transaction s, off -chain crypto transaction s are not instantly logged on a blockchain but are processed through secondary layers, thus creating some difficulties in being tracked. With the emergenc...

Starting from Oct. 16, Chase Bank customers in the United Kingdom will no longer be able to make crypto transactions. Chase Bank, a digital bank owned by the investment bank JPMorgan, will restrict all crypto currency-related transaction s for its customers in the United Kingdom. Starting from Oct. 16, customers of Chase Bank in the U.K. will no longer be able to make crypto transactions using their debit cards or through outgoing bank transfer, a spokesperson for the firm told Cointelegraph on Sept. 26. “Customers will receive a declined transaction notification if they do attempt to make a crypto -related transaction ,” Chase Bank said in a statement. According to the bank’s representative, Chase has decided to enforce new cryptocurrency restrictions due to an “increase in fraud and scams related to crypto assets.” This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/jpmorgan-s-subsidiary-chase-uk-to-restrict...

The European Parliamentary Research Service (EPRS) suggests stricter supervision of the crypto market to enhance stability and foster growth. With the adoption of the Markets in Crypto-Assets Act (MiCA), EPRS emphasizes the need for a robust regulatory framework beyond the European Union (EU). The European Parliament underscores that the EU’s financial system and autonomy remain vulnerable due to its dependence on the actions of non-EU countries. The report states that the lack of proper crypto regulation will undermine financial stability and reduce market attractiveness. At the same time, the massive use of stablecoins is the main problem. You might also like: Malta takes next steps to align with EU’s MiCA regulation EPRS provided a report on the status of crypto currency regulation outside of Europe. In the United States, regulation remains fragmented with multiple stakeholders involved, indirectly affecting regulatory clarity and certainty. “Zooming out...

According to eToro deputy CEO Hedva Ber, Europe is “hugely important” for the firm as the majority of eToro users are based in the region. Cryptocurrency-friendly brokerage firm eToro is expanding its crypto services worldwide by securing new regulatory approval in Europe. eToro has received the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), the firm officially announced on Sept. 21. According to eToro, the registration will authorize it to offer regulated crypto services to all countries in the European Union from one single entity known as eToro Europe Digital Assets. The registration will specifically come into effect once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024. According to eToro deputy CEO Hedva Ber, the registration shows that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” The exec pointed out that Europe is “hugely important”...

Crypto bad actors from the DPRK have stolen $340.4 million in 2023, down from $1.7 billion from the prior year, but that's no reason to feel at ease. Cryptocurrency stolen by North Korea-linked hackers is down a whopping 80% from 2022 — but a blockchain forensics firm says it isn’t necessarily a sign of progress. As of Sept. 14, 2023, North Korea-linked hackers have stolen a total of $340.4 million worth of cryptocurrency, down from a record $1.65 billion reported funds stolen in 2022. Cryptocurrency funds stolen by North Korean-backed groups between 2016-2023. Source: Chainalysis “The fact that this year’s numbers are down is not necessarily an indicator of improved security or reduced criminal activity,” Chainalysis said in a Sept. 14 report. “We must remember that 2022 set a dismally high benchmark.” “In reality, we are only one large hack away from crossing the billion-dollar threshold of stolen funds for 2023.” Over the past 10 days, North Korea’s Lazarus Group has been link...

The order reportedly came on the same date with Voyager Digital issuing a notice of default to 3AC for its failure to pay its 15,250 Bitcoin and 350 million USDC loan. Troubled cryptocurrency venture capital firm Three Arrows Capital (3AC) is facing more uncertainty amid new reports on the company’s liquidation. A court in the British Virgin Islands on June 27 ordered the liquidation of Singapore-based 3AC, the British news agency Sky News reported on Wednesday. The information in the report refers to an unspecified person familiar with the matter. Three Arrows Capital did not immediately respond to Cointelegraph’s request for comment. Three Arrows Capital, also known as 3AC, is a Singaporean crypto hedge fund founded in 2012 by Kyle Davies and Su Zhu. The firm has reportedly failed to meet margin calls from its lenders amid a massive market downturn this year, with Bitcoin (BTC) dropping below $20,000 for the first time in two years. 3AC reportedly borrowed BTC From crypto Lending ...

"If you enjoy all the benefits of living in our great city while refusing to pay your fair share in taxes, we will hold you accountable,” said DC Attorney General Karl Racine. Karl Racine, Attorney General for the District of Columbia in the United States, has announced that his office will be suing business intelligence firm MicroStrategy and its co-founder Michael Saylor for charges related to tax evasion . In a Wednesday Twitter thread, Racine announced a lawsuit against MicroStrategy and its previous CEO Michael Saylor, claiming that he “never paid any DC income taxes” and the company “conspired” to assist him in evading paying for taxes. According to the attorney general , Saylor owes back taxes for “hundreds of millions of dollars” worth of income during his time as a DC resident. “With this lawsuit, we’re putting residents and employers on notice that if you enjoy all the benefits of living in our great city while refusing to pay your fair share in taxes, we will hold yo...

As long as the regulation gives an institutional investor a very clear path to crypto, they’ll jump into the space, hedge fund co-founder CK Cheng told Cointelegraph. A former head of risk at Credit Suisse believes the next crypto bull market will stem from “regulatory clarity” in the United States — which he expects to happen in early 2023. Speaking to Cointelegraph, the former head of valuation risk at Credit Suisse, CK Cheng said some of the regulatory efforts underway in the United States will soon “open the doors” of traditional finance to crypto. Cheng is a former executive at investment bank Credit Suisse who left his role in July 2021 to co-found ZX Squared Capital, a crypto Hedge Fund targeting family offices and high-net-worth individual clients. Cheng said there has been a recent seachange in traditional institutions’ stance towards crypto, with many dipping their toes into the crypto waters for the first time. In August, one of the world’s largest asset managers BlackRock...

The Hong Kong regulators have only approved a handful of crypto exchanges to date that are permitted to offer crypto retail trading services. OKX crypto currency exchange has entered the final stage before acquiring a virtual asset service provider license (VASP) in Hong Kong. The crypto exchange expects the final approval for a VASP by March next year. Li Zhikai, the global chief commercial officer of OKX, in an interview, said that they are actively engaged in a dialogue with the banks and are currently waiting for the group to be issued a license and start a business. The crypto exchange has started the preparatory work such as technology docking. Hong Kong became a pro-crypto nation in 2023 and announced a licensing regime for crypto exchanges to offer their services to retail customers. While more than 80 crypto firms initially showed interest in opening an office in the country, only a couple of crypto platforms such as HashKey and OSL gained the necessary license to ...

Florida's current governor announced his bid for the 2024 U.S. presidency during a Twitter Space with Elon Musk and rounded off with remarks on the cryptocurrency. Ron DeSantis, the current governor of Florida, has officially thrown his hat in the 2024 United States presidential ring and has notably promised to “protect” Bitcoin (BTC) if he gets the job. On May 24, Twitter boss Elon Musk joined DeSantis and around 520,000 live listeners in the Twitter broadcast of his announcement, which was moderated by venture capitalist David Sacks. “As president , we’ll protect the ability to do things like Bitcoin,” said DeSantis. He added “there’s risks involved with it,” but the people interested in the cryptocurrency “are sophisticated” and “can make decisions.” “You have every right to do Bitcoin. The only reason these people in Washington don’t like it, is because they don’t control it.” DeSantis called those on Capitol Hill “central planners” who “want to have control over society.” ...

Russian ruble use on Binance P2P has been restricted to Russian citizens who live in the country. Crypto currency exchange Binance continues introducing more restrictions for Russian customers on its peer-to-peer (P2P) trading platform. Binance P2P has banned Russian residents from using fiat currencies other than the Russian ruble, Binance announced on its Telegram channel on Aug. 27. Binance’s Russian clients residing outside the country have also been banned from using currencies like the ruble, the euro, the United States dollar and the Ukrainian hryvnia. In order to use the Russian ruble on Binance P2P, users must have Russian Know Your Customer (KYC) verification and reside in Russia at the same time, the exchange stated. “We apologize for the inconvenience. If you have any questions or need assistance regarding this update, please contact Binance Customer Support,” Binance stated. The announcement has brought some attention from Binance’s Russian users, with the Telegram pos...

Dixon called for creditors to fight to get out of the bankruptcy proceedings before BTC and ETH prices hit the estimated number to avoid another rug pull by the crypto lender. Bankrupt crypto lender Celsius is battling a Chapter 11 bankruptcy with billions of dollars in claims made by various parties. A new estimate by the Bank of the Future (BF) suggests that the troubled crypto lender could likely repay the USD claims if the price of Bitcoin and Ether, the two assets that the firm holds, doubled from its current price . Simon Dixon, the founder of Bank of the Future, a crypto-centered investment firm tweeted the estimated price BTC and ETH would need to reach for Celsius to repay all their USD claims and keep all other assets. Based on the final deal with Fahrenheit group which won the bid to acquire the assets of Celsius in May, if the BTC price touches $54,879 and the ETH price reaches $3,750, Celsius could repay all the claims from the price appreciation of both the assets. ...

Danish bank Saxo Bank has been ordered by Denmark’s finance regulator to offload its crypto holdings, explaining that it’s currently illegal until sweeping European Union regulation comes into effect. The Danish Financial Supervisory Authority (FSA) seems to have pointed out to Saxo Bank that trading crypto to cover risks associated with other financial product offerings “is not permitted,” according to an announcement made by the Danish bank on Wednesday. The release added that until EU crypto Regulation known as MiCA comes into effect, crypto trading remains unregulated under Danish law. “Unregulated trading in crypto-assets can create distrust in the financial system, and the Danish FSA considers that it would be unfounded to legitimize trading in crypto-assets,” Saxo Bank said. Read more: Estonia slashes crypto -friendly incentives ahead of MiCA It’s unclear how much crypto Saxo Bank held. According to a statement, its portfolio was “very limited” and “solely t...

South Korea’s National Assembly has officially approved new legislation to safeguard users of virtual assets and amend the country’s capital market law. It prohibits unjust trading practices and provides user protection.  The “Capital Market and Financial Investment Business Act” has also been revised to impose penalties of up to double the profits from unfair trading, such as stock price manipulation. South Korea approved its first standalone digital-asset bill to boost investor protection just over a year after the implosion of tokens created by countryman Do Kwon exacerbated a $2 trillion crypto -market rout https://t.co/VWUMz5eaW6 — Bloomberg Crypto (@crypto) June 30, 2023 This is the first time specific measures have been introduced to address crypto currencies following the enactment of the Specific Financial Transaction Information Act. The Virtual Asset User Protection Act aims to establish a framework for imposing fines and liability for un...

Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services. Cryptocurrency exchange Bybit already operates out of Dubai, but its current licensing doesn’t allow the firm to serve all customers, according to its CEO. On June 27, Bybit FinTech FZE, a subsidiary of the global exchange Bybit, announced it received the Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). Speaking to Cointelegraph, Bybit CEO Ben Zhou said the exchange is working hard to acquire a full market product license in Dubai, which will allow the exchange to operate for a full spectrum of customers in the United Arab Emirates. “Bybit already operates out of Dubai; the MVP license only allows Bybit to service a very restricted set of accredited investors,” Zhou said. “I feel positive about our progress as VARA demonstrates an interest and passion for innovation and entrepreneurship,” he...

Russia will continue to create new crypto platforms in response to sanctions, State Duma official Anatoly Aksakov said. The Russian government is no longer planning to launch a regulated national cryptocurrency exchange but rather wants to regulate multiple crypto trading platforms. After introducing a plan to create a national crypto exchange in November 2022, Russian lawmakers have abandoned the idea, according to State Duma member Anatoly Aksakov. As previously reported, the local government was considering launching a unified crypto exchange as part of the Moscow Exchange. Instead of setting up a unified crypto exchange, Russia now wants to set rules for creating and managing such platforms, Aksakov said, the local news agency Izvestia reported on May 29. Russia’s Ministry of Finance was reportedly among the authorities that didn’t support the plan for a national crypto exchange. Aksakov, who leads the Duma’s financial markets committee, noted that crypto exchanges would allow Rus...

The decision aligns Hong Kong with other jurisdictions that recognizes cryptocurrencies as digital properties. A court based in Hong Kong has acknowledged cryptocurrencies as property that can be held in trust in a ruling involving the defunct crypto exchange Gatecoin.  In a report published by the law firm Hogan Lovells, Justice Linda Chan said that crypto has the attributes of a property . The court deemed that it was appropriate to follow reasoning applied by other jurisdictions that crypto was property and was able to form the subject matter of trust. Chan noted: "Like other common law jurisdictions, our definition of 'property' is an inclusive one and intended to have a wide meaning." According to Hogan Lovells, the new ruling can potentially give insolvency practitioners in Hong Kong greater clarity in terms of digital assets. Confirming that crypto constitutes property that's similar to other assets like stocks aligns Hong Kong with other jurisdicti...

South Korean prosecutors have contacted Binance to request a halt on withdrawals linked to Do Kwon. South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. Out of the identified illegal assets, prosecutors have linked about 91.4 billion won ($69 million) of the specified amount directly to Kwon. Although Kwon amassed millions, none of the assets tied to him are recoverable or under the jurisdiction of the South Korean authorities. This is mainly because the now-arrested former CEO reportedly converted most of the illicit funds into Bitcoin (BTC) using overseas crypto exchanges instead of investing in physical assets, per a report published by local media outlet KBS. Early investigation into the Terra collapse by the United States Securities and Exchange Commission revealed that Kwon siphoned nearly $100 million worth of Bitcoin from Terra post-collapse. In another report based ...